Document:

Exhibit
10.2

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement’”) is made and
entered into as of this 1st day of April, 2005 (the “Effective Date”),
by and among VIRGIN RIVER CASINO CORPORATION, a Nevada corporation, RBG, LLC, a
Nevada limited liability company, and CASABLANCA RESORTS, LLC, a Nevada limited
liability company (collectively, the “Company”), and Jonathan Lowenhar
(the “Executive”).

 

RECITALS

 

WHEREAS, the Company desires to employ the Executive on the terms and
conditions set forth herein; and

 

WHEREAS, the Executive desires to accept employment with the Company on
the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the Company and
the Executive (each a “Party” and collectively the “Parties”)
agree that the foregoing recitals are true and as follows:

 

AGREEMENT

 

1. DEFINITIONS: In
addition to certain terms defined elsewhere in this Agreement, the following
terms shall have the following respective meanings:

 

1.1       “Affiliate” shall
mean any Person who controls, is controlled by, or is under common control with
the Company.

 

1.2       “Annual Incentive Awards”
shall have the meaning as provided in the Annual Incentive Plan.

 

1.3       “Annual Incentive Plan”
or “AIP” shall mean the annual incentive plan outlined on Exhibit “A”
attached hereto.

 

1.4       “Annual Review”
shall have the meaning as provided in Section 3.1.

 

1.5       “Base Salary” shall
have the meaning as provided in Section 3.1.

 

1.6       “Board” shall mean
Robert R. Black, Sr., General Hal Hornberg, Glenn Teixeira, Alan Hunter and
their respective lawful successors elected and/or admitted by all necessary
corporate and limited liability company action, as applicable.

 

1.7       “Buyout Payment”
shall have the meaning as provided in Section 7.

 

1.8       “Cause” shall mean
that the Executive:

 

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(a)       has been
formally charged with or convicted of any felony, including any crime involving
fraud, theft, embezzlement, dishonesty or moral turpitude during the Term;

 

(b)       has been found
unsuitable to hold a gaming license by a Gaming Authority;

 

(c)       has failed to
abide by the Company’s policies and procedures that are reasonably and consistently
enforced;

 

(d)       has engaged in
misconduct, failed to follow a reasonable directive, including any reasonable
directive given by the Board, or engaged in material inattention to the Company’s
business;

 

(e)       has failed to
perform the duties required of the Executive up to the standards established by
the Company;

 

(f)        has
materially breached this Agreement; or

 

(g)       has engaged in
acts or omissions that constitute gross negligence or willful misconduct
resulting, in either case, in material economic harm to the Company; or

 

(h)       has engaged in
excessive absenteeism.

 

1.9       “Change in Control”
shall be deemed to have occurred if (a) there is a sale or exchange of
outstanding stock of any class, as applicable, or membership interest in the
Company to a third party, the result of which leaves the Existing Majority
Equity Holder with less than 50% of the beneficial ownership in the surviving
entity(ies); (b) there is a sale of all or substantially all of the assets of
the Company; and/or (c) Robert R. Black, Sr. is no longer the Chief Executive
Officer or equivalent of the Company as a going gaming concern. For purposes of
Section 1.9(a), “beneficial ownership” shall have the same meaning as defined
in Rules 13d-13d-5 under the Securities Exchange Act of 1934, as amended,
except that a Person shall be deemed to have “beneficial ownership” of all
shares or membership interest that any such Person has the right to acquire,
whether such right is immediately exercisable or only after the passage of
time.

 

1.10     “Company Property”
shall mean all items and materials that are created, compiled, existing, or
received by the Company during the course of the Executive’s employment with
the Company, all items and materials provided by the Company to the Executive,
or to which the Executive has access, in the course of his employment,
including, without limitation, all files, records, documents, drawings,
specifications, memoranda, notes, reports, manuals, equipment, computer disks,
videotapes, drawings, blueprints, other similar items relating to or emanating
from the Company, its Affiliates or their respective customers, whether
prepared by the Executive or others, and any and all copies, abstracts and
summaries thereof.

 

1.11     “Competing Business”
shall mean any Person engaged in the gaming industry that directly or through
an Affiliate conducts its gaming business within the Restricted Area.

 

1.12     “Confidential Information”
shall mean all nonpublic and/or proprietary information respecting the business
of the Company or any Affiliate, including, without limitation, its patrons,
customer lists, products, programs, projects, promotions, marketing plans and
strategies, business plans or practices, business operations, employees,
invitees, research and

 

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development
products or information, intellectual property, software, databases,
trademarks, pricing information and accounting and financing data. Confidential
Information also shall include information concerning the Company’s or any
Affiliate’s customers, such as their identity, address, preferences, playing
patterns and ratings or any other information kept by the Company or any
Affiliate concerning its customers regardless of whether such information has
been reduced to documentary or tangible form. Confidential Information does not
include information that is, or becomes, available to the general public unless
such availability occurs through an unauthorized act on the part of the
Executive.

 

1.13     “Disability” shall
mean a physical or mental incapacity that occurs during the Term that prevents
the Executive from performing, with reasonable accommodation, the essential
functions of his position with the Company for a minimum period of ninety (90)
days. In the Event of Disability, the Executive hereby agrees to submit to
medical examinations by a licensed healthcare professional selected by the
Company, in its sole discretion, to determine whether a Disability exists. In
addition, the Executive may submit to the Company documentation of a
Disability, or lack thereof, from a licensed healthcare professional of his
choice. Following a determination of a Disability or lack of Disability by the
Company’s or the Executive’s licensed healthcare professional, the other Party
may submit subsequent documentation relating to the existence of a Disability
from a licensed healthcare professional selected by such other Party. In the
event that the medical opinions of such licensed healthcare professionals
conflict, such licensed healthcare professionals shall appoint a third licensed
healthcare professional to examine the Executive, and the opinion of such third
licensed healthcare professional shall be dispositive.

 

1.14     “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended.

 

1.15     “Existing Majority Equity
Holder” shall mean Robert R. Black, Sr.

 

1.16     “Gaming Authorities”
shall mean the federal, state and local governmental, regulatory and
administrative authorities, agencies, boards and officials responsible for or
involved in the regulation of gaming or gaming activities in any jurisdiction
and, within the State of Nevada, specifically, the Nevada Gaming Commission and
the Nevada State Gaming Control Board.

 

1.17     “Good Reason” shall
mean and exist if, without the Executive’s prior written consent, one or more
of the following events occurs:

 

(a)       the Executive
is given any title other than Chief Operating Officer or is assigned duties or
responsibilities that are inconsistent, in any reasonable respect, with the
position of Chief Operating Officer;

 

(b)       the Executive
is required to relocate from, or maintain his principal office outside of,
Clark County, Nevada;

 

(c)       the Executive
is excluded from participation in any current employee benefit plan offered to
the Chief Financial Officer of the Company (or other similarly-situated
executive, if any) or any future incentive plan or program offered to the Chief

 

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Financial Officer
of the Company (or other similarly-situated executive, if any), or his benefits
under such plans or programs are materially reduced in such a manner that is
inconsistent with such employee benefit plan documents; or

 

(d)       the Company
fails to agree to or to actually indemnify the Executive for his actions and/or
inactions, as either a director or an officer of the Company, in accordance
with Nevada law and specifically NRS Chapter 78 and NRS Chapter 86, as
applicable, and/or the Company fails to maintain commercially reasonable levels
of directors’ and officers’ liability insurance coverage for the Executive when
such insurance is available.

 

1.18     “Long Term Incentive
Awards” shall have the meaning as provided in the Long Term Incentive Plan.

 

1.19     “Long Term Incentive Plan”
or “LTIP” shall mean the long term incentive plan outlined on Exhibit
“B” attached hereto.

 

1.20     “Membership Interest”
shall mean the membership interest held by any member of the Company.

 

1.21     “NRS” shall mean the
Nevada Revised Statutes, as amended.

 

1.22     “Person” shall mean a
natural person, any form of business and any other non-governmental legal
entity including, but not limited to, a corporation, partnership, trust, or
limited liability company.

 

1.23     “Restricted Area”
shall mean that portion of the State of Nevada that is north of the Interstate
15 northernmost exit marked for the Las Vegas Speedway.

 

1.24     “Restriction Period”
shall mean the period expiring at 11:59 p.m. on that date immediately preceding
the two (2) year anniversary of the effective date of (a) the termination of
this Agreement by the Company for Cause; or (b) the termination of this
Agreement by the Executive without Good Reason.

 

1.25     “Term” shall have the
meaning as provided in Section 2.2.

 

1.26     “Voting Stock” shall
mean capital stock of any class or classes having general voting power under
ordinary circumstances, in the absence of contingencies, to elect the directors
of a corporation.

 

2.         TERM;
POSITION AND RESPONSIBILITIES.

 

2.1       Employment Accepted.
The Company hereby employs the Executive, and the Executive hereby accepts
employment with the Company, for the Term, in the position and with the
responsibilities set forth in Section 2.3 and upon such other terms and
conditions as are stated in this Agreement.

 

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2.2       Term. This Agreement
shall be for a term of four years commencing on the Effective Date and expiring
at 11:59 p.m. on that date immediately preceding the four year anniversary of
the Effective Date, unless earlier terminated as provided herein (the “Term”).

 

2.3       Responsibilities.
During the Term, the Executive shall be employed as Chief Operating Officer of
the Company and shall have such responsibilities as are commensurate with the
title of Chief Operating Officer. During the Term, the Executive shall devote
his full time and attention to the business and affairs of the Company and
shall use commercially reasonable efforts, skills and abilities to promote the
Company’s interests. Anything set forth herein to the contrary notwithstanding,
the Executive shall not be precluded from engaging in charitable and community
affairs and managing his personal investments. The Executive also may serve as
a member of the board of directors of other corporations or business entities,
subject to the approval of the Board, which approval shall not be unreasonably
withheld or delayed.

 

3.         COMPENSATION.

 

3.1       Base Salary. During
the Term, the Executive shall be entitled to a base salary (the “Base Salary”)
payable no less frequently than in equal bi-weekly installments (each, an “Installment”)
at an annualized rate of Two Hundred Seventy-Five Thousand Dollars
($275,000.00). During the Term, the Base Salary shall be reviewed annually for
increase (but not decrease) by the Board, and any such increase shall be at the
sole discretion of the Board. In conducting such annual review (the “Annual
Review”), the Board shall take into account any change in the Executive’s
responsibilities, increases in the compensation of other executives of the
Company or of any Affiliate (or of any competitors) of either or both), the
performance of the Executive and/or any other pertinent factors. If an increase
is approved by the Board, then such increased Base Salary shall then constitute
the Executive’s “Base Salary” for purposes of this Agreement.

 

3.2       AIP. The Executive
is eligible to participate in the AIP as set forth on Exhibit “A” hereto
and incorporated herein by this reference. Payment of Annual Incentive Awards
shall be made no later than 180 calendar days after the Company’s fiscal year-end
or by such date as the parties may mutually agree.

 

3.3       LTIP. The Executive
is eligible to participate in the LTIP as set forth on Exhibit “B”
hereto and incorporated herein by this reference. Payment of Long Term
Incentive Awards shall be made no later than calendar 180 days after the
Company’s fiscal year-end or by such date as the Parties may mutually agree.

 

4.         PENSION
AND WELFARE BENEFIT PLANS. Beginning on the Effective Date, the Executive shall
be entitled to participate in all employee benefit programs and plans,
consistent with the terms of such programs and plans, made available to the
Company’s executives or salaried employees generally, as such programs may be
in effect from time to time.

 

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5.         BUSINESS
EXPENSE REIMBURSEMENT AND PERQUISITES.

 

5.1       Expense Reimbursement.
During the Term, and in accordance with applicable company policies, the
Executive shall be entitled to receive reimbursement by the Company for all
reasonable out-of-pocket expenses incurred by him in performing services under
this Agreement and in relation to the Company, subject to providing reasonable
documentation of such expenses.

 

5.2       Perquisites. During
the Term, the Executive also shall be entitled to any of the Company’s
executive perquisites in accordance with the terms and provisions of the
applicable policies, including, without limitation, vacation of four weeks per
year during the Term.

 

6.         TERMINATION
OF EMPLOYMENT.

 

6.1       Termination Due to Death
or Disability. The Executive’s employment shall be terminated immediately
in the event of his death or Disability. In the event of a termination due to
the Executive’s death or Disability, the Executive or his estate, as
applicable, shall be entitled, in lieu of any other compensation whatsoever, to
the following:

 

(a)       any non-paid
Installment of Base Salary at the rate in effect at the time of his termination
through the date of death;

 

(b)       reimbursement
of expenses incurred but not paid prior to such termination of employment;

 

(c)       such rights to
other benefits as may be provided in applicable plans and programs of the
Company, according to the terms and provisions of such plans and programs;

 

(d)       at the Company’s
expense, one hundred and eighty (180) days of COBRA coverage for the Executive,
the Executive’s spouse and dependents, as applicable, to the fullest extent
permitted by law;

 

(e)       four (4)
additional Installments of Base Salary following the date of death or
Disability;

 

(f)        all target
compensation associated with the AIP and LTIP calculated pro rata for the portion of the fiscal
year prior to the Executive’s death or Disability; and

 

(g)       all accrued
but unpaid bonus prior to the date of the Executive’s death or Disability.

 

6.2       Termination by the
Company for Cause. The Company may terminate the Executive’s employment for
Cause at any time during the Term by giving written notice to the Executive of
the Company’s intention to terminate his employment for Cause. Such written
notice shall describe with reasonable specificity (a) the particular act, acts,
or omission that provides the basis of the Company’s termination of the
Executive for Cause; and (b) one or more reasonable and acceptable remedy(ies)
for such act, acts or omission. Unless the Board, in good faith, reasonably
determines that the Executive’s act, acts, or omission is incapable of
correction, which may include but is not limited to those acts set forth 1.8(a)
and (b) above, the Executive shall be given forty-two (42) calendar days from
the receipt of such notice to cure such act, acts, or omission as stated in the
notice. During such cure period, the Executive shall be given the reasonable
opportunity to meet with the Board and/or the Existing Majority Equity Holder
to defend such act, acts, or omission. During such cure period, the Executive
shall continue to be

 

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paid his Base
Salary. If after forty-two (42) calendar days, in the sole discretion of the
Board, the Executive is unable to cure such act, acts, or omission that was the
written basis for termination by the Company for Cause, then the Executive’s
employment with the Company automatically shall be terminated under this
Subsection 6.2 for Cause. In the event of a termination for Cause, the
Executive shall be entitled, in lieu of any other compensation and benefits
whatsoever, to the following:

 

(a)       any non-paid
Installment of Base Salary at the rate in effect at the time of his termination
through the date of termination of employment;

 

(b)       reimbursement
of expenses incurred but not paid prior to such termination of employment; and

 

(c)       such rights to
other benefits as may be provided in applicable plans and programs of the
Company, according to the terms and conditions of such plans and programs.

 

Notwithstanding the foregoing, the Company may immediately terminate
the Executive for Cause, and there shall be no cure period if the Executive is
unable to perform the essential functions of his job for a period of one
hundred and twenty (120) consecutive days.

 

6.3       Termination by the
Company Without Cause. Notwithstanding any other provision of this
Agreement, the Company may terminate the Executive’s employment without Cause,
other than due to death or Disability, at any time during the Term by giving
ninety (90) days’ written notice to the Executive. In the event that the
Company terminates the Executive’s employment without Cause and subject to
Section 7 hereof, the Executive shall be entitled, in lieu of any other
compensation and benefits whatsoever, to:

 

(a)       in addition to any non-paid
Installment of Base Salary at the rate in effect at the time of his termination
through the date of termination of employment, (i) Five Hundred Thousand
Dollars ($500,000.00) if the Company terminates the Executive without Cause at
any time prior to the first anniversary of this Agreement; (ii) Four Hundred
Thousand Dollars ($400,000.00) if the Company terminates the Executive without
Cause at any time subsequent to the first anniversary of this Agreement and
prior to the second anniversary of this Agreement; or (iii) Two Hundred
Seventy-Five Thousand Dollars ($275,000.00) if the Company terminates the
Executive without Cause at any time subsequent to the second anniversary of
this Agreement and prior to the expiration of the Term. One Hundred Percent
(100%) of the foregoing payment shall be made by the Company to the Executive
in a lump sum upon satisfaction of the conditions set forth in Section 8.3;

 

(b)       any non-paid bonus
compensation associated with the AIP that is due and owing to the Executive;

 

(c)       reimbursement for expenses
incurred but not paid prior to such termination of employment;

 

(d)       such rights to other
benefits as may be provided in applicable plans and programs of the Company,
according to the terms and conditions of such plans and programs; and

 

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(e)       at the Company’s expense,
one hundred and eighty (180) days of COBRA coverage for the Executive, his
spouse and dependents, as applicable, to the fullest extent permitted by law.

 

6.4       Termination by the
Executive for Good Reason. The Executive may terminate his employment for
Good Reason by giving written notice to the Company of the Executive’s
intention to terminate his employment for Good Reason. Such written notice
shall describe with reasonable specificity (a) the particular act, acts, or
omission that provides the basis for the Executive’s termination for Good
Reason; and (b) one or more reasonable and acceptable remedy(ies) for such act,
acts or omission. The Company shall be given forty-two (42) calendar days from
the receipt of such notice to cure such act, acts, or omission as stated in the
foregoing notice. During such cure period, the Company shall be given the
reasonable opportunity to meet with the Executive and defend such act, acts, or
omission. During such cure period, the Executive shall continue to perform as
set forth herein. If after forty-two (42) calendar days, the Company is unable
to cure such act, acts, or omission that was the written basis for termination
by the Executive for Good Reason the Executive shall terminate his employment
with the Company under this Section 6.4. In the event of a termination for Good
Reason and subject to Section 7 hereof, the Executive shall be entitled, in lieu
of any other compensation and benefits whatsoever, to the following:

 

(a)       in addition to any non-paid
Installment of Base Salary at the rate in effect at the time of his termination
through the date of termination of employment, (i) Five Hundred Thousand Dollars
($500,000.00) if the Executive terminates his employment for Good Reason at any
time prior to the first anniversary of this Agreement; (ii) Four Hundred
Thousand Dollars ($400,000.00) if the Executive terminates his employment for
Good Reason at any time subsequent to the first anniversary of this Agreement
and prior to the second anniversary of this Agreement; or (iii) Two Hundred
Seventy-Five Thousand Dollars ($275,000.00) if the Executive terminates his
employment for Good Reason at any time subsequent to the second anniversary of
this Agreement and prior to the expiration of the Term. One Hundred Percent
(100%) of the foregoing payment shall be made by the Company to the Executive
in a lump sum upon satisfaction of the conditions set forth in Section 8.3;

 

(b)       any non-paid bonus
compensation associated with the AIP that is due and owing to the Executive;

 

(c)       reimbursement for expenses
incurred but not paid prior to such termination of employment;

 

(d)       such rights to other
benefits as may be provided in applicable plans and programs of the Company,
according to the terms and conditions of such plans and programs; and

 

(e)       at the Company’s expense,
one hundred and eighty (180) days of COBRA coverage for the Executive, his
spouse and dependents, as applicable, to the fullest extent permitted by law.

 

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6.5       Termination by the
Executive Without Good Reason. The Executive may terminate his employment
on his own initiative at any time and for any reason upon thirty (30) days’
prior written notice to the Company. In the event of a termination without Good
Reason, the Executive shall be entitled, in lieu of any other compensation and
benefits whatsoever, to the following:

 

(a)       any non-paid
Installment of Base Salary at the rate in effect at the time of his termination
through the date of termination of employment;

 

(b)       reimbursement
of expenses incurred but not paid prior to such termination of employment; and

 

(c)       Executive
shall be subject to the Restriction Area and the Restricted Period provisions
set forth herein in Sections 1.23 and 1.24 respectively.

 

6.6       Expiration. Upon
expiration of the Term, the Executive shall not be entitled to any additional
compensation after the expiration thereof, but such termination of employment
shall not otherwise affect accrued but unpaid compensation, benefits, bonus, or
otherwise provided under this Agreement or pursuant to any Company plan or
program.

 

7.         CHANGE
IN CONTROL; BUY-OUT OPTION.

 

7.1       Buyout Termination.
The Company shall give the Executive at least ninety (90) calendar days’ notice
of any pending Change in Control. Within thirty (30) calendar days of receiving
notice of a pending Change in Control, the Executive shall have the option, in
his sole and absolute discretion, to terminate this Agreement by delivering
written notice to the Company (“Buy-Out Termination”‘). A Buy-Out
Termination pursuant to this Section 7 shall be effective upon the
consummation, or closing, of the transaction(s) that will result in the Change
in Control.

 

7.2       Buyout Payment. Upon
a Buyout Termination pursuant to this Section 7, the Executive shall be
entitled to all accrued but unpaid compensation, benefits, bonus, or otherwise
provided under this Agreement or pursuant to any Company plan or program, and,
in addition to the foregoing, the Company shall pay the Executive a buyout
payment in an amount equal to the greater of (a) Five Hundred Thousand Dollars
($500,000.00); or (b) if applicable, 1% of the sale price of the stock or
assets of the Company, as applicable, calculated as follows: 1% of [sale price
- (long-term debt + $30,000,000.00)] (the “Buyout Payment”). Unless
otherwise provided for in this Agreement, the Executive’s rights upon a Change
in Control to benefits under programs, plans and policies of the Company shall
be determined according to the terms and conditions of such programs, plans and
policies. All other non-compensation terms and conditions of this Agreement
shall remain in full force and effect.

 

8.         CONDITIONS
TO PAYMENTS UPON TERMINATION.

 

8.1       Timing of Payments.
Unless otherwise provided herein, any payments to which the Executive shall be
entitled pursuant to Sections 6 (excluding Section 6.2) and 7 shall be payable
upon the satisfaction of the conditions set forth in Subsection 8.3.

 

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8.2       No Mitigation; No Offset.
Notwithstanding any contrary provision contained herein, so long as the
Executive’s employment terminates in accordance with Sections 6 and/or 7 of
this Agreement, the exclusive remedies available to the Executive shall be the
amounts due under Section 6 or 7, which are in the nature of severance
payments, or liquidated damages, or both, and are not in the nature of a
penalty. The Executive shall have no duty to mitigate, and there shall be no
offset against amounts due to the Executive on account of any remuneration
attributable to any subsequent employment that the Executive may obtain after
termination of this Agreement. In the event of a termination of this Agreement,
neither Party shall publish in any way or make any negative comment or
statement about the other Party or concerning the reasons for such termination.
The provisions of this Subsection 8.2 shall survive the expiration or earlier
termination of this Agreement.

 

8.3       General Release. No
payments or benefits payable to the Executive upon the termination of his
employment pursuant to Section 6 or 7 of this Agreement shall be made to the
Executive unless and until he executes a general release substantially in the
form attached hereto as Exhibit “C”.

 

8.4       Compliance with the
Agreement. Payments or benefits payable to the Executive upon the
termination of his employment pursuant to Sections 6 or 7 of this Agreement
shall be made by the Company to the Executive in reliance upon the Executive’s
compliance with any material, post-employment obligation contained in this
Agreement, including, without limitation, those obligations contained in
Sections 10 and 11 of this Agreement.

 

8.5       Continuing Obligations
of the Executive. No act or omission by the Executive in breach of this
Agreement, including, without limitation, his failure to execute the general
release, shall be deemed to permit the Executive to forego or waive such
payments in order to avoid his obligations under Section 10 and 11 of this
Agreement.

 

9.         INDEMNIFICATION.
The Company agrees that if the Executive is made a party or is threatened to be
made a party to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (an “Indemnifiable Action”), by reason
of the fact that he is or was a director or officer of the Company or is or was
serving at the request of the Company as a director, officer, member, employee
or agent of another corporation or of a partnership, joint venture, trust or
other enterprise, including service with respect to employee benefit plans,
regardless of whether the basis of such Indemnifiable Action is alleged action
in an official capacity as a director, officer, member, employee or agent, he shall
be indemnified and held harmless by the Company to the fullest extent permitted
by Nevada law and the Company’s by-laws and operating agreements, as
applicable, as the same exist or may hereafter be amended (but, in the case of
any such amendment to the Company’s by-laws and/or operating agreement(s), only
to the extent such amendment permits the Company to provide broader
indemnification rights than the Company’s by-laws and/or operating agreement(s)
permitted the Company to provide before such amendment), against all expense,
liability and loss (including, without limitation, attorneys’ fees, costs,
judgments, fines, and amounts paid or to be paid in settlement) reasonably
incurred or suffered by the Executive in connection therewith.

 

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10.       NON-SOLICITATION
AND NON-DISCLOSURE.

 

10.1     General. The Parties
understand and agree that the purpose of the restrictions contained in this
Section 10 is to protect the goodwill and other legitimate business interests
of the Company, and that the Company would not have entered into this Agreement
in the absence of such restrictions. The Executive acknowledges and agrees that
the restrictions are reasonable and do not, and will not, unduly impair his
ability to make a living after the termination of his employment with the
Company.

 

10.2     Non-Solicitation. In
consideration for this Agreement to employ the Executive and the other valuable
consideration provided for hereunder, the Executive warrants and covenants that
during the Term and/or during the Restriction Period, if applicable, that
Executive shall not unless acting on behalf of the Company or on behalf of any
Affiliate, directly or indirectly, for himself or any third party, or alone or
as a member of a partnership, or as an officer, director, shareholder or
otherwise:

 

(a)       call on, solicit, induce to
leave and/or take away, or attempt to call on, solicit, induce to leave and/or
take away, any of the customers of the Company, either for Executive’s own
account or for any third party;

 

(b)       call on, solicit and/or
take away, any potential or prospective customer of the Company, on whom the
Executive called or with whom Executive became acquainted during employment
(either before or during the Term), either for Executive’s own account or for
any third party; and/or

 

(c)       approach or solicit any
employee or independent contractor of the Company with a view towards enticing
such person to leave the employ or service of the Company, or hire or contract
with any employee or independent contractor of the Company, without the prior
written consent of the Company, such consent to be within the Company’s sole
and absolute discretion.

 

10.3     Non-Compete. In
consideration for this Agreement to employ the Executive and the other valuable
consideration provided for hereunder, the Executive warrants and covenants that
during the Term, Executive shall not accept any position or affiliation with,
or render any services to any Competing Business. Further, Executive warrants
and covenants that Executive, during the Restriction Period, if applicable,
shall not accept any position or affiliation with, or render any services to
any Competing Business within the Restricted Area.

 

10.4     Non-Disclosure. In
consideration for this Agreement to employ the Executive and the other valuable
consideration provided for hereunder, the Executive warrants and covenants that
Executive shall not engage in the following acts:

 

(a)       make known to any third
party the names and addresses of any of the customers of the Company, or any
other information pertaining to those customers; and/or

 

(b)       make known to any third
party any Confidential Information.

 

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10.5     Survival. The
Executive agrees that the provisions of this Section 10 shall survive the
termination of this Agreement by the Company for Cause or by the Executive
without Good Reason.

 

11.       CONFIDENTIAL
INFORMATION AND COMPANY PROPERTY.

 

11.1     Confidential Information.
The Executive understands and acknowledges that Confidential Information
constitutes a valuable asset of the Company and its Affiliates and may not be
converted to the Executive’s own or any third party’s use by the Executive.
Accordingly, the Executive hereby agrees that he shall not directly or indirectly,
during the Term or any time thereafter, disclose any Confidential Information
intentionally to any Person not authorized by the Company to receive such
Confidential Information. The Executive further agrees that he shall not
directly or indirectly, during the Term or any time thereafter, use or make use
of any Confidential Information in connection with any business activity other
than that of the Company. The Parties acknowledge and agree that this Agreement
is not intended to, and does not, alter either the Company’s rights or the
Executive’s obligations under any applicable laws regarding trade secrets and
unfair trade practices.

 

11.2     Company Property. All
Company Property is and shall remain exclusively the property of the Company.
Unless authorized in writing to the contrary, the Executive promptly shall
deliver to the Company upon termination or expiration of this Agreement, or at
any other time the Company reasonably may so request, all Company Property that
the Executive has in his possession.

 

11.3     Required Disclosure.
In the event the Executive is required by law or court order to disclose any
Confidential Information or to produce any Company Property, the Executive
promptly shall notify the Company of such requirement and provide the Company
with a copy of any court order or of any law that requires such disclosure and,
if the Company so elects, to the extent permitted by law, give the Company an
adequate opportunity, at its own expense, to contest such law or court order
prior to any such required disclosure or production by the Executive.

 

11.4     Survival. The
Executive agrees that the provisions of this Section 11 shall survive the
termination of this Agreement.

 

12.       MUTUAL
ARBITRATION AGREEMENT. Except for disputes relating to Worker’s Compensation
claims of the Executive, any and all disputes that may arise between the
Parties, which shall include but are not limited to any employment related
claim whether based on statute or common law and/or disputes relating to this
Agreement, shall be resolved by arbitration administered by the American
Arbitration Association under its National Rules for Resolution of Employment
Disputes or other applicable rules or as otherwise mutually agreed to by the
Parties. Any arbitration under this paragraph shall take place in Las Vegas,
Nevada and shall be governed by the procedural and substantive law of Nevada.
However, nothing herein shall preclude or prohibit the Company or the Executive
from seeking or obtaining injunctive or other equitable relief.

 

12

 

13.       NOTICES.
All notices, demands and requests required or permitted to be given to either
Party under this Agreement shall be in writing and shall be deemed to have been
given when delivered personally or sent by certified or registered mail,
postage prepaid, return receipt requested, duly addressed to the Party
concerned at the address indicated below or to such changed address of which
such Party may subsequently give written notice:

 

 

	
  If
  to the Company:

  	
  CasaBlanca Resorts

  
	
   

  	
  Attn.
  Mr. Robert R. Black, Sr.

  
	
   

  	
  911 North Buffalo, Suite 201

  Las Vegas, Nevada 89128

  
	
   

  	
   

  
	
  With
  a copy to:

  	
  Black, LoBello & Pitegoff

  
	
   

  	
  Attn.
  Tisha Black-Chernine, Esq.

  
	
   

  	
  6885 West Charleston Boulevard

  Las Vegas, Nevada 89117

  
	
   

  	
   

  
	
  If
  to the Executive:

  	
  Mr. Jonathan Lowenhar

  
	
   

  	
  9805 Panorama Cliffs Drive

  Las Vegas, Nevada 89134

  
	
   

  	
   

  
	
  With
  a copy to:

  	
  Schreck Brignone

  
	
   

  	
  Attn. Elayna Youchah, Esq.

  Kate C. Lowenhar, Esq.

  300 South Fourth Street, Suite 1200

  Las Vegas, Nevada 89101

  

 

14.       ASSIGNMENT.
Executive understands that his employment, or continued employment, is
consideration for the Non-Competition, Non-Disclosure and Non-Solicitation
Covenants contained herein in Section 10 of this Agreement. Executive also
understands and agrees that in consideration of the payment of $100.00, which
Executive has received upon execution of this Agreement, the Non-Competition
Covenants in Section 10 of this Agreement shall be assignable by Company as set
forth herein. Further, it is understood that the Executive may not assign any
rights under this Agreement.

 

15.       BENEFICIARIES/REFERENCES.
The Executive shall be entitled to select a beneficiary or beneficiaries to
receive any compensation or benefit payable hereunder following the Executive’s
death and may change such election by giving the Company written notice thereof
pursuant to this Agreement. In the event of the Executive’s death or a judicial
determination of his incompetence, reference in this Agreement to the Executive
shall be deemed, where appropriate, to refer to his beneficiaries, estate or
other legal representative.

 

16.       SURVIVORSHIP.
The respective rights and obligations of the Parties hereunder shall survive
the expiration or earlier termination of this Agreement to the extent necessary
to the intended preservation of such rights and obligations. The provisions of
this Section 16 are in addition to the survivorship provisions of any other
section of this Agreement.

 

13

 

17.       REPRESENTATIONS
AND WARRANTIES OF THE EXECUTIVE. The Executive hereby represents and warrants
that he has the full legal capacity to enter into this Agreement and that there
is no agreement to which he is a party or beneficiary that would prevent,
contravene or otherwise adversely impact the Executive’s ability to comply with
the terms and obligations set forth herein.

 

18.       REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to
the Executive that there is no agreement to which it is a party or beneficiary
that would prevent, contravene or otherwise adversely impact the Company’s
ability to comply with the terms and obligations set forth herein. As of the
Effective Date, the Company further represents and warrants to the Executive
that upon execution of this Agreement, this Agreement shall become a binding
obligation of the Company and shall be enforceable against it in accordance
with its terms, except as may be limited by laws generally affecting the
enforcement of contracts. The Company further represents and warrants that the
Company is comprised of two limited liability companies and a corporation, duly
organized and incorporated, respectively, validly existing and in good standing
under the laws of the State of Nevada and are duly qualified and in good
standing in such other jurisdictions wherein the nature of the business
transacted by it or them or property owned by it or them makes such
qualification necessary. The Company has the valid limited liability company
power and corporate power to enter into and perform all of its obligations
under this Agreement, and this Agreement has been authorized by all necessary
limited liability company action and corporate action.

 

19.       ENTIRE
AGREEMENT. This Agreement contains the entire agreement between the Parties
concerning the subject matter hereof and supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or
oral, express or implied, between the Parties with respect hereto. No
representations, inducements, promises or agreements that are not set forth
herein shall be of any force or effect.

 

20.       ASSIGNABILITY;
BINDING NATURE. This Agreement shall be binding upon and inure to the benefit
of the parties and their respective successors, heirs and assigns; provided,
however, that no rights or obligations of the Executive under this Agreement
may be assigned or transferred by the Executive, other than rights to
compensation and benefits hereunder, that may be transferred only by will or
operation of law and subject to the limitations of this Agreement; and
provided, further, that no rights or obligations of the Company under this
Agreement may be assigned or transferred by the Company without the prior
written consent of the Executive, to be granted or denied in the Executive’s
sole discretion. Notwithstanding the foregoing, the Executive hereby consents
to the assignment of this Agreement in its entirety and without amendment to
Black Gaming, Inc., a Nevada corporation, or Black Gaming, LLC, a Nevada
limited liability company.

 

21.       AMENDMENT
OR WAIVER. No provision in this Agreement may be amended or waived unless such
amendment or waiver is agreed to in writing, signed by both Parties. No waiver
by one Party of any breach by the other Party of any condition or provision of
this Agreement to be performed by such other Party shall be deemed a waiver of
a similar or dissimilar condition or provision at the same or any prior or
subsequent time.

 

14

 

22.       SEVERABILITY.
In the event that any provision or portion of this Agreement, except Section 6,
Section 7 and Section 10, shall be determined to be invalid or unenforceable
for any reason, in whole or in part, the remaining provisions of this Agreement
shall be unaffected thereby and shall remain in full force and effect to the
fullest extent permitted by law. If Section 6, Section 7 or Section 10 is
determined to be invalid or unenforceable for any reason; in whole or in part,
either Party may terminate this Agreement without further obligations or duties
hereunder.

 

23.       GOVERNING
LAW. To the extent not otherwise expressly stated herein, any and all dispute
resolution shall be governed by and construed and interpreted in accordance
with the procedural and substantive laws of the State of Nevada without
reference to the principles of conflict of laws thereof.

 

24.       HEADINGS.
The headings of the sections and subsections contained in this Agreement are
for convenience only and shall not be deemed to control or affect the meaning
or construction of any provision of this Agreement.

 

25.       COUNTERPARTS.
This Agreement may be executed in counterparts, including facsimile
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement with the same effect as if all Parties
had signed the same signature page. Any signature page of this Agreement may be
detached from any counterpart of this Agreement and reattached to any other
counterpart of this Agreement identical in form hereto but having attached to
it one or more additional signature pages.

 

26.       ACKNOWLEDGEMENT.
The Executive represents and acknowledges that he has carefully read this
Agreement in its entirety, understands the terms and conditions contained
herein, has had the opportunity to review this Agreement with legal counsel of
his own choosing and has not relied on any statements made by the Company or
its legal counsel as to the meaning of any term or condition contained herein
or in deciding whether to enter into this Agreement, and is entering into this
Agreement knowingly and voluntarily.

 

27.       ATTORNEYS’
FEES. In the event an action, claim or suit is brought to enforce the terms of
this Agreement or to collect damages claimed as a result of a breach of this
Agreement, the prevailing party shall be entitled to recover its reasonable
attorneys’ fees, costs and all other expenses reasonably associated with the
enforcement of this Agreement.

 

28.       GAMING
INVESTIGATION. In the event the Executive is required to apply for and obtain
any license, permit, approval, authorization, registration, finding of
suitability, or otherwise from any Gaming Authority necessary for the conduct
of the Executive’s business on behalf of the Company (collectively, the “Approvals”),
then the Company shall pay all costs and expenses of any nature whatsoever,
including reasonable attorneys’ fees, in connection with such Approvals,
including, without limitation, any costs and expenses of any nature whatsoever
associated with the investigation of the Executive by any Gaming Authority.

 

29.       TOLLING.
In the event Executive breaches any of the covenants contained herein and
Company seeks compliance with those covenants by judicial proceedings, the time
periods

 

15

 

during which
Executive is restricted by said covenants shall be extended by the time during
which the Executive is found by a court of competent jurisdiction to have been
in breach of said covenants.

 

30.       LIMITATION
OF RESTRICTIONS. It is the intention of the parties hereto that the potential
restrictions on Executive’s future employment and communications imposed by
sections 10 and 11 of this Agreement be reasonable in both duration and
geographic scope and in all other respects. If for any reason any court of
competent jurisdiction shall find any of the provisions of sections 10 and 11
unreasonable in duration or geographic scope or otherwise, the parties agree
that the restrictions and prohibitions contained therein shall be reduced or
limited so as to be effective to the fullest extent allowable under applicable
law.

 

[Signatures appear on the following page.]

 

16

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the Effective Date.

 

	
   

  	
   

  	
   

  	
  “COMPANY”

  Virgin River Casino Corporation,

  a Nevada corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Robert “Randy”
  Black, Sr.

  	
   

  
	
   

  	
   

  	
   

  	
  By:      Robert
  “Randy” Black, Sr.

  Its:      President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  RBG, LLC,

  a Nevada limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Robert “Randy”
  Black, Sr.

  	
   

  
	
   

  	
   

  	
   

  	
  By:      Robert
  “Randy” Black, Sr.

  Its:      Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CasaBlanca Resorts,
  LLC,

  a Nevada limited liability company.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Robert “Randy”
  Black, Sr.

  	
   

  
	
   

  	
   

  	
   

  	
  By:      Robert
  “Randy” Black, Sr.

  Its:      Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Jonathan Lowenhar

  	
   

  
	
   

  	
   

  	
   

  	
  Jonathan Lowenhar

  

 

17

 

Exhibit “A”

 

Annual Incentive Plan

 

18

 

Exhibit “B”

 

Long Term Incentive Plan

 

19

 

Exhibit “C”

 

General Release

 

20EXHIBIT 10.1

 

DATED  7 MARCH 2006

 

(1) PERFECT PIZZA LIMITED (to be renamed PAPA JOHN’S (GB) LIMITED)

 

(2) SMARTFIRST LIMITED (to be renamed PERFECT PIZZA LIMITED)

 

 

AGREEMENT

 

for the sale and purchase of the Perfect
Pizza franchise business operated by

 

PERFECT
PIZZA LIMITED (to be renamed PAPA JOHN’S (GB) LIMITED)

 

 

CONFORMED
COPY

 

	
   

  	
  Stevens
  & Bolton LLP

  The Billings

  GUILDFORD

  GU1 4YD

  

  Ref: KJW.JBB.PA1256.1

  

 

 

CONTENTS

 

	
   

  	
   

  	
  Page
  No

  
	
  1

  	
  DEFINITIONS AND INTERPRETATION

  	
  1

  
	
  2

  	
  SALE OF THE BUSINESS

  	
  9

  
	
  3

  	
  CONSIDERATION

  	
  9

  
	
  4

  	
  DEBTS

  	
  10

  
	
  5

  	
  COMPLETION

  	
  11

  
	
  6

  	
  COMPLETION OBLIGATIONS

  	
  11

  
	
  7

  	
  ACTION AFTER COMPLETION

  	
  12

  
	
  8

  	
  VAT

  	
  14

  
	
  9

  	
  RISK AND INSURANCE

  	
  15

  
	
  10

  	
  LIABILITIES

  	
  15

  
	
  11

  	
  APPORTIONMENTS

  	
  16

  
	
  12

  	
  CONSENTS FOR TRANSFER OF CERTAIN BUSINESS ASSETS

  	
  17

  
	
  13

  	
  FRANCHISE AGREEMENTS

  	
  17

  
	
  14

  	
  SUPPLIER CONTRACTS

  	
  18

  
	
  15

  	
  EMPLOYEES

  	
  19

  
	
  16

  	
  VENDOR’S WARRANTIES

  	
  21

  
	
  17

  	
  PURCHASER’S REMEDIES

  	
  23

  
	
  18

  	
  PURCHASER’S WARRANTIES

  	
  24

  
	
  19

  	
  RESTRICTIONS

  	
  24

  
	
  20

  	
  SET-OFF BY PURCHASER

  	
  25

  
	
  21

  	
  EXPERT DETERMINATION

  	
  26

  
	
  22

  	
  INDEMNIFIED PARTIES

  	
  27

  
	
  23

  	
  INFORMATION

  	
  28

  
	
  24

  	
  ANNOUNCEMENTS

  	
  29

  
	
  25

  	
  COSTS

  	
  29

  
	
  26

  	
  ENTIRE AGREEMENT AND THIRD PARTY RIGHTS

  	
  29

  
	
  27

  	
  INTEREST ON LATE PAYMENT

  	
  29

  
	
  28

  	
  RIGHTS AND REMEDIES

  	
  30

  
	
  29

  	
  NO SET-OFF AND GROSSING UP

  	
  30

  
	
  30

  	
  FURTHER ASSURANCE AND IMPLIED COVENANTS

  	
  30

  
	
  31

  	
  PROVISIONS TO SURVIVE COMPLETION

  	
  30

  
	
  32

  	
  COUNTERPARTS

  	
  30

  
	
  33

  	
  ASSIGNMENT

  	
  30

  
	
  34

  	
  NOTICES

  	
  31

  
	
  35

  	
  GOVERNING LAW AND JURISDICTION

  	
  32

  
	
  SCHEDULE 1

  	
  33

  
	
  TRANSFERRING EMPLOYEES

  	
  33

  
	
  SCHEDULE 2

  	
  34

  
	
  PART A THE EXCLUDED ASSETS

  	
  34

  
	
  PART B THE EXCLUDED BUSINESSES

  	
  35

  
	
  SCHEDULE 3

  	
  36

  
	
  WARRANTIES

  	
  36

  
	
  SCHEDULE 4

  	
  45

  
	
  VENDOR’S LIMITATIONS OF LIABILITY

  	
  45

  
	
  SCHEDULE 5

  	
  48

  
	
  PART A THE LEASES

  	
  48

  

 

 

	
  PART B THE FRANCHISE UNDERLEASES

  	
  55

  
	
  SCHEDULE 5

  	
  63

  
	
  PART C

  	
  63

  
	
  PROVISIONS RELATING TO THE PROPERTIES

  	
  63

  
	
  PART D

  	
  75

  
	
  TERMS AND PROVISIONS RELATING TO THE FRANCHISE
  UNDERLEASES

  	
  75

  
	
  PART E INCUMBRANCES AFFECTING THE PROPERTIES OR ANY ONE
  OR MORE OF THEM (AND SUBJECT TO WHICH THE PROPERTIES ARE TRANSFERRED)

  	
  77

  
	
  SCHEDULE 6

  	
  128

  
	
  SUPPLIER CONTRACTS

  	
  128

  
	
  SCHEDULE 7

  	
  129

  
	
  LEASING/HIRE AGREEMENTS

  	
  129

  
	
  SCHEDULE 8

  	
  130

  
	
  PART A PERFECT PIZZA TRADE MARKS

  	
  130

  
	
  PART B GINO’S PIZZA TRADE MARK

  	
  130

  
	
  PART C OTHER BUSINESS INTELLECTUAL PROPERTY

  	
  130

  
	
  SCHEDULE 9

  	
  131

  
	
  SPLIT CONTRACTS

  	
  131

  

 

	
  APPROVED FORM DOCUMENTS

  	
   

  
	
  1

  	
  ADDITIONAL
  LOAN NOTES

  	
   

  
	
  2

  	
  ADDITIONAL
  LOAN NOTE INSTRUMENT

  	
   

  
	
  3

  	
  DEBENTURE

  	
   

  
	
  4

  	
  PRO
  FORMA STATEMENT OF DEBTS

  	
   

  
	
  5

  	
  DISCLOSURE
  LETTER

  	
   

  
	
  6

  	
  DISTRIBUTION
  AGREEMENT

  	
   

  
	
  7

  	
  IT/ACCOUNTING
  SUPPORT LETTER

  	
   

  
	
  8

  	
  LOAN
  NOTES

  	
   

  
	
  9

  	
  LOAN
  NOTE INSTRUMENT

  	
   

  
	
  10

  	
  PJ SIDE
  LETTER

  	
   

  
	
  11

  	
  STOCK
  STATEMENT

  	
   

  
	
  12

  	
  TRADE
  MARK ASSIGNMENT

  	
   

  
	
  13

  	
  VENDOR
  NAME CHANGE WRITTEN RESOLUTION

  	
   

  
	
  14

  	
  STATEMENT
  TO FRANCHISEES AND SUPPLIERS

  	
   

  
	
  15

  	
  DIRECT
  COVENANT CONTRACT

  	
   

  
	
  16

  	
  ESCROW
  AGREEMENT

  	
   

  
	
  17

  	
  GAILEY
  PARK LEASE ASSIGNMENT

  	
   

  

 

 

THIS AGREEMENT is made on 7 March 2006

BETWEEN

(1)           PERFECT PIZZA LIMITED (to be renamed PAPA JOHN’S
(GB) LIMITED) (registered number 2569801) whose
registered office is at Perfect Pizza House, The Forum, Hanworth Lane,
Chertsey, Surrey KT16 9JX (“Vendor”); and

(2)           SMARTFIRST LIMITED (to be renamed PERFECT PIZZA
LIMITED) (registered number 5088946) whose
registered office is at Sovereign House, Queen Street, Manchester M2 5HR (“Purchaser”).

