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  Exhibit 4.1    
    

 

VIRGIN
MEDIA FINANCE PLC,

as Issuer 

VIRGIN
MEDIA INC.,

as Parent 

VIRGIN
MEDIA GROUP LLC, 

VIRGIN
MEDIA HOLDINGS INC., 

VIRGIN
MEDIA (UK) GROUP, INC., 

VIRGIN
MEDIA COMMUNICATIONS LIMITED,

as Intermediate Guarantors 

VIRGIN
MEDIA INVESTMENT HOLDINGS LIMITED,

as Senior Subordinated Subsidiary Guarantor 

U.S.$[    •    ]
[    •    ]% Senior Notes due
201[    •    ]

€[    •    ] [    •    ]% Senior Notes due
201[    •    ] 

 

INDENTURE

Dated as of [    •    ], 2009 

  

THE
BANK OF NEW YORK MELLON

as Trustee and Paying Agent 

THE
BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

as Luxembourg Paying Agent 

 

 

 
 

  CROSS-REFERENCE TABLE*    
    

			
	Trust Indenture Act Section

 
	 	Indenture Section 
	 310(a)(1)
	 	7.10
	       (a)(2)
	 	7.10
	       (a)(3)
	 	N.A.
	       (a)(4)
	 	N.A.
	       (a)(5)
	 	7.03
	       (b)
	 	7.10
	       (c)
	 	N.A.
	 311(a)
	 	7.11
	       (b)
	 	7.11
	       (c)
	 	N.A.
	 312(a)
	 	2.05
	       (b)
	 	13.03
	       (c)
	 	13.03
	 313(a)
	 	7.06
	       (b)(1)
	 	N.A.
	       (b)(2)
	 	7.06; 7.07
	       (c)
	 	7.06; 13.02
	       (d)
	 	7.06
	 314(a)
	 	4.03; 13.02; 13.05
	       (b)
	 	N.A.
	       (c)(1)
	 	13.04
	       (c)(2)
	 	13.04
	       (c)(3)
	 	N.A.
	       (d)
	 	N.A.
	       (e)
	 	13.05
	       (f)
	 	N.A.
	 315(a)
	 	7.01
	       (b)
	 	7.05; 13.02
	       (c)
	 	7.01
	       (d)
	 	7.01
	       (e)
	 	6.11
	 316(a) (last sentence)
	 	2.09
	       (a)(1)(A)
	 	6.05
	       (a)(1)(B)
	 	6.04
	       (a)(2)
	 	N.A.
	       (b)
	 	6.07
	       (c)
	 	2.12
	 317(a)(1)
	 	6.08
	       (a)(2)
	 	6.09
	       (b)
	 	2.04
	 318(a)
	 	13.01
	       (b)
	 	N.A.
	       (c)
	 	13.01

N.A. means not applicable.  

	*
	This
Cross Reference Table is not part of this Indenture. 

i

 

 
 

  TABLE OF CONTENTS    
    

					
	 
	 	 
	 	Page 
	  ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	 	1
	 Section 1.01
	 	 Definitions. 
	 	1
	 Section 1.02
	 	 Other Definitions. 
	 	26
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act. 
	 	26
	 Section 1.04
	 	 Rules of Construction. 
	 	26
	  ARTICLE 2 THE NOTES
	 	

27
	 Section 2.01
	 	 Form and Dating. 
	 	27
	 Section 2.02
	 	 Execution and Authentication. 
	 	27
	 Section 2.03
	 	 Registrar and Paying Agent. 
	 	28
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust. 
	 	28
	 Section 2.05
	 	 Holder Lists. 
	 	29
	 Section 2.06
	 	 Transfer and Exchange. 
	 	29
	 Section 2.07
	 	 Replacement Notes. 
	 	33
	 Section 2.08
	 	 Outstanding Notes. 
	 	33
	 Section 2.09
	 	 Treasury Notes. 
	 	34
	 Section 2.10
	 	 Temporary Notes. 
	 	34
	 Section 2.11
	 	 Cancellation. 
	 	34
	 Section 2.12
	 	 Defaulted Interest. 
	 	35
	 Section 2.13
	 	 Additional Amounts. 
	 	35
	 Section 2.14
	 	 Currency Indemnity. 
	 	37
	  ARTICLE 3 REDEMPTION AND PREPAYMENT
	 	

37
	 Section 3.01
	 	 Notices to Trustee. 
	 	37
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased. 
	 	38
	 Section 3.03
	 	 Notice of Redemption. 
	 	38
	 Section 3.04
	 	 Effect of Notice of Redemption. 
	 	39
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price. 
	 	39
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part. 
	 	40
	 Section 3.07
	 	 Optional Redemption. 
	 	40
	 Section 3.08
	 	 Mandatory Redemption. 
	 	41
	 Section 3.09
	 	 Offer to Purchase by Application of Excess Proceeds. 
	 	41
	 Section 3.10
	 	 Redemption of Notes for Changes in Withholding Taxes. 
	 	42
	  ARTICLE 4 COVENANTS
	 	

43
	 Section 4.01
	 	 Payment of Notes. 
	 	43
	 Section 4.02
	 	 Maintenance of Office or Agency. 
	 	43
	 Section 4.03
	 	 Ongoing Reporting. 
	 	44
	 Section 4.04
	 	 Compliance Certificates. 
	 	44
	 Section 4.05
	 	 Taxes. 
	 	44
	 Section 4.06
	 	 [Intentionally Omitted]
	 	44
	 Section 4.07
	 	 Restricted Payments. 
	 	44
	 Section 4.08
	 	 Restrictions on Distributions from Restricted Subsidiaries. 
	 	48
	 Section 4.09
	 	 Incurrence of Indebtedness. 
	 	50
	 Section 4.10
	 	 Sales of Assets and Subsidiary Stock. 
	 	53
	 Section 4.11
	 	 Transactions with Affiliates. 
	 	55
	 Section 4.12
	 	 Liens. 
	 	56
	 Section 4.13
	 	 Business Activities. 
	 	57

ii

 

					
	 
	 	 
	 	Page 
	 Section 4.14
	 	 Corporate Existence. 
	 	57
	 Section 4.15
	 	 Offer to Repurchase Upon Change of Control. 
	 	57
	 Section 4.16
	 	 Sale/Leaseback Transactions. 
	 	59
	 Section 4.17
	 	 Designation of Restricted and Unrestricted Subsidiaries. 
	 	59
	 Section 4.18
	 	 [Intentionally omitted]
	 	60
	 Section 4.19
	 	 Guarantees of Indebtedness by Restricted Subsidiaries. 
	 	60
	 Section 4.20
	 	 Anti-Layering. 
	 	61
	 Section 4.21
	 	 Further Instruments and Acts. 
	 	62
	 Section 4.22
	 	 Listing. 
	 	62
	 Section 4.23
	 	 Calculation of Sterling Denominated Restrictions. 
	 	62
	  ARTICLE 5 SUCCESSORS
	 	

62
	 Section 5.01
	 	 Merger, Consolidation, or Sale of Assets. 
	 	62
	  ARTICLE 6 DEFAULTS AND REMEDIES
	 	

63
	 Section 6.01
	 	 Events of Default. 
	 	63
	 Section 6.02
	 	 Acceleration. 
	 	65
	 Section 6.03
	 	 Other Remedies. 
	 	66
	 Section 6.04
	 	 Waiver of Past Defaults. 
	 	66
	 Section 6.05
	 	 Control by Majority. 
	 	66
	 Section 6.06
	 	 Limitation on Suits. 
	 	66
	 Section 6.07
	 	 Rights of Holders to Receive Payment. 
	 	67
	 Section 6.08
	 	 Collection Suit by Trustee. 
	 	67
	 Section 6.09
	 	 Trustee May File Proofs of Claim. 
	 	67
	 Section 6.10
	 	 Priorities. 
	 	67
	 Section 6.11
	 	 Undertaking for Costs. 
	 	68
	 Section 6.12
	 	 Stay, Extension and Usury Laws. 
	 	68
	  ARTICLE 7 TRUSTEE
	 	

68
	 Section 7.01
	 	 Duties of Trustee. 
	 	68
	 Section 7.02
	 	 Rights of Trustee. 
	 	69
	 Section 7.03
	 	 Individual Rights of Trustee. 
	 	71
	 Section 7.04
	 	 Trustee's Disclaimer. 
	 	71
	 Section 7.05
	 	 Notice of Defaults. 
	 	71
	 Section 7.06
	 	 Reports by Trustee to Holders. 
	 	71
	 Section 7.07
	 	 Compensation and Indemnity. 
	 	72
	 Section 7.08
	 	 Replacement of Trustee. 
	 	72
	 Section 7.09
	 	 Successor Trustee by Merger, etc. 
	 	73
	 Section 7.10
	 	 Eligibility; Disqualification. 
	 	73
	 Section 7.11
	 	 Preferential Collection of Claims Against Issuer. 
	 	74
	  ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	

74
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance. 
	 	74
	 Section 8.02
	 	 Legal Defeasance and Discharge. 
	 	74
	 Section 8.03
	 	 Covenant Defeasance. 
	 	74
	 Section 8.04
	 	 Conditions to Legal Defeasance or Covenant Defeasance. 
	 	75
	 Section 8.05
	 	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
	 	

76
	 Section 8.06
	 	 Repayment to Issuer. 
	 	76
	 Section 8.07
	 	 Reinstatement. 
	 	77

iii

 

					
	 
	 	 
	 	Page 
	  ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	 	77
	 Section 9.01
	 	 Without Consent of Holders. 
	 	77
	 Section 9.02
	 	 With Consent of Holders. 
	 	78
	 Section 9.03
	 	 Compliance with Trust Indenture Act. 
	 	79
	 Section 9.04
	 	 Revocation and Effect of Consents. 
	 	79
	 Section 9.05
	 	 Notation on or Exchange of Notes. 
	 	79
	 Section 9.06
	 	 Trustee to Sign Amendments, etc. 
	 	80
	  ARTICLE 10 SATISFACTION AND DISCHARGE
	 	

80
	 Section 10.01
	 	 Satisfaction and Discharge. 
	 	80
	 Section 10.02
	 	 Application of Trust Money. 
	 	81
	  ARTICLE 11 GUARANTEES
	 	

81
	 Section 11.01
	 	 Guarantees. 
	 	81
	 Section 11.02
	 	 Limitation on Liability. 
	 	83
	 Section 11.03
	 	 Successors and Assigns. 
	 	85
	 Section 11.04
	 	 No Waiver. 
	 	85
	 Section 11.05
	 	 Modification. 
	 	85
	 Section 11.06
	 	 Execution of Supplemental Indenture for Future Guarantors. 
	 	85
	 Section 11.07
	 	 Non-Impairment. 
	 	86
	  ARTICLE 12 SUBORDINATION OF THE SENIOR SUBORDINATED SUBSIDIARY GUARANTEE
	 	

86
	 Section 12.01
	 	 Agreement To Subordinate. 
	 	86
	 Section 12.02
	 	 Rights of Trustee and Paying Agent. 
	 	86
	 Section 12.03
	 	 Trustee Entitled To Rely. 
	 	86
	 Section 12.04
	 	 Trustee To Effectuate Subordination. 
	 	87
	 Section 12.05
	 	 Reliance by Holders of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor on Subordination
Provisions. 
	 	

87
	  ARTICLE 13 MISCELLANEOUS
	 	

87
	 Section 13.01
	 	 Trust Indenture Act Controls. 
	 	87
	 Section 13.02
	 	 Notices. 
	 	88
	 Section 13.03
	 	 Communication by Holders with Other Holders. 
	 	89
	 Section 13.04
	 	 Certificate and Opinion as to Conditions Precedent. 
	 	89
	 Section 13.05
	 	 Statements Required in Certificate or Opinion. 
	 	89
	 Section 13.06
	 	 Rules by Trustee and Agents. 
	 	89
	 Section 13.07
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders. 
	 	89
	 Section 13.08
	 	 Governing Law. 
	 	90
	 Section 13.09
	 	 No Adverse Interpretation of Other Agreements. 
	 	90
	 Section 13.10
	 	 Successors. 
	 	90
	 Section 13.11
	 	 Severability. 
	 	90
	 Section 13.12
	 	 Counterpart Originals. 
	 	90
	 Section 13.13
	 	 Table of Contents, Headings, etc. 
	 	90
	 Section 13.14
	 	 Submission to Jurisdiction; Appointment of Agent. 
	 	90
	  EXHIBITS
	 	 
	 Exhibit A
	 	 FORM OF NOTE
	 	 
	 Exhibit B
	 	 FORM OF SENIOR SUBORDINATED SUBSIDIARY GUARANTEE
	 	 
	 Exhibit C
	 	 FORM OF SENIOR GUARANTEE
	 	 

iv

 

 

        INDENTURE, dated as of [    •    ], 2009, among Virgin Media Finance PLC (f/k/a/ NTL Cable PLC), a public limited
company organized under the laws of England and Wales (the "Issuer"), Virgin Media Inc. (f/k/a NTL Incorporated), a Delaware corporation
("Parent"), Virgin Media Group LLC (f/k/a NTL:Telewest LLC), a Delaware limited liability company (the
"Company"), Virgin Media Holdings Inc. (f/k/a NTL Holdings Inc.), a Delaware corporation
("Holdings"), Virgin Media (UK) Group, Inc. (f/k/a NTL (UK) Group, Inc.), a Delaware corporation ("UK
Holdco"), Virgin Media Communications Limited (f/k/a NTL Communications Limited), a limited company organized under the laws of England and Wales, Virgin Media Investment
Holdings Limited (f/k/a NTL Investment Holdings Limited), a limited company organized under the laws of England and Wales ("VMIH" or the
"Senior Subordinated Subsidiary Guarantor"), The Bank of New York Mellon, as trustee (the "Trustee") and
paying agent (the "Paying Agent") and The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg Paying Agent (and together with the Paying
Agent, the "Paying Agents"). 

        Each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of (a) the U.S. dollar-denominated
[    •    ]% Senior Notes due 201[    •    ] (the "Dollar
Notes") and (b) the euro-denominated [    •    ]% Senior Notes due
201[    •    ] (the "Euro Notes"). The Dollar Notes and the Euro Notes, collectively, are
referred to herein as the "Notes." Except as set forth in Section [3.07] or Article 9 hereof, all series of Notes will be
treated as a single class. 

 
 

  ARTICLE 1
  DEFINITIONS AND INCORPORATION
  BY REFERENCE    
    

        Section 1.01    Definitions.    

        "2004 Indenture" means the indenture dated as of April 13, 2004, between the Issuer, NTL Incorporated, Cable Communcations Funding
Corp., NTL (UK) Group, Inc., NTL Communications Limited, NTL Investment Holdings Limited and The Bank of New York as trustee. 

        "2006 Indenture" means the indenture dated as of July 25, 2006 between the Issuer, NTL Incorporated, NTL:Telewest LLC, NTL
Holdings Inc., NTL (UK) Group, Inc., NTL Communications Limited, NTL Investment Holdings Limited, The Bank of New York as trustee and paying agent and The Bank of New York
(Luxembourg) S.A. as Luxembourg paying agent. 

        "Additional Assets" means: 

        (1)   any
Property or assets (other than Indebtedness and Capital Stock) to be used by any Intermediate Guarantor, the Issuer or a Restricted Subsidiary; 

        (2)   the
Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by any Intermediate Guarantor, the Issuer or
another Restricted Subsidiary; or 

        (3)   Capital
Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary; 

provided, however, that any such Restricted Subsidiary described in clause (2) or
(3) above is primarily engaged in a Permitted Business. 

        "Additional Notes" means additional notes (other than the Initial Notes) of any series having identical terms and conditions to the Notes
that may be issued from time to time under this Indenture in accordance with the terms hereof, including Sections 2.02 and 4.09 hereof. Except as set forth in Section 3.07 or
Article 9 hereof, any Additional Notes may be treated with the Notes as a single class and may vote on all matters with such Notes. 

1

 

        "Additional Subsidiary Guarantee" means the guarantee of the Notes by each Additional Subsidiary Guarantor. 

        "Additional Subsidiary Guarantor" means a Restricted Subsidiary that is required to guarantee the Notes under Section 4.19 and
Section 11.06 hereof. 

        "Affiliate" of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Agent" means any Registrar, co-registrar, Paying Agent or additional paying agent. 

        "Applicable Premium" means, with respect to a Note at any time, the greater of (1) 1.0% of the principal amount of such Note at
such time and (2) the excess (to the extent positive) of (A) the present value at such time of (i) the redemption price of such Note at
[    •    ] (such redemption price being described in the table appearing in Section 3.07(a) of this Indenture exclusive of any accrued
and unpaid interest) plus (ii) any required interest payments due on such Note through [    •    ] (including any accrued and unpaid
interest) computed using a discount rate equal to the Treasury Rate, in the case of the Dollar Notes, and the Bund Rate, in the case of the Euro Notes, in each case plus 50 basis points, over
(B) the principal amount of such Note. 

        "Applicable Procedures" means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
procedures of the Depositary with respect thereto that apply to such transfer or exchange. 

        "Asset Disposition" means any sale, lease (other than operating leases entered into in the ordinary course of business), transfer or other
disposition (or series of related sales, leases, transfers or dispositions), including any disposition by means of a merger, consolidation, or similar transaction (each referred to for the purposes of
this definition as a "disposition"), of any shares of Capital Stock of any Intermediate Guarantor other than the Company, of the Issuer, of a Restricted Subsidiary (other than directors' qualifying
shares or shares required by applicable law to be held by a Person other than the Issuer or a Restricted Subsidiary) or any assets of the Company or any Restricted Subsidiary other than: 

        (a)   a
disposition to the Company, any Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor; 

        (b)   a
disposition by the Company or a Restricted Subsidiary to a Restricted Subsidiary; 

        (c)   for
purposes of Section 4.10 only, a disposition subject to Section 4.07 or a disposition of assets to a joint venture as part of a transaction that is a
Permitted Investment; 

        (d)   any
disposition permitted under Section 5.01; 

        (e)   a
sale of Temporary Cash Investments in the ordinary course of business; 

        (f)    a
disposition of inventory, consumer equipment, communications capacity and worn out or obsolete equipment or assets in the ordinary course of business; 

        (g)   issuance
of Capital Stock by a Restricted Subsidiary to the Company, any Intermediate Guarantor, the Issuer or another Restricted Subsidiary; 

        (h)   any
sale or other disposition of Receivables and Related Assets to a Receivables Subsidiary pursuant to or in connection with a Qualified Receivables Transaction; 

2

 

        (i)    any
sale or disposition deemed to occur in connection with creating or granting a Permitted Lien; 

        (j)    any
disposition of the Capital Stock or all or substantially all Property of any Unrestricted Subsidiary; provided, however, that such disposition shall include the
concurrent transfer of all liabilities (contingent or otherwise) attributable to the Property being transferred; provided further, however, that such disposition shall not, after giving effect to any
related agreements, result nor be likely to result in any material liability, tax or other adverse consequences to any Intermediate Guarantor, the Issuer or any Restricted Subsidiary; 

        (k)   the
licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other Property in the ordinary course of
business which do not materially interfere with the business of the Company, the Intermediate Guarantors, the Issuer and their Restricted Subsidiaries; 

        (l)    assets
or Capital Stock acquired in an acquisition which the Company, any Intermediate Guarantor, the Issuer or any Restricted Subsidiary sells within 6 months of
such acquisition; 

        (m)  the
disposition of any Interest Rate Agreements or Currency Agreements no longer required for the purposes for which any such agreement was originally entered into; 

        (n)   disposals
of assets pursuant to Sale/Leaseback Transactions not constituting Indebtedness where the aggregate Fair Market Value of any assets disposed of in reliance on
this paragraph (n) does not, together with the aggregate principal amount of all outstanding Indebtedness incurred under Section 4.09(b)(7) exceed £150 million (or its
equivalent in other currencies) in any financial year of the Company and any disposals of assets pursuant to Sale/Leaseback Transactions constituting Indebtedness to the extent such Indebtedness is
otherwise permitted under the Indenture; 

        (o)   disposals
of non-core assets acquired in connection with any acquisition permitted pursuant to the terms of the Indenture; 

        (p)   any
disposals constituted by licenses of intellectual property rights; 

        (q)   any
disposals in connection with a Content Transaction; 

        (r)   (i)
any disposal of assets made pursuant to the establishment of a Permitted Joint Venture or (ii) any disposal of assets to a Permitted Joint Venture which is
otherwise permitted hereunder and in relation to which the requirements of Section 4.10(a)(1) are satisfied; 

        (s)   foreclosure
on assets; 

        (t)    surrender
or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind; 

        (u)   any
disposition of assets to a Person who is providing services related to such assets, the provision of which have been or are to be outsourced by the Company or any
Restricted Subsidiary to such Person; provided, however, that (A) if the outsourcing relates to non-core business activities, the Company shall provide an Officer's Certificate and
(B) if the outsourcing relates to core business activities, the Board of Directors shall certify, in either case, that in the opinion of the Officer or the Board of Directors, as applicable,
the outsourcing transaction will be economically beneficial to the Company and its Restricted Subsidiaries (considered as a whole) and that the costs of such outsourcing are fair; provided further,
however, that the Fair Market Value of the assets disposed of, when taken together with all other dispositions made pursuant to this clause (u), do not exceed 5% of Total Assets; or 

        (v)   a
disposition of Capital Stock or assets in a transaction or series of related transactions with an aggregate Fair Market Value of less than
£30 million. 

3

 

        "Attributable Debt" in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at
the interest rate reasonably determined in good faith by a responsible financial or accounting officer of the Issuer to be the interest rate implicit in such Sale/Leaseback Transaction in accordance
with GAAP) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has
been extended). 

        "Average Life" means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by
dividing: 

        (1)   the
sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or
scheduled redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by 

        (2)   the
sum of all such payments. 

        "Bank Indebtedness" means any and all amounts payable under or in respect of an agreement, instrument or other document relating to a
Credit Facility (including security documents, fee letters and intercreditor agreements related thereto), including principal, premium (if any), interest (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to the Person liable thereunder whether or not a claim for post-filing interest is allowed in such proceedings), fees,
charges, expenses, reimbursement obligations, Guarantees and all other amounts payable thereunder or in respect thereof, and any and all Refinancing Indebtedness Incurred in respect of any such amount
(including amounts in respect of Refinancing Indebtedness), whether Incurred under or in respect of an agreement relating to a Credit Facility or otherwise. 

        "Bankruptcy Law" means (a) the U.K. Insolvency Act 1986 or any other bankruptcy, insolvency, liquidation or similar laws of general
application and (b) the United States Bankruptcy Code of 1978 or any similar U.S. federal or state law for the relief of debtors. 

        "BBC Guarantees" means the guarantees required to be given by certain Restricted Subsidiaries in favor of BBC Worldwide Limited pursuant
to the shareholder agreements relating to the UKTV Joint Ventures. 

        "Board of Directors" means the Board of Directors of the Issuer or any committee thereof duly authorized to act on behalf of the Board of
Directors of the Issuer or with respect to clause (2) of the definition of "Change of Control," the Board of Directors of Parent or the Company. 

        "Bund Rate" means, as of any redemption date, the rate per annum equal to the quarterly equivalent yield to maturity as of such redemption
date of the Comparable German Bund Issue, assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such
redemption date, where: 

        (1)   "Comparable German Bund Issue" means the German Bundesanleihe security selected by any Reference German Bund Dealer as
having a fixed maturity most nearly equal to the period from such redemption date to [    •    ],
20[    •    ] and that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of
euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount of the Euro Notes and of a maturity most nearly equal to
[    •    ], 20[    •    ]; provided,
however, that, if the period from such redemption date to [    •    ],
20[    •    ] is not equal to the fixed maturity of the German Bundesanleihe security selected by such Reference German Bund Dealer, the Bund
Rate shall be determined by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of German Bundesanleihe securities for which such yields are given,
except that if the period from such redemption date to [    •    ], 20[    •    ] is
less than one year, a fixed maturity of one year shall be used; 

4

 

        (2)   "Comparable German Bund Price" means, with respect to any redemption date, the average of all Reference German Bund
Dealer Quotations for such date (which, in any event, must include at least two such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer
obtains fewer than four such Reference German Bund Dealer Quotations, the average of all such quotations; 

        (3)   "Reference German Bund Dealer" means any dealer of German Bundesanleihe securities appointed by the Issuer in good faith;
and 

        (4)   "Reference German Bund Dealer Quotations" means, with respect to each Reference German Bund Dealer and any redemption
date, the average as determined by the Issuer in good faith of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Issuer by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day preceding the redemption date. 

        "Business Day" means each day which is not a Saturday, Sunday or other day on which banking institutions are not required by law or
regulation to be open in the State of New York or London, England. 

        "Business Division Transaction" means any creation or participation in any joint venture with respect to any assets, undertakings and/or
businesses of the Company and its Restricted Subsidiaries which comprise all or part of the ntl:Telewest business division (or its predecessor or successors), to or with any other entity or person
whether or not the Company or any of its Restricted Subsidiaries, excluding the contribution to (but not the use by) any joint venture of the backbone assets utilized by the Company and its Restricted
Subsidiaries and excluding any Subsidiary included in or owned by the ntl:Telewest business division but not engaged in the business of that division. 

        "Capital Stock" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

        "Capitalized Lease Obligation" means an obligation that is required to be classified and accounted for as a capitalized lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with
GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease. 

        "Change of Control" means the occurrence of any of the following events: 

        (1)   any
"person" or "group" of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), except Parent or any Wholly-Owned Subsidiary
of Parent in the case of Voting Stock of the Company, is or becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for
purposes of this clause (1) such person or group shall be deemed to have "beneficial ownership" of all shares that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Parent or the Company (for the purposes of this
clause (1), such person shall be deemed to beneficially own any Voting Stock of an entity held by any other entity (the "parent entity"), if such other person is the beneficial owner (as
defined in this clause (1)), directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent entity); 

        (2)   during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of Parent or the Company (together with
any new directors whose election to such Board of Directors or whose nomination for election by the stockholders of such company was approved by a vote of a majority of the directors of such company
then still in office who 

5

 

were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors
of Parent or the Company, then in office; 

        (3)   the
adoption of a plan relating to the liquidation or dissolution of Parent, the Company or the Issuer; or 

        (4)   the
merger or consolidation of Parent, any other Virgin Media Holding Company or the Issuer with or into another Person (other than Parent, any other Virgin Media
Holding Company or the Issuer or any other Wholly Owned Subsidiary of Parent) or the merger of another Person (other than Parent, any other Virgin Media Holding Company, the Issuer or any other Wholly
Owned Subsidiary of Parent) with or into Parent, any other Virgin Media Holding Company or the Issuer or the sale of all or substantially all the assets of Parent, any other Virgin Media Holding
Company or the Issuer to another Person (other than Parent, any other Virgin Media Holding Company, the Issuer or any other Wholly Owned Subsidiary of Parent), and, in the case of any such merger or
consolidation, the securities of Parent, any other Virgin Media Holding Company or the Issuer that are outstanding immediately prior to such transaction are changed into or exchanged for cash,
securities or Property, unless pursuant to such transaction such securities are changed into or exchanged for, in addition to any other consideration, securities of the surviving Person or transferee
that represent immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving Person or transferee. 

        Notwithstanding
the foregoing, a Change of Control shall not be deemed to have occurred if a Virgin Media Holding Company that is not then a Subsidiary of Parent becomes the ultimate
parent of the Issuer and, if such Virgin Media Holding Company had been Parent, no Change of Control would have otherwise occurred; provided, however, that such Virgin Media Holding Company guarantees
the Notes on a senior basis. 

        "Clearstream" means Clearstream Banking, S.A. 

        "close of business" shall mean 5:00 p.m. New York City time.  

        "Closing Date" means [    •    ], 2009. 

        "Code" means the U.S. Internal Revenue Code of 1986, as amended. 

        "Common Depositary" means The Bank of New York Mellon as common depositary for Euroclear and Clearstream, Luxembourg as depositary for the
Euro Global Notes, together with its successors in such capacity. 

        "Company" has the meaning assigned to it in the preamble to this Indenture. 

        "Consolidated Interest Expense" means, for any period, the total interest expense of the Company and its Consolidated Restricted
Subsidiaries including, without duplication: 

        (1)   interest
expense attributable to Purchase Money Indebtedness and Capitalized Lease Obligations and the interest expense attributable to leases constituting part of a
Sale/Leaseback Transaction, 

        (2)   amortization
of debt discount and debt issuance costs, 

        (3)   capitalized
interest and interest paid in the form of additional Indebtedness, 

        (4)   cash
or non-cash interest expense, 

        (5)   commissions,
discounts and other fees and charges attributable to letters of credit and bankers' acceptance financing, 

6

 

        (6)   interest
accruing on any Indebtedness of any other Person to the extent such Indebtedness is Guaranteed by, or secured by a Lien on the assets of, the Issuer or any
Restricted Subsidiary, 

        (7)   net
costs associated with Hedging Obligations (including amortization of fees), 

        (8)   dividends
in respect of all Disqualified Stock of the Issuer and all Preferred Stock of any of the Subsidiaries of the Issuer, to the extent held by Persons other than
the Issuer or a Wholly Owned Subsidiary of the Issuer, 

        (9)   interest
Incurred in connection with Investments in discontinued operations and 

        (10) the
cash contributions to any employee share ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to
any Person (other than the Issuer) in connection with Indebtedness Incurred by such plan or trust. 

        "Consolidated Net Income" means, for any period, the net income (loss) of the Company and its Consolidated Subsidiaries for such period;
provided, however, that there shall not be included in such Consolidated Net Income: 

        (1)   any
net income (or loss) of any Person (other than the Company) if such Person is not a Subsidiary, or is an Unrestricted Subsidiary, except that, subject to the
limitations contained in clause (4) below, the Company's equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount
of cash or Temporary Cash Investments distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other similar distribution or return; 

        (2)   any
net income (or loss) of any Restricted Subsidiary to the extent such Restricted Subsidiary is subject to restrictions, directly or indirectly, on the payment of
dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer (other than any restriction permitted under clause (A), (C) (solely to the
extent relating to clause (A)), (H) or (J) (to the extent that assets of the joint ventures subject to such restriction do not exceed 2.5% of Total Assets) of
Section 4.08(b)), except that, subject to the limitations contained in clause (4) below, the Company's equity in the net income of any such Restricted Subsidiary for such period shall be
included in such Consolidated Net Income up to the aggregate amount of cash or Temporary Cash Investments distributed by such Restricted Subsidiary during such period to the Company or another
Restricted Subsidiary as a dividend or other similar distribution; 

        (3)   any
gain (or loss) realized upon the sale or other disposition of any asset of the Company or its Consolidated Subsidiaries (including pursuant to any Sale/Leaseback
Transaction) and any gain (or loss) realized upon the sale or other disposition of any Capital Stock of any Person, in each case, that is not sold or otherwise disposed of in the ordinary course of
business; 

        (4)   any
item classified as a restructuring, extraordinary, unusual, non-recurring or other non-operating gain or loss, including the costs of, and
accounting for, financial instruments; 

        (5)   any
impairment loss of the Company or its Restricted Subsidiaries relating to goodwill or other intangible assets; 

        (6)   the
cumulative effect of a change in accounting principles; 

        (7)   all
deferred financing costs written off in connection with the early extinguishment of Indebtedness, net of taxes; and 

        (8)   any
foreign currency transaction or translation gains or losses, net of taxes. 

        Notwithstanding
the foregoing, for the purpose of Section 4.07 only, there shall be excluded from Consolidated Net Income any repurchases, repayments, redemptions or releases of
Investments, proceeds realized on the sale or liquidation of Investments, and dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the Company or a
Restricted Subsidiary to the extent such amounts increase the amount of Restricted Payments permitted under Section 4.07 pursuant to clauses (C)(iv) of paragraph (a) thereof. 

7

 

  
        "Consolidation" means the consolidation of the accounts of each of the Restricted Subsidiaries with those of the Company in accordance
with GAAP consistently applied; provided, however, that "Consolidation" will not include consolidation of the accounts of any Unrestricted Subsidiary, but the interest of the Company or any Restricted
Subsidiary in an Unrestricted Subsidiary will be accounted for as an investment. The term "Consolidated" has a correlative meaning. 

        "Content" means any rights to broadcast, transmit, distribute or otherwise make available for viewing, exhibition or reception (whether in
analogue or digital format and whether as a channel or an internet service, a teletext-type service, an interactive service, or an enhanced television service or any part of any of the
foregoing, or on a pay-per-view basis, or near video-on-demand, or video-on-demand basis or otherwise) any one or more of audio
and/or visual images, audio content, or interactive content (including hyperlinks, re-purposed web-site content, database content plus associated templates, formatting
information and other data including any interactive applications or functionality), text, data, graphics, or other content, by means of any means of distribution, transmission or delivery system or
technology (whether now known or herein after invented). 

        "Content Business" means the business of the Company and its Restricted Subsidiaries consisting of ownership or licensing of Content. 

        "Content Transaction" means any sale, transfer, demerger, contribution, spin-off or distribution of, any creation or
participation in any joint venture and/or entering into any other transaction or taking any action with respect to, in each case, any assets, undertakings and/or businesses of the Company and its
Restricted Subsidiaries which comprise all or part of the Content Business, to or with any other entity or person whether or not the Company or any of its Restricted Subsidiaries. 

        "Convertible Senior Notes" means the $1,000,000,000 of 6.50% Convertible Senior Notes due 2016 issued pursuant to an indenture dated as of
April 16, 2008 between the Parent and the Bank of New York, as trustee. 

        "Credit Facility" means any debt facility or commercial paper facility (including the Existing Credit Facility) or ancillary facility, in
each case with a lender or a syndicate of commercial bank lenders or other financial institutions, providing for revolving credit loans, term loans, receivables financing or letters of credit, in each
case, as amended, restated, refunded, renewed, replaced or Refinanced in whole or in part from time to time by a lender or a syndicate of commercial bank lenders or other financial institutions. 

        "Currency Agreement" means with respect to any Person any foreign exchange contract, currency swap agreements or other similar agreement
or arrangement to which such Person is a party or of which it is a beneficiary. 

        "Custodian" means 

        (a)   in
the case of any Dollar Global Note held through DTC, the Trustee, as custodian for DTC with respect to such Global Note, and 

        (b)   in
the case of any Euro Global Note held through Euroclear or Clearstream, the Common Depositary. 

        "Default" means any event which is, or after notice or passage of time or both would be, an Event of Default. 

        "Definitive Note" means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend or the "Schedule of Exchanges of Interests in the Global Note" attached hereto. 

8

 

        "Depositary" means, with respect to any Global Note, the Person specified in Section 2.03 hereof as the Depositary with respect to
such Global Note or any successor thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

        "Designated Non-Cash Consideration" means the Fair Market Value of non-cash consideration received by any
Intermediate Guarantor, the Issuer or any Restricted Subsidiary in connection with an Asset Disposition that is so designated pursuant to an Officer's Certificate, setting forth the basis of such
valuation. The aggregate Fair Market Value of the Designated Non-Cash Consideration, taken together with the Fair Market Value at the time of receipt of all other Designated
Non-Cash Consideration then held by any Intermediate Guarantor, the Issuer or any Restricted Subsidiary, may not exceed the greater of (x) £250 million in the
aggregate or (y) 1.00% of Total Assets, at the time of the receipt of the Designated Non-Cash Consideration (with the Fair Market Value being measured at the time received and
without giving effect to subsequent changes in value). 

        "Designated Senior Indebtedness" means any Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor (other than Bank
Indebtedness) which at the time of determination exceeds £75 million in aggregate principal amount (or accreted value in the case of Indebtedness issued at a discount) outstanding
or available under a committed facility, which is specifically designated in the instrument evidencing such Senior Indebtedness as "Designated Senior Indebtedness" by such Person and as to which the
Trustee has been given written notice of such designation. 

        "Disqualified Stock" means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event: 

        (1)   matures
or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person that is not itself Disqualified Stock) pursuant to a sinking fund
obligation or otherwise; 

        (2)   is
convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely at the option of the Company or a
Restricted Subsidiary; provided, however, that any such conversion or exchange shall be deemed an Incurrence of Indebtedness or Disqualified Stock, as applicable); or 

        (3)   is
redeemable or may become (in accordance with its terms) upon the occurrence of certain events or otherwise redeemable or repurchasable at the option of the holder
thereof, in whole or in part, 

in
the case of each of clauses (1), (2) and (3), on or prior to 180 days following the Stated Maturity of the Notes; provided, however, that any Capital Stock that would not
constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem
such Capital Stock upon the occurrence of an "asset sale" or "change of control" occurring prior to 180 days following the Stated Maturity of the Notes shall not constitute Disqualified Stock
if the "asset sale" or "change of control" provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the provisions of Sections 4.10 and 4.15. 

        "Dollar Equivalent" means, with respect to any monetary amount in euro, at any time for the determination thereof, the amount of
U.S. Dollars obtained by converting the euros involved in such computation into U.S. Dollars at the spot rate for the purchase of U.S. Dollars with euro as published under
"Exchange Rate" in the section of the homepage of the European Central bank (www.ecb.int) entitled "Statistics" on the date two Business Days prior to such determination. 

        "Dollar Global Note" means a Global Note representing Dollar Notes. 

        "Dollar Notes" means the U.S. dollar denominated [    •    ]% Senior Notes due
201[    •    ] of the Issuer. 

