Document:

Bridge Loan Agreement

 EXHIBIT 10.3 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT IN
AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE 
  
  
 March 3, 2008 
 BRIDGE LOAN AGREEMENT 
 MAGYAR TELECOM B.V.

 as Borrower 
 arranged by

 MERRILL LYNCH INTERNATIONAL 
 and 
 BNP PARIBAS 
 as
Mandated Lead Arrangers and Bookrunners 
 with 
 BNP PARIBAS TRUST CORPORATION UK LIMITED 
 as Security Agent 
 and 
 MERRILL LYNCH INTERNATIONAL 

as Administrative Agent 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	ARTICLE I. DEFINITIONS	  	1
			
	Section 1.1	  	Defined Terms	  	1
	Section 1.2	  	Interpretation	  	34
	Section 1.3	  	Intercreditor Deed	  	37
		
	ARTICLE II. THE CREDIT FACILITY	  	37
			
	Section 2.1	  	Commitments to Make Bridge Loans; Tranching; Parties	  	37
	Section 2.2	  	Conversion to Term Loans	  	38
	Section 2.3	  	Option to Exchange Term Loans for Exchange Notes	  	38
	Section 2.4	  	Interest; Default Interest	  	39
	Section 2.5	  	Mandatory Prepayment	  	40
	Section 2.6	  	Optional Prepayment	  	41
	Section 2.7	  	Breakage Costs; Indemnity	  	42
	Section 2.8	  	Effect of Notice of Prepayment	  	43
	Section 2.9	  	Payments	  	43
	Section 2.10	  	Taxes	  	44
	Section 2.11	  	Right of Set-Off, Sharing of Payments, Etc.	  	47
	Section 2.12	  	Requirements of Law	  	48
	Section 2.13	  	Failure of a Reference Bank to Supply a Rate	  	50
	Section 2.14	  	Market Disruption	  	50
	Section 2.15	  	Alternative Basis of Interest or Funding	  	50
	Section 2.16	  	Certain Fees	  	51
		
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	  	51
			
	Section 3.1	  	Representations and Warranties	  	51
	Section 3.2	  	Due incorporation	  	51
	Section 3.3	  	Power to borrow/guarantee	  	51
	Section 3.4	  	Binding obligations	  	51
	Section 3.5	  	No conflict with other obligations	  	51
	Section 3.6	  	No litigation	  	52
	Section 3.7	  	Financial statements	  	52
	Section 3.8	  	No filing required	  	52
	Section 3.9	  	Legal and beneficial owners	  	53
	Section 3.10	  	No material adverse change	  	53
	Section 3.11	  	Compliance with Environmental Laws and Licenses	  	53
	Section 3.12	  	Environmental Claim	  	53
	Section 3.13	  	Intellectual Property Rights	  	53
	Section 3.14	  	Shares	  	54
	Section 3.15	  	Base Case Model	  	54
	Section 3.16	  	Licenses and Necessary Authorizations	  	54
	Section 3.17	  	Consents obtained	  	54
	Section 3.18	  	Contractual commitments	  	55
	Section 3.19	  	Telecommunications Laws	  	55

  

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	Section 3.20	  	No Default	  	55
	Section 3.21	  	Choice of law	  	55
	Section 3.22	  	No Withholding Tax	  	55
	Section 3.23	  	Group Structure Chart	  	55
	Section 3.24	  	Information Package	  	55
	Section 3.25	  	Copies of documents to be true and accurate	  	56
	Section 3.26	  	Intercompany Loans	  	56
	Section 3.27	  	Repetition	  	56
		
	ARTICLE IV. GENERAL UNDERTAKINGS	  	57
			
	Section 4.1	  	Notice of Default, etc.	  	57
	Section 4.2	  	Consents and authorizations	  	57
	Section 4.3	  	Licenses and Necessary Authorizations	  	57
	Section 4.4	  	Business	  	58
	Section 4.5	  	Authorized Officers	  	58
	Section 4.6	  	Auditors	  	58
	Section 4.7	  	Pari passu	  	58
	Section 4.8	  	Provision of further information	  	58
	Section 4.9	  	Insurance	  	59
	Section 4.10	  	Inspection	  	59
	Section 4.11	  	Notification of Environmental Claim and Expenditure	  	59
	Section 4.12	  	Compliance with laws and regulations	  	59
	Section 4.13	  	Relevant Substance	  	59
	Section 4.14	  	Tax	  	60
	Section 4.15	  	Use of proceeds	  	60
	Section 4.16	  	Material Subsidiaries	  	60
	Section 4.17	  	Restricted Payments	  	60
	Section 4.18	  	Virtual Mobile Services	  	61
	Section 4.19	  	Memorex Shareholder Squeeze Out	  	61
	Section 4.20	  	Negative Pledge	  	61
	Section 4.21	  	No Merger	  	61
	Section 4.22	  	Disposals	  	62
	Section 4.23	  	Borrowed Money	  	62
	Section 4.24	  	Guarantees	  	62
	Section 4.25	  	Reduction or purchase of capital	  	62
	Section 4.26	  	Investments	  	62
	Section 4.27	  	Swaps and Hedging	  	62
	Section 4.28	  	Change of Business	  	63
	Section 4.29	  	Constitutional Documents/the Existing High Yield Funding Loan Agreement/the Existing FRN Funding Loan Agreements/ Funding Loan Agreements	  	63
	Section 4.30	  	Arm’s length transactions	  	63
	Section 4.31	  	The Parent and the IPO Subsidiary	  	63
	Section 4.32	  	Bank Accounts	  	63
	Section 4.33	  	Existing High Yield Notes and Existing FRN Bonds	  	64
	Section 4.34	  	Conditions Subsequent	  	64
	Section 4.35	  	Change of Control	  	65
	Section 4.36	  	PIK Notes Refinancing	  	65
	Section 4.37	  	Issuance of Refinancing Securities	  	66
	Section 4.38	  	Marketing of Refinancing Securities	  	67

  

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	ARTICLE V. INFORMATION UNDERTAKINGS	  	68
			
	Section 5.1	  	Financial statements	  	68
	Section 5.2	  	Requirements as to Accounts	  	69
	Section 5.3	  	Budget	  	70
	Section 5.4	  	Presentations	  	70
	Section 5.5	  	Year-end	  	71
	Section 5.6	  	Information: miscellaneous	  	71
	Section 5.7	  	Notification of default	  	71
	Section 5.8	  	“Know your customer” checks	  	71
		
	ARTICLE VI. CONDITIONS PRECEDENT	  	73
			
	Section 6.1	  	Initial Conditions Precedent	  	73
	Section 6.2	  	Further Conditions Precedent	  	73
	Section 6.3	  	Certain Funds Period	  	73
		
	 ARTICLE VII. TRANSFER OF THE LOANS, THE INSTRUMENTS EVIDENCING SUCH LOANS AND THE EXCHANGE NOTES; REPRESENTATIONS OF LENDERS;
PARTICIPATIONS
	  	74
			
	Section 7.1	  	Transfer of the Loans	  	74
	Section 7.2	  	Transfer of the Exchange Notes	  	75
	Section 7.3	  	Permitted Assignments	  	75
	Section 7.4	  	Permitted Participants; Effect	  	75
	Section 7.5	  	Dissemination of Information	  	76
	Section 7.6	  	Replacement Securities upon Transfer or Exchange	  	76
	Section 7.7	  	Register	  	76
	Section 7.8	  	Promissory Note	  	77
		
	ARTICLE VIII. EVENTS OF DEFAULT	  	77
			
	Section 8.1	  	Events of Default	  	77
	Section 8.2	  	Non-payment	  	77
	Section 8.3	  	Breach of certain obligations	  	77
	Section 8.4	  	Breach of other obligations	  	78
	Section 8.5	  	Misrepresentation	  	78
	Section 8.6	  	Challenge to security	  	78
	Section 8.7	  	Cross-default	  	78
	Section 8.8	  	Hedging Default	  	79
	Section 8.9	  	Appointment of receivers and managers	  	79
	Section 8.10	  	HTCC, Parent and intervening Holding Companies	  	79
	Section 8.11	  	Insolvency	  	79
	Section 8.12	  	Legal process	  	80
	Section 8.13	  	Compositions	  	80
	Section 8.14	  	Winding-up	  	80
	Section 8.15	  	Analogous proceedings	  	81
	Section 8.16	  	Principal Agreements	  	81
	Section 8.17	  	Unlawfulness	  	81
	Section 8.18	  	Telecommunications Laws	  	81
	Section 8.19	  	Repudiation	  	81

  

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	Section 8.20	  	Seizure	  	82
	Section 8.21	  	Material events	  	82
	Section 8.22	  	Acceleration	  	82
	Section 8.23	  	Demand basis	  	82
	Section 8.24	  	Clean-Up	  	82
	Section 8.25	  	Rights and Remedies Cumulative	  	83
	Section 8.26	  	Delay or Omission Not Waiver	  	83
	Section 8.27	  	Waiver of Past Defaults	  	83
	Section 8.28	  	Rights of Lenders to Receive Payment	  	84
		
	ARTICLE IX. TERMINATION	  	84
			
	Section 9.1	  	Termination	  	84
	Section 9.2	  	Survival of Certain Provisions	  	84
		
	ARTICLE X. GUARANTEE	  	84
			
	Section 10.1	  	The Guarantees	  	84
	Section 10.2	  	Limitation on Liability	  	86
	Section 10.3	  	Stay of Acceleration	  	87
	Section 10.4	  	Further Guarantee Provisions	  	87
	Section 10.5	  	Additional Guarantors	  	87
	Section 10.6	  	Release of Guarantors	  	88
		
	ARTICLE XI. SECURITY	  	88
			
	Section 11.1	  	Security Documents	  	88
	Section 11.2	  	Release of Security Interest	  	89
	Section 11.3	  	Further Action	  	90
	Section 11.4	  	Co-Security Agent	  	90
		
	ARTICLE XII. INDEMNITY	  	91
			
	Section 12.1	  	Indemnification	  	91
	Section 12.2	  	Indemnity Not Available	  	91
	Section 12.3	  	Settlement of Claims	  	92
	Section 12.4	  	Appearance Expenses	  	92
	Section 12.5	  	Indemnity for Taxes, Reserves and Expenses	  	93
	Section 12.6	  	Survival of Indemnification	  	93
	Section 12.7	  	Liability Not Exclusive; Payments	  	94
		
	ARTICLE XIII. THE ADMINISTRATIVE AGENT; THE ARRANGERS	  	94
			
	Section 13.1	  	Appointment	  	94
	Section 13.2	  	Delegation of Duties	  	94
	Section 13.3	  	Exculpatory Provisions	  	94
	Section 13.4	  	Reliance by the Administrative Agent	  	94
	Section 13.5	  	Notice of Default	  	95
	Section 13.6	  	Non-Reliance on the Administrative Agent and Other Lenders	  	95
	Section 13.7	  	Indemnification	  	96
	Section 13.8	  	Administrative Agent, in Its Individual Capacities	  	96

  

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	Section 13.9	  	Successor Administrative Agent	  	96
	Section 13.10	  	Role of the Arrangers	  	97
	Section 13.11	  	Reliance and Engagement Letters	  	97
		
	ARTICLE XIV. MISCELLANEOUS	  	97
			
	Section 14.1	  	Expenses; Documentary Taxes	  	97
	Section 14.2	  	Notices	  	97
	Section 14.3	  	Consent to Amendments and Waivers	  	99
	Section 14.4	  	Parties	  	100
	Section 14.5	  	New York Law; Submission to Jurisdiction; Waiver of Jury Trial	  	100
	Section 14.6	  	Replacement Notes	  	101
	Section 14.7	  	Appointment of Agent for Service	  	101
	Section 14.8	  	Marshalling; Recapture	  	101
	Section 14.9	  	Limitation of Liability	  	101
	Section 14.10	  	Independence of Covenants	  	102
	Section 14.11	  	Currency Indemnity	  	102
	Section 14.12	  	Waiver of Immunity	  	102
	Section 14.13	  	Freedom of Choice	  	102
	Section 14.14	  	Successors and Assigns	  	103
	Section 14.15	  	Merger	  	103
	Section 14.16	  	Severability Clause	  	103
	Section 14.17	  	Representations, Warranties and Agreements to Survive Delivery	  	103
	Section 14.18	  	Day Count Connection	  	103
	Section 14.19	  	PATRIOT Act Notice	  	103
	Section 14.20	  	Nature of a Bridge Finance Party’s Rights and Obligations	  	103
	Section 14.21	  	Counterparts	  	104
	Section 14.22	  	Place of Performance outside Austria	  	104
	Section 14.23	  	Original Guarantors	  	104
	Section 14.24	  	Security for Costs	  	105
			
	EXHIBIT A.	  	FORM OF ASSIGNMENT AND ACCEPTANCE	  	
	EXHIBIT B.	  	FORM OF BRIDGE NOTE	  	
	EXHIBIT C.	  	FORM OF ACCESSION DOCUMENT	  	
	EXHIBIT D.	  	FORM OF UTILIZATION NOTICE	  	
			
	Schedule 1	  	Original Guarantors	  	
	Schedule 2	  	Conditions Precedent Documents	  	
	Schedule 3	  	Calculation of the Mandatory Cost	  	
	Schedule 4	  	Commitment Amounts	  	
	Schedule 5	  	Principal Agreements	  	

 The Registrant has omitted the contents of certain schedules from the SEC Filing. The Registrant will furnish a
copy of any omitted content from any schedule to the Commission or its staff upon request. 
  

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 THIS BRIDGE LOAN AGREEMENT, dated as of March 3, 2008 (this “Credit
Agreement”) is made in London by and among: 
 (a) MAGYAR TELECOM B.V., a company incorporated in The Netherlands
(registered number 33286951) with its registered office at Laan van Kronenburg 8, 1183 AS Amstelveem, The Netherlands (the “Borrower”); 
 (b) THE PERSONS listed in Schedule 1 as original guarantors (the “Original Guarantors”); 
 (c) MERRILL LYNCH INTERNATIONAL, as Administrative Agent; 
 (d) BNP PARIBAS TRUST CORPORATION UK LIMITED, as Security Agent; 
 (e) the LENDERS party hereto; 
 (f) MERRILL LYNCH INTERNATIONAL and BNP PARIBAS, as mandated lead arrangers, bookrunners and syndication agents (the “Mandated Lead Arrangers”); and 
 (g) MERRILL LYNCH INTERNATIONAL BANK LIMITED, LONDON BRANCH and BNP PARIBAS, as underwriters (the “Underwriters”).

 The parties hereto agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 Section 1.1 Defined Terms 
 As used in this Credit Agreement, the following terms shall have the
meanings specified below: 
 “Acceptable Bank” means: 
 (a) a Lender; 
 (b) any bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A or higher by S&P or Fitch or A1 or higher by Moody’s or a comparable rating from an internationally
recognized credit rating agency; or 
 (c) any other bank or financial institution approved by the Administrative Agent
(acting reasonably). 
 “Accession Document” means a document substantially in the form set out in Exhibit C with
such amendments as the Administrative Agent and the Borrower may agree. 
 “Accounting Principles” means generally
accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, in the opinions and pronouncements of the Public Company Accounting Oversight
Board and in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are
in effect from time to time. 
  

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 “Accounts” means each set of financial statements required to be prepared by a
member of the Group and supplied to the Administrative Agent pursuant to Section 5.1. 
 “Acquisition” means the
acquisition by Invitel of Memorex on the terms of the Acquisition Documents. 
 “Acquisition Agreement” means the
sale and purchase agreement entered into between Invitel and the Vendor relating to the Acquisition. 
 “Acquisition
Documents” means the Acquisition Agreement and the Disclosure Letter and any other document designated as an “Acquisition Document” by the Administrative Agent and the Borrower. 
 “Action” has the meaning specified in Section 12.2. 
 “Additional Guarantor” means a member of the Group which becomes a Guarantor after the date of this Credit Agreement pursuant to
Section 10.5. 
 “Administrative Agent” means Merrill Lynch International, acting as agent pursuant to ARTICLE
XIII or any successor or replacement Administrative Agent, acting in such capacity. 
 “Administrative Party” means
an Arranger, the Administrative Agent or the Security Agent. 
 “Affected Party” means any Lender, any beneficial
owner which controls any Lender, and their respective successors and assigns. 
 “Affected Person” has the meaning
specified in Section 5.3 
 “Affiliate” means, with respect to any specified person, 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” (including with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such person, whether through the ownership of voting securities, by agreement or otherwise. Neither the Lenders nor any of their Affiliates will be treated as an Affiliate of the Borrower or any
of its Subsidiaries for purposes of this Credit Agreement. 
 “Agent’s Spot Rate of Exchange” means the
Administrative Agent’s spot rate of exchange for the purchase of the relevant currency in the London foreign exchange market with the Base Currency as of 11:00 a.m. on a particular day. 
 “Applicable Margin” means in relation to any Loan, initially, the greater of (i) 4.25 percent per annum and (ii) 0.50
percent per annum over the FRN Spread to Maturity at the Completion Date; provided that: 
 (a) from the date falling six
months after the Completion Date up to the date falling nine months after the Completion Date, the Applicable Margin shall be the greater of (i) 4.75 percent per annum and (ii) 0.50 percent per annum over the FRN Spread to Maturity at the
date falling six months after the Completion Date; 
 (b) from the date falling nine months after the Completion Date up to
the Initial Maturity Date, the Applicable Margin shall be the greater of (i) 5.25 percent per annum and (ii) 0.50 percent per annum over the FRN Spread to Maturity at the date falling nine months after the Completion Date; and 

 

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 (c) at and from the Initial Maturity Date to the Extended Maturity Date, the Applicable
Margin shall be 6.25 percent per annum. 
 “Arrangers” means the Mandated Lead Arrangers and the Underwriters.

 “Asset Sale” means the disposal of an asset by a member of the Group to a person who is not a member of the Group,
other than: 
 (a) where an asset (not being shares or any other ownership interest in a person) is to be (and is) replaced by
another asset of or substantially similar type for use in the Group’s business (being a fixed asset in the case of a disposal of a fixed asset) within 12 months of the date of disposal and pending such replacement the Net Proceeds of that
disposal are deposited in a holding account; or 
 (b) any Permitted Disposal. 
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the
Administrative Agent, in the form of Exhibit A or such other form as shall be approved by the Administrative Agent. 
 “Associated
Company” of a person means (i) any other person which is directly or indirectly controlled by, under common control with or controlling such person or (ii) any other person owning beneficially and/or legally directly or
indirectly 20 percent or more of the equity interest in such person or 20 percent of whose equity interest is owned beneficially and/or legally directly or indirectly by such person. For the purposes of this definition the term
“control” means possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person whether through the ownership of interests or voting securities, by contract or otherwise.

 “Austrian Capital Maintenance Rules” has the meaning given to that term in Section 10.2. 
 “Austrian Guarantor” means any Guarantor established under the laws of Austria as a corporation (Gesellschaft mit
beschränkter Haftung; Aktiengesellschaft) or as a limited partnership (Kommanditgesellschaft) with its general partners (Komplementäre) being corporations. 
 “Authorization” means an authorization, consent, approval, resolution, license, exemption, filing, notarization or registration.

 “Authorized Officer” means any officer of the Borrower authorized to sign Utilization Notices and, in the case of
the Borrower or any other Obligor or Security Provider, any other notices, requests or confirmations referred to in this Credit Agreement or relating to the Bridge Loans granted hereunder. 
 “Bankruptcy Law” means (a) the U.S. Bankruptcy Code of 1978 or (b) any other law of the United States (or any political
subdivision thereof), Hungary (or any political subdivision thereof), Romania (or any political subdivision thereof), the Republic of Turkey, the European Union (or any political subdivision thereof) or the laws of any other jurisdiction or any
political subdivision thereof relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors. 
  