 

WHEREAS

The Vendor wishes to sell and the Purchaser wishes to
purchase the Business (as hereinafter defined) as a going concern together with
certain assets and rights vested in the Vendor in connection with the Business
for the consideration and upon the terms set out in this Agreement.

 

IT IS AGREED AS FOLLOWS

 

1              DEFINITIONS AND INTERPRETATION

 

1.1           In this Agreement (including the Schedules), unless expressly stated
to the contrary, the following expressions shall have the following meanings:

 

	
  1990
  Act

  	
   

  	
  Part
  IIA Environmental Protection Act 1990;

  
	
  Accounting
  Records

  	
   

  	
  Accounting
  records of the Business and printouts of general accounting ledgers but
  excluding the VAT Records and all National Insurance and PAYE records;

  
	
  Additional
  Loan Notes

  	
   

  	
  the
  additional loan notes in Approved Form to be issued pursuant to clause 3.2.3;

  
	
  Additional
  Loan Note Instrument

  	
   

  	
  an
  instrument in Approved Form creating the Additional Loan Notes;

  
	
  Assets

  	
   

  	
  those
  assets of the Vendor listed in clauses 2.1.1 to 2.1.11 excluding (for the
  avoidance of doubt) the Excluded Assets;

  
	
  Business

  	
   

  	
  the
  franchising and management by the Vendor of pizza home delivery and take away
  stores under the Business Name and the related wholesale supply of product
  ingredients, packaging and other materials to such stores, as carried on by
  the Vendor immediately prior to Completion;

  
	
  Business
  Day

  	
   

  	
  any
  day (other than a Saturday, Sunday or any other day which is a statutory
  public holiday in England) on which clearing banks are open for business in
  England;

  
	
  Business
  Information

  	
   

  	
  all
  written confidential information which relates to the Business including
  (where relevant) in respect of technical, financial, administrative, staff
  management, customer, supplier and marketing matters but excluding the
  Records and any catalogues, price lists, advertising and publicity materials
  bearing the “Papa John’s” name, logo or livery and any other information that
  the Vendor

  

 

1

 

	
   

  	
   

  	
  may
  be required to retain by any court, statute, regulation or regulatory
  authority;

  
	
  Business Intellectual Property

  	
   

  	
  the Business Name, the Gino’s Pizza Trade
  Marks, the Perfect Pizza Trade Marks and the Domain Name;

  
	
  Business
  Name

  	
   

  	
  Perfect
  Pizza;

  
	
  Completion

  	
   

  	
  completion
  of the sale and purchase of the Business and Assets in accordance with clause
  6;

  
	
  Completion
  Date

  	
   

  	
  the
  date of actual completion of the sale and purchase of the Business in
  accordance with this Agreement and “Completion” shall be construed
  accordingly;

  
	
  Confidential Information

  	
   

  	
  any confidential information (however
  stored and insofar as not in the public domain) relating to any know-how,
  trade secrets, technical processes, customer and supplier lists, price lists,
  details of contractual arrangements and any other matters concerning the
  business, affairs or finances of the relevant business;

  
	
  Consideration

  	
   

  	
  the
  consideration for the sale of the Business and Assets set out in clause 3.1;

  
	
  Debenture

  	
   

  	
  an
  all monies fixed and floating charge debenture in Approved Form to be entered
  into by the Purchaser at Completion in favour of the Vendor;

  
	
  Debt
  Pro Forma

  	
   

  	
  pro
  forma statement of Debts in the Approved Form to be produced on or prior to
  Completion;

  
	
  Debts

  	
   

  	
  those
  trade debts owing to the Vendor at the Effective Date in connection with the
  Business (including, for the avoidance of doubt, the right to receive
  payments for goods dispatched and/or services rendered before the Effective
  Date but not yet invoiced), as set out in the Statement of Debts referred to
  in clause 4.1 and for the avoidance of doubt the Debts shall not include (a)
  any amounts which are or may become due and payable by the Purchaser to the
  Vendor pursuant to this Agreement or any other Relevant Document or (b) any amounts
  due and payable to the Vendor pursuant to any Franchise Underlease (as
  defined in Schedule 5) in respect of rent and service charge due on or about
  25 February 2006 or (c) any amount paid by any Franchisee by direct debit
  after the Effective Date insofar as it is made in respect of a trade debt
  owing to the Vendor at the Effective Date;

  
	
  Disclosure
  Bundle

  	
   

  	
  the
  bundle of documents and other written information annexed to the Disclosure
  Letter;

  
	
  Disclosure
  Letter

  	
   

  	
  a
  letter of even date herewith in the Approved Form from the Vendor to the
  Purchaser in relation to the Warranties together with the contents of the
  Disclosure Bundle;

  
	
  Distribution
  Agreement

  	
   

  	
  an
  agreement in Approved Form to be entered into at Completion by the Purchaser
  and the Vendor relating, inter alia, to provision of storage, wholesale
  and/or

  

 

2

 

	
   

  	
   

  	
  distribution
  services by the Purchaser to the Vendor, at or from the Gailey Park Site;

  
	
  Domain
  Name

  	
   

  	
  www.perfectpizza.co.uk;

  
	
  Effective
  Date

  	
   

  	
  opening
  of business on 6 March 2006;

  
	
  Encumbrance

  	
   

  	
  any
  mortgage, charge, pledge, lien, assignment, hypothecation, security interest
  (including any created by law) or other security agreement or arrangement but
  excluding any lease, hire/purchase or retention of title provision or
  arrangement;

  
	
  Environment

  	
   

  	
  means
  all or any of the following media namely, air, water (including groundwater)
  or land including without limitation those media within buildings or other
  natural or manmade structures above or below ground and any living organisms
  (including man) or ecosystems;

  
	
  Environmental
  Authority

  	
   

  	
  any
  statutory or other competent authority or court having responsibility for
  Environmental Matters;

  
	
  Environmental
  Law

  	
   

  	
  means
  all national international or European Union law, including without
  limitation any common law, statute, statutory instrument, treaty, regulation,
  directive, decision, by-law, circular, code, guidance, plan, notice, demand,
  order, decree, injunction, resolution or judgement which relates to the Environment
  and which are in force or effect from time to time;

  
	
  Environmental
  Liabilities

  	
   

  	
  all of any of the following arising from
  or as a result of Environmental Matters:

  (a)           actions, claims, demands and proceedings, requirements, costs,
  damages, expenses, liabilities and losses including, without limitation:

  (i)            the carrying out or costs of carrying out investigations,
  monitoring, sampling, containing, assessing, analysing, removing, remedying,
  cleaning up, making good, restoring, improving, abuting or any other remedial
  action in respect of Environmental Matters;

  (ii)           reasonable professional fees expert or technical incurred in
  investigating or defending any actions, liabilities, claims, demands and
  proceedings;

  (b)           fines and penalties; and

  (c)           any liability for Environmental Matters imposed on the Purchaser
  by the Gailey Park Lease;

  
	
  Environmental
  Matters

  	
   

  	
  all
  or any of the following:

  (a)           pollution or contamination;

  (b)           any deposit, storage, presence, keeping, disposal, leak, release,
  spillage, emission, migration or other escape of any Hazardous Substances or

  

 

3

 

	
   

  	
   

  	
  Waste at, from or to the Gailey Park Site;

  (c)           the creation of any state of affairs actually or potentially
  damaging or harmful to the Environment including any radiation, common law or
  statutory nuisance arising from pollution and/or contamination; and

  (d)           the contact with or exposure of any human or other living organism
  to Hazardous Substances or Waste;

  
	
  Environmental
  Notice

  	
   

  	
  any
  statutory notice, requirement enquiry or request of any Environmental
  Authority relating to Environmental Matters;

  
	
  Environmental
  Permits

  	
   

  	
  all
  or any authorisations, certificates, approvals, permits, licences,
  registrations, notifications or consents (and all conditions attaching
  thereto) required under any Environmental Laws for the operation of the
  Business and/or occupation of the Properties and/or the Gailey Park site;

  
	
  Excluded
  Assets

  	
   

  	
  those
  assets listed in Part A of Schedule 2 which are expressly excluded from the
  sale to the Purchaser hereunder;

  
	
  Excluded
  Businesses

  	
   

  	
  those
  retained businesses of the Vendor listed in Part B of Schedule 2 which are
  expressly excluded from the sale to the Purchaser hereunder;

  
	
  Fixed
  Assets

  	
   

  	
  the
  Movable Fixed Assets and the Immovable Fixed Assets, excluding the
  Properties;

  
	
  Franchise
  Agreements

  	
   

  	
  the
  franchise agreements entered into between each of the Franchisees and the
  Vendor which are in existence immediately prior to Completion and a list of
  which is provided at item 20.1 of the Disclosure Bundle;

  
	
  Franchise
  Sites

  	
   

  	
  the
  sites (excluding the Gailey Park Site) listed in the document contained at
  item 2.34 of the Disclosure Bundle;

  
	
  Franchisee

  	
   

  	
  those
  persons named as franchisee in the Franchise Agreements;

  
	
  Gailey
  Park Indemnity

  	
   

  	
  the
  indemnity given by the Vendor in respect of the Gailey Park Site contained in
  paragraph 13.2 of Part C of Schedule 5;

  
	
  Gailey
  Park Site

  	
   

  	
  the
  Vendor’s storage, wholesale and distribution centre site, situated at Gailey
  Park, Cannock, Staffordshire;

  
	
  Generic
  Stock

  	
   

  	
  all
  food and other stock owned by the Vendor which is not branded with the
  Business Name and is capable of use in any part of the Vendor’s business and
  identified as generic stock in the Stock Statement;

  
	
  Gino’s
  Pizza Trade Mark

  	
   

  	
  the
  registered trade marks details of which are set out in Part B of Schedule 8
  and all goodwill attaching thereto;

  
	
  Glanbia
  Contract

  	
   

  	
  the
  contract made between the Vendor and Glanbia Cheese Limited constituted by
  letters from Glanbia

  

 

4

 

	
   

  	
   

  	
  Cheese
  Limited to the Vendor copies of which are contained at item 10.1 of the
  Disclosure Bundle;

  
	
  Goodwill

  	
   

  	
  the
  goodwill of the Vendor relating exclusively to the Business, together with
  the exclusive right for the Purchaser to carry on and to represent itself as
  carrying on the Business in succession to the Vendor and including the right
  to use the Business Name but not including the right in any circumstances to
  use the name “Papa John’s” or any registered or unregistered trade marks or
  logos associated with that name;

  
	
  Hazardous
  Substances

  	
   

  	
  any
  substance whether in solid, liquid or gaseous form and whether alone or in
  combination with other substances which is capable of causing harm to human
  health or to the Environment and/or any other substances that are regulated
  under Environmental Laws including without limitation any Waste;

  
	
  Immovable
  Fixed Assets

  	
   

  	
  all
  the fixtures and fittings (excluding landlord’s fixtures and fittings) and
  fixed plant and machinery (if any) owned by the Vendor, situated at the
  Gailey Park Site immediately prior to Completion;

  
	
  Intellectual
  Property

  	
   

  	
  includes
  patents, inventions, know how, trade secrets and other confidential
  information, registered designs, copyrights, data, database rights, design
  rights, rights affording equivalent protection to copyright, database rights
  and design rights, semi conductor topography rights, trade marks, service
  marks, business names, trade names, logos, domain names, moral rights and all
  registrations or applications to register any of the aforesaid items, rights
  in the nature of any of the aforesaid items in any country or jurisdiction
  rights in the nature of unfair competition rights and rights to sue for
  passing off;

  
	
  IT/Accounting
  Support Letter

  	
   

  	
  a
  letter agreement between the Vendor and the Purchaser in the Approved Form;

  
	
  IT
  Hardware Systems

  	
   

  	
  the
  computer hardware (but not software) owned by the Vendor and situated at the
  Gailey Park Site used by the Vendor immediately prior to Completion;

  
	
  Leasing/Hire
  Agreements

  	
   

  	
  (excluding
  leases under which the Properties are held) all agreements as at Completion
  in relation to the leasing, lease purchase or hire of goods or equipment for
  use at the Gailey Park Site which at Completion remain to be performed in
  whole or in part which are listed in Schedule 7;

  
	
  Liabilities

  	
   

  	
  all
  liabilities or obligations of the Vendor relating to the Business and/or
  Assets outstanding at Completion and/or accrued and payable in respect of the
  period prior to Completion including (without limit) all trade and other
  creditors;

  

 

5

 

	
  Loan
  Notes

  	
   

  	
  the
  loan notes in the Approved Form to be issued pursuant to clause 3.2.2;

  
	
  Loan
  Note Instrument

  	
   

  	
  an
  instrument in Approved Form creating the Loan Notes;

  
	
  Measures
  Letter

  	
   

  	
  a
  letter dated 16 January 2006 from the Purchaser to the Vendor provided in
  accordance with regulation 10 (3) of the Regulations, a copy of which is
  provided at item 7.10 of the Disclosure Bundle;

  
	
  Movable
  Fixed Assets

  	
   

  	
  all
  the plant, machinery, office equipment (excluding computer equipment) and
  tools owned by the Vendor and situated at the Gailey Park Site (other than
  the Immovable Fixed Assets and any landlord’s fixtures and fittings) used by
  the Vendor immediately prior to Completion including the IT Hardware Systems;

  
	
  Non-Transferring
  Employees

  	
   

  	
  all
  those employees of the Vendor other than the Transferring Employees;

  
	
  PJ
  Side Letter

  	
   

  	
  a
  letter in the Approved Form from Papa John’s International Inc to the
  Purchaser;

  
	
  PJ
  Stock

  	
   

  	
  all
  stock branded with the “Papa John’s” name or in any way used or capable of
  use by any member of the Vendor’s Group in any business other than the
  Business;

  
	
  Perfect
  Pizza Trade Marks

  	
   

  	
  the
  registered trade marks details of which are set out in Part A of Schedule 8;

  
	
  Properties

  	
   

  	
  the
  leasehold premises listed in Part A of Schedule 5;

  
	
  Purchaser’s
  Group

  	
   

  	
  the
  Purchaser and any parent undertaking or subsidiary undertaking of the
  Purchaser and any other subsidiary undertaking of any such parent
  undertaking;

  
	
  Purchaser’s
  Solicitors

  	
   

  	
  Halliwells
  LLP of St James’ Court, Brown Street, Manchester M2 2JF;

  
	
  Records

  	
   

  	
  the
  Accounting Records and any other files, books, correspondence and records
  relating exclusively to the Business which for the avoidance of doubt
  includes in relation to each of the Debts copies of the relevant invoices and
  (in relation to goods despatched) the signed delivery notes but excluding the
  VAT records, all national insurance and PAYE records, any catalogues, price
  lists, advertising and publicity materials bearing the “Papa John’s” name,
  logo or livery and any other records or information that the Vendor may be
  required to retain by any court, statute, regulation or regulatory authority;

  
	
  Regulations

  	
   

  	
  the
  Transfer of Undertakings (Protection of Employment) Regulations 1981;

  
	
  Relevant
  Documents

  	
   

  	
  this
  Agreement, the Distribution Agreement, the IT/Accounting Support Letter, the
  Escrow Agreement (as defined in Schedule 5), the Loan Note Instrument, the
  Additional Loan Note Instrument, the Loan Notes and the Additional Loan
  Notes;

  

 

6

 

	
  Sales
  Statement

  	
   

  	
  the
  statement of system sales, food sales, distribution costs and marketing
  income contained at item 2.35 of the Disclosure Bundle;

  
	
  Sales
  Statement Supporting Documents

  	
   

  	
  the
  documents contained at items 2.6.1, 2.6.2, 2.10, 2.14 and 2.17 of the
  Disclosure Bundle;

  
	
  Split
  Contracts

  	
   

  	
  those
  contracts listed in Schedule 9;

  
	
  Statutory
  Guidance

  	
   

  	
  the
  circular dated 20 March 2000 issued by the Department of Environment
  Transport and the Regions;

  
	
  Stock

  	
   

  	
  the
  stock of food and Perfect Pizza branded materials owned by the Vendor,
  situated at the Gailey Park Site on the Effective Date and used exclusively
  in the Business which is identified as such in the Stock Statement, excluding
  (for the avoidance of doubt) the Generic Stock and the PJ Stock;

  
	
  Stock
  Statement

  	
   

  	
  the
  statement of the Stock as at the Effective Date in Approved Form, prepared in
  accordance with clause 6.1;

  
	
  Supplier
  Contracts

  	
   

  	
  (excluding
  leases under which the Properties are held) all agreements or orders as at
  Completion for the supply or sale of goods or services to the Vendor in
  connection with the Business which at Completion remain to be performed in
  whole or in part, comprising the Leasing/Hire Agreements and those other
  contracts which are listed in Schedule 6 but excluding (for the avoidance of
  doubt) those (in whole or in part and to the extent) referred to in Part A of
  Schedule 2 as Excluded Assets;

  
	
  Taxation

  	
   

  	
  all
  forms of taxation, dues, duties, imposts, levies and rates of the United
  Kingdom or any other jurisdiction whenever and wheresoever charged, imposed
  or deducted together with all costs, charges, interests, penalties, fines and
  expenses incidental or relating to or arising in connection with any and all
  such taxes, dues, duties, imposts and levies including income tax, PAYE,
  national insurance contributions, corporation tax, tax on chargeable gains,
  value added tax, customs and other import duties, stamp duty, stamp duty
  reserve tax, withholding tax and inheritance tax and any liability arising
  under section 601 of the Taxes Act;

  
	
  Third
  Party Rights

  	
   

  	
  the
  benefit of all rights and claims of the Vendor (or any other member of the
  Vendor’s Group, as appropriate) against third parties (whether arising before
  or after Completion) arising out of or in connection with the Business or any
  of the Assets, whether in contract, tort or otherwise (including rights under
  or in respect of warranties, representations, covenants, guarantees and
  indemnities relating to the Business or any of the Assets) but excluding any
  claim by or rights of the Vendor’s Group or any other person in respect of
  the Excluded

  

 

7

 

	
   

  	
   

  	
  Businesses
  or in respect of any Taxation or insurance matters;

  
	
  Transferring
  Employees

  	
   

  	
  the
  employees whose names are set out in Schedule 1 and each shall be a
  “Transferring Employee”;

  
	
  VAT
  Records

  	
   

  	
  the
  records of the Vendor relating to the business required to be preserved under
  paragraph 6 of Schedule 11 to VATA 1994;

  
	
  VATA
  1994

  	
   

  	
  the
  Value Added Tax Act 1994;

  
	
  Vendor’s
  Group

  	
   

  	
  the
  Vendor and any parent undertaking or subsidiary undertaking of the Vendor and
  any other subsidiary undertaking of such parent undertaking;

  
	
  Vendor’s
  Solicitors

  	
   

  	
  Stevens
  & Bolton LLP of The Billings, Guildford, Surrey GU1 4YD;

  
	
  Warranties

  	
   

  	
  the
  warranties which are set out in Schedule 3 and “Warranty” means any of them;
  and

  
	
  Waste

  	
   

  	
  any
  discarded, unwanted or surplus substance present in, on or under the
  Properties and/or the Gailey Park Site on or before the Completion Date
  irrespective of whether it is capable of being recycled or recovered or has
  any value.

  

 

1.2           References to statutes or statutory provisions shall be construed to
include references to those statutes or provisions as amended or re-enacted
(whether with or without modification) prior to Completion and shall include
any statute or provision of which they are re-enactments (whether with or
without modification).

1.3           Any document expressed to be “in the Approved Form” means in a form
approved and for the purpose of identification signed by or on behalf of the
parties to this Agreement and includes any amendments to such document which
are so agreed and signed.

1.4           The headings in this Agreement are for ease of reference only and
shall not in any way affect its construction or interpretation.

1.5           The expressions “Vendor” and “Purchaser” shall include their
respective successors and permitted assigns.

1.6           The Schedules form part of this Agreement and shall be construed and
have the same full force and effect as if expressly set out in the main body of
this Agreement.

1.7           References to “indemnify” and “indemnifying” any person against any
liability or circumstance include indemnifying him and keeping him harmless
from all actions, claims, demands and proceedings from time to time made
against that person and all losses, damages, payments, costs and expenses
(including legal costs and expenses on a full indemnity basis) made, suffered
or incurred by that person as a consequence of or which would not have arisen but
for that liability or circumstance and where any payment made under any
indemnity is subject to any Taxation or cost or expense which would not have
been incurred by the payee but for the payment, it shall be increased by such
amount as is necessary to ensure that the payee receives the same net amount as
it would have received had the payment not been so subject.

1.8           Unless expressly stated to the contrary, in this Agreement:

1.8.1        words denoting the singular include the plural and vice versa, words
denoting any one gender include all genders and vice versa, and references to
persons include individuals, partnerships, bodies corporate and unincorporated
associations;

 

8

 

1.8.2        a reference to a Recital, clause or Schedule is a reference to a
Recital or clause of or Schedule to this Agreement and a reference to a
sub-clause is a reference to a sub-clause of the clause in which the reference
appears;

1.8.3        expressions defined in the Companies Acts 1985 and 1989 shall have
the same meanings in this Agreement; and

1.8.4        the words and phrases “other”, “including” and “in particular” shall
not limit the generality of any preceding words or be construed as being
limited to the same class as the preceding words where a wider construction is
possible.

 

2              SALE OF THE BUSINESS

 

2.1           Subject to the terms of this Agreement, the Vendor shall sell with
full title guarantee, free from all Encumbrances, and the Purchaser shall
purchase as a going concern as at and with effect from the Effective Date, the
Business and the Assets comprising:

2.1.1        the Goodwill;

2.1.2        the Business Intellectual Property;

2.1.3        the Properties;

2.1.4        the Fixed Assets;

2.1.5        the Debts;

2.1.6        the Stock;

2.1.7        the benefit (subject to the burden to the extent expressly assumed
in this Agreement) of the Franchise Agreements and the Supplier Contracts;

2.1.8        the Business Information;

2.1.9        the Records;

2.1.10      the Third Party Rights; and

2.1.11      all other property or rights owned by the Vendor and used exclusively
in the Business or in connection with the Assets.

2.2           The Excluded Assets and the Excluded Businesses are both excluded
from the sale and purchase of the Business and Assets under this Agreement.

2.3           The provisions of Schedule 5 shall apply in relation to the sale of
the Properties and in the event of any inconsistency between Schedule 5 and the
remainder of this Agreement the provisions of Schedule 5 shall prevail.

 

3              CONSIDERATION

 

3.1           The consideration for the sale by the Vendor of the Business and the
Assets shall be the aggregate of:

3.1.1        £7,000,000 (seven million pounds); and

3.1.2        such sum as is payable pursuant to the provisions of clause 4
below  in respect of the Debts;

3.2           The consideration shall be payable as follows:

3.2.1        £4,600,000 (four million six hundred thousand pounds) at Completion
in cash;

3.2.2        £2,000,000 by the issue of the Loan Notes to the Vendor at
Completion;

3.2.3        £400,000 by the issue of the Additional Loan Notes to the Vendor at
Completion; and

3.2.4        the element of consideration payable in respect of the Debts shall
be payable  in cash at such times and in
such amounts as are designated in clause 4.

3.3           The consideration referred to in clause 3.2.1, 3.2.2 and 3.2.3 shall
be allocated as follows:

 

9

 

	
  3.3.1

  	
   

  	
  as to the
  Fixed Assets

  	
   

  	
  £95,000

  	
   

  	
  (ninety five
  thousand pounds);

  
	
  3.3.2

  	
   

  	
  as to the
  Stock

  	
   

  	
  £375,000

  	
   

  	
  (three
  hundred and seventy five thousand pounds);

  
	
  3.3.3

  	
   

  	
  as to the
  Gino’s Pizza Trade Mark

  	
   

  	
  £1

  	
   

  	
  (one pound);

  
	
  3.3.4

  	
   

  	
  as to the
  Perfect Pizza Trade Marks

  	
   

  	
  £1

  	
   

  	
  (one pound);

  
	
  3.3.5

  	
   

  	
  as to the
  Goodwill

  	
   

  	
  £6,529,996

  	
   

  	
  (six
  million, five hundred and twenty nine thousand nine hundred and ninety six
  pounds)

  
	
  3.3.6

  	
   

  	
  as to the
  Properties

  	
   

  	
  £1

  	
   

  	
  (one pound);

  
	
  3.3.7

  	
   

  	
  as to the
  remaining Assets

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (including the Business Intellectual Property other
  than the Gino’s Pizza Trade Mark and the Perfect Pizza Trade Marks)

  	
   

  	
  £1

  	
   

  	
  (one pound).

  

 

4              DEBTS

 

4.1           The Vendor shall, as soon as practicable after Completion but in any
case not later than five Business Days after Completion, deliver to the
Purchaser a statement of Debts as at the Effective Date in the form of the Debt
Pro Forma (“Statement of Debts”).

4.2           The Vendor covenants and undertakes with the Purchaser that so far
as lies within its power in the period between the Effective Date and the
production of the Statement of Debts there will be no movements in the debtors
ledger other than in the ordinary course of business as carried on by the
Vendor up to the date hereof and that invoices will only be raised on the
respective due dates in the ordinary course of business.

4.3           The Debts as shown in the Statement of Debts shall be paid by the
Purchaser in accordance with the provisions of clauses 4.4 to 4.7 below.

4.4           The amount to be paid for the Debts shall be calculated as follows:

 

	
  Age of Debt at the
  Effective Date

  	
   

  	
  Percentage of Debts payable

  	
   

  
	
  Debts aged
  between 0-90 days

  	
   

  	
  90

  	
  %

  
	
  Debts aged
  between 91 and 180 days

  	
   

  	
  25

  	
  %

  
	
  Debts aged
  between 181 and 545 days

  	
   

  	
  5

  	
  %

  
	
  Debts aged
  over 545 days

  	
   

  	
  Nil

  	
   

  

 

4.5           Payment for the Debts shall be made free from any withholding,
deduction, counterclaim or set-off at the following times and in the following
proportions:

 

10

 

	
  Period following the
  Effective Date

  	
   

  	
  Percentage of Debts payable

  	
   

  
	
  Within 6
  months from the Effective Date (i.e. on or before 5 September 2006)

  	
   

  	
  50

  	
  %

  
	
  Within 9
  months from the Effective Date (i.e. on or before 5 December 2006)

  	
   

  	
  37.5

  	
  %

  
	
  Within 12
  months from the Effective Date (i.e. on or before 5 March 2007)

  	
   

  	
  12.5

  	
  %

  

 

4.6           If any sum due to be paid by the Purchaser to the Vendor under this
clause 4 is not paid on the due date for payment noted in clause 4.5 above,
such unpaid sum shall carry interest calculated on a daily basis (as well after
as before judgment) at the rate of 2 per cent above the annual base lending
rate of The Royal Bank of Scotland plc from the due date to the date of actual
payment (both dates inclusive). Any such interest shall be payable upon demand
being made by the Vendor to the Purchaser.

4.7           For the avoidance of doubt, the Purchaser shall assume the risk of
non-payment of any of the Debts in whole or in part and the Purchaser
acknowledges that it shall have no rights or claims against the Vendor in
relation to any such non-payment.

4.8           If at any time after the Effective Date the Vendor receives any sums
by way of repayment of any Debt it shall hold the same as trustee for the
Purchaser and account to the Purchaser for the same as soon as practicable
after such receipt.

 

5              COMPLETION

 

Completion
shall take place at the offices of the Vendor’s Solicitors (or such other place
as may be agreed by the Vendor and the Purchaser) immediately upon execution of
this Agreement when the Vendor and the Purchaser shall comply in full with
their respective obligations set out in clause 6.

 

6              COMPLETION OBLIGATIONS

 

6.1           The following provisions will apply to Stock:

6.1.1        prior to Completion the Vendor and the Purchaser shall procure that
a stock take shall be carried out at the Gailey Park Site for the purpose of
identifying the Stock, the Generic Stock and the PJ Stock situated at the
Gailey Park Site and shall jointly prepare and agree a Stock Statement showing
the amount and book value of each category referred to above;

6.1.2        for the avoidance of doubt, no adjustment shall be made to the
Consideration by reference to the book value of the Stock as shown in the Stock
Statement; and

6.1.3        the Purchaser shall have the right upon giving written notice to the
Vendor within two Business Days of Completion to purchase from the Vendor such
amount of Generic Stock as the Purchaser may require at the book value of such
stock as identified in the Stock Statement and payment for any Generic Stock
purchased shall be made within 30 days of the Completion Date.

6.2           On Completion:

 

11

 

6.2.1        the Vendor shall permit the Purchaser to take possession of the
Business and shall deliver or cause to be delivered to the Purchaser or the
Purchaser’s Solicitors:

(a)           at the Gailey Park Site such of the Assets as are capable of being
transferred by delivery;

(b)           the Records (in so far as they are capable of being separated from
any consolidated records held by the Vendor);

(c)           the Distribution Agreement, duly executed by the Vendor;

(d)           the IT/Accounting Support Letter, duly executed by the Vendor;

(e)           duly executed assignment in the Approved Form of the Perfect Pizza
Trade Marks and the Gino’s Pizza Trade Marks;

(f)            the PJ Side Letter, duly executed by Papa John’s International Inc;

(g)           a certified copy written resolution of the Vendor changing its name,
in the Approved Form;

(h)           (to the extent not already delivered pursuant to clause 6.2.1(a))
all the designs and drawings, plans, technical and sales publications,
advertising material and other technical and sales matter of the Vendor
relating specifically to the Business insofar as the same exist and are in the
ownership and control of the Vendor immediately prior to Completion; and

(i)            a duly executed assignment of the Gailey Park Lease in accordance
with paragraph 2 of Part C of Schedule 5.

6.2.2        the Purchaser shall deliver to the Vendor duly executed counterparts
of  the Distribution Agreement, the
IT/Accounting Support Letter, the Loan Note Instrument,  the Debenture and the Additional Loan Note
Instrument, each duly executed by the Purchaser;

6.2.3        the Vendor and the Purchaser shall, in respect of the Properties,
comply with any obligations to be performed by them respectively at Completion
in accordance with the provisions of Part C of Schedule 5; and

6.2.4        the Purchaser shall:-

(a)           pay to the Vendor’s Solicitors (whose receipt shall be an absolute
discharge of the Purchaser and binding upon and conclusive against the Vendor)
by way of telegraphic transfer the aggregate sum of £4,600,000 (four million
six hundred thousand pounds) referred to in clause 3.2.1; and

(b)           issue to the Vendor the Loan Notes referred to in sub-clause 3.2.2,
and the Additional Loan Notes referred to in sub-clause 3.2.3, and deliver duly
executed certificates in respect of such Loan Notes and Additional Loan Notes
to the Vendor’s Solicitors (whose receipt shall be an absolute discharge of the
Purchaser and binding upon and conclusive against the Vendor).

 

7              ACTION AFTER COMPLETION

 

7.1           Without prejudice to its right to carry on the Excluded Businesses,
immediately following Completion the Vendor shall discontinue carrying on the
Business.

7.2           Notices, correspondence, information, orders or enquiries (“Communications”)
of a material nature to the extent that they relate to the Business or the
Assets (excluding those

 

12

 

in
relation to settlement of the Liabilities) which are received by the Vendor
after Completion shall as soon as reasonably practicable be passed to the
Purchaser and any Communications received by the Purchaser after
Completion  to the extent that they
relate to the Excluded Businesses or the Excluded Assets or the Liabilities
shall as soon as reasonably practicable be passed to the Vendor.

7.3           Subject to the provisions of clause 7.4 below, the Vendor undertakes
to procure that after Completion neither the Vendor nor any other member of the
Vendor’s Group shall use in any way whatsoever any name including the words “Perfect
Pizza”,  “Gino’s Pizza” or “Gino’s
Dial-a-Pizza” or any other name intended or likely to be confused with any such
names or suggest any connection with any member of the Purchaser’s Group or use
the “Perfect Pizza”,  “Gino’s Pizza”  or “Gino’s Dial-a-Pizza” logo or livery (including
where the “Perfect Pizza”,  “Gino’s Pizza”
or “Gino’s Dial-a-Pizza” name, logo or livery appears on or is embedded in any
item (including stationery)) and shall immediately change or remove or procure
change or removal of any sign boards, fascias, logos, promotional materials or
similar items at any property owned by the Vendor in the style of or containing
the “Perfect Pizza”, “Gino’s Pizza” or “Gino’s Dial-a-Pizza” name or any
related logo or livery save that the Vendor may continue to display or permit
the display of the “Perfect Pizza”,  “Gino’s
Pizza” or “Gino’s Dial-a-Pizza” logos on delivery trucks owned or operated by
or for the Vendor if such trucks deliver to the Business and the Purchaser
acknowledges and agrees that the Vendor may require up to 30 days from
Completion in order to alter the name “Perfect Pizza House” at its premises at
The Forum, Hanworth Lane, Chertsey, Surrey KT16 9JX.

7.4           The provisions of clause 7.3 shall be without prejudice to the right
of the Vendor’s Group to continue at any time after Completion to use the
phrase “...delivering the perfect pizza” in the manner and in the territory
currently used, which for the avoidance of doubt shall be outside the United
Kingdom, in the ordinary course of the Excluded Business as part of any trade
mark or logo of the Vendor’s Group or otherwise howsoever and the Purchaser
hereby expressly authorises such use on a perpetual, royalty free basis.

7.5           The Purchaser undertakes to procure that after Completion neither
the Purchaser nor any other member of the Purchaser’s Group shall use in any
way whatsoever any name including the word or words “Papa”, “John” or “Papa
John’s” or any other name intended or likely to be confused with any such names
or suggest any connection with any member of the Vendor’s Group or use the “Papa
John’s” logo or livery (including where the “Papa John’s” name, logo or livery
appears on or is embedded in any item (including stationery)) and shall
immediately change or remove or procure change or removal of any sign boards,
fascias, logos, promotional materials or similar items at the Properties in the
style of or containing the “Papa John’s” name or any related logo or livery.

7.6           The Purchaser shall not, after Completion, be allowed access to the
Vendor’s “In-Touch” or “Airwaves” systems and the Purchaser undertakes to
procure that none of its franchisees use or continue to use either of these
systems. The Purchaser acknowledges and agrees that, to the extent that it is
able to do so, immediately upon Completion the Vendor will terminate all rights
of access of the Purchaser and its franchisees to those systems.

7.7           As soon as is reasonably practicable after Completion the Vendor and
the Purchaser shall issue a statement in the Approved Form to the Franchisees
and the suppliers of the Business informing them of the transfer of the
Business to the Purchaser.

7.8           Each party undertakes to and covenants with the other that it shall
not, and it shall procure that each member of (respectively) the Vendor’s Group
or the Purchaser’s Group shall not

 

13

 

for the
period of 5 years after Completion (except as required by law or any regulatory
authority) disclose or divulge to any person (other than to officers or
employees of any member of the other party’s Group whose province it is to know
the same or use (other than for the benefit of the other party) any
Confidential Information which may be within or have come to its knowledge,
possession, custody or control and it shall use its reasonable endeavours to
prevent the publication, disclosure or misuse of any such Confidential
Information.

 

8              VAT

 

8.1           All amounts expressed in this Agreement as payable by the Purchaser
are expressed exclusive of any VAT which may be chargeable thereon.

8.2           The parties intend that the Business shall be transferred as a going
concern with effect from the Effective Date and that the provisions of Article
5 of the Value Added Tax (Special Provisions) Order 1995 will apply to the
transfer and the sale and purchase of the Business and the Assets.

8.3           The Purchaser will within 30 days of the Completion Date give notice
of such transfer to the appropriate office of HM Revenue and Customs in
accordance with applicable regulations and requirements.

8.4           The Purchaser warrants to (and hereby notifies) the Vendor that:

8.4.1        after the Completion Date it is the Purchaser’s intention that the
Business will be carried on by it as a going concern and that the Assets will
be used by it in carrying on the Business or the same kind of business whether
or not as part of any existing business of the Purchaser;

8.4.2        it is properly registered for the purposes of VAT (and the Purchaser
shall on or before Completion produce evidence reasonably satisfactory to the
Vendor that it is so registered or has applied for such registration);

8.4.3        it has validly made an election to waive exemption pursuant to
Schedule 10 Paragraph 2 VATA 1994 in respect of the Properties and such
election has been notified in writing to H M Revenue and Customs, remains
effective and will not after Completion be withdrawn or disapplied;

8.4.4        the election referred to in clause 8.4.3 will not be revoked within
3 months of its making;

8.4.5        article 5 paragraph (2B) of the Value Added Tax (Special Provisions)
Order 1995/1268 does not apply to the Purchaser; and

8.4.6        the Purchaser will acquire and hold the Assets as beneficial owner
and not as a nominee or trustee for or in a representative capacity for any
other person.

8.5           The parties further intend that Section 49 VATA 1994 will apply to
the transfer of the Business under this Agreement and accordingly:

8.5.1        on Completion, the Vendor shall retain the VAT Records; and

8.5.2        the Vendor shall make a request to HM Revenue and Customs for the
VAT Records to be preserved by the Vendor rather than the Purchaser.

8.6           If, notwithstanding clause 8.2, HM Revenue and Customs shall
determine that VAT is chargeable in respect of the supply of all or any part of
the Business or the Assets under this Agreement, the Vendor shall notify the
Purchaser of that determination within 10 Business Days of its being so advised
by HM Revenue and Customs and the Purchaser shall pay to the Vendor by way of
additional consideration a sum equal to the amount of VAT determined by HM
Revenue and Customs to be so chargeable within 10 Business

 

14

 

Days of
the Vendor notifying the Purchaser of that determination (and against delivery
by the Vendor of an appropriate tax invoice for VAT purposes). If such
determination is caused  as a direct
result of any act or omission by the Purchaser, including non-compliance by the
Purchaser with any of the matters warranted by it in clause 8.4, the Purchaser
shall indemnify the Vendor in respect of any penalties, interest or other
payments imposed on the Vendor by HM Revenue and Customs as a result of VAT not
having been charged by the Vendor in respect of the sale of the Business and
the Assets under this Agreement.

8.7           The Vendor shall be entitled to receive and to retain for its own
benefit all reimbursement or credit from HM Revenue and Customs for VAT borne
by the Vendor on goods and services supplied to the Vendor or any other member
of the Vendor’s Group prior to Completion and any payments received in respect
of VAT overpaid to HM Revenue and Customs prior thereto.

 

9              RISK AND INSURANCE

 

9.1           Subject to the provisions of this Agreement, title in, and risk of
loss or damage to, the Business and the Assets shall pass to the Purchaser on
Completion.

9.2           Nothing in this Agreement shall make the Vendor or any other member
of the Vendor’s Group liable in respect of anything done or omitted to be done
after Completion by any member of the Purchaser’s Group in relation to the
Business or Assets other than as may be specifically agreed in writing to the
contrary by the Vendor and the Purchaser shall indemnify the Vendor and all
members of the Vendor’s Group and their respective officers, employees,
representatives, agents and professional advisers in respect of anything so
done or omitted to be done after Completion.

