Document:

DATED    ___   MAY 2006

DATED 21 SEPTEMBER 2006

	 

	 

	 

	(1)

	MOSCOW CABLECOM CORP.

	 

	 

	 

	 

	 

	(as Company)

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	(2)

	RME MANAGEMENT LTD. (formerly known as COLUMBUS NOVA DF LIMITED)

	 

	 

	 

	 

	 

	(as Original Lender)

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	(3)

	RME MANAGEMENT LTD.( formerly known as COLUMBUS NOVA DF LIMITED)

	 

	 

	 

	 

	 

	(as Agent and Security Agent)

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

__________________________________________

AMENDMENT AGREEMENT No. 4

TO $28,500,000 FACILITY AGREEMENT

DATED 26 AUGUST 2004

__________________________________________

THIS AGREEMENT is made the 21st day of September 2006.

BETWEEN:

(1)

Moscow CableCom Corp., a company incorporated under the laws of the State of Delaware (the "Company");

(2)

RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited), a company incorporated under the laws of Cyprus (the "Original Lender");

(3)

RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited), as agent of the other Finance Parties (the "Agent"); and

(4)

RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited) as security agent of the other Finance Parties (the "Security Agent").

(collectively the "Parties")

WHEREAS:

(A)

The Parties entered into a $28,500,000 Facility Agreement on August 26, 2004 (as amended and supplemented from time to time, the "Loan Agreement").

(B)

The parties have agreed to amend the Loan Agreement on the terms set out below.

NOW IT IS HEREBY AGREED as follows:

1.

DEFINITIONS AND INTERPRETATION

1.1

Capitalised terms used and not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement.

1.2

"Effective Date" This Amendment is subject to the condition precedent (the "Condition Precedent") that the subscription agreement (the “September Subscription Agreement”), dated September 21, 2006, relating to the private placement (the “September Private Placement”) by the Company of up to 4 million units, each consisting of one share of common stock, $0.01 par value (the “Common Stock”), and one-half Common Stock purchase warrant, is entered into and the closing of the September Private Placement occurs on or prior to December 31, 2006. The Parties acknowledge and confirm that this Agreement shall become effective immediately upon the fulfillment of the Condition Precedent.

References to Clauses and Schedules herein are references to clauses in and schedules to the Loan Agreement. References to Sections herein are references to sections in this Agreement.

2.

AMENDMENTS TO THE LOAN AGREEMENT

2.1

The Parties agree that the provisions of the Loan Agreement are hereby amended with effect on and from the Effective Date in the following manner:

2.1.1

subparagraph (a) of Clause  17.16 is deleted in its entirety and replaced with the following new subparagraph (a):

“Other than with respect to the performance of the Company’s obligations under Annex III of the Subscription Agreement, and as provided by the 2006 Subscription Agreement and in the September Subscription Agreement, no Obligor will allot or issue any relevant securities (as defined in section 80(2) of the Companies Act 1985) other than to another member of the Group which is its immediate Holding Company.”

2.1.2

CONTINUING OBLIGATIONS

The provisions of the Loan Agreement, save as amended hereby, continue in full force and effect.

3.

COSTS

The Company shall, within three Business Days of demand, reimburse the Original Lender for the amount of all costs and expenses (including reasonable legal fees) reasonably incurred by the Original Lender, the Agent and the Security Agent in the preparation, execution and delivery of this Agreement.

4.

THIRD PARTY RIGHTS

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

5.

COUNTERPARTS

5.1

This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart.

5.2

Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

6.

GENERAL

6.1

This Agreement shall be governed by English law.  The provisions of Clause 34 of the Loan Agreement shall be incorporated herein, mutatis mutandis.

6.2

Each of the parties shall do all such things as may reasonably be within its power and execute and deliver all such deeds and documents as may be necessary to give effect to this Agreement.

IN WITNESS whereof the parties have executed and delivered this Agreement as a deed the day and year first before written.