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 “Base Case Model” means the banking base case model agreed between the Borrower
and the Arrangers. 
 “Base Currency” means euro. 
 “Base Currency Equivalent” means: 
 (a) for an amount expressed or denominated in any currency other than the Base Currency, the equivalent of that amount in the Base Currency converted at the Agent’s Spot Rate of Exchange on the date of the
relevant calculation; and 
 (b) for an amount expressed or denominated in the Base Currency, that amount. 
 “beneficial owner” and “beneficial ownership”, as used in the definition of “Affected Party”,
has the meaning as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act. 
 “Board” means the Board of
Governors of the Federal Reserve System of the United States or any successor. 
 “Borrower” has the meaning
specified in the preamble to this Credit Agreement. 
 “Borrowed Money” means Indebtedness (including, for the
avoidance of doubt, but without double counting, any guarantees of such Indebtedness) in respect of (i) money borrowed or raised and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt instrument,
(iii) acceptance or documentary credit facilities, (iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) payments for assets or services acquired which provide for such payments to be deferred for a period
of 180 days or more after the relevant assets or services were supplied and accepted, (vi) hire purchase contracts, (vii) principal elements of rental payments under Finance Leases, (viii) guarantees, bonds, standby letters of
credit or other instruments issued in connection with the performance of contracts to the extent that the same are treated as borrowings in accordance with the generally accepted principles and practices used in the preparation of the most recent
audited financial statements of the Group delivered to the Administrative Agent under this Credit Agreement (ix) derivative transactions entered into in connection with protection against or benefit from fluctuation in any rate or price (and,
when calculating the value of any derivative transaction, only the marked to market value shall be taken into account) and any other transaction (including without limitation forward sale or purchase agreements and issues of redeemable shares)
having the commercial effect of a borrowing or raising of money entered into for the purpose of financing a person’s operational or capital requirements provided that in making any calculation of Borrowed Money under this Credit Agreement no
Indebtedness shall be taken into account more than once. 
 “Bridge Borrower High Yield Notes” means the high yield
notes to be issued by the Borrower to refinance the Bridge Loan. 
 “Bridge Borrower High Yield Notes Documents”
means the documentation required to implement the issue of the Bridge Borrower High Yield Notes, including without limitation, the Bridge Borrower High Yield Notes, the Indenture and the guarantees. 
 “Bridge Finance Document” means: 
 (a) this Credit Agreement as may be amended from time to time; 
  

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 (b) the Bridge Notes; or 
 (c) any Related Document. 
 “Bridge Finance Parties” means the Lenders and the Administrative Parties. 
 “Bridge
Loan” means a loan made by any Lender to the Borrower pursuant to Section 2.1(a) the proceeds of which will be applied as provided for in Section 2.1(c). 
 “Bridge Note” means a promissory note of the Borrower in the form attached as Exhibit B hereto evidencing the Bridge Loan and (if
applicable) the Term Loan of any Lender. 
 “Budget” means: 
 (a) In relation to the period ending December 31, 2007, the Base Case Model in agreed form to be delivered by the Borrower to the
Administrative Agent pursuant to Part 1 of Schedule 2; and 
 (b) In relation to any other period, any budget delivered by the
Borrower to the Administrative Agent in respect of that period pursuant to Section 5.3. 
 “Business Day” means
a day (other than a Saturday or a Sunday) on which banks are open for general business in London and Budapest and if on that day a payment in or a purchase of euro is to be made, which is also a TARGET Day. 
 “Capital Stock” means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock and (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or
membership interests. 
 “Cash” means cash in hand (or in transit or in cash registers or payments made by checks or
debit cards or credit cards which are yet to be received in cleared funds) and credit balances or amounts on deposit with an Acceptable Bank which are freely transferable and freely convertible and accessible by a member of the Group within 90 days
or held in a blocked account and not subject to any Security (other than one arising under the Transaction Security Documents). 
 “Cash Equivalent Investments” means at any time: 
 (a) certificates of deposit maturing
within one year after the relevant date of calculation and issued by an Acceptable Bank; 
 (b) any investment in marketable
debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an
equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; 
 (c) debt securities maturing within one year after the relevant date of calculation which are not convertible or exchangeable into any other security, are rated either A-1 or higher by S&P or Fitch or P-1 or
higher by Moody’s (or, if no rating is available in respect of the debt securities, the issue of which has, in respect of its long-term debt obligations, an equivalent rating); 
  

 5 

 (d) open market commercial paper not convertible or exchangeable to any other security:

 (i) for which a recognized trading market exists; 
 (ii) issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the European Economic Area
or any Participating Member State; 
 (iii) which matures within one year after the relevant date of calculation; and

 (iv) which has a credit rating of either A-1 or higher by S&P or Fitch or P-1 or higher by Moody’s, or, if no
rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 
 (e) bills of exchange issued in the United States of America, the United Kingdom, any member state of the European Economic Area or any
Participating Member State eligible for rediscount at the relevant central bank and accepted by an Acceptable Bank (or any dematerialized equivalent); 
 (f) any investment accessible within 90 days in money market funds which have a credit rating of either A-1 or higher by S&P or Fitch or P-1 or higher by Moody’s and which invest substantially all their
assets in securities of the types described in sub-paragraphs (a) to (e) above; or 
 (g) any other debt security
approved by the Majority Lenders, 
 in each case, to which any member of the Group is beneficially entitled at that time and which is not issued or
guaranteed by any member of the Group or subject to any Security (other than one arising under the Transaction Security Documents) and is denominated and payable in freely transferable and freely convertible currencies and the proceeds of which are
capable of being remitted to a member of the Group. 
 “Change of Control” means: 
 (a) prior to a Primary Offering, TDC ceases to own (directly or indirectly) more than 50 percent of the voting shares of HTCC; 

(b) following a Primary Offering, TDC ceases to own (directly or indirectly) more than 30 percent of the voting shares of HTCC and any
person or persons acting in concert owns a greater percentage of the voting shares of HTCC than TDC; 
 (c) HTCC ceases to own
(directly or indirectly) 100 percent of the issued share capital of the Borrower; 
 (d) the Borrower ceases to own (directly
or indirectly) 100 percent of the issued share capital of the Major Companies (other than (i) 99.983 percent of the issued share capital of Invitel and (ii) Euroweb Romania); 
  

 6 

 (e) the Borrower ceases to own (directly or indirectly) 95 percent of the issued share
capital of Euroweb Romania; or 
 (f) the occurrence of a change of
control event under the indenture governing the €200 million aggregate principal amount Floating Rate Senior Notes due 2013 issued by HTCC Holdco II B.V. and assumed by the Borrower, the indenture governing the €142 million
aggregate principal amount of 10  3/4% Senior Notes due 2012 issued by the Borrower, the indenture governing the
€125 million aggregate principal amount of Floating Rate Senior PIK Notes due 2013 initially issued by Invitel Holdings N.V. and assumed by Holdco I B.V. and under the indenture governing any high yield bond offering issued by the
Borrower, HTCC or any intermediate Holding Company (in each case, whether or not such indenture is outstanding or in effect at the time). 
 “Clean-Up Date” means the date falling 135 days after the Completion Date. 
 “Collateral” means any assets in which a Security Interest has been granted (or is purported to be granted) pursuant to any Transaction Security Document to secure all or a part of the Obligations, the Loans or any
other Bridge Finance Document. 
 “Commitment” means: 
 (a) for any Lender falling within paragraph (a) of the definition thereof, the relevant amount set forth opposite such Lender’s
name as set out on Schedule 4 of this Credit Agreement and the amount of any other Commitment which it acquires; and 
 (b)
for any other Lender, the amount of any Commitment which it acquires, 
 in each case to the extent not cancelled, transferred or reduced
under this Credit Agreement. 
 “Commitment Letter” means that letter dated December 19, 2007 by and among the
Borrower and the Arrangers setting out the Arrangers’ commitments related to the Loans. 
 “Completion” means
the completion of the Acquisition in accordance with clause 6 of the Acquisition Agreement. 
 “Completion Date”
means the date of the Completion and the first utilization of the Bridge Loan. 
 “Consolidated EBITDA” means, in
respect of each Quarterly Period or Twelve Month Period, without regard to unrealized exchange losses or gains, the Net Income of the HTCC Group plus any depreciation, amortization, other non-cash expenses (excluding pre-paid expenses), tax and
interest expense, less any non-cash income (excluding deferred income) and interest income less (to the extent not already deducted in the calculation of Net Income) any payments pursuant to paragraphs (d) or (f) of the definition of
Permitted Payments but (i) excluding any extraordinary income (other than any such income directly related to the performance by a member of the HTCC Group of its specific obligations under any concession contract or any Telecommunications Laws
which may otherwise be included as extraordinary income under the Accounting Principles), net of any tax paid or payable in respect of such income, of the HTCC Group during the relevant period and (ii) to the extent the same would otherwise be
deducted in calculating Net Income, adding back closing fees in connection with the Existing High Yield Notes and/or the Existing FRN Bonds and/or the Loans and/or the Bridge Borrower High Yield Notes and obtaining the financing under the Senior
Credit Agreement and adding back transaction expenses in relation to the HTCC Acquisition and the Acquisition all as determined in accordance with the Accounting Principles 

  

 7 

 
used in the preparation of and as shown in the financial statements or Quarterly Management Accounts in respect of such Quarterly Period or Twelve Month
Period, prepared and delivered to the Administrative Agent pursuant to Section 5.1. 
 “Conversion Date” means
the date (if any) upon which the Bridge Loans convert to Term Loans, pursuant to Section 2.2. 
 “Conversion
Default” means the occurrence of any one or more of the following: (a) the Borrower being subject to any default under Section 8.11, Section 8.12(b), Section 8.13, Section 8.14 and Section 8.15 (provided
that for the purposes of this definition, the cross-references in Section 8.15 shall only include Section 8.11, Section 8.12(b), Section 8.13 and Section 8.14), (b) any Payment Default or (c) any default or
potential default relating to payment under the Senior Credit Agreement. 
 “Current Assets” means, at any relevant
time, the aggregate of the current assets (excluding Cash and Cash Equivalent Investments) of the Group at such time which would fall to be included as current assets in a consolidated balance sheet of the Group drawn up at such time in accordance
with the appropriate accounting principles. 
 “Current Liabilities” means, at any relevant time, the aggregate of
the current liabilities (excluding short term debt (which shall include, for the avoidance of doubt, any long term debt repayable within 12 months) and overdrafts) of the Group at such time which would fall to be included as current liabilities
in a consolidated balance sheet of the Group drawn up at such time in accordance with the appropriate accounting principles. 
 “Custodian” means any receiver, interim receiver, manager, trustee, assignee, liquidator, sequestrator, custodian or similar official under any Bankruptcy Law. 
 “Declared Default” means an Event of Default in respect of which a notice of acceleration has been served. 
 “Default” means an Event of Default or any event or circumstance which would, but for the expiry of a grace period, the giving of
notice or the making of any determination, in each case, under ARTICLE IX, be an Event of Default; provided that any such event which is subject to a qualification as to materiality, or requires a determination to be made shall not constitute
a Default unless such qualification is satisfied or such determination is made, as the case may be. 
 “Disclosure
Letter” has the meaning given to that term in the Acquisition Agreement. 
 “EBITDA” has the same
meaning as Consolidated EBITDA save that the calculations shall apply in respect of a person and a period and not the consolidated Group. 
 “Encumbrance” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment by way of security, trust arrangement or security interest of any kind securing any obligation of any
person (including without limitation title transfer and/or retention arrangements having similar effect). 
 “Engagement
Letter” means that certain engagement letter, dated as of December 19, 2007, among the Borrower and the Arrangers, as such agreement may be amended from time to time. 
 “Environmental Claim” means any claim, notice of violation, prosecution, demand, action, official warning, abatement or other
order (conditional or otherwise), relating to Environmental Matters and any notification or order requiring compliance with the terms of any Environmental License or Environmental Law in each case by any competent authority, court or regulatory
body. 
  

 8 

 “Environmental Laws” means all or any laws, statutes, regulations, treaties, and
judgments of any governmental authority or agency or any regulatory body in any jurisdiction in which any member of the Group is formed or carries on business relating to Environmental Matters applicable to such member of the Group. 
 “Environmental License” includes any permit, license, authorization, consent or other approval required at any time by any
Environmental Law. 
 “Environmental Matters” means (i) any generation, deposit, disposal, keeping, treatment,
transportation, transmission, handling or manufacture of any waste or any Relevant Substance, (ii) nuisance, noise, defective premises, health and safety at work or elsewhere and (iii) the pollution, conservation or protection of the
environment (both natural and built) or of man or any living organism supported by the environment (both natural and built). 
 “Escrow Agent” has the meaning specified in the Escrow Agreement. 
 “Escrow
Agreement” means the escrow agreement relating to the escrow of the Exchange Notes to be entered into among the Borrower, the Guarantors, the Administrative Agent, on behalf of the Lenders, and the Escrow Agent. 
 “EURIBOR” means with respect to an Interest Period of a Loan (or any other period by reference to which interest on a Loan as an
overdue amount is calculated): 
 (a) the applicable Screen Rate; or 
 (b) if no Screen Rate is available for that Interest Period of that Loan or overdue amount, the arithmetic mean (rounded upward to four
decimal places) of the rates, as supplied to the Administrative Agent at its request, quoted by the Reference Banks to leading banks in the European interbank market, 
 as of 11:00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in euro for a period comparable to the relevant Interest Period (or other such period). 
 “euro” or “€” means the single currency of the Participating Member States. 
 “Euroweb Romania” means S.C. Euroweb Romania S.A. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934. 
 “Exchange Note Indenture” means, the indenture relating to the Exchange Notes, among the Borrower, the Guarantors, as guarantors, and the Exchange Note Trustee, in agreed form. 
 “Exchange Note Interest Rate” means a rate equal to 11.5 percent per annum (excluding default interest) at any time. 

“Exchange Note Trustee” means, on any date of determination, the trustee under the Exchange Note Indenture. 
  

 9 

 “Exchange Notes” means the exchange notes to be issued pursuant to
Section 2.3(a) and to be governed by the Exchange Note Indenture. 
 “Exchange Notice” has the meaning specified
in Section 2.3(a). 
 “Excluded Taxes” means with respect to any Lender, or any other recipient of any payment
to be made by or on account of any obligation of the Borrower or any Guarantor hereunder, Taxes imposed (or measured by) its overall net income, profits or gains by the jurisdiction or jurisdictions under the laws of which such recipient is
organized or is resident for tax purposes or in which its applicable lending office is located. 
 “Existing FRN
Bonds” means the €200 million aggregate principal amount Floating Rate Senior Notes due 2013 issued by HTCC Holdco II B.V. and assumed by the Borrower. 
 “Existing FRN Funding Loans” means the Euro 55,040,540 and Euro 59,501,657 loans owed by Invitel to the Borrower representing
part of the proceeds of the Existing FRN Bonds and which bear interest at the same rate as the Existing FRN Bonds together with an additional margin of not more than 0.22 percent per annum. 
 “Existing FRN Funding Loan Agreement” has the meaning given to it in the Intercreditor Deed. 
 “Existing FRN Indenture” means the indenture dated April 27, 2007, as amended from time to time, governing the Existing FRN
Bonds. 
 “Existing FRN Offering Documents” means documents comprising of the indenture, the offering memorandum, the
Existing FRN Funding Loan Agreement and the Existing FRN Security Documents issued or (as the case may be) entered into in relation to the Existing FRN Bonds. 
 “Existing FRN Security Documents” means (i) the fourth ranking agreed form security document entered or to be entered into in favor of the security trustee under the Senior Credit
Agreement for and on behalf of the Existing FRN Trustee over the shares of the Borrower; (ii) the third and fourth ranking agreed form security documents entered or to be entered into in favor of the security trustee under the Senior Credit
Agreement for and on behalf of the Existing FRN Trustee over the Existing High Yield Funding Loan and the Existing FRN Funding Loans; (iii) the additional third and fourth ranking agreed form security documents entered or to be entered into in
favor of the security trustee under the Senior Credit Agreement for and on behalf of the Existing FRN Trustee over the Funding Loans; (iv) the fourth and fifth ranking agreed form security document entered or to be entered into in favor of the
security trustee under the Senior Credit Agreement for and on behalf of the Existing FRN Trustee over the Funding Loans; (v) the Original Obligor Share Securities in respect of shares in Invitel (as of the effectiveness of the amendments to be
made thereto pursuant to the Second Original Obligor Share Securities Amendment Agreements); (vi) the second ranking agreed form share pledge entered or to be entered into in favor of the security trustee under the Senior Credit Agreement on
behalf of the Existing FRN Trustee and the Existing High Yield Trustee over the shares in Euroweb Romania; (vii) the HTCC Opco Share Security (as of the effectiveness of the amendments to be made thereto pursuant to the HTCC Opco Share Security
Agreement); (viii) the Original Obligor Share Securities Amendment Agreements; (ix) the Second Original Obligor Share Securities Amendment Agreements; (x) the Second HTCC Opco Share Security Agreement; (xi) the second ranking
agreed form share pledges entered into or to be entered into in favor of the security trustee under the Senior Credit Agreement on behalf of the Existing FRN Trustee, the Existing High Yield Trustee and the Security Agent over the shares in Memorex;
(xii) the second ranking agreed form share pledge entered into or to be entered into in favor of the security trustee under the Senior Credit Agreement on behalf of the Existing FRN Trustee, the Existing High 

  

 10 

 
Yield Trustee and the Security Agent over the shares in the Turkish Subsidiary; (xiii) the Invitel Telecom Share Security, (xiv) any pledge or (as
the case may be) charge over the shares of any other obligor provided that (a) such shares are simultaneously (by way of a first ranking pledge) charged or (as the case may be) pledged to the Senior Creditors and (b) such security is at
all times second ranking by and subject to the terms of the Intercreditor Deed; and (xv) the Intercreditor Deed. 
 “Existing
FRN Trustee” means the FRN Note Trustee, as defined in the Intercreditor Deed, or any successor trustee acting for the benefit of and on behalf of the holders of the Existing FRN Bonds provided that such successor trustee simultaneously
therewith becomes a party to the Intercreditor Deed. 
 “Existing High Yield Funding Loan” means the Euro 140,128,440
loans (representing the principal amount at maturity of Euro 142,000,000, issued at a discount of 98.682 percent) made by the Borrower to Invitel representing the proceeds of the Existing High Yield Notes provided that such funding loan bears
interest at the same rate as the Existing High Yield Notes together with an additional margin of not more than 0.22 percent per annum. 
 “Existing High Yield Funding Loan Agreement” has the meaning given to it in the Intercreditor Deed. 
 “Existing High Yield Notes” means the Euro 142,000,000 in aggregate
principal amount 10  3/4% senior notes issued by Magyar Telecom B.V., maturing on August 15, 2012. 

“Existing High Yield Offering Documents” means documents comprising of the indenture, the offering memorandum, the Existing
High Yield Funding Loan Agreement and the Existing High Yield Security Documents issued or (as the case may be) entered into in relation to the Existing High Yield Notes. 
 “Existing High Yield Security Documents” means (i) the second ranking agreed form security document entered into in favor of the security trustee under the Senior Credit Agreement for and
on behalf of the Existing High Yield Trustee over the shares of the Borrower; (ii) the second ranking agreed form security documents entered into in favor of the security trustee under the Senior Credit Agreement for and on behalf of the
Existing High Yield Trustee over the Existing High Yield Funding Loan and the Existing FRN Funding Loans; (iii) the additional second ranking agreed form security documents entered into in favor of the security trustee under the Senior Credit
Agreement for and on behalf of the Existing High Yield Trustee over the Funding Loans; (iv) the fourth ranking agreed form security documents entered into in favor of the security trustee under the Senior Credit Agreement for and on behalf of
the Existing High Yield Trustee over the Existing High Yield Funding Loan and the Existing FRN Funding Loans; (v) the fourth and fifth ranking agreed form security documents entered into in favor of the security trustee under the Senior Credit
Agreement for and on behalf of the Existing High Yield Trustee over the Funding Loans; (vi) the Original Obligor Share Securities in respect of shares in the Borrower (as of the effectiveness of the amendments to be made thereto pursuant to the
Second Original Obligor Share Securities Amendment Agreements); (vii) the second ranking share pledge entered or to be entered into on behalf of the security trustee under the Senior Credit Agreement in favor of the Existing High Yield Trustee
and the Existing FRN Trustee over the shares in Euroweb Romania; (viii) the HTCC Opco Share Security (as of the effectiveness of the amendments to be made to thereto pursuant to the Second HTCC Opco Share Security Agreement); (ix) the
Original Obligor Share Securities Amendment Agreements; (x) the Second Original Obligor Share Securities Amendment Agreements; (xi) the Second HTCC Opco Share Security Agreement, (xii) the second ranking agreed form share pledge
entered into or to be entered into in favor of the security trustee under the Senior Credit Agreement on behalf of the Existing FRN Trustee, the Existing High Yield Trustee and the Security Agent over the shares in Memorex; (xiii) the second
ranking agreed form share pledge entered into or to be entered into in favor of 

  

 11 

 
the security trustee under the Senior Credit Agreement on behalf of the Existing FRN Trustee, the Existing High Yield Trustee and the Security Agent over the
shares in the Turkish Subsidiary; (xiv) the Invitel Telecom Share Security, (xv) any pledge or (as the case may be) charge over the shares of any other obligor provided that (a) such shares are simultaneously (by way of a first
ranking pledge) charged or (as the case may be) pledged to the Senior Creditors and (b) such security is at all times second ranking by and subject to the terms of the Intercreditor Deed; and (xvi) the Intercreditor Deed. 
 “Existing High Yield Trustee” means The Bank of New York of One Canada Square, London E14 5AL or any successor trustee acting for
the benefit of and on behalf of the holders of the Existing High Yield Notes provided that such successor trustee simultaneously therewith becomes a party to the Intercreditor Deed. 
 “Existing Transaction Debt” means (i) the Existing High Yield Notes, any bridge facility financing the repurchase of the
Existing High Yield Notes and any high yield bonds issued to refinance such bridge facility and (ii) the Existing FRN Bonds, any bridge facility financing the repurchase of the Existing FRN Bonds and any high yield bonds issued to refinance
such bridge facility. 
 “Extended Maturity Date” means the date falling seven years after the Initial Maturity Date.