9.3           For the avoidance of doubt, all insurances relating to the Business
previously provided by any member of the Vendor’s Group shall cease on
Completion, and the Purchaser shall not be entitled to the benefit of any such
insurances and shall make its own insurance arrangements in respect of the
Business and Assets from Completion.

 

10            LIABILITIES

 

10.1         The Vendor shall remain responsible for and shall promptly pay,
discharge or satisfy all debts payable by the Vendor and other obligations and
liabilities arising from or attributable to the carrying on of the Business
before the Completion Date which are not expressly assumed by the Purchaser
under this Agreement including:

10.1.1      all liabilities to trade and other creditors including banks and all
taxation liabilities of the Vendor;

10.1.2      all liabilities and obligations accrued or falling to be performed
under the Supplier Contracts up to the Completion Date; and

10.1.3      all claims made by third parties on or after the Completion Date
arising from defective products or parts of products manufactured by the Vendor
prior to the Completion Date even if the defective products or parts were sold
by the Purchaser provided that, on becoming aware of any such claim as is
referred to in this clause 10.1.3, the Vendor shall promptly give notice of it
to the Purchaser and shall not take any steps which might reasonably be
expected to damage materially and adversely the commercial interests of the
Purchaser without prior consultation with the Purchaser.

 

15

 

10.2         The Vendor shall indemnify the Purchaser in respect of those debts,
obligations and liabilities for which it remains responsible under clause 10.1.

10.3         With effect from the Completion Date, the Purchaser shall:

10.3.1      observe and perform, or procure to be observed and performed, all
the obligations of the Vendor under the Franchise Agreements and (subject to
clause 14) the Supplier Contracts;

10.3.2      assume responsibility for payment for all goods delivered or
services received under the Franchise Agreements and the Supplier Contracts
after the Completion Date whether the invoices for such goods or services are
received before or after the Completion Date; and

10.3.3      keep the Vendor indemnified against any liability howsoever arising
from the Franchise Agreements and the Supplier Contracts as a result of any act
or omission of the Purchaser after Completion.

10.4         With effect from the Completion Date, all complaints received by the
Vendor or the Purchaser from Franchisees in relation to goods supplied before
the Completion Date (including warranty claims arising in the normal course of
the Business) shall be dealt with as follows:

10.4.1      all such complaints shall be promptly referred in the first instance
to the Purchaser who may elect in respect of any such complaint either;

(a)           to endeavour to resolve it and to supply any replacement goods
accordingly; or

(b)           to refer it to the Vendor who shall be responsible at its own expense
for resolving the same;

10.4.2      each party shall provide any information or assistance reasonably
requested by the other in dealing with complaints under this clause 10; and

10.4.3      the Vendor shall reimburse to the Purchaser on demand all expenses
and costs incurred in dealing with any such complaint as is referred to in this
clause 10.

10.5         The foregoing provisions of this clause 10 shall be without
prejudice to the Vendor’s rights under clause 13 in relation to the Franchise
Agreements.

 

11            APPORTIONMENTS

 

11.1         As soon as reasonably practicable after and in any event within one
month of Completion the Vendor shall provide to the Purchaser in writing an
apportionment (“Apportionment Statement”) in respect of the Business and Assets
between periods up to and after the Effective Date (subject to any express
statement to the contrary in this Agreement, the former to be for the benefit
of or the responsibility of the Vendor and the latter for the benefit of or the
responsibility of the Purchaser) of:

11.1.1      all recurring outgoings, accruals and expenses of the Business; and

11.1.2      the amount of all outstanding deposits and prepayments (if any)
received by the Vendor  up to the
Effective Date in respect of the Business and the amount of all outstanding
payments in advance (if any) paid by the Vendor 
up to the Effective Date in respect of the Business

following
which the Vendor and the Purchaser shall consult together with a view to
agreeing the content of the Apportionment Statement.

 

16

 

11.2         All sums payable in respect of the Transferring Employees (including
salaries, pension contributions, accrued holiday pay, national insurance and
PAYE) are to be apportioned as part of the Apportionment Statement with effect
from the Effective Date so that all sums relating to the period up to and
including that date are the responsibility of the Vendor and all sums relating
to the period from the Effective Date are the responsibility of the Purchaser.

11.3         Upon agreement of all the matters referred to in clauses 11.1 and
11.2:

11.3.1      the apportionments shall be netted off as appropriate; and

11.3.2      any sums due by one party to the other party as a consequence of the
above shall be paid in full within 5 Business Days of such agreement.

11.4         If the Vendor and the Purchaser shall have failed to agree the
Apportionment Statement within 20 Business Days after the Completion Date:

11.4.1      the Vendor or the Purchaser (as the case requires) shall within 5
Business Days thereafter make a payment of the minimum amount which would be
due from the one to the other, according to that part of the Apportionment
Statement which is undisputed (if any), but if the disputed items could result
in a payment either way, no payment shall be made and any balance (or the whole
payment if no minimum payment has been made) shall be paid within 5 Business
Days of the resolution or determination of the dispute; and

11.4.2      the matter(s) in dispute may be referred at the instance of the
Vendor or the Purchaser to an expert for determination in accordance with
clause 21.

 

12            CONSENTS FOR TRANSFER OF CERTAIN
BUSINESS ASSETS

 

12.1         Subject to clause 12.2 the Purchaser shall use all reasonable
endeavours after Completion to obtain at its own cost and expense all such
consents (if any) as may be necessary for the transfer of the Assets to the
Purchaser with effect from the Effective Date and the Vendor declares itself,
with effect from the Effective Date, trustee for the Purchaser in respect of
all such Assets until the same shall, with any necessary consents from third
parties, have been finally assigned to the Purchaser. The Vendor undertakes
that until completion of such assignments it will with effect from the
Completion Date, at the written request and expense of the Purchaser, act in
accordance with the reasonable directions of the Purchaser in all matters
relating to such Assets provided that the Purchaser shall fully and effectively
indemnify the Vendor and all other members of the Vendor’s Group in respect of the
consequences of any such act and whilst so acting.

12.2         Clause 12.1 shall not apply to the Franchise Agreements, the
Supplier Contracts or the Properties.

 

13            FRANCHISE AGREEMENTS

 

13.1         The Vendor hereby assigns to the Purchaser, as at and with effect from
the Effective Date, the benefit (subject to the burden) of each Franchise
Agreement. Forthwith after Completion the Purchaser shall submit to each
Franchisee a contract in the Approved Form, duly executed as a deed by the
Purchaser, containing a direct covenant by the Purchaser with each Franchisee
to observe and perform all the franchisor’s obligations contained in the
relevant Franchise Agreement and the Purchaser shall deliver to the Vendor such
evidence as the Vendor shall reasonably require that the Purchaser has complied
with its obligations under this clause.

 

17

 

13.2         After Completion the Purchaser shall:

13.2.1      perform all the Vendor’s obligations under each Franchise Agreement;
and

13.2.2      indemnify the Vendor in respect of the Franchise Agreements
including any acts or omissions (or alleged acts or omissions) before as well
as after Completion.

13.3         The Vendor undertakes that, if and to the extent it has the right at
any time after Completion under the provisions of any franchise agreement
(including any renewal or extension thereof) between it and any Franchisee
which does not relate to the Business to prevent that Franchisee being party to
the relevant Franchise Agreement or to any new franchise agreement relating to
the Business, the Vendor shall not invoke such right.

13.4         The Purchaser undertakes that, if and to the extent at any time
after Completion it has the right under any Franchise Agreement (including any
renewal or extension thereof) to prevent any Franchisee from being a franchisee
under any other franchise agreement (including any new franchise agreement
entered into after Completion) between that franchisee and any member of the
Vendor’s Group, the Purchaser shall not invoke such right.

 

14            SUPPLIER CONTRACTS

 

14.1         Subject to clauses 14.3 to 14.6 (inclusive) and to the provisions of
clause 10 above the Vendor hereby assigns to the Purchaser, as at and with
effect from the Effective Date, the benefit of each Supplier Contract.

14.2         The Vendor shall indemnify the Purchaser against all losses, costs,
claims, expenses or liabilities suffered or incurred in relation to the
Supplier Contracts for any claim occurring prior to the Effective Date or any
breach of any Supplier Contracts occurring prior to the Effective Date.

14.3         If a Supplier Contract cannot be assigned to the Purchaser except by
an agreement of novation with, or consent to assignment from, one or more third
parties, this Agreement shall not constitute an assignment or attempted assignment
of the Supplier Contract, and

14.3.1      the Vendor shall, at the Purchaser’s written request and at the
Purchaser’s cost, use its reasonable endeavours with the co-operation of the
Purchaser to procure such novation or consent;

14.3.2      subject to clause 14.4, unless and until the Supplier Contract is
novated or assigned:

(a)           the Vendor will hold the benefit of the Supplier Contract on trust
for the Purchaser and (so far as it lawfully may) at the Purchaser’s cost give
its reasonable assistance to the Purchaser to enable to Purchaser to enjoy the
benefits of the Supplier Contract and to enforce its rights under it; and

(b)           the Purchaser will (to the extent that the relevant contract permits
without it causing a breach of its terms) perform the Supplier Contract in
accordance with its terms and conditions as sub-contractor to the Vendor.

14.4         If it is unlawful or prohibited under the relevant contract for the
Vendor to hold the benefit of the Supplier Contract on trust for the Purchaser
and/or for the Purchaser to perform the Supplier Contract as sub-contractor to
the Vendor:

14.4.1      this Agreement shall not constitute a declaration of trust over the
Supplier Contract and/or the appointment or attempted appointment of a
sub-contractor under the Supplier Contract (as the case may be); and

 

18

 

14.4.2      until such Supplier Contract is novated or assigned, the Vendor and
the Purchaser shall each (at the cost and expense of the Purchaser) use their
reasonable endeavours to do or procure to be done all such further acts and
things and execute or procure the execution of all such other documents as may
be necessary in order (as nearly as may be possible) to put the Vendor and the
Purchaser in the position in which they would have been had the benefit and
burden of the Supplier Contract passed to the Purchaser on Completion in the
manner contemplated by clause 14.1.

14.5         If the necessary consent of a third party to the novation or
assignment of any Supplier Contract is refused or is not given on terms
acceptable to the Vendor and the Purchaser within 60 Business Days after
Completion and no alternative arrangements have been made on terms reasonably
acceptable to the Vendor and the Purchaser within such period to enable the
Purchaser to receive the benefits of that Supplier Contract, then the Purchaser
(save in respect of the Split Contracts) may require the Vendor to serve notice
to terminate that Supplier Contract in accordance with its terms or the Vendor
(in respect of any Supplier Contract) may elect to serve such a notice and the
Purchaser shall indemnify the Vendor in respect of the termination of such
Supplier Contract.

14.6         The parties recognise that the Split Contracts relate both to
services provided in respect of the Business and certain other goods and
services provided by or to the Vendor and/or other members of the Vendor’s
Group to, or by, the relevant customers or suppliers in respect of the Excluded
Businesses. Accordingly, the provisions of this clause 14 shall not apply to
the Split Contracts which shall be excluded from the sale and remain with the
Vendor. The Vendor agrees and acknowledges that for a transitional period of up
to 6 weeks after Completion the Vendor will place orders (if the Purchaser so requests)
for the Purchaser with suppliers with whom there are Split Contracts in place
and the Purchaser shall pay such suppliers directly or reimburse the Vendor, as
appropriate, in respect of such orders placed with the suppliers. The Purchaser
shall indemnify the Vendor in respect of any such orders placed including in
respect of any non-payment or other default by the Purchaser in relation
thereto.

14.7         The Vendor shall pay and discharge any amount which is or may become
due and payable to Glanbia Cheese Limited (including by way of price
adjustment) under the provisions of the Glanbia Contract in respect of the
period prior to Completion and the Vendor shall indemnify the Purchaser in
respect thereof.

14.8         To the extent that any payment is made to the Vendor in respect of
the Purchaser’s performance of the Supplier Contracts after Completion the
Vendor shall receive the same as trustee and shall account to the Purchaser for
the same within 10 Business Days of receipt.

 

15            EMPLOYEES

 

15.1         The parties acknowledge and agree that it is their intention that
pursuant to the Regulations the contracts of employment between the Vendor and
each of the Transferring Employees will have effect as from the Effective Date
as if originally made between the Purchaser and each of the Transferring
Employees and the Purchaser agrees, on or before Completion, to offer
employment to all of the Transferring Employees on the same terms as they
enjoyed with the Vendor.

15.2         The Purchaser warrants that it intends to take no measures in
connection with the Transferring Employees in accordance with regulation 10(3)
of the Regulations.

 

19

 

15.3         The Vendor shall transfer all relevant employee records of the
Transferring Employees to the Purchaser on or as soon as reasonably practicable
after Completion.

15.4         The Vendor shall indemnify the Purchaser in respect of any matter
connected with the employment, or, subject to clause 15.5.2, the termination of
the employment, of a Transferring Employee up to Completion, including in
respect of claims relating to redundancy, breach of contract, unfair dismissal,
discrimination by reason of sex, race, disability, sexual orientation, religion
or belief, equal pay, outstanding wages or other remuneration, PAYE, National
Insurance contributions or pension contributions and, subject to the Purchaser
having complied with clause 15.2, any protective award under the Regulations
but excepting any claims for personal injury to the extent that such is covered
by a policy of insurance of which the Purchaser has or acquires the benefit.

15.5         The Purchaser shall indemnify the Vendor in respect of any matter
connected with:-

15.5.1      the employment, or termination of the employment, of any of the
Transferring Employees on or after Completion, including claims relating to
redundancy, breach of contract, unfair dismissal, discrimination by reason of
sex, race, disability, sexual orientation, religion or belief, equal pay,
outstanding wages or other remuneration, PAYE, National Insurance
contributions, pension contributions and any claim for personal injury to the
extent that any such claim and the subject matter of any such claim are as a
result of any act or omission of the Purchaser after Completion; or

15.5.2      a Transferring Employee resigning or objecting to the transfer to
the Purchaser on the grounds of any change in a Transferring Employee’s working
conditions or terms and conditions of employment or any, or any intended, act
or omission of the Purchaser; or

15.5.3      any breach by the Purchaser of the warranty set out in clause 15.2
and, in the event of such a breach, any protective award under the Regulations
in relation to any Transferring Employee; or

15.5.4      any finding or allegation that the Regulations do not apply to any
Transferring Employee.

15.6         If as a result of the Regulations, a contract of employment between
a Non- Transferring Employee and the Vendor has effect as if originally made
between such Non-Transferring Employee and the Purchaser or if any claim is made
to that effect, then:

15.6.1      the Purchaser shall notify the Vendor in writing (such notice being
an “NTE Notice”) and consult with the Vendor as to how such Non-Transferring
Employee is to be dealt with;

15.6.2      without prejudice to the generality of clause 15.6.1 the Vendor may
offer to re-employ such Non-Transferring Employee or give directions to the
Purchaser to terminate such employment;

15.6.3      subject to clause 15.6.1, if the Vendor has neither re-employed such
Non-Transferring Employee nor given directions for the termination of such
employment within three months of the Vendor receiving the relevant NTE Notice,
the Purchaser may terminate such employment with effect from the date three
months after the date of delivery to the Vendor of the relevant NTE Notice; and

15.6.4      provided that the Purchaser has complied with clauses 15.6.1 to
15.6.3 (inclusive) including any directions for the termination of any such
employment, the Vendor shall indemnify the Purchaser at all times in respect of
any contract of employment between a Non-Transferring Employee and the Vendor
being

 

20

 

deemed
to have effect as if originally made between such Non-Transferring Employee and
the Purchaser, including:

(a)           the employment of any Non-Transferring Employee by the Purchaser up
to the end of the three month period referred to in clause 15.6.3 or such a
termination, if earlier;

(b)           any claims and liabilities arising out of or in connection with the
employment of any Non-Transferring Employee prior to his employment by the
Purchaser;

(c)           any claims and liabilities arising from the termination of the
employment of any Non-Transferring Employee, including without limitation any
claims arising out of the Purchaser complying with any directions given to it
by the Vendor; and

(d)           in respect of any claim arising out of the actual or alleged
application of the Regulations to any Non-Transferring Employee in connection
with this Agreement

and including, in each relevant case, claims relating
to redundancy, breach of contract, unfair dismissal, discrimination by reason
of sex, race, disability, sexual orientation, religion or belief, equal pay,
personal injury, outstanding wages or other remuneration, PAYE, national
insurance contributions, pension contributions or otherwise, or arising out of
or in connection with any alleged failure to inform and consult with
appropriate representatives pursuant to the Regulations.

 

16            VENDOR’S WARRANTIES

 

16.1         General

The
Vendor hereby warrants to the Purchaser in the terms set out in Schedule 3 but
subject to the exclusions and limitations set out in Schedule 4. The Vendor
acknowledges that the Purchaser has been induced to enter into this Agreement
on the basis of and in full reliance upon the Warranties.

16.2         Disclosures

The
Warranties are given subject to all those matters fairly disclosed in the
Disclosure Letter and the Purchaser shall accordingly have no claim in respect
of any of the Warranties in relation to any matter  fairly disclosed in the Disclosure Letter.

16.3         Separate Warranties

Each of
the Warranties shall be construed as a separate and independent warranty and
(save where expressly provided to the contrary) shall not be limited or
restricted by reference to or inference from the terms of any other term of
this Agreement or any other Warranty.

16.4         Scope of Warranties

The
Purchaser acknowledges and agrees that the Vendor does not give any Warranty:

16.4.1      in respect of the Properties save for the Warranties in paragraph 34
of Schedule 3 and each of the other Warranties shall be deemed not to be given
in respect of the Properties;

16.4.2      in respect of Environmental Matters save for the Warranties in
paragraph 35 of Schedule 3 and each of the other Warranties shall be deemed not
to be given in respect of matters relating to Environmental Matters,
Environmental Liabilities or Environmental Law;

 

21

 

16.4.3      in respect of pensions save for the Warranties in paragraphs 31 to
33 (inclusive) of Schedule 3 and each of the other Warranties shall be deemed
not to be given in respect of pensions; and

16.4.4      in respect of Taxation save for the Warranties in paragraphs 19 to
22 (inclusive) of Schedule 3 and each of the other Warranties shall be deemed
not to be given in respect of Taxation.

16.5         Warranties given on the date of this Agreement

The
Warranties are given on the date of this Agreement and the Vendor is under
no  obligation to disclose to the
Purchaser anything which is or may constitute a breach of or be inconsistent
with any of the Warranties of which it may become aware after the date of this
Agreement.

16.6         No Rescission

The
Purchaser acknowledges that in the event that it becomes aware following the
entering into of this Agreement that there has been a breach of the Warranties
or any other term of this Agreement, the Purchaser shall not be entitled to
rescind or otherwise treat this Agreement as terminated and its sole remedy
(subject to clause 19.5) shall be in damages.

 

22

 

16.7         Treatment of Claims

Any
payment made by the Vendor in respect of breach of the Warranties shall
constitute a reduction in the Consideration.

16.8         Vendor’s Knowledge

Where
any statement set out in Schedule 3 is expressed to be given or made “to the
best of the Vendor’s knowledge and belief” or “so far as the Vendor is aware”
or is qualified in some other manner having substantially the same effect, such
statement shall mean that the Vendor is deemed to be aware of all those facts
and matters within the actual knowledge of Daniel Cousineau and Stuart Greener,
each having made reasonable enquiries into the subject matter of that statement
or Warranty, including where they, acting reasonably, considered it appropriate
due enquiry of the Vendor’s professional advisers but for the avoidance of
doubt the Purchaser acknowledges that no enquiries have been made of any of the
Franchisees.

16.9         Reliance on Warranties Only

The
Purchaser acknowledges that it has not relied on any warranty, representation,
covenant, undertaking, indemnity or other statement by or of the Vendor or any
member of the Vendor’s Group or any of its or their officers, employees, agents
or other representatives, other than the Warranties and further agrees that any
breach by the Vendor of any Warranty shall not give rise to any claim other
than a claim against the Vendor (not any other member of the Vendor’s Group or
any of their or the Vendor’s officers, employees or representatives) in respect
of such Warranty.

16.10       Purchaser’s Knowledge

The
Purchaser shall not be entitled to bring any claim for breach of any of the
Warranties to the extent that the subject matter of the claim was within the
actual knowledge of Anthony Sherriff and/or Paul McGee on or before Completion.

16.11       Limitations of Liability

Schedule
4 shall have the effect of limiting further the liability of the Vendor in
respect of the Warranties.

 

17            PURCHASER’S REMEDIES

 

17.1         Scope of the Purchaser’s Remedies

The
rights conferred on the Purchaser by this Agreement shall be the Purchaser’s
sole rights and remedies.

17.2         Undertaking by Purchaser

The
Purchaser agrees and undertakes that it has no rights against and shall not
make any claim against any present or former employee, officer, agent or other
representative of the Vendor or any member of the Vendor’s Group in connection
with this Agreement or its subject matter.

17.3         Exclusion of Liability

Notwithstanding
any other provision in this Agreement and the Disclosure Letter, nothing herein
or therein shall operate to limit or exclude the liability of the Vendor or the
remedies of the Purchaser for fraud, fraudulent misrepresentation or wilful
concealment on the part of the Vendor.

 

23

 

18            PURCHASER’S WARRANTIES

 

18.1         The Purchaser warrants to the Vendor that the Purchaser has the
requisite power and authority to enter into and perform its obligations under
the Relevant Documents and the execution and delivery of, and the performance
by it of its obligations under the Relevant Documents, will not:

18.1.1      result in a breach of, or constitute a default under, any instrument
to which it is a party or by which it is bound; 
or

18.1.2      result in a breach of any order, judgement or decree of any court or
governmental agency to which it is a party or by which it is bound.

18.2         The Purchaser warrants to the Vendor that all of the Relevant
Documents constitute binding obligations of the Purchaser.

18.3         The Purchaser warrants to the Vendor that:

18.3.1      no order has been made and no resolution has been passed for the
winding up of the Purchaser or for a provisional liquidator to be appointed in
respect of it and no petition has been served and no meeting has been convened
for the purposes of winding up the Purchaser;

18.3.2      no administration order has been made and no petition for such an
order has been presented in respect of the Purchaser;

18.3.3      no receiver (which expression shall include an administrative
receiver) has been appointed in respect of the Purchaser;

18.3.4      the Purchaser is not insolvent or unable to pay its debts within the
meaning of s.123 Insolvency Act 1986 and has not stopped paying its debts as
they fall due;

18.3.5      no voluntary arrangement has been proposed under s.1 Insolvency Act
1986 in respect of the Purchaser;

18.3.6      no event analogous to any of the foregoing has occurred in or
outside the United Kingdom with respect to the Purchaser;

18.3.7      the Purchaser has obtained all necessary shareholder and board
approvals in respect of the entry into of this Agreement and the Relevant
Documents; and

18.3.8      in relation to the acquisition of the Business and Assets under this
Agreement the Purchaser is acting as principal and not directly or indirectly
as an agent or other representative of any other person.

18.4         The Purchaser warrants to the Vendor that true, accurate and
complete copies of each of the documents numbered 2.3.3, 2.3.5, 2.4.1, 2.4.3,
2.4.4 and 2.4.6 in the closing agenda contained at document 19.29 in the
Disclosure Bundle and the memorandum and articles of association of the
Purchaser as the same will be in force immediately after Completion have been
supplied to the Vendor on or before execution of this Agreement.

 

19            RESTRICTIONS

 

19.1         It is agreed by the Vendor and the Purchaser that each of them has a
legitimate business interest in retaining their goodwill and therefore that
clauses 19.2 and 19.3 below are no more than is reasonably necessary for the
protection of that legitimate business interest.

19.2         The Vendor undertakes that it will not within the Relevant Period,
whether alone or jointly with or for or on behalf of another, directly and
intentionally solicit from the Purchaser any Transferring Employee.

19.3         The Purchaser undertakes that it will not within the Relevant
Period, whether alone or jointly with or for or on behalf of another, directly
and intentionally solicit from the Vendor any Restricted Vendor Employee.

 

24

 

19.4         Nothing in clauses 19.2 or 19.3 shall prevent either the Vendor or
the Purchaser from advertising for staff in the ordinary course of its business
or from employing any person who responds to such an advertisement.

19.5         Without prejudice to any other rights and remedies they may have,
the Vendor and the Purchaser each acknowledges and agrees that damages alone
may not be an adequate remedy for any breach by the other of the provisions of
this clause 19 and that accordingly the party not in breach of any such
provision shall be entitled, without proof of special damages, to the remedies
of injunction, specific performance or other equitable relief for any
threatened or actual breach of such provision.

19.6         The parties agree that each of clauses 19.2 and 19.3 shall
constitute an entirely separate and independent restriction but that, if any
such restriction shall be adjudged by any court or authority of competent
jurisdiction to be void or unenforceable but would be valid if part of the
wording thereof were to be deleted and/or the period thereof were to be
reduced, the said restriction shall apply within the jurisdiction of that court
or authority with such modifications as are necessary to make it valid and
effective.

19.7         For the purpose of this clause 19, the following definitions shall
apply:

19.7.1      “Relevant Period” means the period commencing on the Completion Date
and ending on the first anniversary thereof; and

19.7.2      “Restricted Vendor Employee” means any employee of the Vendor at
Completion other than the Transferring Employees.

 

20            SET-OFF BY PURCHASER

 

20.1         For the purpose of clause 20.2 a Claim (as defined in Clause 20.2)
shall be regarded as having been “settled” if either:

 

(a)           it has been admitted or agreed in writing by the Vendor; or

 

(b)           an amount has been awarded or adjudicated as being payable or due by
the Vendor by a court of competent jurisdiction from which it has been
determined that there is no further right to appeal and from which no appeal is
made within the relevant time permitted

 

and shall include any interest and costs if and to the
extent the amount thereof has been so admitted, agreed or awarded in favour of
the Purchaser.

20.2         If, prior to the date when any part of the Loan Notes or the
Additional Loan Notes remain to be paid or satisfied by the Purchaser, the
Purchaser shall have notified the Vendor in writing of a claim under the
Warranties or otherwise under this Agreement (a “Claim”) and such Claim has
been settled (and has not been withdrawn or set off by any previous application
of this clause) the Purchaser shall be entitled to deduct the amount of the
Claim firstly, from the amount of any interest due and payable on the Loan
Notes and for the time being standing to the credit of the Escrow Account (as
defined in the Escrow Agreement referred to in paragraph 1.1 of Part C of
Schedule 5) and secondly, to the extent that the amount of such Claim has not
been so satisfied, from the Loan Notes and accordingly from any amount due from
the Purchaser in respect of

 

25

 

outstanding
payments due to the Vendor under the Loan Notes 
which are in issue and the principal amount of the Loan Notes shall be
permanently reduced by any amount so deducted and thirdly, to the extent that
the amount of such Claim has not been so satisfied, from the Additional Loan
Notes and accordingly from any amount due from the Purchaser in respect of
outstanding payments due to the Vendor under the Additional Loan Notes which
are in issue and the principal amount of the Additional Loan Notes shall be
permanently reduced by any amount so deducted. The amount due to the Purchaser
in respect of the settled Claim that forms the basis of any such deduction from
the Loan Notes or the Additional Loan Notes (as the case may be) shall be
reduced by the amount of such deduction. In the event of any such reduction in
the Loan Notes or the Additional Loan Notes the Vendor shall, within 10
Business Days of demand by the Purchaser, deliver any certificates in respect
of the Loan Notes and the Additional Loan Notes issued to it by the Purchaser
for cancellation and the Purchaser shall issue new certificates to the Vendor
for the reduced amount.

20.3         To the extent that in respect of a Claim an amount has been awarded
or adjudicated as being payable or due by the Vendor by a court of competent jurisdiction
from which there is a right of appeal and the Vendor has commenced appeal
proceedings within the relevant time permitted then the amount which has been
awarded or adjudicated (“Retention Amount”) shall be subject to the provisions
of Clause 20.4.

20.4         If Clause 20.3 applies at any time when any sum payable under the
Loan Notes or Additional Loan Notes remains outstanding then the Purchaser
shall be entitled to withhold an amount equal to the Retention Amount from any
sums payable under firstly, the Loan Notes and secondly, to the extent that the
amount of the Loan Notes then outstanding is insufficient, the Additional Loan
Notes provided that prior to the date upon which such sum or sums was or is due
to be paid or satisfied it places an amount equal to the Retention Amount, not
exceeding the maximum amount of Loan Notes and the Additional Loan Notes which
remains unpaid, in an interest bearing deposit account (“Retention
Account”) to be held by the Purchaser’s
Solicitors and the Vendor’s Solicitors (jointly) subject to Clause 20.5 and
otherwise upon such terms and conditions as the Vendor and the Purchaser,
acting reasonably and in good faith, shall agree.

20.5         The Vendor and the Purchaser hereby irrevocably instruct the
Purchaser’s Solicitors and the Vendor’s Solicitors to hold any sums paid into
the Retention Account until the Claim or Claims to which the sums relate have
been finally settled (or have been withdrawn) and to release the appropriate
amount (together with all interest accrued thereon less any tax on bank
charges) to the Vendor or the Purchaser (as the case may be) within 10 Business
Days thereafter as appropriate. For the avoidance of doubt any interest accrued
on the Retention Account shall belong to the Vendor and/or the Purchaser in
proportion to the respective amounts released to the Vendor and/or the
Purchaser from the Retention Account from time to time.

20.6         For the avoidance of doubt, the Purchaser shall not be entitled to
any right of set off, counterclaim, withholding or deduction or similar right
in relation to its obligation to pay for the Debts in accordance with clause 4.

 

21            EXPERT DETERMINATION

 

21.1         Where under any provision of this Agreement any disputed matter is
to be referred to expert determination in accordance with this clause 21, the
matter shall be referred to a single independent expert (“Expert”) to be
appointed, in default of agreement between the parties within 10 Business Days,
by the President for the time being of the Institute of Chartered Accountants in
England and Wales on the application of either party.

21.2         In the event that a disputed matter is referred to an Expert:

 

26

 

21.2.1      each party shall prepare a written statement on the disputed matters
which, together with any relevant documentation, they shall submit to each
other and to the Expert;

21.2.2      each party shall, following receipt of the other’s written
statement, be entitled to prepare and submit to each other and to the Expert
one set of written comments on the other’s written statement.

21.3         The Expert shall, in his absolute discretion, be entitled:

21.3.1      to stipulate the time periods within which the parties shall prepare
and submit the written statements and written comments referred to in clauses
21.2.1 and 21.2.2 respectively, and to disregard any written statement or
comments not delivered within any such stipulated time periods;

21.3.2      to require the parties to attend one or more meetings and/or to
raise enquiries of them about any matters which the Expert considers relevant;

21.3.3      in the absence of agreement between the parties within such time
period as the Expert may specify, to determine such other procedures (including
time periods for their completion) to assist with the conduct of the expert
determination; and

21.3.4      to determine any issues of law or involving the interpretation of
any provisions of this Agreement relevant to the matters which the Expert is
required to determine.

21.4         The Expert shall be entitled, in his reasonable discretion, to
appoint advisers (including legal advisers) to assist him in reaching his
determination.

21.5         Each party shall co-operate with the Expert and provide him with such
information as the Expert may reasonably require for the purposes of his
determination; if either party claims such information to be confidential to it
then, provided that in the opinion of the Expert that party has properly
claimed the same to be confidential, the Expert shall not disclose the same to
the other party or to any third party.

21.6         In making his decision, the Expert shall act as an expert and not as
arbitrator and his decision shall (in the absence of manifest error) be final
and binding on the parties.

21.7         In delivering his decision to the parties, the Expert shall show his
reasoning and any relevant calculations.

21.8         The costs of the Expert (including any fees and costs of any
advisers appointed by him) shall be borne by the parties in equal proportions
unless the Expert otherwise directs having regard, without limitation, to the
conduct of the parties, but each party shall be responsible for its own costs
of making its written statement and written comments and otherwise presenting its
case to the Expert. Each party undertakes promptly to enter into any engagement
letter(s) reasonably requested by the Expert reflecting the provisions of this
clause 21.

 

22            INDEMNIFIED PARTIES

 

22.1         Where either party is indemnified by the other under the provisions
of this Agreement that party shall use all reasonable endeavours to mitigate
any costs (including any redundancy costs), damages, claims, liabilities and
expenses which the other may be or become responsible for under any such
indemnity.

22.2         Without prejudice to the generality of clause 22.1, a party (“Claimant”)
shall in relation to any actual or threatened claim, demand or proceeding
against it or any of its group undertakings (a “Claim”) which might give rise
to a claim against the other party (“Indemnifier”) under any indemnity in this
Agreement:

 

27

 

22.2.1      as soon as is reasonably practicable given written notice thereof to
the Indemnifier;

22.2.2      give the Indemnifier and its professional advisers reasonable access
to the Claimant’s premises and personnel and to any relevant chattels,
documents and records within the Claimant’s power, permission or control to
enable the Indemnifier and its professional advisers to examine such chattels,
accounts, documents and records and take copies or photocopies thereof at the
Indemnifier’s own expense;

22.2.3      take such action as the Indemnifier may reasonably require to avoid,
contest, dispute, resist, appeal, compromise or defend the Claim (including making
counter claims and exercising all rights of set off) subject to being
indemnified by the Indemnifier against all reasonable costs and expenses in
connection therewith;

22.2.4      upon the written request of the Indemnifier, permit the Indemnifier
in the name of and on behalf of the Claimant to have the conduct of all
proceedings relating to the Claim including the appointment of solicitors and
other professional advisers and the making of any settlement or compromise of
the Claim;

22.2.5      render to the Indemnifier all such assistance as the Indemnifier may
reasonably require (including providing access to information and to employees
of the Claimant) for the purposes of avoiding, contesting, disputing,
resisting, appealing, compromising or defending the Claim; and

22.2.6      the Claimant shall in any event keep the Indemnifier informed as to
the steps which are being taken in connection with the Claim and no
correspondence of a material nature with respect to the Claim shall be sent
and, in particular but without limitation, no admission of liability,
agreement, compromise or settlement shall be made by the Claimant with any
person, body or authority in respect of the Claim without the prior written
consent of the Indemnifier (such consent not to be unreasonably withheld or
delayed).

 

23            INFORMATION

 

Subject
to clause 8 (VAT), the Purchaser shall preserve all information, records and
other documents relating to the Business, the Assets and the Transferring
Employees delivered to the Purchaser pursuant to this Agreement for a period of
not less than 7 years after the Completion Date and upon reasonable notice by
the Vendor shall make such information, records and other documents available
at all reasonable times during usual business hours for inspection by the Vendor
(other than to the extent that such information, records and other documents
contain confidential information relating to the Business) or its authorised
agents who may (at the Vendor’s cost) take such copies therefrom as the Vendor
may reasonably require. The Vendor shall preserve all information, records and
other documents retained pursuant to this Agreement for a period of not less
than 7 years after the Completion Date and upon reasonable notice by the
Purchaser shall make such information, records and other documents available at
all reasonable times during usual business hours for inspection by the
Purchaser (other than to the extent that such information, records and other
documents contain confidential information relating to the business of any
member of the Vendor’s Group) or its authorised agents who may (at the
Purchaser’s cost) take such copies therefrom as the Purchaser may reasonably
require.

 

28

 

24            ANNOUNCEMENTS

 

The
Purchaser and the Vendor each undertakes that, save as may be required by law
or any regulatory authority or as expressly provided for in this Agreement, it
will not directly or indirectly make, or cause to be made, before on or after
Completion, (whether to the public, press, employees, customers or suppliers or
otherwise), any media statement, announcement, communication or other
disclosure whatsoever (including notifying Franchisees or suppliers of the
Business of the change of ownership in general business correspondence) in relation
to this Agreement and the other documents entered into contemporaneously with
it, whether written or oral, without the prior written approval of the other.

 

25            COSTS

 

Save as
expressly otherwise provided in this Agreement, each of the parties shall pay
its own legal, accountancy and other professional costs, charges and expenses
connected with the negotiation, preparation and implementation of this
Agreement and of all other documents referred to in it and the Purchaser shall
pay all stamp duty arising in relation thereto.

 

26            ENTIRE AGREEMENT AND THIRD PARTY RIGHTS

 

26.1         Save as may be otherwise agreed by the Vendor and the Purchaser in
writing for the purposes of this clause 26, this Agreement together with the
other documents entered into contemporaneously with or pursuant to this
Agreement constitutes the entire agreement and understanding between the
parties with respect to all matters referred to in them.

26.2         No variation of this Agreement or any of the documents entered into
pursuant to this Agreement shall be effective unless it is made in writing and
signed by or on behalf of each of the parties hereto or thereto. For the
purpose of this clause 26.2, the expression “variation” includes any variation,
supplement, deletion or replacement however effected.

26.3         Each member of the Vendor’s Group and (in respect of clauses 16.9
and 17.2 only) each of those persons referred to in clauses 16.8 and 17.2 shall
be entitled, pursuant to the Contracts (Rights of Third Parties) Act 1999 (“TP
Act”), in its/his own right to the benefit of and to enforce the provisions of
this Agreement, subject to and in accordance with the provisions of this
Agreement and the TP Act, save that the parties to this Agreement shall not be
required to obtain the consent of any other person in order to rescind, vary or
terminate this Agreement or any provision thereof.

26.4         Save as set out in clause 26.3 and 33.2, no provision of this
Agreement shall be enforceable pursuant to the TP Act by any person who is not
a party to it.

 

27            INTEREST ON LATE PAYMENT

 

If any
sum due to be paid by one party to the other under this Agreement, except a
payment due from the Purchaser to the Vendor under clause 4 (which shall be
subject to the default rate set out in clause 4.6), is not paid on the due date
for payment, such unpaid sum shall carry interest calculated on a daily basis
(as well after as before judgement) at the rate of 4% per annum above the
annual base lending rate (or equivalent published rate) of The Royal Bank of
Scotland plc from time to time from the due date to the date of

 

29

 

actual
payment (both dates inclusive). Any such interest shall be payable upon demand
being made to the defaulting party by the party entitled to receive the overdue
payment concerned.

 

28            RIGHTS AND REMEDIES

 

No
failure to exercise and no delay in exercising on the part of the Purchaser or
the Vendor any right or remedy available to it under this Agreement shall
operate as a waiver of such right or remedy.

 

29            NO SET-OFF AND GROSSING UP

 

Except
as otherwise expressly agreed in this Agreement, the Loan Notes or the
Additional Loan Notes all amounts due from the Purchaser to the Vendor under
this Agreement, the Loan Notes, the Additional Loan Notes and/or the Debenture
shall be paid in full:

29.1         without and clear of any set-off, abatement or cross claim; and

29.2         without and clear of all deductions or withholdings whatsoever save
only as may be required by law, in which event the Purchaser shall be obliged
to pay such sum as will after such deduction or withholding has been made leave
the Vendor with the same amount as it would have been entitled to receive in
the absence of any such requirement to make a deduction or withholding.

 

30            FURTHER ASSURANCE AND IMPLIED COVENANTS

 

The
Vendor hereby agrees, at the written request and expense of the Purchaser, to
execute and deliver or do (as appropriate) such other documents and acts as may
be reasonably necessary after Completion to vest in the Purchaser the legal and
beneficial ownership of the Assets in accordance with the provisions of this
Agreement.

 

31            PROVISIONS TO SURVIVE COMPLETION

 

All
provisions of this Agreement so far as they are capable of being performed or
observed and all warranties and undertakings herein contained shall continue in
full force and effect notwithstanding Completion except in respect of those
matters already then performed.

 

32            COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which when
executed by one or more of the parties hereto shall constitute an original but
all of which, when dated with the same date, shall constitute one and the same
agreement.

 

33            ASSIGNMENT

 

33.1         Subject to clause 33.2 this Agreement shall be binding upon and
shall enure for the benefit of the successors of the parties but shall not be
assignable in whole or in part by either party without the prior written
consent of the other party.

 

30

 

33.2         Notwithstanding clause 33.1, the Purchaser may assign or otherwise
encumber by way of security its rights under this Agreement but not its
obligations for the benefit of National Westminster Bank plc and its
transferees or assigns and any such security or encumbrance may be enforced or
released. For the avoidance of doubt notwithstanding any such assignment the
Purchaser shall remain liable to the Vendor for all its obligations under this
Agreement.

 

34            NOTICES

 

34.1         Any notice or other communication under this Agreement shall be in
writing and signed by or on behalf of the party giving it.

34.2         Any such notice may be served by delivering it personally or by
sending it by pre-paid recorded delivery post (in the United Kingdom) or by
courier with guaranteed next day delivery (to the United States of America) or
by facsimile transmission:

34.2.1      in the case of the Vendor, at or to the following addresses and fax
numbers or any other address or fax number in the United Kingdom or the United
States of America which it may from time to time notify in writing to the
Purchaser:

	
  Address:

  	
   

  	
  Attn: Daniel
  Cousineau

  
	
   

  	
   

  	
  Papa John’s
  (GB) Limited (formerly Perfect Pizza Limited)

  
	
   

  	
   

  	
  The Forum

  
	
   

  	
   

  	
  Hanworth
  Lane

  
	
   

  	
   

  	
  Chertsey

  
	
   

  	
   

  	
  Surrey

  
	
   

  	
   

  	
  KT16 9JX

  
	
  Fax:

  	
   

  	
  +44 1932
  565904

  
	
  and to:

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Attn:
  General Counsel

  
	
   

  	
   

  	
  Papa John’s
  International Inc

  
	
   

  	
   

  	
  2002 Papa
  John’s Boulevard

  
	
   

  	
   

  	
  Louisville

  
	
   

  	
   

  	
  KY 40299

  
	
   

  	
   

  	
  USA

  
	
  Fax:

  	
   

  	
  +1 502 261
  4324

  

34.2.2      in the case of the Purchaser, at or to the following address or fax
number or any other address or fax number in the United Kingdom which it may
from time to time notify in writing to the Vendor:

	
  Address:

  	
   

  	
  Attn: Tony
  Sherriff

  
	
   

  	
   

  	
  Smartfirst
  Limited

  
	
   

  	
   

  	
  Sovereign
  House

  
	
   

  	
   

  	
  Queen Street

  
	
   

  	
   

  	
  Manchester

  
	
   

  	
   

  	
  M2 5HR

  
	
  Fax:

  	
   

  	
  +44 161 832
  6307

  

34.3         Any notice delivered personally shall be deemed to be received when
delivered (or if delivered otherwise than between 9.00 am and 5.00 pm on a
Business Day, at 9.00 am on the next Business Day), any notice sent by pre-paid
recorded delivery post shall be deemed to be received two Business Days after
posting and in proving the time of despatch it shall be sufficient to show that
the envelope containing such notice was

 

31

 

properly
addressed stamped and posted; and any notice sent by facsimile transmission
shall be deemed to have been received at the time of transmission (or if
transmitted otherwise than entirely between 9.00 am and 5.00 pm on a Business
Day, at 9.00 am on the next Business Day) and in proving the service of the
same it shall be sufficient to show that such facsimile transmission was duly
transmitted to a current facsimile number of the addressee provided that any
service by facsimile transmission shall not be effective unless the sender
shall have received printed confirmation of the transmission and a copy of such
transmitted notice is sent by pre-paid recorded delivery post no later than two
Business Days after the day of such facsimile transmission being effected.

