Document:

SUPPLEMENTAL AGREEMENT DATED APRIL 26, 2002

 

Exhibit 4.7

DATED 26 April 2002

     

     

     

SUPPLEMENTAL AGREEMENT

relating to

a Revolving Credit Facility of up

to £300,000,000

to

BRITISH SKY BROADCASTING GROUP PLC

Guaranteed by

CERTAIN SUBSIDIARIES OF

BRITISH SKY BROADCASTING GROUP PLC

Arrangers

TD BANK EUROPE LIMITED

and

SALOMON BROTHERS INTERNATIONAL
LIMITED

Agent

THE TORONTO-DOMINION BANK

     

     

     

Norton Rose

 

Contents

	 	 	 	 	 	 	 
	Clause				Page
	
				

	
    
    1
    

    	 	
    Interpretation
    	 	 	1	 
	
    
    2
    

    	 	
    Amendments to the Principal Agreement
    	 	 	1	 
	
    
    3
    

    	 	
    Representations and warranties
    	 	 	2	 
	
    
    4
    

    	 	
    Expenses
    	 	 	3	 
	
    
    5
    

    	 	
    Effective Date
    	 	 	3	 
	
    
    6
    

    	 	
    Miscellaneous
    	 	 	4	 
	
    
    7
    

    	 	
    Governing Law
    	 	 	4	 
	
    Schedule 1 Guarantors
    	 	 	5	 

 

THIS SUPPLEMENTAL
AGREEMENT is dated 26 April 2002
and made BETWEEN:

(1)    BRITISH SKY
BROADCASTING GROUP PLC as Borrower;

(2)    THOSE SUBSIDIARIES
OF BRITISH SKY BROADCASTING GROUP PLC whose names and
registered offices or principal places of business are set out
in schedule 1 as Guarantors;

(3)    TD BANK EUROPE
LIMITED and SALOMON BROTHERS INTERNATIONAL LIMITED as
Arrangers; and

(4)    THE
TORONTO-DOMINION BANK as Agent (in accordance with
clause 18.2 (Amendment; waivers) of the Principal
Agreement).

WHEREAS:

		
	(A)	
    This Supplemental Agreement is supplemental to an
    agreement dated 8th March 2001, made between British Sky
    Broadcasting Group plc as Borrower (1), the companies whose
    names and registered offices are set out in schedule 1
    thereto as Guarantors (2), TD Bank Europe Limited and
    Salomon Brothers International Limited as Arrangers
    (3), the Banks as lending Banks (4) and The
    Toronto-Dominion Bank as Agent (5) (as amended and further
    waived), whereby the Banks agreed to make available to the
    Borrower a revolving credit facility of up to £300,000,000
    upon the terms and subject to the conditions therein contained
    (the agreement being the “Principal Agreement”).
    
	 
	(B)	
    The Borrower and each of the Guarantors have
    requested that the Principal Agreement is amended to the extent
    set out in this Supplemental Agreement.
    

NOW IT IS HEREBY
AGREED as follows:

1      Interpretation

1.1    Definitions in
Principal Agreement

		
	 	
    Unless the context otherwise requires and save as
    mentioned below, words and expressions defined in the Principal
    Agreement shall have the same meanings when used in this
    Supplemental Agreement. In this Supplemental Agreement, the
    expression the “Supplemental Agreement” shall
    mean this Supplemental Agreement and the expression the
    “Effective Date” shall have the meaning given
    to it in clause 5.1.
    

1.2    Interpretation of
Principal Agreement

		
	 	
    References in the Principal Agreement to
    “this Agreement” shall, with effect from the
    Effective Date and unless the context otherwise requires, be
    references to the Principal Agreement as amended by this
    Supplemental Agreement and words such as
    “herein”, “hereof”,
    “hereunder”, “hereafter”,
    “hereby”, and “hereto”, where
    they appear in the Principal Agreement shall be construed
    accordingly.
    

1.3    Incorporation of
certain references

		
	 	
    Clauses 1.3, 1.4 and 1.5 of the Principal
    Agreement shall be deemed to be incorporated in this
    Supplemental Agreement in full, mutatis mutandis.
    