9

 

        "EBITDA" for any period means the Consolidated Net Income for such period plus, without duplication, the following to the extent deducted
in calculating such Consolidated Net Income of the Company and its Consolidated Restricted Subsidiaries: 

        (1)   income
tax expense; 

        (2)   Consolidated
Interest Expense; 

        (3)   depreciation
expense; 

        (4)   amortization
expense (excluding amortization expense attributable to a prepaid cash item that was paid in a prior period); 

        (5)   all
other non-cash charges (excluding any such non-cash charge to the extent it represents an accrual of or reserve for cash expenditures in any
future period) less all non-cash items of income (excluding any such non-cash item of income to the extent it will result in receipt of cash payments in any future period); 

        (6)   other
cash charges for professional fees and services incurred in connection with the planning, negotiating, documenting or other activities related to a proposed
financing, acquisition or disposition transaction involving a Permitted Business if such transaction is abandoned; 

        (7)   the
amount of minority interest expense deducted in calculating Consolidated Net Income; 

        (8)   the
amount of any restructuring charge deducted for such period in calculating Consolidated Net Income; 

        (9)   recapitalization
items, net; 

        (10) share
of income or loss on equity Investments; and 

        (11) asset
impairments, 

in
each case for such period. 

        Notwithstanding
the foregoing, the provision for taxes based on the income or profits of, and the depreciation and amortization and non-cash charges of, a Restricted
Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that the net income of such Restricted Subsidiary was included in calculating
Consolidated Net Income and only to the extent that a corresponding amount would be permitted at the date of determination to be dividended or distributed, directly or indirectly, to the Company by
such Restricted Subsidiary without breaching or violating a restriction, directly or indirectly, applicable to such Restricted Subsidiary (disregarding for this purpose any restriction permitted under
clause (A), (C) (solely to the extent relating to clause (A)) or (H) of Section 4.08(b)). 

        "EMU" means economic and monetary union as contemplated in the Treaty on European Union. 

        "Equity Offering" means a public or private sale for cash of Capital Stock that is a sale of Capital Stock of the Company or any Virgin
Media Holding Company (not including convertible debt or other equity-linked securities or purchases of Capital Stock of the Company or any Virgin Media Holding Company funded by a sale of debt,
convertible debt or other equity-linked securities of the Company or any Virgin Media Holding Company). 

        "euro" means the single currency of participating member states of the EMU. 

        "Euro-Denominated Designated Government Obligations" means direct non-callable and non-redeemable
obligations denominated in euros (in each case, with respect to the issuer thereof) of any member state of the European Union that is a member of the European Union as of the date of this Indenture. 

10

 

        "Euro Global Note" means a Global Note representing Euro Notes. 

        "Euro Notes" means the euro denominated [    •    ]% Senior Notes due
201[    •    ]of the Issuer. 

        "Euroclear" means Euroclear Bank S.A./N.V. 

        "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended. 

        "Existing Credit Facility" means the Senior Facilities Agreement dated March 3, 2006 between Virgin Media Inc. (f/k/a NTL
Incorporated) as Ultimate Parent and the other parties thereto, as the same may be amended, modified, supplemented, extended or replaced from time to time, in each case in accordance with the terms of
the Indenture. 

        "Existing Notes" means (i) the £375 million of 9.75% Senior Notes due 2014, the $425 million of Senior
Notes due 2014 and the €225 million of Senior Notes due 2014 issued by the Issuer pursuant to the 2004 Indenture and (ii) the $550 million 9.125% Senior Notes due
2016, issued by the Issuer pursuant to the 2006 Indenture. 

        "Fair Market Value" means, with respect to any asset or Property, the price which could be negotiated in an arm's-length transaction
between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

        "GAAP" means generally accepted accounting principles in the United States of America as in effect as of the Closing Date. All ratios and
computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP as in effect at the Closing Date. 

        "Global Notes" means, individually and collectively, the Global Notes, substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the "Schedule of Exchange of Interests in the Global Note" attached thereto) issued in accordance with Section 2.01 or 2.06 hereof. 

        "Global Note Legend" means the legend set forth in Section 2.06(f), which is required to be placed on all Global Notes issued under
this Indenture. 

        "Group Intercreditor Deed" means the Group Intercreditor Deed originally entered into on March 3, 2006 and as amended from time to
time, between Deutsche Bank AG London as Facility Agent and Security Trustee, the Original Borrowers, the Original Guarantors, the Senior Lenders, the Lessors, the Lessees, the Hedge Counterparties,
the Lessor's Agent, the Intergroup Debtors and the Intergroup Creditors (each as defined therein). 

        "Guarantee" means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other
obligation of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 

        (1)   to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise); or 

        (2)   entered
into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against
loss in respect thereof (in whole or in part); 

provided, however, that the term "Guarantee" shall not include endorsements for collection or deposit in
the ordinary course of business or (ii) a contractual commitment by a Person to make an Investment in another Person so long as such Investment is reasonably expected to constitute a Permitted
Investment under clause (1) or (2) of the definition of "Permitted Investment." The term "Guarantee" used as a verb has a corresponding meaning. The term "Guarantor" shall mean any
Person Guaranteeing any obligation. 

11

 

        "Hedging Obligations" of any Person means the obligations of such Person pursuant to any Interest Rate Agreement or any Currency
Agreement. 

        "Holder" means each Person in whose name the Notes are registered on the Registrar's books. 

        "Holdings" has the meaning assigned to it in the preamble to this Indenture. 

        "Incur" means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of
a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a
Subsidiary. The term "Incurrence" when used as a noun shall have a correlative meaning. 

        Solely
for purposes of determining compliance with Section 4.09, the following will not be deemed to be the Incurrence of Indebtedness: (1) amortization of debt discount or
the accretion of principal with respect to a non-interest bearing or other discount security; (2) the payment of regularly scheduled interest in the form of additional Indebtedness
of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; (3) the obligation to
pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of redemption or the making of a mandatory offer to purchase such Indebtedness; and (4) a change in
GAAP that results in an obligation of such Person that exists at such time, and is not theretofore classified as Indebtedness, becoming Indebtedness. 

        "Indebtedness" means, with respect to any Person on any date of determination, without duplication: 

        (1)   the
principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 

        (2)   the
principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (other than loan notes
or similar instruments issued solely by way of consideration for the acquisition of assets in order to defer capital gains or equivalent taxes where such loan notes or similar instruments are not
issued for the purpose of financing but are issued for tax purposes); 

        (3)   all
obligations of such Person in respect of letters of credit, bankers' acceptances or other similar instruments (including reimbursement obligations with respect
thereto), other than reimbursement obligations with respect to letters of credit securing obligations (other than obligations described in (1), (2) and (5) of this definition) entered
into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon such drawing is reimbursed no later than the fifth
Business Day following receipt by such Person of a demand for reimbursement following payment of the letter of credit; 

        (4)   all
obligations of such Person to pay the deferred and unpaid purchase price of Property or services (except Trade Payables), which purchase price is due more than six
months after the date of placing such Property in service or taking delivery and title thereto or the completion of such services and whose primary purpose is for financing; 

        (5)   all
Capitalized Lease Obligations and all Attributable Debt of such Person; 

        (6)   the
amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary
of such Person, any Preferred Stock (but excluding, in each case, any accrued dividends); 

        (7)   all
obligations referred to in other clauses of this definition of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person; provided, however, that the amount of Indebtedness of such Person shall be the lesser of: (A) the Fair Market 

12

 

Value
of such asset at such date of determination and (B) the amount of such Indebtedness of such other Persons; 

        (8)   Hedging
Obligations of such Person; and 

        (9)   all
obligations of the type referred to in clauses (1) through (8) of other Persons and all dividends of other Persons for the payment of which, in either
case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee. 

        The
amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the
occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date as determined in accordance with GAAP. The amount of Indebtedness under Hedging Obligations of a
Person will be calculated by reference to the net liability of such Person thereunder (as determined in accordance with GAAP as of the date of the most recent financial statements distributed to
Holders under Section 4.03). 

        "Indenture" means this Indenture, as amended or supplemented from time to time. 

        "Independent Financial Advisor" means an investment banking, financial advisory, valuation or accounting firm of international standing or
any third-party appraiser of international standing; provided that such firm or appraiser is not an Affiliate of the Company. 

        "Indirect Participant" means a Person who holds a beneficial interest in a Global Note through a Participant. 

        "Initial Notes" means the $[    •    ] aggregate principal amount of Dollar Notes
and the €[    •    ] aggregate principal amount of Euro Notes, as the case may be, issued under this Indenture on the date
hereof. 

        "Intercreditor Deed" means the Intercreditor Deed first entered into among the Issuer, NTLIH, Credit Suisse First Boston, The Bank of New
York and the senior lenders party thereto, on April 13, 2004, as the same may be amended, modified, supplemented, extended or replaced from time to time, in each case in accordance with the
terms of the Indenture, including by the accession of the Trustee thereto. 

        "Interest Rate Agreement" means with respect to any Person any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement to
which such Person is party or of which it is a beneficiary. 

        "Intermediate Guarantee" means the guarantee of the Notes by each Intermediate Guarantor. 

        "Intermediate Guarantors" collectively means the Company, Holdings, UK Holdco, Virgin Media Communications Limited and any future
Subsidiary of the Company of which the Issuer is a Subsidiary, which future Subsidiary shall be required to Guarantee the Notes on a senior basis in accordance with Section 11.06 hereof. 

        "Investment" in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business
that are of a type that will be recorded as accounts receivable on the balance sheet of the lender) or other extension of credit (including by way of Guarantee or similar arrangement) or capital
contribution to (including by means of any transfer of cash or other Property to others or any payment for Property or services for the account or use of others), or any purchase or acquisition of
Capital Stock, Indebtedness or other similar instruments issued by such Person, or any prepayment, repayment, repurchase, redemption, retirement, refinancing or defeasance of Indebtedness of such
Person, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. For purposes of Sections 4.07 and 4.17 of this Indenture: 

13

 

  
        (1)   "Investment" shall include the portion (proportionate to the Company's equity interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary
of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall
be deemed to continue to have a permanent "Investment" in an Unrestricted Subsidiary in an amount (if positive) equal to: 

        (A)  the
Company's "Investment" in such Subsidiary at the time of such redesignation, less 

        (B)  the
portion (proportionate to the Company's equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such
redesignation; and 

        (2)   any
Property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer. 

        "Issuer" has the meaning assigned to it in the preamble to this Indenture. 

        "Leverage Ratio" means the ratio of: 

        (1)   the
outstanding Indebtedness of the Company and its Consolidated Restricted Subsidiaries, to 

        (2)   the
Pro Forma EBITDA. 

        "Lien" means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof). 

        "Member State" means any country that was a member of the European Union as of July 25, 2006. 

        "Merger Date" means March 3, 2006. 

        "Moody's" means Moody's Investors Service, Inc. or any successor to its rating business. 

        "Net Available Cash" from an Asset Disposition means cash payments received (including, only when and as received, any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration,
but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such
Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 

        (1)   all
legal, accounting and investment banking fees and expenses, title and recording tax expenses, commissions and other fees and expenses incurred, and all national,
regional, state, provincial, foreign and local taxes required to be paid as a consequence of such Asset Disposition, 

        (2)   all
payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon or other security
agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of the proceeds
from such Asset Disposition, 

        (3)   all
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition and 

        (4)   appropriate
cash amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the Property or other assets
disposed of in such Asset Disposition and retained by the Company, the Issuer or any Restricted Subsidiary after such Asset Disposition. 

        "Net Cash Proceeds," with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of
attorneys' fees, accountants' fees, underwriters' or placement agents' fees,
discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 

14

 

        "Non-Recourse Debt" means Indebtedness: 

        (1)   as
to which neither the Company, the Issuer nor any other Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including any
undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 

        (2)   no
default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit
(upon notice, lapse of time or both) any holder of any other Indebtedness of the Company, the Issuer or any other Restricted Subsidiary to declare a default under such other Indebtedness or cause the
payment thereof to be accelerated or payable prior to its stated maturity; and 

        (3)   the
explicit terms of which provide there is no recourse against any of the assets of the Company, the Issuer or any other Restricted Subsidiary. 

        "Note Guarantee" means the guarantee of the Notes by each Note Guarantor. 

        "Note Guarantor" means the Parent, each Intermediate Guarantor, the Senior Subordinated Subsidiary Guarantor, and each Additional
Subsidiary Guarantor. 

        "Notes" has the meaning assigned to it in the preamble to this Indenture. 

        "Officer" of a Person means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, Deputy Chief Financial
Officer, the President, any Vice President, the Treasurer, Assistant Treasurer, the Secretary or Assistant Secretary, or any Director. 

        "Officer's Certificate" means a certificate signed by an Officer. 

        "Opinion of Counsel" means a written opinion from legal counsel of recognized standing in a form reasonably satisfactory to the addressee
of such opinion. The counsel may be an employee of or counsel to the Issuer or the Trustee. 

        "Parent" has the meaning assigned to it in the preamble to this Indenture. 

        "Parent Guarantee" means the guarantee of the Notes by the Parent. 

        "Participant" means, with respect to any Depositary, a Person who is a participant of or has an account with such Depositary (and, with
respect to DTC, shall include Euroclear and Clearstream). 

        "Permitted Business" means any business engaged in by the Company, the Issuer or any other Restricted Subsidiary on the Closing Date and
any Related Business. 

        "Permitted Investment" means an Investment by the Company, the Issuer or any other Restricted Subsidiary in: 

        (1)   the
Company, any Restricted Subsidiary or a Person that will, upon the making of such Investment, become a Restricted Subsidiary; 

        (2)   another
Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets
to, the Company or any Restricted Subsidiary; 

        (3)   cash
and Temporary Cash Investments; 

        (4)   receivables
owing to the Company, the Issuer or any other Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in
accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company, the Issuer or
any such Restricted Subsidiary deems reasonable under the circumstances; 

15

 

        (5)   payroll,
travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and
that are made in the ordinary course of business; 

        (6)   loans,
advances or Guarantees of loans or advances to employees (including for relocation) made in the ordinary course of business of the Company or such Restricted
Subsidiary and not exceeding £5 million in the aggregate outstanding at any one time; 

        (7)   shares,
obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Company, the Issuer or any other Restricted
Subsidiary or in satisfaction of judgments; 

        (8)   any
Person to the extent such Investment represents the non-cash portion of the consideration received for an Asset Disposition that was made pursuant to and
in compliance with Section 4.10 hereof; 

        (9)   any
Person, if such Investment is in existence on the Closing Date and any Investment in any Person to the extent such Investment Refinances an Investment in such Person
existing on the Closing Date in an amount not exceeding the amount of the Investment being Refinanced; provided, however, that such new Investment is on
terms and conditions no less favorable to the Company, the Issuer or any other Restricted Subsidiary than the Investment being Refinanced; 

        (10) Guarantees
permitted to be Incurred by Section 4.09 hereof; 

        (11) loans
granted as a result of a subscriber being allowed terms, in the ordinary course of trade, whereby it does not have to pay for services provided to it for a period
of time after the provision of such services; 

        (12) the
BBC Guarantees; 

        (13) lease,
utility and workers' compensation, performance and other similar deposits made in the ordinary course of business; 

        (14) Hedging
Obligations permitted under this Indenture; 

        (15) repurchases
of the Notes; 

        (16) Investments
resulting from the disposition of assets in transactions excluded from the definition of "Asset Disposition" pursuant to the exclusions from such
definition; 

        (17) any
Person where such Investment was acquired by the Company, the Issuer or any other Restricted Subsidiary (i) in exchange for any other Investment or accounts
receivable held by the Company, the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other
Investment or accounts receivable or (ii) as a result of a foreclosure by the Company, the Issuer or any such Restricted Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default; 

        (18) any
Receivables Subsidiary organized in connection with a Qualified Receivables Transaction that, in the good faith determination of the Company, is necessary or
advisable to effect such Qualified Receivables Transaction; 

        (19) the
Screenshop Loan Note; and 

        (20) any
Person; provided, however, that such Investment (having a Fair Market Value measured on the date such Investment was
made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (20) since the Closing Date, shall not exceed at the
time the Investment is made the greater of (a) 2.0% of Total Assets or 

16

 

(b) £100 million;
provided, further, however, that Investments made in any Unrestricted Subsidiary pursuant to this
clause (20) shall not increase the amount of Restricted Payments permitted to be made under Section 4.07 upon any redesignation of any such Unrestricted Subsidiary as a Restricted
Subsidiary. 

        "Permitted Joint Ventures" means one or more joint ventures formed by (i) the contribution of all or any part of the Content
Business to a joint venture formed by the Company or any of its Restricted Subsidiaries with one or more joint venturers; and (ii) the contribution of some or all of the assets of the
ntl:Telewest business division pursuant to a Business Division Transaction to a joint venture formed by the Company or any of its Restricted Subsidiaries with one or more joint venturers. 

        "Permitted Liens" means, with respect to any Person: 

        (1)   pledges
or deposits by such Person under worker's compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or
Temporary Cash Investments to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or customs duties in connection with the importation of goods
or for the payment of rent, in each case Incurred in the ordinary course of business; 

        (2)   Liens
imposed by law, such as statutory Liens for landlords and carriers', warehousemen's and mechanics' Liens, in each case for sums not yet delinquent or being
contested in good faith or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

        (3)   Liens
for taxes, assessments or government charges or claims not yet due or payable or subject to penalties for non-payment or which are being contested in
good faith; 

        (4)   Liens
in favor of issuers of surety bonds, performance bonds or letters of credit, bankers' acceptances or other obligations of a like nature provided by the Company or
a Restricted Subsidiary in the ordinary course of business; 

        (5)   survey
exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, utility
agreements, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person
or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person; 

        (6)   Liens
securing Purchase Money Indebtedness and Capitalized Lease Obligations Incurred to finance the construction, purchase or lease of, or repairs, improvements or
additions to, assets or Property of such Person; provided, however, that the Lien may not extend to any other assets or Property owned by such Person or any of its Subsidiaries at the time the Lien is
Incurred, and the original principal amount of the Indebtedness secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction,
repair, improvement, addition or commencement of full operation of the Property subject to the Lien; 

        (7)   Liens
to secure Bank Indebtedness Incurred pursuant to clause (1) of Section 4.09(b) (to the extent relating to Bank Indebtedness or Permitted Public Debt)
and Liens to secure Indebtedness (including Bank Indebtedness and Permitted Public Debt but not including Public Debt that is not Permitted Public Debt) Incurred pursuant to clauses (a), (b)(4)
(to the extent relating to Indebtedness incurred under clause (a)) or (b)(16) of Section 4.09; 

        (8)   Liens
existing on the Closing Date; 

17

 

        (9)   Liens
on Property or shares of another Person at the time such other Person becomes a Subsidiary of such Person; provided, however, that such Liens are not created,
Incurred or assumed in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided further, however, that such Liens do not extend to any other Property owned by
such Person or any of its Subsidiaries unless otherwise permitted hereunder; 

        (10) Liens
on Property at the time such Person or any of its Subsidiaries acquires the Property, including any acquisition by means of a merger or consolidation with or into
such Person or any Subsidiary of such Person; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided further,
however, that the Liens do not extend to any other Property owned by such Person or any of its Subsidiaries unless otherwise permitted hereunder; 

        (11) Liens
securing Indebtedness or other obligations of a Subsidiary of such Person owing to a Restricted Subsidiary or the Issuer (other than Indebtedness or other
obligations owing by an Additional Subsidiary Guarantor to a Subsidiary that is not an Additional Subsidiary Guarantor); 

        (12) Liens
securing Hedging Obligations permitted to be Incurred under the Indenture so long as such obligations relate to Indebtedness that is, and is permitted under the
Indenture to be, secured by a Lien on the same Property securing such obligations or cash collateral or customary Liens Incurred in connection with Hedging Obligations; 

        (13) Liens
to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing
clauses (6), (8), (9) and (10); provided, however, that: 

        (A)  such
new Lien shall be limited to all or part of the same Property that secured the original Lien (plus improvements to or on such Property) and 

        (B)  the
Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of: 

        (i)    the
outstanding principal amount or, if greater, committed amount of the Indebtedness secured by Liens described under clause (6), (8), (9) or
(10) at the time the original Lien became a Permitted Lien under the Indenture; and 

        (ii)   an
amount necessary to pay any fees and expenses, including premiums, related to such Refinancings; 

        (14) Liens
securing the Notes, the Intermediate Guarantees, the Additional Subsidiary Guarantees and other obligations of the Company and any Restricted Subsidiaries under
the Indenture; 

        (15) Liens
of a Restricted Subsidiary that is not an Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor securing Indebtedness of a Restricted
Subsidiary that is not an Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor; 

        (16) Liens
in favor of any Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor; 

        (17) Liens
to secure Receivables and Related Assets as part of a Qualified Receivables Transaction; 

        (18) Liens
arising by virtue of any statutory or common law provisions (or by agreement to the same effect) relating to banker's Liens, contractual rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution; 

        (19) Liens
arising from U.S. Uniform Commercial Code financing statement filings (or similar filings in other applicable jurisdictions) regarding operating leases entered
into by the Person in the ordinary course of business; 

        (20) Liens
in connection with any Sale/Leaseback Transaction permitted pursuant to Section 4.16 hereof; and 

18

 

  
        (21) Liens Incurred in the ordinary course of business of any Intermediate Guarantor or any Restricted Subsidiary with respect to obligations (other than Indebtedness for
borrowed money) that do not exceed £50 million at any time outstanding. 

        "Permitted Public Debt" means any Secured Indebtedness that is Public Debt of the Issuer and its Restricted Subsidiaries, the incurrence
of which would not, on a pro forma basis, cause the ratio of (1) the outstanding Indebtedness of the Issuer and its Consolidated Restricted Subsidiaries that is Secured Indebtedness, to
(2) the Pro Forma EBITDA, to exceed 3.75:1.0. 

        "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

        "Preferred Stock," as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) that is
preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other
class of such Person. 

        "principal" of a Note means the principal of the Note plus the premium, if any, payable on the Note which is due or overdue or is to
become due at the relevant time. 

        "Pro Forma EBITDA" means, for any period, the EBITDA of the Company and its Consolidated Restricted Subsidiaries, after giving effect to
the following: 

        if:

        (1)   since
the beginning of such period, the Company or any Restricted Subsidiary shall have made any Asset Disposition or an Investment (by merger or otherwise) in any
Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary) or an acquisition; 

        (2)   the
transaction giving rise to the need to calculate Pro Forma EBITDA is such an Asset Disposition, Investment or acquisition; or 

        (3)   since
the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since
the beginning of such period shall have made such an Asset Disposition, Investment or acquisition, 

EBITDA
for such period shall be calculated in good faith by a responsible financial or accounting officer of the Company after giving pro forma effect to such Asset Disposition, Investment or
acquisition as if such Asset Disposition (and the application of the proceeds therefrom), Investment or acquisition occurred on the first day of such period. 

        "Property" means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or
mixed, or tangible or intangible, including Capital Stock in, and other securities of, any other Person. 

        "Public Debt" means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public
offering registered under the Securities Act or (2) a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A or Regulation S
under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC for public resale. The term "Public Debt,"
for the avoidance of doubt, shall not be construed to include any Indebtedness issued to institutional investors in a direct placement of such Indebtedness that is not underwritten by an intermediary
(it being understood that, without limiting the foregoing, a financing that is distributed to not more than ten Persons (provided that multiple managed accounts and Affiliates of any such Persons
shall be treated as one Person for the purposes of this definition) shall not be deemed underwritten), or any Bank Indebtedness under any Credit Facility (including any such Bank Indebtedness under
any such Credit 

19

 

Facility
that is provided by a lender which finances its ability to provide such Indebtedness through the incurrence of Public Debt), Capitalized Lease Obligation or recourse transfer of any financial
asset or any other type of Indebtedness Incurred in a manner not customarily viewed as a "securities offering". 

        "Purchase Money Indebtedness" means Indebtedness: 

        (1)   consisting
of the deferred purchase price of an asset, conditional sale obligations, obligations under any title retention agreement and other purchase money
obligations, in each case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and 

        (2)   Incurred
to finance the acquisition by the Company or a Restricted Subsidiary of such asset, including additions and improvements; 

provided, however, that the original principal amount of such Indebtedness is Incurred within
180 days after the acquisition by the Company or such Restricted Subsidiary of such asset. 

        "Qualified Receivables Transaction" means any transaction or series of transactions that may be entered into by the Company, the Issuer or
any other Restricted Subsidiary pursuant to which the Company, the Issuer or any other Restricted Subsidiary may sell, convey or otherwise transfer to: 

        (1)   a
Receivables Subsidiary (in the case of a transfer by the Company, the Issuer or any other Restricted Subsidiary); and 

        (2)   any
other Person (in the case of a transfer by a Receivables Subsidiary), 

or
may grant a security interest in, any Receivables and Related Assets. 

        "Receivables and Related Assets" means accounts receivable, instruments, chattel paper, obligations, general intangibles and other similar
assets, including interests in merchandise or goods, the sale or lease of which give rise to the foregoing, related contractual rights, Guarantees, insurance proceeds, collections, other related
assets and assets that are customarily transferred, or in respect of which security interests are customarily granted, in connection with asset securitization transactions involving accounts
receivable, and proceeds of all the foregoing. 

        "Receivables Fees" means distributions or payments made directly or by means of discounts with respect to any participation interest
issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Qualified Receivables Transaction. 

        "Receivables Subsidiary" means a Subsidiary of the Company that engages in no activities other than in connection with the financing of
accounts receivable and that is designated by the Board of Directors (as provided below) as a Receivables Subsidiary and: 

        (1)   has
no Indebtedness or other Obligation (contingent or otherwise) that: 

        (A)  is
guaranteed by the Company, the Issuer or any Restricted Subsidiary, other than contingent liabilities pursuant to Standard Securitization Undertakings; 

        (B)  is
recourse to or obligate the Company or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings; or 

        (C)  subjects
any Property or assets of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings; 

        (2)   has
no contract, agreement, arrangement or undertaking (except in connection with a Qualified Receivables Transaction) with the Company or any Restricted Subsidiary
other than on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at 

20

 

the
time from Persons that are not Affiliates of the Issuer, other than fees payable in the ordinary course of business in connection with servicing accounts receivables; and 

        (3)   neither
the Company nor any Restricted Subsidiary has any obligation to maintain or preserve such Receivables Subsidiary's financial condition or cause such Receivables
Subsidiaries to achieve certain levels of operating results. 

        Any
such designation by the Board of Directors shall be evidenced to the relevant Trustee by filing with such Trustee a copy of the resolution of the Board of Directors giving effect to
such designation and an Officer's Certificate certifying, to such Officer's knowledge and belief after consulting with counsel that such designation complied with the foregoing conditions. 

        "Refinance" means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to
issue other Indebtedness exchange or replacement for, such Indebtedness. "Refinanced" and "Refinancing" shall have correlative meanings. 

        "Refinancing Indebtedness" means any Indebtedness that Refinances any other Indebtedness, including any successive Refinancings, so long
as: 

        (1)   such
Indebtedness is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) not in excess of the sum of: 

        (A)  the
aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being Refinanced, and 

        (B)  an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, related to such Refinancing, 

        (2)   the
Average Life of such Indebtedness is equal to or greater than the Average Life of the Indebtedness being Refinanced, 

        (3)   the
Stated Maturity of such Indebtedness is no earlier than the Stated Maturity of the Indebtedness being Refinanced, and 

        (4)   to
the extent such Indebtedness directly or indirectly Refinances Indebtedness of a Restricted Subsidiary Incurred pursuant to clause (b)(5) of
Section 4.09, such Refinancing Indebtedness is Incurred only by such Restricted Subsidiary; 

provided, however, that Refinancing Indebtedness shall not include: 

        (y)   Indebtedness
of a Restricted Subsidiary that is not an Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor that Refinances Indebtedness of an
Intermediate Guarantor, the Issuer or an Additional Subsidiary Guarantor or 

        (z)   Indebtedness
of the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 

        "Related Business" means any business related, ancillary or complementary to the businesses of the Company, the Intermediate Guarantors,
the Issuer and the Restricted Subsidiaries on the Closing Date including, without limitation, all forms of television, telephony and internet services and any services relating to carriers, networks,
broadcast or communications services, or Content. 

        "Representative" means the trustee, agent or representative (if any) for an issue of Senior Indebtedness. 

        "Responsible Officer" means any officer within the corporate trust and agency department of the Trustee, including any vice president,
assistant vice president, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by such officers, or to whom any
corporate trust matter is referred because of such individual's knowledge of 

21

 

and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

        "Restricted Subsidiary" means the Issuer and any Subsidiary of the Company other than an Unrestricted Subsidiary. 

        "S&P" means Standard and Poor's Rating Service, a division of McGraw-Hill Companies, Inc., or any successor to its
rating business. 

        "Sale/Leaseback Transaction" means an arrangement relating to Property now owned or hereafter acquired by the Company or any Restricted
Subsidiary whereby the Company or any Restricted Subsidiary transfers such Property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the
Company and any Restricted Subsidiary or between Restricted Subsidiaries. 

        "Screenshop Loan Note" means the £6.0 million loan note from Aurelius Innovation Development GmbH to Screenshop
Limited dated April 1, 2009 (as amended from time to time). 

        "SEC" means the U.S. Securities and Exchange Commission. 

        "Secured Indebtedness" means any Indebtedness of any Person secured by a Lien. 

        "Securities Act" means the U.S. Securities Act of 1933, as amended. 

        "Security Trustee" means the security trustee under the Intercreditor Deed or any successor thereto in its capacity as trustee under the
Intercreditor Deed or any Person acting in such capacity under an additional intercreditor deed relating to the Notes. 

        "Senior Indebtedness" of the Issuer, an Intermediate Guarantor or the Senior Subordinated Subsidiary Guarantor means the principal of,
premium (if any) and accrued and unpaid interest on (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization of the Issuer or such guarantor, regardless
of whether or not a claim for post-filing interest is allowed in such proceedings), and fees and other amounts owing in respect of, Bank Indebtedness (including Hedging Obligations
relating thereto) and all other Indebtedness of the Issuer or such guarantor, as applicable, whether outstanding on the Closing Date or thereafter Incurred, unless in the instrument creating or
evidencing the same or pursuant to which the same is outstanding it is provided that such obligations are (a) subordinated in right of payment to the Notes, in the case of Indebtedness of the
Issuer, (b) are subordinated in right of payment to an Intermediate Guarantor's Note Guarantee, in the case of Indebtedness of an Intermediate Guarantor, or (c) are subordinated in right
of payment to, or rank equally with, the Senior Subordinated Subsidiary Guarantee, in the case of Indebtedness of VMIH; provided, however, that Senior Indebtedness of the Issuer, an Intermediate
Guarantor or a Subsidiary Guarantor shall not include: 

        (1)   any
obligation of the Issuer, an Intermediate Guarantor or a Subsidiary Guarantor to the Company or any Restricted Subsidiary; 

        (2)   any
liability for national, regional, state, local or other taxes owed or owing by the Issuer or a guarantor, as applicable, other than as required by law; 

        (3)   any
accounts payable or other liability to trade creditors arising in the ordinary course of business (including Guarantees thereof or instruments evidencing such
liabilities); 

        (4)   any
Indebtedness or obligation of the Issuer or such guarantor (and any accrued and unpaid interest in respect thereof) that by its terms is subordinate or junior in any
respect to any other Indebtedness or obligation of the Issuer or such guarantor, as applicable, including any Subordinated Obligations of the Issuer or such guarantor, as applicable; 

        (5)   any
obligations with respect to any Capital Stock; or 

22

 

        (6)   any
Indebtedness Incurred in violation of this Indenture. 

        "Senior Subordinated Indebtedness" of the Senior Subordinated Subsidiary Guarantor means any Indebtedness of the Senior Subordinated
Subsidiary Guarantor that specifically provides that such Indebtedness is to rank equally with the Senior Subordinated Subsidiary Guarantee of the Senior Subordinated Subsidiary Guarantor in right of
payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of the Senior Subordinated Subsidiary Guarantor which is not Senior Indebtedness. 

        "Senior Subordinated Subsidiary Guarantor" has the meaning assigned to it in the preamble to this Indenture. The guarantee of the Notes by
the Senior Subordinated Subsidiary Guarantor is referred to as the "Senior Subordinated Subsidiary Guarantee." The Senior Subordinated Subsidiary Guarantee is subject to the provisions of the
Intercreditor Deed. 

        "Significant Subsidiary" means any Restricted Subsidiary which, together with the Restricted Subsidiaries of such Restricted Subsidiary,
accounted for more than 10% of the Consolidated Net Income or 10% of the Total Assets, in each case, for the most recently completed fiscal year. 

        "Standard Securitization Undertakings" means representations, warranties, covenants and indemnities entered into by the Company, the
Issuer or any other Restricted Subsidiary that are customary in an accounts receivable transaction. 

        "Stated Maturity" means, with respect to any security, the date specified in such security as the fixed date on which the final payment of
principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

        "Sterling Equivalent" means with respect to any monetary amount in a currency other than pounds sterling, at any time of determination
thereof, the amount of pounds sterling obtained by converting such foreign currency involved in such computation into pounds sterling at the average of the spot rates for the purchase and sale of
pounds sterling with the applicable foreign currency as quoted on or recorded in any recognized source of foreign exchange rates within two Business Days prior to such
determination. Whenever it is necessary to determine whether the Issuer has complied with any covenant in this Indenture or whether a Default has occurred and an amount is expressed in a currency
other than pounds sterling, such amount shall be treated as the Sterling Equivalent determined as of the date such amount is initially determined in such currency. 

        "Subordinated Obligation" means any Indebtedness of the Issuer or a Note Guarantor (whether outstanding on the Closing Date or thereafter
Incurred) that is subordinate or junior in right of payment to the Notes (in the case of the Issuer) or the Note Guarantee (in the case of a Note Guarantor) pursuant to a written agreement. 

        "Subsidiary" of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total
voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by: 

        (1)   such
Person, 

        (2)   such
Person and one or more Subsidiaries of such Person or 

        (3)   one
or more Subsidiaries of such Person. 

        "Subsidiary Guarantee" means each Guarantee of the obligations with respect to the Notes issued by a Subsidiary of the Issuer pursuant to
the terms of this Indenture. 

23

 

        "Subsidiary Guarantor" means the Senior Subordinated Subsidiary Guarantor and any Person that has issued an Additional Subsidiary
Guarantee. 

        "Tax Sharing Agreement" means the tax cooperation agreement entered into with effect as of the 3rd day of March, 2006, by and
between (i) Parent and (ii) NTLIH and Telewest Communications Networks Limited. 

        "Temporary Cash Investments" means any of the following: 

        (1)   any
investment in direct obligations of any country that is a Member State or the United States of America or any agency thereof or obligations Guaranteed by any country
that is a Member State or the United States of America or any agency thereof, and whose long-term debt is rated "A" (or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 of the Securities Act); 

        (2)   investments
in checking accounts, time deposit accounts, certificates of deposit, bankers' acceptances and money market deposits maturing within one year of the date of
acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of
America having capital, surplus and undivided profits aggregating in excess of £250 million (or the foreign currency equivalent thereof) and whose long-term debt is
rated "A" (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 of the Securities Act); 

        (3)   repurchase
obligations with a term of not more than 60 days for underlying securities of the types described in clause (1) above entered into with a bank
meeting the qualifications described in clause (2) above; 

        (4)   investments
in commercial paper, maturing not more than 180 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Issuer)
organized and in existence under the laws of the United States of America or any foreign country recognized by the United States with a rating at the time as of which any investment therein is made of
"P-1" (or higher) according to Moody's or "A-1" (or higher) according to S&P; and 

        (5)   investments
in securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any country that is a Member State, any state,
commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least "A" by S&P or "A" by Moody's. 

        "TIA" means the U.S. Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as in effect on
the date on which this Indenture is qualified under the TIA. 

        "Total Assets" means, as of any date of determination, the fixed assets and current assets shown on the most recent Consolidated balance
sheet of the Company as certified in an Officer's Certificate delivered to the Trustee. 

        "Trade Payables" means, with respect to any Person, any accounts payable or any indebtedness or monetary obligation to trade creditors
created, assumed or Guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 

        "Treasury Rate" means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days (but not more than five Business Days)
prior to the redemption date (or, if such Statistical Release is not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly
equal to the period from the redemption date to [    •    ]; provided, however, that if the period from the redemption date to
[    •    ] is not equal to the constant maturity of a 

24

 

United
States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to
[    •    ] is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year shall be used. 

        "Trustee" means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

        "Trust Indenture Act" means the U.S. Trust Indenture Act of 1939, as amended. 

        "Trust Officer" means the chairman of the board, the president or any other officer or assistant officer of the Trustee assigned by the
Trustee to administer its corporate trust matters. 

        "UK Holdco" has the meaning assigned to it in the preamble to this Indenture. 

        "UKTV Joint Ventures" means any joint venture arrangement relating to the Content Business in existence on the Closing Date or formed
thereafter by the Company or any of its Restricted Subsidiaries with BBC Commercial Holdings Limited or any of its affiliates. 

        "Unrestricted Subsidiary" means: 

        (1)   any
Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in accordance with
Section 4.17; and 

        (2)   any
Subsidiary of an Unrestricted Subsidiary. 

        "U.S. Government Obligations" means securities that are (a) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are not callable or redeemable at the option of the
issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depositary receipt; provided,
however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 

        "Virgin Media Holding Company" means any Person of which the Issuer is a Wholly Owned Subsidiary. 

        "VMIH" has the meaning assigned to it in the preamble to this Indenture. 

        "Voting Stock" of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then
outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

        "Wholly Owned Subsidiary" means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than directors'
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law or to ensure limited liability) is owned by that Person directly or
(2) indirectly by a Person that satisfies the requirements of clause (1). 

25

 

 

        Section 1.02    Other Definitions.    