 

35            GOVERNING LAW AND JURISDICTION

 

This
Agreement (together with all documents referred to herein) shall be governed by
and construed in accordance with the laws of England and the parties hereto
irrevocably submit to the non-exclusive jurisdiction of the English Courts for
the settlement of all disputes or claims which may arise out of or in
connection with this Agreement (and any documents referred to herein).

 

AS WITNESS the hands of the parties hereto or their
duly authorised representatives the day and year first above written

 

32

 

SCHEDULE 1 

 

TRANSFERRING EMPLOYEES

 

Simon Jarvis

Paul Rayment

Matthew Clewes

Jane Gilbert

Babinder Kaur

Roger Kendall

Alexis Baugh

Kerry Davies

Claire Dobbing

Philippa Dutton

Sharna Parkes

Alistair Waite

Simon Davies

Ronald Parker

Richard Perkins

Alan Sivorn

Anthony Whitehouse

Christopher Bartram

Kevin Harrison

R. M. Hollingmode

Austin Kingsley

Daniel Lee

Mark Parker

Garry Roberts

Simon Wellings

 

33

 

SCHEDULE 2 

 

PART A

THE EXCLUDED ASSETS

 

1              All
cash in hand or at the bank.

 

2              Any
amounts recoverable by the Vendor in respect of Taxation relating to the
Business attributable to periods ended on or before the Completion Date.

 

3              All
intellectual property rights in and all rights to use the business name Papa
John’s or any logo or mark incorporating such name and all other intellectual
property rights of the Vendor’s Group save for those expressly assigned under
this Agreement.

 

4              All
rights in respect of the computer systems referred to in the IT Agreement.

 

5              All
assets of the Vendor used by it in any business other than the Business.

 

6              The
Split Contracts

 

7              The
Generic Stock.

 

8              Any
debts or other amounts owing to the Vendor, other than the Debts.

 

9              Any
assets owned by the Franchisees or the Principals (as defined in the Franchise
Agreements) or any company owned or controlled by any of them.

 

10            Any
debts owed to the Vendor from former franchisees including in respect of Sidcup
and Penn.

 

11            Any
equipment belonging to the Vendor’s Group situated in the possession or control
of suppliers of the Business.

 

12            Any
BlackBerry (or similar) handheld devices used in connection with the Business.

 

13            The
Cisco Router and Dell Proliant Server situated at the Gailey Park Site.

 

14            The
PJ Equipment as defined in clause 2.3.6 of the Distribution Agreement.

 

15            The
computer equipment stored on racking in the stock area at the Gailey Park Site.

 

34

 

SCHEDULE 2

 

PART B 

THE EXCLUDED BUSINESSES

 

1              Any
business other than the Business owned or operated by any member of the Vendor’s
Group at or after the Completion Date including any business operated by Papa
John’s Pizza Limited (Company Number 3872801).

 

2              Any
business owned or operated by the Franchisees or the Principals (as defined in
the Franchise Agreement) or any company owned or controlled by any of them.

 

35

 

SCHEDULE 3 

 

WARRANTIES

 

PRELIMINARY

 

1              Schedules
and Information

 

The
details contained in Schedules 1, 5 (Parts A and B), 6, 7, 8 and 9 are true and
accurate in all material respects.

 

2              Capacity,
Title and Solvency of Vendor

 

2.1           The
Vendor is entitled to transfer the legal and beneficial ownership of the
Business and Assets to the Purchaser on the terms of this Agreement without the
consent of any third party.

2.2           The
execution and delivery of, and the performance by the Vendor of its obligations
under, this Agreement will not:

2.2.1        result in a breach of, or
constitute a default under, any instrument to which the Vendor is a party or by
which the Vendor is bound; or

2.2.2        result in a breach of any
order, judgement or decree of any court or governmental agency to which the
Vendor is a party or by which the Vendor is bound.

2.3           This
Agreement constitutes, and the Relevant Documents to which the Vendor is a
party will constitute, binding obligations on the Vendor.

2.4           No
order has been made and no resolution has been passed for the winding up of the
Vendor or for a provisional liquidator to be appointed in respect of it and no
petition has been served and no meeting has been convened for the purposes of
winding up the Vendor.

2.5           No
administration order has been made and no petition for such an order has been
presented in respect of the Vendor.

2.6           No
receiver (which expression shall include an administrative receiver) has been
appointed in respect of the Vendor.

2.7           The
Vendor is not insolvent or unable to pay its debts within the meaning of s.123
Insolvency Act 1986 and has not stopped paying its debts as they fall due.

2.8           No
voluntary arrangement has been proposed under s.1 Insolvency Act 1986 in
respect of the Vendor.

2.9           No
event analogous to any of the foregoing has occurred in or outside the United
Kingdom with respect to the Vendor.

2.10         The
Vendor has obtained all necessary shareholder and board approvals in respect of
the entry into of this Agreement and the Relevant Documents to which it is a
party.

 

3              Position
Since 31 December 2004

Since
31 December 2004 the Business has been carried on in the ordinary and usual course
as regards its nature and extent and manner of carrying it on.

 

36

 

SUPPLIERS

 

4              Suppliers

Since 1
January 2006 the Business has not lost any important supplier (being a supplier
accounting for more than 5% of the purchases of the Business on an annualised
basis).

 

SUPPLIER CONTRACTS

 

5              Material
terms disclosed

All
material terms of each of the Supplier Contracts with any important supplier
(within the meaning of paragraph 4 above) have been disclosed to the Purchaser
in the Disclosure Letter.

 

6              Default

So far
as the Vendor is aware no party or parties (including the Vendor) to a Supplier
Contract with an important supplier (within the meaning of paragraph 4 above)
is in default of any material obligation under such Supplier Contract where
such default gives rise to a right to terminate such Supplier Contract.

 

FRANCHISE
AGREEMENTS

 

7              The
Disclosure Bundle contains true and complete copies of all the Franchise
Agreements as the same are in force at the date hereof, including any
amendments thereto.

 

8              So
far as the Vendor is aware each of the Franchise Agreements is in full force
and effect and neither the Vendor nor the relevant Franchisee has served any
written notice of termination thereunder which notice is still outstanding.

 

9              So
far as the Vendor is aware no party or parties (including the Vendor) to a
Franchise Agreement is in default at the date hereof of any material obligation
thereunder where such default gives rise to a right of any such party to
terminate such Franchise Agreement.

 

INSURANCE

 

10            Details
Provided

Details
of all insurance policies maintained by the Vendor relating to the Business or
the Assets are provided in the Disclosure Bundle and such details are true and
accurate in all material respects.

 

37

 

ASSETS

 

11            Ownership
of assets

 

11.1         The
Vendor is the legal and beneficial owner of all of the tangible Assets free
from any Encumbrances.

11.2         No
Encumbrance over the whole or any part of the Assets is outstanding and the
Vendor is not a party to any agreement or commitment to give or create any
Encumbrance over the whole or any part of the Assets.

11.3         So far
as the Vendor is aware there are no material assets other than the Assets required
by the Vendor to carry on the Business as carried on immediately prior to the
Completion Date and those Assets which are tangible are in the possession or
under the control of the Vendor.

11.4         None of
the Assets including the Debts, are the subject of any assignment, royalty,
overriding royalty, factoring arrangement, leasing or hiring agreement, hire
purchase agreement, agreement for payment on deferred terms or any similar
agreement or arrangement.

11.5         The
Vendor has not created any option, right to acquire, mortgage, pledge, charge,
lien or other form of security or encumbrance of any nature on, over or
affecting any part of the Assets, and there is no agreement or commitment to
give or create any of the foregoing and no claim has been made by any person to
be entitled to any of the foregoing.

 

DEBTS, STOCK ETC

 

12            Debts,
Stock etc

 

12.1         The
Debts have each been invoiced and have been incurred in the ordinary course of
the Business and so far as the Vendor is aware are valid debts owing to the
Vendor.

12.2         Since
the date on which the Stock Statement was prepared since there have been no
abnormal movements in levels of the Stock, other than in the ordinary course of
business.

 

FINANCIAL INFORMATION

 

13            Sales
Statement

 

13.1         The
figure attributed to “Periods 1 to 12, 2005, System Sales” in column (2) of the
Sales Statement does not overstate the system sales of the Perfect Pizza
business operated by the Vendor in the period from 27 December 2004 to 25
December 2005.

13.2         The
figure attributed to “Periods 1 to 12, 2005, Food Sales” in column (2) of the
Sales Statement does not misstate in any material respect the food sales of the
Vendor to Perfect Pizza franchisees in the period from 27 December 2004 to 25
December 2005.

13.3         The
figure attributed to “Periods 1 to 12, 2005, Marketing Income” in column (2) of
the Sales Statement does not overstate the invoiced marketing income of the
Perfect Pizza franchising business as operated by the Vendor in the period from
27 December 2004 to 25 December 2005.

13.4         The
figure attributed to “Periods 1 to 12, 2005, Distribution Costs” in column (2)
of the Sales Statement does not misstate in any material respect the aggregate
distribution costs of the Vendor in respect of distribution from the Gailey
Park Site to Perfect Pizza franchisees and Papa John’s franchisees and other
restaurants in the period from 27 December 2004 to 25 December 2005.

 

38

 

13.5         The
figure attributed to “Periods 1 to 12, 2005, Adjusted System Sales” in column
(2) of the Sales Statement does not overstate the system sales of the Franchise
Sites in the period from 27 December 2004 to 25 December 2005.

13.6         The
figure attributed to “2006, Adjusted Systems Sales” in column (2) of the Sales
Statement does not overstate the systems sales of the Franchise Sites in the
period from 27 December 2005 to 22 January 2006.

13.7         The
figure attributed to “Periods 1 to 12, 2005, Admin Royalty Income” in column
(2) of the Sales Statement does not overstate the invoiced admin royalties of
the Perfect Pizza franchising business as operated by the Vendor in the period
from 27 December 2004 to 25 December 2005.

 

14            Business
since 22 January 2006

 

Since
22 January 2006 the Business has been carried on in its ordinary course without
material interruption.

 

COMPLIANCE AND LITIGATION

 

15            Compliance
with statute

 

15.1         No
investigations or enquiries by or on behalf of any governmental or other body
in respect of the Business or any of the Assets (other than routine taxation
investigation or enquiries) have been notified to the Vendor.

15.2         So far
as the Vendor is aware, neither the Vendor nor any of its officers, agents or
employees which for the avoidance of doubt shall exclude any past or present
franchisee of the Business (during the course of their duties in relation to
the Business) has committed or omitted to do any act or thing the commission or
omission of which is or could be in contravention of any statutory obligation
or any other law of the United Kingdom giving rise to any fine, penalty,
default proceedings or other liability in relation to the Business or any of
the Assets which would in any such case materially and adversely affect the
financial or trading position of the Business.

15.3         So far
as the Vendor is aware the Business has been operated in all material respects
in accordance with the laws of the United Kingdom.

 

16            Licences
and consents

 

So far
as the Vendor is aware insofar as any licence or consent is essential for the
proper carrying on of the Business as presently carried on these have been duly
obtained by the Vendor and are in full force and effect. So far as the Vendor
is aware, no party to them (or any of them) is in material breach of any of the
terms and conditions attached to them and there are no circumstances which
indicate that any of them may be suspended, terminated, varied, revoked or not
renewed in whole or in part.

 

17            Data
Protection

 

The
Vendor has not received any written notice or allegation from any person or
third party in relation to the Business for failure or non-compliance with the
Data Protection Act 1994 or 1998.

 

39

 

18            Litigation
and Disputes

 

Save in
respect of collection of debts in the ordinary course of business (none of
which exceed £5,000), the Vendor is not engaged (whether as defendant, claimant
or otherwise) in any litigation or arbitration proceedings or in any claim or
dispute in respect of the Business or the Assets, and, so far as the Vendor is
aware, there are no such proceedings or claims or disputes pending or
threatened either by or against the Vendor.

 

TAXATION

 

19            VAT

 

So far
as the Vendor is aware the Vendor has complied, in all material respects, with
all statutory requirements, orders, provisions, directions or conditions
relating to value added tax to the extent that they are relevant to the
Business.

19.1         No
security has been given by the Vendor over any of the Assets in favour of the
Commissioners for Customs and Excuse under the provisions of paragraph 4 of
schedule 11 to the Value Added Tax Act 1994.

19.2         An
election has been made by the Vendor under paragraph 2 of schedule 10 to the
Value Added Tax Act 1994 in relation to the Properties and a true copy of such
election is contained in the Disclosure Bundle at document 19.6.

19.3         The
Vendor has not received notice of an election under paragraph 2 of schedule 10
to the Value Added Tax Act 1994 from the holder of any interest immediately
superior to that held by the Vendor in respect of any of the Properties.

19.4         So far
as the Vendor is aware none of the Assets is a capital item the input tax on
which may be subject to adjustment under part XV of the Value Added Tax
Regulations 1995.

 

20            Disputes

 

The
Vendor has not received written notice of any dispute with the HM Revenue &
Customs or other relevant fiscal authority concerning any matter which, so far
as the Vendor is aware, will affect the Business or any of the Assets in any
material respect.

 

21            PAYE/NIC

 

21.1         The
Vendor has properly operated the Pay As You Earn system, by making deductions,
as required by the applicable Taxation statute, from all payments made, or
treated as made, to the Transferring Employees, and has accounted HM Revenue
& Customs for all Taxation so deducted and for all Taxation chargeable on
the Vendor on benefits provided to the Transferring Employees.

21.2         All
National Insurance contributions (both employer’s and employee’s) due in
respect of the Transferring Employees have been duly paid.

 

22            STAMP
DUTY

 

22.1         So far
as the Vendor is aware all material documents in the possession or under the
control of the Vendor or to the production of which the Vendor is entitled
which are necessary to establish the title of the Vendor to any asset relating
to the Business and which attract stamp duty on the United Kingdom or elsewhere
have been properly stamped.

 

40

 

TRANSFERRING EMPLOYEES

 

23            Terms
of employment

 

23.1         Particulars
of the identity, date of commencement of employment, date of birth, job title
and current salary of each Transferring Employee are set out in the Disclosure
Letter.

23.2         Full
particulars of all material terms and conditions of employment of all the
Transferring Employees are set out in the Disclosure Letter.

23.3         Particulars
of any profit sharing, commission, discretionary bonus arrangements, share
option or phantom share option schemes, profit related pay schemes, employee
share ownership plans or trusts or employee benefit trusts in which the
Transferring Employees participate in are set out in the Disclosure Letter.

 

24            Employment
Offers

 

Particulars
have been given in the Disclosure Letter of any outstanding offer of employment
made to any person to be engaged in the Business and there is no person who has
accepted an offer of employment in the Business whose employment has not yet
started.

 

25            Industrial
Agreements

 

The
Vendor has not entered into any recognition or other agreement or arrangement
(whether legally binding or not) with any trade union or other body
representing any of the Transferring Employees.

 

26            Leave
of Absence

 

So far
as the Vendor is aware there are no Transferring Employees on maternity leave,
absent on grounds of disability or other leave of absence with a statutory or
contractual right to return to work for the Business.

 

27            Compliance,
Disputes and Disability

 

27.1         The
Vendor has complied in all material respects with all its obligations under the
Employment Rights Act 1996 in relation to the Transferring Employees.

27.2         No
dispute between the Vendor and any Transferring Employee has occurred in the 12
months before Completion and has led to proceedings being issued against the
Vendor.

27.3         So far
as the Vendor is aware none of the Transferring Employees is disabled within
the meaning of the Disability Discrimination Act 1995.

 

28            Termination
of Employment

 

No
Transferring Employee has given written notice to the Vendor terminating his
contract of employment or is under notice of dismissal.

 

29            Variation
of Transferring Employee Terms

 

The
Vendor has not offered, promised or agreed (in each case on a binding basis)
for the future any material variation in the current contract of employment of
any Transferring Employee where such offer, promise or agreement remains
outstanding.

 

30            Industrial
Action

 

No
industrial action or dispute is existing or, so far as the Vendor is aware, has
been threatened against the Vendor in respect of or concerning any of the
Transferring Employees.

 

41

 

31            Pension
Arrangements Disclosed

 

31.1         In this
paragraph:

 

“Approved” means
approved by the Board of Inland Revenue for the purposes of Chapter I or
Chapter IV of part XIV of ICTA 1988 and references to “Approval” shall be
construed accordingly;

 

“Disclosed Schemes”
means the Perfect Pizza Limited Group Personal Pension Plan (“the GPPP”) with
Prudential and the Perfect Pizza Limited Pension Scheme (“the Final Salary
Scheme”);

 

“ICTA 1988”
means the Income and Corporation Taxes Act 1988;

 

“Members” means
the employees engaged in the Business who are entitled to benefits under the
Disclosed Schemes; and

 

31.2         The
Vendor is not a party to any agreement or arrangement other than the Disclosed
Schemes for the provision of any Relevant Benefits (as defined in section 612
of ICTA 1988) for any of the Transferring Employees engaged in the Business,
including any retirement benefits pension or personal pension scheme or
stakeholder arrangement.

 

31.3         In
respect of the Final Salary Scheme the Purchaser has been supplied with:

 

31.3.1      true and complete copies of all
the deeds and rules currently governing or relating to the Final Salary Scheme;

31.3.2      a copy of the report of the most
recent actuarial valuation of the Final Salary Scheme; and

31.3.3      a copy of the Perfect Pizza
Limited Pension Scheme report and accounts for the year ended 5 April 2005.

 

31.4         All
material details of the GPPP which are sufficient to enable the Purchaser to
determine the type of benefits payable and the contributions payable to the
GPPP in respect of the Members of the GPPP have been disclosed to the
Purchaser, and all benefits provided under the GPP are on a money purchase
basis.

31.5         No
undertaking or assurance has been given to any person as to the continuance
introduction increase or improvement of any Relevant Benefits (whether or not
there is any legal obligation to do so).

31.6         As far
as the Vendor is aware there are in respect of the Disclosed Schemes no civil,
criminal, arbitration, administrative or other proceedings, claims or disputes
(including, without limitation, complaints under the internal disputes
resolution procedure, to the Pensions Ombudsman or any investigation or
enquiry, routine or otherwise by the Pensions Regulator) by any Group Company
against any Member or by any Member previous member or prospective member
against any Group Company in progress, pending or threatened in writing and, so
far as the Vendor is aware, no circumstances exist which might give rise to any
such proceedings, claims or disputes.

31.7         Each
Disclosed Scheme is Approved and the Vendor is not aware of any circumstances
which might give the Board of Inland Revenue reason to withdraw Approval.

31.8         All
death in service benefits which may be payable under the Group Life Assurance
Scheme, G91635, are fully insured, all insurance premiums have been duly paid
and so far as the Vendor is aware there is no ground on which the relevant
insurance company could avoid liability under any policy of insurance
applicable to such benefit.

 

42

 

31.9         So far
as the Vendor is aware the Disclosed Schemes have been administered so as to
comply with all applicable legislation including all requirements relating to
the payment of contributions.

 

32            Ex
gratia Payments

 

The Vendor has
not, in the last 12 months, made any material voluntary or ex gratia payments
of any Relevant Benefits to or in respect of any Transferring Employee.

 

33            Undertakings

 

No
undertaking has been given by the Vendor to any Transferring Employee as to the
introduction, continuance, increase or improvement of any Relevant Benefits.

 

PROPERTY AND ENVIRONMENTAL

 

34            The
Properties

 

34.1         All
written replies to enquiries and requisitions relating to the Properties made
or given by Thomas Eggar on behalf of the Vendor to the Purchaser (or to the
Purchaser’s Solicitors) are true and accurate in all material respects.

34.2         The
information relating to the Properties set out in Part A and Part B of Schedule
5 is true and accurate in all material respects.

34.3         So far
as the Vendor is aware, there is no outstanding order, notice or claim
(including any dilapidations order, notice or claim) which has been served upon
or sent to the Vendor which relates to the state of repair and condition of the
Properties or involves expenditure in complying with it.

 

35            Environmental
Law

 

The
Vendor has not received any formal written notice or complaint from any local
authority, agency, body or third party threatening any civil, criminal or
administrative action, proceeding or suit alleging breach of Environmental Laws
in relation to the Gailey Park Site.

 

36            Intellectual
Property

 

36.1         The
Vendor is the sole unencumbered legal and beneficial owner and where registered
the sole registered proprietor of all the Business Intellectual Property and
the Vendor is not aware of any other Intellectual Property which is necessary
to operate the Business.

36.2         Material
particulars as to ownership, registration (and applications therefor) of the
Business Intellectual Property including priority and renewal dates where
applicable are set forth in Schedule 8 and/or in the Disclosure Letter and such
details are complete and correct in all material respects. Such Intellectual
Property comprises all material Intellectual Property which the Vendor has used
in connection with the Business as carried on immediately prior to the date
hereof or which is required to be used in connection with the operation of the
Business as carried on immediately prior to the date hereof.

36.3         So far
as the Vendor is aware the Business Intellectual Property is not the subject of
any pending or threatened proceedings for opposition, cancellation, revocation
or rectification or claims from employees and so far as the Vendor is aware
there are no facts or matters which are likely to give rise to any such proceedings.

 

43

 

36.4         All the
application and renewal fees and costs and charges regarding the Business
Intellectual Property due on or before Completion have been duly paid in full.

36.5         Save for
those agreements listed in the Disclosure Letter, the Vendor has not entered
into any agreement, arrangement or understanding (whether legally enforceable
or not) for the licensing or otherwise permitting or authorising the use or
exploitation of the Business Intellectual Property or which would prevent
restrict or otherwise inhibit the Purchaser’s freedom to use and exploit the
Business Intellectual Property.

36.6         So far
as the Vendor is aware none of the Business Intellectual Property is currently
being infringed by any third party or has been so infringed in the two year
period preceding Completion.

36.7         So far
as the Vendor is aware there are no outstanding claims against the Vendor for
infringement of any Business Intellectual Property and no such claims have been
settled by the giving of any undertakings which remain in force.

 

37            Restrictive
Agreements and Competition

 

So far
as the Vendor is aware, the Vendor has not within the period of 2 years prior
to the date of this Agreement been party to or involved in any agreement,
understanding, arrangement, concerted practice or conduct directly or
indirectly affecting the Business which may infringe or have infringed.

37.1         the
Competition Act 1998;

37.2         the
Enterprise Act 2002;

37.3         Articles
81 and 82 of the Treaty establishing the European Community; or

37.4         any
other competition or anti-trust legislation or regulations which apply or have
applied in the EEA or within any jurisdiction within the EEA or any other
jurisdiction in the world and the Vendor has not in connection with any matter
directly or indirectly affecting the Business received any notice, request,
order or other communication of any kind from any authority, commission,
government department, court or other public agency charged with the oversight
or enforcement of any of the legislation referred to in this paragraph 37.

 

44

 

SCHEDULE 4 

 

VENDOR’S LIMITATIONS OF LIABILITY

 

The provisions in this Schedule shall operate to limit
the liability of the Vendor under and in respect of this Agreement and
reference in this Schedule to “hereof”, “hereunder” and to “liability hereunder”
shall be construed to refer to such liability as appropriate.

 

1              Minimum
Claim Levels

 

No
liability shall arise in respect of any claim for breach of the Warranties
and/or the Gailey Park Indemnity unless and until the aggregate amount of all
substantiated claims thereunder shall exceed £100,000 (one hundred thousand
pounds) and, in addition, each individual substantiated claim to be counted towards
the total sum referred to above must exceed £7,500 (seven thousand five hundred
pounds), and in such event the Vendor shall be liable for the entire amount of
the substantiated claims and not merely the excess. For the purpose of this
paragraph 1, the expression “substantiated claim” means a claim (in whole or in
part) which is admitted by the Vendor or proved in a court of competent
jurisdiction.

 

2              Cap
on Liability

 

The
aggregate liability of the Vendor in respect of all claims under the Warranties
and the Gailey Park Indemnity shall not exceed £4,600,000 (four million six
hundred thousand pounds).

 

3              Time
Limits

 

No
claim shall be brought by the Purchaser against the Vendor in respect of any
breach of the provisions of this Agreement unless notice in writing of any such
claim (specifying so far as reasonably practicable the nature of the breach or
claim and the amount claimed in respect thereof) shall have been given to the
Vendor on or before the date which is 15 months after the Completion Date and
proceedings are commenced by the Purchaser in respect of such claim within 6
months of notice in respect thereof being given to the Vendor and for this
purpose proceedings shall not be deemed to have been commenced unless they
shall have been issued and served upon the Vendor.

 

4              Reimbursement

 

Where
the Purchaser is entitled to recover from some other person (including its
insurers) any sum in respect of any matter giving rise to a claim against the
Vendor hereunder, the Purchaser shall at the reasonable request and expense of
the Vendor procure that reasonable steps are taken to enforce such recovery and
if any sum is so recovered then (i) the amount of the Vendor’s liability in
respect of that claim shall be reduced by an amount equal to the sum so recovered
(less the reasonable costs and expenses of recovering it) or (ii) if an amount
shall already have been paid by the Vendor or otherwise satisfied in respect of
that claim there shall be repaid to the Vendor an amount equal to the amount so
recovered or (if less) the amount of such liability already satisfied by the
Vendor provided that nothing in this clause shall require the Purchaser to act
in any manner which is likely to be materially and adversely prejudicial to the
goodwill of the Business.

 

45

 

5              Specific
Limitations

 

5.1           No
claim whatsoever shall be made by the Purchaser against the Vendor in respect
of any breach of the provisions of this Agreement (and the Vendor shall not be
liable in respect of any such claim which is made):-

 

5.1.1        to the extent that such breach
or claim occurs or is increased as a result of any legislation not in force at
the date hereof or occurs as a result of any increase in the rates of Taxation
in force at the date hereof or occurs as a consequence of a change in the
published practice of any taxation authority or in the interpretation of the
law after the date hereof in any jurisdiction;

5.1.2        to the extent that such breach
or claim would not have arisen but for:-

 

(a)           any voluntary act,
omission, transaction or arrangement after Completion by the Purchaser or any
other member of the Purchaser’s Group; or

(b)           any claim, election,
surrender or disclaimer made or notice or consent given or any other thing done
in respect of Taxation after Completion by the Purchaser or any other member of
the Purchaser’s Group under the provisions of any enactment or regulation
relating to Taxation; or

5.1.3        to the extent that reference,
allowance, provision or reserve has been made in the Sales Statement Supporting
Documents in respect of the matter to which such liability relates or such
matter was taken into account in computing the amount of any such allowance
provision or reserve or such matter was referred to in the notes to the Sales Statement
Supporting Documents or is otherwise referred to in the Disclosure Letter or
the Disclosure Bundle.

 

6              Contingent
Claims

 

If any
claim against the Vendor arises by reason of some liability of the Purchaser
which, at the time such claim is notified to the Vendor, is contingent only or
otherwise not capable of being quantified, then the Vendor shall not be under
any obligation to make any payment in respect of such claim unless and until
such liability ceases to be contingent or becomes capable of being quantified,
as the case may be and if any such claim shall have been notified to the Vendor
within the period stipulated in paragraph 3 above but does not cease to be
contingent within 3 months of the giving of such notice then such claim shall
lapse.

 

7              Recovery
- Only Once

 

7.1           Payment
of any claim shall pro tanto satisfy and discharge the amount payable in
respect of any other claim which is capable of being made in respect of the
same loss giving rise to such claim.

7.2           The
Vendor shall not be liable in respect of any claim to the extent that the
subject of the claim has been or is made good or is otherwise compensated for
without cost to the Purchaser.

 

8              Conduct
of Claims

 

If any
claim comes to the notice of the Purchaser by reason or in consequence of which
the Vendor may be liable under the Warranties the Purchaser shall:

 

8.1           as
soon as reasonably practicable give written notice thereof to the Vendor;

 

46

 

8.2           not
make any admission of liability, agreement or compromise with any person, body
or authority in relation thereto without the prior written agreement of the
Vendor (not to be unreasonably withheld or delayed);

8.3           give
the Vendor and its professional advisers reasonable access to the premises and
personnel of the Purchaser upon prior written notice during normal business
hours and to any relevant documents and records within the power, permission or
control of the Purchaser to enable the Vendor and its professional advisers to
examine such accounts, documents and records and take copies thereof at their
own expense; and

8.4           take
all such reasonable steps or proceedings as the Vendor may reasonably consider
necessary in order to mitigate such claim and provide such other reasonable
assistance as the Vendor may reasonably request, subject to the Purchaser being
indemnified against all reasonable costs and expenses in connection therewith.

Provided
that nothing in this paragraph 8 shall require the Purchaser to act in any
manner which is likely to be materially and adversely prejudicial to the
goodwill of the Business.

 

9              Mitigation

 

Nothing
in this Schedule 4 or elsewhere in this Agreement shall in any way reduce the
obligation of the Purchaser or any other member of the Purchaser’s Group to
mitigate any loss which it suffers, or may suffer, in consequence of the
circumstances giving rise to any claim or potential claim against the Vendor.

 

47

 

SCHEDULE 5 

 

PART A

THE LEASES

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Property

  	
   

  
	
  10.04.00

  	
   

  	
  Lease

  	
   

  	
  Derrick
  Morgan (Construction) Ltd (1) Perfect Pizza Limited (2)

  	
   

  	
  Gailey Park
  Distribution Centre, Staffs.

  	
   

  

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Property

  	
   

  	
  Store ‘known 

  as’

  	
   

  
	
  29.09.88

  	
   

  	
  Lease

  	
   

  	
  Regent
  Investments (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  36 Bank
  Street Ashford Kent

  	
   

  	
  Ashford

  	
   

  
	
  11.1.91

  	
   

  	
  Lease

  	
   

  	
  W J Dando
  Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  5 St
  Michaels Square, Ashton-Under-Lyne

  	
   

  	
  Ashton Under
  Lyme

  	
   

  
	
  25.01.89

  	
   

  	
  Lease

  	
   

  	
  Victoria
  Street Properties Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  604 Bearwood
  Road, Smethwick

  	
   

  	
  Bearwood
  Road

  	
   

  
	
  24.04.03

  	
   

  	
  Lease

  	
   

  	
  Star
  Amusements Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  128 London
  Road South Benfleet Essex

  	
   

  	
  Benfleet

  	
   

  
	
  05.02.88/
  13.11.03

  	
   

  	
  Leases

  	
   

  	
  Kindale Ltd
  (1) Gino’s Dial-A-Pizza Ltd (2) M J Mcgrath, D Mcgrath And J Mcgrath (3)/ 

  Beamworld Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  73 High
  Street, Bilston, West Midlands

  	
   

  	
  Bilston

  	
   

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  T Tratalos
  (1) United Biscuits (UK) Limited (2)

  	
   

  	
  8 Victoria
  Avenue, Blackley

  	
   

  	
  Blackley

  	
   

  
	
  16.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd
  (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  315 Tonge
  Moor Road, Bolton, Lancashire

  	
   

  	
  Bolton

  	
   

  
	
  14.12.88

  	
   

  	
  Lease

  	
   

  	
  Hardanger
  Investments Ltd (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
  Unit 16 The
  Moor Shopping Centre, Brierley Hill

  	
   

  	
  Brierley
  Hill

  	
   

  
	
  27.05.88

  	
   

  	
  Lease

  	
   

  	
  Steven
  Sharpe & Gavin Mark Sharpe (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  48 Lewes
  Road Brighton East Sussex

  	
   

  	
  Brighton

  	
   

  
	
  18.10.91

  	
   

  	
  Lease

  	
   

  	
  Mr B.S.
  Chahal (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  44 High
  Street Brownhills Walsall West Midlands

  	
   

  	
  Brownhills

  	
   

  

 

48

 

	
  15.03.04

  	
   

  	
  Lease

  	
   

  	
  Lex
  Investments Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
  49 High
  Road, Broxbourne, Hertfordshire

  	
   

  	
  Broxbourne

  	
   

  
	
  24.05.91

  	
   

  	
  Lease

  	
   

  	
  A.S.Heath
  Esq. and N. Kellett (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  8 Market
  Place Burslem Stoke On Trent

  	
   

  	
  Burslem

  	
   

  
	
  03.06.86

  	
   

  	
  Lease

  	
   

  	
  Bonne Bouche
  Catering Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  12 Bute
  Street, London

  	
   

  	
  Bute Street

  	
   

  
	
  22.09.98

  	
   

  	
  Lease

  	
   

  	
  Ventress
  Property Developments Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
  178 Mill
  Road Cambridge

  	
   

  	
  Cambridge

  	
   

  
	
  26.04.85

  	
   

  	
  Lease

  	
   

  	
  James Reppin
  Bates (1) Allen Stewart Smith (2)

  	
   

  	
  115
  Furtherwick Road Canvey Island

  	
   

  	
  Canvey
  Island

  	
   

  
	
  22.09.89

  	
   

  	
  Lease

  	
   

  	
  Mr & Mrs
  J.M. Cohen (1) UB Restaurants Ltd (2)

  	
   

  	
  342
  Cowbridge Road East Cardiff

  	
   

  	
  Cardiff 2

  	
   

  
	
  27.08.99

  	
   

  	
  Lease

  	
   

  	
  Tindlesouth
  Ltd (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  8 Hurst Lane
  Castle Bromwich Birmingham

  	
   

  	
  Castle
  Bromwich

  	
   

  
	
  16.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd
  (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
  486
  Nottingham Road Chaddesden Derby

  	
   

  	
  Chaddesden

  	
   

  
	
  15.02.91

  	
   

  	
  Lease

  	
   

  	
  Cheltenham
  Borough Council (1) Gino’s Dial A Pizza Limited (2)

  	
   

  	
  32/34 St
  James Street, Cheltenham, Gloucestershire

  	
   

  	
  Cheltenham

  	
   

  
	
  22.02.82

  	
   

  	
  Lease

  	
   

  	
  Nombans
  Limited And Wattsal Limited 

  (1) Chesham Furnishers Limited (2)

  	
   

  	
  50 Broad Street
  Chesham

  	
   

  	
  Chesham

  	
   

  
	
  1.11.91

  	
   

  	
  Lease

  	
   

  	
  Brian Lewis
  (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  5 Sheffield
  Road, Chesterfield

  	
   

  	
  Chesterfield

  	
   

  
	
  13.06.88

  	
   

  	
  Lease

  	
   

  	
  Vertex Ltd
  (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  36 The
  Hornet, Chichester, West Sussex

  	
   

  	
  Chichester

  	
   

  
	
  17.10.85

  	
   

  	
  Lease

  	
   

  	
  (1) Lamrest
  Limited And (2) United Biscuits (UK) Limited

  	
   

  	
  Ground Floor
  & Basement Shop, 299 Chiswick High Road

  	
   

  	
  Chiswick

  	
   

  
	
  18.03.04

  	
   

  	
  Underlease

  	
   

  	
  Zeldam
  Company Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  Unit 3, 23
  Watford Road, Cotteridge, Birmingham

  	
   

  	
  Cotteridge

  	
   

  
	
  02.04.91

  	
   

  	
  Lease

  	
   

  	
  Majorstates
  Ltd (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  13
  Longfellow Road, Coventry, West Midlands

  	
   

  	
  Coventry 1

  	
   

  
	
  24.09.91

  	
   

  	
  Lease

  	
   

  	
  Claud Cecil
  Granger And Sybil Mary Granger (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  469 Holyhead
  Road Coventry

  	
   

  	
  Coventry 2

  	
   

  

 

49

 

	
  15.05.89

  	
   

  	
  Lease

  	
   

  	
  Hassall
  Properties Limited (1) Gino’s Dial A Pizza 

  Limited (2)

  	
   

  	
  Unit 3, 128b
  Nantwich Road, Crewe

  	
   

  	
  Crewe

  	
   

  
	
  26.09.97

  	
   

  	
  Lease

  	
   

  	
  Jasper
  Properties Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
  5 Davyhulme
  Circle Davyhulme Manchester

  	
   

  	
  Davyhulme

  	
   

  
	
  23.11.90

  	
   

  	
  Lease

  	
   

  	
  Wei Kiang
  Lam (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
  88
  Manchester Road Denton Manchester

  	
   

  	
  Denton

  	
   

  
	
  27.10.87

  	
   

  	
  Lease

  	
   

  	
  Direct
  Properties Ltd (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  274 Lower
  Addiscombe Road East Croydon Surrey

  	
   

  	
  East Croydon

  	
   

  
	
  13.08.87

  	
   

  	
  Lease

  	
   

  	
  J H Suckling
  (1) United Biscuits (UK) Limited (2)

  	
   

  	
  92 Field End
  Road Eastcote PinnerMiddlesex

  	
   

  	
  Eastcote

  	
   

  
	
  14.09.90

  	
   

  	
  Lease

  	
   

  	
  Paul
  Christian Seez (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  274 Pinhoe
  Road Exeter

  	
   

  	
  Exeter
  Pinhoe

  	
   

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  Anglo
  Scottish Development Ltd (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  186a West
  Street Fareham Hampshire

  	
   

  	
  Fareham

  	
   

  
	
  10.08.87

  	
   

  	
  Lease

  	
   

  	
  Kindale
  Limited (1) Colin Hayward Barnes (2)

  	
   

  	
  218
  Farnborough Road Farnborough Hampshire

  	
   

  	
  Farnborough

  	
   

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  David
  Chontow And Miria Elisheva Chontow (1) Gino’s Dial-A-Pizza Limited (2)
  Michael John McGrath, Dennis McGrath And John McGrath (3)

  	
   

  	
  13 Straits
  Parade, Fish Ponds, Bristol

  	
   

  	
  Fishponds

  	
   

  
	
  17.04.02

  	
   

  	
  Lease

  	
   

  	
  Teves
  Investments Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  776 Stafford
  Road, Fordhouses, Wolverhampton

  	
   

  	
  Fordhouses

  	
   

  
	
  04.12.89

  	
   

  	
  Lease

  	
   

  	
  Mr V B Goyal
  & Mr S Shukla (1) Messrs Ginos Dial A Pizza Limited (2)

  	
   

  	
  25 Liskard
  Road, & 11 Liskard Road, Walsall (also known as Unit 9 Gillity Village)

  	
   

  	
  Gillity
  Village Walsall

  	
   

  
	
  07.01.05

  	
   

  	
  Underlease

  	
   

  	
  Ranbrook
  Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  3 Cavendish
  Buildings, 144 Eastgate St, Gloucester

  	
   

  	
  Gloucester

  	
   

  
	
  22.06.88

  	
   

  	
  Lease

  	
   

  	
  Mosspine Ltd
  (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  21 Epsom
  Road Guildford

  	
   

  	
  Guildford

  	
   

  
	
  03.03.94

  	
   

  	
  Lease

  	
   

  	
  Central
  Midlands Co-Operative Society Ltd (1) G.D.P. (No.2) Ltd (2)

  	
   

  	
  1500
  Stratford Road Hall Green Birmingham

  	
   

  	
  Hall Green

  	
   

  

 

50

 

	
  30.03.90

  	
   

  	
  Lease

  	
   

  	
  Watney
  Truman (1) Perfect Pizza Ltd (2)

  	
   

  	
  28 High
  Street Harpenden St Albans Hertfordshire

  	
   

  	
  Harpenden

  	
   

  
	
  2.12.05

  	
   

  	
  Lease

  	
   

  	
  Northlands
  Holding Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  22 Market
  Parade, Havant, Hampshire

  	
   

  	
  Havant

  	
   

  
	
  19.07.83

  	
   

  	
  Lease

  	
   

  	
  Ravenseft
  Properties Ltd (1) Craft Cleaners Ltd (2)

  	
   

  	
  6 Five Ways
  Parade, Hazelgrove, Stockport

  	
   

  	
  Hazelgrove

  	
   

  
	
  18.11.91

  	
   

  	
  Lease

  	
   

  	
  Robin Archer
  (1) Ginos Dial A Pizza Limited (2)

  	
   

  	
  43
  Commercial Road Hereford

  	
   

  	
  Hereford

  	
   

  
	
  29.10.90

  	
   

  	
  Lease

  	
   

  	
  J.P. &
  Miss Moreton (1) Grandmet Restaurants 

  Limited (2)

  	
   

  	
  Ground Floor
  Premises, 33 Regent St, Hinckley, Leicester

  	
   

  	
  Hinckley

  	
   

  
	
  02.02.88

  	
   

  	
  Lease

  	
   

  	
  Hudson,
  Hudson, Hudson & Staniscia (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  Unit 3
  Dalkeith House/25 Dalkeith Place Kettering

  	
   

  	
  Kettering

  	
   

  
	
  15.5.00

  	
   

  	
  Lease

  	
   

  	
  Town House
  Investments Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  63 Bedford
  Street Leamington Spa

  	
   

  	
  Leamington
  Spa

  	
   

  
	
  13.06.01

  	
   

  	
  Lease

  	
   

  	
  The Walsall
  Metropolitan Borough Council (1) Perfect Pizza Limited (2)

  	
   

  	
  19 Leamore
  Lane, Leamore, Walsall

  	
   

  	
  Leamore

  	
   

  
	
  17.02.89

  	
   

  	
  Lease

  	
   

  	
  B.R And J.B
  Mody (1) United Biscuits (UK) Limited (2)

  	
   

  	
  199
  Uppingham Road, Leicester

  	
   

  	
  Leicester 1

  	
   

  
	
  17.12.01

  	
   

  	
  Lease

  	
   

  	
  Trustees of
  the Ferndale Executive Pension Scheme (1) Perfect Pizza Ltd (2)

  	
   

  	
  Ground floor
  shop unit 4 Cranfleet Way Wilsthorpe Road Long Eaton Nottinghamshire

  	
   

  	
  Long Eaton

  	
   

  
	
  31.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass
  Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  6 And 8
  Upper Normacott Road Longton Stoke-on-Trent

  	
   