2      Amendments
to the Principal Agreement

		
	 	
    Clause 1.2 of the Principal Agreement shall,
    with effect from the Effective Date, be amended so that
    paragraph (2) of the definition of
    “EBITDA” shall be deleted in its entirety and
    replaced by:
    

1

 

			
	 	“(2)	
    in addition to (1) above, in relation to each
    Half Yearly Period from (and including) 30 June 2000 to
    (and including) 30 June 2004 adjusted by adding back (to
    the extent deducted in calculating consolidated operating
    profit) the direct costs of subsidising digital set-top boxes
    and related equipment provided to digital subscribers and the
    cost of installation of digital services to such subscribers
    (net of any amount paid in respect of such installation by such
    subscribers) (the “Costs”). Provided that such
    adjustments shall only be made in respect of a Half Yearly
    Period in respect of any Costs up to the amount set against the
    relevant period in column (2) below:
    

	 	 	 	 	 
	(1)		(2)
	Period		Amount
	
		

	
    
    1 July 2002-31 December 2002
    

    	 	 	£125,000,000	 
	
    
    1 January 2003-30 June 2003
    

    	 	 	£100,000,000	 
	
    
    1 July 2003-31 December 2003
    

    	 	 	£75,000,000	 
	
    
    1 January 2004-30 June 2004
    

    	 	 	£50,000,000	”

     
The rest of the definition of
“EBITDA” shall otherwise remain as drafted.

 

		
	3	
    Representations and warranties

		
	3.1	
    Each Obligor represents and warrants to each of
    the Banks, Arrangers and Agent (the Borrower in respect of
    itself and its Subsidiaries and each other Obligor in respect of
    itself only) that:
    

 

		
	3.1.1	
    Corporate power
    

		
	 	
     the Borrower and each Guarantor has power to
    execute, deliver and perform its obligations under this
    Supplemental Agreement and all necessary corporate, shareholder
    and other action has been taken to authorise the execution,
    delivery and performance of this Supplemental Agreement;
    

 

		
	3.1.2	
    Binding obligations
    

		
	 	
     this Supplemental Agreement constitutes valid
    and legally binding obligations of the Borrower and each of the
    Guarantors enforceable in accordance with its terms to the
    extent permitted by applicable law;
    

 

		
	3.1.3	
    No conflict with other obligations
    

		
	 	
     the execution and delivery of, the performance
    of its obligations under, and compliance with the provisions of,
    this Supplemental Agreement by the Borrower and each of the
    Guarantors will not (i) contravene, in any material
    respect, any existing applicable law, statute, rule or
    regulation or any judgment, decree or permit to which the
    Borrower and each Guarantor is subject, (ii) conflict with,
    or result in any breach of any of the terms of, or constitute a
    default under, any agreement or other instrument to which the
    Borrower or any of the Guarantors is a party or is subject or by
    which it or any of its property is bound, (iii) contravene
    or conflict with any provision of the Borrower’s or any of
    the Guarantors’ constitutive documents or (iv) result
    in the creation or imposition of or oblige the Borrower or any
    of the Guarantors to create any Encumbrance on the
    Borrower’s or any of the Guarantor’s undertakings,
    assets, rights or revenues;
    

2

 

3.1.4 Consents obtained

		
	 	
    every consent, authorisation, licence or approval
    of, or registration with or declaration to, governmental or
    public bodies or authorities or courts required by the Borrower
    or any of the Guarantors to authorise, or required by the
    Borrower or any of the Guarantors in connection with, the
    execution, delivery, validity, enforceability or admissibility
    in evidence of this Supplemental Agreement or the performance by
    the Borrower or any of the Guarantors of their respective
    obligations under this Supplemental Agreement has been obtained
    or made and is in full force and effect in all material respects
    and there has been no default in the observance of the material
    conditions or restrictions (if any) imposed in, or in connection
    with, any of the same; and
    

3.1.5 No filings required

		
	 	
    it is not necessary to ensure the legality,
    validity, enforceability or admissibility in evidence of this
    Supplemental Agreement that it or any other instrument be
    notarised, filed, recorded, registered or enrolled in any court,
    public office or elsewhere in any Relevant Jurisdiction or that
    any stamp, registration or similar tax or charge be paid in any
    Relevant Jurisdiction on or in relation to this Supplemental
    Agreement and this Supplemental Agreement is in proper form for
    its enforcement in the courts of each Relevant Jurisdiction.
    

3.2    Repetition

		
	 	
    The representations and warranties in
    clause 3.1 shall be deemed to be repeated by the Borrower
    and each of the Guarantors on and as of each date of drawing of
    an Advance as if made with reference to the facts and
    circumstances existing on each such day and shall be treated as
    representations and warranties for the purposes of determining
    whether an Event of Default has occurred in accordance with
    clause 13.1.4 of the Principal Agreement.
    

4      Expenses

4.1    Expenses

		
	 	
    The Borrower shall pay to Agent within
    14 days of demand all reasonable expenses (including legal
    fees) properly incurred by the Arrangers and the Agent in
    connection with the negotiation, preparation and execution of
    this Supplemental Agreement.
    

4.2    Stamp and other duties
(general)

		
	 	
    The Borrower shall pay all stamp, documentary,
    registration or other like duties or Taxes (including any such
    duties or Taxes payable by, or assessed on, each of the Banks,
    Arrangers and Agent) imposed in the UK or in any other
    jurisdiction in which any party to this Supplemental Agreement
    (other than the Banks, the Arrangers and the Agent) is
    incorporated on or in connection with this Supplemental
    Agreement and shall indemnify each of the Banks, Arrangers and
    Agent against any liability arising by reason of any delay or
    omission by the Borrower to pay such duties or Taxes.
    