 “Facility Office” means the office(s) notified by a Lender to the Administrative Agent: 
 (a) on or before the date it becomes a Lender; or 
 (b) by not less than five Business Days’ notice, 
 as the office(s) through which it will perform its obligations under this Credit Agreement. 
 “Fee Letter” means that certain Fee Letter, dated December 19, 2007 between the Borrower and the Arrangers. 
 “Finance Document” means this Credit Agreement, any Accession Document, any Assignment and Acceptance, the Engagement Letter, any Fee Letter, any Hedging Documents, the Intercreditor Deed, the Intercreditor Deed
Supplemental Deed, the Second Intercreditor Deed Supplemental Deed, any Transaction Security Document, any Utilization Notice and any other document designated as a “Finance Document” by the Administrative Agent and the Borrower.

 “Finance Lease” means a lease treated as a finance lease pursuant to the Accounting Principles. 
 “Finance Parties” means the Bridge Finance Parties and the Senior Finance Parties. 
 “Financial Year” means the annual accounting period of the Group ending on December 31 each year. 
 “Fitch” means Fitch Ratings Ltd. or any successor to its rating business. 
 “FRN Spread to Maturity” shall mean the spread over EURIBOR to maturity derived from the average of the prices quoted in respect
of the Existing FRN Bonds by the Arrangers that are executable for Euro 5,000,000 or more. The FRN Spread to Maturity shall be calculated by the Administrative Agent and shall be binding on the parties. 
  

 12 

 “Funding Loan” means the up to Euro 61,000,000 loan owed by Invitel to the
Borrower and the up to Euro 39,000,000 loan owed by Memorex to the Borrower each representing part of the proceeds of the Bridge Loans and which bear interest at the same rate as the Bridge Loans (or, after the issuance of the Bridge Borrower High
Yield Notes, the Bridge Borrower High Yield Notes) plus a margin of 0.11 percent. 
 “Funding Loan Agreement” has the
meaning given to the term “Subordinated Funding Loan Agreement” in the Intercreditor Deed. 
 “Funds Flow
Statement” means the statement in the agreed form prepared by the Borrower showing all payments to and/or by members of the Group in connection with the Bridge Loan and the Acquisition and the flow of funds occurring on and immediately
before and after the Completion Date. 
 “Governmental Entity” means any nation or government, any state or political
subdivision or any agency, authority, regulatory body, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any securities exchange and any self-regulatory organization in each
case whether foreign or domestic. 
 “Group” means the Borrower and its Subsidiaries from time to time. 

“Group Structure Chart” means a corporate structure chart in relation to the Group in the agreed form. 
 “Guarantee” means the guarantee by each of the Guarantors pursuant to ARTICLE X hereof. 
 “Guaranteed Obligations” has the meaning specified in Section 10.1(a). 
 “Guarantors” means the Original Guarantors and each Additional Guarantor. 
 “Hedging Debt” has the meaning given to it in the Intercreditor Deed. 
 “Hedging Documents” has the meaning given to it in the Intercreditor Deed. 
 “Holdco I” means HTCC Holdco I B.V., a company incorporated in The Netherlands with its registered office at Locatellikade 1,
1076 AZ, Amsterdam, The Netherlands. 
 “Holding Company” of any other person, means a person in respect of which
that other person is a Subsidiary. 
 “HTCC” means Hungarian Telephone and Cable Corp. 
 “HTCC Acquisition” means the acquisition by Holdco I of the Parent on the terms of the HTCC Acquisition Documents. 
 “HTCC Acquisition Agreement” means the sale and purchase agreement between HTCC and Invitel Holdings N.V. dated 8 January
2007 relating to the HTCC Acquisition. 
 “HTCC Acquisition Documents” means the HTCC Acquisition Agreement and any
other document designated as an “HTCC Acquisition Document” by the Facility Agent and the Parent. 
 “HTCC Completion
Date” means the date of completion of the HTCC Acquisition in accordance with clause 5 of the HTCC Acquisition Agreement. 
  

 13 

 “HTCC Group” means HTCC and its Subsidiaries. 
 “HTCC Opco Share Security” has the meaning given to it in the Senior Credit Agreement. 
 “HTCC Operating Company” means Invitel Technocom. 
 “Hungarian Account Charges Amendment Agreements” means the amendment agreements entered into by each Original Obligor and the Security Trustee in relation to the Original Obligor Account
Charges governed by Hungarian law. 
 “IFRS” means International Financial Reporting Standards issued and/or adopted
by the International Accounting Standards Board. 
 “Immaterial Subsidiaries” means any member of the HTCC Group
(i) whose assets or revenues or EBITDA are less than two percent of the HTCC Group’s consolidated assets or consolidated revenues or Consolidated EBITDA, determined by reference to the most recent Quarterly Management Accounts in
respect of a Quarter Period ending on a Quarter Day delivered to the Administrative Agent under this Credit Agreement, provided that if such Immaterial Subsidiaries taken together on such Quarter Day exceed five percent of the HTCC Group’s
consolidated assets or consolidated revenues or Consolidated EBITDA then the Immaterial Subsidiary whose total revenues on such Quarter Day are the highest shall be deemed to be a Material Subsidiary for the purpose of this Credit Agreement and
(ii) who has not provided a subordinated guarantee under the Existing High Yield Offering Documents or under the Existing FRN Offering Documents, or in respect of the Bridge Finance Documents. In determining Immaterial Subsidiaries and Material
Subsidiaries for the purpose of this definition, following any acquisition by a member of the HTCC Group, the consolidated assets, the consolidated revenues and Consolidated EBITDA of the HTCC Group shall be adjusted to take account of the revenues,
the assets and the EBITDA attributable to the acquisition in respect of the Quarterly Period ending on such Quarter Day. 
 “Indebtedness” means any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future, actual or contingent. 
 “Indemnified Party” has the meaning specified in Section 12.1. 
 “Indemnifying Party” has the meaning specified in Section 12.1. 
 “Indenture” means the indenture in relation to the Bridge Borrower High Yield Notes. 
 “Information Package” means collectively, the Base Case Model, the Reports and the bank presentation dated 11 January 2008.

 “Initial Maturity Date” means the one-year anniversary of the Completion Date. 
 “Intellectual Property Rights” means any patent, trade mark, service mark, registered design, trade name or copyright required to
carry on the business of any member of the Group. 
 “Intercreditor Deed” means the intercreditor deed dated
6 August 2004, entered into by, inter alios, the security trustee under the Senior Credit Agreement, Matel Holdings N.V., the obligors under the Senior Credit Agreement, the Hedge Counterparties (as such term is defined in the
Intercreditor Deed) and the Existing High Yield Trustee (as such term is defined in the Intercreditor Deed) as amended and restated on 27 April 2007 pursuant to the Intercreditor Deed Supplemental Deed and as amended and restated (or to be
amended and restated) pursuant to the Second Intercreditor Deed Supplemental Deed. 
  

 14 

 “Intercreditor Deed Supplemental Deed” means the supplemental deed dated
27 April 2007 amending and restating the Intercreditor Deed between, inter alios, the security trustee under the Senior Credit Agreement, Matel Holdings N.V., the obligors under the Senior Credit Agreement, the Hedge Counterparties (as
such term is defined in the Intercreditor Deed), the Existing High Yield Trustee, the Security Agent and the Existing FRN Note Trustee. 
 “Interest Payment Date” means (a) the last day of each Interest Period, (b) the Maturity Date and (c) the date of any prepayment of all or any portion of the principal of the Loans. 
 “Interest Period” means, in respect of any Loan, (a) in the case of the first Interest Period (if any) applicable to the
Bridge Loans, the period commencing on and including the Completion Date and ending on the numerically corresponding date in the third month thereafter, and (b) in the case of each subsequent Interest Period, the period beginning on the last
day of the prior Interest Period and ending on the numerically corresponding date in the third month thereafter; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended until the next succeeding Business Day unless the next Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Notwithstanding the foregoing, no Interest Period in
respect of the Bridge Loans may extend beyond the Maturity Date and each Interest Period that would otherwise commence before and end after the Maturity Date shall end on the Maturity Date. 
 “Intergroup Loan Agreements” means any loan agreements entered into between members of the Group (including, without limitation,
the Existing High Yield Funding Loan Agreement, the Existing FRN Funding Loan Agreements and the Funding Loan Agreements). 
 “Invitel” means Invitel Zrt. 
 “Invitel Technocom” means Invitel Technocom
Távközlési Korlátolt Felelõsségû Társaság, a company incorporated in Hungary with registration number Cg. 14-09-305167. 
 “Invitel Telecom” means Invitel Telecom Kft., a company incorporated under the laws of Hungary with registered number Cg.
01-09-695967. 
 “Invitel Telecom Share Security” has the meaning given to it in the Senior Credit Agreement.

 “IPO Subsidiary” means any newly incorporated Subsidiary of the Borrower, the voting and economic interest of
which is held 100 percent by the Borrower and which is incorporated in Hungary and created solely for the purpose of acting (directly or indirectly) as a 100 percent Holding Company of the Group in connection with an initial public
offering of shares. 
 “Joint Venture” means any joint venture entity, whether a company, unincorporated firm,
undertaking, association, joint venture or partnership or any other entity. 
 “Judgment Currency” has the meaning
specified in Section 14.11. 
 “Lenders” means (a) each person that has executed a counterpart to this
Credit Agreement (other than an Obligor and other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that has become a party hereto pursuant to an 

  

 15 

 
Assignment and Acceptance; provided that, neither the Borrower nor any of its Affiliates shall be included in the definition of Lenders for purposes
of any consent, waiver, amendment or other vote taken by the Lenders under this Agreement. 
 “Licenses” means
(i) the Universal Service Agreements, any notifications under the Hungarian Act C of 2003 on electronic communications, the Emergency Romanian Government Ordinance no. 79/2002 on the general communications regulatory framework, approved with
amendments by law no. 591 of 29 October 2002, as subsequently amended and completed, the Turkish Telegraph and Telephone Law No. 406, the Turkish Radio Law No. 2813, and the Turkish Regulation on Authorization of Telecommunication
Services and Infrastructures and any other secondary legislation issued by the Turkish Telecommunications Authority, (ii) any license issued by the Hungarian Communications Authority, the Romanian National Regulatory Authority for
Communications and Information Technology, the Turkish Telecommunications Authority and any replacement of any of the same required by the Group, and (iii) any additional or replacement concession or similar contracts under any
Telecommunications Laws applicable in Austria, Hungary, Romania and Turkey to carry on the Telecoms Business of the Group. 
 “Loan” means a Bridge Loan or a Term Loan. 
 “Major Companies” means Invitel
Technocom, Invitel, Invitel Telecom and Euroweb Romania. 
 “Major Event of Default” has the meaning specified in
Section 6.3(c)(iii). 
 “Major Representation” has the meaning specified in Section 6.3(c)(i). 

“Major Undertaking” has the meaning specified in Section 6.3(c)(ii). 
 “Majority Lenders” means, at any time, Lenders holding at least a majority of the then aggregate unpaid principal balance of the
Loans, or, if no such principal amount is then outstanding, Lenders having at least a majority of the total Commitments; provided that, for purposes hereof, neither the Borrower nor any of its Affiliates shall be included in (a) the
Lenders holding such amount of the Loans or having such amount of the Commitments or (b) determining the aggregate unpaid principal amount of the Loans or the total Commitments. 
 “Mandated Lead Arrangers” has the meaning specified in the preamble to this Credit Agreement. 
 “Mandatory Cost” means the percentage rate per annum calculated by the Administrative Agent in accordance with Schedule 3.

 “Market Disruption Event” has the meaning specified in Section 2.14(a). 
 “Market Transaction” has the meaning specified in Section 2.5(b). 
 “Material Adverse Effect” means anything which is materially adverse to: 
 (a) the business, assets or financial condition of the Group taken as a whole; 
 (b) the ability of the Obligors (taken as a whole) to comply with any of their payment obligations under any of the Finance Documents; or

  

 16 

 (c) the validity or enforceability of any Security expressed to be created pursuant to
any Transaction Security Document, in a manner not contemplated by the Reservations or the Perfection Requirements, which is reasonably likely to materially adversely affect the interests of the Lenders, 
 and, in respect of any event or circumstance, only the net effect on the Group of event or circumstance shall be considered, taking into account (without limitation) any
counterclaim or right of counterclaim or set-off of any member of the Group and/or any anticipated proceeds receivable by any member of the Group from any insurance, warranty or other claim in respect thereof. 
 “Material Group” means the Borrower and its Material Subsidiaries from time to time. 
 “Material Subsidiary” means all Subsidiaries of the Borrower, other than the Immaterial Subsidiaries. 
 “Maturity Date” means the Initial Maturity Date or Extended Maturity Date, as the case may be. 
 “Memorex” means Memorex Telex Communications AG a company incorporated under the laws of Austria with registered number FN 99090
x. 
 “Memorex Shareholder Squeeze Out” means the acquisition by Invitel of all of the remaining shares in Memorex,
comprising 4.35 percent of the shares in Memorex owned by certain minority shareholders, based on a squeeze out following the Completion Date in accordance with Austrian law. 
 “Moody’s” means Moody’s Investors Service Limited or any successor to its ratings business. 
 “Necessary Authorizations” means all approvals, authorizations and licenses (other than the Licenses) from, all rights granted by
and all filings, registrations and agreements with any person including, without limitation, any government or other regulatory authority necessary in order to enable each member of the Group to carry out the Telecoms Business which is carried on at
the relevant time. 
 “Net Proceeds” means the cash proceeds (and if the recipient is not a wholly-owned subsidiary
of a member of the Group, the proceeds proportionate to the interest held by the Group in the recipient) of any disposal or insurance claim after deducting: 
 (a) fees costs and expenses incurred by any member of the Group with respect to that disposal or claim to persons who are not members of
the Group (including without limitation bonus payments to management of the disposed business); 
 (b) any tax incurred and
required to be paid by, and any tax which is or reserved for by, the seller or claimant in connection with that disposal or claim (as reasonably determined by the seller or claimant) or the transfer of the proceeds thereof intra-Group; 

(c) amounts retained to cover anticipated liabilities reasonably expected to arise in connection with the disposal; and 
 (d) costs of closure, relocation, reorganization and restructuring, and costs incurred preparing the asset for disposal. 
 “New Equity” means the proceeds of a subscription for shares in the Borrower or any other form of equity contribution to the
Borrower. 
  

 17 

 “New York Court” has the meaning specified in Section 14.5. 
 “Net Working Capital” means, at any time, the aggregate of the Current Assets of the Group at such time less the aggregate of the
Current Liabilities of the Group at such time. 
 “Non-Obligor” means a member of the Group which is not an Obligor.

 “Obligation Currency” has the meaning specified in Section 14.11. 
 “Obligations” means all now existing and hereafter arising obligations and liabilities of any of the Obligors to any and all of
the Lenders arising under or in connection with the Bridge Finance Documents, whether absolute or contingent, and whether for principal, interest, penalties, premium, fees, indemnifications, reimbursements, damages, or otherwise and specifically
including post-petition interest (whether or not an allowable claim). 
 “Obligor” means each of the Borrower and any
Guarantor. 
 “Officer” means, with respect to any person, the Chairman of the Board, the Chief Executive Officer,
the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, Vice-President or a Director of such person. 
 “Officers’ Certificate” means a certificate signed on behalf of either the Borrower or any Guarantor by two Officers (or, in
the case of the Borrower, by the sole director of the Borrower), one of whom must, in the case of any Guarantor, be the Principal Executive Officer, the Principal Finance Officer, the Treasurer or the Principal of such Guarantor. 
 “Original Financial Statements” means the audited financial statements of Invitel, the audited consolidated financial statements
of the Group and the audited consolidated financial statements of the HTCC Group in respect of the financial year ended 31 December 2006. 
 “Original Guarantor” has the meaning specified in the preamble to this Credit Agreement. 
 “Original Lenders” means Merrill Lynch International Bank Limited, London Branch and BNP Paribas. 
 “Original Obligor” means the Borrower or an Original Guarantor. 
 “Original Obligor Share
Securities” has the meaning specified in the Senior Credit Agreement. 
 “Original Obligor Share Securities Amendment
Agreements” has the meaning specified in the Senior Credit Agreement. 
 “Original Shareholder”
means Vivendi Telecom International S.A., a société anonyme incorporated under the laws of France with its registered office at 42 avenue de Friedland, 75008 Paris, France. 
 “Other Taxes” has the meaning specified in Section 2.10(b). 
 “Parent” means Matel Holdings N.V. (formerly Telemark N.V.), a limited liability company incorporated under the laws of
Netherlands Antilles (Registered number: 86225) with its registered address at Schottegatweg Oost 44, Willemstad Curaçao, Netherlands Antilles. 
  

 18 

 “Parent Group” means the Parent and its Subsidiaries from time to time.