  	
  Longton

  	
   

  
	
  06.02.89

  	
   

  	
  Lease

  	
   

  	
  A I Woo Esq.
  & Others (1) And United Biscuits (UK) Limited (2)

  	
   

  	
  8 Denmark
  Road, Lowestoft

  	
   

  	
  Lowestoft

  	
   

  
	
  24.09.98

  	
   

  	
  Lease

  	
   

  	
  Ravenseft
  Properties 

  Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  15 Central
  Parade, Maghull, Liverpool

  	
   

  	
  Maghull

  	
   

  
	
  09.05.97

  	
   

  	
  Lease

  	
   

  	
  Jewson
  Property Holdings 

  Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
  62 Queen
  Street Maidenhead Berkshire

  	
   

  	
  Maidenhead

  	
   

  
	
  06.12.96

  	
   

  	
  Lease

  	
   

  	
  S J Wright
  Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
  67 Union
  Street, Maidstone, Kent

  	
   

  	
  Maidstone

  	
   

  

 

51

 

	
  30.11.90

  	
   

  	
  Lease

  	
   

  	
  S Royce
  & Son Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  1 Berkeley
  Precinct, Maypole, Birmingham

  	
   

  	
  Maypole

  	
   

  
	
  23.04.87

  	
   

  	
  Lease

  	
   

  	
  Goodwin
  Associates Ltd (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  255 London
  Road Mitcham Surrey

  	
   

  	
  Mitcham

  	
   

  
	
  12.04.90

  	
   

  	
  Lease

  	
   

  	
  David Owen
  Kenna (1) Jane Elizabeth Kenna (2) Gino’s Dial A Pizza (3)

  	
   

  	
  446 Chester
  Road New Oscott Sutton Coldfield

  	
   

  	
  New Oscott

  	
   

  
	
  21.05.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass
  Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  176
  Corporation Road, Newport

  	
   

  	
  Newport

  	
   

  
	
  19.12.90

  	
   

  	
  Lease

  	
   

  	
  Mrs P K
  Sehmi (1) Grandmet Restaurants Limited (2)

  	
   

  	
  212a
  Wellingborough Road Northampton

  	
   

  	
  Northampton

  	
   

  
	
  08.11.78

  	
   

  	
  Lease

  	
   

  	
  Mr D A
  Greenway (1) Mr A B Plant (2)

  	
   

  	
  21/22 The
  Green, Attleborough, Nuneaton

  	
   

  	
  Nuneaton

  	
   

  
	
  8.08.91

  	
   

  	
  Lease

  	
   

  	
  Mellowbrook
  Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  137
  Yorkshire Street, Oldham, Greater Manchester

  	
   

  	
  Oldham

  	
   

  
	
  10.03.93

  	
   

  	
  Lease

  	
   

  	
  Portrust
  Holdings Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  331 Penn
  Road, Penn Wolverhampton

  	
   

  	
  Penn

  	
   

  
	
  25.11.04

  	
   

  	
  Lease

  	
   

  	
  Norton
  Properties (Essex) Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  Shop 2 and
  Flat 2, 71/73 High Street, Pitsea

  	
   

  	
  Pitsea

  	
   

  
	
  08.02.88

  	
   

  	
  Lease

  	
   

  	
  Goodwin
  Associates Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  283/287
  Barking Road Plaistow London E13

  	
   

  	
  Plaistow

  	
   

  
	
  01.05.95

  	
   

  	
  Underlease

  	
   

  	
  Southern
  Fast Foods Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  Ground &
  Lower Ground Floor & Basement 35 Mutley Plain, Plymouth, Devon

  	
   

  	
  Plymouth
  Mutley Plain

  	
   

  
	
  13.07.89

  	
   

  	
  Lease

  	
   

  	
  Mr A H G
  Al-Baghdadi (1) UB Restaurants Ltd (2)

  	
   

  	
  Ground Floor
  16 London Road North End Portsmouth

  	
   

  	
  Portsmouth

  	
   

  
	
  13.05.88

  	
   

  	
  Lease

  	
   

  	
  E.G.L. Cox
  And Mrs J.M. Cox (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  41 Whitley
  Street Reading Berkshire

  	
   

  	
  Reading

  	
   

  
	
  27.03.91

  	
   

  	
  Lease

  	
   

  	
  Victor
  Michael Dormer & Patricia Anne Dormer (1) Gino’s Dial A Pizza Limited (2)

  	
   

  	
  83 Evesham
  Road, Headless Cross, Redditch

  	
   

  	
  Redditch

  	
   

  

 

52

 

	
  02.05.00

  	
   

  	
  Lease

  	
   

  	
  Sheila Evett
  (1) Perfect Pizza Ltd (2)

  	
   

  	
  143 Uxbridge
  Road Millend Rickmansworth Hertfordshire

  	
   

  	
  Rickmansworth

  	
   

  
	
  06.08.01

  	
   

  	
  Lease

  	
   

  	
  The Borough
  Council Of Sandwell (1) Perfect Pizza Ltd (2)

  	
   

  	
  354 Oldbury
  Road Rowley Regis Sandwell West Midlands

  	
   

  	
  Rowley Regis

  	
   

  
	
  02.03.91

  	
   

  	
  Lease

  	
   

  	
  Josephine
  Burke (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
  294 Prince
  Of Wales Road, Sheffield

  	
   

  	
  Sheffield 1

  	
   

  
	
  03.04.91

  	
   

  	
  Lease

  	
   

  	
  Susan Mary
  Good (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  33 Castle
  Foregate, Shrewsbury, Shropshire

  	
   

  	
  Shrewsbury

  	
   

  
	
  01.08.88

  	
   

  	
  Lease

  	
   

  	
  Mosspine Ltd
  (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  81 Station
  Road Sidcup

  	
   

  	
  Sidcup

  	
   

  
	
  10.03.97

  	
   

  	
  Lease

  	
   

  	
  Guys
  Hospital Nominees (1) Perfect Pizza Limited (2)

  	
   

  	
  275 High
  Street Slough

  	
   

  	
  Slough

  	
   

  
	
  18.05.87

  	
   

  	
  Lease

  	
   

  	
  Trevian
  Properties Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  115 Elm
  Grove Southsea

  	
   

  	
  Southsea

  	
   

  
	
  15.06.90

  	
   

  	
  Lease

  	
   

  	
  Anglo
  International Holdings Ltd (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
  Unit 6 North
  Walls Salter Street Stafford

  	
   

  	
  Stafford

  	
   

  
	
  25.03.88

  	
   

  	
  Lease

  	
   

  	
  Mr & Mrs
  G.H. Amis (1) United Biscuits (UK) Limited (2)

  	
   

  	
  Ground Floor
  Shop, 115/117 High St, Stevenage Hertfordshire

  	
   

  	
  Stevenage

  	
   

  
	
  20.09.89

  	
   

  	
  Lease

  	
   

  	
  Sukhdev
  Singh Chhatwal (1) UB Restaurants Ltd (2)

  	
   

  	
  812 Harrow
  Road Sudbury Middlesex

  	
   

  	
  Sudbury

  	
   

  
	
  15.07.87

  	
   

  	
  Lease

  	
   

  	
  Buyquick
  Limited (1) Mann & Co (South Coast) Ltd (2)

  	
   

  	
  60 Cricklade
  Road, Swindon, Wiltshire

  	
   

  	
  Swindon

  	
   

  
	
  31.08.01

  	
   

  	
  Lease

  	
   

  	
  The
  Neighbourhood Retail Limited Partnership (1) Perfect Pizza Limited (2)

  	
   

  	
  Unit 11
  Meadway Shopping Centre Tilehurst

  	
   

  	
  Tilehurst

  	
   

  
	
  02.10.89

  	
   

  	
  Underlease

  	
   

  	
  Derek
  William Overy & Christine Annie Overy (1) UB Restaurants Ltd (2)

  	
   

  	
  Shop 3 &
  Flat 3 York Parade Trench Wood North Tonbridge

  	
   

  	
  Tonbridge

  	
   

  
	
  16.04.97/
  23.11.05

  	
   

  	
  Leases

  	
   

  	
  CMS
  Properties (Kent) Ltd (1) Ursula Georgina Ball (2) Perfect Pizza Ltd (3)
  (same parties both Leases)

  	
   

  	
  106 Camden
  Road, Tunbridge Wells, Kent

  	
   

  	
  Tunbridge
  Wells

  	
   

  
	
  22.02.91

  	
   

  	
  Lease

  	
   

  	
  Vaktro
  Properties Limited (1) Gino’s Dial A Pizza Limited (2)

  	
   

  	
  49 Arrow
  Park Road, Upton, Wirral

  	
   

  	
  Upton

  	
   

  

 

53

 

	
  31.01.91

  	
   

  	
  Lease

  	
   

  	
  Ajit Kaur
  Bangay (1) Grandmet Restaurants Limited (2)

  	
   

  	
  102 Cowley
  Road Uxbridge Middlesex

  	
   

  	
  Uxbridge

  	
   

  
	
  15.01.88

  	
   

  	
  Lease

  	
   

  	
  Haworth
  & Airey Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  146/148
  Halifax Road, Wadsley Bridge Sheffield, South Yorkshire

  	
   

  	
  Wadsley
  Bridge

  	
   

  
	
  11.12.87

  	
   

  	
  Lease

  	
   

  	
  Co-Operative
  Wholesale Society Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
  64 Woodcote
  Rd, Wallington, Surrey

  	
   

  	
  Wallington

  	
   

  
	
  28.02.86

  	
   

  	
  Lease

  	
   

  	
  John St.
  Pierre Slatter & John Edwin Marchington (1) Bridgers (2)

  	
   

  	
  99 Hersham
  Road Walton on Thames Surrey

  	
   

  	
  Walton on
  Thames

  	
   

  
	
  07.03.89

  	
   

  	
  Lease

  	
   

  	
  Southcross
  Properties Ltd (1) United Biscuits (UK) Ltd (2)

  	
   

  	
  25a Midland
  Road Wellingborough Northamptonshire

  	
   

  	
  Wellingborough

  	
   

  
	
  14.03.99

  	
   

  	
  Lease

  	
   

  	
  Lamber Singh
  And Balbir Kaur (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
  385a High
  Street, West Bromwich

  	
   

  	
  West
  Bromwich

  	
   

  
	
  08.02.02

  	
   

  	
  Lease

  	
   

  	
  Mary Forryan
  (1) Perfect Pizza Limited (2)

  	
   

  	
  15 Leicester
  Rd, Wigston, Leicestershire

  	
   

  	
  Wigston

  	
   

  
	
  14.10.03

  	
   

  	
  Lease

  	
   

  	
  M C Loizou
  (1) Perfect Pizza Ltd (2)

  	
   

  	
  164/166 The
  Broadway Wimbledon

  	
   

  	
  Wimbledon

  	
   

  
	
  30.01.91

  	
   

  	
  Lease

  	
   

  	
  Highgold
  Properties Limited (1) Gino’s Dial A Pizza Limited (2)

  	
   

  	
  Unit 2,
  11/13 St Johns, Worcester

  	
   

  	
  Worcester

  	
   

  
	
  01.07.05

  	
   

  	
  Lease

  	
   

  	
  Mohammed
  Yaqoob Moten (1) Perfect Pizza Limited (2)

  	
   

  	
  6 Broadwater
  Street West Worthing West Sussex

  	
   

  	
  Worthing

  	
   

  
	
  18.03.02

  	
   

  	
  Lease

  	
   

  	
  Hermitage
  Investments Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  Unit 5, 3
  Imperial Buildings, Kings Street, Wrexham

  	
   

  	
  Wrexham

  	
   

  
	
  31.10.90

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd
  (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
  14 And 15
  Abbotswood Yate Bristol

  	
   

  	
  Yate

  	
   

  
	
  02.07.98

  	
   

  	
  Lease

  	
   

  	
  Names
  Consultancy (Guernsey) Limited (1) Perfect Pizza Limited (2)

  	
   

  	
  98/100
  Fishergate York

  	
   

  	
  York

  	
   

  

 

54

 

SCHEDULE 5

 

PART B

THE FRANCHISE UNDERLEASES

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Property

  	
   

  	
  Store ‘known

  as’

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  22.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Cengizhan Cerit (2)

  	
   

  	
  36 Bank Street Ashford Kent

  	
   

  	
  Ashford

  
	
  27.09.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Karim Samadpoor (2)

  	
   

  	
  5 St Michaels Square, Ashton-Under-Lyne

  	
   

  	
  Ashton Under Lyme

  
	
  23.10.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Kulbant Singh (2)

  	
   

  	
  604 Bearwood Road, Smethwick

  	
   

  	
  Bearwood Road

  
	
  16.06.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) PP Benfleet Limited (2)  Sabraj Samra (3)

  	
   

  	
  128 London Road South Benfleet Essex

  	
   

  	
  Benfleet

  
	
  02.07.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) G Showker (2)

  	
   

  	
  73 High Street, Bilston, West Midlands

  	
   

  	
  Bilston

  
	
  24.05.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Sajid Mahmood Mokhan Gill & Kulbant
  Singh (2)

  	
   

  	
  8 Victoria Avenue, Blackley

  	
   

  	
  Blackley

  
	
  15.12.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Angel Bay Enterprises Ltd (2) G N Grant and L
  Grant (3)

  	
   

  	
  315 Tonge Moor Road, Bolton, Lancashire

  	
   

  	
  Bolton

  
	
   

  	
   

  	
  No current Underlease in place as Landlord’s consent withheld

  	
   

  	
  Current occupying franchisees Omar Ahmed, Adnan Bin Ashfaq and
  Mohammed Ahmed

  	
   

  	
  Unit 16 The Moor Shopping Centre, Brierley Hill

  	
   

  	
  Brierley Hill

  
	
  24.09.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Pages Premier Fastfoods Ltd Thomas Ernest Page
  (2)

  	
   

  	
  48 Lewes Road Brighton East Sussex

  	
   

  	
  Brighton

  
	
  19.12.91/

  23.12.93

  	
   

  	
  Underlease/Deed of Variation

  	
   

  	
  Gino’s Dial-A-Pizza Ltd (1) Eccleston Electrical Installations Ltd (2)
  Gary Kenna & Steven Eccleston (3) Perfect Pizza Ltd (1) K Ahmed Esq (2)

  	
   

  	
  44 High Street Brownhills Walsall West Midlands

  	
   

  	
  Brownhills

  
	
  15.03.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Caner Cocelli (2)

  	
   

  	
  49 High Road, Broxbourne, Hertfordshire

  	
   

  	
  Broxbourne

  
	
  23.12.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Steven Wesley Haywood (2)

  	
   

  	
  8 Market Place Burslem Stoke On Trent

  	
   

  	
  Burslem

  

 

55

 

	
  01.08.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) M O Fahmy Esq (2)

  	
   

  	
  12 Bute Street London

  	
   

  	
  Bute Street

  
	
  06.05.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Instant Toppings Ltd (2)

  	
   

  	
  178 Mill Road Cambridge

  	
   

  	
  Cambridge

  
	
  22.06.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) K H Investments Ltd (2) Hetal Desai and Kinnari
  Desai (3)

  	
   

  	
  115 Furtherwick Road Canvey Island

  	
   

  	
  Canvey Island

  
	
  26.03.91

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Ltd (1) F. Ley & Sons Ltd (2) M. Ley Esq.
  (3)

  	
   

  	
  342 Cowbridge Road East Cardiff

  	
   

  	
  Cardiff 2

  
	
  Undated

  	
   

  	
  Underlease (not completed) 

  	
   

  	
  Gino’s Dial-A-Pizza (1) Amanda Maaskant & Owen Drysdale (2)

  	
   

  	
  8 Hurst Lane Castle Bromwich Birmingham

  	
   

  	
  Castle Bromwich

  
	
  08.03.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Staffordshire Pizzas Ltd (2)

  	
   

  	
  486 Nottingham Road Chaddesden Derby

  	
   

  	
  Chaddesden

  
	
  01.02.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Ernest Paul Zarb (2)

  	
   

  	
  32/34 St James Street, Cheltenham, Gloucestershire

  	
   

  	
  Cheltenham

  
	
  30.06.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) BNS (Chesham) Limited (2)

  	
   

  	
  50 Broad Street Chesham

  	
   

  	
  Chesham

  
	
  24.03.92

  	
   

  	
  Underlease NB may be invalid due to unauthorised assignment

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) Northern and Provincial Limited (2) 

  	
   

  	
  5 Sheffield Road, Chesterfield

  	
   

  	
  Chesterfield

  
	
  01.04.05

  	
   

  	
  Agreement for Underlease (Underlease not yet completed)

  	
   

  	
  Perfect Pizza Ltd (1) Atlas Corporate Developments Ltd (2)

  	
   

  	
  36 The Hornet, Chichester, West Sussex

  	
   

  	
  Chichester

  
	
  None

  	
   

  	
  No current Underlease in place

  	
   

  	
  Current occupying franchise believed to
  be Vishal Kumar Kakar

  	
   

  	
  Ground Floor & Basement Shop, 299
  Chiswick High Road

  	
   

  	
  Chiswick

  
	
  10.05.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Kulbant Singh (2)

  	
   

  	
  Unit 3, 23 Watford Road, Cotteridge, Birmingham

  	
   

  	
  Cotteridge

  
	
  04.05.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) J S Dosanjh and S S Dosanjh (2)

  	
   

  	
  13 Longfellow Road, Coventry, West Midlands

  	
   

  	
  Coventry 1

  
	
  22.06.92

  	
   

  	
  Counterpart Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) Jagdip Singh Dosanjh (2) Jasbir Kaur
  Dosanjh (3)

  	
   

  	
  469 Holyhead Road Coventry

  	
   

  	
  Coventry 2

  

 

56

 

	
  08.06.92

  	
   

  	
  Agreement For Underlease Executed Uncompleted Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) Balkar Singh Sukhdev Singh (2)

  	
   

  	
  Unit 3, 128b Nantwich Road, Crewe

  	
   

  	
  Crewe

  
	
  22.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Gino’s Express Ltd (2) Satnam Singh Khag (3)

  	
   

  	
  5 Davyhulme Circle Davyhulme Manchester

  	
   

  	
  Davyhulme

  
	
  09.02.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd Javaid Sarwar

  	
   

  	
  88 Manchester Road Denton Manchester

  	
   

  	
  Denton

  
	
  15.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Andresphillai Frances Xavier &
  Balasubramanium Thayalatheva (2)

  	
   

  	
  274 Lower Addiscombe Road East Croydon Surrey

  	
   

  	
  East Croydon

  
	
  05.01.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Obaidula Mehak (2)

  	
   

  	
  92 Field End Road Eastcote

  	
   

  	
  Eastcote

  
	
  04.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) It’s A Bullseye Limited (2) Nicholas Taylor
  Kent Watson (3)

  	
   

  	
  274 Pinhoe Road Exeter

  	
   

  	
  Exeter Pinhoe

  
	
  31.10.90

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Ltd (1) Restaurants Universal Ltd (2) Messrs N.H.
  & M.F.L. Davison (3)

  	
   

  	
  186a West Street Fareham Hampshire

  	
   

  	
  Fareham

  
	
  04.06.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Mohammed Afzal Choudhery (2)

  	
   

  	
  218 Farnborough Road Farnborough Hampshire

  	
   

  	
  Farnborough

  
	
  06.06.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Simon David Kerbes (2)

  	
   

  	
  13 Straits Parade, Fish Ponds, Bristol

  	
   

  	
  Fishponds

  
	
  05.03.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Gurpal Showker and Hemant Patel (2)

  	
   

  	
  776 Stafford Road, Fordhouse, Wolverhampton

  	
   

  	
  Fordhouses

  
	
  20.08.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Abdul Baseer Rehan & Anas Ahmed Rehan
  (2)

  	
   

  	
  25 Liskaerd Road, & 11 Liskard Road, Walsall

  	
   

  	
  Gillity Village Walsall

  
	
  30.07.02

  	
   

  	
  Sub-Underlease NB this has expired no new Sub-Underlease has yet been
  completed

  	
   

  	
  Perfect Pizza Limited (1) Dharmendar Khag & Rakesh Lagan (2) Occupying
  franchisees: Satnam Singh Khag & Kirit Patel

  	
   

  	
  3 Cavendish Buildings, 144 Eastgate St, Gloucester

  	
   

  	
  Gloucester

  

 

57

 

	
  13.07.89

  	
   

  	
  Underlease

  	
   

  	
  UB Restaurants Ltd (1) Asta Catering Ltd (2) A.J. Castle (3)

  	
   

  	
  21 Epsom Road Guildford

  	
   

  	
  Guildford

  
	
  11.06.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Miss Manjit Kaur Dhanda (2)

  	
   

  	
  1500 Stratford Road Hall Green Birmingham

  	
   

  	
  Hall Green

  
	
  20.09.91

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Cavendish Fast Foods Ltd (2)

  	
   

  	
  28 High Street Harpenden St Albans Hertfordshire

  	
   

  	
  Harpenden

  
	
  02.12.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) B C Ellis (2)

  	
   

  	
  22 Market Parade, Havant, Hampshire

  	
   

  	
  Havant

  
	
  24.03.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) SBS Trade (UK) Ltd (2) Husnan Safdar Bukhari (3)

  	
   

  	
  6 Five Ways Parade, Hazelgrove, Stockport

  	
   

  	
  Hazelgrove

  
	
  01.10.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Dharmendar Khag & Rakesh Lagan (2)

  	
   

  	
  43 Commercial Road Hereford

  	
   

  	
  Hereford

  
	
  06.07.92

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) K Katechia (2)

  	
   

  	
  Ground Floor Premises, 33 Regent St, Hinckley, Leicester

  	
   

  	
  Hinckley

  
	
  25.07.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Iraj Poshtmashad (2)

  	
   

  	
  Unit 3 Dalkeith House Dalkeith Place Kettering

  	
   

  	
  Kettering

  
	
  20.11.00/

  11.02.02

  	
   

  	
  Underlease/Deed of Variation of Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Kirit Parhubhair Patel and Satinderpal Dhaliwal
  (2)

  	
   

  	
  63 Bedford Street Leamington Spa Warwickshire

  	
   

  	
  Leamington Spa

  
	
  12.07.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Kirit Patel & Satnam Khag (2)

  	
   

  	
  19 Leamore Lane, Leamore, Walsall

  	
   

  	
  Leamore

  
	
  13.02.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Satnam Singh Khag Kirit Patel (2) Gurpal
  Singh Khag (3)

  	
   

  	
  199 Uppingham Road, Leicester

  	
   

  	
  Leicester 1

  
	
  29.11.91/

  22.04.92

  	
   

  	
  Underlease/Deed of Variation of Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) Andrew Craig Stott and Jean Carol
  Stott (2)

  	
   

  	
  6 and 8 Upper Normacott Road Longton Stoke-On-Trent

  	
   

  	
  Longton

  
	
  12.09.89

  	
   

  	
  Underlease

  	
   

  	
  UB Restaurants Limited (1) M J Kirby Esq (2)

  	
   

  	
  8 Denmark Road, Lowestoft

  	
   

  	
  Lowestoft

  
	
  19.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Mayfair Products Limited (2) Iraj
  Posh-Mashad, Mohammad Zarabi and Mohammad-Reza Ghodrati (3)

  	
   

  	
  15 Central Parade, Maghull, Liverpool

  	
   

  	
  Maghull

  

 

58

 

	
   

  	
   

  	
  There is no current Underlease in place

  	
   

  	
  Occuping franchisees believed to be:Shoukat & Amir Ali

  	
   

  	
  62 Queen Street Maidenhead Berkshire

  	
   

  	
  Maidenhead

  
	
  07.05.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Maswell Ltd (2) A M Sarrafan (3)

  	
   

  	
  67 Union Street, Maidstone, Kent

  	
   

  	
  Maidstone

  
	
  25.08.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Calgarth Limited (2)

  	
   

  	
  1 Berkeley Precinct, Maypole, Birmingham

  	
   

  	
  Maypole

  
	
  18.04.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Aref Kharouti (2)

  	
   

  	
  255 London Road Mitcham Surrey

  	
   

  	
  Mitcham

  
	
  22.03.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) P S Sokhi and G S Sokhi and M S Sokhi (2)

  	
   

  	
  446 Chester Road New Oscott Sutton Coldfield

  	
   

  	
  New Oscott

  
	
  06.05.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Miss H P Chave (2)

  	
   

  	
  176 Corporation Road, Newport

  	
   

  	
  Newport

  
	
  2001

  	
   

  	
  Uncompleted Underlease – not completed as PP’s Lease has expired
  unable to renew

  	
   

  	
  Perfect Pizza Ltd (1) G Mandeir, B S Garcha B S Garcha (2)

  	
   

  	
  21/22 The Green, Attleborough, Nuneaton

  	
   

  	
  Nuneaton

  
	
  07.10.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Gino’s Express Limited (2) Mr Kirit Patel
  (3)

  	
   

  	
  137 Yorkshire Street, Oldham, Greater Manchester

  	
   

  	
  Oldham

  
	
   

  	
   

  	
  No Underlease is in place

  	
   

  	
  Current occupying franchisees believed to be: Larry & Hyacinth
  Chin-See

  	
   

  	
  331 Penn Road, Wolverhampton

  	
   

  	
  Penn

  
	
  25.10.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Sundeep Singh Chhina (2)

  	
   

  	
  Shop 2 and Flat 2, 71/73 High Street, Pitsea

  	
   

  	
  Pitsea

  
	
  13.03.88

  	
   

  	
  Underlease

  	
   

  	
  United Biscuits (UK) Limited (1) Tahir Mahmood Akram (2)

  	
   

  	
  283/287 Barking Road Plaistow London E13

  	
   

  	
  Plaistow

  
	
  01.05.95

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Taylor Made Pizza Co. Limited (2)

  	
   

  	
  Unit 1 Ground & Lower Ground Floor & Basement 35 Mutley
  Plain, Plymouth, Devon

  	
   

  	
  Plymouth Mutley Plain

  

 

59

 

	
  01.05.95

  	
   

  	
  Sub-Underlease

  	
   

  	
  Perfect Pizza Limited (1) Taylor Made Pizza Co. Limited (2)

  	
   

  	
  Unit 2 Ground & Lower Ground Floor & Basement 35 Mutley
  Plain, Plymouth, Devon

  	
   

  	
  Plymouth Mutley Plain

  
	
  19.12.90/

  19.07.04

  	
   

  	
  Underlease/Reversionary Underlease

  	
   

  	
  Grandmet Restaurants Ltd (1) Corerun Ltd (2) M G Travis (3)/Perfect
  Pizza Ltd (1) Dayfield Ltd (2) Jaswant Singh Sahota (3)

  	
   

  	
  Ground Floor 16 London Road North End Portsmouth

  	
   

  	
  Portsmouth

  
	
  19.10.88/

  07.02.01

  	
   

  	
  Underlease/Deed of Variation of Underlease

  	
   

  	
  United Biscuits (UK) Ltd (1) P.T. Smale Esq (2)/ Perfect Pizza Ltd
  (1) Kirpal Singh Sahota (2) Sundip Singh Sandhu (3)

  	
   

  	
  41 Whitley Street Reading Berkshire

  	
   

  	
  Reading

  
	
  18.03.92

  	
   

  	
  Underlease

  	
   

  	
  Ginos Dial A Pizza Limited (1) William Tonks Peter James Tonks &
  Jeffrey Tonks (2)

  	
   

  	
  83 Evesham Road, Headless Cross, Redditch

  	
   

  	
  Redditch

  
	
  02.05.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Mohammad Javad Kashefi (2)

  	
   

  	
  143 Uxbridge Road Millend Rickmansworth Hertfordshire

  	
   

  	
  Rickmansworth

  
	
  06.12.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Aftaab Ahmed, Adnan Bin Ashfaq and Mohammed
  Ahmed (2)

  	
   

  	
  354 Oldbury Road Rowley Regis Sandwell West Midlands

  	
   

  	
  Rowley Regis

  
	
  01.11.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) A M Hazara (2)

  	
   

  	
  294 Prince Of Wales Road, Sheffield

  	
   

  	
  Sheffield 1

  
	
  18.10.91/

  25.10.94

  	
   

  	
  Underlease/Deed of Variation of Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Ltd (1) Peter Price and David Pryce (2)/Perfect
  Pizza Ltd (1) Peter Price and David Pryce (2)

  	
   

  	
  33 Castle Foregate, Shrewsbury, Shropshire

  	
   

  	
  Shrewsbury

  
	
  29.12.00

  	
   

  	
  Underlease NB this has been recently forfeited

  	
   

  	
  Perfect Pizza Ltd (1) Aref Kharouti (2)

  	
   

  	
  81 Station Road Sidcup

  	
   

  	
  Sidcup

  
	
  27.11.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Satnam Singh Khag and Isaac Chang Yeboah
  (2)

  	
   

  	
  275 High Street Slough

  	
   

  	
  Slough

  
	
  01.04.05

  	
   

  	
  Agreement For Underlease

  	
   

  	
  Perfect Pizza Limited (1) Atlas Corporate Developments Limited (2)

  	
   

  	
  115 Elm Grove Southsea

  	
   

  	
  Southsea

  

 

60

 

	
  07.04.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Mandale Ltd (2) Owen Drysdale & Amanda
  Maaskant (3)

  	
   

  	
  Unit 6 North Walls Salter Street Stafford

  	
   

  	
  Stafford

  
	
  01.11.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Sami & Samiha Limited (2) Mohammaed
  Sofi Ullah (3)

  	
   

  	
  Ground Floor Shop, 115/117 High St, Stevenage Hertfordshire

  	
   

  	
  Stevenage

  
	
  17.08.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Wahidyullah Zia (2)

  	
   

  	
  812 Harrow Road Sudbury Middlesex

  	
   

  	
  Sudbury

  
	
  02.02.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Prem Kumar (2)

  	
   

  	
  60 Cricklade Road, Swindon, Wiltshire

  	
   

  	
  Swindon

  
	
  22.01.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Sundip Singh Sandu Balbir Kaur Sandhu and
  Harvinder Singh Sandhu (2)

  	
   

  	
  Unit 11 Meadway Shopping Centre Tilehurst

  	
   

  	
  Tilehurst

  
	
  24.10.05

  	
   

  	
  Agreement For Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Mohammad-Reza Ghodrati & Parvin Asadi
  Kesheh (2)

  	
   

  	
  Shop 3 & Flat 3 York Parade Trench Wood North Tonbridge

  	
   

  	
  Tonbridge

  
	
  09.09.05

  	
   

  	
  Agreement for Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Pizza Perfection Ltd (2) Heshmat Gholampour (3)

  	
   

  	
  106 Camden Road, Tunbridge Wells, Kent

  	
   

  	
  Tunbridge Wells

  
	
  27.01.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Eastbrite Limited (2) R.Sethi (3)

  	
   

  	
  49 Arrow Park Road, Upton, Wirral

  	
   

  	
  Upton

  
	
  02.07.91

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Limited (1) Mohammad Amin Choudhery (2)

  	
   

  	
  102 Cowley Road Uxbridge Middlesex

  	
   

  	
  Uxbridge

  
	
  03.02.95

  	
   

  	
   

  	
   

  	
  Perfect Pizza Limited (1) S. Biggin (2)

  	
   

  	
  146/148 Halifax Road, Sheffield, South Yorkshire

  	
   

  	
  Wadsley Bridge

  
	
  29.10.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Euroseller 2 Limited (2) Ahmed Abd Chalabi

  	
   

  	
  64 Woodcote Rd, Wallington, Surrey

  	
   

  	
  Wallington

  
	
  10.01.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Isaac Chang-Yeboah (2)

  	
   

  	
  99 Hersham Road Walton On Thames Surrey

  	
   

  	
  Walton on Thames

  
	
  29.10.90

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Ltd (1) I. Postmashad Esq. (2)

  	
   

  	
  25a Midland Road Wellingborough Northamptonshire

  	
   

  	
  Wellingborough

  
	
  06.08.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Gurmail Singh and Sukhvinder Singh Sidhu
  (2)

  	
   

  	
  385a High Street, West Bromwich

  	
   

  	
  West Bromwich

  
	
  21.03.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Tarlaz Singh (2)

  	
   

  	
  15 Leicester Rd, Wigston, Leicestershire

  	
   

  	
  Wigston

  

 

61

 

	
  Undated

  	
   

  	
  Draft Franchise Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Esmail Safaei (2)

  	
   

  	
  164/166 The Broadway Wimbledon

  	
   

  	
  Wimbledon

  
	
  14.08.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) G.S.Lola (2)

  	
   

  	
  Unit 2, 11/13 St Johns, Worcester

  	
   

  	
  Worcester

  
	
  04.07.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) A Wain-Smith Ltd (2) Alexander Wain-Smith (3)

  	
   

  	
  6 Broadwater Street West Worthing West Sussex

  	
   

  	
  Worthing

  
	
  17.10.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Mokhan Singh Gill (2)

  	
   

  	
  Unit 5, 3 Imperial Buildings, Kings Street, Wrexham

  	
   

  	
  Wrexham

  
	
  28.11.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) George Kyriacou and Bisti Kyriacou (2)

  	
   

  	
  14 and 15 Abbotswood Yate Bristol

  	
   

  	
  Yate

  

 

62

 

SCHEDULE 5

 

PART C

 

PROVISIONS RELATING TO
THE PROPERTIES

 

1              Definitions
and Interpretation

 

1.1           In this part of this Schedule
unless expressly stated to the contrary, the following expressions shall have
the following meanings:

	
  1995 Act

  	
   

  	
  The
  Landlord and Tenant (Covenants) Act 1995;

  
	
  Ancillary
  Property Agreements

  	
   

  	
  all
  contracts, licences, deeds, documents, agreements and arrangements disclosed
  to the Purchaser (including undocumented informal arrangements) other than
  the Leases and the Franchise Underleases relating to any of the Properties
  which provide rights or benefits and in respect of which a payment is or will
  become due or periodic payments are to be made;

  
	
  Authorised
  Guarantee Agreement

  	
   

  	
  has
  the meaning given to it in Section 16 Landlord and Tenant (Covenants) Act
  1995;

  
	
  Consents

  	
   

  	
  the
  consents of the Reversioners, given in a duly executed licence to assign, to
  the assignment of each of the Leases and the Gailey Park Lease to the
  Purchaser in accordance with the terms of the relevant Lease or the Gailey
  Park Lease (as appropriate) (and “Consent” shall mean each or any of them);

  
	
  Disposal
  Date

  	
   

  	
  in
  respect of each Lease the date which is five Business Days after the date of
  each Consent having been obtained (or the date upon which the Court shall
  declare that Consent is not required or is being unreasonably withheld or
  delayed);

  
	
  Escrow
  Agreement

  	
   

  	
  an
  agreement, in the Approved Form, relating to the holding in escrow of
  interest payable under the Loan Notes pending successful assignment or
  underletting of the Properties;

  
	
  Franchise
  Underleases

  	
   

  	
  the
  underleases detailed in Part B of this Schedule and all deeds and documents
  supplemental thereto (whether or not expressed to be so) and the expression
  “Franchise Underlease” shall mean any one of them;

  
	
  Gailey
  Park Lease

  	
   

  	
  Lease
  made the 10th April 2000 between Derrick Morgan (Construction)
  Limited (1) and the Vendor (2);

  
	
  General
  Conditions

  	
   

  	
  The
  Standard Commercial Property Conditions (Second Edition);

  
	
  Incumbrances

  	
   

  	
  all
  matters referred to in Part E of this Schedule.

  
	
  Lawfully
  Required

  	
   

  	
  properly
  required by one or more of the Reversioners in accordance with the terms and
  provisions of a Relevant Lease;

  

 

63

 

	
  Property Payments

  	
   

  	
  includes

  (a)   all rents, arrears of rents, shortfall rents payable
  after rent reviews, interest, service charges, insurance premiums, VAT or any
  other sums whatsoever due and payable under or pursuant to any Lease; and

  (b)   all payments due under or pursuant to any Ancillary
  Property Agreement

  
	
   

  	
   

  	
  to the
  extent to which the Vendor remains liable therefor;

  
	
  Property Receipts

  	
   

  	
  all rents, arrears of rents, shortfall
  rents payable after rent reviews, interest, service charges, insurance
  premiums, VAT or any other sums whatsoever paid under or pursuant to any
  Franchise Underlease (or in respect of any Ancillary Property Agreement);

  
	
  Leases

  	
   

  	
  the
  Leases detailed in Part A of this Schedule and all deeds and documents
  supplemental thereto (whether or not expressed to be so) as detailed in
  paragraph 10 of Part E of this Schedule and the expression “Lease” shall mean
  any one of them (and for the purposes of paragraphs 3, 6, 7, 10, 11, 12.3 and
  13.1 shall also include the Gailey Park Lease save as specifically
  mentioned);

  
	
  Properties

  	
   

  	
  the
  properties listed in Part A of this Schedule and for the purposes of
  paragraphs 3, 6, 10, 11, 12.3 and 13.1shall also include the Gailey Park
  Site;

  
	
  Relevant
  Franchise Underlease

  	
   

  	
  the
  Franchise Underlease to which a Relevant Lease is subject;

  
	
  Relevant
  Incumbrances

  	
   

  	
  Such
  of the Incumbrances that affect a Relevant Lease;

  
	
  Relevant
  Lease

  	
   

  	
  one
  or more of the Leases to which a particular provision or provisions of this
  Schedule is intended to apply;

  
	
  Reversioners

  	
   

  	
  the
  person or persons for the time being entitled to the reversion on the expiry
  of the Leases and each of them (and each and every person entitled to a
  superior interest) and the expression “Reversioner” shall mean any one of
  them;

  
	
  Scott’s Agreement

  	
   

  	
  the agreement dated 7 July 1997 between Scott’s
  Hospitality Limited (1) Diplema 351 Limited (2) and Perfect Pizza Limited
  (3); and

  
	
  Scott’s Guarantee

  	
   

  	
  the guarantee given under Clause 5 of the
  Scott’s Agreement.

  

 

1.2           In the event of any
inconsistency between the provisions of this Schedule and the remainder of this
Agreement the provisions of this Schedule shall prevail.

 

2              The
Gailey Park Lease

 

Subject to the provisions of this Schedule:

 

64

 

2.1           On Completion  the Vendor shall assign and the Purchaser
shall accept an assignment of the Gailey Park Lease provided that the Purchaser
shall not be obliged to complete unless the consent of the Reversioner has been
obtained.

2.2           The assignment to the
Purchaser of the Gailey Park Lease shall be in the Approved Form and shall
include declarations that:.

2.2.1        notwithstanding the covenant
by the Vendor implied under Section 3(1) of the Law of Property (Miscellaneous
Provisions) Act 1994 (the “1994 Act”) the transfer is subject to all matters to
which it is expressed to be subject pursuant to the terms of this Agreement;
and

2.2.2        the covenants by the Vendor
under Section 4(1)(b) of the 1994 Act do not extend to any breach of the
provisions relating to the physical state of the Property.

2.3           The Purchaser shall prepare
and execute the transfer  of the Gailey
Park Lease in duplicate and shall deliver the executed deed and any other
documents to be entered into between the Vendor the Purchaser to the Vendor’s
Solicitors on the Completion Date.

2.4           The Purchaser shall pay to the
Vendor’s Solicitors on the Completion Date:

2.4.1        the annual rent paid pursuant
to the Gailey Park Lease apportioned from the Effective Date to the next
quarter day; and

2.4.2        an amount equal to the
aggregate of each and every other sum or sums paid under or pursuant to the
Gailey Park Lease by or on behalf of the Vendor apportioned from the Effective
Date

Provided
that the Vendor has paid to the Reversioner the amounts specified under
paragraphs 2.4.1 and  2.4.2. up to the
Effective Date

2.5           The Purchaser shall within
seven days of Completion of registration of its title to the Gailey Park Lease
provide to the Vendor  Official Copies of
the Purchaser’s title.

 

3              Third
Party Consents

3.1           Following the date of this
Agreement, the Vendor shall apply for and use its best endeavours to obtain the
Consents save that the use of ‘best endeavours’ shall not require the Vendor to do or procure to be done anything which is
outside its direct control nor to incur any expenditure in obtaining the
necessary Reversioners’ consents (other than its share of reasonable legal and
other professional charges as provided in this Schedule and internal management
costs and management time) nor to provide any guarantee or other form of
security except an authorised guarantee (where the relevant Lease so provides
or the Landlord reasonably so requires) and without prejudice to the
generality of the foregoing:

3.1.1        the Vendor shall have conduct
of such applications and the Purchaser shall have no direct contact with the
Reversioners and/or their respective agents, surveyors, solicitors or other
advisors save with the prior written consent of the Vendor;

3.1.2        the Vendor shall not allow the
granting of the Consents to be unreasonably delayed as a result of any
negotiations that the Vendor may have with the Reversioners as to the release
of the Vendor from any liability under any relevant Lease;

3.1.3        the Vendor shall keep the
Purchaser reasonably informed of the progress of such applications and shall
take into account such proper and reasonable representations that the Purchaser
may wish to make in respect thereof and if required by the Purchaser the Vendor
will procure that a senior member of the Vendor’s property team at monthly
intervals either meets with or discusses (at the option of the Purchaser) with
a representative of the Purchaser the progress of the 

 

65

 

applications
for consent and gives to the Purchaser copies of all relevant correspondence
and documentation;

3.1.4        the Vendor shall not agree to
any conditions suggested by any Reversioner to the granting of any of the
Consents without first obtaining the prior consent of the Purchaser such
consent of the Purchaser to be subject to the provisions of this Schedule and
is otherwise not to be unreasonably withheld or delayed;

3.1.5        the Purchaser shall at its
sole cost use all reasonable endeavours promptly to supply such information and
references as the Reversioners (and each of them) may Lawfully Require;

3.1.6        the Purchaser shall subject to
the limits specified in paragraph 3.1.7 promptly enter into such obligations
and execute such documents  in such form
as the Reversioners (and each of them) may Lawfully Require in order to authorise
the assignment or transfer provided that no third party guarantees shall be
provided by the Purchaser;

3.1.7        in the event that any of the
Reversioners shall Lawfully Require cash security (by way of a rent deposit) as
a condition for granting its Consent the Purchaser shall provide such security
and the following provisions shall apply:

(a)           the Vendor shall provide by
way of an interest free loan on Completion to the Purchaser an amount equal to
Eighty Thousand Pounds (£80,000) if the aggregate amount  provided by the Purchaser (not taking into
account the amount of the interest free loan) under this paragraph 3.1.7 shall
exceed £140,000.00 (One Hundred and Forty Thousand Pounds) (“the Estimated
Total”) (provided that the rent deposit to be given in respect of Gailey Park
shall count as part of the Estimated Total) (the “Deposit Loan”);

(b)           the Purchaser shall account to
the Vendor for all interest actually received by the Purchaser in respect of
the Deposit Loan while it is held in an interest bearing account;

(c)           the Purchaser shall use all
reasonable endeavours to procure that the aggregate amount provided by the
Purchaser under this paragraph 3.1.7 shall be less than the Estimated Total and
if and when any amount provided under this paragraph 3.1.7 (whether by the
Purchaser or the Vendor) shall at any time be reduced by the repayment of any
security so provided the amount so repaid shall be used first to repay the
Deposit Loan and when the Deposit Loan has been repaid in full any excess shall
belong to the Purchaser; and

(d)           the Purchaser shall provide
the Vendor with a certified copy of all relevant security deeds and documents
and shall notify the Vendor immediately in the event that any part of the
Deposit Loan has or may become repayable as provided in this paragraph 3.1.7;

Provided that the parties acknowledge that nothing in
this Agreement shall require the Purchaser to provide in aggregate to the
Reversioners by way of rent deposit an amount in excess of the Estimated Total
(plus the amount of the Deposit Loan actually paid to the Purchaser) so that if
the whole of the Deposit Loan is made to the Purchaser the total amount of all
rent deposits provided by the Purchaser shall not exceed £220,000 (Two Hundred
and Twenty Thousand Pounds) unless the Purchaser shall in its absolute discretion
otherwise determine.

