This selection from Horwich’s book is one of several pieces in the anthology (and one of probably dozens, if not hundreds, in existence) that comment on McTaggart’s argument.
In the first part of the selection (pp. 119-123), Horwich surveys the argument before turning to a discussion of each of the premises he identifies, a discussion that occupies the rest of the selection.
In the discussion of premises, Horwich is mainly concerned to defend McTaggart against criticisms. The exception is premise 2 (which he discusses on pp. 123-4 and returns to in the final paragraph). You should pay special attention to this because it is the point at which he criticizes McTaggart—and you will need to pay close attention because Horwich doesn't expand on his criticism very far, so expect to spend time thinking through what he seems to have in mind.
Horwich notes are variety of other criticisms of McTaggart in the course of his defense. Although Horwich rejects these criticisms, he may be wrong in doing so; and you should think which of them seems the most persuasive.