					
	Term

 
	 	Defined in

Section 	 
	 "Additional Amounts"
	 	 	2.13	 
	 "Affiliate Transaction"
	 	 	4.11	 
	 "Allocable Excess Proceeds"
	 	 	4.10	 
	 "Authentication Order"
	 	 	2.02	 
	 "Covenant Defeasance"
	 	 	8.03	 
	 "DTC"
	 	 	2.03	 
	 "Event of Default"
	 	 	6.01	 
	 "Excess Proceeds Offer"
	 	 	4.10	 
	 "Guaranteed Obligations"
	 	 	11.01	 
	 "Initial Lien"
	 	 	4.12	 
	 "Legal Defeasance"
	 	 	8.02	 
	 "Offer Amount"
	 	 	3.09	 
	 "Paying Agent"
	 	 	2.03	 
	 "Purchase Date"
	 	 	3.09	 
	 "Registrar"
	 	 	2.03	 
	 "Relevant Taxing Jurisdiction"
	 	 	2.13	 
	 "Repurchase Offer"
	 	 	4.15	 
	 "Restricted Payment"
	 	 	4.07	 
	 "Successor Company"
	 	 	5.01	 
	 "Successor Guarantor"
	 	 	5.01	 
	 "Tax Redemption Date"
	 	 	3.10	 
	 "Taxes"
	 	 	2.13	 

        Section 1.03    Incorporation by Reference of Trust Indenture Act.    

        Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

        The
following TIA terms used in this Indenture have the following meanings: 

        "Commission" means the SEC; 

        "indenture securities" means the Notes; 

        "indenture security Holder" means a Holder; 

        "indenture to be qualified" means this Indenture; 

        "indenture trustee" or "institutional trustee" means the Trustee; and 

        "obligor" on the Notes means the Issuer and any successor obligor upon the Notes. 

        All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to
them. 

        Section 1.04    Rules of Construction.    

        Unless
the context otherwise requires: 

        (c)   a
term has the meaning assigned to it; 

        (d)   an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

        (e)   "or"
is not exclusive; 

26

 

        (f)    "including"
means including without limitation; 

        (g)   words
in the singular include the plural, and in the plural include the singular; 

        (h)   "will"
shall be interpreted to express a command; 

        (i)    references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time
to time; and 

        (j)    references
to any person "acting reasonably" and correlative expressions shall be construed to mean "acting reasonably in the interests of the Holders and having regard
to the duties of the Trustee to the Holders." 

 
 

  ARTICLE 2
  THE NOTES    
    

        Section 2.01    Form and Dating.    

        (a)    General.    The Notes shall be issued in series of senior unsecured notes consisting of U.S. dollar-
denominated [    •    ]% Senior Notes due 201[    •    ] and
euro-denominated [    •    ]% Senior Notes due 201[    •    ]. The Notes and
the Trustee's certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. The Dollar Notes shall be in minimum denominations of $100,000 and
integral multiples of $1,000 in excess thereof. The Euro Notes shall be in minimum denominations of €50,000 and integral multiples of €1,000 in excess thereof. 

        The
terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer and the Trustee, by their execution and delivery
of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling. 

        (b)    Global Notes.    Notes issued in global form will be substantially in the form of Exhibit A attached
hereto (including the Global Note Legend thereon and the "Schedule of Exchanges of Interests in the Global Note" attached thereto). Notes issued in definitive form will be substantially in the form of
Exhibit A attached hereto (but without the Global Note Legend thereon and without the "Schedule of Exchanges of Interests in the Global Note" attached thereto). Each Global Note will represent
outstanding Notes of each such series as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and
that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian therefor, at the
direction of the Trustee, in accordance with Section 2.06 hereof. 

        (c)    Euroclear and Clearstream Procedures Applicable.    The provisions of the "Operating Procedures of the
Euroclear System" and "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and "Customer Handbook" of Clearstream will be applicable to
transfers of beneficial interests in the Global Notes that are held by Participants through Euroclear or Clearstream. 

        Section 2.02    Execution and Authentication.    

        An
Officer must sign the Notes for the Issuer by manual or facsimile signature. 

27

 

        If
the Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid. 

        A
Note will not be valid until authenticated by the manual or facsimile signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under
this Indenture. 

        On
the Closing Date, the Trustee shall, upon receipt of a written order of the Issuer signed by an Officer (an "Authentication Order"),
authenticate the Initial Notes for original issue up to (i) $[    •    ] in aggregate principal amount of
[    •    ]% Senior Notes due 201[    •    ] and
(i) €[    •    ] in aggregate principal amount of [    •    ]%
Senior Notes due 201[    •    ], as the case may be, and, upon delivery of any Authentication Order at any time and from time to time
thereafter, the Trustee shall authenticate Additional Notes for original issue, or Definitive Notes issued pursuant to Section 2.06 hereof, in an aggregate principal amount specified in such
Authentication Order. 

        The
Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Any such appointment shall be evidenced by an instrument signed by a Responsible Officer,
a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 

        Section 2.03    Registrar and Paying Agent.    

        The
Issuer will maintain offices or agencies where Notes may be presented for registration of transfer or for exchange (each, a
"Registrar") and offices or agencies where Notes may be presented for payment (each, a "Paying Agent").
Offices or agencies of the Registrar and Paying Agent (a) for the Dollar Notes, will be maintained in the Borough of Manhattan, the City of New York, and, for so long as the Dollar Notes are
listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the Luxembourg Stock Exchange, in Luxembourg, and (b) for the Euro Notes, will be maintained in the Borough of
Manhattan, the City of New York, in London, England and, for so long as the Euro Notes are listed on the Luxembourg Stock Exchange, in Luxembourg. The Registrar, acting as agent of the Issuer solely
for this purpose, will keep a register of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term
"Registrar" includes any co-registrar and the term "Paying Agent" includes any additional paying agent. The Issuer may change any Paying
Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Paying Agent not a party to this Indenture. If the Issuer fails to appoint
or maintain another entity as Registrar or Paying Agent, the Trustee, acting as agent of the Issuer solely for this purpose, shall act as such. The Issuer or any of its Subsidiaries, acting as agent
of the Issuer solely for this purpose, may act as Registrar. 

        The
Issuer initially appoints The Depository Trust Company ("DTC") to act as Depositary with respect to the Dollar Global Notes and
Euroclear and Clearstream to act as a Depositary with respect to the Euro Global Notes. A nominee of The Bank of New York Mellon will act as Custodian with respect to the Dollar Global Notes and as
Common Depositary for the Euro Global Notes on behalf of Euroclear and Clearstream. 

        The
Issuer initially appoints the Trustee to act as the Registrar and Paying Agent in New York and London and to act as Custodian with respect to the Global Notes, and initially appoints
The Bank of New York Mellon (Luxembourg) S.A. to act as the Registrar and Paying Agent in Luxembourg. 

        Section 2.04    Paying Agent to Hold Money in Trust.    

        The
Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the 

28

 

Trustee
of any default by the Issuer in making any such payment. Money held in trust by a Paying Agent need not be segregated, except as required by law, and in no event shall any Paying Agent be
liable for interest on any money received by it hereunder. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, the Paying Agent will have no
further liability for the money. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee and The Bank of New York Mellon (Luxembourg) S.A. will serve as Paying
Agents for the Notes. 

        Section 2.05    Holder Lists.    

        The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with
TIA § 312(a). If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least five Business Days before each interest payment date and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders and the Issuer shall otherwise comply with
TIA § 312(a). 

        Neither
the Trustee nor any of its agents will have any responsibility or be liable for any aspect of the records in relation to, or payments made on account of, beneficial ownership
interests in the Global
Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

        Section 2.06    Transfer and Exchange.    

        (a)    Transfer and Exchange of Global Notes.    A Global Note may not be transferred as a whole except by the
applicable Depositary to a nominee of the applicable Depositary, by a nominee of the applicable Depositary to the applicable Depositary or to another nominee of the applicable Depositary, or by the
applicable Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes of a series will be exchanged by the Issuer for Definitive Notes if: 

        (1)   in
the case of a Dollar Global Note, the Issuer delivers to the Trustee notice from the Depositary (i) that such Depositary is unwilling or unable to continue to
act as Depositary and a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary or (ii) that such Depositary is no longer a
clearing agency registered under the Exchange Act; 

        (2)   in
the case of a Euro Global Note, the Issuer delivers to the Trustee notice (i) from Euroclear and Clearstream that they are unwilling or unable to continue to
act as clearing agencies or (ii) from the Common Depositary that the Common Depositary is unwilling or unable to continue to act as Common Depositary and a successor Common Depositary is not
appointed by the Issuer within 120 days after the date of such notice from the Common Depositary; or 

        (3)   in
the case of any Global Note, there has occurred and is continuing an Event of Default with respect to such Global Note. 

        Upon
the occurrence of any of the events listed in the preceding clauses (1) and (2) of this Section 2.06(a), or if the Issuer, in its sole discretion, notifies the
Trustee in writing that it elects to cause the issuance of Definitive Notes under this Indenture, the Issuer shall execute, and the Trustee shall, upon receipt of an Authentication Order, authenticate
and deliver Definitive Notes of the series and in an aggregate principal amount equal to the principal amount of the applicable Global Note tendered in exchange therefor. The Issuer will, at the cost
of the Issuer (but against such indemnity as the Registrar or any relevant Agent may require in respect of any tax or other duty of whatever nature 

29

 

which
may be levied or imposed in connection with such exchange), cause sufficient Definitive Notes to be executed and delivered to the Trustee for authentication and the Registrar for registration of
the exchange and dispatch to the relevant Holders within 30 days of the relevant event. The Trustee or the
Registrar shall, at the cost of the Issuer, deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Definitive Notes issued in exchange for beneficial interests in
Global Notes pursuant to this Section 2.06(a) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its Participants or
Indirect Participants or otherwise, shall instruct the Trustee. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c), (d) or (e) hereof. 

        (b)    Transfer and Exchange of Beneficial Interests in the Global Notes.    The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. 

        (c)    Transfer or Exchange of Beneficial Interests for Definitive Notes.    If any one of the events listed in
clauses (1) to (2) of Section 2.06(a) has occurred or the Issuer has elected pursuant to Section 2.06(a) to cause the issuance of Definitive Notes, transfers or exchanges of
beneficial interests in a Global Note for a Definitive Note shall be effected. 

        If
any Holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then the Trustee will, upon instruction, cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(g) hereof, and the Issuer will execute and, upon receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the instruction to the
Trustee a Definitive Note in the appropriate principal amount. Any Definitive Notes issued in exchange for a beneficial interest pursuant to this Section 2.06(c) will be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the applicable Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

        (d)    Transfer and Exchange of Definitive Notes for Beneficial Interests.    

        A
Holder of a Definitive Note may exchange such Definitive Note for a beneficial interest in a Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the
form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to
be increased the aggregate principal amount of the relevant Global Note. 

        (e)    Transfer and Exchange of Definitive Notes for Definitive Notes.    

        Upon
request by a Holder of Definitive Notes, the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting
Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar and duly executed by such
Holder or by its attorney, duly authorized in writing. 

30

 

        (f)    Legends.    The following legends will appear on the face of all Global Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture. Each Global Note will bear a legend in substantially the following form: 

        (1)    Dollar Global Note Legend.    Each Dollar Global Note will bear a legend in substantially the following form: 

"THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF
THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC") TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN." 

        (2)    Euro Global Note Legend.    Each Euro Global Note will bear a legend in substantially the following form: 

"THIS
GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 

31

 

BY
THE COMMON DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY
(WHICH SHALL INITIALLY BE THE BANK OF NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON
DEPOSITARY OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE
COMMON DEPOSITARY, HAS AN INTEREST HEREIN." 

        (g)    Cancellation and/or Adjustment of Global Notes.    At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or
retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred
to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

        (h)    General Provisions Relating to Transfers and Exchanges.    

        (1)   To
permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
Authentication Order or at the Registrar's request. 

        (2)   No
service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.09, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 

        (3)   The
Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any
Note being redeemed in part. 

        (4)   All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

32

 

        (5)   The
Issuer will not be required: 

        (A)  to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of
Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

        (B)  to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 

        (C)  to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 

        (6)   Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the
Issuer shall be affected by notice to the contrary. 

        (7)   The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

        (8)   All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of
transfer or exchange may be submitted by facsimile. 

        Section 2.07    Replacement Notes.    

        If
any mutilated Note is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer will
issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee's requirements are met. If required by the Trustee or the Issuer, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 

        If,
after the delivery of such replacement Note, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment or registration such
original Note, the Trustee shall be entitled to recover such replacement Note from the Person to whom it was delivered or any Person taking therefrom, except a bona fide purchaser, and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee, any Agent and any authenticating agent in
connection therewith. 

        Subject
to the provisions of the final sentence of the preceding paragraph of this Section 2.07, every replacement Note is an obligation of the Issuer and shall be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

        Section 2.08    Outstanding Notes.    

        The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.09 hereof, a Note
does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a Subsidiary of
the Issuer shall not be deemed to be outstanding for purposes of Section 3.07(c) hereof. 

33

 

        If
a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona
fide purchaser in whose hands such Note is a legal, valid and binding obligation of the Issuer. 

        If
the entire principal amount and premium, if any, of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 

        If
the Paying Agent holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, and is not prohibited from paying such money to the Holders pursuant
to the terms of this Indenture, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

        For
purposes of determining whether the Holders of the requisite principal amount of Notes have taken any action as herein described, the principal amount of Euro Notes and Dollar Notes
shall be deemed to be the Dollar Equivalent of such principal amount of Euro Notes and Dollar Notes as of (i) if a record date has been set with respect to the taking of such action, such date
or (ii) if no such record date has been set, the date the taking of such action by the Holders of such requisite principal amount is certified to the Trustee by the Issuer. 

        Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an Agent duly appointed in writing or may be embodied in or evidenced by an electronic transmission which
identifies the documents containing the proposal on which such consent is requested and certifies such Holders' consent thereto and agreement to be bound thereby; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and where it is hereby expressly required, to the Issuer. 

        Section 2.09    Treasury Notes.    

        In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer, will be considered as though not outstanding to the extent required in order to qualify this
Indenture under the TIA, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of
the Trustee actually knows are so owned will be so disregarded. 

        Section 2.10    Temporary Notes.    

        Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate, temporary Notes.
Temporary Notes will be
substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Issuer will prepare and the Trustee will authenticate Definitive Notes in exchange for temporary Notes. 

        Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 

        Section 2.11    Cancellation.    

        The
Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such
canceled Notes (subject to the record retention requirements of the Exchange Act) in its customary manner unless the Issuer directs 

34

 

the
Trustee to deliver canceled Notes to the Issuer. The Issuer may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. 

        Section 2.12    Defaulted Interest.    

        If
the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, in accordance with the terms hereof, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The
Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such
special record date and payment date in a manner reasonably satisfactory to the Trustee, provided that no such special record date may be less than
10 days prior to the related payment date for such defaulted interest. At least 10 days before the special record date, the Issuer will mail or cause to be mailed to Holders a notice
that states the special record date, the related payment date and the amount of such interest to be paid. 

        Section 2.13    Additional Amounts.    

        (a)   All
payments made under or with respect to the Notes or the Note Guarantees shall be made free and clear of, and without withholding or deduction for or on account of,
any present or future tax, duty, levy, impost, assessment or other governmental charge (including related penalties, interest and other liabilities) (hereinafter, "Taxes") imposed or levied by or on
behalf of (1) the government of the United Kingdom, (2) the United States, (3) any other jurisdiction in which the Issuer or any Note Guarantor is organized or is otherwise
resident for tax purposes, (4) any jurisdiction from or through which payment is made and (5) any political subdivision or governmental authority or agency of or in any of the foregoing
having the power to tax (each, a "Relevant Taxing Jurisdiction"), unless the Issuer or any Note Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration
thereof. 

        (b)   If
the Issuer or a Note Guarantor is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment
made under or with respect to the Notes or the Note Guarantees, the Issuer or the applicable Note Guarantor shall pay such additional amounts ("Additional Amounts") as may be necessary so that the net
amount received by the Holders and beneficial owners (including Additional Amounts) after such withholding or deduction will not be less than the amount the Holders and beneficial owners would have
received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to: 

        (1)   any
Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a
fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust,
partnership or corporation) and the Relevant Taxing Jurisdiction (other than the mere receipt of such payment or the ownership or holding of such Note); 

        (2)   any
estate, inheritance, gift, sales, excise, transfer, personal property Tax or similar Tax; 

        (3)   any
Taxes which are payable otherwise than by withholding from payments of (or in respect of) principal of, or any premium or interest on, the Notes; 

        (4)   any
Taxes that are imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of a Note with a request by the Issuer addressed to the
Holder or such beneficial owner (A) to provide information concerning the nationality, residence, identity or present or former connection with a Relevant Taxing Jurisdiction of the Holder or
such beneficial owner or (B) to make any declaration or other similar claim or satisfy any certification, 

35

 

information
or reporting requirement, which, in the case of (A) or (B), is required or imposed by a statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a
precondition to exemption from all or part of such Tax; 

        (5)   any
withholding or deduction imposed on a payment to an individual required to be made pursuant to European Council Directive 2003/48/EC or any other Directive
implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income or any law implementing or introduced in order to conform to,
such Directive; 

        (6)   any
combination of items (1), (2), (3), (4) and (5) above; 

        (7)   any
Taxes that would not have been so imposed, withheld or deducted if the beneficiary of the payment had presented the Note for payment within 30 days after the
date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that such beneficiary would have been
entitled to Additional Amounts had the Note been presented on the last day of the 30-day period); 

        (8)   any
payment under or with respect to a Note to any Holder who is a fiduciary or partnership or any Person other than the sole beneficial owner of such payment, to the
extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had
such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; or 

        (9)   any
withholding or deduction that is imposed on a Note presented for payments by or on behalf of a Holder or beneficial owner who would be able to avoid a withholding or
deduction by presenting the relevant Note to another Paying Agent in a Member State. 

        (c)   If
the Issuer or any Note Guarantor will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or the relevant Note
Guarantee, as applicable, the Issuer or such Note Guarantor, as applicable, will deliver to the Trustee at least 30 days prior to the date of that payment (unless the obligation to pay
Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the Note Guarantor, as applicable, shall notify the Trustee promptly thereafter but in no
event later than two Business Days prior to the date of payment) notice of payment in the form of an Officer's Certificate. In either circumstance, the Officer's Certificate must state that Additional
Amounts will be payable and the amount so payable. The Officer's Certificate must also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders and
beneficial owners on the relevant payment date. 

        (d)   The
Issuer or any Note Guarantor will (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing
Jurisdiction in accordance with applicable law. The Issuer will provide the Trustee with official receipts or other documentation satisfactory to the Trustee evidencing the payment of the Taxes with
respect to which Additional Amounts are paid. Certificated copies of such receipts and such other documentation shall be made available to Holders upon request and will be made available at the
offices of the Paying Agent if the Notes are then listed on the Luxembourg Stock Exchange. The Issuer will attach to such copies an Officer's Certificate stating (x) that the amount of
withholding Taxes evidenced by such copies was paid in connection with any payment made under or with respect to the Notes or any Note Guarantee and (y) the amount of such withholding Taxes
paid per $1,000 of Notes. 

        (e)   Whenever
in this Indenture there is mentioned, in any context, the payment of principal, purchase prices in connection with a purchase of Notes, interest, or any other
amount payable on or with respect to any of the Notes or any Note Guarantee, that reference shall be deemed to include payment of Additional Amounts provided for in this section to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof. 

36

 

        (f)    The
Issuer or a Note Guarantor will pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies that
arise in any jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Note Guarantees, this Indenture or any other related document or instrument, or the receipt of any
payments with respect to the Notes or the Note Guarantees, excluding taxes, charges or similar levies imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction, and the Issuer will agree
to indemnify the Holders or the Trustee for any such taxes paid by the Holders or the Trustee. 

        (g)   The
preceding provisions of this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and shall apply  mutatis mutandis to any jurisdiction in which any successor Person
to the Issuer or any Note Guarantor is organized or any political subdivision or
taxing authority or agency thereof or therein. 

        Section 2.14    Currency Indemnity    

        (a)   The
currency of account and payment for all sums, including damages, payable by the Issuer or any Note Guarantor under or in connection with the Dollar Notes or the Euro
Notes, as the case may be, is the U.S. dollar or euro, as the case may be. Any amount received or recovered in a currency other than U.S. dollars (in the case of Dollar Notes) or euros (in the case of
the Euro Notes), whether as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or any Note Guarantor or
otherwise by any Holder of a Dollar Note or a Euro Notes, as the case may be, or by the Trustee, in respect of any sum expressed to be due to it from the Issuer or any Note Guarantor will only
constitute a discharge to the Issuer or any Note Guarantor to the extent of the U.S. dollar amount or euro amount, as the case may be, which the recipient is able to purchase with the amount so
received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to
do so). 

        (b)   If
that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the recipient or the Trustee under any Dollar Note, or if that euro amount is less
than the euro amount expressed to be due to the recipient or the Trustee under any Euro Note, the Issuer and any Note Guarantor will indemnify them against any loss sustained by such recipient as a
result. In any event, the Issuer and any Note Guarantor will indemnify the recipient against the cost of making any such purchase. For the purposes of this currency indemnity provision, it will be  prima facie evidence of the matter stated therein for the Holder of a Note or the Trustee to certify in a manner satisfactory to the Issuer (indicating
the sources of information used) the loss it incurred in making any such purchase. These indemnities constitute a separate and independent obligation from the Issuer and any Note Guarantor's other
obligations, will give rise to a separate and independent cause of action, will apply irrespective of any waiver granted by any Holder or the Trustee (other than a waiver of the indemnities set out
herein) and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note or to the Trustee. 

 
 

  ARTICLE 3
  REDEMPTION AND PREPAYMENT    
    

        Section 3.01    Notices to Trustee.    

        If
the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more
than 60 days before a redemption date, an Officer's Certificate setting forth: 

        (a)   the
clause of this Indenture pursuant to which the redemption shall occur; 

        (b)   the
record date for the redemption and the redemption date; 

37

 

        (c)   the
principal amount of each series of Notes to be redeemed; and 

        (d)   the
redemption price. 

        Section 3.02    Selection of Notes to Be Redeemed or Purchased.    

        If
less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase as follows: 

        (a)   if
the applicable Notes are listed on any national securities exchange (including the Luxembourg Stock Exchange), in compliance with the requirements of the principal
national securities exchange on which they are listed; or 

        (b)   if
the applicable Notes are not listed on any national securities exchange or the relevant national securities exchange does not have any applicable requirements, on a  pro rata basis, by lot or by such
method as the Trustee, in its sole discretion, shall deem fair and appropriate, 

provided
that no Notes of $100,000 or €50,000 in aggregate principal amount, as the case may be, or less shall be redeemed in part. 

        In
the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than
60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

        The
Trustee will promptly notify the Issuer and the Registrar (if not the Issuer) in writing of the Notes selected for redemption or purchase and, in the case of any Notes selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in minimum amounts of $100,000 and integral multiples of $1,000
in excess thereof, or of €50,000 and integral multiples of €1,000 in excess thereof, as the case may be; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000 (in excess of $100,000) or €1,000 (in excess of €50,000), as
the case may be, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions
of Notes called for redemption or purchase. 

        Section 3.03    Notice of Redemption.    

        At
least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes pursuant to Article 8 hereof or a satisfaction and discharge of this Indenture pursuant to Article 10 hereof. So long as any series of the Notes is listed on the
Luxembourg Stock Exchange and if required by the rules of the Luxembourg Stock Exchange, notice will be published in Luxembourg in a daily leading newspaper with general circulation in Luxembourg
(which is expected to be the Luxemburger Wort) or on the website of the Luxembourg Stock Exchange (www.bourse.lu). 

        The
notice will identify the Notes to be redeemed and will state: 

        (a)   the
record date for the redemption and the redemption date; 

        (b)   the
redemption price; 

        (c)   if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a
new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

38

 

 

        (d)   the name and address of the Paying Agent; 

        (e)   that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

        (f)    that,
unless the Issuer defaults in making such redemption payment or the relevant Paying Agent is prohibited from making such payment pursuant to the terms of this
Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date; 

        (g)   the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

        (h)   that
no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if any, listed in such notice or printed on the Notes. 

        At
the Issuer's request, the Trustee will give the notice of redemption in the Issuer's name and at its expense; provided, however, that
the Issuer has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period shall be acceptable to the Trustee in its sole discretion), an Officer's
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

        Section 3.04    Effect of Notice of Redemption.    

        Once
notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption
price. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

        Section 3.05    Deposit of Redemption or Purchase Price.    

        No
later than one Business Day prior to the redemption or purchase price date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or
purchase price of and accrued and unpaid interest, if any, and Additional Amounts, if any, on all Notes to be redeemed or purchased on that date other than Notes or portions of Notes called for
redemption that have been delivered by the Issuer to the Trustee for cancellation. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest, if any, and Additional Amounts, if any, on, all Notes to be redeemed
or purchased. 

        Neither
the Trustee nor any Agent shall be required to pay out any money without first having been placed in funds. 

        If
the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes
called for redemption or purchase unless the relevant Paying Agent is prohibited from making such redemption payment pursuant to the terms of this Indenture. If a Note is redeemed or purchased on or
after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close
of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with the
preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

39

 

        Section 3.06    Notes Redeemed or Purchased in Part.    

        Upon
surrender of a Note that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

        Section 3.07    Optional Redemption.    

        (a)   Except
as set forth in paragraphs (b) and (c) below or in Section 3.10 hereof, the Issuer may not redeem the Notes prior to
[    •    ], 20[    •    ]. On or after this date, the Issuer may redeem the Notes, in
whole or in part, on not less than 30 nor more than 60 days' prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest
thereon, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the
12-month period commencing on [    •    ] of the years set forth below: 

								
	Redemption Year

 
	 	Dollar Notes

Redemption

Price 	 	Euro Notes

Redemption

Price 	 
	 [•]
	 	 	[•]	%	 	[•]	%
	 [•]
	 	 	[•]	%	 	[•]	%
	 [•]
	 	 	[•]	%	 	[•]	%
	 [•] and thereafter
	 	 	100	%	 	100	%

        (b)   At
any time prior to [    •    ], 20[    •    ], the
Issuer may at its option redeem the Notes in whole or in part, on not less than 30 nor more than 60 days' prior notice, by paying a redemption price equal to the sum of 

        (1)   100%
of the principal amount of the Notes to be redeemed, plus 

        (2)   the
Applicable Premium, 

plus
accrued and unpaid interest thereon, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date). 

        (c)   At
any time prior to [    •    ], 20[    •    ], the
Issuer may, on one or more occasions, redeem up to a maximum of 40% of the original aggregate principal amount of each series of Notes (calculated after giving effect to any issuance of Additional
Notes) with the Net Cash Proceeds of one or more Equity Offerings. The redemption price of the Dollar Notes is equal to [    •    ]% of the
principal amount thereof, and the redemption price of the Euro Notes is equal to [    •    ]% of the principal amount thereof each plus accrued
and unpaid interest thereon, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date);  provided,
however, that: 

        (1)   after
giving effect to any such redemption at least 60% of the original aggregate principal amount of such series of the Notes (calculated after giving effect to any
issuance of Additional Notes) remains outstanding; and 

        (2)   any
such redemption by the Issuer must be made within 120 days of such Equity Offering. 

        (d)   Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

40

 

        Section 3.08    Mandatory Redemption.    

        The
Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

        Section 3.09    Offer to Purchase by Application of Excess Proceeds.    

        In
the event that, pursuant to Section 4.10 hereof, the Issuer is required to commence an offer to all Holders to purchase Notes (as defined in Section 4.10(b), an
"Excess Proceeds Offer"), it shall follow the procedures specified below. 

        The
Excess Proceeds Offer shall be made to all Holders at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the
purchase date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date as set forth below). As promptly as practicable
following termination of the offer period (the "Purchase Date"), the Issuer shall apply all Allocable Excess Proceeds (the
"Offer Amount") to the purchase of Notes or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Excess Proceeds
Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 

        If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, will be paid to the Person in whose name
a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Excess Proceeds Offer. 

        Upon
the commencement of an Excess Proceeds Offer, the Issuer will send or cause to be sent, by first class mail, to the Trustee and each of the Holders at the address appearing in the
security register, a notice stating: 

        (a)   that
the Excess Proceeds Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Excess Proceeds Offer will
remain open; 

        (b)   the
Offer Amount, the purchase price and the Purchase Date; 

        (c)   that
any Note not tendered or accepted for payment will continue to accrue interest; 

        (d)   that,
unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Excess Proceeds Offer will cease to accrue interest after the
Purchase Date; 

        (e)   that
Holders electing to have a Note purchased pursuant to an Excess Proceeds Offer may elect to have Notes purchased only in minimum denominations of $100,000 or
€50,000, as the case may be, and in integral multiples of $1,000 or €1,000, respectively, in excess thereof, except that a Holder may elect to have all of the Notes
held by such Holder purchased even if not an integral multiple of $1,000 (in excess of $100,000) or €1,000 (in excess of €50,000), as the case may be; 

        (f)    that
Holders electing to have a Note purchased pursuant to any Excess Proceeds Offer will be required to surrender the Note, with the form entitled "Option of Holder to
Elect Purchase" attached to the Note completed, or transfer by book-entry transfer, to the Issuer, a Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in
the notice at least three days before the Purchase Date; 

        (g)   the
procedure for withdrawing an election to tender; 

        (h)   that,
if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuer will select the Notes to be purchased on a  pro rata basis based on the principal amount of Notes
surrendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes
in minimum denominations of $100,000 or integral multiples of $1,000 in excess or of €50,000 or integral multiples of €1,000 thereof, as the case may be, will be
purchased); and 

41

 

        (i)    that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer). 

        On
or before the Purchase Date, the Issuer shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Notes or portions thereof tendered pursuant to the Excess Proceeds Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee
an Officer's Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.09. The Issuer, the Depositary or the
Paying Agent, as the case may be, shall promptly (but in any case not later than five Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase
price of the Notes tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon written request from the Issuer will
authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or
delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of the Excess Proceeds Offer on the Purchase Date. 

        Other
than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01
through 3.06 hereof. 

        Section 3.10    Redemption of Notes for Changes in Withholding Taxes.    

        The
Issuer may, at its option, redeem all, but not less than all, of the then-outstanding Notes at any time upon giving not less than 30 nor more than 60 days' notice
to the Holders (which notice shall be irrevocable), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date (a
"Tax Redemption Date") and all Additional Amounts, if any, that will become due on the Tax Redemption Date as a result of such redemption or otherwise
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if the Issuer determines in good faith that (a) it, or any
Note Guarantor with respect to a Note Guarantee, as the case may be, has become obligated or, on the occasion of the next payment due in respect of the Notes, would be obligated to pay Additional
Amounts with respect to any payment under or with respect to the Notes or the relevant Note Guarantee, as applicable, and (b) the payment obligation cannot be avoided by the Issuer taking
reasonable measures available to it (including making payment through a Paying Agent located in another jurisdiction), as a result of: 

        (1)   any
change in, or amendment to, the laws or treaties (or any regulations, protocols or rulings promulgated thereunder) of the United Kingdom, the United States or any
other Relevant Taxing Jurisdiction affecting taxation, which change or amendment becomes effective on or after the Closing Date, or 

        (2)   any
change in position regarding the application, administration or interpretation of such laws, treaties, regulations, protocols or rulings (including a holding,
judgment or order by a court of competent jurisdiction), which change in position becomes effective on or after the Closing Date. 

        The
notice of redemption may not be given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to make a payment or withholding if a payment in
respect of the Notes were then due and unless, at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. Prior to the publication or, where relevant, mailing
of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee an Officer's Certificate and Opinion of Counsel to the effect that the circumstances referred
to above exist and the Issuer cannot avoid the obligation by taking reasonable measures available to it. The Trustee shall 

42

 

accept
the Officer's Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent described above. 

 
 

  ARTICLE 4
  COVENANTS    
    

        Section 4.01    Payment of Notes.    

        The
Issuer shall pay or cause to be paid the principal of, premium, if any, and interest and Additional Amounts, if any, on the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest and Additional Amounts, if any, will be considered paid on the date due if the Paying Agent holds (i) in case of the Dollar Notes, as of 10:00 AM
New York time on the due date, or (ii) in case of the Euro Notes, as of 10:00 AM New York time on the Business Day prior to the due date (or such later time as the Issuer and the Paying Agent
may mutually agree, from time to time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium and Additional Amounts, if any, and
interest then due and is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture or the Intercreditor Deed. 

        The
Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Notes. The Issuer will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) at the same rate. 

        If
a Paying Agent pays out funds on or after the due date therefor, or pays out funds (although it is not obligated) on the assumption that the corresponding payment by the Issuer has
been or will be made and such payment has in fact not been so made by the Issuer, then the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying
Agent on such amount from the date on which it is paid out to the date of reimbursement at a rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the
Paying Agent and expressed as a rate per annum. 

        Section 4.02    Maintenance of Office or Agency.    

        The
Issuer shall maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) (a) for the Dollar
Notes, in the Borough of Manhattan, the City of New York, and, for so long as the Dollar Notes are listed on the Luxembourg Stock Exchange, in Luxembourg, and (b) for the Euro Notes, in the
Borough of Manhattan, the City of New York, in London, England, and for so long as the Euro Notes are listed on the Luxembourg Stock Exchange, in Luxembourg, where (1) Notes may be surrendered
for registration of transfer or for exchange and (2) notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. 

        The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to
maintain an office or agency in the Borough of Manhattan, the City of New York and London, England, and for so long as any Notes are listed on the Luxembourg Stock Exchange, in Luxembourg, for such
purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

43

 

        Section 4.03    Ongoing Reporting.    

        (a)   So
long as the Notes are outstanding, the Company will furnish to the Trustee, within the time periods specified in the SEC's rules and regulations, without cost to the
Trustee (who, at the Issuer's expense, will furnish by mail to the Holders); provided, however, that to the extent any reports are filed on the SEC's
website, such reports shall be deemed to be furnished to the Trustee and the Holders: 

        (1)   whether
or not required by SEC rules and regulations, quarterly and annual reports of the Parent, containing substantially the same information required to be contained
in a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K, as applicable, under the Exchange Act, including financial statements prepared in accordance
with generally accepted accounting principles in the United States or, if permitted by the SEC, international financial reporting standards, and a "Management's Discussion and Analysis of Financial
Condition and Results of Operations" (except with respect to guarantor financial statements, but including condensed information complying with Rule 3-10(d) of
Regulation S-X of the SEC); provided, however, that only to the extent reasonably available, at any time that any of Parent's Subsidiaries is an Unrestricted Subsidiary that is a
Significant Subsidiary or would in combination with other Unrestricted Subsidiaries be a Significant Subsidiary, the quarterly and annual financial information required by this paragraph will include
a presentation, either on the face of the financial statements, in the footnotes thereto, or in "Management's Discussion and Analysis of Financial Condition and Results of Operations" or other
comparable section, of the financial condition and results of operations of Parent and the Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of Parent; and 

        (2)   such
other reports containing substantially the same information required to be contained in a Current Report on Form 8-K under the Exchange Act, as
in effect on the Closing Date. 

        The
Parent will also make available copies of all reports required by clauses (1) and (2) above on its website. 

        (b)   The
Issuer will at all times comply with TIA §314(a). 

        Section 4.04    Compliance Certificates.    

        The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer's Certificate stating that in the course of the performance by the signer
thereof of his or her duties as an Officer of the Issuer he or she would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period
(and, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is taking or proposes to take
with respect thereto). The Issuer shall otherwise comply with Section 314(a)(4) of the TIA. 

        Section 4.05    Taxes.    

        The
Company and the Issuer shall pay, and the Company and the Parent shall cause each Restricted Subsidiary to pay, prior to delinquency, all Taxes except such as are contested in good
faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders. 

        Section 4.06    [Intentionally Omitted]    

        Section 4.07    Restricted Payments.    

        (a)   The
Company will not, and will not permit any Restricted Subsidiary, directly or indirectly, to: 

        (1)   declare
or pay any dividend, make any distribution on or in respect of its Capital Stock or make any similar payment to the direct or indirect holders of its Capital
Stock, except (A) pro rata 

44

 

dividends
or distributions payable solely in its Capital Stock (other than Disqualified Stock) and (B) dividends, distributions or any similar payment payable to the Company or any other
Restricted Subsidiary (and, if the Company or such Restricted Subsidiary has stockholders other than the Company, the Issuer or other Restricted Subsidiaries, to its other stockholders on a basis that
is no more favorable to such other stockholders than a pro rata basis); 

        (2)   purchase,
repurchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company; 

        (3)   purchase,
repurchase, redeem, retire, defease or otherwise acquire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment any
Subordinated Obligations (other than (a) Subordinated Obligations owed to the Issuer or any Intermediate Guarantor and (b) the purchase, repurchase, redemption, retirement, defeasance or
other acquisition for value of Subordinated Obligations of the Company or any Restricted Subsidiary acquired in anticipation of satisfying a sinking fund obligation, principal installment or final
maturity, in each case, due within one year of the date of acquisition); or 

        (4)   make
any Investment (other than a Permitted Investment) in any Person 

(any
such dividend, distribution, payment, purchase, redemption, repurchase, defeasance, retirement, or other acquisition or Investment being herein referred to as a
"Restricted Payment"), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 

        (A)  a
Default will have occurred and be continuing (or would result therefrom); 

        (B)  the
Company could not Incur at least £1.00 of additional Indebtedness under paragraph (a) of Section 4.09; or 

        (C)  the
aggregate amount of such Restricted Payment and all other Restricted Payments (the amount so expended, if other than in cash, to be determined in good faith by the
Board of Directors) declared or made subsequent to July 25, 2006 would exceed the sum of: 

          (i)  an
amount equal to 100% of EBITDA since the Merger Date to the end of the most recent fiscal quarter, taken as a single accounting period, less the product of 1.4 times
the Consolidated Interest Expense since the Merger Date to the end of the most recent fiscal quarter, taken as a single accounting period; 

         (ii)  the
proceeds received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock) subsequent to July 25, 2006 (other than an
issuance or sale to (x) the Company or a Subsidiary of the Company or (y) an employee share ownership plan or other trust to the extent funded or required to be funded by the Company or
any of its Subsidiaries); 

        (iii)  the
amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company's Consolidated balance sheet upon the conversion or exchange
of any Indebtedness of any Intermediate Guarantor or the Issuer issued after July 25, 2006 which is convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company
issued to Persons not including the Company or any Restricted Subsidiary (less the amount of any cash or the Fair Market Value of other Property distributed by the Company or any Restricted Subsidiary
upon such conversion or exchange); and 

        (iv)  without
duplication, the sum of 

         (x)  the
aggregate amount returned to the Company, the Issuer or any other Restricted Subsidiary in cash on or with respect to Investments (other than Permitted Investments)
made subsequent to July 25, 2006 whether through interest payments, principal payments, dividends or other distributions; 

45

 

 

         (y)  the
net proceeds received and retained by the Company or any Restricted Subsidiary from the disposition, retirement or redemption of all or any portion of such
Investments (other than Permitted Investments and other than to the Company or any Restricted Subsidiary); and 

         (z)  upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary subsequent to July 25, 2006, in accordance with Section 4.17, the Fair Market
Value (valued as provided in the definition of "Investment") of the net assets of such Subsidiary; 

provided, however, that the amount under this clause (iv) shall not exceed the aggregate amount of all such Investments (other than Permitted
Investments) made subsequent to July 25, 2006 (and treated as a Restricted Payment) by the Company or any Restricted Subsidiary in such Person, which amount was included in the calculation of
the amount of Restricted Payments. 