COMPANY

by Moscow CableCom Corp.

acting by

 /s/ Vitaly Spassky

Name: Vitaly Spassky

Title: Senior Vice President

 

ORIGINAL LENDER

by RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited)

acting by

 /s/ Andrew Intrater

Name: Andrew Intrater

Title:  Authorized Signatory

 

AGENT

by RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited)

acting by

_/s/ Andrew Intrater

Name: Andrew Intrater

Title:  Authorized Signatory

 

SECURITY AGENT

EXECUTED

by RME Mnagement Ltd. (formerly known as Columbus Nova DF Limited)

acting by

_/s/ Andrew Intrater

Name: Andrew Intrater

Title: Authorized SignatoryAMENDMENT NO

AMENDMENT NO. 3 TO 

SERIES B CONVERTIBLE PREFERRED STOCK 

SUBSCRIPTION AGREEMENT

This AMENDMENT NO. 3 (this "Amendment") with respect to the Series B Convertible Preferred Stock Subscription Agreement (the "Subscription Agreement"), dated August 26, 2004 and amended on May 5, 2006 and on December 1, 2004, between Moscow CableCom Corp. (formerly known as Andersen Group Inc.), a Delaware corporation (the "Company"), and Renova Media Enterprises Ltd. (formerly known as Columbus Nova Investments VIII Ltd.), a Bahamas company ("RME" and, together with the Company, collectively the "Parties" and each individually a "Party"), is made and entered into by the Parties as of September 21, 2006.  Capitalized terms used and not otherwise defined shall have the meanings ascribed to them in the Agreement.

WHEREAS, the Company proposes to enter into a registration rights agreement granting certain demand and incidental registration rights to the investors in a proposed private placement (the “September Private Placement”) of up to 4 million units (the “Units”), each consisting of one share of the Company’s common stock, $0.01 par value (the “Common Stock”), and one-half Common Stock purchase warrant;

WHEREAS, pursuant to Section 5.08 of the Subscription Agreement the Company has agreed not to grant any demand or incidental registration rights to any Person, with certain exceptions noted therein; and

WHEREAS, the Company and RME wish to amend the Subscription Agreement in order to permit the Company to grant the registration rights contemplated in connection with the proposed September Private Placement;

NOW, THEREFORE, in consideration of the mutual agreements herein contained and intending to be legally bound hereby, the Parties agree as follows:

1.

Condition Precedent

This Amendment is subject to the condition precedent (the "Condition Precedent") that the subscription agreement relating to the September Private Placement is entered into and the closing of the September Private Placement occurs on or prior to December 31, 2006. The Parties acknowledge and confirm that this Amendment shall become effective immediately upon the fulfillment of the Condition Precedent.

2.

Amendment

The Parties hereby agree to amend the Subscription Agreement in order to permit the Company to grant the registration rights contemplated in connection with the September Private 

Placement.  In order to accomplish the foregoing amendment, Section 5.08 of the Subscription Agreement shall be deleted in its entirety and replaced with the following:

“SECTION 5.08.  Other Registration Rights.  Except for (i) the Existing Agreements, (ii) the registration rights agreement, dated May 5, 2006, entered into in connection with the subscription agreement, dated May 5, 2006, between the Company and the shareholders listed on Exhibit A thereto, with respect to the issuance by the Company of up to 4 million units, each consisting of one share of Common Stock and one-half Common Stock purchase warrant, (iii) the registration rights agreement, dated September 21, 2006, entered into in connection with the September Private Placement, and (iv) the registration rights granted in the Stock Option Agreements, the Company will not grant or agree to grant any demand or incidental registration rights to any Person other than rights to be granted to the Purchaser pursuant to the Registration Rights Agreement.”

3.        Governing law

            This Amendment shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

4.        Counterparts

            This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

           RENOVA MEDIA ENTERPRISES LTD. 

           By: /s/ Andrew Intrater

            Name:  Andrew Intrater                                                

            Title:   Authorized Signatory                                                

           MOSCOW CABLECOM CORP.   

By: /s/ Vitaly Spassky

            Name:  Vitaly Spassky                                

            Title:  Senior Vice President

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