 

66

 

3.1.8        the Vendor shall give the
Purchaser written notice within 2 Business Days after each Consent has been
obtained;

3.1.9        the Vendor shall promptly
enter into an Authorised Guarantee Agreement with any of the Reversioners if
the Reversioners shall Lawfully Require; and

3.1.10      the Purchaser shall pay (and
shall indemnify the Vendor against) fifty per cent of all costs and expenses
payable to the Reversioners (and/or the Reversioners’ advisors) including
without limitation any VAT thereon and in addition the Purchaser shall upon
demand pay to the Vendor one half of all and any amounts which the Vendor’s
Solicitors shall reasonably require to hold on account against any undertaking
given by the Vendor’s Solicitors to the Reversioners (and/or the Reversioners’
advisors) to pay such costs and expenses.

3.2           If any Consent is not obtained
within six calendar months of the Completion Date then, if the Vendor or
Purchaser reasonably requests and the parties have received the advice of
Counsel that there is a good prospect of success for an application to Court
the Purchaser shall be a party to any application made by the Vendor to a Court
of competent jurisdiction for a declaration to the effect that the Consent is
not required, or is being unreasonably withheld or delayed. The Purchaser will
use all reasonable endeavours to assist the Vendor and the Vendor and Purchaser
shall each bear their own costs and expenses and (subject thereto) all other
costs and expenses incurred in relation to such application shall be shared
equally between the Vendor and the Purchaser.

3.3           If the consent of the
Reversioners or any of them permitting the assignment of any one or more of the
Leases is not obtained within fifteen calendar months of the Completion Date
then the Vendor or the Purchaser may serve a written notice upon the other
under this paragraph specifying the Relevant Lease or Relevant Leases and on
the date being five Business Days after the date of such notice the Vendor and
the Purchaser shall forthwith jointly apply for and use all reasonable
endeavours to obtain the consent of the Reversioners to the grant of an
underlease or underleases of the Relevant Properties as the case may be to the Purchaser
and on receipt of such consent the Vendor shall grant (or shall procure the
grant) and the Purchaser shall accept an underlease of the whole of the
premises comprised in the Relevant Lease (or the Relevant Leases as the case
may be) such underlease (or underleases as the case may be) to be on the
following terms:

3.3.1        for a term equal to the
unexpired residue of the Relevant Lease less one day;

3.3.2        to include the whole of the
premises comprised in the Relevant Lease;

3.3.3        to be made subject to the
Relevant Franchise Underlease and to the relevant Incumbrances; and

3.3.4        to include a provision that
the Vendor will not exercise any break clause in the Relevant Lease without the
consent of the Purchaser and the Vendor will procure that on any assignment of
the Relevant Lease any assignee (other than the Purchaser) will covenant with
the Purchaser to similar effect

and to reserve the same rent and to include the same
covenants, terms and conditions as the Relevant Lease with such reasonable
modifications as may be Lawfully Required under the terms of the Relevant Lease
or as necessary to give effect to the intent of this Schedule or as may be
agreed between the Vendor and the Purchaser.

3.4           If notice is served under this
paragraph 3.4 then the provisions of this Schedule relating to the transfer of
the Property shall apply to the grant of the Underlease to the Purchaser
mutatis mutandis (so far as such provisions are applicable and not inconsistent
with the express provisions of this paragraph 3.4).

 

67

 

3.5           Save where provided otherwise
in this Schedule the parties shall each pay their own costs in relation to the
obtaining of the Consents and neither the Vendor nor the Purchaser will cause
any unreasonable delay in performing their respective obligations under this
paragraph 3.

3.6           If the Court shall declare
that formal consent is not required or is being unreasonably withheld then the
relevant assignment shall be completed within five Business Days of notice of
the decision of the Court.

3.7           The parties acknowledge that
the transfers to the Purchaser of certain of the Leases may need to be
registered at H M Land Registry and both parties will use their reasonable
endeavours to obtain a suitable plan where required by the Land Registry for
the Relevant Leases where appropriate and to obtain the Reversioners consent to
such suitable plan.

 

4              The Scott’s
Guarantee

4.1           The parties acknowledge that
the Vendor is liable under the covenant and indemnity set out in Clause 5 of
the Scott’s Agreement and will remain liable until such time as Scott’s
Hospitality Limited is released from the Scott’s Guarantee.

4.2           The Purchaser shall request
the Reversioners upon any future assignment of a Relevant Lease which is the subject
of the Scott’s Guarantee to release the Scott’s Guarantee but the Purchaser
shall not be under any obligation to enter into any replacement guarantee or
incur any expenditure to obtain such release but shall notify the Vendor
promptly of the Reversioners’ response to such request.

4.3           The Purchaser shall not assign
or transfer the Relevant Lease or Relevant Leases without requiring the
assignee or transferee to enter into a covenant with the seller agreeing to be
bound by the obligations in paragraph 4.2 in the event of any subsequent
assignment or transfer).

4.4           The Purchaser shall at all
times keep the Vendor fully informed of its negotiations with the Reversioners
in relation to the provisions of this Clause and shall take into account such
reasonable representations made from time to time by the Vendor in relation
thereto.

 

5              Interim
Provisions

The following provisions of this paragraph shall apply
in respect of the periods from the Completion Date until the date of completion
of the assignment or transfer of each of the Leases (or grant of an Underlease)
where Consent is required.

5.1           Subject as hereinafter
provided, as from the Completion Date the Purchaser shall be fully liable for
(and shall indemnify the Vendor against):

5.1.1        the observance and performance
of all the covenants, agreements, obligations and conditions contained or
referred to in the Ancillary Property Agreements and in each of them (as if the
Purchaser were the contracting party thereunder);

5.1.2        the observance and performance
of all the tenant’s covenants and conditions contained or referred to in the
Leases and in each of them (as if the Purchaser were the tenant thereunder);

5.1.3        the observance and performance
of all the landlord’s covenants and conditions contained or referred to in the
Franchise Underleases and in each of them (as if the Purchaser were the
landlord thereunder); and

5.1.4        all third party public and
employer’s liability costs, claims, liabilities and damages whatsoever arising
directly or indirectly as a result of any occupation of the Properties and/or
the use of them (save to the extent that such costs, claims,

 

68

 

liabilities
and damages arise as a result of any act or default of the Vendor or its
servants and agents).

and
subject to paragraph 5.3 the Purchaser shall be entitled to all income from the
Properties but shall be responsible for (and shall indemnify the Vendor
against) all Property Payments (apportioned with effect from the Effective Date
on a day to day basis) payable under or pursuant to the Leases (and the
Ancillary Property Agreements as the case may be) and each of them or otherwise
in respect of the Properties.

5.2           The Vendor and the Purchaser
shall after Completion authorise each of the tenants under the Franchise
Underleases to pay all Property Receipts due under or pursuant to the Franchise
Underleases into a designated deposit account in the name of the Vendor (the “Designated
Rent Account”) until the relevant Disposal Date and the following provisions
shall apply:

5.2.1        the Vendor shall on Completion
pay into the Designated Rent Account any Property Receipts (including arrears)
paid to the Vendor in respect of the period from the Effective Date by any of
the tenants under the Franchise Underleases (except to the extent that such
Property Receipts have been used to pay the equivalent Property Payments under
the Relevant Lease);

5.2.2        the Vendor shall also pay into
the Designated Rent Account any Property Receipts received after the Effective
Date to the extent that such sums relate to a period or periods after the
Effective Date;

5.2.3        the Purchaser shall pay into
the Designated Rent Account any Property Receipts received by the Purchaser to
the extent that such sums relate to a period or periods after the Effective
Date and shall pay to the Vendor any Property Receipts received by the
Purchaser to the extent that such sums relate to a period up to and including
the Effective Date;

5.2.4        on the date which is five
Business Days before any Property Payments shall be due and payable under each
Lease the Purchaser shall pay into the Designated Rent Account out of its own
resources an amount equal to any shortfall between the amount paid into the
Designated Rent Account in respect of the Relevant Franchise Underlease and the
amount or amounts of all Property Payments in respect of the relevant Lease
and/or the relevant Ancillary property Agreement Provided that

(a)           the Vendor issues an invoice
to each Franchise Underlessee where the rent is due under the relevant
franchise Underlease on the same date as the Relevant Lease at least twenty
Business Days prior to the due date of any payment which is due under any
Franchise Underlease (or forthwith following Completion if the period between
Completion and the due date of any such payment is less than twenty Business
Days) and where the rent is due under the relevant Franchise Underlease is
payable one month prior to the date it is due under the Relevant Lease at least
five Business Days prior to the due date of payment under the Relevant
Franchise Underlease (or forthwith following Completion if the period between
Completion and the due date of any such payment is less than five Business
Days) and promptly sends a copy of such invoice to the Purchaser;

(b)           immediately following the
issue of an invoice specified in sub-paragraph (a) of this paragraph 5.2.4 the
Vendor will assign to the Purchaser the 

 

69

 

right
to collect the debt referred to in such invoice and the right to threaten
forfeiture proceedings for breach of covenant; and;

(c)           if reasonably requested by the
Purchaser the Vendor will take steps to forfeit any relevant Franchise
Underlease or to distrain where there are arrears due from such Franchise Underlessee;

5.2.5        the Vendor shall discharge
Property Payments from the Designated Rent Account;

5.2.6        to the extent that any sum or
sums attributable to any Franchise Underlease (a “Surplus”) remains in the
Designated Rent Account after the full amount required to pay all sums due
under the Relevant Lease has been paid as provided in paragraph 5.2.4 the
Surplus shall be paid or repaid (as the case may be) to the Purchaser; and

5.2.7        as between the Vendor and the
Purchaser the Vendor shall have no liability to pay or discharge any amounts
due under or pursuant to any of the Leases save to the extent that the amount
required to be paid or discharged has been paid into the Designated Rent
Account and the Purchaser and the Vendor shall indemnify each other in respect
of any breach of their obligations under this Clause.

5.3           Subject to the provisions of
paragraph 5.2.4 the Purchaser hereby irrevocably appoints the Vendor as its
agent exclusively to manage each of the Properties from the Completion Date
until the relevant Disposal Date and prior to the Disposal Date of any Lease
the Vendor shall be entitled to retain the 5% difference between the rent
payable under the Relevant Franchise Underlease and the rent payable under the
Relevant Lease by way of management charge.

5.4           The Purchaser will notify the
Vendor where the Purchaser is aware of any material breach by a Franchise
Underlessee of the terms of any Franchise Underlease.

5.5           Until completion of the
assignments or transfers of the Leases in the Approved Form this Agreement
shall not operate or be deemed to operate as a demise of any of the Properties
nor shall the Purchaser have or be entitled to any estate, right, title or
interest in any of the Properties.

5.6           Notwithstanding the provisions
of this paragraph 5 the Vendor shall not vary, surrender or agree to vary or
surrender the Leases; make any application under the Leases (except in relation
to the Consents); agree or enter into negotiations to agree the rent under the
Leases on any review of that rent under the Leases; serve any notices upon the
Reversioners or enter into any document supplemental to the Leases without the
Purchaser’s consent (which shall not be unreasonably withheld or delayed).

5.7           The Vendor shall promptly send
a copy to the Purchaser of any notice or other material communication received
by the Vendor in respect of any of the Leases.

5.8           The Vendor shall promptly
supply to the Purchaser copies of all invoices, demands, notices, accounts and
other communications received or sent by the Vendor in connection with the
Leases or the Franchise Underlease.

5.9           The Vendor will use reasonable
endeavours to procure that the Designated Rent Account is transferred from the
sole name of the Vendor to the joint names of the Vendor and the Purchaser and
until such time as that transfer takes place the Vendor will within 3 Business
Days of any request from the Purchaser provide a statement showing all Property
Receipts and the relevant Franchise Underleases to which they relate and all
Property Payments and the relevant Leases to which they relate.

 

70

 

6              Escrow
Agreement

On Completion the Vendor and the Purchaser will enter into the Escrow
Agreement.

 

7              Pending
rent reviews under the Leases

7.1           The Vendor shall forward to
the Purchaser or the Purchaser’s Solicitors copies of all correspondence and/or
notices in connection with or relevant to any current review of the rent
payable under the Leases sent or received by the Vendor or its agents and
solicitors within 5 Business Days of such sending or receipt.

7.2           The Vendor shall at the
request of the Purchaser be obliged to commence, and shall where already
commenced, continue with the review of rent up to the Disposal Date in respect
of any rent review under the Leases which is or falls due prior to Completion
but the Vendor shall not enter into any agreement as to the rent payable under
the Relevant Lease or Relevant Leases or as to the third party to determine
that rent in default of agreement without the consent in writing of the
Purchaser which consent shall not be unreasonably withheld or delayed and the
Vendor shall put forward to the relevant Reversioner or the third party any
reasonable representations required by the Purchaser.

7.3           Following Completion in
respect of any rent review which is continuing at the relevant Disposal Date:

7.3.1        the Purchaser will use its
reasonable endeavours to proceed as expeditiously as possible with any
outstanding rent review  which is
outstanding prior to any relevant Disposal Date in accordance with the Relevant
Lease;

7.3.2        the Purchaser will keep the
Vendor informed as to progress of such review;

7.3.3        the Purchaser will receive and
give proper consideration to the Vendor’s representations;

7.3.4        the Purchaser shall not enter
into any agreement as to the rent payable under the Relevant Lease or Relevant
Leases or as to the third party to determine that rent in default of agreement
without the consent in writing of the Vendor which consent shall not be
unreasonably withheld or delayed;

7.3.5        the Purchaser will notify the
Vendor within 7 Business Days of agreement or determination of the amount of
the revised rent;

7.3.6        in the
event that the Vendor shall be liable to settle the amount of any shortfall in
the rent payable under the Relevant Lease following any rent review the
Purchaser shall on demand pay to the Vendor (or pay into the Designated Rent
Account) the proportion of the amount required in settlement (including without
limitation interest payments and penalties) for the period from the Effective
Date to the extent that the same shall not have been paid to the Vendor under
the relevant Franchise Agreement provided that the Vendor shall be responsible
for and pay to the Reversioner the part of any such shortfall (including
interest and penalties) which shall relate to the period prior to the Effective
Date (and shall be entitled to receive the amount of any shortfall payable by
the Relevant Franchisee under the Relevant Franchise Underlease in respect of
the same period); and

7.3.7        if any rent review has at
Completion been referred for determination by a third party (whether by an
expert or any arbitrator) and the required determination has not yet been made
the Vendor shall take all steps in its power to transfer the conduct of the
referral to the Purchaser and the Purchaser shall pay or indemnify the Vendor
against all reasonable and proper costs incurred in procuring such transfer.

 

71

 

8              The
Franchise Underleases

The provisions of Part D of this Schedule shall apply to the Franchise
Underleases.

 

9              Assignment

Subject to the provisions of this Schedule:

9.1           on the Disposal Date the
Vendor shall assign and the Purchaser shall accept an assignment of the
Relevant Leases and each of them by way of a deed of assignment in the Approved
Form and completion of the assignment or transfer of the Leases will take place
on a property by property basis.

9.2           The assignments to the
Purchaser of each of the Leases shall include:-

9.2.1        a covenant by the Purchaser
with the Vendor that it will from the date of the assignment:

(a)           duly observe and perform all
the covenants and conditions contained or referred to in the Registers of
Titles (save for any financial charges) as at the date of this Agreement to the
extent the same are still subsisting; and

(b)           duly observe and perform the
covenants to be observed and performed on the part of the lessor contained in
the Relevant Franchise Underlease and the deeds and documents referred to in
paragraph 10 of Part E of this Schedule (to the extent that the same relate to
the Relevant Lease)

and will indemnify the Vendor from any breach
non-observance or non-performance thereof.

9.3           The Purchaser shall prepare
and execute the transfer or assignment of each of the Leases in duplicate and
shall deliver the executed deeds and any other documents to be entered into
between the Vendor the Purchaser and any guarantor (with or without other
parties) to the Vendor’s Solicitors no later than two Business Days before the
relevant Disposal Date.

9.4           The Purchaser shall within
seven days of completion of registration provide to the Vendor  Official Copies of the Purchaser’s title.

 

10            Title

The Purchaser acknowledges that the Vendor’s title (if
any) to the Properties demised by or created by each of the Leases having been
deduced to the satisfaction of the Purchaser prior to the date of this
Agreement and that the Purchaser accepts the same without any enquiries,
objections or requisitions whatsoever except in respect of any financial
charges registered against the name of the Vendor at the Land Charges Registry
or the Land Registry or save for further Incumbrances created or permitted by
the Vendor after the Completion Date and registered against the title to the Properties
to which the Purchaser has not consented and the Vendor confirms that it will
not further encumber any of the Properties without the consent of the
Purchaser.

 

11            Matters
subject to which the Properties are assigned, transferred or underlet

The Properties and each of them are assigned or transferred or underlet
(as the case may be) subject to and where appropriate together with the benefit
of the Leases the Franchise Underleases and the Incumbrances and the Purchaser
shall be deemed to purchase with full notice and knowledge of the same and
shall not raise any requisitions or make any objection in relation to them save
in respect of any matter arising or disclosed after the date hereof.

 

72

 

12            Dilapidations
and Disposal Costs

12.1         It is acknowledged between the
parties that the Consideration takes into account the state of repair and
condition of the Properties; the tenant’s (and any undertenant’s) liability for
dilapidation costs (“Dilapidation Costs”);.

12.2         In the event that the
Reversioners or any of them shall lawfully refuse consent for the assignment
(and/or the grant of an underlease) of any one or more of the Properties then
(unless such refusal shall be attributable to any breach of the Vendor’s
obligations under this Schedule) the Purchaser shall nevertheless indemnify the
Vendor in respect of:

12.2.1      all net rents and outgoings
attributable to the Relevant Lease: and

12.2.2      any covenant or obligation to
keep the Properties in repair and/or to reinstate the same and/or deliver up
the same in accordance with the terms and provisions of the Leases relating to
the repair and condition of the Properties provided that the Vendor shall not
settle or agree any claim by a Reversioner for dilapidations without the prior
written consent of the Purchaser which shall not be unreasonably withheld and
in the event of any failure of the Vendor and the Purchaser to agree any claim
for dilapidations the dispute shall be determined by an independent surveyor
appointed in default of agreement on the application of either party by the
President from time to time of the RICS and the decision of such independent
surveyor shall be binding on the parties.

12.3         The Vendor will keep the
Purchaser fully and promptly informed in writing on a regular basis of any
potential claim under this paragraph 12 and will take into account all
reasonable representations made by or on behalf of the Purchaser in negotiating
any Dilapidation Claims.

 

13            Representations
and Environmental

13.1         The Purchaser agrees and
acknowledges that it enters into this Agreement entirely on the basis of its
own inspections and surveys and the replies of the relevant authorities to its
enquiries and on the basis of the statements and representations given by Thomas
Eggar in relation to the Properties in written replies to written enquiries
raised or in correspondence by the Purchaser’s Solicitors before the date of
this Agreement.

13.2         The Vendor covenants to
indemnify the Purchaser in respect of all and any Environmental Liabilities
and/or any other liability whatsoever arising in relation to the Gailey Park
Site to the extent that it arises from any Hazardous Substances deposited by
the Vendor at the Gailey Park Site prior to the Completion Date PROVIDED THAT
any  such Environmental Liability shall
be  the responsibility of  the Purchaser where it arises as the result
of any action or intervention by the Purchaser which causes any such Hazardous
Substances to migrate within or beyond 
the Gailey Park Site or otherwise creates an Environmental Liability
where none previously existed.

13.3         Upon becoming aware of any
potential claim under this Paragraph 13 the Purchaser will promptly give notice
of it to the Vendor.

13.4         The liability of the Vendor
under paragraph 13.2 shall only extend to any settlement of a claim made by the
Purchaser with the prior written approval of the Vendor (not to be unreasonably
withheld) in respect of  the reasonable
costs and expenses incurred by the Purchaser in complying with an Environmental
Notice.

13.5         The parties hereby agree and
declare that nothing in Paragraph 13 shall impose any liability on the Vendor
in respect of any Environmental Liabilities in relation to the Properties other
than the Gailey Park Site nor in relation to Environmental Liabilities 

 

73

 

arising from any Hazardous Substances at the Gailey Park Site which
were not deposited by the Vendor during its period of occupation of the Gailey
Park Site.

 

14            Standard
Conditions of Sale

The General Conditions shall apply to this Agreement
but where there is a conflict between the General Conditions and the express
terms of this Agreement then this Agreement prevails.

 

15            New
Franchisees

The Purchaser agrees that until such time as any Lease
(“Relevant Lease”) is assigned to the Purchaser in accordance with the
foregoing provisions of this Schedule it will comply with the following
obligations with respect to such Relevant Lease:

15.1         no new franchisee (“New
Franchisee”) will be permitted to enter into any franchise agreement with the
Purchaser or any member of the Purchaser’s Group in respect of the Property to
which the Relevant Lease relates unless, not later than the time at which such
franchise agreement is entered into:

15.1.1      such New Franchisee has been
subjected to vetting procedures (including as to its creditworthiness) which
the Purchaser, acting reasonably, considers satisfactory: and

15.1.2      such New Franchisee has
accepted in its own name an assignment or underlease of the Relevant Lease;

15.2         at all times the tenant or
sub-tenant under each Relevant Lease shall be the current franchisee at the
Property to which the Relevant Lease relates; and

15.3         the Vendor shall be notified,
on a timely basis, as to any change of franchisee in respect of the Property to
which the Relevant Lease relates and any assignment or underlease or other
disposal in relation to the Relevant Lease and shall be entitled to receive
such information concerning any New Franchisee or assignment, underlease or
other disposal of the Relevant Lease as the Vendor may reasonably request from
time to time, subject to the Vendor keeping any such information strictly
confidential (save as may be required by law).

 

74

 

SCHEDULE 5

 

PART D

 

 

TERMS AND PROVISIONS
RELATING TO THE FRANCHISE UNDERLEASES

 

1              Recovery
of arrears

1.1           In this paragraph “arrears”
means all arrears of rent licence fees service charges insurance rent and all
other sums of whatsoever nature payable to the Vendor as landlord under any of
the Franchise Underleases.

1.2           The Vendor will if requested
assist and if necessary join in any claim action or proceedings instituted by
the Purchaser for recovery of the arrears subject to the Purchaser indemnifying
the Vendor against all liability incurred or suffered by the Vendor.

 

2              Rent
deposits

All money deposited with or held by the Vendor as
security for payment of rent and other sums payable and for performance of
covenants by the tenant under any of the Franchise Underleases (the “rent
deposit”) shall be dealt with as follows:

2.1           Unless prohibited from doing
so by the terms on which the rent deposit is held the Vendor will on
Completion:

2.1.1        account for the rent deposit
to the Purchaser with all accrued interest on it;

2.1.2        assign by deed to the
Purchaser the benefit of the rent deposit subject to the terms on which it is
held.

2.2           The Purchaser will in the
assignment covenant with the Vendor to observe and perform the obligations of
the Vendor as landlord in respect of the rent deposit and to indemnify the
Vendor against all liability for future breach of those obligations.

2.3           The Purchaser will give notice
of the assignment to the tenants within 14 days after the Disposal Date.

 

3              Landlord
release

3.1           The Vendor intends that it
will serve notice on the tenant under the Relevant Franchise Underlease in
accordance with section 8(1) of 1995 Act requesting complete release of the
Vendor from future liability under the landlord covenants contained in the
Relevant Franchise Underlease in case of Franchise Underleases granted on or
after the 1st January 1996.

3.2           The Purchaser undertakes to
supply promptly at the Purchaser’s cost such information as the Vendor may
reasonably require to satisfy the tenant under the Relevant Franchise
Underlease or the court that the release requested is reasonable and to act in
good faith in respect of the provisions of this paragraph.

3.3           The Vendor shall be under no
obligation:

3.3.1        to apply to the court if the
tenant under the Relevant Franchise Underlease objects to the Vendor’s release;
or

3.3.2        to appeal against the refusal
of the court to declare that the release of the Vendor is reasonable.

If the Vendor does not receive consent (whether express or implied) for
its release from all the landlord covenants contained in the lease then the
Purchaser will notify the Vendor of any 

 

75

 

subsequent transfer of the Relevant Lease so that the Vendor has an
opportunity to serve further notices under section 8(1) of the Landlord and
Tenant (Covenants) Act 1995 and the Purchaser will obtain a covenant from its
transferee with the Vendor in the terms of this paragraph.

 

76

 

PART E

INCUMBRANCES AFFECTING THE PROPERTIES OR ANY ONE OR MORE OF THEM (AND SUBJECT
TO WHICH THE PROPERTIES ARE TRANSFERRED)

 

1                                          Matters
discoverable by inspection of the Properties or any of them before the date of
this Agreement.

2                                          Matters relating
to the Properties or any of them about which the Vendor does not know.

3                                          Matters disclosed
or which would be disclosed by any searches or as a result of enquiries (formal
or informal and made in person in writing or orally) made by or for the
Purchaser or which a prudent Purchaser ought to make.

4                                          All public or
private rights of way, water, drainage, sewerage, telephone and telegraphic
services, electricity and gas supplies, watercourses and all rights of light
and air and all other easements and quasi or purported easements, rights and
privileges (if any) affecting the Properties or any of them and to any
liability to repair or contribute to the repair of roads, ways, passages,
sewers, gutters, drains (and connected manholes), cables, wires, poles,
conduits, water or gas mains or apparatus, fences and other like matters.

5                                          All actual or
proposed resolutions, charges, notices, orders, restrictions, agreements,
schemes or plans under any planning legislation or scheme and any bye-law,
building regulations or statutory provisions affecting the Properties or any of
them or any part thereof, whether of a general or local or specific application
whether or not disclosed to the Purchaser and the Purchaser shall be deemed to
have made its own enquiries of the appropriate authorities and shall be deemed
to purchase the Properties or any of them with knowledge in all respects of the
authorised use of the Properties or any of them under planning legislation.

6                                          All local land
charges, whether registered or not before the date of this Agreement and all
matters capable of registration as local land charges whether or not actually
so registered.

7                                          All duties and
payments (if any) ecclesiastical or civil charged upon or payable out of the
Properties or any of them whether or not disclosed to the Purchaser.

8                                          The Leases and
all deeds and documents ancillary or supplemental thereto (whether or not
expressed to be so).

9                                          The Franchise
Underleases and all deeds and documents ancillary or supplemental thereto
(whether or not expressed to be so).

 

Provided
that the Gailey Park Site is not transferred subject to the Incumbrances set
out in Paragraphs 1 to 9 of this Part E of this Schedule to the extent that
they relate to Environmental Matters covered by the indemnity in Paragraph 13.2
of Part C of this Schedule.

 

10                                    All provisions
set out or referred to in the following deeds and documents:

 

36 Bank Street Ashford Kent

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  29.09.88

  	
   

  	
  Lease

  	
   

  	
  Regent Investments

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  15.10.91

  	
   

  	
  Licence

  	
   

  	
  Majnoor Rashid

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  

 

77

 

	
  04.11.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  28.07.03

  	
   

  	
  Lease

  	
   

  	
  Regent Investments Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  22.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Cengizhan Cerit

  	
   

  	
   

  

 

5 St Michaels Square, Ashton-Under-Lyne

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  11.01.91

  	
   

  	
  Lease

  	
   

  	
  W J Dando Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  
	
  23.11.92

  	
   

  	
  Licence to Assign

  	
   

  	
  W J Dando Limited (1) G.D.P Realisations Limited (2) Perfect Pizza
  Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  10.12.92

  	
   

  	
  Assignment

  	
   

  	
  G.D.P Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  2.04.03

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  W J Dando Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  12.07.04

  	
   

  	
  Agreement for Lease

  	
   

  	
  Perfect Pizza Limited (1) Karim Samadpoor (2)

  	
   

  	
   

  
	
  27.09.04

  	
   

  	
  Licence to Sub-Let

  	
   

  	
  W J Dando Limited (1) Perfect Pizza Limited (2) Karim Samadpoor (3)

  	
   

  	
   

  
	
  27.09.04

  	
   

  	
  Underlease

  

  	
   

  	
  Perfect Pizza Limited (1) Karim Samadpoor (2)

  	
   

  	
   

  
	
  22.12.05

  	
   

  	
  Licence to Assign

  

  	
   

  	
  W J Dando Limited (1) Perfect Pizza Limited (2) Karim Samadpoor (3)
  Reza Rahimi, Amir Omidi and Hussein Moradi Cherati (4)

  	
   

  	
   

  
									

 

78

 

604 Bearwood Road, Smethwick

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  25.01.89

  	
   

  	
  Lease

  	
   

  	
  (1) Victoria Street Properties Limited (2) United Biscuits (UK)
  Limited

  	
   

  	
   

  
	
  15.01.04

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  (1) Topland Portfolio No 1 Limited (2) Perfect Pizza Limited

  	
   

  	
   

  
	
  09.07.91

  	
   

  	
  Licence

  	
   

  	
  (1) Victoria Street Properties Limited (2) Grandmet Restaurants
  Limited (3) Perfect Pizza Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  23.10.97

  	
   

  	
  Licence Permitting Subletting

  	
   

  	
  (1) Amresco Retail Ventures 1 Limited (2) Perfect Pizza Limited (3)
  Kulbant Singh

  	
   

  	
   

  
	
  23.10.97

  	
   

  	
  Underlease

  	
   

  	
  (1) Perfect Pizza Limited (2) Kulbant Singh

  	
   

  	
   

  
	
  17.03.03

  	
   

  	
  Licence to Assign

  	
   

  	
  (1) Topland Portfolio No 1 Limited (2) Perfect Pizza Limited (3)
  Kulbant Singh (4) Gurmail Singh and Ram Tirth Singh Sidhu

  	
   

  	
   

  

 

128 London Road South Benfleet Essex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  24.04.03

  	
   

  	
  Lease

  	
   

  	
  Star Amusements Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  16.06.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited

  PP Benfleet Limited

  Sabraj Samra

  	
   

  	
   

  

 

73 High Street, Bilston, West Midlands

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  05.02.88

  	
   

  	
  Lease

  	
   

  	
  Kindale Ltd (1) Gino’s Dial-A-Pizza Ltd (2) M J Mcgrath, D Mcgrath
  and J Mcgrath (3)

  	
   

  	
   

  
	
  13.11.03

  	
   

  	
  Lease

  	
   

  	
  Beamworld Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  01.02.93

  	
   

  	
  Assignment

  	
   

  	
  GDP Realisations Ltd (1) Perfect Pizza Ltd (2) M J Mcgrath, D Mcgrath
  and J Mcgrath (3)

  	
   

  	
   

  

 

79

 

	
  22.01.93

  	
   

  	
  Licence to Assign

  	
   

  	
  Themeville Ltd (1) G D P Realisations Ltd (2) Perfect Pizza Ltd (3) Scott’s
  Hospitality Ltd (4)

  	
   

  	
   

  
	
  30.11.93

  	
   

  	
  Licence to Underlet

  	
   

  	
  Themeville Ltd (1) Perfect Pizza Ltd (2) G S Showker (3)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  02.07.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) G Showker (2)

  	
   

  	
   

  
	
  Not yet complete

  	
   

  	
  Licence to Assign Underlease

  	
   

  	
  (1) Perfect Pizza Ltd (2) G S Showker (3) K Patel

  	
   

  	
   

  

 

8 Victoria Avenue, Blackley

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  18.07.91

  	
   

  	
  Licence

  	
   

  	
  T Tratalos (1) Grandmet Restaurants Limited (2) Scott’s Hospitality
  Limited (3)

  	
   

  	
   

  
	
  18.07.91

  	
   

  	
  Transfer

  	
   

  	
  Grandmet Restaurants Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  24.05.00

  	
   

  	
  Licence to Sublet

  	
   

  	
  Angela Tratalos & Denise Clark (1) Perfect Pizza Limited (2)
  Sajid Mahmood Mokhan Gill & Kulbant Singh (3)

  	
   

  	
   

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  T Tratalos (1) United Biscuits (UK) Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  25.04.02

  	
   

  	
  Licence to Assign

  	
   

  	
  Angela Tatalos & Denise Clark (1) Perfect Pizza Limited (2) Sajid
  Mahmood Mlkhan Gill & Kulbant Singh (2) Raminder Khag & Mohammed
  Tayab (4)

  	
   

  	
   

  
	
  24.05.00

  	
   

  	
  Underlease

  	
   

  	
  Pefect Pizza Limited (1) Sajid Mahmood Mokhan Gill & Kulbant
  Singh (2)

  	
   

  	
   

  

 

80

 

315 Tonge Moor Road, Bolton, Lancashire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  16.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
   

  
	
  14.04.92

  	
   

  	
  Deed of Variation

  	
   

  	
  Hourpass Ltd (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
   

  
	
  23.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Fordway Investments Ltd (1) GDP Realisations Ltd (2) Perfect Pizza
  Ltd (3) Scott’s Hospitality Ltd (4)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  15.12.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Angel Bay Enterprises Ltd (2) G N Grant and L
  Grant (3)

  	
   

  	
   

  

 

Unit 16 The Moor Shopping Centre, Brierley
Hill

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  14.12.88

  	
   

  	
  Lease

  	
   

  	
  Hardanger Investments Ltd (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
   

  
	
  26.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  London & Associated Investment Trust Plc (1) G D P Realisations
  Ltd (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  No current Underlease in place as Landlord’s consent withheld

  	
   

  	
  Current occupying franchisees Omar Ahmed, Adnan Bin Ashfaq and Mohammed
  Ahmed

  	
   

  	
   

  

 

48 Lewes Road Brighton East Sussex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  26.04.88

  	
   

  	
  Agreement for Lease

  	
   

  	
  Steven Sharpe & Gavin Mark Sharpe

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  27.05.88

  	
   

  	
  Lease

  	
   

  	
  Steven Sharpe & Gavin Mark Sharpe

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  08.09.88

  	
   

  	
  Licence to Carry Out Alterations

  	
   

  	
  Steven Sharpe & Gavin Mark Sharpe

  United Biscuits (UK) Ltd

  	
   

  	
   

  
								

 

81

 

	
  08.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Steven Sharpe & Gavin Mark Sharpe Grandmet Restaurants Ltd Perfect
  Pizza Ltd Scott’s Hospitality Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  20.09.02

  	
   

  	
  Licence to Sub-Let

  	
   

  	
  Harbour Trustees Ltd

  Perfect Pizza Ltd

  Pages Premier Fastfoods Ltd

  Thomas Ernest Page

  	
   

  	
   

  
	
  24.09.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Pages Premier Fastfoods Ltd

  Thomas Ernest Page

  	
   

  	
   

  

 

44 High Street Brownhills Walsall
West Midlands

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  18.10.91

  	
   

  	
  Lease

  	
   

  	
  Mr B.S. Chahal

  Gino’s Dial-A-Pizza

  	
   

  	
   

  
	
  26.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  B.S. Chahal

  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  05.11.92

  	
   

  	
  Assignment

  	
   

  	
  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  24.11.05

  	
   

  	
  Supplemental Lease

  	
   

  	
  Harjit Singh Bola and Sital Kaur Bola Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  19.12.91

  	
   

  	
  Underlease

  

  	
   

  	
  Gino’s Dial-A-Pizza Ltd

  Eccleston Electrical Installations Ltd

  Gary Kenna & Steven Eccleston

  	
   

  	
   

  
	
  23.12.93

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd

  Eccleston Electrical Installations Ltd

  K. Ahmed Esq..

  	
   

  	
   

  
	
  23.12.93

  	
   

  	
  Deed of Variation

  	
   

  	
  Perfect Pizza Ltd

  K. Ahmed Esq..

  	
   

  	
   

  
	
  17.04.00

  	
   

  	
  Licence to Assign

  	
   

  	
  Balbir Singh Chahal

  Perfect Pizza Ltd

  Kalid Ahmed

  Shafqat Javed

  	
   

  	
   

  
	
  Incomplete

  	
   

  	
  Surrender

  	
   

  	
  Perfect Pizza Ltd

  Shafqat Javed

  	
   

  	
   

  
	
  Incomplete

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  5 Star Perfect Pizza Ltd

  Majinder Bagri & Jatinder Mann

  	
   

  	
   

  

 

82

 

49 High Road, Broxbourne, Hertfordshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.03.04

  	
   

  	
  Lease

  	
   

  	
  Lex Investments Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  15.03.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Caner Cocelli (2)

  	
   

  	
   

  

 

8 Market Place Burslem Stoke On Trent

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  24.05.91

  	
   

  	
  Lease

  	
   

  	
  A.S.Heath Esq.. and N. Kellett to Gino’s Dial-A-Pizza Limited

  	
   

  	
   

  
	
  23.11.92

  	
   

  	
  Licence to Assign

  	
   

  	
  A.S. Heath and G.D.P Realisations Limited
 Perfect Pizza Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  23.12.04

  	
   

  	
  Underlease With Provisions for Surrender

  	
   

  	
  Perfect Pizza Limited
 Steven Wesley Haywood

  	
   

  	
   

  
	
  23.12.04

  	
   

  	
  Licence to Underlet

  	
   

  	
  Alan Steven Heath
 Perfect Pizza Limited
 Steven Wesley Haywood

  	
   

  	
   

  

 

12 Bute Street, London

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  03.06.86

  	
   

  	
  Lease

  	
   

  	
  (1) Bonne Bouche Catering Limited (2) United Biscuits (UK) Limited

  	
   

  	
   

  
	
  22.10.01

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  (1) Bonne Bouche Catering Limited

  (2) Perfect Pizza Limited

  	
   

  	
   

  
	
  29.04.87

  	
   

  	
  Licence to Alter

  	
   

  	
  (1) Bonne Bouche Catering Limited

  (2) United Biscuits (UK) Limited

  	
   

  	
   

  
	
  10.06.92

  	
   

  	
  Licence and Deed of Covenant

  	
   

  	
  (1) Bonne Bouche Catering Limited (2) Grandmet Restaurants Limited
  (3) Perfect Pizza Limited

  (4) Scott’s Hospitality Limited

  	
   

  	
   

  

 

83

 

	
  15.06.92

  	
   

  	
  Assignment

  	
   

  	
  (1) Grandmet Restaurants Limited (2) Perfect Pizza Limited

  	
   

  	
  * Sublease Referred to Granted to Eagleforce Limited Appears to Have
  Expired

  
	
  02.06.94

  	
   

  	
  Licence and Deed of Covenant

  	
   

  	
  (1) Bonne Bouche Catering Limited (2) Perfect Pizza Limited (3) Monir
  Onsi Fahmy

  (4) Scott’s Hospitality Limited

  	
   

  	
   

  
	
  18.08.97

  	
   

  	
  Encroachment Licence Re 12 & 14 Bute Street

  	
   

  	
  (1) The Trustees of The Independent Order of Odd Fellows Manchester
  United Friendly Society (2) Perfect Pizza Limited (3) Tavich Limited

  	
   

  	
  Licence Re Extraction

  
	
  Underlease Documentation

  
	
  01.08.94

  	
   

  	
  Underlease

  	
   

  	
  (1) Perfect Pizza Limited (2) M O Fahmy Esq..