 “Parent Loan Agreements” means any loan agreements between the Parent as lender and the Borrower. 
 “Participating Member State” means a member state of the European Community that adopts or has adopted the euro as its lawful
currency under the legislation of the European Community for Economic Monetary Union. 
 “Participants” has the
meaning specified in Section 7.4(a). 
 “Payment Default” means (a) any Default under Section 8.2,
(b) any matured or unmatured default under the analogous provisions of any of the Finance Documents or (c) any payment default under the Fee Letter. 
 “Perfection Requirements” means the making or the procuring of the appropriate registrations, filing, endorsements, notarization, stampings and/or notifications of the Transaction Security
Documents and/or the Transaction Security created thereunder. 
 “Permanent Securities” means any Permanent
Securities as defined in the Engagement Letter. 
 “Permitted Borrowings” means: 
 (a) any Borrowed Money arising hereunder or under the Finance Documents; 
 (b) any Borrowed Money approved by the Administrative Agent (acting on the instruction of the Majority Lenders); 
 (c) any Borrowed Money included within Permitted Intra-Group Transactions, Permitted Loans or Permitted Guarantees; 
 (d) any Borrowed Money arising under the interest and/or currency rate protection arrangements referred to in Section 4.27;

 (e) arising under any cash pooling or cash management arrangement but for so long as any such arrangement which exceeds
Euro 1,000,000 does not permit credit balances of Obligors to be netted or set off against debt balances of members of the Group which are not Obligors; 
 (f) arising under any arrangements entered into between members of the Group which arrangements are referred to in the Steps Paper or the Structure Memorandum; 
 (g) arising under any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking
arrangements for the purpose of netting debit and credit balances of members of the Group; 
 (h) any Subordinated Shareholder
Debt; 
 (i) any Borrowed Money arising under the Senior Credit Agreement (provided that in the event the proceeds of any
Permitted Disposal are used to prepay the Senior Credit Agreement, such amounts prepaid may not be re-borrowed pursuant to this paragraph (i)); 
  

 19 

 (j) any Borrowed Money arising under the Existing High Yield Notes or the Existing FRN
Bonds provided that such Borrowed Money is at all times ranked (subject to the terms of the Intercreditor Deed and the Transaction Security Documents entered into by the Borrower) pari passu with the obligations of the Borrower under the Guarantee
by and subject to the terms of the Intercreditor Deed; 
 (k) arising under the Finance Leases of Memorex, provided such
Finance Leases exist on the date of this Credit Agreement; 
 (l) any Borrowed Money arising under the Permanent Securities or
any other refinancing of the Loans pursuant to the Engagement Letter; and 
 (m) any Borrowed Money of the Group (including
Borrowed Money arising under Finance Leases other than the Finance Leases of Memorex permitted pursuant to paragraph (j) above) not within paragraphs (a) to (k) above, not exceeding at any time in aggregate Euro 25,000,000 or its
equivalent. 
 “Permitted Disposals” means: 
 (a) the application of cash in (i) the acquisition of assets or services in the ordinary course of business, not, in any such case,
prohibited by the terms of this Credit Agreement or any Transaction Security Document, (ii) the making of investments or capital expenditure permitted by Section 4.26 or (iii) the repayment of Permitted Borrowings and the servicing
thereof provided that the same is not prohibited or otherwise restricted by the terms of this Credit Agreement and/or the Intercreditor Deed; 
 (b) any disposals approved by the Administrative Agent (acting on the instructions of the Majority Lenders); 
 (c) the disposal of any unnecessary or obsolete assets; 
 (d) the disposal of assets on bona
fide arm’s length commercial terms in the ordinary course of business provided that the proceeds of the disposal are applied in mandatory prepayment of the Loans under Section 2.5; 
 (e) the disposal of the assets of an Immaterial Subsidiary as part of any voluntary solvent proceeding which corresponds with, or has an
effect equivalent or similar to, any of those mentioned in Section 8.10 to Section 8.14 inclusive, provided that the Borrower notifies the Administrative Agent of the disposal and the proceeds of the disposal are applied in mandatory
prepayment of the Loans under Section 2.5; 
 (f) the disposal of any shares in any of Pécsi
Hirközlési Rt., Székesfehérvári Hírközlési Kft or CableNet Rt.; 
 (g) to
the extent that such disposal is not, and will not lead to, any breach of law the disposal by V-holding of its shares in Invitel to the Borrower provided that such shares remain at all times charged and/or pledged to the Security Agent pursuant to
the Transaction Security Documents; 
 (h) any disposals included within Permitted Intra-Group Transactions; 
  

 20 

 (i) the disposal of shares of any IPO Subsidiary provided that, if it is required, the
proceeds of the shares are applied in mandatory prepayment of the Loans under Section 2.5; 
 (j) a disposal of trading
assets made by any member of the Group in the ordinary course of trading of the disposing entity; 
 (k) a disposal of any
asset from an Obligor to a member of the Group which is not an Obligor provided that the aggregate value of all assets so transferred (net of the value of any assets transferred from a member of the Group which is not an Obligor to an Obligor) does
not exceed Euro 1,000,000 (or its equivalent) in any financial year of the Borrower; 
 (l) a disposal constituted by a
license of Intellectual Property entered into in the ordinary course of business or for the purposes of managing the brand portfolio of the Group, but (in the case of any exclusive license) only if the relevant Intellectual Property is no longer
required for the business or operation of the disposing person; 
 (m) a disposal which is a lease or license of real property
in the ordinary course of business; 
 (n) a disposal referred to in the Steps Paper or the Structure Memorandum; 

(o) a disposal arising as a result of any Permitted Encumbrance; 
 (p) a disposal of receivables on a non-recourse basis where the net consideration receivable (when aggregated with the net consideration
receivable for any other such disposal in the same financial year of the Group) does not exceed Euro 3,000,000 (or its equivalent) in any financial year of the Group; 
 (q) the sale or other disposal of defaulted accounts receivables in the ordinary course of business where such sale or disposal is not as
part of an accounts receivables financing transaction and where such sale or disposal is on non-recourse terms to the Group; 
 (r) a disposal of fixed assets where the proceeds of disposal are applied, committed to be so applied or designated by the board of directors of the Borrower to be so applied within 12 months of that disposal or committed to be used within
12 months of receipt to (i) purchase replacement fixed assets used or useful in the business of the Group or (ii) make a Permitted Investment (provided that, in the case of a commitment or designation, they are then so applied within 18
months of receipt of such proceeds); 
 (s) any disposal of the real property situated at Szt István tér 1,
Békéscsaba, Land Registry No. Belterület 2 or the duct in Székesfehérvár or Pécs owned by the Borrower; 
 (t) a disposal of assets (other than shares or businesses), in exchange for other assets reasonably comparable or superior as to type, value or quality; 
 (u) a disposal of Cash or Cash Equivalent Investments for Cash or other Cash Equivalent Investments; 
 (v) disposals undertaken as part of any restructuring program in the period up to 4 years after the HTCC Completion Date subject to an
aggregate limit in such period of Euro 5,000,000 (or its equivalent); 
  

 21 

 (w) the disposal by Invitel to the Borrower of one share in Memorex for the purposes of
facilitating the Memorex Shareholder Squeeze Out; and 
 (x) a disposal of assets for cash where the net consideration
receivable (when aggregated with net consideration receivable for any other sale, lease, license, transfer or other disposal not allowed under the preceding paragraphs) does not exceed Euro 5,000,000 (or its equivalent) in any financial year of the
Borrower. 
 “Permitted Encumbrances” means: 
 (a) any Encumbrance arising hereunder or under any of the Transaction Security Documents; 
 (b) any Encumbrance which the Administrative Agent, acting on the instructions of the Majority Lenders, has at any time in writing agreed
shall be a Permitted Encumbrance; 
 (c) any Encumbrance arising in the ordinary course of business by operation of law;

 (d) any Encumbrance arising out of title retention provisions in any suppliers contract in the ordinary course of trading;

 (e) any Encumbrance given or to be given pursuant to the requirement of any regulatory authority in the ordinary course of
its business; 
 (f) any Encumbrance arising under Finance Leases to the extent amounts outstanding under such Finance Leases
fall under paragraph (k) of the definition of Permitted Borrowings (provided that such Encumbrance shall only cover assets which are the subject of such Finance Leases); 
 (g) any Encumbrance arising under paragraph (e) of the definition of Permitted Intra-Group Transactions; 
 (h) any Encumbrance over any member of the Group’s bank accounts granted in favor of a Lender and arising in the standard business
terms of such bank or, in the event that the Lenders are not willing to offer the relevant member of the Group the banking services required on competitive commercial terms, or at all, any Encumbrance over any member of the Group’s bank
accounts granted in favor of any bank or financial institution from which the relevant member of the Group obtains such services and arising in the standard business terms of such bank or financial institution; 
 (i) any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the
purpose of netting debit and credit balances of members of the Group but only so long as such arrangement is not established with the primary purpose of preferring any Lenders; 
 (j) any Encumbrance arising under any of the Existing High Yield Offering Documents, the Existing FRN Offering Documents and the Senior
Security Documents; 
 (k) any Encumbrance arising by operation of law in respect of Taxes being contested in good faith; and

  

 22 

 (l) any Encumbrance created by the Group not within paragraphs (a) to (k) above
and securing Indebtedness in aggregate not exceeding Euro 5,000,000 or its equivalent at any time that has not been repaid and/or discharged and where the assets the subject of such Encumbrance have an aggregate book value not exceeding
Euro 5,000,000 or its equivalent. 
 “Permitted Financial Investments” means on any date investments in:

 (a) euro or HUF denominated securities which are freely negotiable and marketable: 
 (i) which are rated at least AA by S&P or Aa2 by Moody’s; or 
 (ii) are issued by the Republic of Hungary. 
 (b) certificates of deposits, floating rate notes, acceptances issued in euro and HUF and euro and HUF denominated deposit and current accounts of and time deposits with banks which are HUF Lenders or banks which have
a credit rating from S&P or Moody’s as A or its equivalent or better or euro denominated cash funds managed by any HUF Lender or banks which have a credit rating from S&P or Moody’s as A or its equivalent or better, with a
maturity, in each case, of not more than twelve months; 
 (c) euro and HUF denominated commercial paper rated at least A1 by
S&P or at least P1 by Moody’s, with a maturity of not more than six months; or 
 (d) securities which are Cash
Equivalent Investments. 
 “Permitted FRN Payments” has the meaning given to it in the Senior Credit Agreement.

 “Permitted Guarantees” means: 
 (a) any guarantees or indemnities arising hereunder or under the Finance Documents; 
 (b) any guarantees or indemnities approved by the Administrative Agent (acting on the instructions of the Majority Lenders); 

(c) any guarantees or indemnities included within Permitted Intra-Group Transactions; 
 (d) any guarantees or indemnities included within Permitted Borrowings; 
 (e) any guarantees or indemnities given by a member of the Group (other than the Borrower) in respect of any Permitted Borrowing of
another member of the Group (other than the Borrower) and/or by the Borrower in respect of any Permitted Borrowing of a member of the Group; 
 (f) any subordinated guarantee included within the terms of the Existing High Yield Offering Documents or the Existing FRN Offering Documents given by any Obligor and any future guarantee granted in accordance with
the Existing High Yield Offering Documents or the Existing FRN Offering Documents to the extent allowed by this Credit Agreement and the Intercreditor Deed in favor of the Existing High Yield Trustee or the Existing FRN Trustee, in connection with
the Existing High Yield Offering Documents or the Existing FRN Offering Documents, provided that such guarantees are at all times subordinated to the Loans by and subject to the terms of the Intercreditor Deed; 
  

 23 

 (g) any guarantees or indemnities provided to banks providing loans to employees of any
member of the Group (other than the Parent) in respect of such loans provided that the aggregate of the maximum liability thereunder (actual or contingent) together with the aggregate outstanding amount of all loans referred to in paragraph (m)
of the definition of Permitted Investments does not exceed Euro 3,000,000; 
 (h) any indemnities provided to the high yield
underwriters of the Existing High Yield Notes, the Existing FRN Bonds or the Bridge Borrower High Yield Notes given by any Obligor under the purchase agreement entered into in respect of the Existing High Yield Notes, the Existing FRN Bonds or the
Bridge Borrower High Yield Notes; 
 (i) a guarantee by an Obligor of obligations of a member of the Group which is a
non-Obligor provided that the aggregate amount guaranteed does not exceed Euro 5,000,000 (or its equivalent) in aggregate for the Group at any time; 
 (j) any guarantee made in substitution for an extension of credit permitted under the definition of “Permitted Loan” (other than loans within the category set out in paragraph (f) of that definition) to
the extent that the issuer of the relevant guarantee would have been entitled to make a loan in an equivalent amount under the definition of “Permitted Loan” to the person whose obligations are being guaranteed; 
 (k) any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (i) of the definition of
Permitted Encumbrance; 
 (l) any guarantee granted to the purchaser in connection with a Permitted Disposal, provided that
the aggregate amount of all such guarantees outstanding at any time shall not exceed Euro 5,000,000 (or its equivalent); or 
 (m) any guarantees or indemnities of the Group not included in paragraphs (a) to (h) (inclusive) above provided that the aggregate maximum liability thereunder (actual or contingent) when aggregated with Borrowed Money falling
under paragraph (g) of the definition of Permitted Borrowings does not exceed Euro 25,000,000 or its equivalent. 
 “Permitted HY Payment” has the meaning given to it in the Senior Credit Agreement. 
 “Permitted
Intra-Group Transactions” means: 
 (a) loans or credit made by (i) the Borrower to Invitel and
Invitel Technocom including, without limitation, the Existing High Yield Funding Loan and the Existing FRN Funding Loans, in each case, constituting Subordinated Shareholder Debt and, following the accession of Memorex and the Turkish Subsidiary to
this Credit Agreement, Memorex and the Turkish Subsidiary including, without limitation, the Funding Loans, in each case, constituting Subordinated Shareholder Debt (as such term is defined in the Intercreditor Deed) (ii) any member of the
Group (other than the Borrower) to another member of the Group (other than the Borrower or any Joint Ventures), (iii) the Borrower to V-holding for no more than the amount set out in the funds flow delivered pursuant to the Funds Flow Statement
provided that such loan is Subordinated Shareholder Debt and subject to the terms of a pledge of receivables and (iv) V-holding to CableNet Rt. for no more than HUF320,000,000 provided that such loan is used to pay outstanding invoices owed by
CableNet Rt. to V-holding; 
  

 24 

 (b) any transaction approved as a Permitted Intra-Group Transaction by the Administrative
Agent (acting on the instructions of the Majority Lenders); 
 (c) the payment or declaration of any dividend, return on
capital, repayment of capital contributions or other distributions by any of its Subsidiaries to the Borrower; 
 (d) any
payments or transfers of assets (including any value added Tax thereon, if applicable) from any member of the Group to another member of the Group provided that where the Subsidiary making such payment or transfer is a Subsidiary the shares in which
are subject to a share pledge, the Subsidiary to which such payment or transfer is made is also a Subsidiary the shares in which are subject to a share pledge; 
 (e) any rights of set off or loans arising by virtue of the Group being provided with any bona fide cash management and/or netting
arrangements for the Group; 
 (f) any payments made by a member of the Group to the Parent permitted pursuant to
paragraph (d), (f), (h) or (i) to (k) of “Permitted Payments”; 
 (g) any transaction required
to implement any of the steps set out in the Steps Paper (provided that any express conditions or restrictions in relation to such transaction set out in this Credit Agreement are complied with); and 
 (h) any payments of any guarantee fees from any Subsidiary to the Borrower required to ensure that the Borrower qualifies as an
“entrepreneur” for the purpose of VAT treatment in the Netherlands. 
 “Permitted Investments” means:

 (a) any transaction included within Permitted Disposals; 
 (b) any transaction included within Permitted Intra-Group Transactions; 
 (c) any transaction included within Permitted Financial Investments; 
 (d) any investments approved by the Administrative Agent (acting on the instructions of the Majority Lenders); 
 (e) an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group
in circumstances constituting a Permitted Disposal; 
 (f) the acquisition by the Borrower and Invitel of shares in Memorex
for the purposes of affecting the Memorex Shareholder Squeeze Out; 
 (g) an acquisition of securities which are Cash
Equivalent Investments; 
 (h) the acquisition by a member of the Group of the minority interest held in any person in which
it holds the majority interest; 
  

 25 

 (i) the acquisition of the issued share capital of a limited liability company (including
by way of formation) which has not traded prior to the date of its acquisition; 
 (j) any other investment/acquisition
(including, but not limited to, the acquisition of a mobile license) provided that: 
 (i) the consideration (in cash or
otherwise) together with Indebtedness assumed and Ongoing Funding Costs of all such acquisitions does not exceed Euro 10,000,000 (in aggregate) during the period commencing on the date hereof and ending on 30 June 2011 but excluding from
such limit the impact of the acquisition of 100 percent of the shares in Euroweb Hungary Zrt. and 99.9564 percent of Euroweb Romania; and 
 (ii) such person or asset acquired can be used or (as the case may be) engages in, or is being acquired for the purpose of engaging in, the Telecoms Business; and 
 (k) (A) in the case of an acquisition of the entire ownership interest in a person, such person becomes an Additional Guarantor as
soon as reasonably practicable following the making of such acquisition (and, in any event, no later than the earlier of (i) the date falling 30 days after the making of the acquisition and (ii) the date when any security or guarantee is
given by or in relation to the acquired person in relation to, the Existing FRN Bonds or the Existing High Yield Notes in accordance with the terms and conditions set out in Section 10.5) or (B) in the case of the acquisition of any other
ownership interest in any person, such share capital is charged, pledged or deposited (as the case may be) to the Security Agent pursuant to a share pledge and such person provides such documents and evidence as the Administrative Agent may
reasonably require that such share pledge constitutes valid and legally binding obligations enforceable in accordance with its terms or (C) in the case of the acquisition of an asset, such asset becomes the subject of a floating charge under a
Transaction Security Document; 
 (l) any creation of an IPO Subsidiary provided that such IPO Subsidiary simultaneously
therewith becomes an Additional Guarantor pursuant to the provisions of Section 10.5; 
 (m) any transaction required to
implement any of the steps set out in the Steps Paper (provided that any express conditions or restrictions in relation to such transaction set out in this Credit Agreement are complied with); and 
 (n) any loans from any member of the Group (other than the Parent) to employees of any member of the Group (other than the Parent)
provided that the aggregate amount outstanding under such loans together with (i) the aggregate maximum liability (actual or contingent) under all guarantees and indemnities referred to in paragraph (g) of the definition of Permitted
Guarantees and (ii) the aggregate amount outstanding under loans referred to in paragraph (i) of the definition of Permitted Loans does not exceed Euro 3,000,000. 
 “Permitted Loans” means: 
 (a) any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities and any advance payment made in relation to capital expenditure
in the ordinary course of business; 
  

 26 

 (b) to the extent permitted by the Intercreditor Deed, any loan made for the purposes of
enabling any Obligor to meet its payment obligations under the Finance Documents, any Existing Transaction Debt (if payment of such Existing Transaction Debt is permitted by the Intercreditor Deed), any Transaction Debt (if payment of such
Transaction Debt is permitted by the Intercreditor Deed), to make a Permitted Payment or to facilitate compliance with applicable law; 
 (c) any loan made by an Obligor to a member of the Group which is not an Obligor so long as the aggregate amount of the Indebtedness under any such loans does not exceed Euro 5,000,000 (or its equivalent) at any time;

 (d) deferred consideration on Permitted Disposals up to 25 percent of the sale considerations provided that the aggregate
amount outstanding at any time does not exceed Euro 3,000,000 (or its equivalent); 
 (e) loans referred to in the Steps Paper
or the Structure Memorandum; 
 (f) a credit balance on an account of a member of the Group with a bank or financial
institution; 
 (g) loans or extensions of credit to the extent the amount thereof would be permitted under the definition of
Permitted Guarantee (other than guarantees within the category set out in paragraph (j) of that definition) if such loans or extensions of credit were made by third parties under the guarantee of an Obligor; 
 (h) loans which constitute Permitted Borrowings (except under paragraph (d) of that definition); and 
 (i) any loan (other than a loan made by a member of the Group to another member of the Group) so long as the aggregate amount of the
Indebtedness under any such loans does not exceed Euro 3,000,000 (or its equivalent) at any time. 
 “Permitted
Payments” means any payments or transfers of assets (including any value added tax thereon, if applicable): 
 (a) [reserved]; 
 (b) [reserved]; 
 (c) consisting of a one off cash payment that satisfies in full the Group’s obligations to the Original Shareholder under the VTI
Vendor Note provided no Default has occurred and is continuing or would result from the making of any payment under this paragraph (c); 
 (d) to the Parent in respect of costs and expenses incurred in good faith on bona fide, arm’s length terms in the ordinary course of business by the Parent in acting as Holding Company of the Group provided that
(i) such costs and expenses do not exceed Euro 150,000 (or its equivalent) in aggregate in any financial year and (ii) no Default has occurred and is continuing or would result from the making of any payment under this paragraph (d);

 (e) any payment to HTCC to fund payments by HTCC to the holders of preference shares in HTCC up to an aggregate amount of
US$105,000 in any financial year of the Group; 
  

 27 

 (f) to the Parent, HTCC or any intermediate Holding Company in respect of operating
expenses of the Obligors up to the aggregate amount of Euro 7,000,000 in any financial year of the Group incurred in good faith by the Parent, HTCC or any intermediate Holding Company, in each case, on bona fide arm’s length commercial terms on
behalf of the Group; 
 (g) to HTTC in respect of management fees of up to the aggregate amount of Euro 1,000,000 in any
financial year from (and including) 2007, provided that no Default has occurred and is continuing or would result from the making of any payment under this paragraph (g); 
 (h) of amounts to any direct or indirect Holding Companies of the Obligors to fund any payment by the Holding Companies of the payments
referred to at paragraphs (f) and (g) above; 
 (i) consisting of a loan to the Parent, HTCC or any intermediate
Holding Company to enable the Parent, HTCC or any intermediate Holding Company to make any of the payments referred to in (d), (e), (f) and (h) above; 
 (j) payments to TDC or an advisor to TDC for advice or services actually provided to the Group on bona fide arms’ length commercial
terms up to an aggregate amount of Euro 2,000,000, provided that no Event of Default is continuing or would arise as a direct result of such payment; and 
 (k) a payment to fund the purchase of any of the management equity (together with the purchase or repayment of any related loans) and/or to make other compensation payments to departing management up to an aggregate
amount of Euro 5,000,000, provided that no Event of Default is continuing or would arise as a result of such payment. 
 “PIK
Notes Refinancing” means the repayment, prepayment or refinancing of any or all of the Euro 125,000,000 aggregate principal amount of Floating Rate Senior PIK Notes due 2013 initially issued by Invitel Holdings N.V. and assumed by
Holdco I B.V. 
 “Prepayment Date” has the meaning specified in Section 2.8. 
 “Primary Offering” means a further public offering of the shares in HTCC. 
 “Principal Agreements” means the documents and agreements listed in Schedule 5 together with any agreements replacing any of the
same. 
 “Purchaser Due Diligence Reports” means the Structure Memorandum, the legal due diligence report in respect
of Memorex and its Subsidiaries prepared by White & Case LLP dated December 13, 2007, the KPMG tax due diligence report in respect of Memorex and its Subsidiaries dated December 19, 2007 and the KPMG financial due diligence report
in respect of Memorex and its Subsidiaries dated December 19, 2007. 
 “Purchasers” has the meaning specified in
Section 7.3. 
 “Quarter Days” means 31 March, 30 June, 30 September and 31 December in
any year. 
 “Quarterly Management Accounts” means the quarterly accounts for each Quarterly Period of the HTCC Group
to be delivered to the Administrative Agent pursuant to Section 5.1. 
  