        For
purposes of calculating the aggregate amount of Restricted Payments in Section 4.07(a)(C) above declared or made subsequent to July 25, 2006 and prior to the date of
this Indenture, any Restricted Payment which was not included in the calculation of the amount of Restricted Payments under Section 4.07(a)(C) of the 2006 Indenture shall also not be included
in such calculation under Section 4.07(a)(C). 

        (b)   The
provisions of the foregoing paragraph (a) will not prohibit: 

        (1)   any
purchase, repurchase, redemption, retirement or other acquisition for value of Capital Stock or Disqualified Stock of the Company or any Restricted Subsidiary made
by exchange for, or out of the proceeds of the sale within 90 days of, Capital Stock or Disqualified Stock of, the Company (other than Capital Stock issued or sold to a Subsidiary of the
Company or any of its Subsidiaries or an employee
share ownership plan or other trust to the extent funded by the Company or any of its Subsidiaries) or through a substantially concurrent contribution to the equity of the Company;  provided,
however, that: 

        (A)  such
purchase, repurchase, redemption, retirement or other acquisition for value will be excluded in the calculation of the amount of Restricted Payments, and 

        (B)  the
Net Cash Proceeds from such sale applied in the manner set forth in this clause (1) will be excluded from the calculation of amounts under
clause (C)(ii) of paragraph (a) above; 

        (2)   any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition for value of Subordinated Obligations of the Company or any
Restricted Subsidiary made by exchange for, or out of the proceeds of the sale within 90 days of, Indebtedness of the Company or such Restricted Subsidiary that is permitted to be Incurred
pursuant to Section 4.09 and that is subordinated to the Notes to at least the same extent as such Subordinated Obligations; provided,  however, that
such prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition for value will be excluded from
the calculation of the amount of Restricted Payments; 

        (3)   any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition for value of Subordinated Obligations of the Company or any
Restricted Subsidiary from Net Available Cash to the extent permitted by Section 4.10; provided,  however, that such prepayment, repayment, purchase,
repurchase, redemption, retirement, defeasance or other acquisition for value will be excluded from
the calculation of the amount of Restricted Payments; 

        (4)   any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition for value of Subordinated Obligations of the Company or any
Restricted 

46

 

Subsidiary
made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Company or any Restricted Subsidiary that qualifies as Refinancing
Indebtedness; provided, however, that such prepayment, repayment, purchase, repurchase, redemption,
retirement, defeasance or other acquisition for value will be excluded from the calculation of the amount of Restricted Payments; 

        (5)   dividends
paid within 60 days after the date of declaration thereof if at such date of declaration such dividends would have complied with this
Section 4.07; provided, however, that such dividends will be included (without duplication) in
the calculation of the amount of Restricted Payments; 

        (6)   any
purchase, repurchase, redemption, retirement or other acquisition for value of Capital Stock, or options to purchase Capital Stock, of the Company or any of its
Subsidiaries from employees, former employees, directors or former directors or consultants of the Company or any of its Subsidiaries (or permitted transferees of such employees, former employees,
directors or former directors or consultants), pursuant to the terms of agreements (including employment agreements) or plans (or amendments thereto) under which such individuals purchase or sell or
are granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the
aggregate amount of such purchases, repurchases, redemptions, retirements and other acquisitions for value will not exceed £20 million in any calendar year;  provided further, that such
purchases, repurchases, redemptions, retirements and other acquisitions for value will be included in the calculation of the
amount of Restricted Payments; 

        (7)   any
payment of dividends, other distributions or other amounts by the Company for the purposes set forth in clauses (A) and (B) below;  provided, however, that such dividends, distributions or other payments will be excluded from the
calculation of the amount of Restricted Payments: 

        (A)  to
a Virgin Media Holding Company in amounts required for such Virgin Media Holding Company to pay taxes and other fees or amounts required to maintain its corporate
existence and provide for other expenses in an aggregate amount of up to £50 million per year; and 

        (B)  amounts
payable for any income or corporate taxes or pursuant to the Tax Sharing Agreement; 

        (8)   any
purchase, repurchase, redemption, retirement or other acquisition for value of Capital Stock deemed to occur upon exercise of options, warrants or other securities,
if such Capital Stock represents a portion of the exercise price of such options, warrants or other securities; provided, however, that such purchase,
repurchase, redemption, retirement or other acquisition for value will be excluded from the calculation of the amount of Restricted Payments; 

        (9)   after
the designation of any Restricted Subsidiary as an Unrestricted Subsidiary, distributions (including by way of dividend) consisting of cash, Capital Stock or
Property of such Unrestricted Subsidiary that in each case is held by the Company, the Issuer or any Restricted Subsidiary; provided,  however, that
(x) such distribution or disposition shall include the concurrent transfer of all liabilities (contingent or otherwise)
attributable to the Property being transferred; (y) any Property received from any Unrestricted Subsidiary (other than Capital Stock issued by any Unrestricted Subsidiary) may be transferred by
way of distribution or disposition pursuant to this clause (9) only if such Property, together with all related liabilities, is so transferred in a transaction that is substantially concurrent
with the receipt of the proceeds of such distribution or disposition by the Company or such other Restricted Subsidiary; and (z) such distribution or disposition shall not, after giving effect
to any related agreements, result nor be likely to result in any material liability, tax or other adverse consequences to the Company and its Restricted 

47

 

Subsidiaries
on a consolidated basis; provided further, however, that such distributions will be
excluded from the calculation of the amount of Restricted Payments, it being understood that proceeds from the disposition of any cash, Capital Stock or Property of an Unrestricted Subsidiary that are
so distributed will not increase the amount of Restricted Payments permitted under clause (a)(C)(iv) above; 

        (10) dividends
on common stock of the Company up to £60 million per year; provided, in each case, that
such Restricted Payments will be included in the calculation of the amount of Restricted Payments; 

        (11) payments
of any Receivables Fees; provided, however, that such
Restricted Payments will be excluded from the calculation of the amount of Restricted Payments; 

        (12) any
Restricted Payment used to make payments of interest with respect to Indebtedness of the Parent or any of its Subsidiaries (including, without limitation, the
Convertible Senior Notes); provided that the net proceeds of any such Indebtedness are or were used in prepayment, repayment, redemption, defeasance,
retirement or purchase of Bank Indebtedness, the Existing Notes, the Notes or any other Indebtedness of any Restricted Subsidiary of the Issuer or any Indebtedness of the Issuer that is  pari passu in
right of payment with the Notes (in each case, in whole or in part); provided that any
such Restricted Payments will be excluded from the calculation of the amount of Restricted Payments; 

        (13) any
Content Transaction, provided that, after giving pro forma effect thereto, the Company could Incur at least £1.00 of additional Indebtedness under
paragraph (a) of Section 4.09; provided, further, however, that such Restricted Payments will be excluded from the calculation of the amount of Restricted Payments; 

        (14) any
Business Division Transaction, provided, however, that after giving pro forma effect thereto, the Company could Incur at least £1.00 of additional
Indebtedness under paragraph (a) of Section 4.09; and 

        (15) any
other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (15), not to exceed
£75 million; provided, however, that (A) such Restricted Payments will be included in the calculation of the amount of Restricted Payments and (B) at the time of any
Restricted Payment referred to in this clause (15), no Default or Event of Default has occurred and is continuing (or would result from such Restricted Payment). 

        Section 4.08    Restrictions on Distributions from Restricted Subsidiaries.    

        (a)   The
Company will not permit any Restricted Subsidiary (other than the Issuer or any Intermediate Guarantor) to create or otherwise cause or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary (other than the Issuer or any Intermediate Guarantor) to: 

        (1)   pay
dividends or make any other distributions on its Capital Stock or pay any Indebtedness or other obligations owed to the Company or any Restricted Subsidiary of which
it is a Subsidiary; 

        (2)   make
any loans or advances to the Company or any Restricted Subsidiary of which it is a Subsidiary; or 

        (3)   transfer
any of its Property or assets to the Company or any Restricted Subsidiary of which it is a Subsidiary. 

48

 

        (b)   The
provisions of Section 4.08(a) will not prohibit: 

        (A)  any
encumbrance or restriction pursuant to (i) applicable law, rule, regulation, order or governmental license, permit or concession or (ii) an agreement
in effect on the Closing Date (including
this Indenture, the Existing Credit Facility, the Intercreditor Deed and the Group Intercreditor Deed and the indentures governing the Existing Notes); 

        (B)  in
respect of a Restricted Subsidiary acquired by the Company, the Issuer or any Restricted Subsidiary after the Closing Date, any encumbrance or restriction with
respect to such Restricted Subsidiary arising prior to the date on which such Restricted Subsidiary was acquired by the Company or any Restricted Subsidiary (other than an encumbrance relating to
Indebtedness Incurred as consideration for, in contemplation of, or to provide all or any portion of the funds or credit support utilized to, consummate the transaction or series of related
transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by the Company or any Restricted Subsidiary) and outstanding on such date; 

        (C)  any
encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (A) or
(B) of this Section 4.08(b) or this clause (C) or contained in any amendment or modification to an agreement referred to in clause (A) or (B) of this
Section 4.08(b) or this clause (C); provided, however, that the encumbrances and
restrictions, taken as a whole, contained in any such Refinancing agreement or amendment or modification are no less favorable in any material respect to the Holders than the encumbrances and
restrictions contained in such predecessor agreements; 

        (D)  in
the case of Section 4.08(a)(3), any encumbrance or restriction 

          (i)  that
restricts in a customary manner the subletting, assignment or transfer of any Property or asset that is subject to a lease, license or similar contract, 

         (ii)  encumbering
Property at the time such Property was acquired by the Company or any Restricted Subsidiary so long as such restriction relates solely to the Property so
acquired (other than any encumbrance or restriction created as consideration for, in contemplation of, in connection with or pursuant to the provision of, all or any portion of the funds or credit
support utilized to consummate the transaction or series of related transactions pursuant to which such Property was otherwise acquired by the Company or any Restricted Subsidiary), 

        (iii)  under
agreements relating to Purchase Money Indebtedness or Capitalized Lease Obligations Incurred that impose customary restrictions on the Property subject to such
Purchase Money Indebtedness or Capitalized Lease Obligations, 

        (iv)  relating
to Indebtedness that is permitted to be Incurred and secured without also securing the Notes or the applicable Note Guarantee pursuant to Section 4.09
and Section 4.12 that limit the right of the debtor to dispose of the Property securing such Indebtedness, or 

         (v)  customarily
imposed on the transfer of copyrighted or patented materials or other intellectual property and customer provisions in agreements that restrict the
assignment of such agreements or any rights thereunder; 

        (E)  any
encumbrance created in connection with a Qualified Receivables Transaction permitted under Section 4.09; 

49

 

        (F)  any
customary encumbrance or restriction imposed with respect to a Restricted Subsidiary pursuant to an agreement entered into for the sale or disposition of all or
substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

        (G)  any
customary encumbrance or restriction on cash or other deposits or net worth imposed on customers under contracts entered into in the ordinary course of business; 

        (H)  any
encumbrance or restriction pursuant to an agreement governing (i) any Bank Indebtedness of the Company or a Restricted Subsidiary permitted to be Incurred
subsequent to the Closing Date pursuant to clauses (a), (b)(1), (b)(4) or (b)(16) of Section 4.09, or (ii) any Indebtedness permitted to be Incurred pursuant to clause (a)
of Section 4.09 if the encumbrances and restrictions contained in any such agreement, taken as a whole, do not materially prejudice the ability of the Issuer to make payments on the Notes; 

        (I)   encumbrances
or restrictions existing under or by reason of provisions in asset sale agreements entered into in the ordinary course of business; and 

        (J)   encumbrances
or restrictions existing under or by reason of provisions in joint venture arrangements and other similar arrangements or arrangements with minority
interests in any Restricted Subsidiary. 

        Section 4.09    Incurrence of Indebtedness.    

        (a)   The
Company will not, and will not cause or permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness;  provided, however, that the
Company and any Restricted Subsidiary may Incur Indebtedness if on the date
of such Incurrence and after giving effect thereto the Leverage Ratio would not exceed 5.5:1.0. 

        (b)   Notwithstanding
the foregoing paragraph (a), the Company and any Restricted Subsidiary may Incur the following Indebtedness: 

        (1)   Bank
Indebtedness (including, without limitation, Bank Indebtedness Incurred under the Existing Credit Facility) in an aggregate principal amount at any one time
outstanding not exceeding £5,300,000,000; 

        (2)   Indebtedness
of the Company owed to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owed to and held by the Company or any Restricted
Subsidiary; provided, however, that (A) any subsequent issuance or transfer of any Capital Stock
or any subsequent transfer of such Indebtedness or any other event that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary shall be deemed to
constitute the Incurrence of such Indebtedness by the obligor thereon, (B) if an Intermediate Guarantor is the obligor on such Indebtedness, such Indebtedness is expressly subordinated for the
benefit of the Holders to the prior payment in full in cash of all obligations with respect to the relevant Intermediate Guarantee and (C) if the Issuer is the obligor on such Indebtedness,
such Indebtedness is expressly subordinated for the benefit of the Holders to the prior payment in full in cash of all obligations with respect to the Notes; 

        (3)   Indebtedness
(A) represented by the Notes (not including any Additional Notes), (B) represented by the Intermediate Guarantees and the Senior Subordinated
Subsidiary Guarantee, and (C) outstanding on the Closing Date (other than the Indebtedness described in clause (2) of this paragraph (b)); 

        (4)   Indebtedness
consisting of Refinancing Indebtedness Incurred in respect of any Indebtedness described in clauses (3) or (4) of this paragraph (b) or
under paragraph (a); 

50

 

        (5)   Indebtedness
of a Restricted Subsidiary acquired by the Company, the Issuer or any other Restricted Subsidiary after the Closing Date Incurred and outstanding on or
prior to the date on which such Restricted Subsidiary was acquired by the Company, the Issuer or any other Restricted Subsidiary (other than Indebtedness Incurred in contemplation of, in connection
with, as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or
series of related transactions pursuant to which such Restricted Subsidiary became a Subsidiary of or was otherwise acquired by the Company, the Issuer or any other Restricted Subsidiary) or any
Refinancing Indebtedness in respect thereof, not exceeding £75 million in the aggregate at any one time outstanding; 

        (6)   Indebtedness
(A) in respect of performance, bid, completion, surety or appeal bonds provided by the Company, the Issuer and any other Restricted Subsidiary in the
ordinary course of their business and (B) under Interest Rate Agreements and Currency Agreements entered into for bona fide hedging purposes of the Company, the Issuer and any other Restricted
Subsidiary in the ordinary course of business; 

        (7)   Purchase
Money Indebtedness and Capitalized Lease Obligations Incurred after the Closing Date for the purpose of financing all or any part of the purchase price or cost
of construction or improvement (including the cost of design, development, construction, acquisition, transportation, installation, improvement and migration) of assets;  provided, however, that the aggregate principal amount of Indebtedness Incurred pursuant to this
clause (7), together with all other outstanding Indebtedness Incurred after the Closing Date pursuant to this clause (7), shall not exceed as of the date of Incurrence the greater of
(A) 2.75% of Total Assets and (B) £150 million; 

        (8)   (i)
Guarantees of the Notes, (ii) Guarantees by a Restricted Subsidiary in favor of the U.K. Inland Revenue in connection with the U.K. tax liability of the
Company or any Restricted Subsidiary, (iii) Guarantees of other Indebtedness not otherwise prohibited by this Section 4.09 and (iv) Guarantees of Indebtedness which by its terms
must be Guaranteed if the Notes are Guaranteed; 

        (9)   Indebtedness
of the Company, the Issuer or any other Restricted Subsidiary arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business; provided,  however, that such Indebtedness is extinguished within
five Business Days of its Incurrence; 

        (10) Indebtedness
constituting reimbursement obligations with respect to letters of credit, bankers' acceptances or other similar instruments or obligations issued in the
ordinary course of business, including letters of credit in respect of workers' compensation claims or other Indebtedness Incurred with respect to reimbursement-type obligations regarding
workers' compensation claims and under other similar legislation; provided, however, that upon the
drawing or other funding of such letters of credit or other instruments or obligations, such drawings or fundings are reimbursed within 30 days; 

        (11) Indebtedness
arising from agreements of the Company, the Issuer or any other Restricted Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, Incurred in connection with the disposition of any business, assets or Capital Stock of a Subsidiary, other than Guarantees or other credit support of Indebtedness
or other obligations of any Person (other than the Company or any Restricted Subsidiary) acquiring all or any portion of such
business, assets or Capital Stock or any Affiliate of such Person; provided that such Indebtedness is not reflected on the balance sheet of the Company
or any other Restricted Subsidiary (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will be deemed not to be reflected on such
balance sheet for purposes of this clause (11)); 

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        (12) the
Incurrence of Indebtedness consisting of guarantees of loans or other extensions of credit made to or on behalf of officers, directors, employees or consultants of
the Company, the Issuer or any other Restricted Subsidiary for the purpose of permitting such persons to purchase Capital Stock of the Company, the Issuer or any other Restricted Subsidiary, in an
amount not to exceed £10 million at any one time outstanding; 

        (13) the
Incurrence of Indebtedness by a Receivables Subsidiary in a Qualified Receivables Transaction that is not recourse to the Company, the Issuer or any of their
Subsidiaries (except for Standard Securitization Undertakings) in an amount not to exceed £300 million at any one time outstanding; 

        (14) the
accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional indebtedness
with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock (where the payment of such dividends is not part of a
financing transaction); 

        (15) Indebtedness
of the Company, the Issuer or any other Restricted Subsidiary relating to deferral of PAYE taxes with the agreement of the U.K. Inland Revenue; and 

        (16) Indebtedness
(other than Indebtedness permitted to be Incurred pursuant to the foregoing paragraph (a) or any other clause of this paragraph (b)) in an
aggregate principal amount on the date of Incurrence that, when added to all other Indebtedness Incurred pursuant to this clause (16) and then outstanding, will not exceed the greater of
(A) 3.0% of Total Assets and (B) £300 million. 

        (c)   For
purposes of determining the outstanding principal amount of any particular Indebtedness Incurred pursuant to this Section 4.09: 

        (1)   Bank
Indebtedness Incurred on or prior to the Closing Date shall be treated as Incurred pursuant to clause (1) of paragraph (b) above 

        (2)   Indebtedness
permitted by this Section 4.09 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part
by one such provision and in part by one or more other provisions of this Section 4.09 permitting such Indebtedness; 

        (3)   in
the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in this Section 4.09, the Company, in its sole
discretion (except as specified in this paragraph (c)), shall classify or reclassify from time to time such Indebtedness and only be required to include the amount of such Indebtedness in one
of such clauses; and 

        (4)   the
outstanding principal amount of any particular Indebtedness shall be counted only once and any obligations arising under any Guarantee, Lien, letter of credit or
similar instrument supporting such Indebtedness permitted to be Incurred under this Section 4.09 shall not be double counted. 

        (d)   For
the purposes of determining compliance with any sterling-denominated restriction on the Incurrence of Indebtedness denominated in a currency other than pounds
sterling, the sterling-equivalent principal amount of such Indebtedness Incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the date that such
Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness, provided that
(x) the sterling-equivalent principal amount of any such Indebtedness outstanding on the Closing Date shall be calculated based on the relevant currency exchange rate in effect on the Closing
Date, (y) if such Indebtedness is Incurred to Refinance other Indebtedness denominated in a currency other than pounds sterling, and such refinancing would cause the applicable
sterling-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such 

52

 

Refinancing,
such sterling-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of
such Indebtedness being Refinanced based on the exchange rate between the currency of the Indebtedness being Refinanced and the currency of the Refinancing Indebtedness and (z) the sterling-
equivalent principal amount of Indebtedness denominated in a currency other than pounds sterling and Incurred pursuant to any Credit Facility shall be calculated based on the relevant currency
exchange rate in effect on, at the Company's option, (i) the Closing Date, (ii) any date on which any of the respective commitments under the Credit Facility shall be reallocated between
or among facilities or subfacilities thereunder, or (iii) the date of such Incurrence. The principal amount of any Indebtedness Incurred to Refinance other Indebtedness, if Incurred in a
different currency from the Indebtedness being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated
that is in effect on the date of such Refinancing. 

        Section 4.10    Sales of Assets and Subsidiary Stock.    

        (a)   The
Company will not, and will not permit any Restricted Subsidiary to, make any Asset Disposition unless: 

        (1)   the
Company or such Restricted Subsidiary receives consideration at the time of such Asset Disposition at least equal to the Fair Market Value of the shares and assets
subject to such Asset Disposition; 

        (2)   at
least 75% of the consideration thereof received by the Company or such Restricted Subsidiary is in the form of cash, Temporary Cash Investments or Additional Assets;
and 

        (3)   an
amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by the Company or such Restricted Subsidiary, as the case may be, 

        (A)  first, to the extent the Company or any Restricted Subsidiary elects (or is required by the terms of any Indebtedness),
to prepay or repay, purchase, repurchase, redeem, retire, defease or otherwise acquire for value Indebtedness of the Company or any Restricted Subsidiary or Indebtedness of a Subsidiary of the Issuer,
other than Indebtedness that is either unsecured and pari passu in right of payment to the Notes and the Note Guarantees or Indebtedness that is subordinate or junior in right of payment to the Notes
and the Note Guarantees; 

        (B)  second, to the extent of the balance of Net Available Cash after application in accordance with clause (A), to the
extent the Company or such Restricted Subsidiary elects, to invest in Additional Assets or any capitalized expense related thereto (including by means of an Investment in Additional Assets or any
capitalized expense related thereto by a Restricted Subsidiary with Net Available Cash received by the Company or a Restricted Subsidiary); 

        (C)  third, to the extent of the balance of such Net Available Cash not applied in accordance with clauses (A) and
(B) within 366 days from the later of such Asset Disposition or the receipt of such Net Available Cash (provided,  however, that such 366-day
period shall be extended by up to 180 days to the extent a binding contractual commitment to reinvest in
or purchase Additional Assets or any capitalized expense related thereto shall have been entered into by such 366th day to the extent such commitment remains in effect and the planned
reinvestment or purchase has not been abandoned or cancelled), to make an Excess Proceeds Offer (as defined in paragraph (b) of this Section 4.10) to purchase Notes pursuant to and
subject to the conditions set forth in paragraph (b) of this Section 4.10, subject to proration as described in paragraph (b) below or an offer to purchase any other Senior
Indebtedness of the Company, the Issuer, or any Intermediate Guarantor outstanding on the date of such Excess Proceeds Offer that is pari passu in right
of payment with the Notes or any Guarantee from the Company or an Intermediate Guarantor and subject to terms and conditions in respect of 

53

 

Asset
Dispositions similar in all material respects to the covenant described hereunder and requiring the Issuer to make an offer to purchase such Senior Indebtedness at substantially the same time as
such Excess Proceeds Offer (the "Pari Passu Debt"); and 

        (D)  fourth, to the extent of the balance of such Net Available Cash after application in accordance with clauses (A),
(B) and (C) (including any amounts for Notes not tendered in any Excess Proceeds Offer), for any general corporate purpose permitted by the terms of this Indenture; 

provided, however, that in connection with any prepayment or repayment, purchase, repurchase, redemption, retirement, defeasance or other acquisition
for value of Indebtedness pursuant to clause (A), (C) or (D) above, other than in connection with Bank Indebtedness Incurred under any revolving facility the Company or such
Restricted Subsidiary will retire such Indebtedness and will cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so permanently prepaid or
repaid, purchased, repurchased, redeemed, retired, defeased or otherwise acquired for value unless the Company or such Restricted Subsidiary can incur such Indebtedness on such date under this
Indenture. 

        For
the purposes of clause (2) of paragraph (a) of this Section 4.10, the following are deemed to be cash: 

        (1)   Indebtedness
and other liabilities shown on the most recent consolidated balance sheet of the Company prior to the date of such Asset Disposition (other than
Subordinated Obligations) (i) that are assumed by the transferee of any such assets and (ii) for which the Company and its Restricted Subsidiaries are released from all liability at the
time of such Asset Disposition; 

        (2)   any
securities, notes or other obligations received by any such Intermediate Guarantor, the Issuer or any such Restricted Subsidiary from such transferee that are
converted, sold or exchanged by the
Company or such Restricted Subsidiary into cash or Temporary Cash Investments within 90 days, to the extent of the cash or Temporary Cash Investments received in that conversion, sale or
exchange; and 

        (3)   any
Designated Non-Cash Consideration. 

        (b)   In
the event of an Asset Disposition that requires the purchase of Notes pursuant to clause (a)(3)(C) of this Section 4.10, the Issuer will be required to
purchase Notes tendered pursuant to an offer by the Issuer for the Notes (an "Excess Proceeds Offer"), which Excess Proceeds Offer shall be in the
amount of the Allocable Excess Proceeds, on a pro rata basis according to principal amount, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon,
if any, to the purchase date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the procedures
(including prorating in the event of over-subscription and calculation of the principal amount of Notes denominated in different currencies) set forth in the Indenture. To the extent that
any portion of the amount of Net Available Cash remains after compliance with the preceding sentence and Section 3.09, the Issuer may apply the remaining Net Available Cash in accordance with
clause (a)(3)(D) of this Section 4.10. The Issuer will not be required to make an Excess Proceeds Offer for Notes (or any offer for any other Indebtedness) pursuant to this
Section 4.10 if the Net Available Cash available therefor (after application of the proceeds as provided in clauses (a)(3)(A) and (a)(3)(B)) is less than £40 million
for any particular Asset Disposition (which lesser amount will be carried forward for purposes of determining whether an Excess Proceeds Offer is required with respect to the Net Available Cash from
any subsequent Asset Disposition). Upon completion of each Excess Proceeds Offer, the amount of Allocable Excess Proceeds will be reset at zero. 

54

 

 
        The term "Allocable Excess Proceeds" means the product of: 

        (y)   the
amount of Net Available Cash remaining after application in accordance with clauses (a)(3)(A) and (a)(3)(B) above, and 

        (z)   a
fraction, 

        (1)   the
numerator of which is the aggregate principal amount of the Notes outstanding on the date of an Excess Proceeds Offer, plus accrued and unpaid interest thereon, if
any, to such date, and 

        (2)   the
denominator of which is the sum of the aggregate principal amount of the Notes outstanding on the date of such Excess Proceeds Offer, plus accrued and unpaid
interest thereon, if any, to such date, and the aggregate principal amount (or accreted value in the case of Indebtedness with original issue discount) of any Pari Passu Debt plus accrued and unpaid
interest thereon, if any, to such date. 

        (c)   The
Issuer will comply with the requirements of Section 14(e) of the Exchange Act and any applicable securities laws or regulations in connection with the
repurchase of Notes pursuant to this Section 4.10. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.10, the Issuer will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue thereof. 

        Section 4.11    Transactions with Affiliates.    

        (a)   The
Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into any transaction or series of related transactions (including
the purchase, sale, lease or exchange of any Property or the rendering of any service) with any Affiliate of the Company (an "Affiliate Transaction")
unless such transaction is on terms: 

        (1)   that
are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained at the time of such
transaction in arm's-length dealings with a Person who is not such an Affiliate; 

        (2)   that,
in the event such Affiliate Transaction involves an aggregate amount in excess of £25 million: 

        (A)  are
set forth in writing; and 

        (B)  have
been approved by a majority of the members of the Board of Directors having no personal stake in such Affiliate Transaction; and 

        (3)   that,
in the event such Affiliate Transaction involves an aggregate amount in excess of £100 million, have been determined by an Independent Financial
Advisor to be fair, from a financial standpoint, to the Company and its Restricted Subsidiaries. 

        (b)   The
provisions of the foregoing paragraph (a) will not apply to: 

        (1)   any
Restricted Payment permitted to be paid pursuant to Section 4.07; 

        (2)   transactions
between the Company and any Restricted Subsidiary (other than a Receivables Subsidiary) or between Restricted Subsidiaries (other than a Receivables
Subsidiary); 

        (3)   sales
of accounts receivable or any participations therein to a Receivables Subsidiary in connection with any Qualified Receivables Transaction; 

        (4)   in
respect of clauses (2) and (3) of paragraph (a) above, only, any issuance of securities, or other payments, awards or grants in cash, securities
(including stock options and similar rights) or similar transfers to employees, directors and consultants of the Parent, the Company, or any 

55

 

Restricted
Subsidiary and any of their Subsidiaries pursuant to, or for the purpose of funding, employment arrangements, stock options and share ownership plans; 

        (5)   in
respect of clauses (2) and (3) of paragraph (a) above, only, any loans or advances, or Guarantees of third-party loans, to directors, officers,
employees and consultants in the ordinary course of business in accordance with past practices of the Parent, the Company or any Restricted Subsidiary, as applicable; 

        (6)   the
payment of reasonable fees and indemnities (including under customary insurance) to directors, officers and consultants of the Parent, the Company, any Restricted
Subsidiary and any of their Subsidiaries; 

        (7)   any
tax sharing agreement or arrangement and payments pursuant thereto between or among the Parent, the Company, any Virgin Media Holding Company, the Issuer and any
other Restricted Subsidiaries not otherwise prohibited by this Indenture; 

        (8)   commercial
transactions on arm's-length terms entered into in the ordinary course of business of which the disinterested directors of the Company have been notified, or
if there are no disinterested directors, the directors; 

        (9)   transactions
with Affiliates solely in their capacity as holders of Indebtedness or Capital Stock of the Issuer, any Virgin Media Holding Company or any of its
Subsidiaries, so long as such Affiliates are treated no more favorably than holders of such Indebtedness or Capital Stock generally; 

        (10) any
agreement in effect on the Closing Date or any amendment or other modification thereto (so long as such amendment or other modification is not disadvantageous to
the Holders in any material respect) or any transactions pursuant thereto; 

        (11) the
issuance and sale of Capital Stock of the Company to (A) any officer, director or consultant of the Company, any Restricted Subsidiary or any other Virgin
Media Holding Company pursuant to agreements outstanding on the Closing Date, or (B) any Virgin Media Holding Company or any Restricted Subsidiary; 

        (12) the
entering into, maintaining or performing of any employee contract, collective bargaining agreement, benefit plan, program or arrangement, related trust agreement or
any other similar arrangement for or with any employee, officer, director or consultant heretofore or hereafter entered into in the ordinary course of business, including vacation, health, insurance,
deferred compensation, severance, retirement, savings or other similar plans, programs or arrangements; 

        (13) any
insurance arrangements entered into in the ordinary course of business with a captive insurance company; or 

        (14) any
transaction in the ordinary course of business between or among the Issuer or any Restricted Subsidiary and any Affiliate of the Company that is an Unrestricted
Subsidiary or a joint venture or similar entity (including a Permitted Joint Venture) that would constitute an Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns an equity
interest in or otherwise controls such Unrestricted Subsidiary, joint venture or similar entity. 

        Section 4.12    Liens.    

        The
Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any consensual Lien of any nature whatsoever (any such Lien, an
"Initial Lien") on any of its Property or assets (including Capital Stock of a Restricted Subsidiary), whether owned at the Closing Date or thereafter
acquired, securing any Indebtedness, other than Permitted 

56

 

Liens,
without effectively providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. 

        Any
Lien created for the benefit of the Holders pursuant to the immediately preceding paragraph may provide by its terms that such Lien will be automatically and unconditionally released
and discharged (1) upon the full and unconditional release and discharge of the Initial Lien (other than as a result of satisfaction of the debt secured through enforcement of such Lien),
(2) with respect to any Additional Subsidiary Guarantor the assets or the Capital Stock of which are encumbered by such Lien, upon the release of the Additional Subsidiary Guarantee of such
Additional Subsidiary Guarantor in accordance with Section 11.02 or (3) upon any defeasance or satisfaction and discharge of the Notes as provided under Article 8 and
Article 10 of this Indenture. 

        Section 4.13    Business Activities.    

        The
Company will not, and will not permit any Restricted Subsidiary to, engage in any business, other than a Permitted Business, except for any businesses that are immaterial to the
business as a whole. 

        Section 4.14    Corporate Existence.    

        Subject
to Article 5 hereof, the Issuer and each Note Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

        (1)   its
corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuer or any such Restricted Subsidiary; and 

        (2)   the
rights (charter and statutory), licenses and franchises of the Issuer, each Note Guarantor and their Restricted Subsidiaries; 

provided, however, that the Issuer and each Note Guarantor shall not be required to preserve any such right, license or franchise, or the corporate,
partnership or other existence of any of their Restricted Subsidiaries, if the Board of Directors or an Officer of the Issuer shall determine that the preservation thereof is no longer necessary or
desirable in the conduct of the business of the Issuer, each Note Guarantor and their Restricted Subsidiaries, taken as a whole. 

        The
foregoing shall not prohibit a sale, transfer or conveyance of a Restricted Subsidiary (other than the Issuer) or any of its assets in compliance with the terms of this Indenture. 

        Section 4.15    Offer to Repurchase Upon Change of Control.    

        (a)   Upon
the occurrence of a Change of Control, each Holder will have the right to require the Issuer to purchase all or any part of such Holder's Notes at a purchase price
in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date); provided, however, that notwithstanding the occurrence of a Change of Control, the
Issuer shall not be obligated to purchase the Notes pursuant to this section in the event that it has exercised its right to redeem all of the Notes pursuant to Section 3.07 hereof. 

        (b)   Within
30 days following any Change of Control giving rise to the obligations under this Section 4.15 or, at the Issuer's option, at any time prior to a
Change of Control but following the public announcement thereof, the Issuer shall mail a notice to each Holder with a copy to the Trustee (the "Repurchase
Offer") stating: 

        (1)   that
a Change of Control has occurred (or will occur) and that such Holder has the right to require the Issuer to repurchase all or a portion of such Holder's Notes at a
purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if 

57

 

any,
to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 

        (2)   the
circumstances and relevant facts regarding such Change of Control; 

        (3)   if
a Change of Control has been publicly announced but has not occurred at the time such notice is mailed, that the Repurchase Offer is conditioned on the consummation
of such Change of Control occurring prior to or concurrent with the repurchase; 

        (4)   the
repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); 

        (5)   that
any Note not tendered will continue to accrue interest; 

        (6)   that,
unless the Issuer defaults in the payment of the purchase price, all Notes accepted for payment pursuant to the Repurchase Offer will cease to accrue interest
after the repurchase date; 

        (7)   that
Holders electing to have any Notes purchased pursuant to a Repurchase Offer will be required to surrender the Notes, with the form entitled "Option of Holder to
Elect Purchase" attached to the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the repurchase date; 

        (8)   that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the
repurchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

        (9)   that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $1,000 in principal amount or an integral multiple thereof, or equal to €1,000 in principal amount or an integral multiple thereof, as the case may
be. 

        The
Issuer will comply with the requirements of Section 14(e) of the Exchange Act and any applicable securities laws or regulations in connection with the repurchase of Notes
pursuant to this Section 4.15. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.15, the Issuer will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15 by virtue thereof. 

        (c)   On
the repurchase date, the Issuer will, to the extent lawful: 

        (1)   accept
for payment all Notes or portions thereof properly tendered pursuant to the Repurchase Offer; 

        (2)   deposit
with the relevant Paying Agent an amount equal to the purchase price in respect of all Notes or portions of Notes properly tendered; and 

        (3)   deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer's Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased by the Issuer. 

        The
relevant Paying Agent will promptly mail to each Holder of Notes properly tendered the purchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to
be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided  that each new Note will be in a minimum principal
amount of $100,000 or an integral multiple of $1,000 in excess thereof, or of €50,000 or an integral multiple
of €1,000 in excess thereof, as the case may be. 

58

 

        If,
at the time of the Change of Control, any series of the Notes is listed on the Luxembourg Stock Exchange and if required by the rules of the Luxembourg Stock Exchange, notice will be
published in Luxembourg as set forth in Section 3.03 hereof. 

        The
Issuer will publicly announce the results of the Repurchase Offer on or as soon as practicable after the repurchase date. If any series of the Notes is listed on the Luxembourg Stock
Exchange and if required by the rules of the Luxembourg Stock Exchange notice will be published in Luxembourg as set forth in Section 3.03 hereof. 

        (d)   The
Issuer will not be required to make a Repurchase Offer upon a Change of Control if a third party makes the Repurchase Offer in the manner, at the times and otherwise
in compliance with the requirements set forth in this Indenture applicable to a Repurchase Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Repurchase
Offer. The Issuer shall not be required to effect more than one Repurchase Offer, including repurchasing all Notes validly tendered and not withdrawn under such Repurchase Offer, for each Change of
Control. 