  	
   

  	
   

  

 

178 Mill Road Cambridge

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  22.09.98

  	
   

  	
  Lease

  	
   

  	
  Ventress Property Developments Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  12.04.99

  	
   

  	
  Licence for Alterations

  	
   

  	
  Ventress Property Developments Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  06.05.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Instant Toppings Ltd

  	
   

  	
   

  

 

115 Furtherwick Road Canvey Island

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  26.04.85

  	
   

  	
  Lease

  	
   

  	
  James Reppin Bates

  Allen Stewart Smith

  	
   

  	
   

  
	
  14.01.86

  	
   

  	
  Deed of Rectification and Licence for Assignment

  	
   

  	
  J.R. Bates

  A.S. Smith

  Mr & Mrs D.E. Anglin

  	
   

  	
   

  
	
  27.01.86

  	
   

  	
  Assignment

  	
   

  	
  A.S. Smith

  Mr & Mrs D.E. Anglin

  	
   

  	
   

  
	
  01.03.88

  	
   

  	
  Licence

  	
   

  	
  James Frederick Gibb and Ivy Mary Atkins

  David Ernest Anglin and Jeanne 

  Lesley Anglin

  United Biscuits (UK) Ltd

  	
   

  	
   

  

 

84

 

	
  01.03.88

  	
   

  	
  Assignment

  	
   

  	
  David Ernest Anglin and Jeanne

  Lesley Anglin United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  21.06.91

  	
   

  	
  Licence

  	
   

  	
  James Frederick Gibb and Ivy Mary Atkins

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  21.06.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  17.12.03

  	
   

  	
  Deed of Variation of Lease

  	
   

  	
  James Frederick Gibb and Ivy Mary Atkins Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  22.06.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  K H Investments Ltd

  Hetal Desai and Kinnari Desai

  	
   

  	
   

  

 

342 Cowbridge Road East Cardiff

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  22.09.89

  	
   

  	
  Lease

  	
   

  	
  Mr & Mrs J.M. Cohen UB Restaurants Ltd

  	
   

  	
   

  
	
  25.06.91

  	
   

  	
  Licence

  	
   

  	
  J.M. Cohen & J. Cohen Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  17.07.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  26.03.91

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Ltd

  F. Ley & Sons Ltd

  M. Ley Esq..

  	
   

  	
   

  
	
  30.09.96

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd

  F. Ley & Sons Ltd

  Martin James Ley

  Total Fast Foods Ltd

  Simon Kerbes

  	
   

  	
   

  
	
  18.09.00

  	
   

  	
  Licence to Assign

  	
   

  	
  Lisa Victoria Cohen

  Perfect Pizza Ltd

  Total Fast Foods Ltd

  Shafqat Javed, Zaheer Ahmed & 

  Shakil Malik

  	
   

  	
   

  

 

85

 

	
  Incomplete

  	
   

  	
  Surrender

  	
   

  	
  Perfect Pizza Ltd

  Shafqat Javed, Zaheer Ahmed & Shakil Malik

  	
   

  	
   

  

 

8 Hurst Lane Castle Bromwich Birmingham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  27.08.99

  	
   

  	
  Lease

  	
   

  	
  Tindlesouth Ltd

  Gino’s Dial-A-Pizza

  	
   

  	
   

  
	
  26.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  J H Roberts & R J Roberts G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  Undated

  	
   

  	
  Underlease (not completed)

  	
   

  	
  Gino’s Dial-A-Pizza

  Amanda Maaskant & Owen Drysdale

  	
   

  	
   

  

 

486 Nottingham Road Chaddesden Derby

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  16.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd

  Gino’s Dial-A-Pizza Ltd

  	
   

  	
   

  
	
  14.04.92

  	
   

  	
  Deed of Variation of Lease

  	
   

  	
  Hourpass Ltd

  Gino’s Dial-A-Pizza Ltd

  	
   

  	
   

  
	
  23.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Fordway Investments Ltd

  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  08.03.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Staffordshire Pizzas Ltd

  	
   

  	
   

  
	
  08.03.96

  	
   

  	
  Licence to Sub-Let

  	
   

  	
  Morgan Industrial Properties Ltd

  	
   

  	
   

  
	
  18.03.96

  	
   

  	
  Licence to Assign

  	
   

  	
  Morgan Industrial Properties Ltd

  Perfect Pizza Ltd

  Staffordshire Pizzas Ltd

  	
   

  	
   

  
	
  18.03.96

  	
   

  	
  Deed of Covenant

  	
   

  	
  Morgan Industrial Properties Ltd

  Perfect Pizza Ltd

  Staffordshire Pizzas Ltd

  Gurpal Showker An Ravinder Singh Bhupa

  	
   

  	
  

  

  
	
  26.04.99

  	
   

  	
  Licence to Assign

  	
   

  	
  Morgan Industrial Properties Ltd

  Perfect Pizza Ltd

  Gurpal Showker and Ravinder Singh Bhupa

  	
   

  	
   

  

 

86

 

32/34 St James Street, Cheltenham, Gloucestershire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.02.91

  	
   

  	
  Lease

  	
   

  	
  Cheltenham Borough Council (1) 

  Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.02.99

  	
   

  	
  Licence to Sublet

  	
   

  	
  Cheltenham Borough Council (1) 

  Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  01.02.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) 

  Ernest Paul Zarb (2)

  	
   

  	
   

  
	
  06.12.00

  	
   

  	
  Licence to Assign

  	
   

  	
  Cheltenham Borough Council (1) 

  Perfect Pizza Limited (2) Ranjit Singh Amarjit Singh & Gurnam 

  Singh (3) Amarjit Singh & Gurnam 

  Singh (4)

  	
   

  	
   

  

 

50 Broad Street Chesham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  22.02.82

  	
   

  	
  Lease

  	
   

  	
  Nombans Limited

  Wattsal Limited to Chesham Furnishers Limited

  	
   

  	
   

  
	
  02.12.86

  	
   

  	
  Licence

  	
   

  	
  Nombans Limited
 Wattsal Limited to Chesham Furnishers
  Limited
 United Biscuits (U.K) Limited

  	
   

  	
   

  
	
  08.02.88

  	
   

  	
  Licence

  	
   

  	
  Nombans Limited
 Wattsal Limited
 United Biscuits (U.K) Limited
 Henri Limited
 Its Guarantor

  	
   

  	
   

  
	
  16.08.91

  	
   

  	
  Licence to Underlet

  	
   

  	
  (1) Nombans Limited (2) Perfect Pizza Limited (3) Bns (Chesham) Limited
  (4) Mohammed Shofiq Ullah

  	
   

  	
   

  
	
  04.11.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Nombans Limited and Anor
 Grand Met Restaurants Limited
 Others

  	
   

  	
   

  

 

87

 

	
  Underlease Documentation

  
	
  27.04.98

  	
   

  	
  Schedule of Dilapidations

  	
   

  	
  -

  	
   

  	
   

  
	
  30.06.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited
 BNS (Chesham) Limited

  	
   

  	
   

  

 

5 Sheffield Road, Chesterfield

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  20.04.94

  	
   

  	
  Licence to Assign

  	
   

  	
  Brian Lewis (1) GDP (No 2) Limited (2) Perfect Pizza 

  Limited (3) Scotts Hospitality 

  Limited (4)

  	
   

  	
   

  
	
  1.11.91

  	
   

  	
  Lease

  	
   

  	
  Brian Lewis (1) Gino’s Dial-A-Pizza 

  Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  24.03.92

  	
   

  	
  Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) 

  Northern and Provincial Limited (2)

  	
   

  	
  Underlease may be invalid due to unauthorised assignment

  

 

36 The Hornet, Chichester, West Sussex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  13.06.88

  	
   

  	
  Lease

  	
   

  	
  Vertex Ltd (1) United Biscuits (UK) Ltd (2)

  	
   

  	
   

  
	
  23.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Vertex Ltd (1) Grandmet Restaurants Ltd (2) Perfect Pizza Ltd (3) Scott’s
  Hospitality Ltd (4)

  	
   

  	
   

  
	
  23.07.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Incomplete

  	
   

  	
  Lease extension/

  reversionary Lease

  	
   

  	
  Astrea Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.04.05

  	
   

  	
  Agreement for Underlease 

  (Underlease not yet completed)

  	
   

  	
  Perfect Pizza Ltd (1) Atlas Corporate Developments Ltd 

  (2)

  	
   

  	
   

  

 

88

 

Ground Floor & Basement Shop, 299
Chiswick High Road

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  17.10.85

  	
   

  	
  Lease

  	
   

  	
  (1) Lamrest Limited and (2) United 

  Biscuits (UK) Limited

  	
   

  	
   

  
	
  04.07.05

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  Ts & Ak Ebrahim
 Perfect Pizza Limited

  	
   

  	
   

  
	
  07.10.91

  	
   

  	
  Licence to Assign

  	
   

  	
  (1) Santalina Properties Limited (2) 

  Grandmet Restaurants Limited (3) 

  Perfect Pizza Limited

  (4) Scott’s Hospitality Limited

  	
   

  	
  Nb – The Underlease to David Chin Referred to In This Licence Appears
  to Have Been Surrendered Presumably By Operation of Law, The Underlease Itself
  Is Not Disclosed Herewith

  
	
  07.10.91

  	
   

  	
  Certified Copy Transfer

  	
   

  	
  (1) Grandmet Restaurants Limited

  (2) Perfect Pizza Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  None

  	
   

  	
   

  	
   

  	
  No present written underlease to current franchisee Vishal Kumar
  Kakar

  	
   

  	
   

  

 

Unit 3, 23 Watford Road, Cotteridge,
Birmingham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  18.03.04

  	
   

  	
  Lease

  	
   

  	
  (1) Zeldam Company Limited

  (2) Perfect Pizza Limited

  	
   

  	
   

  
	
  21.09.90

  	
   

  	
  Deed of Variation 

  and Deed of 

  Licence

  	
   

  	
  (1) Zeldam Co. Limited

  (2) United Biscuits (UK) Limited

  	
   

  	
  Whilst The Deed Varies The Old Lease, It Also Deals With Consent to
  Works, The Old Lease Is Not Disclosed Herewith

  
	
  Underlease Documentation

  
	
  10.05.05

  	
   

  	
  Underlease

  	
   

  	
  (1) Perfect Pizza Limited

  (2) Kulbant Singh

  	
   

  	
  Includes Copies of Notice (28.01.05) and Declaration (03.03.05) Re
  Exclusion of Sections 24 to 28 of The Landlord and Tenant Act 1954

  

 

89

 

13 Longfellow Road, Coventry, West Midlands

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.04.91

  	
   

  	
  Lease

  	
   

  	
  Majorstates Ltd (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
   

  
	
  20.11.92

  	
   

  	
  Licence

  	
   

  	
  Majorstates Ltd (1) GDP Realisations Ltd (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  
	
  27.11.92

  	
   

  	
  Assignment

  	
   

  	
  GDP Realisations Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  04.05.94

  	
   

  	
  Licence

  	
   

  	
  Majorstates Ltd (1) Perfect Pizza Ltd (2) J S Dosanjh and S S Dosanjh
  (3)

  	
   

  	
   

  
	
  02.04.91

  	
   

  	
  Licence to Sublet

  	
   

  	
  Majorstates Ltd (1) Gino’s Dial A Pizza Ltd (2) J S Dosanjh and SS
  Dosanjh (3)

  	
   

  	
   

  
	
  04.05.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) J S Dosanjh and S S Dosanjh (2)

  	
   

  	
   

  
	
  12.05.94

  	
   

  	
  Licence

  	
   

  	
  Perfect Pizza Ltd (1) J S Dosanjh and S S Dosanjh (2) R G Turner (3)

  	
   

  	
   

  
	
  03.12.96

  	
   

  	
  Licence

  	
   

  	
  Perfect Pizza Ltd (1) R G Turner (2) J S Nagra (3)

  	
   

  	
   

  
	
  24.03.00

  	
   

  	
  Licence

  	
   

  	
  Dukecourt Property Company Ltd (1) Perfect Pizza Ltd (2) J S Nagra (3)
  D S Khag and R Lagan (4)

  	
   

  	
   

  

 

469 Holyhead Road Coventry

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  24.09.91

  	
   

  	
  Lease

  	
   

  	
  Claud Cecil Granger and Sybil Mary 

  Granger (1) Gino’s Dial-A-Pizza 

  Limited (2)

  	
   

  	
   

  

 

90

 

	
  15.12.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Claud Cecil Granger and Sybil Mary 

  Granger (1) GDP Realisations 

  Limited (2) Perfect Pizza Limited (3) 

  Scotts Hospitality Limited (4)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  22.06.92

  	
   

  	
  Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited

  Jagdip Singh Dosanjh

  Jasbir Kaur Dosanjh

  	
   

  	
   

  
	
  12.05.94

  	
   

  	
  Licence to Assign

  	
   

  	
  (1) Perfect Pizza Limited (2) J.S. & 

  J.K. Dosanjh (3) R.G. Turner Esq..

  	
   

  	
   

  
	
  02.12.96

  	
   

  	
  Licence

  	
   

  	
  Perfect Pizza Limited

  Richard George Turner and Sukhbir 

  Singh

  	
   

  	
   

  
	
  25.03.98

  	
   

  	
  Licence to Assign

  	
   

  	
  (1) Perfect Pizza Limited (2) Sukhbir 

  Singh (3) Gino’s Pizza Limited

  	
   

  	
   

  

 

Unit 3, 128b Nantwich Road, Crewe

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.05.89

  	
   

  	
  Lease

  	
   

  	
  Hassall Properties Limited (1) Gino’s 

  Dial a Pizza Limited (2)

  	
   

  	
   

  
	
  14.12.92

  	
   

  	
  Licence to Assign and Deed of Guarantee

  	
   

  	
  Hassall Properties Limited (1) GDP 

  Realisations Limited (2) Perfect Pizza 

  Limited (3) Scotts Hospitality 

  Limited (4)

  	
   

  	
   

  
	
  15.01.93

  	
   

  	
  Copy Transfer

  	
   

  	
  G D P Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  8.06.92

  	
   

  	
  Agreement for Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) 

  Balkar Singh

  Sukhdev Singh (2)

  	
   

  	
   

  
	
   

  	
   

  	
  Executed Uncompleted Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) 

  Balkar Singh and Sukhdev Sing (2)

  	
   

  	
   

  

 

91

 

5 Davyhulme Circle Davyhulme Manchester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  26.09.97

  	
   

  	
  Lease

  	
   

  	
  Jasper Properties Ltd (1) Perfect Pizza Ltd (1)

  	
   

  	
   

  
	
  Underlease  Documentation

  
	
  22.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Gino’s Express Ltd (1) Satnam Singh Khag (1)

  	
   

  	
   

  

 

88 Manchester Road Denton Manchester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  23.11.90

  	
   

  	
  Lease

  	
   

  	
  Wei Kiang Lam

  Gino’s Dial-A-Pizza Ltd

  	
   

  	
   

  
	
  03.02.93

  	
   

  	
  Assignment

  	
   

  	
  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  02.01.98

  	
   

  	
  Licence

  	
   

  	
  Wilkincroft Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  29.01.93

  	
   

  	
  Licence to Assign

  	
   

  	
  Rugpark Ltd

  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  09.02.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Javaid Sarwar

  	
   

  	
   

  

 

274 Lower Addiscombe Road East Croydon Surrey

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  27.10.87

  	
   

  	
  Lease

  	
   

  	
  Direct Properties Ltd (1) United 

  Biscuits (UK) Ltd (2)

  	
   

  	
   

  
	
  11.01.91

  	
   

  	
  Licence

  	
   

  	
  Tarlok Singh Patheja (1) Grandmet 

  Restaurants Ltd (2) Apixdale Ltd (3) Balasundaram (4)

  	
   

  	
   

  
	
  21.01.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Grandmet Restaurants Ltd (1) 

  Apixdale Ltd (2) B Ravindran (3)

  	
   

  	
   

  
	
  21.06.91

  	
   

  	
  Licence

  	
   

  	
  Tarlok Singh Patheja (1) Grandmet 

  Restaurants Ltd (2) Perfect Pizza 

  Limited (3) Scott’s Hospitaility Ltd 

  (4)

  	
   

  	
   

  
	
  12.07.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  

 

92

 

	
   

  	
   

  	
   

  	
   

  	
  Underlease Documentation

  	
   

  	
   

  
	
  15.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Andrewsphillai Frances Zavier &
  Balasubramanium 

  Thaylatheva (2)

  	
   

  	
   

  

 

92 Field End Road Eastcote

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  13.08.87

  	
   

  	
  Lease

  	
   

  	
  JH Suckling (1) United Biscuits (UK) 

  Ltd (2)

  	
   

  	
   

  
	
  03.09.91

  	
   

  	
  Licence to Assign

  	
   

  	
  JH Suckling (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  17.09.91

  	
   

  	
  Deed of Assignment

  	
   

  	
  Grandmet Restaurants Ltd (1) Perfect 

  Pizza Ltd (2)

  	
   

  	
   

  
	
  18.08.03

  	
   

  	
  Rent Review Memorandum

  	
   

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  05.01.01

  	
   

  	
  Licence to 

  Underlet

  	
   

  	
  J F Suckling (1) Perfect Pizza Ltd (2) 

  Obaidulla Mehak (3)

  	
   

  	
   

  
	
  05.01.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Obaidulla Mehak (2)

  	
   

  	
   

  
	
  19.08.03

  	
   

  	
  Licence to Assign

  	
   

  	
  J F Suckling (1) Perfect Pizza Ltd (2) 

  Obaidulla Mehak (3) Mohammed 

  Afzal Choudhery (4)

  	
   

  	
   

  

 

274 Pinhoe Road Exeter

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  14.09.90

  	
   

  	
  Lease

  	
   

  	
  Paul Christian Seez
 Gino’s Dial-A-Pizza Limited

  	
   

  	
   

  
	
  18.11.92

  	
   

  	
  Licence to Assign

  	
   

  	
  P.C. Seez (1) G.D.P. Realisations 

  Limited (2) Perfect Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  03.12.03

  	
   

  	
  Licence to Sub-Let

  	
   

  	
  Paul Christian Seez (1) Perfect Pizza 

  Limited (2) It’s A Bullseye Limited 

  (3) Nicholas Taylor and Kent Watson 

  (4)

  	
   

  	
   

  
	
  04.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) It’s A 

  Bullseye Limited (2) Nicholas Taylor 

  and Kent Watson (3)

  	
   

  	
   

  
	
  01.07.05

  	
   

  	
  Licence to Assign

  	
   

  	
  Paul Christian Seez (1) Perfect Pizza 

  Limited (2) It’s A Bullseye Limited 

  (3) Gurminder Singh Lola (4)

  	
   

  	
   

  

 

93

 

186a West Street Fareham Hampshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  Anglo Scottish Development Ltd

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  19.10.88

  	
   

  	
  Licence

  	
   

  	
  Anglo Scottish Development Ltd

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  01.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Kantilal Raojibhai Patel, Danishbhai 

  Raojibhai Patel, Pankajbhai 

  Vitthalbhai Patel and Madhusudan 

  Ishwarbhai Patel

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  31.10.90

  	
   

  	
  Underlease

  	
   

  	
  Grandmet Restaurants Ltd

  Restaurants Universal Ltd

  Messrs N.H. & M.F.L. Davison

  	
   

  	
   

  
	
  22.10.92

  	
   

  	
  Copy Licence

  	
   

  	
  Kantilal Raojibhai Patel, Danishbhai 

  Raojibhai Patel, Pankajbhai Vitthalbhai Patel and Madhusudan Ishwarbhai Patel

  Perfect Pizza Ltd

  Restaurants Universal Ltd

  Ramila Pandya

  	
   

  	
   

  

 

218 Farnborough Road Farnborough Hampshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  10.08.87

  	
   

  	
  Lease

  	
   

  	
  Kindale Limited

  Colin Hayward Barnes

  	
   

  	
   

  
	
  20.09.88

  	
   

  	
  Deed of Variation

  	
   

  	
  Kindale Limited Ad Colin Haywood 

  Barnes

  	
   

  	
   

  
	
  15.05.92

  	
   

  	
  Agreement

  	
   

  	
  National Westminster Bank Plc

  Perfect Pizza Limited

  	
   

  	
   

  
	
  02.06.92

  	
   

  	
  Licence

  	
   

  	
  Julian Overseas Corporation, 

  National Westminster Bank Plc

  Perfect Pizza Limited

  	
   

  	
   

  

 

94

 

	
  16.06.92

  	
   

  	
  Assignment

  	
   

  	
  National Westminster Bank Plc

  Perfect Pizza Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  04.06.03

  	
   

  	
  Licence to Sub-Let

  	
   

  	
  Sydney Howard Catlin & Beryl 

  Catlin Perfect Pizza Limited

  Mohammed Afzal Choudhery

  	
   

  	
   

  
	
  04.06.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited

  Mohammed Afzal Choudhery

  	
   

  	
   

  

 

13 Straits Parade, Fish Ponds, Bristol

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  24.06.88

  	
   

  	
  Lease

  	
   

  	
  David Chontow and Miria Elisheva 

  Chontow (1) Gino’s Dial-A-Pizza 

  Limited (2) Michael John Mcgrath, 

  Dennis Mcgrath John Mcgrath (3)

  	
   

  	
   

  
	
  11.01.93

  	
   

  	
  Licence to Assign

  	
   

  	
  D Chontow & M E Chontow (1) 

  GDP Realisations Limited (2) Perfect 

  Pizza Limited (3)

  	
   

  	
   

  
	
  14.01.93

  	
   

  	
  Assignment

  	
   

  	
  GDP Realisations Limited (1) Perfect 

  Pizza Limited (2) Michael John 

  Mcgrath, Dennis Mcgrath and John 

  Mcgrath (3)

  	
   

  	
   

  
	
  24.06.98

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  D & Me Chontow Trustees (1) 

  Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  15.01.91

  	
   

  	
  Agreement for Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) 

  Simon David Kerbes (2)

  	
   

  	
   

  
	
  10.05.94

  	
   

  	
  Licence to 

  Underlet

  	
   

  	
  David Chontow and Miriam Chontow (1) Perfect Pizza Limited 

  (2) Simon David Kerbes (3)

  	
   

  	
   

  
	
  6.06.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Simon 

  David Kerbes (2)

  	
   

  	
   

  
	
  18.0699

  	
   

  	
  Licence to Assign

  	
   

  	
  D Chontow and M E Chontow (1) 

  Perfect Pizza Limited (2) Simon 

  David Kerbes (3) Taranjit Singh 

  Bains (4)

  	
   

  	
   

  

 

95

 

776 Stafford Road, Fordhouses, Wolverhampton

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  7.11.05

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  Teves Investments Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  8.05.02

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Limited (1) Gurpal Showker and Hemant Patel (2) Hemant
  Patel (3)

  	
   

  	
   

  
	
  17.04.02

  	
   

  	
  Lease

  	
   

  	
  Teves Investments Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  5.03.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Gurpal Showker and Hemant Patel (2)

  	
   

  	
   

  

 

Gailey Park Distribution Centre, Staffs

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  10.04.00

  	
   

  	
  Lease

  	
   

  	
  Derrick Morgan (Construction) Ltd (1) Perfect Pizza Limited (2)

  	
   

  	
   

  

 

25 Liskaerd Road, & 11 Liskard Road
(known as 9 Gillity Village), Walsall

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  23.12.92

  	
   

  	
  Assignment

  	
   

  	
  G.D.P. Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  18.12.92

  	
   

  	
  Licence to Assign

  	
   

  	
  V.B. Goyal & S Shukla (1) G.D.P Realisations Limited (2) Perfect
  Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  04.12.89

  	
   

  	
  Lease

  	
   

  	
  Mr V B Goyal & Mr S Shukla (1) Messrs Ginos Dial a Pizza Limited
  (2)

  	
   

  	
   

  

 

96

 

	
  Underlease Documentation

  
	
  20.08.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Abdul Baseer Rehan & Anas Ahmed Rehan
  (2)

  	
   

  	
   

  
	
  20.08.04

  	
   

  	
  Licence to Sublet

  	
   

  	
  Vidya Bhushan Goyal & Sukhdev Shukla (1) Perfect Pizza Limited
  (2) Abdul Baser Rehan & Anas Ahmed Rehan (3)

  	
   

  	
   

  

 

3 Cavendish Buildings, 144 Eastgate St,
Gloucester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  21.09.83

  	
   

  	
  Underlease

  	
   

  	
  Barjack Properties Limited (1) Rita Patricia Joan Blake (2)

  	
   

  	
   

  
	
  19.09.91

  	
   

  	
  Assignment

  	
   

  	
  Joanna Jayne Kelley (1) Sally-Ann Bliss (2) Gino’s Dial a Pizza
  Limited (3)

  	
   

  	
   

  
	
  19.09.91

  	
   

  	
  Licence

  	
   

  	
  Ruralspar Limited (1) Sally Ann Bliss (2) Ginos Dial a Pizza Limited
  (3)

  	
   

  	
   

  
	
  27.11.91

  	
   

  	
  Licence for Alterations

  	
   

  	
  Ruralspar Limited (1) Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  
	
  11.11.92

  	
   

  	
  Licence

  	
   

  	
  Ruralspar Limited (1) GDP Realisations Limited (2) Perfect Pizza
  Limited (3)

  	
   

  	
   

  
	
  13.11.92

  	
   

  	
  Assignment

  	
   

  	
  G.D.P Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  07.01.05

  	
   

  	
  Further Lease

  	
   

  	
  Ranbrook Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  27.5.02

  	
   

  	
  Licence

  	
   

  	
  Ranbrook Limited (1) Pefect Pizza Limited (2) Dharmendar Khag &
  Rakesh Lagan (2)

  	
   

  	
   

  
	
  30.07.02

  	
   

  	
  Sub-Underlease

  	
   

  	
  Pefect Pizza Limited (1) Dharmendar Khag & Rakesh Lagan (2)

  	
   

  	
  NB this has expired

  

 

97

 

21 Epsom Road Guildford

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  22.06.88

  	
   

  	
  Lease

  	
   

  	
  Mosspine Ltd

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  01.08.91

  	
   

  	
  Licence

  	
   

  	
  Alan Isaac Woo & Pauline Yeh

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  15.05.89

  	
   

  	
  Licence to Underlet

  	
   

  	
  Alan Isaac Woo & Pauline Yeh

  United Biscuits (UK) Ltd

  Asta Catering Ltd

  	
   

  	
   

  
	
  13.07.89

  	
   

  	
  Underlease

  	
   

  	
  UB Restaurants Ltd

  Asta Catering Ltd

  A.J. Castle

  	
   

  	
   

  
	
  01.08.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Alan Isaac Woo & Pauline Yeh

  Perfect Pizza Ltd

  Asta Catering Ltd

  Hamid Keeshbafan

  	
   

  	
   

  
	
  11.10.00

  	
   

  	
  Licence to Assign

  	
   

  	
  A.I. Wood & P. Yeh

  Perfect Pizza Ltd

  H. Keeshbafan

  Guildford Ltd

  H. Keeshbafan

  	
   

  	
   

  

 

1500 Stratford Road Hall Green Birmingham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  03.03.94

  	
   

  	
  Lease

  	
   

  	
  Central Midlands Co-Operative Society Ltd

  G.D.P. (No.2) Ltd

  	
   

  	
   

  
	
  03.03.94

  	
   

  	
  Assignment

  	
   

  	
  G.D.P. (No.2) Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  03.03.94

  	
   

  	
  Licence

  	
   

  	
  Central Midlands Co-Operative Society Ltd

  G.D.P. (No.20 Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  06.05.97

  	
   

  	
  Deed of Variation

  	
   

  	
  Central Midlands Estates Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  06.05.98

  	
   

  	
  Licence to Underlet

  	
   

  	
  Central Midlands Estates Ltd

  Perfect Pizza Ltd

  Manjit Kaur Dhanda

  	
   

  	
   

  

 

98

 

	
  11.06.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Miss Manjit Kaur Dhanda

  	
   

  	
   

  
	
  17.11.03

  	
   

  	
  Licence to Assign

  	
   

  	
  Central Midlands Estates Ltd

  Perfect Pizza Ltd

  Manjit Kaur Wade (Nee Dhanda) Sukhdip Singh Sangha and Hardip Singh Sangha

  	
   

  	
   

  

 

28 High Street Harpenden St Albans
Hertfordshire

 

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  30.03.90

  	
   

  	
  Lease

  	
   

  	
  Watney Truman

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  01.08.90

  	
   

  	
  Licence for Alterations

  	
   

  	
  Watney Truman Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  10.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Watney Truman Ltd

  Taverners Table Ltd

  Perfect Pizza Ltd

  Scott-S Ltd

  	
   

  	
   

  
	
  10.08.01

  	
   

  	
  Rent Review Memorandum

  	
   

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  02.05.91

  	
   

  	
  Licence

  	
   

  	
  Watney Truman Ltd

  Perfect Pizza Ltd

  Cavendish Fast Foods Ltd

  	
   

  	
   

  
	
  20.09.91

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Cavendish Fast Foods Ltd

  	
   

  	
   

  
	
  01.03.94

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd

  Cavendish Fast Foods Ltd

  D.M. Gardiner

  	
   

  	
   

  
	
  01.03.94

  	
   

  	
  Licence to Assign

  	
   

  	
  Watney Truman Ltd

  Perfect Pizza Ltd

  Cavendish Fast Foods Ltd

  David Mackay Gardiner

  	
   

  	
   

  
	
  15.11.96

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd

  D.M. Gardiner

  Palmrange Ltd

  D. Titley & S.F. Karunaratne

  	
   

  	
   

  
	
  31.10.01

  	
   

  	
  Licence to Assign

  	
   

  	
  Queensbridge Assets Sa

  Perfect Pizza Ltd

  Palmrange Ltd

  P & SB (Harpenden) Ltd

  Eric Bonney

  	
   

  	
   

  

 

99

 

22 Market Parade, Havant, Hampshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  2.12.05

  	
   

  	
  Lease

  	
   

  	
  Northlands Holding Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  2.12.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) B C Ellis (2)

  	
   

  	
   

  

 

6 Five Ways Parade, Hazelgrove, Stockport

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  19.07.83

  	
   

  	
  Lease

  	
   

  	
  Ravenseft Properties Ltd (1) Craft Cleaners Ltd (2)

  	
   

  	
   

  
	
  13.05.88

  	
   

  	
  Licence

  	
   

  	
  Ravenseft Properties Ltd (1) Craft Cleaners Ltd (2) Johnson Brothers
  (Cleaners) Ltd (3)

  	
   

  	
   

  
	
  20.01.89

  	
   

  	
  Assignment

  	
   

  	
  John Brothers (Cleaners) Ltd (1) Gino’s Dial-A-Pizza Ltd (2) John
  Mcgrath (3)

  	
   

  	
   

  
	
  15.02.89

  	
   

  	
  Licence

  	
   

  	
  Ravenseft Properties Ltd (1) Johnson Brothers (Cleaners) Ltd (2) Gino’s
  Dial-A-Pizza Ltd (3) John Mcgrath (4)

  	
   

  	
   

  
	
  27.11.92

  	
   

  	
  Licence

  	
   

  	
  Ravenseft Properties Ltd (1) GDP Realisations Ltd (2) Perfect Pizza
  Ltd (3)

  	
   

  	
   

  
	
  01.12.92

  	
   

  	
  Assignment

  	
   

  	
  GDP Realisations Ltd (1) Perfect Pizza Ltd (2) John Mcgrath (3)

  	
   

  	
   

  
	
  30.10.03

  	
   

  	
  Deed of Variation of Lease

  	
   

  	
  Sharplink Ltd (1) Perfect Pizza (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  24.03.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) SBS Trade (UK) Ltd (2) Husnan Safdar Bukhari
  (3)

  	
   

  	
   

  

 

100

 

43 Commercial Road Hereford

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  19.02.92

  	
   

  	
  Transfer

  	
   

  	
  G.D.P. Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  08.02.93

  	
   

  	
  Licence to Assign

  	
   

  	
  S.Z. Khan (1) G.D.P. Realisations Limited (2) Perfect Pizza Limited
  (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  18.11.91

  	
   

  	
  Lease

  	
   

  	
  Robin Archer (1) Ginos Dial a Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.10.01

  	
   

  	
  Licence to Underlet

  	
   

  	
  John Rowland Ashley Owens & Diana Owens (1) Perfect Pizza Limited
  (2) Dharmendar Khag & Rakesh Lagan (3)

  	
   

  	
   

  
	
  01.10.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Dharmendar Khag & Rakesh Lagan (2)

  	
   

  	
   

  

 

Ground Floor Premises, 33 Regent St,  Hinckley, Leicester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  29.10.90

  	
   

  	
  Lease

  	
   

  	
  J.P. & Miss Moreton (1) Grandmet Restaurants Limited (2)

  	
   

  	
   

  
	
  01.08.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Mrs J.P. & Miss R.J. Moreton (1) Grandmet Restaurants Limited (2)
  Perfect Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  20.08.91

  	
   

  	
  Licence to Underlet

  	
   

  	
  J.P. Moreton & R.J. Moreton (1) K. Katechia (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  06.07.92

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) K Katechia (2)

  	
   

  	
   

  

 

Unit 3 Dalkeith House Dalkeith Place
Kettering

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.02.88

  	
   

  	
  Lease

  	
   

  	
  Hudson, Hudson, Hudson & Staniscia

  United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  11.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Hudson & Hudson

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  

 

101

 

	
  25.07.91

  	
   

  	
  Deed of Assignment

  	
   

  	
  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  
	
  12.01.05

  	
   

  	
  Rent Review Memorandum

  	
   

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  25.07.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd

  Iraj Poshtmashad

  	
   

  	
   

  

 

63 Bedford Street Leamington Spa

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.05.00

  	
   

  	
  Lease

  	
   

  	
  Town House Investments Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  20.11.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Kirit Parbhubhai Patel and Satinderpal Dhaliwal
  (2)

  	
   

  	
   

  
	
  11.02.02

  	
   

  	
  Deed of Variation of Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Kirit Parbhubhai Patel and Satinderpal Dhaliwal
  (2)

  	
   

  	
   

  

 

19 Leamore Lane, Leamore, Walsall

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  13.06.01

  	
   

  	
  Lease

  	
   

  	
  The Walsall Metropolitan Borough Council (1) Perfect Pizza Limited
  (2)

  	
   

  	
   

  
	
  Incomplete

  	
   

  	
  Lease renewal

  	
   

  	
  The Walsall Metropolitan Borough Council (1) Perfect Pizza Limited
  (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  12.07.01

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Kirit Patel & Satnam Khag (2)

  	
   

  	
   

  

 

102

 

199 Uppingham Road, Leicester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  17.02.89

  	
   

  	
  Lease

  	
   

  	
  B.R and J.B Mody to United Biscuits (UK) Limited

  	
   

  	
   

  
	
  26.09.90

  	
   

  	
  Licence for Alterations to Premises

  	
   

  	
  Messrs B.R and J.B Mody to Grand Met Restaurants Limited

  	
   

  	
   

  
	
  25.07.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Messrs B.R. Mody and J.B Mody (1) Grandmet Restaurants Limited (2) Perfect
  Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  25.07.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Limited to Perfect Pizza Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  13.02.98

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited

  Satnam Singh Khag Kirit Patel

  Gurpal Singh Khag

  	
   

  	
   

  
	
  11.02.98

  	
   

  	
  Licence

  	
   

  	
  Messrs B R and J B Mody (1) Perfect Pizza Limited (2) Ss Khag and
  Others (3)

  	
   

  	
   

  
	
  13.09.99

  	
   

  	
  Licence to Assign

  	
   

  	
  (1) Bhagwanji Rugnath Mody & Jitrendra Bhagwanji Mody (2) Perfect
  Pizza Limited (3) Satnam Singh Khag & Gurpal Singh Khag (4) Gurbinder
  Singh Dhasi

  	
   

  	
   

  

 

Unit 4 
Cranfleet Way Long Eaton

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  03.10.01

  	
   

  	
  Agreement for Lease

  	
   

  	
  Trustees of the Ferndale Executive Pension Scheme (1) Perfect Pizza
  Ltd (2)

  	
   

  	
   

  
	
  17.12.01

  	
   

  	
  Lease

  	
   

  	
  Trustees of the Ferndale Executive Pension Scheme (1) Perfect Pizza
  Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
   

  

 

103

 

6 and 8 Upper Normacott Road Longton
Stoke-On-Trent

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  31.07.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Limited
 Gino’s Dial-A-Pizza Limited

  	
   

  	
   

  
	
  14.04.92

  	
   

  	
  Deed of Variation of Lease

  	
   

  	
  Hourpass Limited
 Gino’s Dial-A-Pizza Limited

  	
   

  	
   

  
	
  23.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Fordway Investments Limited (1) G.D.P Realisations Limited (2)
  Perfect Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  29.11.91

  	
   

  	
  Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) andrew Craig Stott
 Jean Carol Stott (2)

  	
   

  	
   

  
	
  22.04.92

  	
   

  	
  Deed of Variation of Underlease

  	
   

  	
  Gino’s Dial-A-Pizza Limited (1) Andrew Craig Stott
 Jean Carol Stott

  	
   

  	
   

  
	
  03.04.02

  	
   

  	
  Licence to Assign

  	
   

  	
  The Trustees of The Norman Linton Executive Pension Scheme (1)
  Perfect Pizza Limited (2) andrew Craig Stott
 Jean Carol Stott (3) Amrik Singh
  Bansal (4)

  	
   

  	
   

  

 

8 Denmark Road, Lowestoft

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  06.02.89

  	
   

  	
  Lease

  	
   

  	
  A I Woo Esq. & Others (1) United Biscuits (UK) Limited (2)

  	
   

  	
   

  
	
  25.08.05

  	
   

  	
  Rent Review Memorandum

  	
   

  	
  A I Woo, G Wood C K Woo & P Yeh (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  11.06.91

  	
   

  	
  Licence

  	
   

  	
  A I Woo, G Woo, C K Woo & P Yeh (1) Grandmet Restaurants Limited
  (2) Perfect Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  02.06.91

  	
   

  	
  Copy Assignment

  	
   

  	
  Grandmet Restaurants Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  12.09.89

  	
   

  	
  Underlease

  	
   

  	
  UB Restaurants Limited (1) M J Kirby Esq. (2)

  	
   

  	
   

  
	
  30.03.90

  	
   

  	
  Licence to Assign

  	
   

  	
  Grandmet Restaurants Limited (1) M J Kirby Esq.. (2) Mr and Mrs G
  Catania (3)

  	
   

  	
   

  

 

104

 

	
  08.08.00

  	
   

  	
  Licence to Assign

  	
   

  	
  A I Woo, G Woo, C K Woo & P Yeh (1) Perfect Pizza Limited (2) G C
  & M Catania (3) (4) F Capello

  	
   

  	
   

  

 

15 Central Parade, Maghull, Liverpool

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  2.06.00

  	
   

  	
  Licence to Carry Out Works

  	
   

  	
  Central Square/Westway (Maghull) (No.1) Limited (1) Central
  Square/Westway Precinct (Maghull) (No.2) Limited (2) Perfect Pizza Limited
  (3)

  	
   

  	
   

  
	
  24.09.98

  	
   

  	
  Lease

  	
   

  	
  Ravenseft Properties Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  24.09.98

  	
   

  	
  Letter

  	
   

  	
  Ravenseft Properties Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  19.12.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Mayfair Products Limited (2) Iraj
  Posh-Mashad, Mohammad Zarabi and Mohammad-Reza Ghodrati (3)

  	
   

  	
   

  

 

62 Queen Street Maidenhead Berkshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  09.05.97

  	
   

  	
  Lease

  	
   

  	
  Jewson Property Holdings Ltd Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  There is no current Underlease in place

  	
   

  	
  Occupying franchisees believed to be: Shoukat & Amir Ali

  	
   

  	
   

  

 

105

 

67 Union Street, Maidstone, Kent

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  
	
  Headlease Documentation

  
	
  06.12.96

  	
   

  	
  Lease

  	
   

  	
  S J Wright Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  06.12.96

  	
   

  	
  Licence for Alterations

  	
   

  	
  S J Wright Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  07.05.97

  	
   

  	
  Licence to Sublet

  	
   

  	
  S J Wright Ltd (1) Perfect Pizza Ltd (2) Maswell Ltd (3) A M Sarrafan
  (4)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  07.05.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) Maswell Ltd (2) A M Sarrafan (3)

  	
   

  	
   

  
	
  02.10.00

  	
   

  	
  Licence to Assign

  	
   

  	
  S J Wright (1) Perfect Pizza Ltd (2) Maswell Ltd (3) Mandhir Singh
  Thandi (4)

  	
   

  	
   

  

 

1 Berkeley Precinct, Maypole, Birmingham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  
	
  Headlease Documentation

  
	
  30.11.90

  	
   

  	
  Lease

  	
   

  	
  S Royce & Son Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  
	
  10.11.92

  	
   

  	
  Licence

  	
   

  	
  S Royce & Sons Limited (1) GDP Realisations Limited (2) Perfect
  Pizza Limited (3)

  	
   

  	
   

  
	
  1.12.92

  	
   

  	
  Assignment

  	
   

  	
  GDP Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  9.08.94

  	
   

  	
  Licence

  	
   

  	
  S Royce & Son Limited (1) Perfect Pizza Limited (2) Calgarth
  Limited (3) Robert Paul Williams (4)

  	
   

  	
   

  
	
  25.08.94

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Calgarth Limited (2)

  	
   

  	
   

  
	
  26.08.94

  	
   

  	
  Licence

  	
   

  	
  S Royce & Son Limited (1) Perfect Pizza Limited (2) Calgarth
  Limited (3) Kulbant Singh (4)

  	
   

  	
   

  

 

106

 

255 London Road Mitcham Surrey

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  
	
  Headlease Documentation

  
	
  23.04.87

  	
   

  	
  Lease

  	
   

  	
  Goodwin Associates Ltd United Biscuits (UK) Ltd

  	
   

  	
   

  
	
  21.11.91

  	
   

  	
  Licence

  	
   

  	
  Goodwin Associates Ltd Grandmet Restaurants Ltd Perfect Pizza Ltd
  Scott’s Hospitality Ltd

  	
   

  	
   

  
	
  21.11.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd Perfect Pizza Ltd

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  18.04.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd Aref Kharouti

  	
   

  	
   

  
	
  06.11.00

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd Aref Kharouti Mahmoud Zolfaghari & Maria Ca
  Fernandes

  	
   

  	
   

  
	
  20.02.03

  	
   

  	
  Licence to Assign

  	
   

  	
  Perfect Pizza Ltd Mahmoud Zolfaghari & Maria Ca Fernandes Reza
  Babaysharife Zamine

  	
   

  	
   

  

 

446 Chester Road New Oscott Sutton Coldfield

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  
	
  Headlease Documentation

  
	
  12.04.90

  	
   

  	
  Lease

  	
   

  	
  David Owen Kenna (1) Jane Elizabeth Kenna (2) Gino’s Dial a Pizza (3)

  	
   

  	
   

  
	
  22.03.05

  	
   

  	
  Lease

  	
   

  	
  (1) David Owen Kenna and Jane Elizabeth Kenna (2) Perfect Pizza
  Limited

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  22.03.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) P S Sokhi and G S Sokhi and M S Sokhi

  	
   

  	
   

  

 

107

 

176 Corporation Road, Newport

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  21.05.91

  	
   

  	
  Lease

  	
   

  	
  Hourpass Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  
	
  14.04.92

  	
   

  	
  Deed of Variation of Lease

  	
   

  	
  Hourpass Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  
	
  23.10.92

  	
   

  	
  Licence to Assign

  	
   

  	
  Fordway Investments Limited (1) G.D.P Realisations Limited (2)
  Perfect Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  
	
  29.10.92

  	
   

  	
  Transfer

  	
   

  	
  G.D.P Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  6.05.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Limited (1) Miss H P Chave (2)

  	
   

  	
   

  
	
  10.05.99

  	
   

  	
  Licence to Underlet

  	
   

  	
  Lalitaben Chandubhai Patel (1) Perfect Pizza Limited (2) Helen Pamela
  Chave (3)

  	
   

  	
   

  
	
  23.09.02

  	
   

  	
  Licence to Assign

  	
   

  	
  L C Patel (1) Perfect Pizza Limited (2) H P Chave (3) F Difranco and
  C Fletcher (4)

  	
   

  	
   

  

 

212a Wellingborough Road Northampton

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  19.12.90

  	
   

  	
  Lease

  	
   

  	
  Mrs P K Sehmi (1) Grandmet Restaurants Ltd (2)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23.10.91

  	
   

  	
  Licence to Assign

  	
   

  	
  Mrs P K Sehmi (1) Grandmet Restaurants Ltd (2) Perfect Pizza Ltd (3)
  Scotts Hospitality Ltd (4)

  	
   