 28 

 “Quarterly Period” means each period of approximately three months commencing on
the day after a Quarter Day and ending on the next following Quarter Day. 
 “Rate Fixing Day” means the second
TARGET Day before the first day of an Interest Period (or other relevant period by reference to which interest or overdue amounts are calculated) for a Loan, or such other day as the Administrative Agent determines is generally treated as the rate
fixing day in the relevant currency by market practice in the relevant interbank market. 
 “Reference Banks” means,
in relation to EURIBOR and Mandatory Costs, the principal office of BNP Paribas and Merrill Lynch International Bank Limited, London Branch and any other bank or financial institution appointed as such by the Administrative Agent under this Credit
Agreement. 
 “Register” has the meaning specified in Section 7.7. 
 “Related Documents” means the Exchange Notes, the Exchange Note Indenture, any Assignment and Acceptance, any Accession Document,
the Escrow Agreement, the Engagement Letter, the Fee Letter, any Hedging Document, any Transaction Security Document, the Intercreditor Deed, the Intercreditor Deed Supplemental Deed, the Second Intercreditor Deed Supplemental Deed, any Utilization
Notice, and any other document or agreement designated as such by the Administrative Agent, on the one hand, and the Borrower on the other hand. 
 “Relevant Jurisdiction” means each jurisdiction in which a member of the Group is incorporated or formed or in which such member of the Group has its principal place of business or owns any material assets or in
which any action contemplated by this Credit Agreement takes place or is to take place. 
 “Relevant Substance” means
(i) any radioactive emissions, (ii) any electrical or electromagnetic emissions and (iii) any substance whatsoever (whether in a solid or liquid form or in the form of a gas or vapor and whether alone or in combination with any other
substance) which is capable of causing harm to man or any other material living organism supported by the environment (both natural and built), or materially damaging the environment (both natural and built) or public health or welfare. 

“Repeating Representations” means each of the representations set out in Section 3.2 to Section 3.15. 
 “Reports” means: 
 (a) the Vendor Due Diligence Reports; and 
 (b) the Purchaser Due Diligence Reports.

 “Request” means a request for credit made by the Borrower through the delivery of a Utilization Notice.

 “Requirement of Law” means as to any person, the certificate of incorporation and by-laws or other organizational
or governing document of such person, and any law, treaty, rule, regulation or determination of an arbitrator or a court of other Governmental Entity in each case applicable to or binding upon such person or any of its property or to which such
person or any of its property is subject. 
  

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 “Reservations” means: 
 (a) the principle that equitable remedies are remedies which may be granted or refused at the discretion of the court, the principle of
reasonableness and fairness, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganization, court schemes, moratoria, administration and other laws generally affecting the rights of creditors; 
 (b) the time barring of claims under applicable limitation laws (including the Limitation Acts), the possibility that an undertaking to
assume liability for or to indemnify a person against non-payment of stamp duty may be void, defences of set-off or counterclaim; 
 (c) limitations under Hungarian law in relation to the following: 
 (i) the enforceability of the right of the
Security Agent to represent the Finance Parties in front of Hungarian courts in relation to the Finance Documents or the delegation of that right by the Finance Parties to the Security Agent; 
 (ii) the enforceability of any Security Interest held by the Security Agent on behalf of any Bridge Finance Party which becomes a Party by
novation; 
 (iii) the enforceability of any “attorney in fact” provisions of any Finance Document governed by
Hungarian law, but only in respect of the revocability of that authority and the Security Agent’s ability to use its discretion in the exercise of that authority; 
 (iv) the principle that corporate benefit may limit the ability of a Guarantor to provide a guarantee or security; and 
 (d) any other general principles which are set out as qualifications or reservations as to matters of law in the legal opinions delivered
to the Administrative Agent under this Credit Agreement. 
 “Restricted Payment” means (a) any direct or
indirect distribution, dividend, loan or other payment (whether in cash, property, securities or otherwise) by any member of the Group (including, without limitation, any payment on account of the share capital of the Parent and the Borrower or
capital stock or other securities of the Parent and the Borrower) or any interest thereon, (b) any transfer of any assets by any member of the Group and (c) any payment (whether in cash, property, securities or otherwise) of principal of,
or interest on, Indebtedness, in each case to any Restricted Person. 
 “Restricted Person” means the Parent or any
of its Holding Companies, Subsidiaries or Associated Companies (which are not members of the Group), HTCC or any of its Affiliates (which are not members of the Group) or the Original Shareholder. 
 “Romanian Guarantor” means any Guarantor established under the laws of Romania. 
 “Screen Rate” means, for EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union
for the relevant currency and Interest Period displayed on the appropriate page of the Telerate screen selected by the Administrative Agent. If the relevant page is replaced or the service ceases to be available, the Administrative Agent (after
consultation with the Borrower and the Lenders) may specify another page or service displaying the appropriate rate. 
 “SEC” means the U.S. Securities and Exchange Commission. 
  

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 “Second HTCC Opco Share Security Agreement” means the second ranking quota pledge
over the business quota in the HTCC Operating Company entered into or to be entered into by the Borrower and the Security Agent in the agreed form. 
 “Second Intercreditor Deed Supplemental Deed” means the supplemental deed dated on or about the date of hereof amending and restating the Intercreditor Deed (as amended and restated pursuant to the Intercreditor Deed
Supplemental Deed) between, inter alios, the security trustee under the Senior Credit Agreement, the Parent, the obligors under the Senior Credit Agreement, the Hedge Counterparties (as such term is defined in the Intercreditor Deed), the Existing
High Yield Trustee, the FRN Bridge Trustee (as such term is defined in the Intercreditor Deed Supplemental Deed), the Existing FRN Note Trustee and the Security Agent. 
 “Second Original Obligor Share Securities Amendment Agreements” has the meaning specified in the Senior Credit Agreement. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Security Agent” means BNP Paribas Trust Corporation UK Limited, acting as agent pursuant to the Transaction Security Documents
or any successor or replacement Security Agent, acting in such capacity. 
 “Security Interest” means any mortgage,
pledge, lien, charge (fixed or floating), assignment, hypothecation, set-off or trust arrangement for the purpose of creating security, reservation of title or security interest, or any other agreement or arrangement having a substantially similar
effect. 
 “Security Provider” means any party other than a member of the Group or a Bridge Finance Party which
enters into a Transaction Security Document. 
 “Senior Credit Agreement” means the amended and restated facilities
agreement dated on or about the date hereof between Invitel as borrower, the Borrower and certain of its Subsidiaries as guarantors, BNP Paribas as co-ordinator and mandated lead arranger, BNP Paribas and BNP Paribas, Hungary Branch as Agents, BNP
Paribas Trust Corporation UK Limited as security agent and the banks and financial institutions from time to time party thereto, as may be amended or restated. 
 “Senior Creditors” has the meaning given to it in the Senior Credit Agreement. 
 “Senior Debt” means any Indebtedness outstanding under the Senior Credit Agreement or Hedging Debt related thereto. 
 “Senior Finance Document” has the meaning given to the term “Finance Document” in the Senior Credit Agreement. 
 “Senior Finance Parties” has the meaning given to the term “Finance Parties” in the Senior Credit Agreement.

 “Senior Security Document” has the meaning given to the term “Security Document” in the Senior Credit
Agreement. 
 “Signing Date” means the date of this Credit Agreement. 
  

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 “S&P” means Standard & Poor’s Rating Services, a division of
The McGraw-Hill Companies, Inc. or any successor to its rating business. 
 “Steps Paper” means the Project Mercury
Acquisition Step Plan - Discussion Paper (Final Version) dated 8 December 2006 prepared by Ernst & Young. 
 “Structure Memorandum” means the structure paper entitled “Project Motherwell – Steps Memorandum” and dated December 19, 2007 and prepared by White & Case LLP in the agreed form and
addressed to, and/or capable of being relied upon by, the Arrangers and the other Finance Parties. 
 “Subsidiary”
means in relation to any company or corporation, a company or corporation: 
 (a) which is controlled, directly or indirectly,
by the first mentioned company or corporation; 
 (b) more than half the issued share capital of which is beneficially owned,
directly or indirectly by the first mentioned company or corporation; or 
 (c) which is a Subsidiary of another Subsidiary of
the first mentioned company or corporation, 
 and for this purpose, a company or corporation shall be treated as being controlled by another
is that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “Subordinated Shareholder Creditor” means a person defined therein as such who has, at any relevant time, entered into the Intercreditor Deed. 
 “Subordinated Shareholder Debt” means, at any relevant time, all Borrowed Money of any member of the Group owed to a Subordinated
Shareholder Creditor who is a member of the HTCC Group. 
 “TARGET Day” means a day on which the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system is open for the settlement of payments in euro. 
 “Tax
Credit” has the meaning specified in Section 2.10(g)(i). 
 “Tax Deduction” means a deduction or
withholding for or on account of Tax from a payment under any Bridge Finance Document. 
 “Tax Payment” has the
meaning specified in Section 2.10(g). 
 “Taxes” has the meaning specified in Section 2.10(a). 

“TDC” means TDC A/S, registered number CVR 1477 39 08. 
 “Telecoms Business” means the development, ownership or operation of telecommunications systems in Hungary and in Romania and/or
provision of public telephone switching and data and internet services in Hungary and connecting to other countries and/or any business directly related thereto and reasonably considered to be financially beneficial to such business and the
development, ownership or operation of wholesale data services in Austria, Bulgaria, Czech Republic, Italy, Slovakia, Serbia, Slovenia, Turkey and Ukraine. 
  

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 “Telecommunications Laws” means all laws, statutes, regulations and judgments
relating to telecommunications applicable to any member of the Group, and/or the business carried on by, any member of the Group (for the avoidance of doubt, not including laws, statutes, regulations or judgments relating solely to consumer credit,
data protection or intellectual property). 
 “Term Loan” means a loan made on the Conversion Date, if any, by a
Lender to the Borrower pursuant to Section 2.2 to refinance a Bridge Loan. 
 “Transaction Debt” means the
Bridge Borrower High Yield Notes, Exchange Notes and the Loans. 
 “Transaction Documents” means the Finance
Documents, the Intergroup Loan Agreements and the Parent Loan Agreements. 
 “Transaction Security” means the
Security Interests created or expressed to be created in favor of the Security Agent pursuant to the Transaction Security Documents. 
 “Transaction Security Documents” means each of the documents listed as being a Transaction Security Document in paragraph 4 of Schedule 2 Part One together with any other document entered into by any Obligor creating
or expressed to create any Security Interest over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents and (to the extent permitted by the Intercreditor Deed) the Transaction Debt.

 “Transferee” has the meaning specified in Section 7.5. 
 “Treasury Transaction” means any derivative transaction entered into in connection with protection against or to benefit from
fluctuations in any rate, price, index or credit rating. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act
of 1939. 
 “Turkish Subsidiary” means MTCTR Memorex Telekomünikasyon Sanayi ve Ticaret Limited Şirketi, a
company incorporated under the laws of Turkey with registered number of 622201 at the Istanbul Trade Registry. 
 “Twelve Month
Consolidated EBITDA” means the aggregate of the Consolidated EBITDA in respect of the relevant Twelve Month Period for the HTCC Group but, in respect of all Quarterly Periods and Twelve Month Periods from the HTCC Completion Date and
ending on or before 31 December 2009 to the extent the same would otherwise be deducted in calculating Consolidated EBITDA, adding back any restructuring expenses attributable to the HTCC Acquisition and the Acquisition up to a maximum
aggregate amount of Euro 20,000,000. 
 “Twelve Month Period” means each period of twelve months ending on the last
day of a calendar month. 
 “Underwriters” has the meaning specified in the preamble to this Credit Agreement.

 “Universal Service Agreements” means the universal service agreements listed in Schedule 5 together with any
agreements replacing any of the same. 
 “Utilization” means a utilization of the Bridge Loans. 
  

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 “Utilization Date” means the date on which the Bridge Loans are made. 

“Utilization Notice” means the written instructions from the Borrower requesting the Bridge Loans in accordance with
Section 2.1(b)(i). 
 “V-holding” means V-holding Tamācsadó Zrt., merged into Invitel effective
January 1, 2008. 
 “Vendor” means Joki Holding AG. 
 “Vendor Due Diligence Reports” means the legal due diligence report dated July 21, 2006 and supplemented on November 6,
2006 and prepared by Freshfields Bruckhaus Deringer. 
 “VTI Vendor Note” means the agreed form Euro 10,000,000
vendor note dated May 13, 2003 issued by the Parent to the Original Shareholder. 
 Section 1.2 Interpretation 

(a) In this Credit Agreement, the singular includes the plural and the plural includes the singular; words implying any gender include
the other genders; references to any section, exhibit or schedule are to sections, exhibits or schedules to this Credit Agreement unless otherwise indicated; references to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute referred to; references to “writing”, include printing, typing, lithography and other means of reproducing words in a visible form; “including” following a word or phrase shall not
be construed to limit the generality of such word or phrase; and an accounting term not otherwise defined has the meaning assigned to it in accordance with Accounting Principles. 
 (b) In this Credit Agreement, unless the contrary intention appears, a reference to: 
 (i) a document being in the “agreed form” means that the document is in a form previously agreed in writing by or
on behalf of the Borrower and the Administrative Agent or, if not previously agreed, in a form as agreed between the Borrower and the relevant Bridge Finance Parties, or if none of the Bridge Finance Parties are a party to the agreement, as agreed
between the Borrower and the Administrative Agent; 
 (ii) in giving its “agreement,
approval, consent” (or any similar phrase), in respect of any action or request in connection with a Bridge Financing Document, a Lender may by written notice to the Administrative Agent divide its
Commitments into separate amounts to reflect participation or similar arrangements and may vote or refrain from voting with respect to any such separate amount, or any matter separately (and any determination of whether the Majority Lenders have
consented, instructed or taken any other action shall be calculated accordingly); 
 (iii) an
“amendment” includes an amendment, supplement, novation, re-enactment, replacement, restatement or variation and “amend” will be construed accordingly; 
 (iv) “assets” includes businesses, undertakings, securities, properties, revenues or rights of every description
and whether present or future, actual or contingent; 
  

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 (v) an “authorization” includes an authorization, consent,
approval, resolution, permit, license, exemption, filing, registration or notarization; 
 (vi)
“disposal” means a sale, transfer, assignment, grant, lease, license, declaration of trust or other disposal, whether voluntary or involuntary and whether pursuant to a single transaction or a series of transactions, and
“dispose” will be construed accordingly; 
 (vii) “guarantee” means any
guarantee, bond, letter of credit, indemnity or similar assurance against financial loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any
person or to purchase assets of any person, where, in each case, that obligation is assumed in order to maintain or assist the ability of that person to meet any of its indebtedness; 
 (viii) the “holder” of any Promissory Note which is a loan is the lender of that loan; 
 (ix) “incorporation” includes the formation or establishment of a partnership or any other person and
“incorporate” will be construed accordingly; 
 (x) “indebtedness” includes
any obligation (whether incurred as principal or as surety and whether present or future, actual or contingent) for the payment or repayment of money; 
 (xi) “jurisdiction of incorporation” includes any jurisdiction under the laws of which a person is incorporated; 
 (xii) “know your customer requirements” are the identification checks that a Bridge Finance Party requests in
order to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its customer; 
 (xiii) a “person” includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, fund, joint venture or consortium), government, stage, agency, organization or
other entity whether or not having separate legal personality; 
 (xiv) a “regulation” includes any
regulation, rule, order, official directive, request or guideline (in each case, whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any
governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization; 
 (xv) a “currency” is a reference to the lawful currency for the time being of the relevant country; 
 (xvi) a Default being “continuing” means that it has not been remedied or waived in accordance with Section 8.27; 
 (xvii) a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate
legislation; 
  

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 (xviii) a Party or any other person includes its successors in title, permitted assigns
and permitted transferees; 
 (xix) a Finance Document or other document includes (without prejudice to any prohibition on
amendments) all amendments (however fundamental) to that Finance Document or other document, including any amendment providing for any increase in the amount of a facility or any additional facility; and 
 (xx) a time of day is a reference to London time. 
 (c) Unless the contrary intention appears, a reference to a “month” or “months” is a
reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 
 (i) if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is
one) or the preceding Business Day (if there is not); 
 (ii) if there is no numerically corresponding day in that month, that
period will end on the last Business Day in that month; and 
 (iii) notwithstanding subparagraph (c)(i) above, a period which
commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate. 
 (d) Unless the contrary intention appears: 
 (i) a reference to a Party will not include that party if it has ceased to be a party under this Credit Agreement; 
 (ii) a word or expression used in any other Bridge Finance Document or in any notice given in connection with any Bridge Finance Document has the same meaning in that Bridge Finance Document or notice as in this
Credit Agreement; 
 (iii) if there is an inconsistency between this Credit Agreement and another Bridge Finance Document,
this Credit Agreement will prevail unless that other Bridge Finance Document is the Intercreditor Deed, in which case the Intercreditor Deed will prevail; 
 (iv) any obligation of an Obligor under the Bridge Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of an Obligor is or may be or is capable of becoming
outstanding under the Bridge Finance Documents; and 
 (v) any obligation of an Obligor under the Bridge Finance Documents
includes an obligation on that Obligor not to contract or agree to do something or not to do something which would breach that first obligation unless such contract or agreement is conditional on the discharge of the Senior Debt or on the approval
of the Lenders or the Majority Lenders (as required under this Credit Agreement). 
  

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 (e) No part of this Credit Agreement is intended to or shall create a registrable
Security Interest. 
 (f) The index to and headings in this Credit Agreement do not affect its interpretation. 
 Section 1.3 Intercreditor Deed 
 This Credit Agreement is subject to the terms of the Intercreditor Deed. 
 ARTICLE II. 
 THE CREDIT FACILITY 
 Section 2.1 Commitments to Make Bridge Loans; Tranching; Parties 
 (a) Initial Commitment. In
reliance upon the representations and warranties of the Obligors set forth herein and subject to the terms and conditions set forth herein (including, for the avoidance of doubt, ARTICLE VI hereof), each of the Lenders severally agrees to make a
Bridge Loan to the Borrower on the Completion Date up to the amount of such Lender’s Commitment as set out on Schedule 4. No Lender is responsible for the obligations of any other Lender, provided, however, that the failure of an
Original Lender to fulfill its obligations hereunder will relieve the other Original Lender from its duties or obligations under this Section 2.1. Each Bridge Loan will mature on the Initial Maturity Date. 
 (b) Procedure for Borrowing; Termination of Commitments. 
 (i) The Borrower shall give the Administrative Agent irrevocable notice in the form attached as Exhibit E and consistent with the Funds
Flow Statement (a “Utilization Notice”), which notice must be received by the Administrative Agent prior to 1:00 p.m., London time, one Business Day prior to the anticipated Completion Date, requesting that the Lenders make
the Bridge Loans on the Completion Date and specifying the amount to be borrowed. Upon receipt of such Utilization Notice, the Administrative Agent shall promptly notify each Lender thereof and the proceeds of each Bridge Loan shall be disbursed by
wire transfer on the Completion Date as provided in the Utilization Notice. 
 (ii) The Commitments shall automatically
terminate after the making of any Bridge Loans on the Completion Date. The Commitments shall also automatically terminate at 5:00 p.m. London time, on March 31, 2008 (the “Outside Date”) if the Utilization Date has not
occurred on or before that date. Any amounts available but not drawn under this Credit Agreement on the earlier of (A) the Completion Date and (B) the Outside Date shall be automatically cancelled. 
 (c) Purpose. The Bridge Loans will only be used in or towards the payment of fees and expenses under the Bridge Finance Documents,
for general working capital purposes and to partially finance the consideration payable for the Acquisition through the making of the Funding Loan as provided for in the Acquisition Documents and related transaction costs, in each case in accordance
with the Structure Memorandum. No Bridge Finance Party is bound to monitor or verify the utilization of the Bridge Loans and no Bridge Finance Party will be responsible for, or for the consequences of, such utilization. 
  