        Section 4.16    Sale/Leaseback Transactions.    

        The
Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any Property unless: 

        (a)   such
Intermediate Guarantor or such Restricted Subsidiary would be entitled to: 

        (1)   Incur
Indebtedness in an amount equal to the Attributable Debt with respect to such Sale/Leaseback Transaction pursuant to Section 4.09; and 

        (2)   create
a Lien on such Property securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.12; 

        (b)   the
net proceeds received by the Company or such Restricted Subsidiary in connection with such Sale/Leaseback Transaction represent the Fair Market Value of such
Property; and 

        (c)   the
transfer of such Property is permitted by, and the Company or such Restricted Subsidiary applies the proceeds of such transaction in compliance with
Section 4.10. 

        Section 4.17    Designation of Restricted and Unrestricted Subsidiaries.    

        (a)   The
Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of the Company) other than the Issuer to be
an Unrestricted Subsidiary if: 

        (1)   no
Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; 

        (2)   such
Subsidiary and any of its Subsidiaries do not own any Capital Stock or Indebtedness of, or own or hold any Lien on any Property of, the Company or any Restricted
Subsidiary other than a Subsidiary of the Subsidiary to be designated an Unrestricted Subsidiary; 

        (3)   either:

        (A)  the
Subsidiary to be so designated has total Consolidated assets of £1,000 or less; or 

        (B)  if
such Subsidiary has Consolidated assets greater than £1,000, then the Issuer would be permitted to make an Investment under Section 4.07 after
giving effect to such designation in the amount specified in the definition of "Investment"; 

        (4)   all
of the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will at all times thereafter, consist of Non-Recourse
Debt unless the Guarantee or 

59

 

other
credit support related to any such Indebtedness could be Incurred by the Company or the relevant Restricted Subsidiary under this Indenture; 

        (5)   such
Subsidiary is a Person with respect to which neither the Company nor any Restricted Subsidiary has any direct or indirect obligation: 

        (A)  to
subscribe for additional Capital Stock of such Person; or 

        (B)  to
maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results; and 

        (6)   on
the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the
Company, the Issuer or any other Restricted Subsidiary with terms substantially less favorable to the Company, the Issuer or any Restricted Subsidiary than those that might have been obtained from
Persons who are not Affiliates of the Company other than transactions that comply with Section 4.11. 

        In
the event of any such designation, the Company shall be deemed to have made an Investment constituting a Restricted Payment pursuant to Section 4.07. 

        (b)   The
Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if immediately after giving effect to such designation: 

        (1)   no
Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such designation, 

        (2)   the
Company could Incur £1.00 of additional Indebtedness under paragraph (a) of Section 4.09, and 

        (3)   all
Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such designation would, if incurred at that time, have been permitted to be
Incurred for all purposes of this Indenture. 

        (c)   Any
such designation of a Subsidiary as a Restricted Subsidiary or Unrestricted Subsidiary by the Board of Directors shall be evidenced to the Trustee by promptly filing
with the Trustee a copy of the resolution of the Board of Directors giving effect to such designation and an Officer's Certificate certifying that such designation complied with the foregoing
provisions. 

        Section 4.18    [Intentionally omitted]    

        Section 4.19    Guarantees of Indebtedness by Restricted Subsidiaries.    

        (a)   The
Company will not permit any Restricted Subsidiary (other than the Issuer and the Intermediate Guarantors or any other Note Guarantor) to provide a Guarantee after
the Closing Date of any Indebtedness of the Company, the Issuer or any Intermediate Guarantor unless: 

        (1)   such
Restricted Subsidiary simultaneously (or prior thereto) executes and delivers a supplemental indenture to this Indenture providing for a Guarantee by it of payments
of the Notes on an equal and ratable basis with such Guarantee, provided, however, that any Guarantee by such Restricted Subsidiary of a Subordinated
Obligation shall be subordinated and junior in right of payment to the contemporaneous Guarantee of the Notes by such Restricted Subsidiary; 

        (2)   such
Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation
or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; and 

60

 

        (3)   such
Restricted Subsidiary shall deliver to the Trustee an Opinion of Counsel to the effect that: 

        (A)  such
Guarantee has been duly executed and authorized; and 

        (B)  such
Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by insolvency,
bankruptcy, liquidation, reorganization, administration, moratorium, receivership or similar laws (including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is
subject to general principles of equity; 

        (b)   The
provisions of Section 4.19(a) shall not apply to: 

        (1)   Guarantees
by a Restricted Subsidiary of any Indebtedness (other than Public Debt that is not Permitted Public Debt issued by the Issuer or any Intermediate Guarantor)
permitted to be Incurred pursuant to paragraph (a) of Section 4.09; 

        (2)   Guarantees
by a Restricted Subsidiary pursuant to an agreement governing any Bank Indebtedness permitted to be Incurred pursuant to clauses (b)(1), (b)(4) or
(b)(16) of Section 4.09; 

        (3)   Guarantees
by a Restricted Subsidiary under any Refinancing Indebtedness described in clause (4) of paragraph (b) of Section 4.09, to the extent
such Restricted Subsidiary provided a Guarantee in respect of the Indebtedness being Refinanced; provided that the Guarantee is not senior in right of
payment to the Guarantee in respect of the Indebtedness being replaced; 

        (4)   Guarantees
by a Restricted Subsidiary of any Indebtedness described in clause (5) of paragraph (b) of Section 4.09, to the extent existing under, or
required under the terms of, such Indebtedness; provided that the Guarantee or any requirement to provide such Guarantee was in existence prior to the
contemplation of the merger, consolidation or acquisition that resulted in the Incurrence of such Indebtedness (except as provided in clause (b)(1) of this Section 4.19); 

        (5)   any
Guarantee or undertaking by any Restricted Subsidiary in favor of the U.K. Inland Revenue in connection with the U.K. tax liability of the Company or any Restricted
Subsidiary; and 

        (6)   Guarantees
by a Restricted Subsidiary permitted under clause (11) of paragraph (b) of Section 4.09. 

        Section 4.20    Anti-Layering    

        The
Senior Subordinated Subsidiary Guarantor may not Incur any Indebtedness if such Indebtedness is by its terms expressly subordinate or junior in ranking in any respect to any Senior
Indebtedness of the Senior Subordinated Subsidiary Guarantor (other than Bank Indebtedness Incurred pursuant to paragraph (a) or clauses (1), (4) or (16) of
paragraph (b) of Section 4.09) unless such Indebtedness is Senior Subordinated Indebtedness of the Senior Subordinated Subsidiary Guarantor or is expressly subordinated in right of
payment to Senior Subordinated Indebtedness of the Senior Subordinated Subsidiary Guarantor. In addition, the Senior Subordinated Subsidiary Guarantor may not Incur any Secured Indebtedness that is
not Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor (except to the extent such Indebtedness is secured only by a Lien arising solely by operation of applicable law) unless
contemporaneously therewith effective provision is made to secure the Senior Subordinated Subsidiary Guarantee of the Senior Subordinated Subsidiary Guarantor equally and ratably with (or on a senior
basis to, in the case of Indebtedness subordinated in right of payment to the Senior Subordinated Subsidiary Guarantee) such Secured Indebtedness for as long as such Secured Indebtedness is secured by
a Lien. 

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        Section 4.21    Further Instruments and Acts    

        Upon
the request of the Trustee, but without the affirmative duty on the Trustee to do so, the Issuer and each Note Guarantor will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture and the Intercreditor Deed. 

        Section 4.22    Listing    

        The
Issuer will use its commercially reasonable efforts to list and maintain the listing of the Notes on the Luxembourg Stock Exchange or another comparable exchange. 

        Section 4.23    Calculation of Sterling Denominated Restrictions    

        Except
as provided in Section 4.09(d), for purposes of determining compliance with any sterling-denominated restriction in this Indenture, the Sterling Equivalent amount for
purposes hereof that is denominated in a non-sterling currency shall be calculated based on the relevant currency exchange rate in effect on the date such non-sterling amount
is incurred or made, as the case may be. 

 
 

  ARTICLE 5
  SUCCESSORS    
    

        Section 5.01    Merger, Consolidation, or Sale of Assets.    

        (a)   The
Issuer will not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, unless: 

        (1)   the
Issuer is the surviving corporation or the resulting, surviving or transferee Person other than the Issuer (the "Successor
Company") will be a corporation organized and existing under the laws of any country that is a Member State, Bermuda, the Cayman Islands, the United States of America, any
State thereof or the District of Columbia and the Successor Company will expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form and substance reasonably
satisfactory to the Trustee, all the obligations of the Issuer under the Notes and this Indenture; 

        (2)   immediately
after giving effect to such transaction (and treating any Indebtedness not previously an obligation of the Issuer which becomes an obligation of the
Successor Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), no
Default or Event of Default shall have occurred and be continuing; 

        (3)   immediately
after giving effect to such transaction, the Issuer, if it is the surviving corporation, or the Successor Company, would be able to Incur an additional
£1.00 of Indebtedness under paragraph (a) of Section 4.09; 

        (4)   each
Note Guarantor (unless it is the other party to the transaction above, in which case clause (1) shall apply) shall have by supplemental indenture confirmed
that its Note Guarantee shall apply to such Person's obligations in respect of this Indenture and the Notes; and 

        (5)   the
Issuer shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with the provisions described in this paragraph; provided, that in giving such opinion, such counsel may rely on
an Officer's Certificate as to compliance with clauses (2) and (3) above and as to any matters of fact. 

        The
Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture, but the predecessor Issuer in the case of a
conveyance, 

62

 

transfer
or lease of all or substantially all its assets will not be released from the obligation to pay the principal of and interest on the Notes. 

        Clauses (2)
and (3) of this Section 5.01(a) will not apply to any transaction in which (A) any Restricted Subsidiary consolidates with, merges into or
transfers all or part of its properties and assets to the Issuer or (B) the Issuer consolidates or merges with or into or transfers all or substantially all of its assets to (i) an
Affiliate incorporated or organized for the purpose of changing the legal domicile of the Issuer, reincorporating the Issuer in another jurisdiction or changing its legal structure to a corporation or
other entity or (ii) a Restricted Subsidiary so long as all assets of the Restricted Subsidiaries immediately prior to such transaction (other than Capital Stock of such Restricted Subsidiary)
are owned by such Restricted Subsidiary and its Restricted Subsidiaries immediately after the consummation thereof. 

        (b)   The
Company and each Note Guarantor will not, and each Note Guarantor and the Issuer will not permit any Subsidiary Guarantor to, consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its assets to any Person unless: 

        (1)   the
resulting, surviving or transferee Person if other than such Note Guarantor (the "Successor Guarantor") will be a
corporation organized and existing under the laws of a country that is a Member State, Bermuda, the Cayman Islands, the United States of America, any State thereof or the District of Columbia, and
such Person (if not such Note Guarantor) will expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form and substance satisfactory to the Trustee, all the
obligations of such Note Guarantor under its Note Guarantee; 

        (2)   immediately
after giving effect to such transaction (and treating any Indebtedness not previously an obligation of such Note Guarantor which becomes an obligation of the
Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no
Default or Event of Default shall have occurred and be continuing; and 

        (3)   the
Issuer will have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with this Indenture; provided that in giving such opinion, such counsel may rely on an Officer's Certificate as
to compliance with clause (2) above and as to any matters of fact. 

        Notwithstanding
the foregoing, the Company or any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to, any Intermediate
Guarantor, the Issuer or any Subsidiary Guarantor; provided, however, that neither the Company nor any
Restricted Subsidiary shall be permitted to consolidate with, merge into or transfer all or part of its properties and assets to any Intermediate Guarantor or any Subsidiary Guarantor if following
such consolidation, merger or transfer such Intermediate Guarantor or such Subsidiary Guarantor would be prohibited by applicable law from continuing to provide a Note Guarantee or the amount of such
Note Guarantee would be required to be limited to a greater extent than immediately prior to such consolidation, merger or transfer. 

 
 

  ARTICLE 6
  DEFAULTS AND REMEDIES    
    

        Section 6.01    Events of Default.    

        (a)   Each
of the following is an "Event of Default": 

        (1)   a
default in any payment of interest on, or Additional Amounts with respect to, any Note when due and payable continued for 30 days; 

63

 

        (2)   a
default in the payment of principal of or premium, if any, on any Note when due and payable at its Stated Maturity, upon optional redemption, upon required repurchase,
upon declaration or otherwise; 

        (3)   the
failure to comply with obligations under Article 5; 

        (4)   the
failure to comply for 30 days after notice with any obligations under Section 3.09 or Section 4.10 (in each case, other than a failure to
purchase Notes, which will constitute an Event of Default under Section 6.01(a)(2)); 

        (5)   the
failure to comply for 60 days after notice with any other agreement contained in the Notes or this Indenture; provided, however, that the Company shall have
90 days after receipt of such notice to remedy, or receive a waiver for, any failure to comply with its obligations to file its annual quarterly and current reports in accordance with
Section 4.03 or to comply with Section 314(a)(1) of the Trust Indenture Act so long as the Company is attempting to cure sure failure as promptly as reasonably practicable; 

        (6)   the
failure by the Company, the Issuer or any other Restricted Subsidiary or any other Virgin Media Holding Company to pay any Indebtedness within any applicable grace
period after final maturity, or the acceleration of any such Indebtedness by the holders thereof because of a default, if, in each case, the total amount of such Indebtedness unpaid or accelerated
exceeds £50 million or its equivalent in another currency; 

        (7)   (A)
a proceeding is commenced seeking a decree or order for (i) relief in respect of the Issuer, any Note Guarantor or a Significant Subsidiary in an involuntary
case under any applicable Bankruptcy Law, (ii) appointment of a receiver, liquidator, assignee, custodian, trustee, examiner, administrator, sequestration or similar official of the Issuer, any
Note Guarantor or a Significant Subsidiary or for all or substantially all of the property and assets of the Issuer, any Note Guarantor or a Significant Subsidiary or (iii) the winding up or
liquidation of the affairs of the Issuer, any Note Guarantor or a Significant Subsidiary (other than, except in the case of the Issuer, a solvent winding up or liquidation in connection with a
transfer of assets among Holdings and its Restricted Subsidiaries) and, in each case, such proceeding shall remain unstayed and in effect for a period of 30 consecutive days; or (B) other than,
except in the case of the Issuer, in relation to a solvent winding up or liquidation in connection with a transfer of assets among Holdings and its Restricted Subsidiaries, the Issuer, any Note
Guarantor or a Significant Subsidiary (i) commences a voluntary case (including taking any action for the purpose of winding up) under any applicable Bankruptcy Law, or consents to the entry of
an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, examiner,
administrator, sequestration or similar official of the Issuer, any Note Guarantor or a Significant Subsidiary or for all or substantially all of the property and assets of the Issuer, any Note
Guarantor or a Significant Subsidiary or (iii) effects any general assignment for the benefit of creditors; 

        (8)   the
rendering of any judgment or decree for the payment of money in excess of £50 million or its equivalent in another currency against the Company or
any Restricted Subsidiary if such judgment or decree remains outstanding for a period of 60 days following such judgment or decree and is not discharged, waived or stayed before the end of such
period; or 

        (9)   any
Note Guarantee ceases to be in full force and effect (except as contemplated by the terms thereof) or any Note Guarantor or Person acting by or on behalf of such
Note Guarantor denies or disaffirms in writing such Note Guarantor's obligations under this Indenture or any Note Guarantee
(other than by reason of the termination of this Indenture or such Note Guarantee or the release of such Note Guarantee in accordance with such Note Guarantee or this Indenture). 

64

 

        The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

        (b)   A
default under clause (4) or (5) of Section 6.01(a) will not constitute an Event of Default until the Trustee notifies the Issuer or the Holders of
at least 25% in aggregate principal amount of the outstanding Notes notify the Issuer and the Trustee of the default and the Company, the Issuer, the relevant Virgin Media Holding Company or the
relevant Restricted Subsidiary, as applicable, does not cure such default within the time specified in clause (4) or (5) of Section 6.01(a) after receipt of such notice. Such
notice must specify the Default, demand that it be remedied and state that such notice is a notice of Default. When a Default or an Event of Default is cured within the time specified, it ceases. In
the event of a declaration of acceleration of the Notes because an Event of Default described in clause (a)(5) of this Section 6.01 has occurred and is continuing, the declaration of
acceleration of the Notes shall be automatically annulled if the event of default or payment default triggering such Event of Default pursuant to clause (a)(5) of this Section 6.01 shall
be remedied or cured, or waived by the holders of the Indebtedness, or the Indebtedness that gave rise to such Event of Default shall have been discharged in full, within 30 days after the
declaration of acceleration with respect thereto and if (A) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction
and (B) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or
waived. 

        (c)   The
Issuer will deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer's Certificate of any event which is,
or with the giving of notice or lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take in respect thereof. 

        Section 6.02    Acceleration.    

        Subject
to the terms of the Intercreditor Deed and the provisions of Section 6.01(b), if an Event of Default (other than an Event of Default under the bankruptcy provisions
described in clause (7) of Section 6.01(a) with respect to the Issuer, any Note Guarantor or any Significant Subsidiary) occurs and is continuing and is known to the Trustee, the Trustee
or the Holders of at least 25% in aggregate
principal amount of the outstanding Notes by notice to the Issuer may declare the principal of and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such
principal and interest will be due and payable immediately. If an Event of Default under the bankruptcy provisions described in clause (7) of Section 6.01(a) with respect to the Issuer,
any Note Guarantor or any Significant Subsidiary occurs, the unpaid principal of and interest on all the Notes will become immediately due and payable without any declaration or other act on the part
of the Trustee or any Holders. Notwithstanding the above, if the Issuer exercises its covenant defeasance option under Article 8 hereof, payment of the Notes may not be accelerated pursuant to
this Section 6.02 because of the occurrence of an Event of Default specified in clauses (4), (6), (7) or (8) of Section 6.01 or non-compliance with
clause (a)(3) of Section 5.01. 

        The
Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest, Special Interest or premium that has
become due solely because of the acceleration) have been cured or waived. 

65

 

        Section 6.03    Other Remedies.    

        If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. Following such Event of Default, the Trustee is entitled to require all Agents to act under its
direction. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of
a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All remedies are cumulative to the extent permitted by law. 

        Section 6.04    Waiver of Past Defaults.    

        Subject
to Section 6.07 and Section 9.02 hereof, the Trustee, upon receipt of written notice from the Holders of not less than a majority in aggregate principal amount of
the Notes then outstanding, may on behalf of the Holders of all of the Notes rescind an acceleration or waive any existing Default or
Event of Default and its consequences hereunder except a continuing Default or Event of Default in the payment of interest or the premium on, or the principal of the Notes (including in connection
with an offer to purchase). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

        Section 6.05    Control by Majority.    

        The
Holders of a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to
the Trustee, or of exercising any trust or power conferred on the Trustee, in respect of the Notes. However, the Trustee may refuse to follow any direction that the Trustee determines (after
consultation with counsel) conflicts with law, this Indenture or the Intercreditor Deed or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that may involve the
Trustee in personal liability or expense; provided that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with any such direction. Prior to taking any action under this Indenture, the Trustee will be entitled to reasonable indemnification satisfactory to it against all losses and expenses caused by taking
or not taking such action. 

        Section 6.06    Limitation on Suits.    

        (a)   Except
to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue a remedy with respect to this Indenture or the
Notes unless: 

        (1)   such
Holder has previously given the Trustee written notice that an Event of Default is continuing; 

        (2)   Holders
of at least 25% in aggregate principal amount of the outstanding Notes have requested the Trustee in writing to pursue the remedy; 

        (3)   such
Holders have provided the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 

        (4)   the
Trustee has not complied with such written request within 60 days after the receipt of such request and the security or indemnity reasonably satisfactory to
the Trustee; and 

        (5)   the
Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such
60-day period. 

66

 

        (b)   A
Holder may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder. 

        Section 6.07    Rights of Holders to Receive Payment.    

        Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on the Note held by such Holder, on or after
the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder. 

        Section 6.08    Collection Suit by Trustee.    

        If
an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

        Section 6.09    Trustee May File Proofs of Claim.    

        The
Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer, any other
obligor upon the Notes, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims
and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and
all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

        Section 6.10    Priorities.    

        If
the Trustee collects any money pursuant to this Article 6, it shall pay out the money, subject to the terms of the Intercreditor Deed, in the following order: 

         First:     to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expense and
liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

        Second:     to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind,
according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 

67

 

        Third:    to the Issuer or to such party as a court of competent jurisdiction shall direct. 

        The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

        Section 6.11    Undertaking for Costs.    

        In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys'
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply
to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes, or to any suit initiated
by any Holder for the enforcement of the payment of any principal of or interest on any Note, on or after its maturity date. 

        Section 6.12    Stay, Extension and Usury Laws.    

        The
Issuer shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted. 

 
 

  ARTICLE 7
  TRUSTEE    
    

        Section 7.01    Duties of Trustee.    

        (a)   If
an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. 

        (b)   Except
during the continuance of an Event of Default: 

        (1)   the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

        (2)   in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, with respect to certificates or opinions specifically required to be furnished to it
hereunder, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

        (c)   The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

        (1)   this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

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        (2)   the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining
the pertinent facts; 

        (3)   the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to
Section 6.02, 6.04 or 6.05 hereof; and 

        (4)   no
provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it, it being understood that the Trustee shall not be required to advance its own funds in connection with its duties and responsibilities as Trustee. 

        (d)   Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and
(c) of this Section 7.01. 

        (e)   The
Trustee will be under no obligation to exercise any of its rights and powers under this Indenture or the Intercreditor Deed at the request of any Holders, unless
such Holders have provided to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

        (f)    The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law. 

        Section 7.02    Rights of Trustee.    

        (a)   The
Trustee may conclusively rely upon any document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the
proper Person. The Trustee need not investigate any fact or matter stated in the document. 

        (b)   Before
the Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action
it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

        (c)   The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any attorney or agent appointed with due care. 

        (d)   The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it
by this Indenture. 

        (e)   Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the
Issuer. 

        (f)    The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Intercreditor Deed at the request or direction of
any of the Holders unless such Holders have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 

        (g)   The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, direction, order, approval, bond, debenture, note, other evidence of indebtedness or other paper or document but the Trustee, in its sole and absolute discretion, may make such
further inquiry or investigation into such 

69

 

facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the sole expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation. 

        (h)   The
Trustee will have no duty to inquire as to the Issuer's performance of the covenants in Article 4 hereof. In addition, the Trustee will not be deemed to have
knowledge of any Default or Event of Default except any Default or Event of Default of which a Responsible Officer of the Trustee has received written notification identifying the Notes or Indenture
or obtained actual knowledge. 

        (i)    Neither
the Trustee nor any clearing system through which the Notes are traded shall have any obligation or duty to monitor, determine or inquire as to compliance, and
shall not be responsible or liable for compliance, with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or
under applicable law or regulation with respect of any transfer, exchange, redemption, purchase or repurchase, as applicable, of interest in any Note. 

        (j)    The
Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture. 

        (k)   In
the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in
aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, will be taken. 

        (l)    The
permissive right of the Trustee to take the actions enumerated in this Indenture or the Intercreditor Deed will not be construed as an obligation or duty to do so
and the Trustee will not be answerable other than for its own negligence or willful default. 

        (m)  Delivery
of reports, information and documents to the Trustee under Section 4.03 is for informational purposes only and the Trustee's receipt of the foregoing
will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of their covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer's Certificates or Opinions of Counsel, as applicable). 

        (n)   The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and will
be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

        (o)   The
Trustee may request that the Issuer deliver an Officer's Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officer's Certificate may be signed by any person authorized to sign an Officer's Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 

        (p)   Under
no circumstances will the Trustee be liable to the Company for any consequential loss (being loss of business, goodwill, opportunities or profit) even if advised
of the possibility of such loss or damage. 

        (q)   Trustee
will not be liable if prevented or delayed in performing any of its obligations by reason of any present or future law applicable to it, by any governmental or
regulatory authority or by any circumstances beyond its control. 

70

 

 

        (r)   In no event shall the Trustee be responsible or liable for an0y failure or delay in the performance of its obligations hereunder arising out of, or caused by, directly
or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God; it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances. 

        (s)   The
Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason of
any present or future law or by any circumstances beyond its control. 

        (t)    The
Trustee will be entitled to assume without inquiry, that the Issuer has performed in accordance with all of the provisions of the Indenture or Intercreditor Deed,
unless notified to the contrary. 

        Section 7.03    Individual Rights of Trustee.    

        The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it
would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to
continue as trustee or resign. Any Paying Agent or Registrar may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

        Section 7.04    Trustee's Disclaimer.    

        The
Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any Note Guarantee and it shall not be accountable for
the Issuer's use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer's direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in
connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

        Section 7.05    Notice of Defaults.    

        If
a Default (or an Event of Default) occurs and is continuing and is known to the Trustee, the Trustee will mail to each Holder a notice of the Default or Event of Default within the
earlier of 90 days after it occurs or 30 days after it is known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default or Event of Default
in payment of principal of, premium, if any, or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Trustee may withhold the notice if and so long as a
committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders. 

        Section 7.06    Reports by Trustee to Holders.    

        (a)   Within
60 days after each [    •    ] beginning with the
[    •    ] following the Closing Date, and for so long as Notes remain outstanding, the Trustee will mail to the Holders a brief report dated
as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA
§ 313(c). 

        (b)   A
copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to the Issuer and filed by the Trustee with the SEC and each stock exchange
on which the Notes are 

71

 

listed
in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom. 

        Section 7.07    Compensation and Indemnity.    

        (a)   The
Issuer and each Note Guarantor, jointly and severally, will pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services
hereunder and thereunder as the Issuer and the Trustee shall from time to time agree in writing. The Trustee's compensation will not be limited by any law on compensation of a trustee of an express
trust. The Issuer and each Note Guarantor, jointly and severally, will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements, expenses and advances of the Trustee's agents,
counsel, accountants and experts. 

        (b)   The
Issuer and each Note Guarantor, jointly and severally, will indemnify the Trustee, and hold it harmless, against any and all losses, claims, damages, liabilities or
expenses (including properly incurred attorney's fees) incurred by it arising out of or in connection with the acceptance or administration of this trust and its duties under this Indenture or under
the Intercreditor Deed, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07) and defending itself against any claim (whether asserted by
the Issuer, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee will notify the Issuer promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer of its obligations hereunder. At the Trustee's sole discretion, the Issuer will defend
the claim and the Trustee will provide reasonable cooperation and may participate at the Issuer's expense in the defense. Alternatively, the Trustee may at its option have separate counsel of its own
choosing and the Issuer will pay the properly incurred fees and expenses of such counsel; provided that the Issuer will not be required to pay such fees
and expenses if it assumes the Trustee's defense and there is, in the opinion of the Trustee, no conflict of interest between the Issuer and the Trustee in connection with such defense and no Default
or Event of Default has occurred and is continuing. The Issuer need not pay for any settlement made without its written consent, which consent shall not be unreasonably withheld. The Issuer need not
reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct. 

        (c)   The
obligations of the Issuer under this Section 7.07 and any Lien arising hereunder will survive the resignation or removal of the Trustee, the discharge of the
Issuer's obligations pursuant to Article 10 or the termination of this Indenture. 

        (d)   To
secure the Issuer's payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 

        (e)   When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(7) hereof occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

        (f)    The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

        Section 7.08    Replacement of Trustee.    

        (a)   A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee's acceptance of appointment as
provided in this Section 7.08. 

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        (b)   The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount
of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

        (1)   the
Trustee fails to comply with Section 7.10 hereof; 

        (2)   the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

        (3)   a
custodian or public officer takes charge of the Trustee or its property; or 

        (4)   the
Trustee becomes incapable of acting. 

        (c)   If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by
the Issuer. 

        (d)   If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of
at least 10% in principal amount of the then outstanding Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

        (e)   If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

        (f)    A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring
Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to
Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer's obligations
under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

        Section 7.09    Successor Trustee by Merger, etc.    

        If
the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any
further act will be the successor Trustee. 

        Section 7.10    Eligibility; Disqualification.    

        There
will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under
such laws to exercise corporate trustee power, that is subject to supervision or examination by U.S. federal or state authorities and that has a combined capital and surplus of at least
$100 million as set forth in its most recent published annual report of condition. 

        This
Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall comply with TIA
§ 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met. 

73

 

        Section 7.11    Preferential Collection of Claims Against Issuer.    

        The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated therein. 

 
 

  ARTICLE 8
  LEGAL DEFEASANCE AND COVENANT DEFEASANCE    
    

        Section 8.01    Option to Effect Legal Defeasance or Covenant Defeasance.    

        The
Issuer may, at the option of its Board of Directors evidenced by a resolution set forth in an Officer's Certificate, at any time, elect to have either Section 8.02 or 8.03
hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

        Section 8.02    Legal Defeasance and Discharge.    

        Upon
the Issuer's exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer will, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
"Legal Defeasance"). For this purpose, Legal Defeasance means that the Issuer will be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes, which will thereafter be deemed to be "outstanding" only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in
clauses (a) and (b) below, and to have satisfied all its other obligations under such Notes, and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

        (a)   the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due
from the trust referred to in Section 8.04 hereof; 

        (b)   the
Issuer's obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments held in trust set forth in Article 2 hereof; 

        (c)   the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer's obligations in connection therewith; and 

        (d)   this
Article 8. 

        Subject
to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof. 

        Section 8.03    Covenant Defeasance.    

        Upon
the Issuer's exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer will, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be released from each of its obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10 (including Section 3.09), 4.11,
4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.19, 4.20, 4.21, 4.22 and Section 5.01(a)(3) hereof with respect to the outstanding Notes on and after the date the conditions set forth in
Section 8.04 hereof are satisfied (hereinafter, "Covenant Defeasance"), and the Notes will thereafter be deemed not "outstanding" for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed "outstanding" for
all other purposes hereunder (it being understood 

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that
such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and
will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will
be unaffected thereby. In addition, upon the Issuer's exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Sections 6.01(a) (4), (6), (7) (as it relates to Significant Subsidiaries and Note Guarantors) and (8) hereof will not
constitute Events of Default. 

        Section 8.04    Conditions to Legal Defeasance or Covenant Defeasance.    

        In
order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

        (a)   The
Issuer must irrevocably deposit in trust (subject to Section 8.05 hereof) with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination
thereof (in the case of the Dollar Notes) or cash in euros, Euro-Denominated Designated Governmental Obligations or a combination thereof (in the case of the Euro Notes), the principal of
and interest on which will be sufficient, in the opinion of an Independent Financial Advisor, to pay the principal of, premium, if any, and interest on the outstanding Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be, as specified in an Officer's Certificate, and the Issuer must specify whether the Notes are being defeased to maturity or to a
particular redemption date; 

        (b)   in
the case of an election under Sections 8.01 and 8.02 hereof, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that: 

        (1)   the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 

        (2)   since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, 

in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal or U.K.
income tax purposes as a result of such deposit and Legal Defeasance and will be subject to U.S. federal and U.K. income tax on the same amounts, in the same manner and at the same times as would have
been the case if such deposit and Legal Defeasance had not occurred; 

        (c)   in
the case of an election under Sections 8.01 and 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal or U.K. income tax purposes as a result of such deposit and Covenant Defeasance and will
be subject to U.S. federal and U.K. income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and Covenant Defeasance had not occurred; 

        (d)   no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit); 

        (e)   such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than
this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound and is not prohibited by Article 12
hereof or the Intercreditor Deed; 

75

 

        (f)    the
Issuer must deliver to the Trustee an Officer's Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of Notes
being defeased over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; 

        (g)   the
Issuer must deliver to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance have been complied with; and 

        (h)   the
Issuer provides the Trustee all other documents or other information that the Trustee may reasonably require in connection with the defeasance. 

        Section 8.05    Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.    

        Subject
to Section 8.06 hereof, all money and U.S. Government Obligations or Euro-Denominated Designated Governmental Obligations (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the "Trustee") pursuant to
Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest,
but such money need not be segregated from other funds except to the extent required by law. Money and securities so held in trust are not subject to Article 12 hereof or the Intercreditor Deed
and the Trustee is not prohibited from paying such funds to Holders by the terms of this Indenture or the Intercreditor Deed. 

        The
Issuer will pay and indemnify the Trustee against any Taxes imposed or levied on or assessed against the cash or U.S. Government Obligations or Euro-Denominated
Designated Governmental Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such Taxes which by law are for the
account of the Holders of the outstanding Notes. 

        The
obligations of the Issuer under this Section 8.05 shall survive the resignation or renewal of the Trustee and/or satisfaction and discharge of this Indenture. 

        Notwithstanding
anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or U.S.
Government Obligations or Euro-Denominated Designated Governmental Obligations held by it as provided in Section 8.04 hereof which, in the opinion of an Independent Financial
Advisor, expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would
then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

        Section 8.06    Repayment to Issuer.    

        Any
money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining
unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from
such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Issuer cause to be published once, in the New York Times and the  Financial Times, notice
that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the
date of 

76

 

such
notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

        Section 8.07    Reinstatement.    

        If
the Trustee or Paying Agent is unable to apply any U.S. dollars, U.S. Government Obligations, euros or Euro-Denominated Designated Governmental Obligations in accordance
with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Issuer's obligations under this Indenture and the Notes will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuer will be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

 
 

  ARTICLE 9
  AMENDMENT, SUPPLEMENT AND WAIVER    
    

        Section 9.01    Without Consent of Holders.    

        (a)   Notwithstanding
Section 9.02 of this Indenture, but subject to the terms of the Intercreditor Deed, the Parent, the Intermediate Guarantors, the Issuer, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Note Guarantees without the consent of any Holder to: 

        (1)   cure
any ambiguity, omission, defect or inconsistency; provided that such amendment does not, in the opinion of the
Trustee, adversely affect the rights of any Holder in any material respect; 

        (2)   provide
for the assumption by a successor corporation in accordance with this Indenture of the obligations of the Issuer under this Indenture and the Notes; 

        (3)   provide
for uncertificated Notes in addition to or in place of certificated Notes (provided,  however, that the uncertificated Notes are issued in registered form
for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code); 

        (4)   add
additional Guarantees with respect to the Notes or release Subsidiary Guarantors from Subsidiary Guarantees as provided by the terms of this Indenture; 

        (5)   add
to the covenants of the Issuer for the benefit of the Holders or to surrender any right or power conferred upon the Company, any Restricted Subsidiary or any of
their Subsidiaries; 

        (6)   make
any change that does not materially adversely affect the rights of any Holder in any respect, subject to the provisions of this Indenture; 

        (7)   provide
for the issuance of Additional Notes; 

        (8)   mortgage,
pledge, hypothecate or grant a security interest in any Property for the benefit of any Person; provided,  however, that the granting of such security
interest is not prohibited by this Indenture and Section 4.12 is complied with;
 

        (9)   comply
with any requirement of the SEC in connection with the qualification of this Indenture under the TIA; and 

        (10) provide
for a reduction in the minimum denominations of the Notes. 

77

 

 

        (b)   An amendment under this Section 9.01 may not make any change to the subordination provisions of this Indenture that materially and adversely affects the rights
under Article 12 hereof or under the Intercreditor Deed of any holder of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor then outstanding unless the holders of such Senior
Indebtedness (or any group or Representative thereof authorized to give a consent) consent to such change. 

        (c)   After
an amendment becomes effective, the Issuer is required to mail to Holders a notice briefly describing such amendment. However, the failure to give such notice to
all Holders, or any defect therein, will not impair or affect the validity of the amendment. In addition, for so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such
exchange so require, the Issuer will inform such exchange of any amendment, supplement or waiver and will publish notice of such amendment, supplement or waiver in Luxembourg in a daily newspaper with
general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the website of the Luxembourg Stock Exchange
(www.bourse.lu). 

        (d)   Upon
the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer in the
execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained,
but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

        Section 9.02    With Consent of Holders.    

        Except
as provided below in this Section 9.02, the Parent, the Intermediate Guarantors, the Issuer, the Senior Subordinated Subsidiary Guarantor and the Trustee may amend or
supplement this Indenture, the Notes and the Note Guarantees with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes) and, subject to this Indenture and the Notes, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this
Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes); provided, however, that if any amendment, waiver or other modification would only
affect the Dollar Notes or the Euro Notes, only the consent of the Holders of at least a majority in principal amount of the then-outstanding Notes of the affected series (and not the
consent of the Holders of any other series of Notes) shall be required. Section 2.08 hereof shall determine which Notes are considered to be "outstanding" for purposes of this
Section 9.02. 

        An
amendment under Section 9.02 may not make any change that adversely affects the rights under Article 12 hereof or under the Intercreditor Deed of any holder of Senior
Indebtedness of the Senior Subordinated Subsidiary Guarantor then outstanding unless the holders of such Senior Indebtedness (or any group or Representative thereof authorized to give a consent)
consent to such change under the terms of that Senior Indebtedness. 

        Upon
the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such
amended or supplemental indenture. 

78

 

        It
is not necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient if such consent
approves the substance thereof. 

        After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or
waiver. Subject to Section 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding may waive compliance in a particular instance by the Issuer with
any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

        (a)   reduce
the principal amount of Notes whose Holders must consent to an amendment or waiver; 

        (b)   reduce
the rate of or extend the time for payment of interest on any Note; 

        (c)   reduce
the principal of or extend the Stated Maturity of any Note; 

        (d)   reduce
the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed pursuant to Section 3.07 hereof; 

        (e)   make
any Note payable in money other than that stated in the Note; 

        (f)    impair
the right of any Holder to receive payment of principal of, and interest on, such Holder's Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder's Notes; 

        (g)   make
any change in the amendment provisions which require each Holder's consent or in the waiver provisions described in this sentence; or 

        (h)   modify
the Note Guarantees in any manner materially adverse to the Holders. 

