Can anyone see why this nested loop is broken?

Update: I changed the template VAR_NAMES and got it working. I'm still not able to figure out why the original case is broken.

Update (again): The problem was the lack of quoting the VAR_NAMEs.

#!/usr/bin/perl

use strict;
use HTML::Template;

my $tmpl_obj = HTML::Template->new(
        filename => 'test.tmpl',
        case_sensitive => 1,

);

$tmpl_obj->param(
    OUTER_LOOP => [
          {
                  MENU_NAME => "GONZO",
                  INNER_LOOP => [
                          {
                                  SUBSCRIPT_ACTION => "javascript://",
                                  SUBSCRIPT_NAME   => "test1",
                          },   
                          {
                                  SUBSCRIPT_ACTION => "javascript://",
                                  SUBSCRIPT_NAME   => "test2",
                          },   
                          {
                                  SUBSCRIPT_ACTION => "javascript://",
                                  SUBSCRIPT_NAME   => "test3",
                          },
                  ],   
          },   
    ],   
);

print $tmpl_obj->output();
[download]

### Contents of test.tmpl

<ul id="sddm">
    <TMPL_LOOP NAME=OUTER_LOOP>
    <li><a href="#" 
        onmouseover="mopen('m1')" 
        onmouseout="mclosetime()"><TMPL_VAR NAME=MENU_NAME></a>
        <div id="m1" 
            onmouseover="mcancelclosetime()" 
            onmouseout="mclosetime()">
        <TMPL_LOOP NAME=INNER_LOOP>
        <a href=<TMPL_VAR NAME=SUBSCRIPT_ACTION>><TMP_VAR NAME=SUBSCRI
+PT_NAME></a>
        </TMPL_LOOP>
        </div>
    </TMPL_LOOP>
</ul>
<div style="clear:both"></div>
[download]