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 Section 2.2 Conversion to Term Loans 
 If, on the Initial Maturity Date no Conversion Default exists and is continuing and the Administrative Agent receives an Officers’ Certificate from
the Borrower certifying to the foregoing and requesting a conversion of the Bridge Loans to Term Loans, each of the Lenders hereby commits that, on the Initial Maturity Date, such Lender will convert its Bridge Loans to a Term Loan, maturing on the
Extended Maturity Date (and the Initial Maturity Date shall be deemed to have been automatically extended to such date). Term Loans so converted shall be governed by the terms of this Credit Agreement; provided: 
 (a) ARTICLE IV of this Credit Agreement (other than Sections 4.1, 4.2, 4.3, 4.5, 4.8, 4.12, 4.14, 4.34, 4.35, 4.36) and ARTICLE V of this
Credit Agreement (other than Sections 5.7 and 5.8) shall be replaced in full with ARTICLE FOUR (other than subclause 4.07(c)(xii) and Section 4.23) and FIVE of the Existing FRN Indenture (including the definitions included in the Existing FRN
Indenture (with the following definitional replacements: “Issuer” to “Borrower”; “Holder” to “Lender”; “Trustee” to “Administrative Agent”; “Indenture” to “Credit
Agreement”; and such other definitional changes (and cross reference changes) consistent with the foregoing and necessary to make the replacement provisions consistent with the non-replaced provisions of this Credit Agreement)), subject to any
changes required to make such provisions conform with those customary for term loan transactions, to be determined jointly by the Borrower and the Mandated Lead Arrangers in good faith, and in each case giving consideration to prevailing market
conditions, but in any event such provisions to be on no less favorable terms to the Lenders than as currently set out in the Existing FRN Indenture; and 
 (b) Section 8.02 thorough Section 8.21 of this Credit Agreement shall be replaced in full with Sections 6.01(a)(i) through (xiii) of the Existing FRN Indenture (including the definitions included in the
Existing FRN Indenture (with the following definitional replacements: “Issuer” to “Borrower”; “Holder” to “Lender”; “Trustee” to “Administrative Agent”; “Indenture” to
“Credit Agreement”; and such other definitional changes (and cross reference changes) consistent with the foregoing and necessary to make the replacement provisions consistent with the non-replaced provisions of this Credit Agreement)),
subject to any changes required to make such provisions conform with those customary for term loan transactions, to be determined jointly by the Borrower and the Mandated Lead Arrangers in good faith, and in each case giving consideration to
prevailing market conditions, but in any event such provisions to be on no less favorable terms to the Lenders than as currently set out in the Existing FRN Indenture. 
 Section 2.3 Option to Exchange Term Loans for Exchange Notes 
 (a) Subject to
Section 7.2, on any Business Day on or after the Conversion Date (if any), any Lender may elect to exchange all or any portion of its Term Loan for one or more Exchange Notes, by giving not less than three Business Days’ prior irrevocable
written notice of such election in connection with a sale to a third party to the Borrower, the Administrative Agent and the Exchange Note Trustee specifying the principal amount of its Term Loan to be exchanged (which shall be at least Euro 50,000
and integral multiples of Euro 1,000 in excess thereof) and subject to Section 7.2, the name of the proposed registered holder and, subject to the terms of the Exchange Note Indenture, the amount of each Exchange Note requested (each such
notice, an “Exchange Notice”); provided that the Borrower is not obligated to issue any Exchange Notes until it has received notice for the exchange of Term Loans in an aggregate amount of at least Euro 15,000,000. Any
such exchanging Lender that has received a Bridge Note shall deliver its Bridge Notes to the Administrative Agent within three Business Days following delivery of an Exchange Notice. Term Loans exchanged for Exchange Notes pursuant to this
Section 2.3 shall be deemed repaid and cancelled and the Exchange Notes so issued shall be governed by and construed in accordance with the provisions of the Exchange Note Indenture. 
  

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 (b) Not later than the fourth Business Day after delivery of an Exchange Notice:

 (i) the Administrative Agent shall deliver to the Escrow Agent any original Bridge Notes delivered to it by the exchanging
Lender pursuant to (a); 
 (ii) the Escrow Agent shall cancel each Bridge Note so delivered to it and, if applicable, the
Borrower shall issue a replacement Bridge Note to such Lender in an amount equal to the principal amount of such Lender’s Term Loan that is not being exchanged, or the Escrow Agent shall make a notation on the surrendered Bridge Note to the
effect that a portion of the Term Loan represented thereby has been repaid and for Term Loans not represented by Bridge Notes, the Administrative Agent shall make a proper notation in the Register maintained pursuant to Section 7.7; and

 (iii) the Escrow Agent shall deliver the applicable Exchange Note(s) to the Exchange Note Trustee for authentication and
delivery to the holder or holders thereof specified in the Exchange Notice. 
 (c) Each Exchange Note issued will be governed
by the Exchange Note Indenture which shall contain covenants, events of default, repayment and other provisions based on those in the Existing FRN Indenture (subject, in the case of covenants and events of default, to customary exceptions and
thresholds to be agreed), with such changes as are determined jointly by the Borrower and the Mandated Lead Arrangers in good faith, and in each case giving consideration to prevailing market conditions. 
 (d) Each Exchange Note issued pursuant to the Exchange Note Indenture shall bear interest at a rate equal to the Exchange Note Interest
Rate. Accrued interest on Term Loans so exchanged shall be cancelled and the Exchange Notes received in such exchange shall bear interest from and including the most recent date to which interest has been paid on the Term Loans so exchanged.

 Section 2.4 Interest; Default Interest 
 (a) Interest Rate Applicable to the Loans. Subject to Section 2.4(c) and (d) below, the unpaid principal balance of the
Loans shall bear interest until paid at a rate per annum equal to the sum of EURIBOR plus the Applicable Margin plus the Mandatory Cost (if any), changing on the first day of each Interest Period when and as EURIBOR and/or the
Mandatory Cost changes and, with respect to the Applicable Margin, on any day the Applicable Margin changes as provided for in the definition thereof. 
 (b) Basis of Computation of Interest; Payment of Interest. All interest shall be calculated for actual days elapsed on the basis of a 360-day year and shall be payable in arrears not later than 12:00 noon
(London time) on each Interest Payment Date by wire transfer of immediately available funds in accordance with Section 2.9. 
 (c) Minimum/Maximum Interest Rate. Notwithstanding anything contained in Section 2.4(a) and (b), but subject to Section 2.4(d), in no event shall the interest rate on the Loans for any Interest Period exceed the lesser of
(i) 11.5 percent per annum and (ii) the highest rate permitted under applicable law (excluding default interest). 
  

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 (d) Default Interest. After the occurrence and during the continuance of an Event
of Default, interest will accrue on the Loans, to the extent permitted by applicable law, at a rate per annum equal to 2.00 percent in excess of the otherwise applicable interest rate on the Loans. The Borrower shall pay such default interest
and all interest accruing on any overdue Obligation in cash on demand from time to time. 
 (e) Notification of Interest
Rates. The Administrative Agent shall promptly notify each relevant party of a determination of a rate of interest under this Credit Agreement. 
 Section 2.5 Mandatory Prepayment 
 (a) Illegality 
 (i) A Lender must promptly notify the Borrower (with a copy to the Administrative Agent) if it becomes aware that it is unlawful in any
applicable jurisdiction for that Lender to perform any of its obligations under a Bridge Finance Document or to fund or maintain its share of any Loan; 
 (ii) After notification under paragraph (i) above: 
 (A) the Borrower must repay or prepay
the share of that Lender the Loan granted by it on the date specified in paragraph (iii) below; and 
 (B) the
Commitments of that Lender will be immediately cancelled. 
 (iii) The date for repayment or prepayment of a Lender’s
Loan will be the: 
 (A) the last day of the current Interest Period; or 
 (B) if earlier, the date specified by the Lender in the notification under paragraph (a)(i) above and which must not be earlier than the
last day of any applicable grace period allowed by law. 
 (b) Market Transactions. The Borrower shall prepay the Loans
ratably in accordance with the aggregate outstanding principal balances thereof, with the Net Proceeds received by any member of the Group or any Holding Company of a member of the Group from: 
 (i) any direct or indirect public offering or private placement of any debt or equity securities of the Parent or any of its Subsidiaries
or Holding Companies (excluding any issuance of Capital Stock to officers and employees under employee benefit or compensation plans); 
 (ii) the incurrence of any borrowings from financial institutions by the Borrower or any Guarantor or any member of the Group on or after the Completion Date (other than Permitted Financial Indebtedness); and

 (iii) any Asset Sale after the date of this Credit Agreement (subject to the required prepayment of amounts under the
Senior Credit Agreement); 
  

 40 

 each of the transactions in the foregoing clauses (i), (ii) and (iii), a “Market
Transaction”. The Borrower shall, following any Market Transaction, apply such Net Proceeds to prepay the Loans pursuant to this Section 2.5(b), without premium or penalty, by paying to each Lender an amount equal to 100 percent of
such Lender’s pro rata share of the aggregate principal amount of the Loans to be prepaid, plus accrued and unpaid interest thereon to the Prepayment Date. 
 Section 2.6 Optional Prepayment 
 The Borrower may, upon three Business Days’ prior written notice to each of the Lenders: 
 (a) prepay the
Bridge Loans at any time, in whole or in part, on a pro rata basis, by paying to each applicable Lender an amount equal to 100 percent of such Lender’s pro rata share of the aggregate principal amount of Bridge Loans to be
prepaid, plus accrued and unpaid interest thereon to the Prepayment Date plus any breakage costs due pursuant to Section 2.7; 
 (b) prepay Term Loans at any time prior to or on the date falling four years after the Initial Maturity Date, in whole or in part, on a pro rata basis, by paying to each applicable Lender an amount equal to 100
percent of such Lender’s pro rata share of the aggregate principal amount of Term Loans to be prepaid, plus the Applicable Redemption Premium, plus accrued and unpaid interest thereon to the Prepayment Date plus any
breakage costs due pursuant to Section 2.7, where: 
 “Applicable Redemption Premium” means, with respect to any
Term Loan on any redemption date, the greater of: 
 (i) 1.0 percent of the then outstanding principal amount of the Term
Loan; and 
 (ii) the excess of: 
 (A) the present value at such redemption date of (x) the redemption price of such Term Loan at the date falling four years after the
Initial Maturity Date (such redemption price being set forth in Section 2.6(c)(i)), plus (y) all required interest payments that would otherwise be due to be paid on such Term Loan (assuming that the interest rate per annum on the Term
Loan applicable on the date on which the notice of redemption was giving was in effect for the entire period) during the period between the redemption date and the date falling four years after the Initial Maturity Date (excluding accrued but unpaid
interest), computed using a discount rate (discounted quarterly assuming a 360-day year consisting of twelve 30-day months) equal to the Bund Rate at such redemption date plus 50 basis points; over 
 (B) the then outstanding principal amount of the Term Loan. 
 “Bund Rate” means, with respect to any redemption date, the rate per annum equal to the 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: 
 (i) “Comparable German Bund Issue” means the German Bundesanleihe security selected by any Reference German
Bund Dealer as having a fixed maturity most 

  

 41 

 
nearly equal to the period from such redemption date to the date falling four years after the Initial Maturity Date, 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 Term Loans and of a
maturity most nearly equal to the date falling four years after the Initial Maturity Date; provided, however, that if the period from such redemption date to the date falling four years after the Initial Maturity Date 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 the date falling four years after the Initial Maturity Date is less than one year, a fixed maturity of one year shall be used;

 (ii) “Comparable German Bund Price” means, with respect to any redemption date, the average of the
Reference German Bund Dealer Quotations for such redemption 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 Borrower obtains fewer than
four such Reference German Bund Dealer Quotations, the average of all such quotations; 
 (iii) “Reference German
Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the Borrower in consultation with the Security Trustee; and 
 (iv) “Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any
redemption date, the average as determined by the Borrower 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 German business day preceding such redemption date; and 
 (c) in respect of Term Loans at any time after the date falling four years after the Initial Maturity Date (A) other than Term Loans held by the Original Lenders (unless such Original Lender acquired such Term
Loan from a third party) prepay the Term Loans by paying to each applicable Lender an amount equal to such Lender’s pro rata share of the aggregate principal amount of Term Loans to be prepaid at the following redemption prices
(i) from the date falling four years after the Initial Maturity Date, par plus 50 percent of the coupon, (ii) from the date falling five years after the Initial Maturity Date, par plus 25 percent of the coupon, and thereafter (iii) at
par, plus (in all cases) any accrued and unpaid interest thereon to the Prepayment Date and any breakage costs due pursuant to Section 2.7 and (B) held by the Original Lenders, prepay the Term Loans by paying to each applicable
Original Lender an amount equal to 100 percent of such Original Lender’s pro rata share of the aggregate principal amount of Term Loans to be prepaid, plus accrued and unpaid interest thereon to the Prepayment Date plus any
breakage costs due pursuant to Section 2.7. 
 Section 2.7 Breakage Costs; Indemnity 
 The Borrower and each Guarantor agrees to indemnify and hold each Affected Party harmless from and against any loss or expense which such Affected Party
sustains or incurs as a consequence, other than by reason of fraud or willful misconduct by such Lender, of: 
 (a) default by
the Borrower or any Guarantor in payment when due of the principal amount of, or interest on, any Loan; 
  

 42 

 (b) default by the Borrower in making a borrowing of Loans after the Borrower has given a
notice requesting the same in accordance with the provisions of this Credit Agreement; 
 (c) default by the Borrower in
making any prepayment of any Loan after the Borrower has given a notice thereof in accordance with the provisions of this Credit Agreement; or 
 (d) the making of a prepayment of Loans on a day which is not the last day of an Interest Period with respect thereto. 
 Such indemnification may include an amount equal to the excess, if any, of (i) such Affected Party’s actual loss and expenses incurred (excluding lost profits) in connection with, or by reason of, any of the
foregoing events and (ii) the excess, if any of (A) the amount of interest that would have accrued on the principal amount of Bridge Loans not so made or the principal amount of Loans so prepaid from the date of such proposed issuance or
prepayment in the case of a failure to make Bridge Loans, to the last day of the Interest Period that would have commenced on the proposed date of funding, or in the case of any such prepayment, to the last day of the Interest Period in which such
prepayment occurred, in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (B) the amount of interest (as reasonably determined by such
Affected Party) which would have accrued to such Affected Party on such amount by placing such amount on deposit for a period comparable to such Interest Period with leading banks in the interbank eurocurrency market. A certificate as to any amounts
payable pursuant to this Section 2.7 submitted to the Borrower by any Affected Party shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Credit Agreement and the payment of the Obligations
under the Bridge Finance Documents. 
 Section 2.8 Effect of Notice of Prepayment 
 The Borrower shall notify the Lenders in writing at their addresses shown in the Register of any date set for prepayment (each such day, a
“Prepayment Date”) of Loans. Once such notice is sent or mailed, the Loans to be prepaid shall become due and payable on the Prepayment Date set forth in such notice. Such notice may not be conditional. No amount prepaid
under this Credit Agreement may subsequently be re-borrowed. 
 Section 2.9 Payments 
 (a) Wire Transfer. The principal of, fees, premium, if any, interest and Mandatory Cost and other amounts payable on each Loan and
all other Obligations arising under the Bridge Finance Documents shall be payable by wire transfer in immediately available funds in euro to the Administrative Agent for the respective accounts of the Lenders as set forth in the Register from time
to time at least three Business Days prior to the due date therefor. 
 (b) Payments on Business Days. If any payment
to be made hereunder or under any Loan shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day (and such extension of time shall be included in computing interest in connection with such
payment); provided, however, that if such succeeding Business Day falls in the next calendar month, such payment shall be made on the next preceding Business Day. 
  

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 (c) Partial Prepayments and Redemptions. All partial prepayments and repayments of
the outstanding principal balance of the Loans shall be made ratably among the applicable Lenders in accordance with their respective shares of the aggregate outstanding principal balance of the Loans eligible for prepayment or redemption.

 (d) No Defense. To the fullest extent permitted by law, the Borrower and each of the Guarantors shall make all
payments hereunder and under any Loan regardless of any defense or counterclaim. 
 (e) Allocation. Any money paid to,
received by, or collected by the Administrative Agent or any Lender pursuant to this Credit Agreement or any other Bridge Finance Document, shall be applied to the extent not otherwise provided for in the Intercreditor Deed in the following order,
at the date or dates fixed by the Administrative Agent: 
  

			
	 First:
	  	to any unpaid fees and reimbursement or unpaid expenses of the Arrangers, the Administrative Agent and the Security Agent hereunder and under the Fee Letter;
		
	 Second:
	  	to the payment of all costs, expenses, other fees, commissions and taxes owing to any Lender hereunder;
		
	 Third:
	  	to the indefeasible payment of all accrued interest to the date of such payment or collection;
		
	 Fourth:
	  	to the indefeasible payment of the amounts then due and unpaid under this Credit Agreement, the Bridge Notes or any other Bridge Finance Document for principal, in respect of which or for the
benefit of which such money has been paid or collected, ratably, without preference or priority of any kind, according to the amounts due and payable on the Loans for principal;
		
	 Fifth:
	  	to the indefeasible payment of any other amounts owing in respect of the Obligations under the Bridge Finance Documents; and
		
	 Sixth:
	  	the balance, if any, to the person lawfully entitled thereto.

 Section 2.10 Taxes 
 (a) Taxes. Any and all payments by or on behalf of the Borrower and each Guarantor hereunder or under the Bridge Notes, the
Exchange Notes or any other Bridge Finance Document shall be made, in accordance with Section 2.9 or the other applicable provision of the applicable Bridge Finance Document, free and clear of and without deduction or withholding for or on
account of any and all present or future income, stamp or other taxes, levies, imports, deductions, charges or withholdings additions to tax, interest, penalties and all other liabilities with respect thereto, excluding net income, franchise or
similar taxes imposed or levied on the Administrative Agent, the Security Agent or the Lenders as a result of a present or former connection between the Administrative Agent, the Security Agent or the Lenders and the jurisdiction of the governmental
authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent, the Security Agent or such Lenders having executed, delivered or performed
its obligations or received a payment under, or enforced, this Credit Agreement) (all such non-excluded taxes, levies, imports, duty, deductions, charges, withholdings and liabilities 

  

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being hereinafter referred to as “Taxes”). If the Borrower or any Guarantor shall be required by law to deduct or withhold any Taxes
from, or in respect of, any sum payable hereunder or under the Bridge Notes, the Exchange Notes or any other Bridge Finance Document to the Administrative Agent, the Security Agent or the Lenders or any of their respective Affiliates who may become
a Lender: (i) the sum payable thereunder shall be increased as may be necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this
Section 2.10) the Administrative Agent, the Security Agent or the Lenders or any of their respective Affiliates receives an amount equal to the sum it would have received had no such deductions or withholdings been made; (ii) the Borrower
or such Guarantor, as the case may be, shall make such deductions or withholdings; and (iii) the Borrower or such Guarantor, as the case may be, shall pay the full amount deducted to the relevant tax authority or other authority in accordance
with applicable laws. 
 (b) Other Taxes. In addition, the Borrower and each of the Guarantors agree to pay any present
or future stamp, mortgage recording or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under a Bridge Note, Exchange Note or other Bridge Finance Document or from the
execution, delivery or registration of, or otherwise with respect to, this Credit Agreement or the other Bridge Finance Documents (hereinafter referred to as “Other Taxes”) and hold the Administrative Agent, the Security
Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable to such Lender) to pay such Other Taxes. 
 (c) Austrian Stamp Taxes. The parties agree that no original or certified copy of this Credit Agreement or any Bridge Finance
Document shall be brought into the Republic of Austria. Furthermore, the parties hereto agree that (i) no party shall print out any e-mail communication which refers to any Bridge Finance Document in Austria or (ii) send any e-mail
communication carrying an electronic or digital signature which refers to any Bridge Finance Document to an Austrian addressee. Nothing in this paragraph (c) shall, however, prevent a Bridge Finance Party from bringing an original or a
certified copy or any document constituting substitute documentation (Ersatzbeurkundung, rechtsbezeugende Beurkundung oder Bezugnahme auf eine Schrift) of this Credit Agreement or any Bridge Finance Document into the Republic of
Austria if this is in connection with the enforcement of or the preservation of any rights, powers and remedies under any Bridge Finance Document or any proceedings instituted by or against a Bridge Finance Party in connection therewith. In this
respect each Party agrees not to contest the validity of an uncertified copy of a Bridge Finance Document in any proceedings relating to a dispute before any court, arbitral body or governmental authority in the Republic of Austria
(“Proceedings”) unless any such uncertified copy actually introduced into evidence in any Proceeding does not accurately reflect the content of such original. 
 (d) Indemnity. The Borrower and the Guarantors will indemnify the Administrative Agent, the Security Agent and any Lender for the
full amount of Taxes or Other Taxes arising in connection with payments made under this Credit Agreement or any other Bridge Finance Document (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable
under this Section 2.10) paid by the Administrative Agent, the Security Agent or any Lender or any of their respective Affiliates and any liability (including penalties, additions to tax interest and expenses) arising therefrom or with respect
thereto. Payment under this indemnification shall be made within fifteen days from the date the Administrative Agent, the Security Agent or any Lender or any of their respective Affiliates makes written demand therefore; provided, however,
that the Borrower and the Guarantors shall not be obligated to make payment to the Lender, the Security Agent or the Administrative Agent (as the case may be) 

  

 45 

 
pursuant to this Section 2.10(d) in respect of penalties, interest and other liabilities attributable to any Taxes or Other Taxes, if (i) written
demand therefore has not been made by such Lender, the Security Agent or the Administrative Agent within 60 days from the date on which such Lender, the Security Agent or the Administrative Agent received written notice of the imposition of Taxes or
Other Taxes by the relevant taxing or governmental authority, but only to the extent such penalties, interest and other similar liabilities are attributable to such failure or delay by the Administrative Agent, the Security Agent or the Lender in
making such written demand, (ii) such penalties, interest and other liabilities have accrued after the Borrower had indemnified or paid an additional amount due as of the date of such payment pursuant to this Section 2.10(d) or
(iii) such penalties, interest and other liabilities are attributable to the gross negligence or willful misconduct of the Lender, the Security Agent or the Administrative Agent or such Affiliates. After the Lender, the Security Agent or the
Administrative Agent (as the case may be) received written notice of the imposition of the Taxes or Other Taxes which are subject to this Section 2.10(b), such Lender, the Security Agent and Administrative Agent will act in good faith to
promptly notify the Borrower and the Guarantors of their obligations hereunder; provided, however, that the failure to so act shall not, standing alone, affect the rights of the Administrative Agent, the Security Agent or the Lenders under
this Section 2.10(d). 
 (e) Furnish Evidence to Lenders. The Borrower will make reasonable efforts to obtain
certified copies of tax receipts evidencing the payment of any Taxes or Other Taxes deducted or withheld from each taxing authority imposing such Taxes or Other Taxes, as the case may be. The Borrower will furnish to the Lenders, within 60 days
after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, original or certified copies of tax receipts evidencing such payment by the Borrower or, if such receipts are not obtainable, other evidence of such
payments by the Borrower reasonably satisfactory to the Lenders. If the Borrower fails to pay any Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Lender required receipts or other required documentary
evidence, the Borrower shall indemnify the Lenders for any incremental taxes, interest and penalties that may become payable by the Lender as a result of any such failure. 
 (f) Survival. Without prejudice to the survival of any other agreement of the Borrower or any Guarantor hereunder, the agreements
and obligations of the Borrower and the Guarantors contained in this Section 2.10 shall survive the payment in full of all amounts due hereunder and under the Bridge Notes. 
 (g) Tax Credit. If the Borrower or a Guarantor makes a payment of Taxes (hereinafter referred to as a “Tax
Payment”) and the relevant Lender (in its absolute discretion) determines that: 
 (i) a credit against any Tax
or any relief or remission for or rebate of Tax or its repayment (hereinafter referred to as “Tax Credit”) is attributable to that Tax Payment; and 
 (ii) it has used and retained that Tax Credit, 
 then such Lender must pay an amount to the Borrower which that Lender determines (in its absolute discretion) will, after such payment, leave it in the same after-tax position as it would have been if the Tax Payment
had not been required to be made by the Borrower. 
  