        Section 9.03    Compliance with Trust Indenture Act.    

        Every
amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

        Section 9.04    Revocation and Effect of Consents.    

        Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder that evidences the same debt as
the consenting Holder's Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder. 

        Section 9.05    Notation on or Exchange of Notes.    

        The
Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the
Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

        Failure
to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

79

 

        Section 9.06    Trustee to Sign Amendments, etc.    

        The
Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee will be provided with and (subject to Section 7.01 hereof) will be fully protected in
relying upon, in addition to the documents required by Section 13.04 hereof, an Officer's Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture. 

 
 

  ARTICLE 10
  SATISFACTION AND DISCHARGE    
    

        Section 10.01    Satisfaction and Discharge.    

        This
Indenture will be discharged and will cease to be of further effect as to all Notes and Note Guarantees issued hereunder, when: 

        (a)   either:

        (1)   all
the Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and applicable Notes for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Issuer in accordance with this Indenture, have been delivered to the Trustee for cancellation; or 

        (2)   all
the Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or
will become due and payable within one year and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in
U.S. dollars or U.S. Government Obligations, in the case of the Dollar Notes, or cash in euros or Euro-Denominated Designated Governmental Obligations, in the case of the Euro Notes, in
such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the applicable Notes not delivered to the Trustee for
cancellation for principal, premium and Additional Amounts, if any, and accrued interest to the date of maturity or redemption; 

        (b)   no
Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit and such deposit will not result in a
breach or violation of, or constitute a default under, any other instrument to which the Issuer is a party or by which the Issuer is bound; 

        (c)   the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and 

        (d)   the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the applicable Notes at maturity
or the redemption date, as the case may be. 

        In
addition, the Issuer must deliver an Officer's Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been
satisfied. 

        Notwithstanding
the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section, the
provisions of Section 10.02 and Section 8.06 will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.07 hereof,
that, by their terms, survive the satisfaction and discharge of this Indenture. 

80

 

        Section 10.02    Application of Trust Money.    

        Subject
to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 10.01 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

        If
the Trustee or Paying Agent is unable to apply any money or securities in accordance with Section 10.01 by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer's obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 10.01; provided that if the Issuer has made any payment of principal of, premium, if any, or
interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government
Securities held by the Trustee or Paying Agent. 

 
 

  ARTICLE 11
  GUARANTEES    
    

        Section 11.01    Guarantees.    

        (a)   Each
Note Guarantor hereby jointly and severally irrevocably and unconditionally guarantees to each Holder and to the Trustee and its successors and assigns
(1) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations
to the Trustee) and the Notes, whether for payment of principal of, or interest, premium, if any, on, the Notes and all other monetary obligations of the Issuer under this Indenture and the Notes and
(2) the full and punctual performance within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and
the Notes (all the foregoing being hereinafter collectively called the "Guaranteed Obligations"). Each Note Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Note Guarantor, and that each such Note Guarantor shall remain bound under this
Article 11 notwithstanding any extension or renewal of any Guaranteed Obligation. The Senior Subordinated Subsidiary Guarantee will be substantially in the form of Exhibit B hereto. The
other Note Guarantees will be substantially in the form of Exhibit C hereto. 

        (b)   Each
Note Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for
nonpayment. Each Note Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Note Guarantor hereunder shall not be affected by (1) the
failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or
otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other
agreement; (4) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or Trustee to exercise any right
or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of such Note Guarantor, except as provided in Sections 11.02(b) and (c). 

        (c)   Each
Note Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the Note Guarantors, such that such Note
Guarantor's obligations would be less than the full amount claimed. Each Note Guarantor hereby waives any right to which it 

81

 

may
be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer's or such Note Guarantor's obligations hereunder prior to any amounts being claimed from or paid by
such Note Guarantor hereunder. Each Note Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action being initiated against such Note
Guarantor. 

        (d)   Each
Note Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection)
and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

        (e)   The
Senior Subordinated Subsidiary Guarantee of the Senior Subordinated Subsidiary Guarantor is, to the extent and in the manner set forth in Article 12 and the
Intercreditor Deed, subordinated and subject in right of payment to the prior payment in full of the principal of and premium, if any, and interest on all Senior Indebtedness of the Senior
Subordinated Subsidiary Guarantor and is made subject to such provisions of this Indenture. 

        (f)    Except
as expressly set forth in Sections 8.02, 11.02 and 11.06, Article 12 and the Intercreditor Deed, the obligations of each Note Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to
any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Note Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim
or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, wilful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Note Guarantor or
would otherwise operate as a discharge of any Note Guarantor as a matter of law or equity. 

        (g)   Except
as expressly set forth in Sections 8.02, 11.02 and 11.06, Article 12 and the Intercreditor Deed, each Note Guarantor agrees that its Guarantee shall
remain in full force and effect until payment in full of all the Guaranteed Obligations. Each Note Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon
the bankruptcy or reorganization of the Issuer or otherwise. 

        (h)   In
furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Note Guarantor by virtue
hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each Note Guarantor, subject in the case of the Senior Subordinated Subsidiary Guarantor to the terms of Article 12 and
the Intercreditor Deed, hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the
sum of (1) the unpaid principal amount of such Guaranteed Obligations, (2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and
(3) all other monetary obligations of the Issuer to the Holders and the Trustee. 

        (i)    Each
Note Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations guaranteed
hereby until payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed Obligations are subordinated as provided in Article 12 and the Intercreditor Deed. Each
Note Guarantor further 

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agrees
that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided
in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed
hereby, and (2) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by such Guarantor for the purposes of Section 11.01. 

        (j)    Each
Note Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys' fees and expenses) incurred by the Trustee or any Holder in
enforcing any rights under Section 11.01. 

        (k)   Upon
request of the Trustee, each Note Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture. 

        Section 11.02    Limitation on Liability.    

        (a)   Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Note
Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Note Guarantor without rendering the Guarantee, as it relates to such Note Guarantor, voidable under
applicable law relating to ultra vires, fraudulent conveyance, fraudulent transfer, corporate benefit or similar laws affecting the rights of creditors generally. 

        (b)   The
Senior Subordinated Subsidiary Guarantee of the Senior Subordinated Subsidiary Guarantor shall terminate and be of no further force or effect and such Subsidiary
Guarantor shall be deemed to be released from all obligations under Article 11, 

        (1)   concurrently
with any sale by way of enforcement by the relevant Security Trustee (as defined in the Intercreditor Deed) of a security interest therein of (x) all
of the Capital Stock of the Senior Subordinated Subsidiary Guarantor or any parent company of the Senior Subordinated Subsidiary
Guarantor or (y) all or substantially all of the assets of the Senior Subordinated Subsidiary Guarantor, in each case so long as: 

        (A)  the
proceeds of such sale are in cash (or substantially in all cash) and are applied in accordance with the Intercreditor Deed; 

        (B)  the
Senior Subordinated Subsidiary Guarantor is released from its obligations in respect of any other Indebtedness of Holdings, the Issuer and any other Restricted
Subsidiary; provided, however, that nothing in the Intercreditor Deed shall require the release by the Senior Subordinated Subsidiary Guarantor or any
of its Subsidiaries of any of their obligations in respect of the Existing Credit Facility; and 

        (C)  the
sale is made pursuant to either a public auction or a competitive bid process to obtain the best price reasonably obtainable given the then-current
condition (financial or otherwise), earnings, business, assets and prospects of the Senior Subordinated Subsidiary Guarantor and its Subsidiaries, the Security Trustee having consulted with an
internationally recognized investment bank (including without limitation and to the extent appropriate a lender under the Existing Credit Facility or a relationship bank of the Issuer or its
Subsidiaries) or an internationally recognized accounting firm regarding the appropriate procedures for obtaining the best price for the shares or assets, considered the recommendations of that
investment bank or accounting firm and used its reasonable efforts to cause the procedures recommended by that investment bank or accounting firm to be implemented in all material respects in relation
to the sale and to permit Holders to 

83

 

participate
in the sale process as bidders; provided, however, that the Security Trustee shall not be under any further obligation to cause such
recommendations to be implemented to the extent not implemented in connection with such sale by the relevant court, authority or other third party required to act in connection with such sale;  provided, further,
 that such reasonable efforts will, to the extent permitted by applicable law, include attempting to conduct such sale process other
than through a court or legal proceeding. 

        (2)   concurrently
with any sale by an administrator under the U.K. Insolvency Act 1986 of (x) all of the Capital Stock of the Senior Subordinated Subsidiary Guarantor
or any parent company of the Senior Subordinated Subsidiary Guarantor or (y) all or substantially all of the assets of the Senior Subordinated Subsidiary Guarantor, in each case so long as: 

        (A)  the
administrator is an insolvency practitioner whose appointment the Trustee has not objected to (acting reasonably) under the provisions of the U.K. Insolvency Act
1986 relating to the selection of a person or persons to be an/the administrator; 

        (B)  the
proceeds of such sale are in cash (or substantially in all cash) and are applied in accordance with the Intercreditor Deed; 

        (C)  the
Senior Subordinated Subsidiary Guarantor is released from its obligations in respect of any other Indebtedness of Holdings, the Issuer or any other Restricted
Subsidiary; provided, however, that nothing in the Intercreditor Deed shall require the release by the Senior Subordinated Subsidiary Guarantor or any
of its Subsidiaries of any of their obligations in respect of the Existing Credit Facility; and 

        (D)  the
sale is made pursuant to a public auction or a competitive bid process to obtain the best price reasonably obtainable given the then-current condition
(financial or otherwise), earnings, business, assets and prospects of the Senior Subordinated Subsidiary Guarantor and its Subsidiaries, the administrator having consulted with an internationally
recognized investment bank (including without limitation and to the extent appropriate a lender under the Existing Credit Facility or a relationship bank of the Issuer or its Subsidiaries) or an
internationally recognized accounting firm regarding the appropriate procedures for obtaining the best price for the shares or assets, considered the recommendations of that investment bank or
accounting firm and used its reasonable efforts to cause the procedures recommended by that investment bank or accounting firm to be implemented in all material respects in relation to the sale and to
permit Holders to participate in the sale process as bidders. 

        (3)   upon
Legal Defeasance or Covenant Defeasance of the Issuer's obligations or satisfaction and discharge of this Indenture as provided in Article 8 and
Article 10; or 

        (4)   upon
designation of the Senior Subordinated Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, including
Section 4.17. 

        Upon
the presentation of an Officer's Certificate with respect to the occurrence of an event specified in the preceding paragraph, the Trustee will execute any documents reasonably
required in order to evidence such release, discharge and termination in respect of the Senior Subordinated Subsidiary Guarantee. 

84

 

 

        (c)   Any Additional Subsidiary Guarantor will automatically and unconditionally be released from all obligations under its Additional Subsidiary Guarantee, and such
Additional Subsidiary Guarantee shall thereupon terminate and be discharged and be of no further force or effect, upon the occurrence of any of the events described in clauses (1) through
(4) of paragraph (b), substituting such Additional Subsidiary Guarantor for the Senior Subordinated Subsidiary Guarantor where applicable. In addition, any Additional Subsidiary
Guarantee shall thereupon terminate and be discharged and be of no further force or effect at any time the relevant Additional Subsidiary Guarantor is fully and unconditionally released (other than as
a result of payment thereof) from all the obligations that resulted in such Additional Subsidiary Guarantor being required to provide an Additional Subsidiary Guarantee under Section 4.19. 

        Section 11.03    Successors and Assigns.    

        This
Article 11 shall be binding upon each Note Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall
automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

        Section 11.04    No Waiver.    

        Neither
a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 11 shall operate as a waiver thereof,
nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein
expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise. 

        Section 11.05    Modification.    

        No
modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure by any Note Guarantor therefrom, shall in any event be effective unless
the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on
any Note Guarantor in any case shall entitle such Note Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

        Section 11.06    Execution of Supplemental Indenture for Future Guarantors.    

        (a)   Each
Subsidiary which is required to become a Subsidiary Guarantor pursuant to Section 4.19, 

        (b)   each
future Subsidiary of the Company of which the Issuer is a Subsidiary that becomes an Intermediate Guarantor as contemplated in the definition thereof, and 

        (c)   each
Virgin Media Holding Company that is not a Subsidiary of Parent that guarantees the Notes on a senior basis as contemplated in the last paragraph of the definition
of "Change of Control," 

shall
promptly execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary or Virgin Media Holding Company shall become a Note Guarantor under this Article 11
and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an
Officer's Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or Virgin Media Holding Company and that, subject to the
application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors' rights generally and to the principles of equity, whether considered
in a proceeding at law or in equity, the Guarantee of such Note Guarantor is a legal, valid and binding obligation of such 

85

 

Note
Guarantor, enforceable against such Note Guarantor in accordance with its terms and or to such other matters as the Trustee may reasonably request. 

        Section 11.07    Non-Impairment    

        The
failure to endorse a Note Guarantee on any Note shall not affect or impair the validity thereof. 

 
 

  ARTICLE 12
  SUBORDINATION OF THE SENIOR SUBORDINATED SUBSIDIARY GUARANTEE    
    

        Section 12.01    Agreement To Subordinate.    

        The
Senior Subordinated Subsidiary Guarantor agrees, and each Holder by accepting a Note agrees, that the obligations of the Senior Subordinated Subsidiary Guarantor hereunder are
subordinated in right of payment, to the extent and in the manner provided in the Intercreditor Deed and to the prior payment in full of all Senior Indebtedness of the Senior Subordinated Subsidiary
Guarantor and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor. Each Holder, by accepting a Note,
shall be deemed to have agreed to and accepted the terms and conditions of the Intercreditor Deed. A copy of such Intercreditor Deed shall be available on any Business Day upon prior written request
at the offices of the Trustee and, for so long as any Notes are listed on the Luxembourg Stock Exchange, at the offices of the Paying Agent in Luxembourg. The obligations hereunder with respect to the
Senior Subordinated Subsidiary Guarantor shall in all respects rank pari passu with all other Senior Subordinated Indebtedness of the Senior
Subordinated Subsidiary Guarantor and shall rank senior to all existing and future Subordinated Obligations of the Senior Subordinated Subsidiary Guarantor; and only Indebtedness of the Senior
Subordinated Subsidiary Guarantor that is Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor shall rank senior to the obligations of the Senior Subordinated Subsidiary Guarantor in
accordance with the provisions set forth herein. 

        Section 12.02    Rights of Trustee and Paying Agent.    

        Subject
to the terms of the Intercreditor Deed, the Trustee or any Paying Agent may continue to make payments on the Notes and shall not be charged with knowledge of the existence of
facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Responsible Officer of the Trustee receives notice in writing
reasonably satisfactory to it that payments may not be made under this Article 12 or the Intercreditor Deed. 

        The
Trustee in its individual or any other capacity may hold Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor with the same rights it would have if it were not
Trustee. The Registrar and co-registrar and any Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 12 and the
Intercreditor Deed with
respect to any Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness of the Senior
Subordinated Subsidiary Guarantor; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 12 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 7.07 or any other Section of this Indenture. 

        Section 12.03    Trustee Entitled To Rely.    

        Upon
any payment or distribution pursuant to this Article 12 or the Intercreditor Deed, the Trustee and the Holders shall be entitled to rely (a) upon any order or decree
of a court of competent jurisdiction in which any bankruptcy, reorganization, insolvency, receivership or similar proceedings relating to the Senior Subordinated Subsidiary Guarantor and its
properties is pending, (b) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to 

86

 

the
Trustee or to the Holders or (c) upon the Representatives for the holders of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor and other Indebtedness of the Senior Subordinated
Subsidiary Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12 or the Intercreditor
Deed. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of the Senior Subordinated
Subsidiary Guarantor to participate in any payment or distribution pursuant to this Article 12 or the Intercreditor Deed, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and other facts pertinent to the rights of such Person under this Article 12 or the Intercreditor Deed, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall be applicable
to all actions or omissions of actions by the Trustee pursuant to this Article 12 or the Intercreditor Deed. 

        Section 12.04    Trustee To Effectuate Subordination.    

        Each
Holder by accepting a Note authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the
subordination between the Holders and the holders of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor, including by entering into, and as provided for in, the Intercreditor Deed and
appoints the Trustee as attorney-in-fact for any and all such purposes. 

        Section 12.05    Reliance by Holders of Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor on Subordination
Provisions.    

        Each
Holder by accepting a Note acknowledges and agrees that the foregoing provisions and the provisions of the Intercreditor Deed are, and are intended to be, an inducement and a
consideration to each holder of any Senior Indebtedness of the Senior Subordinated Subsidiary Guarantor, whether such Senior Indebtedness was created or acquired before or after the issuance of the
Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination
provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 

 
 

  ARTICLE 13
  MISCELLANEOUS    
    

        Section 13.01    Trust Indenture Act Controls.    

        The
Indenture has been qualified under the Trust Indenture Act, is subject to that Act and contains provisions which define the rights of Holders under the Notes. If any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the duties imposed by the TIA will control. 

87

 

        Section 13.02    Notices.    

        Any
notice or communication by the Issuer or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others' address: 

        If
to the Issuer or any Note Guarantor: 

Virgin
Media Finance PLC.

909 Third Avenue

Suite 2863

New York, NY 10022

Telecopier: +1 212-906-8440

Attention: Secretary and General Counsel 

with
a copy to: 

160
Great Portland Street

London W1W 5QA

United Kingdom 

Telecopier:
+44 125 675 2000

Attention: Secretary and General Counsel 

with
a copy to: 

Fried,
Frank, Harris, Shriver & Jacobson (London) LLP

99 City Road

EC1Y 1AX

Telecopier: +44 207 972 9602

Attention: Timothy E. Peterson 

If
to the Trustee: 

One
Canada Square

London E14 5AL

United Kingdom

Telecopier No. +44 207 964 2536

Attention: Corporate Trust Administration 

        The
Issuer, any Note Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 

        In
addition, notices to the Holders shall be given by publishing such notices, as long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such Exchange so require,
in a leading daily newspaper of general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the website of the Luxembourg
Stock Exchange (www.bourse.lu). 

        All
notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 

        Any
notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery
to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the
TIA. Failure to mail a notice or 

88

 

communication
to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

        If
a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

        If
the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

        Section 13.03    Communication by Holders with Other Holders.    

        Holders
may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Note Guarantors,
the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

        Section 13.04    Certificate and Opinion as to Conditions Precedent.    

        Upon
any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee: 

        (1)   an
Officer's Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 13.05 hereof)
stating that, in the opinion of the signer, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

        (2)   an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 13.05 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

        Section 13.05    Statements Required in Certificate or Opinion.    

        Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA
§ 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

        (1)   a
statement that the Person making such certificate or opinion has read such covenant or condition; 

        (2)   a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

        (3)   a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion
as to whether or not such covenant or condition has been complied with; and 

        (4)   a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

        Section 13.06    Rules by Trustee and Agents.    

        The
Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

        Section 13.07    No Personal Liability of Directors, Officers, Employees and Stockholders.    

        No
past, present or future director, officer, employee, incorporator or shareholder of Parent, the Company, any Intermediate Guarantor, the Issuer or any Subsidiary Guarantor, as such,
will have any liability for any obligations of Parent, any Intermediate Guarantor, the Issuer or any Subsidiary Guarantor under the Parent Guarantee, the Intermediate Guarantees, the Notes, the
Subsidiary Guarantees or this Indenture, or for any claim based on, in respect of, or by reason of, such obligations 

89

 

or
their creation. Each Holder by accepting a Note waives and releases such liability. The waiver and release are part of the consideration for issuance of the Notes. 

        Section 13.08    Governing Law.    

        THIS
INDENTURE AND THE NOTES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

        Section 13.09    No Adverse Interpretation of Other Agreements.    

        This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture. 

        Section 13.10    Successors.    

        All
agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. 

        Section 13.11    Severability.    

        In
case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be
affected or impaired thereby. 

        Section 13.12    Counterpart Originals.    

        The
parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 

        Section 13.13    Table of Contents, Headings, etc.    

        The
Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a
part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

        Section 13.14    Submission to Jurisdiction; Appointment of Agent.    

        The
Issuer and each Note Guarantor irrevocably submit to the non-exclusive jurisdiction of any New York state or U.S. federal court located in the Borough of Manhattan in the
City and State of New York over any suit, action or proceeding arising out of or relating to this Indenture. The Issuer and each Note Guarantor irrevocably waive, to the fullest extent permitted by
law, any objection which they may have, pursuant to New York law or otherwise, to the laying of the venue of any such suit,
action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in any inconvenient forum. In furtherance of the foregoing,
the Issuer and each Note Guarantor hereby irrevocably designates and appoints Parent (at its office at 909 Third Avenue, Suite 2863, New York, New York 10022) as its agent to receive service of
all process brought against them with respect to any such suit, action or proceeding in any such court in the City and State of New York, such service being hereby acknowledged by it to be effective
and binding service in every respect. Copies of any such process so served shall also be given to the Issuer in accordance with Section 3.01 hereof, but the failure of the Issuer to receive
such copies shall not affect in any way the service of such process as aforesaid. 

90

 

        Nothing
in this Section shall limit the right of the Trustee or any Holder to bring proceedings against the Issuer in the courts of any other jurisdiction or to serve process in any
other manner permitted by law. 

[Signatures
on following pages] 

91

 
 

  SIGNATURES    
    

Dated
as of [    •    ], 2009 

 

 

				
	 	VIRGIN MEDIA FINANCE PLC
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

VIRGIN MEDIA INC.
	
 	
 By:	
 	
 

  Name:

Title:
	
 	

VIRGIN MEDIA GROUP LLC
	
 	
 By:	
 	
 

  Name:

Title:
	
 	

VIRGIN MEDIA HOLDINGS INC.
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

VIRGIN MEDIA (UK) GROUP, INC.
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

VIRGIN MEDIA COMMUNICATIONS LIMITED
	
 	
 By:	
 	
 

  Name:

Title:

				
	 	VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

THE BANK OF NEW YORK MELLON
	
 	
 By:	
 	
 

  Name:

Title:
	
 	

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.
	
 	
 By:	
 	
  

  Name:

Title:

 
 

  Exhibit A    
    

 [Form of Face of Note]  

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

CUSIP: [    •    ]

ISIN: [    •    ]

Common Code: [    •    ]

 [    •    ]% Senior Note due 201[    •    ]  

			
	No.            	 	[$                        ]
[€                        ]

 VIRGIN MEDIA FINANCE PLC  

Virgin
Media Finance PLC (the "Issuer") promises to pay to
[CEDE & CO.]/[    •    ] or its registered assigns, the principal sum
of                        [U.S.
Dollars][euros] on [    •    ], 201[    •    ]. 

Interest
Payment Dates: [    •    ] and [    •    ],
commencing                        . 

Record
Dates: [    •    ] and [    •    ]. 

Dated:

  
        IN WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized director, officer or other authorized signatory. 

 

 

				
	 	VIRGIN MEDIA FINANCE PLC
	
 	
 By:	
 	
  

  Name:

Title:

 Certificate of Authentication  

        This is one of the [    •    ]% Senior Notes due
201[    •    ] referred to in the within-mentioned Indenture. 

Dated:                        ,

				
	 	THE BANK OF NEW YORK MELLON

as Trustee
	
 	
 By:	
 	
  

  Authorized Signatory

 

 
 

  [Form of Reverse of Note]    
    
    [    •    ]% Senior Note due 201[    •    ]    
    

        (1)    Interest.    Virgin Media Finance PLC, a public limited company organized under the laws of England and
Wales (the "Issuer"), promises to pay interest on the principal amount of this Note at
[    •    ]% per annum from                        until maturity. The Issuer will
pay interest semi-annually in arrears on
[    •    ] and [    •    ] of each year, or if any such day is not a Business Day, on
the next succeeding Business Day (each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be
[    •    ], 20[    •    ]. The Issuer will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, and on overdue installments of interest, if any (without regard to any
applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

        (2)    Method of Payment.    The Issuer will pay interest on the Notes to the Persons who are registered Holders at
the close of business on the [    •    ] or [    •    ] immediately preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer
maintained for such purpose as provided in the Indenture or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of
Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium,
if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment will be in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private debts. 

        (3)    Paying Agent and Registrar.    Initially, the Trustee will act as Paying Agent and Registrar and The Bank of
New York Mellon (Luxembourg) S.A. will act as Paying Agent in Luxembourg. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries
may act as Registrar. 

        (4)    Indenture.    The Issuer issued the Notes under an Indenture, dated as of
[    •    ], 2009 (the "Indenture"), among the Issuer, Parent, the Intermediate Guarantors, the
Senior Subordinated Subsidiary Guarantor, the Trustee and The Bank of New York Mellon (Luxembourg) S.A. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the
"TIA"). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are senior unsecured obligations of the
Issuer. Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to them in the Indenture. 

        (5)    Optional Redemption.    

        (a)   Except
as set forth in paragraphs (b) and (c) below or in Section 3.10 of the Indenture, the Issuer may not redeem the Notes prior to
[    •    ], 20[    •    ]. At any time on or after
[    •    ], 20[    •    ], the Issuer may redeem the Notes, in whole or in part, on not
less than 30 nor more than 60 days' prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest thereon, if any, to the
redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest 

A-1

 

Payment
Date), if redeemed during the 12-month period commencing on [    •    ] of the years set forth below: 

					
	Redemption Year

 
	 	Redemption Price 	 
	 [•]
	 	 	 [•	]%
	 [•]
	 	 	 [•	]%
	 [•]
	 	 	 [•	]%
	 [•] and thereafter
	 	 	100	%

        (b)   At
any time prior to [    •    ], 20[    •    ], the
Issuer may at its option redeem the Notes in whole or in part, on not less than 30 nor more than 60 days' prior notice, by paying a redemption price equal to the sum of 100% of the principal
amount of the Notes to be redeemed, plus the Applicable Premium, plus accrued and unpaid interest thereon, if any, to the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant Interest Payment Date). 

        (c)   At
any time prior to [    •    ], 20[    •    ], the
Issuer may, on one or more occasions, redeem up to a maximum of 40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with
the Net Cash Proceeds of one or more Equity Offerings, at a redemption price equal to [    •    ]% of the principal amount thereof, plus accrued
and unpaid interest thereon, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date);  provided,
however, that after giving effect to any such redemption at least 60% of the original aggregate principal amount of such series of the Notes
(calculated after giving effect to any issuance of Additional Notes) remains outstanding; and any such redemption by the Issuer must be made within 120 days of such Equity Offering. 

        (6)    Mandatory Redemption.    The Issuer is not required to make mandatory redemption or sinking fund payments with
respect to the Notes. 

        (7)    Repurchase at option of holder.    

        (a)   Upon
the occurrence of a Change of Control, unless the Issuer has exercised its right to redeem the Notes as described in Section 3.07 of the Indenture, each
Holder will have the right to require the Issuer to purchase all or any part of such Holder's Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest thereon, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). Within
30 days following any Change of Control, the Issuer will mail a notice to each Holder setting forth the procedures governing the Repurchase Offer as set forth in the Indenture. 

        (b)   In
the event of an Asset Disposition that requires the purchase of Notes pursuant to clause (a)(3)(C) of Section 4.10 of the Indenture, the Issuer will be
required to commence an Excess Proceeds Offer pursuant to Sections 3.09 and 4.10(c) of the Indenture to purchase the maximum principal amount of Notes that may be purchased out of the Allocable
Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to the date fixed for the closing of such offer
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) in accordance with the procedures set forth in the Indenture. 

        (8)    Notice of Redemption.    Notice of redemption shall be given in accordance with Section 3.03 of the
Indenture and the effect of notice of redemption is set forth in Section 3.04 of the Indenture. 

        (9)    Denominations, Transfer, Exchange.    The Notes are in registered form without coupons in minimum denominations
of [$100,000][€50,000] and integral multiples of [$1,000][€1,000] in
excess 

A-2

 

thereof.
The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents. The Registrar may not require a Holder to pay any taxes and fees, except as otherwise set forth in the Indenture. The Registrar need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Registrar need not exchange or register the transfer
of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

        (10)    Persons Deemed Owners.    The registered Holder of a Note may be treated as its owner for all purposes, except
as otherwise ordered by a court of competent jurisdiction. 

        (11)    Amendment, Supplement and Waiver.    The provisions of the Indenture governing amendment, supplement and
waiver are set forth in Article 9 of the Indenture. 

        (12)    Defaults and Remedies.    Events of Default and Remedies are set forth in Article 6 of the Indenture. 

        (13)    Trustee Dealings with Issuer.    The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

        (14)    No Recourse Against Others.    No past, present or future director, officer, employee, incorporator or
shareholder of Parent, the Company, any Intermediate Guarantor, the Issuer or any Subsidiary Guarantor, as such, will have any liability for any obligations of Parent, any Intermediate Guarantor, the
Issuer or any Subsidiary Guarantor under the Parent Guarantee, the Intermediate Guarantees, the Notes, the Subsidiary Guarantees or the Indenture, or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases such liability. The waiver and release are part of the consideration for issuance of the Notes. 

        (15)    Authentication.    This Note will not be valid until authenticated by the manual or facsimile signature of the
Trustee or an authenticating agent. 

        (16)    Abbreviations.    Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to
Minors Act). 

        (17)    CUSIP, ISIN Numbers and Common Codes.    The Issuer has caused CUSIP and ISIN numbers and Common Codes to be
printed on the Notes and the Trustee may use CUSIP and ISIN numbers and Common Codes in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

        (18)    Governing Law.    THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY). 

A-3

 

        The
Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Virgin
Media Finance PLC

909 Third Avenue, Suite 2863

New York, New York 10022

United States of America

Atttention: Secretary and General Counsel

A-4

 

 
 

  Assignment Form    
    

        To assign this Note, fill in the form below: 

			
	(I) or (we) assign and transfer this Note to:	 	 

  (Insert assignee's legal name)
	

  

  (Insert assignee's soc. sec. or tax I.D. no.)
	

  

 
	

 

 
	

 

 
	

  

  (Print or type assignee's name, address and zip code)

 

			
	and irrevocably appoint	 	 

 
	to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

							
	Date:	 	  

 	 	 	 	 
	

 	
 	
 	
 	
Your Signature:	
 	
  

  (Sign exactly as your name appears

on the face of this Note)

 

			
	Signature Guarantee*:	 	 

 

	*
	Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

A-5

 

 
 

  Option of Holder to Elect Purchase    
    

        If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below: 

			
	o    Section 4.10	 	o    Section 4.15

        If
you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have
purchased: 

$                                    

Date:                                    

				
	 	Your Signature:	 	 

  (Sign exactly as your name appears on the face of this Note)

				
	 	Tax Identification No.:	 	  

 

					
	Signature Guarantee*:	 	  

 	 	 

	*
	Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

A-6

 

 
 

  SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE    
    

        The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of
a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

															
	Date of Exchange 	 	Amount of decrease in

Principal Amount of

this Global Note 	 	Amount of increase in

Principal Amount of

this Global Note 	 	Principal Amount

of this Global

Note following

such decrease

(or increase) 	 	Signature of authorized

officer of Trustee or

Custodian 	 
	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 

A-7

 

 
 

  Exhibit B    
    

 
    [FORM OF SENIOR SUBORDINATED SUBSIDIARY GUARANTEE]    
    

        For value received, the Senior Subordinated Subsidiary Guarantor, to the extent set forth in and subject to the terms of the Indenture,
dated as of [    •    ], 2009 (the "Indenture"), among Virgin Media Finance PLC, a public
limited company organized under the laws of England and Wales (the "Issuer"), Virgin Media Inc., a Delaware corporation
("Parent"), Virgin Media Group LLC, a Delaware limited liability company, Virgin Media Holdings Inc., a Delaware corporation, Virgin Media
(UK) Group, Inc., a Delaware corporation, Virgin Media Communications Limited, a limited company organized under the laws of England and Wales, Virgin Media Investment Holdings Limited, a
limited company organized under the laws of England and Wales ("VMIH" or the "Senior Subordinated Subsidiary
Guarantor"), The Bank of New York Mellon, as trustee (the "Trustee") and The Bank of New York Mellon (Luxembourg) S.A.,
hereby jointly and severally with each other Note Guarantor irrevocably and unconditionally guarantees to each Holder and to the Trustee and its successors and assigns (1) the full and punctual
payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuer under the Indenture (including obligations to the Trustee) and the Notes,
whether for payment of principal of or interest on or premium, if any, on the Notes and all other monetary obligations of the Issuer under the Indenture and the Notes and (2) the full and
punctual performance within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under the Indenture and the Notes (all the
foregoing being hereinafter collectively called the "Guaranteed Obligations"). The Senior Subordinated Subsidiary Guarantor further agrees that the
Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from the Senior Subordinated Subsidiary Guarantor, and that the Senior Subordinated Subsidiary Guarantor shall remain bound under this Guarantee notwithstanding
any extension or renewal of any Guaranteed Obligation. 

        The
obligations of the Senior Subordinated Subsidiary Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture. This Guarantee is subordinated to other Indebtedness as set forth in Article 12 of the Indenture and pursuant to the Intercreditor Deed. Reference is hereby
made to the Indenture for the precise terms and limitations of this Guarantee. Each Holder of the Note to which this Guarantee is endorsed, by accepting such Note, agrees to and shall be bound by such
provisions. 

        The
Senior Subordinated Subsidiary Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by the Senior Subordinated Subsidiary Guarantor without
rendering such Senior Subordinated Subsidiary Guarantee voidable under applicable law relating to ultra vires, fraudulent conveyance, fraudulent transfer, corporate benefit or similar laws affecting
the rights of creditors generally. 

[Signature
on following page] 

B-1

 

        IN
WITNESS WHEREOF, the Senior Subordinated Subsidiary Guarantor has caused this Guarantee to be signed by a duly authorized officer. 

					
	 	 	VIRGIN MEDIA INVESTMENT HOLDINGS

LIMITED
	

 	
 	
By:	
 	
  

  Name:

Title:

B-2

 

 

 
 

  Exhibit C    
    

 
    [FORM OF SENIOR GUARANTEE]    
    

        For value received, each of the undersigned (the "Senior Guarantors"), to the extent
set forth in and subject to the terms of the Indenture, dated as of [    •    ], 2009 (the
"Indenture"), among Virgin Media Finance PLC, a public limited company organized under the laws of England and Wales (the
"Issuer"), Virgin Media Inc., a Delaware corporation ("Parent"), Virgin Media Group LLC, a
Delaware limited liability company, Virgin Media Holdings Inc., a Delaware corporation, Virgin Media (UK) Group, Inc., a Delaware corporation, Virgin Media Communications Limited, a
limited company organized under the laws of England and Wales, Virgin Media Investment Holdings Limited, a limited company organized under the laws of England and Wales
("VMIH" or the "Senior Subordinated Subsidiary Guarantor"), The Bank of New York Mellon, as trustee (the
"Trustee") and The Bank of New York Mellon (Luxembourg) S.A., hereby jointly and severally with one another and with the Senior Subordinated
Subsidiary Guarantor irrevocably and unconditionally guarantees to each Holder and to the Trustee and its successors and assigns (1) the full and punctual payment when due, whether at Stated
Maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuer under the Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of or
interest on or premium, if any, on the Notes and all other monetary obligations of the Issuer under the Indenture and the Notes and (2) the full and punctual performance within applicable grace
periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under the Indenture and the Notes (all the foregoing being hereinafter collectively called the
"Guaranteed Obligations"). Each Senior Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without
notice or further assent from such Note Guarantor, and that
such Note Guarantor shall remain bound under this Guarantee notwithstanding any extension or renewal of any Guaranteed Obligation. 

        The
obligations of each Senior Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture, and
reference is hereby made to the Indenture for the precise terms and limitations of this Guarantee. Each Holder of the Note to which this Guarantee is endorsed, by accepting such Note, agrees to and
shall be bound by such provisions. 

        Each
Senior Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by such Senior Guarantor without rendering such Senior Guarantee voidable under
applicable law relating to ultra vires, fraudulent conveyance, fraudulent transfer, corporate benefit or similar laws affecting the rights of creditors generally. 

[Signatures
on following page] 

C-1

 

        IN
WITNESS WHEREOF, the each Senior Guarantor has caused this Guarantee to be signed by a duly authorized officer. 

 

 

				
	 	VIRGIN MEDIA INC.
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

VIRGIN MEDIA GROUP LLC
	
 	
 By:	
 	
 

  Name:

Title:
	
 	

VIRGIN MEDIA HOLDINGS INC.
	
 	
 By:	
 	
 

  Name:

Title:
	
 	

VIRGIN MEDIA (UK) GROUP, INC.
	
 	
 By:	
 	
  

  Name:

Title:
	
 	

VIRGIN MEDIA COMMUNICATIONS LIMITED
	
 	
 By:	
 	
  

  Name:

Title:

C-2

QuickLinks

Exhibit 4.1

CROSS-REFERENCE TABLE

TABLE OF CONTENTS

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE 2 THE NOTES

ARTICLE 3 REDEMPTION AND PREPAYMENT

ARTICLE 4 COVENANTS

ARTICLE 5 SUCCESSORS

ARTICLE 6 DEFAULTS AND REMEDIES

ARTICLE 7 TRUSTEE

ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER

ARTICLE 10 SATISFACTION AND DISCHARGE

ARTICLE 11 GUARANTEES

ARTICLE 12 SUBORDINATION OF THE SENIOR SUBORDINATED SUBSIDIARY GUARANTEE

ARTICLE 13 MISCELLANEOUS

SIGNATURES

Exhibit A

[Form of Reverse of Note] [ • ]% Senior Note due 201[ • ]

Assignment Form

Option of Holder to Elect Purchase

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

Exhibit B

[FORM OF SENIOR SUBORDINATED SUBSIDIARY GUARANTEE]

Exhibit C

[FORM OF SENIOR GUARANTEE]Exhibit 4.10

 

TAKE-TWO INTERACTIVE SOFTWARE, INC.