  	
   

  
	
  24.10.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet Restaurants Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
   

  

 

108

 

21/22 The Green, Attleborough, Nuneaton

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  08.11.78

  	
   

  	
  Lease

  	
   

  	
  Mr D A Greenway (1) Mr A B Plant (2)

  	
   

  	
   

  
	
  26.11.79

  	
   

  	
  Assignment

  	
   

  	
  Mr A B Plant (1) T Dillon & Co Ltd (2)

  	
   

  	
   

  
	
  19.12.79

  	
   

  	
  Licence

  	
   

  	
  Mr D A Greenway (1) Mr A B Plant (2) T Dillon & Co Ltd (3)

  	
   

  	
   

  
	
  11.12.87

  	
   

  	
  Licence

  	
   

  	
  Mrs M E Greenway (1) Hil Ltd (2) Sales Jewellers Ltd (3)

  	
   

  	
   

  
	
  11.12.87

  	
   

  	
  Assignment

  	
   

  	
  Hil Ltd (1) Zales Jewellers Ltd (2)

  	
   

  	
   

  
	
  03.11.88

  	
   

  	
  Licence

  	
   

  	
  Mrs M E Greenway (1) Zales Jewellers Ltd (2) Dillons Newsagents Ltd
  (3)

  	
   

  	
   

  
	
  03.11.88

  	
   

  	
  Assignment

  	
   

  	
  Zales Jewellers Ltd (1) Dillons Newsagents Ltd (2)

  	
   

  	
   

  
	
  11.10.89

  	
   

  	
  Licence to Assign

  	
   

  	
  Mrs M E Greenway (1) Newdil Ltd (2) T & S Stores Plc (3)

  	
   

  	
   

  
	
  11.10.89

  	
   

  	
  Assignment

  	
   

  	
  Newdil Ltd (1) T & S Stores Plc (2)

  	
   

  	
   

  
	
  27.11.98

  	
   

  	
  Licence

  	
   

  	
  Mrs M E Greenway (1) T & S Stores Plc (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  
	
  27.11.98

  	
   

  	
  Assignment

  	
   

  	
  T & S Stores Plc (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  2000

  	
   

  	
  Agreement

  	
   

  	
  Perfect Pizza Ltd (1) Gurmit Mandeir, Bilhar Singh Garcha and Baljit
  Singh Garcha (2)

  	
   

  	
  Agreement signed but unexchanged. PP’s Lease has expired so unable to
  exchange/complete subletting

  
	
  20.09.01

  	
   

  	
  Court Application Cpr Part 8

  	
   

  	
  Perfect Pizza Ltd (1) G Mandeir, B S Garcha and B S Garcha (2)

  	
   

  	
   

  
	
  21.09.01

  	
   

  	
  Court Order

  	
   

  	
  Perfect Pizza Ltd (1) G Mandeir, B S Garcha and B S Garcha (2)

  	
   

  	
   

  
	
  2001

  	
   

  	
  Underlease

  	
   

  	
  Perfect Pizza Ltd (1) G Mandeir, B S Garcha and B S Garcha (2)

  	
   

  	
  Signed and Uncompleted

  

 

109

 

137
Yorkshire Street, Oldham, Greater Manchester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  8.08.91

  	
   

  	
  Lease

  	
   

  	
  Mellowbrook
  Limited (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  29.11.95

  	
   

  	
  Assignment

  	
   

  	
  G.D.P (No.2)
  Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  28.11.95

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Mellowbrook
  Limited (1) G.D.P (No.2) Limited (2) Perfect Pizza Limited (3)

  	
   

  	
   

  	
   

  
	
  12.12.05

  	
   

  	
  Rent Review
  Memorandum

  	
   

  	
  Mellowbrook
  Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  25.05.04

  	
   

  	
  Agreement
  for Sub-Let

  	
   

  	
  Perfect
  Pizza Ltd (1) Gino’s Express Ltd (2) Mr Kirit Patel (3)

  	
   

  	
   

  	
   

  
	
  13.09.05

  	
   

  	
  Licence to
  Sub-Let

  	
   

  	
  Mellowbrook
  Limited (1) Perfect Pizza Limited (2) Gino’s Express Limited (3) Kirit Patel
  (4)

  	
   

  	
   

  	
   

  
	
  7.10.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Gino’s Express Limited (2) Mr Kirit Patel (3)

  	
   

  	
   

  	
   

  

 

331
Penn Road, Wolverhampton

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  10.03.93

  	
   

  	
  Lease

  	
   

  	
  Portrust
  Holdings Limited (1) Perfedt Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  No
  underlease is in place

  	
   

  	
  Current
  occupying franchisee believed to be:

  Larry & Hyacinth Chin-See

  	
   

  	
   

  	
   

  

 

110

 

Shop
2 and Flat 2, 71/73 High Street, Pitsea

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  25.11.04

  	
   

  	
  Lease

  	
   

  	
  (1) Norton
  Properties (Essex) Limited

  (2) Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  03.03.95

  	
   

  	
  Lease

  	
   

  	
  (1) Stephen
  Arthur Norton & Paul Kevin Norton

  (2) Perfect Pizza Limited

  	
   

  	
  2004 Lease
  By Reference to This Earlier Lease

  	
   

  
	
  Underlease Documentation

  
	
  25.10.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Sundeep Singh Chhina (2)

  	
   

  	
  Includes
  Copies of Notice and Statutory Declaration Re Exclusions of Sections 24 to 28
  of The Landlord and Tenant Act 1954

  	
   

  

 

283/287
Barking Road Plaistow London E13

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  08.02.88

  	
   

  	
  Lease

  	
   

  	
  Goodwin
  Associates Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
   

  	
   

  
	
  30.10.91

  	
   

  	
  Licence

  	
   

  	
  Goodwin
  Associates Limted (1) Grandmet Restaurants Limited (2) Perfect Pizza Limited
  (3)

  	
   

  	
   

  	
   

  
	
  04.11.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  13.03.88

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Tahir Mahmood Akram (2)

  	
   

  	
   

  	
   

  
	
  13.02.04

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Goodwin
  Associates Limited (1) Perfect Pizza Limited (2) M R Din & N Din (3) Z
  Hussain (4)

  	
   

  	
   

  	
   

  
	
  19.10.01

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Goodwin
  Associates Limited (1) Perfect Pizza Limited (2) T M Akram (3)

  	
   

  	
   

  	
   

  

 

111

 

Ground
& Lower Ground Floor & Basement 35 Mutley Plain, Plymouth, Devon

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  01.05.95

  	
   

  	
  Underlease

  	
   

  	
  Southern
  Fast Foods Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation Unit 1

  
	
  01.05.95

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Taylor Made Pizza Co.Limited (2)

  	
   

  	
   

  	
   

  
	
  01.05.95

  	
   

  	
  Licence to
  Sub-Underlet

  	
   

  	
  Parman Group
  Limited (1) Southern Fast Foods Limited (2) Perfect Pizza Co.Limited (3)
  Taylor Made Pizza Co.Limited (4)

  	
   

  	
   

  	
   

  
	
  29.09.95

  	
   

  	
  Deed of
  Rectification

  	
   

  	
  Perfect
  Pizza Limited (1) Taylor Made Pizza Co Limited (2) Parman Group Limited &
  Southern Fast Foods Limited (3)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation Unit 2

  
	
  01.05.95

  	
   

  	
  Licence to
  Sub-Underlet

  	
   

  	
  Parman Group
  Limited (1) Southern Fast Foods Limited (2) Perfect Pizza Limited (3) Taylor
  Made Pizza Co. Limited (4)

  	
   

  	
   

  	
   

  
	
  01.05.95

  	
   

  	
  Sub-Underlease

  	
   

  	
  Perfedt
  Pizza Limited (1) Taylor Made Pizza Co. Limited (2)

  	
   

  	
   

  	
   

  
	
  29.09.95

  	
   

  	
  Deed of
  Rectification

  	
   

  	
  Peffect
  Pizza Limited (1) Taylor Made Pizza Co. Limited (2)

  	
   

  	
   

  	
   

  
	
  01.05.95

  	
   

  	
  Licence for
  Alterations By Sub-Tenant

  	
   

  	
  Parman Group
  Limited (1) Southern Fast Foods Limited (2) Perfect Pizza Limited (3) Taylor
  Made Pizza Co.Limited (4)

  	
   

  	
   

  	
   

  

 

Ground
Floor 16 London Road North End Portsmouth

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  13.07.89

  	
   

  	
  Lease

  	
   

  	
  Mr A H G
  Al-Baghdadi

  UB Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  02.08.91

  	
   

  	
  Licence

  	
   

  	
  Ahmed Hamdi
  Gargis Al-Baghdadi

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  	
   

  
	
  21.08.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  19.12.90

  	
   

  	
  Underlease

  	
   

  	
  Grandmet
  Restaurants Ltd

  Corerun Ltd

  M G Travis

  	
   

  	
   

  	
   

  
	
  21.06.91

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Grandmet
  Restaurants Ltd

  Corerun Ltd

  R Pandya

  	
   

  	
   

  	
   

  

 

112

 

	
  04.04.00 /

  23.03.00

  	
   

  	
  Licence to
  Assign & Letter Signed By Mr Al-Baghadi

  	
   

  	
  A H G
  Al-Baghdadi

  Perfect Pizza Ltd

  R Pandya

  M & P Jackson

  	
   

  	
   

  	
   

  
	
  19.07.04

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Perfect
  Pizza Ltd

  Mark Nicholas Jackson & Paul Cornelius Jackson

  Dayfield Ltd

  Jaswant Singh Sahota

  	
   

  	
   

  	
   

  
	
  19.07.04

  	
   

  	
  Reversionary
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Dayfield Ltd

  Jaswant Singh Sahota

  	
   

  	
   

  	
   

  

 

41
Whitley Street Reading Berkshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  13.05.88

  	
   

  	
  Lease

  	
   

  	
  E.G.L. Cox
  and Mrs J.M. Cox

  United Biscuits (UK) Ltd

  	
   

  	
   

  	
   

  
	
  27.06.91

  	
   

  	
  Licence to
  Assign

  	
   

  	
  E.G.L. Cox
  and J.M. Cox

  Grandmet Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  27.06.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  26.05.98

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Rd Cox Esq.

  Perfect Pizza Ltd

  Cavendish Fast Foods Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  19.10.88

  	
   

  	
  Underlease

  	
   

  	
  United
  Biscuits (UK) Ltd

  P.T. Smale Esq.

  	
   

  	
   

  	
   

  
	
  07.02.01

  	
   

  	
  Deed of
  Variation

  	
   

  	
  Perfect
  Pizza Ltd

  Kirpal Singh Sahota and Sundip Singh Sandhu

  	
   

  	
   

  	
   

  

 

83
Evesham Road, Headless Cross, Redditch

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  27.03.91

  	
   

  	
  Lease

  	
   

  	
  Victor
  Michael Dormer & Patricia Anne Dormer (1) Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  25.11.92

  	
   

  	
  Licence to
  Assign

  	
   

  	
  V M Dormer
  & P A Dormer (1) G.D.P. Realisations Limited (2) Perfect Pizza Limited (3)

  	
   

  	
   

  	
   

  
	
  27.11.92

  	
   

  	
  Assignment

  	
   

  	
  G.D.P.
  Realisations Limited (1) Pefect Pizza Limited (2)

  	
   

  	
   

  	
   

  

 

113

 

	
  18.10.91

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Mr & Mrs
  V M Dormer (1) Ginos Dial a Pizza Limited (2) Messrs W Tonks Pj Tonks & J
  Tonks (3)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  18.03.92

  	
   

  	
  Underlease

  	
   

  	
  Ginos Dial a
  Pizza Limited (1) William Tonks Peter James Tonks & Jeffrey Tonks (2)

  	
   

  	
   

  	
   

  
	
  08.07.93

  	
   

  	
  Copy Licence
  to Assign

  	
   

  	
  V M & P
  A Dormer (1) W Tonks P J Tonks & J Tonks (2) E J P Tomlinson (3)

  	
   

  	
   

  	
   

  
	
  08.07.93

  	
   

  	
  Copy Licence

  	
   

  	
  Perfect
  Pizza Limited (1) Messrs W Tonks P J Tonks & J Tonks (2) E J P Tomlinson
  (3)

  	
   

  	
   

  	
   

  
	
  18.06.02

  	
   

  	
  Licence to
  Assign

  	
   

  	
  P A Dormer
  (1) Perfect Pizza Limited (2) E J P Tomlinson (3) M K Wade (4)

  	
   

  	
   

  	
   

  

 

143
Uxbridge Road  Millend  Rickmansworth  Hertfordshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.05.00

  	
   

  	
  Lease

  	
   

  	
  Sheila Evett

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  02.05.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Mohammad Javad Kashefi

  	
   

  	
   

  	
   

  

 

354
Oldbury Road  Rowley Regis  Sandwell  West Midlands

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  06.08.01

  	
   

  	
  Lease

  	
   

  	
  The Borough
  Council of Sandwell

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  06.12.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Aftaab Ahmed, Adnan Bin Ashfaq and Mohammed Ahmed

  	
   

  	
   

  	
   

  

 

114

 

294
Prince of Wales Road, Sheffield

 

	
  Date

  	
   

  	
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  Headlease Documentation

  
	
  02.03.91

  	
   

  	
  Lease

  	
   

  	
  Josephine
  Burke (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  08.01.93

  	
   

  	
  Assignment

  	
   

  	
  G D P
  Realisations Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  13.02.95

  	
   

  	
  Deed of
  Surrender

  	
   

  	
  Perfect
  Pizza Ltd (1) The Sheffield City Council (2)

  	
   

  	
   

  	
   

  
	
  20.08.01

  	
   

  	
  Deed of
  Rectification and Variation

  	
   

  	
  J Posen and
  Y Filip (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.11.04

  	
   

  	
  Licence

  	
   

  	
  J Posen and
  Y Filip (1) Perfect Pizza Ltd (2) A M Hazara (3)

  	
   

  	
   

  	
   

  
	
  01.11.04

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd (1) A M Hazara (2)

  	
   

  	
   

  	
   

  

 

33
Castle Foregate, Shrewsbury, Shropshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  03.04.91

  	
   

  	
  Lease

  	
   

  	
  Susan Mary
  Good (1) Gino’s Dial-A-Pizza (2)

  	
   

  	
   

  	
   

  
	
  26.11.92

  	
   

  	
  Assignment

  	
   

  	
  GDP
  Realisations Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  18.10.91

  	
   

  	
  Underlease

  	
   

  	
  Gino’s Dial-A-Pizza
  Ltd (1) Peter Price and David Pryce (2)

  	
   

  	
   

  	
   

  
	
  25.10.94

  	
   

  	
  Deed of
  Variation

  	
   

  	
  Perfect
  Pizza Ltd (1) P Price and D Pryce (2)

  	
   

  	
   

  	
   

  
	
  24.01.95

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Perfect
  Pizza Ltd (1) P Price and D Pryce (2) G S Showker and C E Hardiman (3)

  	
   

  	
   

  	
   

  
	
  19.02.01

  	
   

  	
  Licence to
  Assign

  	
   

  	
  S M Good (1)
  Perfect Pizza Ltd (2) C E Hardiman (3) S S Khag, G Khag and K P Patel (4)

  	
   

  	
   

  	
   

  

 

115

 

81
Station Road Sidcup

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Headlease Documentation

  
	
  01.08.88

  	
   

  	
  Lease

  	
   

  	
  Mosspine Ltd

  United Biscuits (UK) Ltd

  	
   

  	
   

  	
   

  
	
  18.03.04

  	
   

  	
  Copy Letter
  Re. Rent Review

  	
   

  	
  From
  Consortium Properties Plc

  	
   

  	
   

  	
   

  
	
  20.11.91

  	
   

  	
  Licence

  	
   

  	
  Mohammad
  Saeed Akhtar

  Grandmet Restaurants Ltd

  Scott’s Hospitality Ltd

  	
   

  	
  Gives
  Consent to Assignment to Perfect Pizza Ltd

  	
   

  
	
  20.11.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  29.12.00

  	
   

  	
  Licence to
  Sub-Let

  	
   

  	
  Mohammad
  Saeed Akhtar

  Perfect Pizza Ltd

  Aref Kharouti

  	
   

  	
   

  	
   

  
	
  29.12.00

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Aref Kharouti

  	
   

  	
   

  	
   

  
	
  18.10.01

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Mohammed
  Saeed Akhtar

  Perfect Pizza Ltd

  Aref Kharouti

  Ahsan Ullah Khan

  	
   

  	
   

  	
   

  

 

275
High Street Slough

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Headlease Documentation

  
	
  10.03.97

  	
   

  	
  Lease

  	
   

  	
  (1) Guys
  Hospital Nominees

  (2) Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  10.03.97

  	
   

  	
  Rent Deposit
  Deed

  	
   

  	
  (1) Guys
  Hospital Nominees

  (2) Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  27.11.00

  	
   

  	
  Underlease
  With Provisions for Surrender

  	
   

  	
  Perfect
  Pizza Limited (1) Satnam Singh Khag and Isaac Chang Yeboah

  	
   

  	
   

  	
   

  

 

115
Elm Grove Southsea

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
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  Headlease Documentation

  
	
  18.05.87

  	
   

  	
  Lease

  	
   

  	
  Trevian
  Properties Limited to United Biscuits (UK) Limited

  	
   

  	
   

  	
   

  
	
  25.07.91

  	
   

  	
  Licence

  	
   

  	
  Sarwan Singh
  Sohi and Inderjit Kaur Sohi (1) Grandmet Restaurants Limited (2) Perfect
  Pizza Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  	
   

  

 

116

 

	
  25.07.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Limited to Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.04.05

  	
   

  	
  Agreement
  for Underlease

  	
   

  	
  Perfect
  Pizza Limited

  Atlas Corporate Developments Limited

  	
   

  	
   

  	
   

  

 

Unit
6  North Walls Salter Street Stafford

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.06.90

  	
   

  	
  Lease

  	
   

  	
  Anglo
  International Holdings Ltd

  Gino’s Dial-A-Pizza

  	
   

  	
   

  	
   

  
	
  03.11.92

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Anglo
  International Holdings Ltd

  GDP Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  19.11.92

  	
   

  	
  Copy
  Transfer

  	
   

  	
  GDP
  Realisations Ltd

  Perfect Pizza Ltd

  	
   

  	
  Underlease
  Referred to Granted to David Ian & Christopher Bromley Appears to Have
  Been Superseded/ Surrendered

  	
   

  
	
  06.06.96

  	
   

  	
  Memorandum
  of Rent Review

  	
   

  	
  Signed On
  Behalf of Rayhelm Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  04.03.97

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Rayhelm Ltd

  Perfect Pizza Ltd

  Mandale Ltd

  Owen Drysdale & Amanda Maaskant

  	
   

  	
   

  	
   

  
	
  07.04.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Mandale Ltd

  Owen Drysdale & Amanda Maaskant

  	
   

  	
   

  	
   

  

 

Ground
Floor Shop, 115/117 High St, Stevenage Hertfordshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  25.03.88

  	
   

  	
  Lease

  	
   

  	
  Mr & Mrs
  G.H. Amis (1) United Biscuits (UK) Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  01.11.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Sami & Samiha Limited (2) Mohammaed Sofi Ullah (3)

  	
   

  	
   

  	
   

  

 

117

 

	
  01.11.05

  	
   

  	
  Licence to
  Sublet

  	
   

  	
  Mr & Mrs
  G.H. Amis (1) Perfect Pizza Limited (2) Sami & Samiha Limited (3)
  Mohammed Sofi Ullah

  	
   

  	
   

  	
   

  

 

812
Harrow Road  Sudbury  Middlesex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  20.09.89

  	
   

  	
  Lease

  	
   

  	
  Sukhdev
  Singh Chhatwal

  UB Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  14.05.99

  	
   

  	
  Licence

  	
   

  	
  Sukhdev
  Singh Chhatwal

  Grandmet Restaurants Ltd

  Scott’s Hospitality Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  27.05.92

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  22.01.98

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Sukhdev
  Singh Chhatwal

  Perfect Pizza Ltd

  Shahid Mahmoud Khan

  	
   

  	
   

  	
   

  
	
  26.07.99

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Sukhdev
  Singh Chhatwal

  Perfect Pizza Ltd

  Wahidyullah Zia

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  17.08.99

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Wahidyullah Zia

  	
   

  	
   

  	
   

  

 

60
Cricklade Road, Swindon, Wiltshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  15.07.87

  	
   

  	
  Lease

  	
   

  	
  Buyquick
  Limited (1) Mann & Co (South Coast) Ltd (2)

  	
   

  	
   

  	
   

  
	
  21.03.89

  	
   

  	
  Assignment

  	
   

  	
  Mann &
  Co (South Coast) Ltd (1) Taylors Estate Agents Ltd (2)

  	
   

  	
   

  	
   

  
	
  24.06.91

  	
   

  	
  Assignment

  	
   

  	
  Taylors
  Estate Agents Ltd (1) Gino’s Dial-A-Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  24.06.91

  	
   

  	
  Deed of
  Variation

  	
   

  	
  D J Norris
  and M V Norris (1) Taylors Estate Agents Ltd (2) Gino’s Dial-A-Pizza Ltd (3)

  	
   

  	
   

  	
   

  
	
  04.11.92

  	
   

  	
  Licence

  	
   

  	
  D J Norris
  and M V Norris (1) G D P Ltd (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  	
   

  

 

118

 

	
  13.11.92

  	
   

  	
  Assignment

  	
   

  	
  G D P
  Realisations Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  02.02.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd (1) Prem Kumar (2)

  	
   

  	
   

  	
   

  

 

Unit
11  Meadway Shopping Centre  Tilehurst

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Headlease Documentation

  
	
  31.08.01

  	
   

  	
  Licence for
  Alterations

  	
   

  	
  Neighbourhood
  Retail Limited Partnership

  Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  31.08.01

  	
   

  	
  Letter

  	
   

  	
  Neighbourhood
  Retail Limited Partnership

  	
   

  	
   

  	
   

  
	
  31.08.01

  	
   

  	
  Lease

  	
   

  	
  (1) The
  Neighbourhood Retail Limited Partnership (2) Perfect Pizza Limited

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  22.01.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited

  Sundip Singh Sandu Balbir Kaur Sandhu

  Harvinder Singh Sandhu

  	
   

  	
   

  	
   

  

 

Shop
3 & Flat 3 York Parade Trench Wood North Tonbridge

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.10.89

  	
   

  	
  Licence to
  Sub-Let and Change Use

  	
   

  	
  Bhupesh
  Harshad Rana & Sudhir Thakarshi Wadhia

  Derek William Overy and Christine Annie Overy

  UB Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  02.10.89

  	
   

  	
  Underlease

  	
   

  	
  Derek
  William Overy & Christine Annie Overy

  UB Restaurants Ltd

  	
   

  	
  Perfect
  Pizza Have Provisionally Agreed Terms With Mr and Mrs Overy to Extend Their
  Underlease But No Draft Has Yet Been Received (However Please See Enclosed
  Letter and Enclosure From Gaby Hardwicke Dated 11th October 2005)
  – Please Refer to Clause 2.1 of The Agreement for Underlease With Mr Ghodrati
  and Ms Kesheh for Details of Terms

  	
   

  

 

119

 

	
  13.11.91

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Dw & Ca
  Overy

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  15.11.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  27.10.05

  	
   

  	
  Rent Review
  Memorandum

  	
   

  	
  Derek
  William Overy & Christine Annie Overy

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  24.10.05

  	
   

  	
  Agreement
  for Underlease (Includes Attached Draft Underlease & Notice &
  Statutory Declaration Both Dated 24.10.05 to Exclude Sections 24 to 28 of The
  Landlord & Tenant Act 1954)

  	
   

  	
  Perfect
  Pizza Ltd

  Mohammad-Reza Ghodrati & Parvin Asadi Kesheh

  	
   

  	
  Please Note
  This Agreement Is Conditional – Please Refer to Its Terms for Details

  	
   

  

 

106
Camden Road, Tunbridge Wells, Kent

 

	
  Date

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  16.04.97

  	
   

  	
  Lease

  	
   

  	
  CMS
  Properties (Kent) Ltd (1) Ursula Georgina Ball (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  	
   

  
	
  23.11.05

  	
   

  	
  Lease

  	
   

  	
  CMS
  Properties (Kent) Ltd (1) Ursula Georgina Ball (2) Perfect Pizza Ltd (3)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  09.09.05

  	
   

  	
  Agreement
  for Underlease

  	
   

  	
  Perfect
  Pizza Ltd (1) Pizza Perfection Ltd (2) Heshmat Gholampour

  	
   

  	
   

  	
   

  

 

120

 

49
Arrow Park Road, Upton, Wirral

 

	
  Date

  	
   

  	
  Document

  	
   

  	
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  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.12.92

  	
   

  	
  Licence

  	
   

  	
  Vaktro
  Properties Limited (1) G.D.P. Realisations Limited (2) Perfect Pizza Limited
  (3)

  	
   

  	
   

  	
   

  
	
  22.02.91

  	
   

  	
  Licence to
  Carry Out Works

  	
   

  	
  Vaktro
  Properties Limited (1) Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  22.02.91

  	
   

  	
  Lease

  	
   

  	
  Vaktro
  Properties Limited (1) Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  27.01.04

  	
   

  	
  Licence to
  Sublet

  	
   

  	
  Second
  Property Trding Limited (1) Perfect Pizza Limited (2) R Sethi (3)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  27.01.04

  	
   

  	
  Lease

  	
   

  	
  Perfect
  Pizza Limited Eastbrite Limited (1) R.Sethi (2)

  	
   

  	
   

  	
   

  

 

102
Cowley Road Uxbridge Middlesex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  31.01.91

  	
   

  	
  Lease

  	
   

  	
  Ajit Kaur
  Bangay (1) Grandmet Restaurants Limited (2)

  	
   

  	
   

  	
   

  
	
  18.12.92

  	
   

  	
  Licence

  	
   

  	
  Ajit Kaur
  Bangay (1) Scott’s Hospitality Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  02.07.91

  	
   

  	
  Underlease

  	
   

  	
  Grandmet
  Restaurants Limited (1) Mohammad Amin Choudhery (2)

  	
   

  	
   

  	
   

  

 

146/148
Halifax Road, Wadsley Bridge, Sheffield, South Yorkshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  04.11.94

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Haworth
  & Airey Limited (1) Perfect Pizza Limited (2) Steven Biggin (3)

  	
   

  	
   

  	
   

  
	
  22.05.92

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Haworth
  & Airey Limited (1) Grandmet Restaurants Limited (2) Perfect Pizza
  Limited (3) Scott’s Hospitality Limited (4)

  	
   

  	
   

  	
   

  

 

121

 

	
  15.01.88

  	
   

  	
  Lease

  	
   

  	
  Haworth
  & Airey Limited (1) United Biscurits (UK) Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  03.02.95

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) S. Biggin (2)

  	
   

  	
   

  	
   

  

 

64
Woodcote Rd, Wallington, Surrey

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  11.12.87

  	
   

  	
  Lease

  	
   

  	
  Co-Operative
  Wholesale Society Limited (1) United Biscuits (UK) Limited (2)

  	
   

  	
   

  	
   

  
	
  18.10.91

  	
   

  	
  Licence

  	
   

  	
  Co-Operative
  Wholesale Society Limited (1) Grandmet Restaurants Limited (2) Perfect Pizza
  Limited (3)

  	
   

  	
   

  	
   

  
	
  23.10.91

  	
   

  	
  Transfer

  	
   

  	
  Grandmet
  Restaurants Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  29.10.96

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  Co-Operative
  Wholesale Society Limited (1) Perfect Pizza Limited (2) Euroseller 2 Limited
  (3) Ahmed Abd Al Chalabi (4)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  12.03.03

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Sureshchandra
  Navinbhai Patel & Mandakini Sureshchandra Patel (1) Perfect Pizza Limited
  (2) Freshcontrol Limited (3) Kamran Khan & Haan Doran (4)

  	
   

  	
   

  	
   

  
	
  08.10.97

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Co-Operative
  Wholesale Society Limited (1) Perfect Pizza Limited (2) Euroseller 2 Limited
  (3) Fresh Control Limited (4) Ahmed Adb Al Chalabi & Araf Kharouti (5)

  	
   

  	
   

  	
   

  
	
  29.10.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Euroseller 2 Limited

  	
   

  	
   

  	
   

  

 

99
Hersham Road Walton On Thames Surrey

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  28.02.86

  	
   

  	
  Lease

  	
   

  	
  John St.
  Pierre Slatter & John Edwin Marchington Bridgers

  	
   

  	
   

  	
   

  

 

122

 

	
  15.09.93

  	
   

  	
  Deed of
  Licence and Variation of Lease

  	
   

  	
  John St.
  Pierre Slatter & John Edwin Marchington Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  16.12.04

  	
   

  	
  Licence to
  Underlet

  	
   

  	
  John St.
  Pierre Slatter & John Edwin Marchington

  Perfect Pizza Ltd

  Isaac Chang-Yeboah

  	
   

  	
   

  	
   

  
	
  10.01.05

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Isaac Chang-Yeboah

  	
   

  	
   

  	
   

  

 

25a
Midland Road Wellingborough Northamptonshire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  07.03.89

  	
   

  	
  Lease

  	
   

  	
  Southcross
  Properties Ltd

  United Biscuits (UK) Ltd

  	
   

  	
   

  	
   

  
	
  12.06.91

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Southcross
  Properties Ltd

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  29.10.90

  	
   

  	
  Underlease

  	
   

  	
  Grandmet
  Restaurants Ltd

  I. Postmashad Esq.

  	
   

  	
   

  	
   

  
	
  15.08.01

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Ralph Elman

  Perfect Pizza Ltd

  Iraj Postmashad

  Parviz Mohammadpour Varenkesh

  	
   

  	
   

  	
   

  

 

385a
High Street, West Bromwich

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  14.03.99

  	
   

  	
  Lease

  	
   

  	
  Lamber Singh
  and Balbir Kaur (1) Gino’s Dial-A-Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  28.01.93

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Lamber Singh
  and Balbir Kaur (1) G.D.P Realisations Limited (2) Perfect Pizza Limited (3)
  Scotts Hospitality Limited (4)

  	
   

  	
   

  	
   

  

 

123

 

	
  5.02.93

  	
   

  	
  Assignment

  	
   

  	
  G.D.P
  Realisations Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  6.08.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Gurmail Singh and Sukhvinder Singh Sidhu (2)

  	
   

  	
   

  	
   

  

 

15
Leicester Rd, Wigston, Leicestershire

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  08.02.02

  	
   

  	
  Lease

  	
   

  	
  Mary Forryan
  (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  03.10.05

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Perfect
  Pizza Limited (1) Cagney’s Limited (2) Gurpal Singh Khag (3)

  	
   

  	
   

  	
   

  
	
  21.03.03

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Tarlaz Singh (2)

  	
   

  	
   

  	
   

  

 

164/166
The Broadway Wimbledon

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  09.05.90

  	
   

  	
  Licence to
  Make Alterations

  	
   

  	
  Miss Mary
  Caroline Loizou

  Grandmet Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  14.10.03

  	
   

  	
  Lease

  	
   

  	
  M C Loizou

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  Undated

  	
   

  	
  Draft
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  Esmail Safaei

  	
   

  	
  Franchisee
  Will Not Complete Underlease As Believes Adjoining Occupier Is Encroaching -
  Further Instructions Awaited From Pp.

  	
   

  

 

124

 

Unit
2, 11/13 St Johns, Worcester

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  07.08.96

  	
   

  	
  Licence to
  Sublet

  	
   

  	
  Highgold
  Properties Limited (1) Perfect Pizza Liited (2) G.S. Lola (3)

  	
   

  	
   

  	
   

  
	
  27.10.92

  	
   

  	
  Licence

  	
   

  	
  Highgold
  Properties Limited (1) GDP Realisations Limited (2) Perfect Pizza Limited (3)

  	
   

  	
   

  	
   

  
	
  12.05.99

  	
   

  	
  Deed of Rectification
  In Relation to Transfer

  	
   

  	
  Kindale
  Limited (1) Perfect Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  30.01.91

  	
   

  	
  Lease

  	
   

  	
  Highgold
  Properties Limited (1) Gino’s Dial a Pizza Limited (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  14.08.96

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) G.S.Lola (2)

  	
   

  	
   

  	
   

  

 

6
Broadwater Street West  Worthing West
Sussex

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  01.07.05

  	
   

  	
  Lease

  	
   

  	
  Mohammed
  Yaqoob Moten

  Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  23.11.84

  	
   

  	
  Lease

  	
   

  	
  Peter David
  James Dancy

  John Frederick Garlick

  	
   

  	
   

  	
   

  
	
  15.08.88

  	
   

  	
  Licence

  	
   

  	
  Peter David
  James Dancy

  United Biscuits (UK) Ltd

  	
   

  	
   

  	
   

  
	
  02.09.88

  	
   

  	
  Licence

  	
   

  	
  Peter David
  James Dancy

  John Frederick Garlick

  United Biscuits (UK) Ltd

  	
   

  	
   

  	
   

  
	
  02.09.88

  	
   

  	
  Assignment

  	
   

  	
  John
  Frederick Garlick

  United Biscuits (UK) Ltd

  	
   

  	
  

  	
   

  
	
  10.08.89

  	
   

  	
  Licence

  	
   

  	
  Peter David
  James Dancy

  UB Restaurants Ltd

  	
   

  	
   

  	
   

  
	
  27.06.91

  	
   

  	
  Licence

  	
   

  	
  Peter David
  James Dancy

  Grandmet Restaurants Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  	
   

  
	
  27.06.91

  	
   

  	
  Assignment

  	
   

  	
  Grandmet
  Restaurants Ltd

  Perfect Pizza Ltd

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  04.07.05

  	
   

  	
  Sub-Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  A Wain-Smith Ltd

  Alexander Wain-Smith

  	
   

  	
   

  	
   

  

 

125

 

Unit
5, 3 Imperial Buildings, Kings Street, Wrexham

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  18.03.02

  	
   

  	
  Lease

  	
   

  	
  Hermitage
  Investments Limited (1) Perfect Pizza Limited (2) 

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  17.10.02

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Limited (1) Mokhan Singh Gill (2)

  	
   

  	
   

  	
   

  

 

14
and 15 Abbotswood Yate Bristol

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  31.10.90

  	
   

  	
  Lease

  	
   

  	
  Hourpass Ltd

  Gino’s Dial-A-Pizza Ltd

  	
   

  	
   

  	
   

  
	
  14.04.92

  	
   

  	
  Deed of
  Variation of Lease

  	
   

  	
  Hourpass Ltd

  Gino’s Dial-A-Pizza Ltd

  	
   

  	
   

  	
   

  
	
  23.10.92

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Fordway
  Investments Ltd

  G.D.P. Realisations Ltd

  Perfect Pizza Ltd

  Scott’s Hospitality Ltd

  	
   

  	
   

  	
   

  
	
  12.05.98

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Norman James
  George Linton

  Perfect Pizza Ltd

  George Kyriacou and Bisti Kyriacou

  George Kyriacou and Bisti Kyriacou

  	
   

  	
   

  	
   

  
	
  04.12.98

  	
   

  	
  Licence to
  Assign

  	
   

  	
  Norman James
  George Linton

  Perfect Pizza Ltd

  Amarjit Singh Johal and Ranjit Singh

  Kuldip Singh and Jaspal Batth

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
  28.11.97

  	
   

  	
  Underlease

  	
   

  	
  Perfect
  Pizza Ltd

  George Kyriacou and Bisti Kyriacou

  	
   

  	
   

  	
   

  
	
  29.07.04

  	
   

  	
  Licence to
  Assign and Variation

  	
   

  	
  Perfect
  Pizza Ltd

  Sukhdip Sangha, Hardip Sangha and

  Arwinder Singh Hayer

  Arwinder Singh Hayer

  	
   

  	
   

  	
   

  
	
  20.02.04

  	
   

  	
  Licence to
  Assign and Variation

  	
   

  	
  Kuldip Singh
  Batth and Jaspal Batth

  Perfect Pizza Ltd

  Kuldip Singh Batth and Jaspal Batth

  Sukhdip Sangha and Hardip Sangha

  	
   

  	
   

  	
   

  

 

126

 

98/100
Fishergate York

 

	
  Date

  	
   

  	
  Document

  	
   

  	
  Parties

  	
   

  	
  Comments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Headlease Documentation

  
	
  02.07.1998

  	
   

  	
  Lease

  	
   

  	
  Names
  Consultancy (Guernsey) Ltd (1) Perfect Pizza Ltd (2)

  	
   

  	
   

  	
   

  
	
  Underlease Documentation

  
	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

127

 

SCHEDULE 6

 

SUPPLIER CONTRACTS

 

1                                          Agreement between (1) Biffa Waste Services Limited and (2) Perfect
Pizza Limited dated 21 December 2005.

 

2                                          Agreement between (1) Biffa Waste Services Limited and (2) Perfect
Pizza Limited dated 20 December 2004.

 

128

 

SCHEDULE 7 

 

LEASING/HIRE AGREEMENTS

 

1                                          Hire agreement between the Company and Siemens Financial Services
Limited dated 12 December 2005 for the hire of vending machine.

 

2                                          Vehicle leasing agreements dated 7 April 2005 between the Company,
Linde Financial Services and Linde Creighton Limited relating to the following
vehicles:

2.1                                 Linde R14 (115-AC) serial no. G1X115S50191;

2.2                                 Linde T20AP 01 (141-02) serial no. W4X14130041;

2.3                                 SRS Wrangler serial no. 551738204;

2.4                                 Linde R14 (115-AC) serial no. G1X115550201;

2.5                                 SRS Powerboss RS50 serial no. 504087134;

2.6                                 Linde T20AP01 (141-02) serial no. W4X141500396;

2.7                                 Linde T20AP01 (141-02) serial no. W4X141500397;

Linde T20AP01
(141-02) serial no. W4X141500398;

2.8                                 Linde T20AP01 (141-02) serial no. W4X141500399; and

2.9                                 Linde T20AP01 (141-02) serial no. W4X141500400.

 

3                                          Vehicle leasing agreements between the Company and Marshall Leasing
Limited relating to the following vehicles:

3.1                                 Audi A4 1.9TDi registration YC52 LSF;

3.2                                 Audi A4 1.9TDi registration YC52 LRO;

3.3                                 Audi A4 1.9TDi registration AF03 JOA; and

3.4                                 VW Golf 1.9 TDI registration AV04 POU.

 

4                                          Agreement between the Company and Petit Forester for the lease of a
Volkswagen van.

 

5                                          Agreement for the hire of a waste compacter at Gailey Park.

 

129

 

SCHEDULE 8 

 

PART A

PERFECT PIZZA TRADE MARKS

 

	
  Trade
  Mark Number

  	
   

  	
  Description

  
	
  2015961

  	
   

  	
  The Perfect
  Pizza word and device (old logo) registered in the United Kingdom in classes
  30, 39 and 42 on 30 March 1995 and renewed on 30 March 2005

  
	
  2182923

  	
   

  	
  The Perfect
  Pizza word and device (newer logo) registered in the United Kingdom in
  classes 30, 39 and 42 on 25 November 1998

  
	
  2182912

  	
   

  	
  The Perfect
  Pizza device (device only – pizza chef) registered in the United Kingdom in
  classes 30, 39 and 42 on 25 November 1998

  
	
  2182926

  	
   

  	
  The Perfect
  Pizza device (device only – pizza-man on roller-skates) registered in the
  United Kingdom in classes 30, 39 and 42 on 25 November 1998

  
	
  2182962

  	
   

  	
  The Perfect
  Pizza device (device only – pizza-man on phone) registered in the United
  Kingdom in classes 30, 39 and 42 on 25 November 1998

  
	
  2190267

  	
   

  	
  The Perfect
  Pizza name (word only) registered in the United Kingdom in classes 30, 39 and
  42 on 26 February 1999

  

 

PART B

GINO’S PIZZA TRADE MARK

 

	
  Trade
  Mark Number

  	
   

  	
  Description

  
	
  2015117

  	
   

  	
  The Gino’s
  Dial-a-Pizza device (Gino’s logo) registered in the United Kingdom in classes
  30, 39 and 42 on 22 March 1995 and renewed on 22 March 2005

  

 

PART C

OTHER BUSINESS INTELLECTUAL PROPERTY

 

The
Domain Name

 

130

 

SCHEDULE 9 

 

SPLIT CONTRACTS

 

1                                          Agreement between (1) Ryder plc and (2) Perfect Pizza Limited dated
1 May 2001.

 

2                                          Agreement between (1) Kysen Ltd (trading as Crossing O’Sullivan) and
(2) Perfect Pizza Limited dated 3 January 2005.

 

3                                          Agreement between (1) Perfect Pizza Limited and (2) Flare Digital
Limited dated 11 November 2004.

 

4                                          Agreement between (1) Perfect Pizza Limited and (2) Trevicart S.V.I.
dated 1 October 2004.

 

5                                          Agreement between (1) Britvic Soft Drinks Limited and (2) Perfect
Pizza Limited dated 1 January 2004.

 

6                                          Agreement between (1) Pizza Trading Co Ltd and (2) Perfect Pizza
Limited dated 8 November 2005.

 

7                                          Agreement between (1) Perfect Pizza Limited and (2) Stateside Foods
Limited dated 1 January 2004.

 

8                                          Agreement (not in writing) between Perfect Pizza Limited and Glanbia
Cheese dated 20 November 2003.

 

9                                          Agreement (not in writing) between Perfect Pizza Limited and Dawn
Farm Foods (UK) Ltd dated 14 December 2005.

 

10                                    Agreement (not in writing) between Perfect Pizza Limited and Ben
& Jerry’s Ice Cream dated 14 April 2005.

 

11                                    Agreement (not in writing) between Perfect Pizza Limited and Bar
& Restaurant Foods Limited dated 8 October 2004.

 

12                                    Agreement (not in writing) between Perfect Pizza Limited and
Charcuterie Continental dated 20 December 2005.

 

131

 

	
  Signed
  by DANIEL COUSINEAU

  duly authorised for and on behalf of

  PERFECT PIZZA LIMITED (to be

  renamed PAPA JOHN’S (GB)

  LIMITED)

  	
  )

  )

  )

  )

  )

  	
  

  /s/ D Cousineau

  	
   

  
	
   

  

 

 

	
  Signed
  by A C SHERRIFF

  duly authorised for and on behalf of

  SMARTFIRST LIMITED (to be

  renamed PERFECT PIZZA LIMITED)

  	
  )

  )

  )

  )

  )

  	
  

  /s/ A C Sherriff

  	
   

  
	
   

  

 

132

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]