5      Effective
Date

5.1    Conditions precedent
documentation

		
	 	
    The amendments to be made to the Principal
    Agreement by this Supplemental Agreement shall take effect on
    and from the date (the “Effective Date”) on
    which the Agent notifies the other parties to this Supplemental
    Agreement that (i) the Agent has received the documents
    referred to in (a), (b) and (c) below in form and substance
    reasonably satisfactory to it and (ii) the amendment fees
    referred to in paragraph (d) have been paid to and received
    by the Agent:
    

3

 

			
	 	(a)	
    a certificate from the Company Secretary or a
    Director of the relevant company attaching the Memorandum and
    Articles of Association or equivalent constitutional documents
    of the Borrower and each of the Guarantors or confirmation that
    the same have not been amended from the forms delivered to the
    Agent pursuant to the Principal Agreement;
    
	 
	 	(b)	
    a copy, certified as a true copy by the Company
    Secretary or Director of the Borrower and each of the
    Guarantors, of resolutions of the Board of Directors of that
    Borrower or Guarantor evidencing approval of this Supplemental
    Agreement and authorising its appropriate officers to execute
    and deliver the same;
    
	 
	 	(c)	
    specimen signatures, authenticated by the Company
    Secretary or a Director of the relevant company of the persons
    authorised in the resolutions of the Board of Directors referred
    to in paragraph (b), above; and
    
	 
	 	(d)	
    for the account of each Bank which agreed the
    amendment set out in this Supplemental Agreement pursuant to
    clause 18.2 of the Principal Agreement, amendment fees in
    an amount of 25 basis points calculated on the aggregate
    Commitment of such Bank which agreed this amendment.
    

 

		
	6	
    Miscellaneous

 

		
	6.1	
    Continuation of Principal Agreement
    

		
	 	
    Save as amended by this Supplemental Agreement,
    the provisions of the Principal Agreement shall continue in full
    force and effect and the Principal Agreement and the relevant
    provisions of this Supplemental Agreement shall be read and
    construed as one instrument.
    

 

		
	6.2	
    Counterparts
    

		
	 	
     This Supplemental Agreement may be executed in
    any number of counterparts and by the different parties on
    separate counterparts, each of which when so executed and
    delivered shall be an original but all counterparts shall
    together constitute one and the same instrument.
    

 

		
	6.3	
    Third Party Rights
    

		
	 	
     No term of this Supplemental Agreement is
    enforceable under the Contracts (Rights of Third Parties) Act
    1998 by a person who is not party to this Supplemental Agreement.
    

 

		
	7	
    Governing Law

		
	 	
     This Supplemental Agreement shall be governed by
    English law.
    

     
IN WITNESS whereof
the parties hereto have caused this Supplemental Agreement to be
duly executed the day and year first above written.

4

 

Schedule 1

Guarantors

British Sky Broadcasting Limited

Grant Way

Isleworth

Middlesex TW7 5QD

No. 2906991

Sky Subscribers Services Limited

Grant Way

Isleworth

Middlesex TW7 5QD

No. 2340150

5

 

The Borrower

SIGNED for and on
behalf of

BRITISH SKY BROADCASTING

GROUP PLC

		
	by:	
    /s/ M. D. Stewart
    

The Guarantors

SIGNED for and on
behalf of

BRITISH SKY BROADCASTING

LIMITED

		
	by:	
    /s/ M. D. Stewart
    

SIGNED for and on behalf of

SKY SUBSCRIBERS SERVICES

LIMITED

		
	by:	
    /s/ M. D. Stewart
    

The Arrangers

SIGNED for and on
behalf of

TD BANK EUROPE LIMITED

		
	by:	
    /s/ Howard Baker
    

SIGNED for and on
behalf of

SALOMON BROTHERS

INTERNATIONAL LIMITED

		
	by:	
    /s/ Michael Llewellyn-Jones
    

The Agent

SIGNED for and on
behalf of

THE TORONTO-DOMINION

BANK

		
	by:	
    /s/ Howard Baker
    

6CONSENT OF DELOITTE & TOUCHE

 

Exhibit 10.1

INDEPENDENT AUDITORS’ CONSENT

     We consent to the use, in this Annual Report of British Sky Broadcasting Group
Plc on Form 20-F filed on November 7, 2002 (File No. 1-13488), which is
incorporated by reference in the Registration Statement on Form F-3 filed on
January 26, 1998, (Registration No 333-8246), of our report dated July 30,
2002; October 18, 2002, as to Notes 26, 28, 30 and 31.

DELOITTE & TOUCHE,

London

November 7, 2002

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]