 

ISSUER

 

TO

 

THE BANK OF NEW YORK MELLON

 

TRUSTEE

 

INDENTURE

 

DATED AS OF                    ,
2009

 

 

CROSS REFERENCE TABLE

 

	
  TIA Section

  	
   

  	
  Indenture
  Section

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
  7.08; 7.10

  
	
  (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.07

  
	
  (b)

  	
   

  	
  12.04

  
	
  (c)

  	
   

  	
  12.04

  
	
  313(a)

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
  N.A.

  
	
  (b)(2)

  	
   

  	
  7.06

  
	
  (c)

  	
   

  	
  7.06

  
	
  (d)

  	
   

  	
  7.06

  
	
  314(a)(1)

  	
   

  	
  4.02

  
	
  (a)(2)

  	
   

  	
  12.03

  
	
  (a)(4)

  	
   

  	
  4.04

  
	
  (b)

  	
   

  	
  N.A.

  
	
  (c)

  	
   

  	
  2.04; 7.02(b); 8.01

  
	
  (c)(1)

  	
   

  	
  12.05

  
	
  (c)(2)

  	
   

  	
  12.05

  
	
  (c)(3)

  	
   

  	
  12.05

  
	
  (d)

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
  4.04; 12.05

  
	
  (f)

  	
   

  	
  4.04

  
	
  315(a)(1)

  	
   

  	
  6.05; 7.01(b)(1)

  
	
  (a)(2)

  	
   

  	
  7.01(b)(2)

  
	
  (b)

  	
   

  	
  7.05; 12.03

  
	
  (c)

  	
   

  	
  7.01(a)

  
	
  (d)(1)

  	
   

  	
  7.01(b)

  
	
  (d)(2)

  	
   

  	
  7.01(c)(2)

  
	
  (d)(3)

  	
   

  	
  6.05; 7.01(c)(3)

  
	
  (e)

  	
   

  	
  6.13

  
	
  316(a)(last sentence)

  	
   

  	
  12.06

  
	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
  (a)(2)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
  6.08

  
	
  (c)

  	
   

  	
  9.02; 9.04

  
	
  317(a)(1)

  	
   

  	
  6.03

  
	
  (a)(2)

  	
   

  	
  6.10

  
	
  (b)

  	
   

  	
  2.06

  
	
  318(a)

  	
   

  	
  1.02; 12.01

  

 

N.A. means Not
Applicable.

Note:  This cross-reference table shall not, for any
purpose, be deemed to be a part of the Indenture.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE ONE

  	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.02.

  	
  Incorporation by Reference of Trust Indenture Act

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 1.03.

  	
  Rules of Construction

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWO

  	
  THE SECURITIES

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
  Form and Dating

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 2.02.

  	
  Amount Unlimited; Issuable in Series

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 2.03.

  	
  Denominations

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.04.

  	
  Execution and Authentication

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.05.

  	
  Registrar and Paying Agent

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.06.

  	
  Paying Agent to Hold Money in Trust

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 2.07.

  	
  Securityholder Lists

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 2.08.

  	
  Transfer and Exchange

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 2.09.

  	
  Replacement Securities

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 2.10.

  	
  Outstanding Securities

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 2.11.

  	
  Temporary Securities

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 2.12.

  	
  Cancellation

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 2.13.

  	
  Defaulted Interest

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 2.14.

  	
  CUSIP Numbers

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE THREE

  	
  REDEMPTION

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Company’s Option to Redeem

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 3.02.

  	
  Notices to Trustee

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 3.03.

  	
  Selection of Securities to be Redeemed

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 3.04.

  	
  Notice of Redemption at the Company’s Option

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 3.05.

  	
  Effect of Notice of Redemption

  	
  9

  

 

i

 

	
  SECTION 3.06.

  	
  Deposit of Redemption
  Price

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 3.07.

  	
  Holder’s Right to
  Require Redemption

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 3.08.

  	
  Procedure for Requiring
  Redemption

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 3.09.

  	
  Securities Redeemed in
  Part

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE FOUR

  	
  COVENANTS

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Payment of Securities

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 4.02.

  	
  Reporting

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 4.03.

  	
  Corporate Existence

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 4.04.

  	
  Compliance Certificate

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 4.05.

  	
  Further Instruments and
  Acts

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE FIVE

  	
  SUCCESSOR CORPORATION

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Company
  May Consolidate, etc., Only on Certain Terms

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 5.02.

  	
  Successor Corporation
  Substituted

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE SIX

  	
  DEFAULTS AND REMEDIES

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Events of Default

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 6.02.

  	
  Acceleration

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION 6.03.

  	
  Other Remedies

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION 6.04.

  	
  Waiver of Existing
  Defaults

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 6.05.

  	
  Control by Majority

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 6.06.

  	
  Payments of Securities
  on Default; Suit Therefor

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 6.07.

  	
  Limitation on Suits

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 6.08.

  	
  Rights of Holders to
  Receive Payment and to Demand Conversion

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 6.09.

  	
  Collection Suit by
  Trustee

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 6.10.

  	
  Trustee May File
  Proofs of Claim

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 6.11.

  	
  Restoration of
  Positions

  	
  17

  

 

ii

 

	
  SECTION 6.12.

  	
  Priorities

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 6.13.

  	
  Undertaking for Costs

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 6.14.

  	
  Stay, Extension or
  Usury Laws

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 6.15.

  	
  Liability of
  Stockholders, Officers, Directors and Incorporators

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE SEVEN

  	
  TRUSTEE

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
  Duties of Trustee

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 7.02.

  	
  Rights of Trustee

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 7.03.

  	
  Individual Rights of
  Trustee

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 7.04.

  	
  Trustee’s Disclaimer

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 7.05.

  	
  Notice of Defaults

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 7.06.

  	
  Reports by Trustee

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 7.07.

  	
  Compensation and
  Indemnity

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 7.08.

  	
  Replacement of Trustee

  	
  22

  
	
   

  	
   

  	
   

  
	
  SECTION 7.09.

  	
  Successor Trustee by
  Merger, etc.

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 7.10.

  	
  Eligibility;
  Disqualification

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 7.11.

  	
  Preferential Collection
  of Claims

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE EIGHT

  	
  DISCHARGE OF INDENTURE

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
  Termination of the
  Company’s Obligations

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 8.02.

  	
  Application of Trust
  Money

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 8.03.

  	
  Repayment to the
  Company

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 8.04.

  	
  Deposited Money and
  U.S. Government Obligations to Be Held in Trust

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE NINE

  	
  AMENDMENTS, SUPPLEMENTS
  AND WAIVERS

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
  Without Consent of
  Holders

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 9.02.

  	
  With Consent of Holders

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 9.03.

  	
  Compliance with Trust
  Indenture Act

  	
  27

  

 

iii

 

	
  SECTION 9.04.

  	
  Revocation and Effect
  of Consents

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 9.05.

  	
  Notation on or Exchange
  of Securities

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 9.06.

  	
  Trustee to Sign
  Amendments, etc.

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE TEN

  	
  CONVERSION OR EXCHANGE
  OF SECURITIES

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
  Provisions Relating to
  Conversion or Exchange of Securities

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE ELEVEN

  	
  SINKING OR PURCHASE
  FUNDS

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01.

  	
  Provisions Relating to
  Sinking or Purchase Funds

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWELVE

  	
  MISCELLANEOUS

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 12.01.

  	
  Trust Indenture Act
  Controls

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 12.02.

  	
  Supplemental Indentures
  Contract

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 12.03.

  	
  Notices

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 12.04.

  	
  Communication by
  Holders with Other Holders

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 12.05.

  	
  Certificate and Opinion
  as to Conditions Precedent

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 12.06.

  	
  When Treasury
  Securities Disregarded

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 12.07.

  	
  Rules by Trustee,
  Paying Agent, Registrar

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.08.

  	
  Legal Holidays

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.09.

  	
  Governing Law and
  Submission to Jurisdiction

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.10.

  	
  Actions by the Company

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.11.

  	
  No Adverse
  Interpretation of Other Agreements

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.12.

  	
  Successors

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.13.

  	
  Duplicate Originals

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.14.

  	
  Table of Contents,
  Headings, etc

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 12.15.

  	
  Waiver of Jury Trial

  	
  32

  
	
   

  	
   

  	
   

  
	
  SECTION 12.16.

  	
  Force Majeure

  	
  32

  

 

iv

 

INDENTURE, dated as of
                            ,
2009, between Take-Two Interactive Software, Inc. (the “Company”), a
Delaware corporation having its principal office at 622 Broadway, New York, New
York 10012, and The Bank of New York Mellon (the “Trustee”), a New York banking
corporation, which has its principal corporate trust office at 101 Barclay
Street, 8W, New York, New, York 10286. Each party agrees as follows for the
benefit of each other party and for the equal and ratable benefit of the
Holders of the Company’s debentures, notes or other evidences of unsecured
indebtedness to be issued in one or more series (“Securities”):

 

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.  Definitions.

 

“Bankruptcy Law” has the
meaning provided in Section 6.01.

 

“Board Resolution” means
a resolution by the Board of Directors or Executive Committee of the Company
certified by its Secretary or an Assistant Secretary as being duly adopted and
in full force and effect.

 

“Business Day” means each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a Legal Holiday.

 

“Capital Stock” means
common or preferred stock entitled to share in the equity or profits of a
Corporation.

 

“Common Stock” means the
common stock, par value $.01 per share, of the Company, as that stock may be
reconstituted from time to time.

 

“Company” means the
Person named as such in this Indenture until a successor replaces it and after
that means the successor.

 

“Company Order” means a
written request or order signed in the name of the Company by an officer of the
Company and delivered to the Trustee.

 

“Corporate Trust Office”
means the principal office of the Trustee at which at any particular time its
corporate trust business is principally administered (which at the date of this
Indenture is at the location set forth in the first paragraph of this
Indenture), Attention:  Corporate Trust
Administration, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Company, or the principal corporate trust
office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Holders and the
Company).

 

“Corporation” includes
corporations, associations, companies and business trusts.

 

“Custodian” has the
meaning provided in Section 6.01.

 

“Default” means any event
which, upon the giving of notice or passage of time, or both, would be an Event
of Default.

 

“$” means the lawful
currency of the United States.

 

 

“Event of Default” has
the meaning provided in Section 6.01.

 

“Fiscal Year” means the
period commencing on November 1 of a year and ending on the next
October 31 or such other period (not to exceed 12 months or 53 weeks) as
the Company may from time to time adopt as its fiscal year.

 

“Holder” or
“Securityholder” means a Person in whose name a Security is registered on the
Registrar’s books.

 

“Indenture” means this
Indenture as amended or supplemented from time to time and will include the
form and terms of the Securities of each series established as contemplated by
Section 2.01.

 

“Interest Payment Date”
means the date on which an installment of interest on the Securities is due and
payable.

 

“Legal Holiday” has the
meaning provided in Section 12.08.

 

“Maturity Date” means the
date the principal of Securities is due and payable.

 

“Officer” means the Chief
Executive Officer, the Chief Financial Officer, the President, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer, any
Assistant Treasurer, the Secretary, any Assistant Secretary or the Controller
of a Person.

 

“Officers’ Certificate”
when used with respect to the Company means a certificate signed by two
Officers.  Each such certificate will
comply with Section 314 of the TIA and include the statements described in
Section 12.05.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is acceptable to the
Trustee.  That counsel may be an employee
of or counsel to the Company.  Each such
opinion will include the statements described in Section 12.05 if and to
the extent required by that Section.

 

“Paying Agent” has the
meaning provided in Section 2.05.

 

“Person” means any
individual, corporation, partnership, joint venture, joint-stock company,
trust, unincorporated organization or government or any government agency or
political subdivision.

 

“Registrar” has the
meaning provided in Section 2.05.

 

“SEC” means the
Securities and Exchange Commission.

 

“Securities” has the
meaning set forth in the first paragraph of this Indenture.

 

“Securities Act of 1933”
means the Securities Act of 1933, as amended.

 

“Securities Exchange Act
of 1934” means the Securities Exchange Act of 1934, as amended.

 

2

 

“State” means any state
of the United States or the District of Columbia.

 

“Subsidiary” means a
corporation of which a majority of the voting stock is owned by the Company, by
a Subsidiary of the Company or by the Company and one or more Subsidiaries of
the Company.

 

“Supplemental Indenture”
means an indenture between the Company and the Trustee which supplements this
Indenture.

 

“TIA” means the Trust
Indenture Act of 1939, as amended, as in effect on the date of this Indenture,
except to the extent that the Trust Indenture Act or any amendment thereto
expressly provides for application of the Trust Indenture Act as in effect on
another date.

 

“Trustee” means the
Person named as such in this Indenture and, subject to the provisions of
Article 7, any successor to that person.

 

“Trust Officer” means,
when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

 

“United States” means the
United States of America.

 

“U.S. Government Obligations” means:

 

(1)                        direct obligations of the United States
for the payment of which its full faith and credit is pledged; or

 

(2)                        obligations of a person controlled or
supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States.

 

SECTION 1.02.  Incorporation by Reference of Trust Indenture
Act.  Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in and made a
part of this Indenture.  In addition, the
provisions of Sections 310 to and including 317 of the TIA that impose duties
on any person are incorporated by reference in, and form a part of, this
Indenture.  The following TIA terms mean
the following when used in this Indenture:

 

“Commission” means the
SEC;

 

“indenture securities”
means the Securities;

 

“indenture
securityholder” means a Holder or Securityholder;

 

“indenture to be
qualified” means this Indenture;

 

“indenture trustee” or
“institutional trustee” means the Trustee; and

 

“obligor” on the
indenture securities means the Company.

 

All other TIA terms used
in this Indenture that are defined in the TIA, defined in the TIA by reference
to another statute or defined by SEC rule have the meanings assigned to
them.

 

SECTION 1.03.
Rules of Construction. Unless the context otherwise requires:

 

3

 

(1)                          a term has the meaning assigned to it;

 

(2)                          an accounting term not otherwise defined
has the meaning assigned to it in accordance with generally accepted accounting
principles in the United States;

 

(3)                          “or” is not exclusive; and

 

(4)                          words in the singular include the plural,
and in the plural include the singular.

 

ARTICLE TWO

THE SECURITIES

 

SECTION 2.01.  Form and Dating.  (a)  The Securities of each series will
be substantially in the form established by a Supplemental Indenture relating
to the Securities of that series.  The
Securities may have notations, legends or endorsements required by law, stock
exchange rules or usage.  The
Company will approve the form of the Securities and any notation, legend or
endorsement on them.  Each Security will
be dated the date of its authentication.

 

(b)  The Trustee’s
certificate of authentication will be substantially in the form of
Exhibit A.

 

SECTION 2.02.  Amount Unlimited; Issuable in Series.  The aggregate principal amount of the
Securities which may be authenticated and delivered under this Indenture is
unlimited.  The Securities may be issued
in one or more series.  Prior to the
issuance of Securities of a series, the Company and the Trustee will execute a
Supplemental Indenture which will set forth as to the Securities of that
series, to the extent applicable:

 

(1)                          the title of the Securities;

 

(2)                          any limit upon the aggregate principal
amount of Securities which may be issued;

 

(3)                          the date or dates on which the Securities
will mature and the amounts to be paid upon maturity of the Securities;

 

(4)                          the rate or rates (which may be fixed or
variable) at which the Securities will bear interest, if any, or contingent
interest, if any, the dates from which interest will accrue, the dates on which
interest will be payable and the record date for the interest payable on any
interest payment date;

 

(5)                          the currency or currencies in which
principal, premium, if any, and interest, if any, will be payable;

 

(6)                          the place or places where principal of,
premium, if any, and interest, if any, on the Securities will be payable;

 

4

 

(7)                          any provisions regarding the right of the
Company to redeem Securities or of holders to require the Company to redeem
Securities;

 

(8)                          the right, if any, of holders of the
Securities to convert them into common stock or other securities of the Company,
including any contingent conversion provisions and any provisions intended to
prevent dilution of those conversion rights;

 

(9)                          any provisions by which the Company will
be required or permitted to make payments to a sinking fund which will be used
to redeem Securities or a purchase fund which will be used to purchase
Securities;

 

(10)                    any index or formula used to determine
the required payments of principal, premium, if any, or interest, if any;

 

(11)                    the percentage of the principal amount of
the Securities which is payable if maturity of the Securities is accelerated
because of a default;

 

(11)                    any special or modified events of default
or covenants with respect to the Securities;

 

(12)                    any other terms of the Securities.

 

SECTION 2.03. 
Denominations.  Unless otherwise
provided in the Supplemental Indenture relating to a series of Securities, the
Securities of each series will be issuable in registered form without coupons
in denominations of $1,000 and multiples of $1,000.

 

SECTION 2.04. 
Execution and Authentication.  Two
Officers will sign the Securities of each series for the Company by manual or
facsimile signature.  The Securities may,
but need not, have the corporate seal of the Company or a facsimile thereof
affixed thereto or imprinted thereon.  If
an Officer whose signature is on a Security no longer holds office at the time
the Trustee authenticates the Security, the Security will be valid
nonetheless.  A Security will not be
valid until an authorized signatory of the Trustee manually signs the certificate
of authentication on the Security.  The
signature will be conclusive evidence that the Security has been authenticated
under this Indenture.

 

SECTION 2.05. 
Registrar and Paying Agent.  The
Company will maintain an office or agency where Securities of each series may
be presented for conversion, registration of transfer or for exchange (the “Registrar”)
and an office or agency where Securities of each series may be presented for
payment (“Paying Agent”).  The Registrar
will keep a register of the Securities of each series and of their transfer and
exchange.  The Company may have one or
more co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent.

 

The Company will enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this
Indenture which will incorporate the terms of the TIA.  The agreement will implement the provisions
of this Indenture that relate to that agent. 
The Company will notify the Trustee of the name and address of any such
agent.  If the Company 

 

5

 

fails
to maintain a Registrar or Paying Agent, the Trustee will act as such.  The Company or any Subsidiary may act as
Paying Agent, Registrar, co-registrar or transfer agent.

 

The Company initially appoints the Trustee to act as
Registrar and Paying Agent in connection with the Securities of each series,
except in instances in which the Supplemental Indenture relating to a series of
Securities appoints a different Registrar or Paying Agent.

 

SECTION 2.06. 
Paying Agent to Hold Money in Trust. 
Prior to each due date of the principal of, premium, if any, or
interest, if any, on any Security, the Company will deposit with the Paying
Agent a sum sufficient to pay that principal, premium or interest when
due.  The Paying Agent will hold in trust
for the benefit of the Holders of the Securities of a series, and if the Paying
Agent is not the Trustee, in trust for the benefit of the Trustee, all sums
held by the Paying Agent for the payment of principal, premium or interest on
the Securities of that series and, in the case of a Paying Agent other than the
Trustee, the Paying Agent will give the Trustee notice of any default by the
Company in making any such payment.  If
the Company or a Subsidiary acts as Paying Agent, it will segregate the money
held by it as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent will have no further liability for the money.

 

SECTION 2.07. 
Securityholder Lists.  The Trustee
will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of the Holders of the
Securities of each series.  If the
Trustee is not the Registrar, the Company will furnish to the Trustee in
writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing all information in the
possession or control of the Company or its Paying Agent as to the names and
addresses of Holders of the Securities of a series.

 

SECTION 2.08. 
Transfer and Exchange.  Unless
otherwise provided in the Supplemental Indenture relating to Securities of a
series, Securities which are issued in registered form will be transferred only
upon the surrender of the Securities for registration of transfer.  When a Security is presented to the Registrar
or a co-registrar with a request to register a transfer, the Registrar will
register the transfer as requested if the requirements of Article 8 of the
New York Uniform Commercial Code are met. 
When Securities are presented to the Registrar or a co-registrar with a
request to exchange them for an equal principal amount of Securities of the
same series of other denominations, the Registrar will make the exchange as
requested if the same requirements are met. 
To permit registration of transfers and exchanges, the Company will
execute and the Trustee will authenticate Securities at the Registrar’s or
co-registrar’s request.  The Company will
not charge a fee for transfers or exchanges.

 

The Company will not be required to make, and the
Registrar need not register, transfers or exchanges of (i) Securities
selected for redemption (except, in the case of Securities to be redeemed in
part, transfers or exchanges of the portion of the Securities not to be redeemed)
or (ii) any Securities of a series for a period of 15 days before the
first mailing of a notice of the Securities of that series which are to be
redeemed.

 

6

 

Prior to the due presentation for registration or
transfer of any Security which was issued in registered form, the Company, the
Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat
the person in whose name the Security is registered as the absolute owner of
the Security for all purposes, and none of the Company, the Trustee, the Paying
Agent, the Registrar or any co-registrar will be affected by notice to the
contrary.

 

SECTION 2.09. 
Replacement Securities.  If a
mutilated Security which had been issued in registered form is surrendered to
the Registrar or if the Holder presents evidence to the satisfaction of the
Company and the Trustee that a Security which had been issued in registered
form has been lost or destroyed, the Company will issue and the Trustee will
authenticate a replacement Security of the same series if the requirements of Section 8-405
of the New York Uniform Commercial Code are met and the Holder satisfies any
other reasonable requirements of the Trustee. 
If required by the Trustee or the Company, the replacement Security will
not be issued until the Holder furnishes an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent and the Registrar or any co-registrar from any loss which any
of them may suffer if the Security is replaced. 
The Company may charge the Holder for its expenses in replacing a
Security.

 

Every replacement Security will be an obligation of
the Company, even if the replaced Security is subsequently found.

 

SECTION 2.10. 
Outstanding Securities.  The
Securities outstanding at any time will be all the Securities authenticated by
the Trustee, except those cancelled by it, those delivered to it for
cancellation and those described in this Section as not outstanding.  A Security does not cease to be outstanding
because the Company or its affiliate holds the Security.

 

If a Security is replaced pursuant to Section 2.09,
it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a protected
purchaser (in which case the replaced Security will be treated as outstanding
to the extent permitted by Section 8-210 of the New York Uniform
Commercial Code).

 

If the Paying Agent (other than the Company or a
Subsidiary) segregates and holds in trust, in accordance with this Indenture,
on a redemption date or Maturity Date money sufficient to pay all principal,
premium, if any, and interest, if any, payable on that date with respect to the
Securities to be redeemed or maturing, as the case may be, then on that date
those Securities will cease to be outstanding and interest on them will cease
to accrue.

 

SECTION 2.11. 
Temporary Securities.  Until
definitive Securities of a series are ready for delivery, the Company may
prepare and the Trustee will authenticate temporary Securities of that
series.  Temporary Securities will be
substantially in the form of definitive Securities but may have variations that
the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company will
prepare and the Trustee will authenticate definitive Securities and deliver
them in exchange for temporary Securities.

 

SECTION 2.12. 
Cancellation.  The Company at any
time may deliver Securities of a series to the Trustee for cancellation and the
Trustee will reduce accordingly the aggregate amount of the Securities of that
series which are outstanding.  The
Registrar and the Paying 

 

7

 

Agent
will forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange, payment, or conversion. 
The Trustee and no one else will cancel and dispose of all Securities
surrendered for registration of transfer, exchange, payment, conversion or cancellation
in accordance with its procedures for the disposition of cancelled securities
and deliver certificates of such disposition to the Company unless the Company
directs the Trustee to deliver the cancelled Securities to the Company.  Subject to Section 2.09, the Company may
not issue new Securities of a series to replace Securities of the series it has
redeemed, paid, converted or delivered to the Trustee for cancellation.

 

SECTION 2.13. 
Defaulted Interest.  If the
Company defaults in a payment of interest on the Securities of a series, it
will pay defaulted interest (plus interest on such defaulted interest to the
extent lawful) to the persons who are Holders of the Securities of that series
on a subsequent special record date, which date will be at least five Business
Days prior to the payment date.  The
Company will fix the special record date and payment date, and, at least 15
days before the special record date, the Company will mail to each Holder of
Securities of that series a notice that states the special record date, the
payment date and the amount of defaulted interest and any interest on that
defaulted interest which is to be paid. 
Notwithstanding the foregoing, the Company may pay defaulted interest in
any other lawful manner.

 

SECTION 2.14. 
CUSIP Numbers.  The Company in
issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities,  and any such redemption
shall not be affected by any defect in or omission of such numbers.  The Company will promptly notify the Trustee
in writing of any change in the “CUSIP” numbers.

 

ARTICLE THREE

 

REDEMPTION

 

SECTION 3.01. 
Company’s Option to Redeem.  The
Company will have the option to redeem Securities of a series only to the
extent, if any, and only on the terms, set forth in the Supplemental Indenture
relating to the Securities of that series. 
If the Company has the option to redeem Securities of a series, unless
otherwise provided in the Supplemental Indenture relating to the series, the
terms of the redemption will include those set forth in Sections 3.02 through
3.06.

 

SECTION 3.02. 
Notices to Trustee.  If the
Company elects to redeem Securities of a series, it will notify the Trustee of
the redemption date and the principal amount and series of Securities to be
redeemed.  The Company will give each
notice provided for in this Section at least 45 days before the redemption
date.  If fewer than all the Securities
of a series are to be redeemed, the record date for determining which
Securities of the series are to be redeemed will be selected by the Company,
which will give notice of the record date to the Trustee at least 15 days
before the record date.

 

8

 

SECTION 3.03. 
Selection of Securities to be Redeemed. 
If fewer than all the Securities of a series are to be redeemed at the
Company’s option, the Trustee will select the Securities of that series to be
redeemed by lot or, in its sole discretion, pro-rata.  The Trustee will make the selection from
outstanding Securities of that series not previously called for
redemption.  The Trustee may select for
redemption portions of the principal of Securities that have denominations
larger than the minimum denomination in which Securities of the applicable
series may be issued.  Securities and
portions of Securities the Trustee selects will be in amounts equal to the minimum
denomination in which Securities of the applicable series may be issued and
multiples of that amount.  Provisions of
this Indenture that apply to Securities called for redemption also apply to
portions of Securities called for redemption. 
The Trustee will notify the Company promptly of the Securities or
portions of Securities to be redeemed.

 

SECTION 3.04.  Notice of Redemption at the Company’s Option.  At least 30 days and not more than 60 days
before a date set for redemption at the Company’s option, the Company will mail
a notice of redemption by first-class mail to each Holder of Securities to be
redeemed in whole or in part.  The notice
will identify the principal amount and series of each Security to be redeemed
and will state:

 

(1)                         the redemption date;

 

(2)                         the redemption price plus accrued
interest, if any;

 

(3)                         the name and address of the Paying Agent;

 

(4)                         that Securities called for redemption in
whole or in part must be surrendered to the Paying Agent to collect the
redemption price plus accrued interest, if any;

 

(5)                         that, unless the Company defaults in
making the redemption payment, interest on Securities (or portions of
Securities) called for redemption will cease to accrue on the redemption date
and, if applicable, that those Securities (or the portions of then called for
redemption) will cease on the redemption date (or such other date as is
provided in the Supplemental Indenture relating to the Securities) to be
convertible into, or exchangeable for, other securities or assets;

 

(6)                         if applicable, the current conversion or
exchange price; and

 

(7)                         the CUSIP, ISIN or other similar numbers,
if any, assigned to such Securities.

 

At the Company’s request delivered at least five (5) days
prior to the date such notice of redemption is to be given (unless a shorter
period shall be acceptable to the Trustee), the Trustee will give the notice of
redemption in the Company’s name and at the Company’s expense.  In such event, the Company will provide the
Trustee with the information required by clauses (1) through (3) and
(6).

 

SECTION 3.05. 
Effect of Notice of Redemption. 
Once notice of redemption is mailed, Securities, or portions of
Securities called for redemption will become due and payable on the 

 

9

 

redemption
date and at the redemption price.  Upon
surrender to the Paying Agent, those Securities will be paid at the redemption
price, plus accrued and unpaid interest to the redemption date.  On and after the date fixed for redemption
(unless the Company defaults in the payment of the redemption price, together
with interest accrued to the redemption date) interest on the Securities, or
portions of them, which are redeemed will cease to accrue and any right to
convert those Securities into, or exchange them for, other securities or assets
will terminate and those Securities will cease to be convertible or
exchangeable.  Failure to give notice or
any defect in the notice to any Holder will not affect the validity of the
notice to any other Holder.

 

SECTION 3.06. 
Deposit of Redemption Price.  No
later than the Business Day prior to the redemption date specified in a notice
of redemption, the Company will deposit with the Paying Agent (or, if the
Company or a Subsidiary is the Paying Agent, segregate and hold in trust) money
sufficient to redeem on the redemption date all the Securities called for
redemption on that redemption date at the appropriate redemption price,
together with accrued interest to the redemption date, other than Securities or
portions of Securities called for redemption which have been delivered by the
Company to the Trustee for cancellation or Securities which have been
surrendered for conversion or exchange. 
If any Securities called for redemption are converted or exchanged, any
money deposited with the Paying Agent for redemption of those Securities will
be paid to the Company upon its request, or, if the money is held in trust by
the Company or a Subsidiary as Paying Agent, the money will be discharged from
the trust.

 

SECTION 3.07. 
Holder’s Right to Require Redemption. 
Holders of Securities of a series will have the right to require the
Company to redeem those Securities only to the extent, and only on the terms,
set forth in the Supplemental Indenture relating to the Securities of that
series.  If Holders of Securities of a
series have the right to require the Company to redeem those Securities, unless
otherwise provided in the Supplemental Indenture relating to the Securities of
that series, the terms of the redemption will include those set forth in Section 3.08.

 

SECTION 3.08. 
Procedure for Requiring Redemption. 
If a Holder has the right to require the Company to redeem Securities,
to exercise that right, the Holder must deliver the Securities to the Paying
Agent, endorsed for transfer and with the form on the reverse side entitled “Option
to Require Redemption” completed. 
Delivery of Securities to the Paying Agent as provided in this Section will
constitute an irrevocable election to cause the specified principal amount of
Securities to be redeemed.  When Securities
are delivered to the Paying Agent as provided in this Section, unless the
Company fails to make the payments due as a result of the redemption within 20
days after the Securities are delivered to the Paying Agent as provided in this
Section interest on the Securities will cease to accrue and, if the
Securities are convertible or exchangeable, the Holder’s right to convert or
exchange the Securities will terminate.

 

The Company’s determination of all questions regarding
the validity, eligibility (including time of receipt) and acceptance of any
Security for redemption will be final and binding.

 

SECTION 3.09. 
Securities Redeemed in Part.  Upon
surrender of a Security that is redeemed in part, the Company will execute and
the Trustee will authenticate and deliver to the Holder (at the Company’s
expense) a new Security equal of the same series in principal amount equal to
the unredeemed portion of the Security which was surrendered.

 

10

 

ARTICLE FOUR

 

COVENANTS

 

SECTION 4.01. 
Payment of Securities.  The
Company will promptly pay or cause to be paid the principal of, premium, if
any, and interest, if any, on each of the Securities of a series at the places
and time and in the manner provided in the Securities and in the Supplemental
Indenture relating to the series.  An
installment of principal, premium or interest will be considered paid on the
date it is due if the Trustee or Paying Agent holds on that date in accordance
with this Indenture or the applicable Supplemental Indenture money designated
for and sufficient to pay the installment then due.

 

The Company will pay or cause to be paid interest on
overdue principal at the rate specified in the Securities; it will also pay
interest on overdue installments of interest at the same rate (or such other
rate as is provided in the applicable Supplemental Indenture), to the extent
lawful.

 

SECTION 4.02. 
Reporting.  The Company will file
with the Trustee within 15 days after filing with the SEC, copies of its annual
reports and of the information, documents, and other reports (or copies of such
portions of any of the foregoing as the SEC may by rules and regulations
prescribe) which the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); provided, however, that, to the extent permitted by law, any
such document, information and other reports filed and publicly available
through the SEC’s EDGAR filing system shall be deemed to have been received by
the Trustee.  The Company also will
comply with the other provisions of TIA Section 314(a).

 

Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).  The Trustee shall have no duty to search for
or obtain any electronic or other filings that the Company makes with the SEC,
regardless of whether such filings are periodic, supplemental or otherwise.

 

SECTION 4.03. 
Corporate Existence.  Subject to Article 5,
the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence, rights (charter and
statutory) and franchises; provided, however, that the Company will not be
required to preserve any such right or franchise if the Board of Directors
determines that the preservation of the right or franchise is no longer
desirable in the conduct of the business of the Company and that its loss will
not be disadvantageous in any material respect to the Holders of Securities of
any series.

 

SECTION 4.04. 
Compliance Certificate.  The
Company will deliver to the Trustee within 120 days after the end of each
fiscal year of the Company an Officers’ Certificate stating that in the course
of the performance by the signers of their duties as Officers of the Company
they would normally have knowledge of any default by the Company and whether or
not the 

 

11

 

signers
know of any default that occurred during the fiscal year.  If they do, the certificate will describe the
default, its status and what action the Company is taking or proposes to take
with respect thereto.  The Company also
will comply with TIA Section 314(a)(4).

 

SECTION 4.05. 
Further Instruments and Acts. 
Upon request of the Trustee, the Company will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture.

 

ARTICLE FIVE

 

SUCCESSOR CORPORATION

 

SECTION 5.01. 
Company May Consolidate, etc., Only on Certain Terms.  The Company will not consolidate with or
merge into any other corporation or convey, transfer or lease its properties
and assets substantially as an entirety to any person, unless:

 

(1)                         the corporation formed by the
consolidation or into which the Company is merged or the person which acquires
by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety will be a corporation organized and
existing under the laws of the United States of America, a State of the United
States of America or the District of Columbia and expressly assumes, by one or
more supplemental indentures, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of, premium, if
any, and interest, if any, on all the Securities of each series and the
performance of every covenant of this Indenture and of all Supplemental
Indentures to be performed or observed by the Company;

 

(2)                         with regard to each series of Securities,
immediately after giving effect to the transaction, no Event of Default with
respect to that series of Securities, and no event which, after notice or lapse
of time or both, would become an Event of Default with respect to that series
of Securities, will have occurred and be continuing; and

 

(3)                         the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that the
consolidation, merger, conveyance, transfer or lease and the supplemental
indenture (or the supplemental indentures together) comply with this Article and
that all the conditions precedent relating to the transaction set forth in this
Section have been fulfilled.

 

SECTION 5.02. 
Successor Corporation Substituted. 
Upon any event described in Section 5.01, the successor corporation
will succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture and all the Supplemental Indentures
relating to outstanding series of Securities, and the predecessor corporation
will be relieved of all obligations and covenants under this Indenture and each
of those Supplemental Indentures.

 

12

 

ARTICLE SIX

 

DEFAULTS AND REMEDIES

 

SECTION 6.01. 
Events of Default.  An “Event of
Default” occurs if:

 

(1)                         The Company defaults in the payment of
interest on any Security of any series when it becomes due and payable and the
default continues for a period of 30 days (or such other period, which may be
no period) as is specified in the Supplemental Indenture relating to the
series;

 

(2)                         The Company defaults in the payment of
the principal of, or premium, if any, on any Security of any series as and when
it becomes due and payable at its stated maturity or upon redemption,
acceleration or otherwise and, if provided in the Supplemental Indenture
relating to a series, the default continues for a period specified in the
Supplemental Indenture;

 

(3)                         The Company fails to comply with any of
its other covenants or agreements with regard to Securities of a series or this
Indenture (other than a covenant or agreement, a default in whose performance
or whose breach is dealt with specifically elsewhere in this Section) and that
failure continues for a period of 60 days after the date of the notice
specified below;

 

(4)                         the Company, pursuant to any Bankruptcy
Law applicable to the Company:

 

(A)                             commences a voluntary case;

 

(B)                               consents to the entry of an order for
relief against it in an involuntary case;

 

(C)                               consents to the appointment of a
Custodian of it or for any substantial part of its property; or

 

(D)                              makes a general assignment for the
benefit of its creditors; or

 

(5)                          a court of competent jurisdiction enters
an order or decree under any applicable Bankruptcy Law:

 

(A)                             for relief in an involuntary case;

 

(B)                               appointing a Custodian of the Company or
for any substantial part of its property; or

 

(C)                               ordering its winding up or liquidation;
and the order or decree remains unstayed and in effect for 90 days.

 

Each of the occurrences described in clauses (1) through
(5) will constitute an Event of Default whatever the reason for the
occurrence and whether it is voluntary or involuntary or is 

 

13

 

effected
by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental
body.

 

The term “Bankruptcy Law” means Title 11 of the United
States Code or any similar United States Federal or State law for the relief of
debtors.  The term “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under
any Bankruptcy Law.

 

A Default under clause (3) of this Section is
not an Event of Default until the Trustee notifies the Company, or the Holders
of at least 25% in principal amount of the then outstanding Securities of a
series with regard to which the Company has failed to comply with a covenant or
agreement notify the Company and the Trustee, of the Default and the Company
does not cure the Default within 45 days after the giving of the notice.  The notice must specify the Default, demand
that it be remedied and state that the notice is a “Notice of Default.”

 

A Default under clause (1), (2) or (3) with
regard to Securities of a series will not constitute a Default with regard to
Securities of any other series except to the extent, if any, provided in the
Supplemental Indenture relating to the other series.

 

The Company will deliver to the Trustee, within 20
days after it occurs, written notice in the form of an Officers’ Certificate of
any event of which the Company is aware which with the giving of notice and the
lapse of time would become an Event of Default under clause (3), its status and
what action the Company is taking or proposes to take with respect to it.