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 Section 2.11 Right of Set-Off, Sharing of Payments, Etc. 
 (a) Right of Set-Off. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of
limitation of any such rights, upon the occurrence and during the continuance of any Event of Default or if any Obligor becomes insolvent, however evidenced, the Borrower authorizes each Lender at any time or from time to time, without presentment,
demand, protest or other notice of any kind to the Borrower or to any other person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and all deposits (general or special, time or demand, provisional or
final, whether or not collected or available) in any currency and any other indebtedness at any time held or owing by such Lender or any of its Affiliates (including, without limitation, by branches and agencies of such Lender wherever located) to
or for the credit or the account of the Borrower against and on account of the Obligations of the Borrower to such Lender under this Credit Agreement or under any of the other Bridge Finance Documents, including, without limitation, all interests in
or participation in the Obligations purchased by such Lender, and all other claims of any nature or description arising out of or in connection with this Credit Agreement or any other Bridge Finance Document, irrespective of whether or not such
Lender shall have made any demand hereunder and although the Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. A Lender may exercise such rights notwithstanding that the amounts concerned may be expressed in
different currencies and each Lender is authorized to effect any necessary conversions at a market rate of exchange selected by it. A Lender exercising its rights under this Section 2.11(a) shall provide prompt notice to the Borrower following
such exercise. 
 (b) Sharing. If any Lender shall obtain from the Borrower payment of any principal of or interest on
any Loan owing to it or payment of any other amount under this Credit Agreement, a Bridge Finance Document or any Bridge Note held by it through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise
(other than from the Administrative Agent as provided herein) and, as a result of such payment, such Lender shall have received a greater percentage of the principal of or interest on the Loans or such other amounts then due to such Lender by the
Borrower than the percentage received by any other Lenders, it shall promptly purchase from such other Lenders participation in (or, if and to the extent specified by such Lender, direct interests in) the Loans or such other amounts, respectively,
owing to such other Lenders (or any interest due thereon, as the case may be) in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such excess payment
(net of any expenses which may be incurred by such Lender in obtaining or preserving such excess payment) pro rata in accordance with the unpaid principal of and/or interest on the Loans or such other amounts, respectively, owing to each of
the Lenders. To such end all the Lenders shall make appropriate adjustments among themselves (by the resale of participation sold or otherwise) if such payment is rescinded or must otherwise be restored. 
 (c) No Requirement. Nothing in this Credit Agreement shall require any Lender to exercise any such right or shall affect the right
of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. If, under any applicable bankruptcy, insolvency or other similar law, any Lender receives a
secured claim in lieu of a set-off to which this Section 2.11 applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this
Section 2.11 to share in the benefits of any recovery on such secured claim. 
  

 47 

 Section 2.12 Requirements of Law 
 (a) If the introduction or adoption of or any change in any Requirement of Law (other than a change in the organizational or governing
documents of such Lender) or in the interpretation, administration or application thereof or compliance by any Bridge Finance Party or such Bridge Finance Party’s Holding Company with any request or directive (whether or not having the force of
law but, if not having such force, with which banks customarily comply) from any Governmental Entity made subsequent to the date hereof: 
 (i) shall subject any Bridge Finance Party to any Tax with respect to this Credit Agreement or any other Bridge Finance Document or change the basis of taxation of payments to such Bridge Finance Party in respect
thereof (excluding all Excluded Taxes); 
 (ii) shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not
otherwise included in the determination of EURIBOR hereunder; 
 (iii) increase the cost to, or impose an additional cost on,
any Bridge Finance Party in making or keeping available all or part of such Bridge Finance Party’s Commitments under this Credit Agreement or maintaining or funding all or part of the Loans made by such Bridge Finance Party; 
 (iv) require any Bridge Finance Party to make a payment or forgo a return calculated by reference to or on any amount received or
receivable by such Bridge Finance Party under this Credit Agreement; 
 (v) require any Bridge Finance Party to incur or
sustain a loss (including a loss of profits) by reason of being obliged to deduct all or part of such Bridge Finance Party’s Commitments under this Credit Agreement or contributions from its capital for regulatory purposes; or 
 (vi) shall impose on such Lender any other condition, 
 and the result of any of the foregoing is to increase the cost to such Bridge Finance Party, by an amount which such Bridge Finance Party reasonably determines to be material, of making, continuing, or maintaining
Loans or to reduce any amount receivable hereunder in respect thereof, then, in either case, the Borrower shall promptly pay such Bridge Finance Party, upon its demand, any additional amounts necessary to compensate such Lender for such increased
cost or reduced amount receivable. If any Bridge Finance Party becomes entitled to claim any additional amounts pursuant to this Section 2.12(a), it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by
reason of which it has become so entitled. 
 (vii) If any Bridge Finance Party shall have determined that the adoption of or
any change in any Requirement of Law (other than a change in the organizational or governing documents of such Bridge Finance Party) regarding capital adequacy or in the interpretation or application thereof or compliance by such Bridge Finance
Party or any corporation controlling such Bridge Finance Party with any request or directive regarding capital adequacy (whether or not having the force of law but, if not having such force, with which banks customarily comply) from any Governmental
Entity made subsequent 

  

 48 

 
to the date hereof shall have the effect of reducing the amount payable or the effective rate of return on such Bridge Finance Party’s or such
corporation’s capital as a consequence of its obligations hereunder to a level below that which such Bridge Finance Party or such corporation could have achieved but for such change or compliance (taking into consideration such Bridge Finance
Party’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Bridge Finance Party to be material, then from time to time, after submission by such Bridge Finance Party to the Borrower (with a copy to
the Administrative Agent) of a prompt written request therefore, the Borrower shall within five Business Days of such request pay to the Administrative Agent for the account of such Bridge Finance Party such additional amount or amounts as will
compensate such Bridge Finance Party for such reduction; provided that the Borrower shall not be required to compensate a Bridge Finance Party pursuant to this paragraph for any amounts incurred more than six months prior to the date that
(i) such Bridge Finance Party has the right to claim compensation therefore and (ii) the officers of such Bridge Finance Party involved in the administration of such Bridge Finance Party’s Commitments and Loans under this Credit
Agreement are aware of the circumstances giving rise to such compensation and that such circumstances give a right to claim such compensation; and provided further that, if the circumstances giving rise to such claim have a retroactive
effect, then such six-month period shall be extended to include the period of such retroactive effect. 
 (viii) A certificate
as to any additional amounts payable pursuant to this Section 2.12 submitted by any Bridge Finance Party to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error and shall be accompanied by
a statement showing the calculations of such amounts. The obligations of the Borrower pursuant to this Section 2.12 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.

 (ix) Notwithstanding anything to the contrary in this Section 2.12, no Bridge Finance Party shall be entitled to
receive any amount in respect of compensation for any such liability to taxes, increased or additional cost, reduction, payment, forgone return or loss to the extent that the same: (i) is taken into account in calculating the Mandatory Cost;
(ii) is already the subject of an additional payment under Section 2.10; or (iii) arises as a consequence of (or of any law or regulation implementing) the proposals for international convergence of capital measurement and capital
standards published by the Basel Committee on Banking Regulations and Supervisory Practices in July 1988 unless it results from any change in, or in the interpretation or application of, such proposals (or any law or regulation implementing the
same) occurring after the date hereof. A Bridge Finance Party shall, at the request of the Borrower, take all reasonable steps to mitigate any circumstances which arise and which result in or would result in any amount being payable under this
Section 2.12, and the Borrower shall indemnify each Bridge Finance Party on demand for all costs and expenses reasonably incurred by such Bridge Finance Party as a result of any step taken pursuant to such request. A Bridge Finance Party need
not take any such steps if, in the opinion of such Bridge Finance Party, acting reasonably, to do so may be prejudicial to it. 
 (b) A Bridge Finance Party must promptly notify the Borrower (with a copy to the Administrative Agent) if it becomes aware that it is unlawful in any applicable jurisdiction for that Bridge Finance Party to perform any of its obligations
under a Bridge Finance Document or to fund or maintain its share in any Loan. 
  

 49 

 (c) After notification under Section 2.12(b) above if the illegality affects the
Bridge Finance Party directly the Borrower must repay or prepay the share of that Bridge Finance Party in each Loan utilized by it on the date specified in Section 2.12(d) below. 
 (d) The date for repayment or prepayment of a Lender’s share in a Loan will be: 
 (i) the last day of the current Interest Period for that Loan; or 
 (ii) if earlier, the date specified by the Bridge Finance Party in the notification under Section 2.12(b) above and which must not be
earlier than the last day of any applicable grace period allowed by law. 
 Section 2.13 Failure of a Reference Bank to Supply a Rate

 If EURIBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by 12:00 noon (London
time) on a Rate Fixing Day, EURIBOR will, subject as provided in Section 2.14 below, be calculated on the basis of the rates of the remaining Reference Banks. 
 Section 2.14 Market Disruption 
 (a) In this Section 2.14, each of the
following events is a “Market Disruption Event”: 
 (i) EURIBOR is to be calculated by reference to
the Reference Banks but no, or (where there is more than one Reference Bank) only one, Reference Bank supplies a rate by 12:00 noon (London time) on the Rate Fixing Day; or 
 (ii) the Administrative Agent receives by close of business on the Rate Fixing Day, notification from Lenders whose Loans exceed 30
percent of the principal amount of the Loans then outstanding that: 
 (A) the cost to them of obtaining matching deposits in
the relevant interbank market is in excess of EURIBOR for the relevant Interest Period; or 
 (B) matching deposits will not
be available to them in the European interbank market in the ordinary course of business in amounts sufficient to fund the Loans. 
 (b) The Administrative Agent must promptly notify the Borrower and the Lenders of a Market Disruption Event. 
 (c)
After notification under Section 2.14(b) above, the rate of interest on each Lender’s affected Loan for the relevant Interest Period will be the aggregate of the applicable: (x) Applicable Margin, (y) rate notified to the
Administrative Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to each Lender of funding
its Loan from whatever source it may reasonably select; and (z) Mandatory Cost. 
 Section 2.15 Alternative Basis of Interest or
Funding 
 (a) If a Market Disruption Event occurs and the Administrative Agent or the Borrower so requires, the Borrower
and the Administrative Agent must enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan. 
  

 50 

 (b) Any alternative basis agreed will be, with the prior consent of all the Lenders,
binding on all the parties hereto. 
 Section 2.16 Certain Fees 
 The Borrower and the Guarantors agree to pay to the Bridge Finance Parties an amount previously agreed to with the Administrative Agent, the Security
Agent and the Arrangers, with respect to the Bridge Loans, Term Loans and Exchange Notes, amounts for its expenses incurred hereunder and all other amounts owing under this Credit Agreement, the Fee Letter, the Engagement Letter and the other Bridge
Finance Documents. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and Warranties 
 Each Obligor makes the representations and warranties set out in this ARTICLE III in respect of itself and, in the case of the Borrower, any of its
Subsidiaries, to each of the Bridge Finance Parties on the date of this Credit Agreement and the date it accedes to this Credit Agreement (in the case of each Additional Guarantor). 
 Section 3.2 Due incorporation 
 All Obligors and the members of the Group are duly incorporated and validly existing under the laws of the country of their incorporation as a limited liability company or a company with liability limited by shares (or as an entity with
limited liability) and have power to carry on their respective business as they are now being and hereafter proposed to be conducted and to own their respective property and other assets. 
 Section 3.3 Power to borrow/guarantee 
 Each Obligor has all requisite power to execute, deliver and perform its respective obligations under the Finance Documents to which it is a party and, in the case of the Borrower, to borrow the relevant Commitments; all necessary
corporate, shareholder or other action has been taken by the Obligors to authorize the execution, delivery and performance of the same; no limitation on the powers of the Borrower to borrow or the Guarantors to give guarantees will be exceeded as a
result of borrowings under this Credit Agreement or as a result of the giving of the Guarantees. 
 Section 3.4 Binding obligations

 Each of the Finance Documents to which it is a party constitutes valid and legally binding obligations of each Obligor enforceable in
accordance with its terms subject to the qualifications contained in the legal opinions referred to in Schedule 2 (Conditions precedent) of this Credit Agreement. 
 Section 3.5 No conflict with other obligations 
 Other than, in the case of performance under, or
compliance with, the Finance Documents, for any contravention or conflict arising due to the fact that sufficient funds may not be available to satisfy 

  

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any mandatory redemption or repayment obligations arising under the Existing High Yield Offering Documents, the Existing FRN Offering Documents or the Senior
Finance Documents, the execution and delivery of, the performance of its respective obligations under, and compliance with the provisions of, the Finance Documents to which it is a party will not (i) contravene or conflict with the Existing
High Yield Offering Documents, the Existing FRN Offering Documents or the Senior Finance Documents, (ii) contravene in any material respect any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which such
Obligor is subject, (iii) contravene or conflict with any provision of the constitutive documents of such Obligor, (iv) breach in any material respect any term of the Licenses or the Necessary Authorizations, (v) conflict with in any
material respect, or result in any material breach of any of the terms of, or constitute a material default under any agreement to which any Obligor is a party or is subject or by which it or any of its property is bound or (vi) result in the
creation or imposition of, or oblige any Obligor to create, any Encumbrance (other than those created by the Transaction Security Documents) on any member of the Group or any of their respective undertakings, assets, rights or revenues. 

Section 3.6 No litigation 
 No
litigation, arbitration or administrative proceeding is taking place, pending or, to the knowledge of the officers of any Obligor, threatened against any member of the Group which (if adversely determined) would or is reasonably likely to have a
Material Adverse Effect. 
 Section 3.7 Financial statements 
 (a) The audited financial statements of the Borrower, the audited consolidated financial statements of the Group and the audited
consolidated financial statements of the HTCC Group in respect of the financial year ended 31 December 2006 as delivered or to be delivered to the Administrative Agent have been prepared, in the case of the financial statements of the
Borrower and the Group, in accordance with IFRS and, in the case of the consolidated financial statements of the HTCC Group, in accordance with the Accounting Principles, which principles have been consistently applied and present fairly and
accurately the financial position of each such entity and the Group (or, as the case may be, the HTCC Group) as at such date and the results of the operations of each such entity and the Group (or, as the case may be, the HTCC Group) respectively
for the financial year ended on such date and, as at such date, no member of the Group or the HTCC Group had any significant liabilities (contingent or otherwise) nor any significant unrealized or anticipated losses, which, in any such case, are not
disclosed by, or reserved against in, such financial statements. 
 (b) The unaudited Quarterly Management Accounts for the
HTCC Group dated 30 September 2007 as delivered or to be delivered to the Administrative Agent have been prepared in accordance with the Accounting Principles which principles have been consistently applied and present fairly and accurately the
results of the operations of the HTCC Group for the relevant period. 
 Section 3.8 No filing required 
 Save for the filings, registrations, notarizations, stamp taxes and charges referred to in the legal opinions referred to in Schedule 2 (Conditions
precedent) of this Credit Agreement, it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of the Finance Documents that any of them or any other instrument be notarized, filed, recorded, registered or
enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to any of the Finance Documents and each of the Finance
Documents is in proper form for its enforcement in the courts of any Relevant Jurisdiction. 
  

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 Section 3.9 Legal and beneficial owners 
 The Obligors are the legal and, if applicable, beneficial owners of and have good and marketable title to all their respective properties and other
material assets free from any Encumbrances other than Permitted Encumbrances. 
 Section 3.10 No material adverse change

 There has been no adverse change in the financial position of the Group from that set forth in the financial statements and the
management accounts referred to in Section 5.1 and there has been no adverse change in the operations or business prospects of the Group from that set forth in such financial statements or management accounts which, in either case, would or is
reasonably likely to have a Material Adverse Effect. 
 Section 3.11 Compliance with Environmental Laws and Licenses 

Each member of the Group: 
 (a) so far as the relevant member of the Group is aware (after due enquiry) complies and has at all times complied with all Environmental Laws and Environmental Licenses and all other laws, regulations and judgments (other than
Telecommunications Laws) the breach of which would or is reasonably likely to have a Material Adverse Effect; and 
 (b) has
obtained and maintains in full force and effect all Environmental Licenses necessary for its business, and (so far as the relevant member of the Group is aware (after due enquiry)) there are no facts or circumstances which are reasonably likely to
result in any such Environmental Licenses being revoked, suspended, amended, varied, withdrawn or not renewed where such revocation, suspension, amendment, variation, withdrawal or non-renewal, would or is reasonably likely to have a Material
Adverse Effect. 
 Section 3.12 Environmental Claim 
 (a) No Environmental Claim is pending or has been made or threatened against any member of the Group or any of their respective officers
or any occupier of any property owned or leased by any member of the Group which would or is reasonably likely to have a Material Adverse Effect; and 
 (b) no member of the Group is aware (after due enquiry) that it or, in the case of the Borrower, any of its Subsidiaries has or is likely to have any liability in relation to Environmental Matters which would or is
reasonably likely to have a Material Adverse Effect. 
 Section 3.13 Intellectual Property Rights 
 (a) The Intellectual Property Rights owned by each member of the Material Group are free from any Encumbrance (other than Permitted
Encumbrances) and are free from any other rights or interests in favor of third parties; 
  

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 (b) The Intellectual Property Rights licensed to each member of the Material Group are
free from any Encumbrance (other than Permitted Encumbrances) and are free from any other rights or interests in favor of third parties which Encumbrances and rights or interests have been created by the Group; 
 (c) The Intellectual Property Rights owned by or licensed to each member of the Material Group are all the Intellectual Property Rights
required by them in order to carry on, maintain and operate in all material respects their respective businesses, properties and assets and so far as it is aware (after due enquiry) no member of the Group in carrying on its business infringes any
Intellectual Property Rights of any third party any of which would or is reasonably likely to have a Material Adverse Effect; and 
 (d) No Intellectual Property Rights owned by any member of the Material Group are being infringed, nor so far as the relevant member of the Group is aware (after due enquiry internally within the Group) is there any threatened infringement
of any such Intellectual Property Rights in either case, which would or is reasonably likely to have a Material Adverse Effect. 
 Section 3.14 Shares 
 All shares issued by each member of the Group have been validly issued. 
 Section 3.15 Base Case Model 
 The pro forma consolidated financial projections for the financial years ending 2008 inclusive for the HTCC Group and the operating statistics projections for such financial years as reflected in the Base Case Model have been prepared based
upon historical financial information and upon the assumptions set forth therein, which assumptions in the opinion of the directors of HTCC were reasonable both when made and are reasonable on the date of this Credit Agreement. 
 Section 3.16 Licenses and Necessary Authorizations 
 The Licenses are in full force and effect and each member of the Group is in compliance in all material respects with all provisions thereof. Each member of the Group has secured all material Necessary Authorizations,
all such material Necessary Authorizations are in full force and effect and each member of the Group is in compliance in all material respects with all provisions thereof. To the best of the knowledge of each member of the Group neither the Licenses
nor any of the material Necessary Authorizations are the subject of any pending or threatened attack or revocation. 
 Section 3.17
Consents obtained 
 Every consent, authorization, license or approval of, or registration with or declaration to, governmental or public
bodies or authorities or courts (other than the Licenses and the Necessary Authorizations) required by the Borrower to authorize, or required by each Obligor in connection with, the execution, delivery, validity, enforceability or admissibility in
evidence of the Finance Documents to which it is a party or the performance by each Obligor of its respective obligations under the same has been obtained or made and is in full force and effect and there has been no material default in the
observance of the conditions or restrictions (if any) imposed in, or in connection with, any of the same. 
  