 

SECTION 6.02. 
Acceleration.  If an Event of
Default as to the Securities of a series occurs and is continuing, unless the
principal of all of the Securities of the series has already become due and
payable, the Trustee by notice to the Company, or the Holders of at least 25%
in aggregate principal amount of the Securities of the series then outstanding
by notice to the Company and the Trustee, may declare the principal of and
accrued interest, if any, on all the Securities of the series to be due and
payable.  Upon such a declaration, that
principal and interest will be due and payable immediately.  If an Event of Default specified in Section 6.01(4) or
(5) occurs, the principal of, premium, if any, and accrued interest, if
any, on all the Securities will automatically become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Securityholders.  The Holders of a majority
in principal amount of the Securities of a series then outstanding, on behalf
of the Holders of all the Securities of the series, by notice to the Trustee
may rescind an acceleration and its consequences if all existing Events of
Default have been cured or waived except nonpayment of principal, premium, if
any, or interest, if any, that has become due solely because of acceleration,
and if the rescission would not conflict with any judgment or decree.  No such rescission will affect any subsequent
default or impair any consequent right.

 

SECTION 6.03. 
Other Remedies.  If an Event of
Default as to a series occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal of, premium, if any, and
interest, if any, on the Securities of the series or to enforce the performance
of any provision under this Indenture or any applicable Supplemental Indenture.

 

The Trustee may maintain a proceeding even if it does
not possess any of the Securities or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any

 

14

 

Securityholder in exercising any right or remedy accruing upon an Event
of Default will not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default.  No
remedy is exclusive of any other remedy. 
All available remedies are cumulative.

 

SECTION 6.04.  Waiver of
Existing Defaults.  The Holders of a
majority in aggregate principal amount of the Securities of a series then
outstanding, on behalf of the Holders of all the Securities of that series, by
notice to the Trustee may consent to the waiver of any past Default with regard
to Securities of the series and its consequences except (i) a default in
the payment of interest or premium, if any, on, or the principal of, Securities
of the series, or (ii) a default in respect of a covenant or a provision
that under Section 9.02 cannot be modified or amended without the consent
of the Holders of all Securities of the series then outstanding.  The defaults described in clauses (i) and
(ii) in the previous sentence may be waived with the consent of the
Holders of all Securities of the series then outstanding.  When a Default or Event of Default is waived,
it is deemed cured and not continuing, but no waiver will extend to any
subsequent or other Default or impair any consequent right.

 

SECTION 6.05.  Control by
Majority.  The Holders of a majority in
principal amount of the Securities of a series then outstanding may direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee with regard to the Securities of that series or of exercising any
trust or power conferred on the Trustee with regard to the Securities of that
series.  However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture or, subject
to Section 7.01, that the Trustee determines is unduly prejudicial to the
rights of other Securityholders or that would involve the Trustee in personal
liability provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action as a result of a
direction given under this Section, the Trustee will be entitled to
indemnification satisfactory to it in its sole discretion against all losses
and expenses caused by taking or not taking that action.

 

SECTION 6.06.  Payments of
Securities on Default; Suit Therefor. 
The Company covenants that upon the occurrence of an Event of Default
described in Section 6.01(1) or (2), then, upon demand of the
Trustee, the Company will pay to the Trustee, for the benefit of the holders of
the Securities in all series, the whole amount that will then have become due
and payable on all such Securities for principal, premium, if any, and
interest, with interest on the overdue principal and premium, if any, and (to
the extent that payment of such interest is enforceable under applicable law)
on the overdue installments of interest at the rate borne by the Securities in
all series; and, in addition, such further amount as will be sufficient to cover
the costs and expenses of collection, including a reasonable compensation to
the Trustee, its agents, attorneys and counsel, and any expenses or liabilities
incurred by the Trustee hereunder other than through its negligence or bad
faith.  Until such demand by the Trustee,
the Company may pay the principal of and premium, if any, and interest on the
Securities of all series to the registered Holders, whether or not the
Securities in that series are overdue.

 

SECTION 6.07.  Limitation on
Suits.  A Securityholder may not pursue
any remedy with respect to this Indenture unless:

 

(1)         the Holder gives to the
Trustee written notice stating that an Event of Default as to a series is
continuing;

 

15

 

(2)         the Holders of at least
25% in principal amount of the Securities of the series then outstanding make a
written request to the Trustee to pursue the remedy;

 

(3)         such Holder or Holders
offer to the Trustee security or indemnity reasonably satisfactory to the
Trustee against any loss, liability or expense;

 

(4)         the Trustee does not
comply with the request within 60 days after receipt of the request and the
offer of security or indemnity, and the Event of Default has not been waived;
and

 

(5)         the Trustee has received
no contrary direction from the Holders of a majority in principal amount of the
Securities of the series then outstanding during such 60-day period.

 

A Securityholder may not use this Indenture to prejudice the rights of
another Holder of the same series of Securities or to obtain a preference or
priority over another Holder of the same series of Securities.

 

SECTION 6.08.  Rights of
Holders to Receive Payment and to Demand Conversion.  Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security of any series to receive
payment of principal of, premium, if any, and interest, if any, on the Security
(and interest on overdue principal and interest on overdue installments of
interest, if any, as provided in Section 4.01), on or after the respective
due dates expressed in the Security or, in the case of redemption, on or after
the redemption date, or in the case of conversion or exchange, to receive the
security issuable upon conversion or exchange or to institute suit for the enforcement
of any such payment, conversion or exchange on or after the applicable due
date, redemption date or conversion or exchange date, as the case may be,
against the Company, will not be impaired or affected without the consent of
the Holder.

 

SECTION 6.09.  Collection
Suit by Trustee.  If an Event of Default
in payment of principal, premium, if any, or interest, if any, specified in
clause (1) or (2) of Section 6.01 occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal, premium, if any, and
interest remaining unpaid (together with interest on that unpaid interest to
the extent lawful) and the amounts provided for in Section 7.07.

 

SECTION 6.10.  Trustee May File
Proofs of Claim.  The Trustee may file
such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee and the Holders of the
Securities of any or all series allowed in any judicial proceedings relative to
the Company, its creditors or its property and, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders in any election of a
trustee in bankruptcy or other person performing similar functions, and any
Custodian in any such judicial proceeding is hereby authorized by each Holder
to make payments to the Trustee and, if the Trustee consents to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07.

 

16

 

SECTION 6.11.  Restoration
of Positions.  If a judicial proceeding
by the Trustee or a Securityholder to enforce any right or remedy under this
Indenture or any Supplemental Indenture is dismissed or decided favorably to
the Company, except as otherwise provided in the judicial proceeding, the
Company, the Trustee and the Securityholders will be restored to the positions
they would have been in if the judicial proceeding had not been instituted.

 

SECTION 6.12. 
Priorities.  If the Trustee
collects any money pursuant to this Article 6 with respect to Securities
of a series, subject to Article 11, it will pay out the money or property
in the following order:

 

FIRST:              to the Trustee for
amounts due under Section 7.07;

 

SECOND:         to Securityholders for
amounts due and unpaid on the Securities of the series for principal and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities of the series for principal and
interest, respectively; and

 

THIRD:             to the Company.

 

The Trustee may fix a record date and payment date for any payment to
Holders of Securities of a series pursuant to this Section.  At least 15 days before the record date, the
Company will mail to each Holder of Securities of the series and the Trustee a
notice that states the record date, the payment date and the amount to be paid.

 

SECTION 6.13.  Undertaking
for Costs.  In any suit for the
enforcement of any right or remedy under this Indenture or any Supplemental
Indenture, or in any suit against the Trustee for any action taken or omitted
by it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses (whether incurred before trial, at trial or on
appeal or in any bankruptcy, arbitration or other administrative proceeding),
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.  This Section 6.13 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a
suit by Holders of in aggregate more than 10% in principal amount of the
Securities of a series then outstanding, or to any suit instituted by any
Holder for the enforcement of the payment of the principal of, premium, if any,
or interest on any Security held by that Holder on or after the due date
provided in the Security or to any suit for the enforcement of the right to
convert or exchange any Security in accordance with the provisions of a
Supplemental Indenture applicable to that Security.

 

SECTION 6.14.  Stay,
Extension or Usury Laws.  The Company
agrees (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim, and will resist any
and all efforts to be compelled to take the benefit or advantage of, any stay
or extension law or any usury or other law, wherever enacted, now or at any
subsequent time in force, which would prohibit or forgive the Company from
paying all or any portion of the principal of, premium, if any, and/or interest
on any of the Securities as contemplated in this Indenture or a Supplemental
Indenture, or which may affect the covenants or performance of this Indenture,
and the Company (to the extent that it may lawfully do so) 

 

17

 

hereby
expressly waives all benefit or advantage of any such law and agrees that it
will not hinder, delay or impede the execution of any power granted to the
Trustee in this Indenture or any Supplemental Indenture, but (to the extent
that it may lawfully do so) will suffer and permit the execution of any such
power as though no such law had been enacted.

 

SECTION 6.15.  Liability of
Stockholders, Officers, Directors and Incorporators.  No stockholder, officer, director or
incorporator, as such, past, present or future, of the Company, or any of its
successor corporations, will have any personal liability in respect of the
Company’s obligations under this Indenture or any Securities by reason of his
or its status as such stockholder, officer, director or incorporator; provided,
however, that nothing in this Indenture or in the Securities will prevent
recourse to and enforcement of the liability of any stockholder or subscriber
to Capital Stock which have not been fully paid up.

 

ARTICLE SEVEN

 

TRUSTEE

 

SECTION 7.01.  Duties of
Trustee.

 

(a)  If an Event of Default has occurred and is continuing, the
Trustee will exercise the rights and powers vested in it by this Indenture and
any applicable Supplemental Indenture and use the same degree of care and skill
in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

 

(b)  Except during the continuance of an Event of Default:

 

(i)  the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and any Supplemental
Indentures and no implied covenants or obligations will be read into this
Indenture or any Supplemental Indenture against the Trustee; and

 

(ii)  the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed in them, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture in the absence of bad faith on the Trustee’s
part; provided, however, that the Trustee will examine the certificates and
opinions to determine whether or not they substantially conform to the
requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

(c)  The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)         this paragraph does not
limit the effect of paragraph (b) of this Section 7.01;

 

(2)         the Trustee will not be
liable for any error of judgment made in good faith by a Trust Officer, unless
it is proved that the Trustee was negligent in ascertaining the pertinent
facts;

 

18

 

(3)         the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.05; and

 

(4)         the Trustee will not be
required to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties under this Indenture or any
Supplemental Indenture or in the exercise of any of its rights or powers, if it
has reasonable grounds to believe repayment of the funds or adequate indemnity
against the risk or liability is not reasonably assured to it.

 

(d)  Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee is subject to
the provisions of this Section 7.01 and to the provisions of the TIA.

 

(e)  The Trustee may refuse to perform any duty or exercise any
right or power unless it receives indemnity satisfactory to it against any
loss, liability or expense.

 

(f)  The Trustee will not be liable for interest on any money
received by it except as the Trustee may agree with the Company.  Money and U.S. Government Obligations held in
trust by the Trustee need not be segregated from other funds or items except to
the extent required by law.

 

SECTION 7.02.  Rights of
Trustee.

 

(a)  The Trustee may conclusively rely and shall be protected in
acting or refraining from acting on any document believed by it to be genuine
and to have been signed or presented by the proper person.  The Trustee need not investigate any fact or
matter stated in the document.

 

(b)  Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel which conforms to Section 12.05.  The Trustee will not be liable for any action
it takes or omits to take in good faith in reliance on such an Officers’
Certificate or Opinion of Counsel.

 

(c)  The Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.

 

(d)  The Trustee will not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers, except conduct which constitutes willful misconduct,
negligence or bad faith.

 

(e)  The Trustee may consult with counsel of its selection, and
the Trustee will not be liable for any action it takes or omits in reliance on,
and in accordance with, the advice of such counsel or any Opinion of Counsel.

 

19

 

(f)  The Trustee will not be required to investigate any facts or
matters stated in any document, but if it decides to investigate any matters or
facts, the Trustee or its agents or attorneys will be entitled to examine the
books, records and premises of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation and
any cost or liability incurred in connection with any such investigation shall
be subject to the Company’s compensation and indemnification obligations under Section 7.07.

 

(g)  Any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Order and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution.

 

(h)  Whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its
part, conclusively rely upon an Officers’ Certificate.

 

(i)  The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall
have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.

 

(j)  In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the
Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

 

(k)  The Trustee shall not be deemed to have notice of any Default
or Event of Default except any Default or Event of Default occurring pursuant
to clause (1) or (2) of Section 6.01 if, at the time of the
occurrence of such Default or Event of Default, the Trustee is the Paying
Agent, unless a Trust Officer of the Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture.

 

(l)  The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its
capacities hereunder, and each agent and other Person employed to act
hereunder.

 

(m)  The Trustee may request that the Company deliver a
certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

SECTION 7.03.  Individual
Rights of Trustee.  The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company or any of its affiliates with the same
rights it would have if it were not Trustee. 
Any 

 

20

 

Paying Agent,
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04.  Trustee’s
Disclaimer.  The Trustee (i) is not
responsible for and makes no representation as to the validity or adequacy of
this Indenture, (ii) will not be responsible for and will not make any
representation as to the validity or adequacy of any Supplemental Indenture, (iii) will
not be accountable for the Company’s use of the proceeds from the Securities of
any series, and (iv) will not be responsible for any statement of the
Company in this Indenture or any Supplemental Indenture, other than the Trustee’s
certificate of authentication, or in any prospectus used in the sale of any of
the Securities, other than statements, if any, provided in writing by the Trustee
for use in such a prospectus.

 

SECTION 7.05.  Notice of
Defaults.  The Trustee will give to the
Holders of the Securities of a series notice of any Default with regard to the
Securities of that series known to the Trustee, within 90 days after it occurs;
provided, that, except in the case of a Default in the payment of the principal
of, or premium, if any, or interest on any Security, the Trustee will be
protected in withholding notice of the Default if and so long as a committee of
its Trust Officers in good faith determines that the withholding of the notice
is in the interests of the Holders of the Securities of the series.

 

SECTION 7.06.  Reports by
Trustee.  Within 60 days after each May 15
beginning with the May 15 following the date of this Indenture, the
Trustee will mail to each Securityholder, at the name and address which appears
on the registration books of the Company, and to each Securityholder who has,
within the two years preceding the mailing, filed that person’s name and
address with the Trustee for that purpose and each Securityholder whose name
and address have been furnished to the Trustee pursuant to Section 2.07, a
brief report dated as of that May 15 which complies with TIA Section 313(a).  The Trustee also will comply with TIA Section 313(b).

 

A copy of each report will at the time of its mailing to
Securityholders be filed with each stock exchange on which Securities are
listed and also with the SEC.  The
Company will promptly notify the Trustee when the Securities of any series are
listed on any stock exchange and of any delisting of Securities of any series.

 

SECTION 7.07.  Compensation
and Indemnity.  The Company will pay to
the Trustee from time to time such compensation for its services as the Company
and the Trustee shall from time to time agree in writing.  The Trustee’s compensation will not be
limited by any law on compensation of a trustee of an express trust.  The Company will reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its
services.  Those expenses will include
the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts.  The Company will indemnify the Trustee and
its agents against any and all loss, liability or expense (including reasonable
attorneys’ fees) incurred by it in connection with the administration of the
trust created by this Indenture or any Supplemental Indenture and the
performance of its duties under this Indenture or any Supplemental Indenture,
including the costs and expenses of defending itself against any claim (whether
asserted by the Company, or any Holder or any other Person) or liability in
connection with the exercise or 

 

21

 

performance of
any of its powers or duties hereunder, or in connection with enforcing the
provisions of this Section.  The Trustee
will notify the Company promptly of any claim for which it may seek
indemnity.  Failure by the Trustee to so
notify the Company will not relieve the Company of its obligations under this
Section.  The Company will defend the
claim and the Trustee may have separate counsel and the Company will pay the
fees and expenses of such counsel.  The
Company need not pay for any settlement made without its consent.  The Company need not reimburse any expense or
indemnify against any loss, expense or liability incurred by the Trustee to the
extent it is due to the Trustee’s own willful misconduct, negligence or bad
faith.

 

To secure the Company’s obligation to make payments to the Trustee
under this Section 7.07, the Trustee will have a lien prior to the
Securities on all money or property held or collected by the Trustee, other
than money or property held in trust to pay principal or interest on particular
Securities.  Those obligations of the
Company will survive the satisfaction and discharge of this Indenture.

 

When the Trustee incurs expenses or renders services after an Event of
Default specified in clause (4) or (5) of Section 6.01 occurs,
the expenses and the compensation for the services of the Trustee are intended
to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.07, “Trustee” will include any
predecessor Trustee, but the willful misconduct, negligence or bad faith of any
Trustee will not affect the rights of any other Trustee under this Section 7.07.

 

SECTION 7.08.  Replacement
of Trustee.  The Trustee may resign at any
time by so notifying the Company.  The
Holders of a majority in aggregate principal amount of the Securities of all
series then outstanding may remove the Trustee by so notifying the Trustee and
the Company and may appoint a successor Trustee.  The Company may remove the Trustee if:

 

(1)         the Trustee fails to
comply with Section 7.10;

 

(2)         the Trustee is adjudged
bankrupt or insolvent or an order for relief is entered with respect to the
Trustee under any bankruptcy law;

 

(3)         a receiver or other
public officer takes charge of the Trustee or its property; or

 

(4)         the Trustee becomes
incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company will promptly appoint a successor
Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate
principal amount of Securities of all series then outstanding may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

 

No removal or appointment of a Trustee will be valid if that removal or
appointment would conflict with any law applicable to the Company.

 

22

 

A successor Trustee will deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. 
Immediately after that, the retiring Trustee will, subject to the lien
provided for in Section 7.07, transfer all property held by it as a
Trustee to the successor Trustee, the resignation or removal of the retiring
Trustee will become effective, and the successor Trustee will have all the
rights, powers and duties of the Trustee under this Indenture and all
Supplemental Indentures.  A successor
Trustee will mail notice of its succession to each Securityholder.

 

If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, at the Company’s
expense, the Company or the Holders of a majority in aggregate principal amount
of Securities of all series then outstanding may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee fails to comply with Section 7.10, any
Securityholder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement of the Trustee pursuant to this
Section, the Company’s obligations under Section 7.07 will continue for
the benefit of the retiring Trustee.

 

SECTION 7.09.  Successor Trustee
by Merger, etc.  If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust assets to, another Person, the resulting, surviving
or transferee Person will, without any further act, be the successor Trustee.

 

If at the time a successor by merger, conversion or consolidation to
the Trustee succeeds to the trusts created by this Indenture any of the
Securities have been authenticated but not delivered, the successor to the
Trustee may adopt the certificate of authentication of the predecessor Trustee,
and deliver the Securities which were authenticated by the predecessor Trustee;
and if at that time any of the Securities have not been authenticated, the
successor to the Trustee may authenticate those Securities either in the name
of the predecessor or in its own name as the successor to the Trustee; and in
either case the certificates of authentication will have the full force
provided in this Indenture for certificates of authentication.

 

SECTION 7.10.  Eligibility;
Disqualification.  The Trustee will at
all times satisfy the requirements of TIA Section 310(a).  The Trustee will at all times have a combined
capital and surplus of at least $50,000,000 as set forth in its most recently
published annual report of condition, which will be deemed for this paragraph
to be its combined capital and surplus. 
The Trustee will comply with TIA Section 310(b), including the
optional provision permitted by the second sentence of TIA Section 310(b)(9);
provided, however, that there shall be excluded from the
operation of TIA §310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of
the Company are outstanding if the requirements for such exclusion set forth in
TIA §310(b)(1) are met.

 

SECTION 7.11.  Preferential
Collection of Claims.  The Trustee will
comply with TIA Section 311(a), excluding any creditor relationship listed
in TIA Section 311(b).  A Trustee
who has resigned or been removed will be subject to TIA Section 311(a) to
the extent indicated.

 

23

 

ARTICLE EIGHT

 

DISCHARGE OF INDENTURE

 

SECTION 8.01.  Termination
of the Company’s Obligations.  When (i) the
Company delivers to the Trustee all outstanding Securities of all series (other
than Securities replaced pursuant to Section 2.09) for cancellation or (ii) all
outstanding Securities of all series have become due and payable, or are due
and payable within one year or are to be called for redemption within one year,
under arrangements satisfactory to the Trustee for giving the notice of
redemption, and the Company irrevocably deposits in trust with the Trustee
(subject to Article Eleven) money or U.S. Government Obligations
sufficient to pay the principal, premium, if any, and interest, if any, on the
Securities of all series to maturity or redemption, as the case may be, and if,
in the case of either (i) or (ii) above the Company also pays or
causes to be paid all other sums payable by the Company under this Indenture,
then this Indenture will cease to be of further effect.

 

Notwithstanding the foregoing, the Company’s obligations to pay
principal, premium, if any, and interest, if any, on the Securities and the
Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and
in Article Ten will survive until all the Securities of all series are no
longer outstanding.  Thereafter, the
Company’s obligations in Section 7.07 will survive.

 

Before or after a deposit the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities of a series at a
future date to the extent the Securities are redeemable in accordance with Article Three
and the applicable Supplemental Indenture.

 

After a deposit pursuant to this Section 8.01 or after all
outstanding Securities of all series have been delivered to the Trustee for
cancellation, the Trustee upon request from the Company, accompanied by an
Officers’ Certificate and an Opinion of Counsel which complies with Section 12.05,
and at the cost of the Company, will acknowledge in writing the satisfaction
and discharge of the Company’s obligations under the Securities of all series
and this Indenture except for those surviving obligations specified above.

 

In order to have money available on payment dates to pay principal,
premium, if any, or interest, if any, on the Securities of a series, the U.S.
Government Obligations will be payable as to principal, premium, if any, or
interest on or before those payment dates in amounts sufficient to provide the
necessary money.  U.S. Government
Obligations used for this purpose may not be callable at the issuer’s option.

 

24

 

SECTION 8.02.  Application
of Trust Money.  Subject to Article Eleven
and Section 8.03, the Trustee will hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 8.01.  It will apply the deposited money and the
money from the U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture and any applicable Supplemental Indentures to
the payment of principal of, premium, if any, and interest, if any, on the
Securities with regard to which the money or U.S. Government Obligations were
deposited.

 

SECTION 8.03.  Repayment to
the Company.  The Trustee and the Paying
Agent will promptly pay to the Company upon request any excess money or
securities held by them at any time.  The
Trustee and the Paying Agent will pay to the Company upon request any money
held by them for the payment of principal, premium or interest that remains
unclaimed for two years.  After such
payment, all liability of the Trustee and the Paying Agent with respect to that
money will cease.

 

SECTION 8.04.  Deposited
Money and U.S. Government Obligations to Be Held in Trust.  The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations deposited pursuant to Section 8.01 or the
principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of outstanding
Securities.

 

ARTICLE NINE

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

SECTION 9.01.  Without
Consent of Holders.  The Company and the
Trustee may amend or supplement this Indenture or the Securities without notice
to or consent of any Securityholder:

 

(1)         to cure any ambiguity,
defect, error or inconsistency;

 

(2)         to comply with Article 5;

 

(3)         to establish the form and
terms of the Securities of any series as contemplated in Article Two of
this Indenture;

 

(4)         to provide for
uncertificated Securities in addition to or in place of certificated
Securities; or

 

(5)         to make any change that
does not materially adversely affect the rights of any Securityholder.

 

After an amendment under this Section becomes effective, the
Company will mail to the Securityholders a notice briefly describing the
amendment.  The failure to give such
notice to all Securityholders, or any defect in a notice, will not impair or
affect the validity of an amendment under this Section.

 

25

 

SECTION 9.02.  With Consent
of Holders.  The Company and the Trustee
may (i) amend or supplement this Indenture or the Securities without
notice to any Securityholder but with the written consent of the Holders of a
majority in aggregate principal amount of the Securities of all series then
outstanding or (ii) supplement this Indenture with regard to a series of
Securities, amend or supplement a Supplemental Indenture relating to a series
of Securities, or amend the Securities of a series, without notice to any
Securityholder but with the written consent of the Holders of a majority in
aggregate principal amount of the Securities of that series then
outstanding.  The Holders of a majority
in principal amount of the Securities of all series then outstanding may waive
compliance by the Company with any provision of this Indenture or the
Securities without notice to any Securityholder.  The Holders of a majority in principal amount
of the Securities of any series then outstanding may waive compliance with any
provision of this Indenture, any Supplemental Indenture or the Securities of
that series with regard to the Securities of that series without notice to any
Securityholder.  However, without the
consent of the Holder so affected, no amendment, supplement or waiver,
including a waiver pursuant to Section 6.04, may:

 

(1)         extend the fixed maturity
of any Security, reduce the rate or extend the time for payment of interest on
any Security, reduce the principal amount of any Security or premium, if any,
on any Security;

 

(2)         impair or affect the
right of a Holder to institute suit for the payment of interest, if any,
principal or premium, if any, on the Securities;

 

(3)         change the currency in
which the Securities are payable from that specified in the Securities or in a
Supplemental Indenture applicable to the Securities;

 

(4)         impair the right, if any,
to convert the Securities into, or exchange the Securities for, other
securities or assets;

 

(5)         reduce the percentage of
Securities required to consent to an amendment, supplement or waiver;

 

(6)         reduce the amount payable
upon the redemption of any Security or change the time at which any Security
may or will be redeemed;

 

(7)         modify the provisions of
any Supplemental Indenture with respect to subordination of the Securities of a
series in a manner adverse to the Securityholders; or

 

(8)         make any change in Section 6.04
or 6.08 or the fifth sentence of this Section.

 

It will not be necessary for the consent of the Holders under this Section to
approve the particular form of any proposed amendment, supplement or waiver,
but it will be sufficient if the consent approves the substance of the
amendment, supplement or waiver.

 

The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Persons entitled to consent to any indenture
supplemental hereto.  If a record date is
fixed, the Holders on such record date, or their duly designated proxies, and
only such 

 

26

 

Persons, shall be entitled to consent to such supplemental indenture,
whether or not such Holders remain Holders after such record date; provided,
that unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.

 

SECTION 9.03.  Compliance
with Trust Indenture Act.  Every
amendment or supplement to this Indenture, any Supplemental Indenture or the
Securities will comply with the TIA as then in effect.

 

SECTION 9.04.  Revocation
and Effect of Consents.  A consent to an
amendment, supplement or waiver by a Holder of a Security will bind the Holder
and every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder’s Security, even if notation of the
consent is not made on any Security. 
However, any such Holder or subsequent Holder may revoke the consent as
to the Holder’s Security or portion of a Security.  For a revocation to be effective, the Trustee
must receive notice of the revocation before the date the amendment, supplement
or waiver becomes effective.  After an
amendment, supplement or waiver becomes effective in accordance with its terms,
it will bind every Holder of every Security of every series to which it
applies.

 

SECTION 9.05.  Notation on
or Exchange of Securities.  If an
amendment changes the terms of a series of Securities, the Trustee may require
the Holder of a Security of the series to deliver the Holder’s Security to the
Trustee, who will place an appropriate notation about the amendment, supplement
or waiver on the Security and will return it to the Holder.  Alternatively, the Company may, in exchange
for the Security, issue, and the Trustee will authenticate, a new Security that
reflects the amendment, supplement or waiver.

 

SECTION 9.06.  Trustee to
Sign Amendments, etc.  In executing, or
accepting the additional trusts created by, any supplemental indenture
permitted by Article Two or this Article Nine or the modification
thereby of the trusts created by this Indenture, the Trustee shall receive, and
shall be fully protected in relying upon, an Opinion of Counsel and an Officers’
Certificate stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture.  The
Trustee will sign any amendment, supplement or waiver authorized pursuant to Article Two
or this Article Nine if the amendment, supplement or waiver does not
adversely affect the rights, liabilities or immunities of the Trustee.  If it does adversely affect those rights,
liabilities or immunities, the Trustee may but need not sign it.  The Company may not sign an amendment or
supplement until the amendment or supplement is approved by an appropriate
Board Resolution.

 

ARTICLE TEN

 

CONVERSION OR EXCHANGE OF SECURITIES

 

SECTION 10.01.  Provisions
Relating to Conversion or Exchange of Securities.  Any rights which Holders of Securities of a
series will have to convert those Securities into other securities of the Company
or to exchange those Securities for securities of other Persons or other
assets, including but not limited to the terms of the conversion or exchange
and the 

 

27

 

circumstances,
if any, under which those terms will be adjusted to prevent dilution or
otherwise, will be set forth in a Supplemental Indenture relating to the series
of Securities.  In the absence of
provisions in a Supplemental Indenture relating to a series of Securities
setting forth rights to convert or exchange the Securities of that series into
or for other securities or assets, Holders of the Securities of that series
will not have any such rights.

 

ARTICLE ELEVEN

 

SINKING OR PURCHASE FUNDS

 

SECTION 11.01.  Provisions
Relating to Sinking or Purchase Funds. 
Any requirements that the Company make, or rights of the Company to make
at its option, payments prior to maturity of the Securities of a series which
will be used as a fund with which to redeem or to purchase Securities of that
series, including but not limited to provisions regarding the amount of the
payments, when the Company will be required, or will have the option, to make
the payments and when the payments will be applied, will be set forth in a
Supplemental Indenture relating to the series of Securities.  In the absence of provisions in a
Supplemental Indenture relating to a series of Securities setting forth
requirements that the Company make, or rights of the Company to make at its option,
payments to be used as a fund with which to redeem or purchase Securities of
the series, the Company will not be subject to any such requirements and will
not have any such rights.  However,
unless otherwise specifically provided in a Supplemental Indenture relating to
a series of Securities, the Company will at all times have the right to
purchase Securities from Holders in market transactions or otherwise.

 

ARTICLE TWELVE

 

MISCELLANEOUS

 

SECTION 12.01.  Trust
Indenture Act Controls.  If any provision
of this Indenture or any Supplemental Indenture limits, qualifies or conflicts
with the duties imposed by Section 310 through 317 of the TIA, the imposed
duties will control.

 

SECTION 12.02.  Supplemental
Indentures Contract.  If any provision of
a Supplemental Indenture relating to a series of Securities is inconsistent
with any provision of this Indenture, the provision of the Supplemental
Indenture will control with regard to the Securities of the series to which it
relates.

 

SECTION 12.03. 
Notices.  Any notice or
communication under or relating to this Indenture or any Supplemental Indenture
will be sufficiently given if in writing and delivered by facsimile
transmission, in person or mailed by first-class mail, certified or registered,
return receipt requested, addressed as follows:

 

	
  if to the
  Company:

  	
  Take-Two
  Interactive Software, Inc.

  622 Broadway

  New York,
  New York 10012

  Attention:
  General Counsel

  Facsimile:
  (646) 536-2923

  

 

28

 

	
  with a copy
  (which shall not constitute notice) to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Willkie
  Farr & Gallagher LLP

  787 Seventh
  Avenue

  New York,
  New York 10019

  Attention:
  Adam M. Turteltaub and Cristopher Greer

  Facsimile:
  (212) 728-8111

  
	
   

  	
   

  
	
  if to the
  Trustee:

  	
  The Bank of
  New York Mellon

  101 Barclay
  Street, 8W

  New York,
  New York 10286

  Attention:
  Corporate Trust Administration

  Facsimile:
  (212) 815-5704

  

 

Either the Company or the Trustee by a notice to the other may
designate additional or different addresses for subsequent notices or
communications.

 

Any notice or communication mailed to a Securityholder will be mailed
to the Securityholder at the Securityholder’s address as it appears on the
registration books of the Registrar and will be sufficiently given to the
Securityholder if so mailed within the time prescribed.

 

Failure to mail a notice or communication to a Securityholder or any
defect in it will not affect its sufficiency with respect to other
Securityholders.  If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

If by reason of the suspension of regular mail service, or by reason of
any other cause, it is impossible to mail any notice as required by this
Indenture or any Supplemental Indenture, then any method of notification which
is approved by the Trustee will constitute a sufficient mailing of the notice.

 

The Company may set a record date for purposes of determining the
identity of Securityholders entitled to vote or consent to any action by vote
or consent authorized or permitted by Sections 6.04 and 6.05.  The record date will be the later of 30 days
prior to the first solicitation of consents or the date of the most recent list
of Holders furnished to the Trustee pursuant to Section 2.07 prior to the
solicitation.

 

SECTION 12.04. 
Communication by Holders with Other Holders.  Securityholders may communicate pursuant to
TIA Section 312(b) with other Securityholders with respect to their
rights under this Indenture or the Securities. 
Each of the Company, the Trustee, the Registrar and anyone else will
have the protection of TIA Section 312(c).

 

SECTION 12.05.  Certificate
and Opinion as to Conditions Precedent. 
Upon any request or application by the Company to the Trustee to take
any action under this Indenture or any Supplemental Indenture, the Company will
furnish to the Trustee:

 

29

 

(1)         an Officers’ Certificate
stating that, in the opinion of the signer, all conditions precedent, if any,
provided for in this Indenture or any Supplemental Indenture relating to the
proposed action have been complied with;

 

(2)         an Opinion of Counsel
stating that, in the opinion of such counsel, all those conditions precedent
have been complied with; and

 

(3)         such other opinions and
certificates as may be required by applicable provisions of this Indenture or
the Supplemental Indenture.

 

Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture or a Supplemental Indenture will include:

 

(i)          a statement that the
person making the certificate or opinion has read the covenant or condition;

 

(ii)         a brief statement as to
the nature and scope of the examination or investigation upon which the
statements or opinions contained in the certificate or opinion are based;

 

(iii)        a statement that, in the
opinion of the person giving the certificate or opinion, that person has made
such examination or investigation as is necessary to enable that person to
express an informed opinion as to whether or not the covenant or condition has
been complied with; and

 

(iv)       a statement as to whether
or not, in the opinion of that person, the condition or covenant has been
complied with.

 

Nothing in this Section 12.05 will be construed as requiring that
the Company furnish to the Trustee any evidence of compliance with the
conditions and covenants provided for in this Indenture or any Supplemental
Indenture other than the evidence specified in this Section 12.05 except
as may be required by any other provision of this Indenture.

 

SECTION 12.06.  When Treasury
Securities Disregarded.  In determining
whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company,
or anyone under direct or indirect control or under direct or indirect common
control with the Company will be disregarded and deemed not to be outstanding,
except that for the purposes of determining whether the Trustee will be
protected in relying on any such direction, waiver or consent, only Securities
which a Trust Officer of the Trustee actually knows are so owned will be so
disregarded.  Securities so owned which
have been pledged in good faith will not be disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right to act with
respect to the Securities and that the pledgee is not the Company or a person
directly or indirectly controlling or controlled by, or under common control
with, the Company.  Nothing in this Section 12.06
will be construed as requiring that the Company furnish to the Trustee any
evidence of compliance with the conditions and covenants provided for in the
Indenture other than the evidence specified in this Section 12.06.

 

30

 

SECTION 12.07.  Rules by
Trustee, Paying Agent, Registrar.  The
Trustee may make reasonable rules for action by or at a meeting of
Securityholders.  The Paying Agent or
Registrar may make reasonable rules for its functions.

 

SECTION 12.08.  Legal
Holidays.  A “Legal Holiday” is a
Saturday, a Sunday, or a day on which banking institutions are not required to
be open in the State of New York.  If a
payment date is a Legal Holiday at a place of payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday, and no
interest on the sum being paid will accrue for the intervening period.

 

SECTION 12.09.  Governing
Law and Submission to Jurisdiction.  The
laws of the State of New York will govern this Indenture, each Supplemental
Indenture and the Securities.  The
Company submits to the jurisdiction of the courts of the State of New York
sitting in the Borough of Manhattan, The City of New York, and of the United
States District Court for the Southern District of New York, in any action or
proceeding to enforce any of its obligations under this Indenture or any
Supplemental Indenture or with regard to the Securities, and agrees not to seek
a transfer of any such action or proceeding on the basis of inconvenience of
the forum or otherwise (but the Company will not be prevented from removing any
such action or proceeding from a state court to the United States District
Court for the Southern District of New York). 
The Company agrees that process in any such action or proceeding may be
served upon it by registered mail or in any other manner permitted by the rules of
the court in which the action or proceeding is brought.

 

SECTION 12.10.  Actions by
the Company.  Any action or proceeding
brought by the Company to enforce any right, assert any claim or obtain any
relief in connection with this Indenture, any Supplemental Indenture or the
Securities will be brought by the Company exclusively in the courts of the
State of New York sitting in the Borough of Manhattan, The City of New York or
in the United States District Court for the Southern District of New York.

 

SECTION 12.11.  No Adverse
Interpretation of Other Agreements. 
Neither this Indenture nor any Supplemental Indenture may be used to
interpret another indenture, loan or debt agreement of the Company or any
Subsidiary.  No such indenture, loan or
debt agreement may be used to interpret this Indenture or any Supplemental
Indenture.

 

SECTION 12.12. 
Successors.  All agreements of the
Company in this Indenture, any Supplemental Indentures and the Securities will
bind its successors.  All agreements of
the Trustee in this Indenture and any Supplemental Indentures will bind its
successors.

 

SECTION 12.13.  Duplicate
Originals.  The parties may sign any
number of copies of this Indenture or any Supplemental Indenture.  Each signed copy will be an original, but all
of them together will represent the same agreement.

 

SECTION 12.14.  Table of
Contents, Headings, etc.  The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only.  They are not to be considered a part of this
Indenture, and will in no way modify or restrict any of the terms or provisions
of this Indenture.

 

31

 

SECTION 12.15.  Waiver of
Jury Trial.  EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY.

 

SECTION 12.16.  Force
Majeure.  In no event shall the Trustee
be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable best
efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

32

 

IN WITNESS WHEREOF, the parties to this Indenture have caused it to be
duly executed as of the day and year first above written.

 

	
   

  	
  TAKE-TWO INTERACTIVE SOFTWARE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK MELLON,

  
	
   

  	
   

  	
  as trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT A

 

[FORM OF TRUSTEE’S CERTIFICATE OF
AUTHENTICATION]

 

This is one of the Securities of the series described in the
within-mentioned Indenture and Supplemental Indenture.

 

Dated:

 

	
  THE BANK OF NEW YORK MELLON

  
	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]