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 Section 3.18 Contractual commitments 
 No dividends (in cash or specie) of the Borrower or any other rights or benefits have been declared, made or paid by the Borrower after the date of this
Credit Agreement other than Permitted Payments and no member of the Group has outstanding any contractual commitments of a material nature (other than (i) the Principal Agreements, (ii) for the purpose of carrying out the Telecoms Business
or (iii) contractual commitments arising pursuant to or constituting Permitted Borrowings, Permitted Disposals, Permitted Guarantees, Permitted Intra-Group Transactions, Permitted Investments or Permitted Encumbrances). 
 Section 3.19 Telecommunications Laws 
 Each member of the Group is in compliance in all respects with all Telecommunications Laws where non-compliance would or is reasonably likely to have a Material Adverse Effect. 
 Section 3.20 No Default 
 No
Default has occurred and is continuing. 
 Section 3.21 Choice of law 
 The choice by each Obligor of Austrian, Dutch, English, Romanian, Turkish, Hungarian or (as the case may be) New York law to govern such of the Finance
Documents to which it is a party as are expressed to be governed by Austrian, Dutch, English, Romanian, Turkish, Hungarian or (as the case may be) New York law and the submission by the Borrower in such documents to the non-exclusive jurisdiction of
the Austrian, Dutch, English, Romanian, Turkish, Hungarian or (as the case may be) New York courts are valid and binding subject to the qualifications contained in the legal opinions referred to in Schedule 2 (Conditions precedent) of this
Credit Agreement which relate to the same. 
 Section 3.22 No Withholding Tax 
 Under the law and practice at the date of this Credit Agreement and the Utilization Date (in the case of the Borrower, the HTCC Operating Company and
Euroweb Romania) or the date it accedes to this Credit Agreement (in the case of each Additional Guarantor) no Obligor is required to make any withholding or deduction for or on the account of Tax from any payment to be made to or for the account of
any Bridge Finance Party by any Obligor under this Credit Agreement or any Transaction Security Document to which the Obligor is a party or are imposed on or by virtue of the execution or delivery by any Obligor of this Credit Agreement or any
Transaction Security Document to which it is a party or any document or instrument to be executed or delivered under this Credit Agreement or any such Transaction Security Document. 
 Section 3.23 Group Structure Chart 
 The Group Structure Chart will, following completion of step 4 of the Structure Memorandum, be true, complete and accurate and represent a complete list of all such companies and an accurate ownership structure as at date of the completion
of such step 4. 
 Section 3.24 Information Package 
 (a) As at the date of each Report, disclosure of all material facts and circumstances relating to the business and affairs of the Group
known to the Borrower and reasonably believed by it to be relevant in the context of the scope of work agreed for the preparation of such Report was provided to the producers of such Report. 
  

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 (b) As at the date of each relevant part of the Information Package, to the best of the
Borrower’s knowledge and belief after due enquiry the facts stated in the Information Package were true and accurate in all material respects and not misleading in any material respect. 
 (c) There are no other facts not contained in the Information Package which would be reasonably likely to render any fact stated in the
Information Package untrue or misleading in any material respect and nothing has occurred since the respective dates of the documents comprising the Information Package which would be reasonably likely to render any fact stated in the Information
Package untrue or misleading in any material respect. 
 (d) All forecasts, projections and estimates contained or referred to
in the Base Case Model were arrived at after due and careful consideration, were based on fair and reasonable assumptions, have been prepared in accordance with the accounting policies previously adopted by the Group and reflect opinions honestly
held by the Borrower. To the best of the Borrower’s knowledge and belief having made all reasonable enquiries, nothing has occurred since the date of the Base Case Model which could reasonably be expected to render any material forecast,
projection or estimate in them untrue or misleading in any material respect. 
 Section 3.25 Copies of documents to be true and
accurate 
 (a) The copies of the Transaction Documents and the Bridge Finance Documents are true, complete and accurate
in all respects and have not been amended, varied or supplemented in any way. 
 (b) No other agreements or arrangements exist
between any of the parties to the Transaction Documents or the Bridge Finance Documents and such other documents which are not expressly referred to in them and which would materially affect the transactions or arrangements contemplated by
Transaction Documents or (as the case may be) the Bridge Finance Documents and/or the forecasts, projections and/or estimates contained or referred to in the Base Case Model. 
 Section 3.26 Intercompany Loans 
 There are (i) no outstanding intercompany loans between the Parent (as the lender) or any member of the Group (as borrower) other than certain outstandings under the loan agreement dated 6 August 2004 made between Telemark N.V.
(now known as Matel Holdings N.V.) and the Borrower and (ii) no outstanding intercompany loans between the Borrower (as lender) or any member of the Group (as borrowers) other than (A) certain outstandings under the loan agreement dated
6 August 2004 made between the Borrower (as Lender) and V-holding (as borrower) and (B) under the Existing High Yield Funding Loan Agreement, Existing FRN Funding Loan Agreement and the Funding Loan Agreement. 
 Section 3.27 Repetition 
 (a) Other than Section 3.15, the representations and warranties in Section 3.2 through Section 3.14 (so that (i) the representation and warranty in Section 3.7(a) shall for this purpose refer to the then latest
financial statements of the HTCC Group verified by the auditors to the same and delivered to the Administrative Agent under Section 5.1, (ii) the representation and warranty in Section 3.7(b) shall for this purpose refer to the then
latest Quarterly Management Accounts delivered to the Facility Agent under Section 5.1, and (iii) the representation and warranty in Section 3.10 shall for this purpose refer to the latest audited financial statements of the HTCC
Group delivered to the Administrative Agent under Section 5.1) shall be deemed to be 

  

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repeated by each Obligor on and as of the Completion Date, the Conversion Date, the date of each Utilization Notice and the first day of each Interest Period
as if made with reference to the facts and circumstances existing on each such day. 
 (b) The representation and warranty in
Section 3.15 shall be deemed to be repeated by each Obligor on and as of the Completion Date and the Conversion Date. 
 (c) The representations and warranties in Section 3.16 through 3.26 shall be deemed to be repeated by each Obligor on and as of the Conversion Date as if made with reference to the facts and circumstances existing on each such day.

 ARTICLE IV. 
 GENERAL
UNDERTAKINGS 
 Section 4.1 Notice of Default, etc. 
 Each Obligor shall promptly inform the Administrative Agent of (i) any occurrence of which it becomes aware which would or is reasonably likely to
have a Material Adverse Effect, (ii) from time to time, if so requested by the Administrative Agent, by confirmation to the Administrative Agent in writing that, save as otherwise stated in such confirmation, no Default has occurred and is
continuing, (iii) any known lapse, suspension or termination of or refusal by any person to renew or extend any License, (iv) any breach of any License which would or is reasonably likely to have a Material Adverse Effect, (v) (to the
extent known to any member of the Group) the commencement of all material proceedings and investigations against any member of the Parent Group by or before any governmental body and all material actions and proceedings against any member of the
Parent Group in any court or before any arbitrator, (vi) (to the extent known to any member of the Group) any material breach of any Telecommunications Laws by any member of the Parent Group, (vii) any material dispute, default or breach
under Existing High Yield Funding Loan Agreement, the Existing FRN Funding Loan Agreement, Funding Loan Agreements, the Existing High Yield Offering Documents, the Existing FRN Offering Documents or the Senior Finance Documents upon becoming aware
of the same. 
 Section 4.2 Consents and authorizations 
 Each Obligor shall obtain or cause to be obtained (i) every material consent, authorization, license (other than a License or a renewal or extension
thereof) or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts and (ii) every notarization, filing, recording, registration or enrolment in any court or public office in any Relevant
Jurisdiction (in any such case) required by any Obligor, any Security Provider or any Subordinated Shareholder Creditor to authorize, or required by the Obligor or any Security Provider or any Subordinated Shareholder Creditor (as the case may be)
in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of the Finance Documents or the performance by any Obligor, any Security Provider or any Subordinated Shareholder Creditor of their respective
obligations under the Finance Documents to which it is a party. 
 Section 4.3 Licenses and Necessary Authorizations 

(a) Each Obligor shall obtain or cause to be obtained every License and ensure that (i) none of the Licenses is revoked,
cancelled, suspended, withdrawn or terminated or expires and is not renewed or otherwise ceases to be in full force and effect without a replacement having been put in place on substantially identical terms or more beneficial terms to the Group and
(ii) none of the same is modified in any materially adverse respect and no member of the Group commits any breach of any of the material terms and conditions of any License; 
  

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 (b) without prejudice to paragraph (a), obtain or cause to be obtained every Necessary
Authorization, to the extent that the absence of the same would have or would be reasonably likely to have a Material Adverse Effect and ensure that (i) none of the Necessary Authorizations is revoked, cancelled, suspended, withdrawn or
terminated, or expires and is not renewed or otherwise ceases to be in full force and effect without a new one having first been put in place with a member of the Group on substantially identical or more beneficial terms to the Group and
(ii) none of the Necessary Authorizations is modified and no member of the Group commits any breach of the terms or conditions of the Necessary Authorizations which, in the case of any of the actions or events referred to in (i) or (ii),
would or is reasonably likely to have a Material Adverse Effect. 
 Section 4.4 Business 
 Each Obligor and each of their Subsidiaries shall in the case of any member of the Group (other than the Borrower) engage in the business of acting as the
holder of shares and/or partnership interests in other members of the Group and/or the operating of Telecoms Business (which shall, amongst other things, include the making of Permitted Investments, the carrying out of Permitted Intra-Group
Transactions, the raising of Permitted Borrowings and the entry into of hedging arrangements not restricted by the terms of this Credit Agreement) and in no other activities. 
 Section 4.5 Authorized Officers 
 Each Obligor shall ensure that any new or replacement Authorized Officer has provided the Administrative Agent with evidence satisfactory to it of such new officer(s)’ authority and a specimen of his or their signature(s) prior to
signing any Utilization Notice, or any other notices, requests or confirmations referred to in this Credit Agreement or relating to the facilities granted pursuant thereto. 
 Section 4.6 Auditors 
 Each
Obligor shall ensure that a major accounting firm of recognized international standing and repute is at all times appointed as auditor of each member of the HTCC Group. 
 Section 4.7 Pari passu 
 Each Obligor shall ensure that its obligations under this Credit
Agreement shall, without prejudice to Section 4.20 or to the security intended to be created pursuant to the Transaction Security Documents, at all times rank at least pari passu with all its other present and future unsecured and
unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract. 
 Section 4.8 Provision of further information 
 Each Obligor shall: 
 (a) notify the Administrative Agent of any material change to the business of any member of the Group providing details of such change as
soon as practicable after making such change; 
 (b) provide the Administrative Agent with a copy of (A) each Principal
Agreement entered into after the date of this Credit Agreement and (B) any material report, notice or other communication relating to the Licenses, the Necessary Authorizations and such financial and 

  

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other information concerning each member of the Material Group and their respective affairs as the Administrative Agent or any Lender (acting through the
Administrative Agent) may from time to time reasonably require. 
 Section 4.9 Insurance 
 Each Obligor shall maintain insurance cover of a type and level which a prudent company in the same business as the relevant Obligor would effect.

 Section 4.10 Inspection 
 Each Obligor shall, if required by the Administrative Agent (acting on the instructions of the Majority Lenders) permit that representatives of the Administrative Agent or any of the Lenders upon reasonable prior written notice to the
Borrower to (a) visit and inspect the properties of the Parent or any member of the Material Group during normal business hours, (b) subject to the provisions as to confidentiality contained in this Credit Agreement and/or any other
confidentiality undertaking entered into by the relevant Bridge Finance Party in favor of the Borrower, inspect and make extracts from and copies of its financial books and records (other than records which the relevant member of the Material Group
is prohibited by law from disclosing to the Administrative Agent and/or any relevant Lender) and (c) discuss with its principal officers and auditors its business, assets, liabilities, financial position, results of operations and business
prospects provided that any such discussion with the auditors shall only be on the basis of the audited accounts of the Group and any compliance certificates issued by the auditors and such discussions shall take place in the presence of a member of
the board of the Borrower or the Parent (unless all members of the boards of the Borrower and the Parent were given reasonable notice of such discussions, but did not attend). 
 Section 4.11 Notification of Environmental Claim and Expenditure 
 Each Obligor shall, promptly on becoming aware of it inform the Administrative Agent of any Environmental Claim which has been made or threatened against
any member of the Group or any occupier of any property owned or leased by any member of the Group which would have or is reasonably likely to have a Material Adverse Effect or any requirement by any Environmental License or applicable Environmental
Laws for any member of the Group to take or desist from taking any action which (in each case) would or is reasonably likely, if substantiated, to have a Material Adverse Effect. 
 Section 4.12 Compliance with laws and regulations 
 Each Obligor shall comply with the terms and conditions of all laws (other than Telecommunications Laws, the Licenses and the Necessary Authorizations), regulations, agreements, licenses and concessions including,
without limitation, all Environmental Laws and all Environmental Licenses if the failure to comply therewith, would or is reasonably likely to have a Material Adverse Effect. 
 Section 4.13 Relevant Substance 
 Each Obligor shall notify the Administrative Agent forthwith upon becoming aware of any Relevant Substance at or brought on to any property owned, leased or occupied by any member of the Group which is likely to give rise to an
Environmental Claim which would or is reasonably likely to have a Material Adverse Effect and take or procure the taking of all necessary action to deal with, remedy or remove from such property or prevent the incursion of (as the case may be) that
Relevant Substance in order to prevent such an Environmental Claim and in a manner that complies with all requirements of Environmental Law. 
  

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 Section 4.14 Tax 
 Each Obligor shall file or cause to be filed all tax returns required to be filed in all jurisdictions in which it is situated or carries on business or
is otherwise subject to Taxation and will pay all Tax shown to be due and payable on such returns or any assessments made against it within the period stipulated for such payment (other than those being contested in good faith and where such payment
may be lawfully withheld). 
 Section 4.15 Use of proceeds 
 Each Obligor shall ensure that the Borrower uses the Loans exclusively for the purposes specified in Section 2.1(c). 
 Section 4.16 Material Subsidiaries 
 The Borrower shall ensure that at all times, Material Subsidiaries account for not less than 95 percent in aggregate of the total assets, total revenues and Twelve Month Consolidated EBITDA of the HTCC Group. 
 Section 4.17 Restricted Payments 
 (a) Each of the Obligors undertakes with each Bridge Finance Party that from the date of this Credit Agreement and so long as any monies are owing under the Finance Documents or remain available for drawing by the
Borrower: 
 (i) save as provided in paragraph (b), it will not (and, in the case of the Borrower, will procure that its
Subsidiaries do not) make any Restricted Payment other than a Permitted Payment; 
 (ii) it will procure that any Restricted
Person enters into the Intercreditor Deed (i) prior to any Restricted Payment (other than a Permitted Payment) becoming payable to such Restricted Person and (ii) prior to any Restricted Person making any Indebtedness available to any
member of the Group and, in each case, will provide the Administrative Agent with such evidence as it may reasonably request as to the power and authority of the relevant person to enter into such Intercreditor Deed and that such Intercreditor Deed
constitutes valid and legally binding obligations of the relevant person enforceable, subject to any qualifications of a substantially similar nature to those contained in the legal opinions referred to in Schedule 2 (Conditions precedent) to
this Credit Agreement, in accordance with its terms; and 
 (iii) it will, prior to any Indebtedness being made available to
it by a Restricted Person, accede to the Intercreditor Deed. 
 (b) Subject to Section 4.26 and Section 4.27,
notwithstanding any other provisions of this Credit Agreement, the Borrower may use any amounts which it would otherwise be permitted to distribute as a Permitted Payment falling within paragraph (a) of that definition (which it does not so
distribute) for any purpose and any such application shall not constitute a breach of any undertaking or an Event of Default under this Credit Agreement. 
  

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 Section 4.18 Virtual Mobile Services 
 Each Obligor shall promptly inform the Administrative Agent of any decision taken by any member of the Group to provide virtual mobile services and, prior
to launching such service, deliver to the Administrative Agent sufficient copies for distribution to the Lenders of (i) a management report explaining the business case for launching such service and (ii) financial and operational
projections of the Group in connection with the new proposed service. 
 Section 4.19 Memorex Shareholder Squeeze Out 

Each Obligor shall ensure that the Memorex Shareholder Squeeze Out is completed within 120 Business Days of the Completion Date and ensure that within
10 days of completion of the Memorex Shareholder Squeeze Out, 100 percent of the shares in Memorex are pledged in favor of the Security Agent in the agreed form. 
 Section 4.20 Negative Pledge 
 Each Obligor will not permit any Encumbrance (other than a
Permitted Encumbrance) by any member of the Group to subsist, arise or be created or extended over all or any part of their respective present or future undertakings, assets, rights or revenues to secure or prefer any present or future Indebtedness
of any member of the Group or any other person. 
 Section 4.21 No Merger 
 Each Obligor will procure that no member of the Material Group merges or consolidates with any other company or person save for mergers
with members of the Group (“Original Entities”) into one or more entities (each a “Merged Entity”) provided that: 
 (i) each Merged Entity is a member of the Material Group and is liable for the obligations of the Original Entities (including the obligations under this Credit Agreement and the Transaction Security Documents) which
remain unaffected thereby and entitled to the benefit of all the rights of the Original Entities; 
 (ii) each Merged Entity
gives a Guarantee (if any of the Original Entities was a guarantor thereunder); 
 (iii) each Merged Entity has entered into
Transaction Security Documents which provide security over the same assets of at least an equivalent nature and ranking to the security provided by the Original Entities pursuant to any Transaction Security Documents entered into by them and any
possibility of the Guarantee referred to in paragraph (ii) above and/or the Transaction Security Documents referred to in this paragraph or paragraph (iv) below being challenged or set-aside is not greater than any such possibility in
relation to the Guarantee or Transaction Security Documents entered into by or in respect of the share capital of any Original Entity; and 
 (iv)(if all or any part of the share capital of any of the Original Entities was charged pursuant to a Transaction Security Document) the equivalent part of the issued share capital of each such Merged Entity is
charged, pledged or deposited (as the case may be) pursuant to a Transaction Security Document on terms of at least an equivalent nature and equivalent ranking as any Transaction Security Document relating to the shares in either Original Entity.

  

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 Section 4.22 Disposals 
 Each Obligor will procure that no member of the Group sells, transfers, leases, lends or otherwise disposes of or ceases to exercise control over the
whole or any part of their present or future undertakings, assets, rights or revenues whether by one or a series of transactions related or not other than Permitted Disposals. 
 Section 4.23 Borrowed Money 
 Each Obligor will procure that no member of the Group creates, assumes, incurs or otherwise permits to be outstanding any Borrowed Money other than Permitted Borrowings. 
 Section 4.24 Guarantees 
 Each
Obligor will procure that no member of the Group incurs any obligations or assumes any liability under any guarantee other than Permitted Guarantees. 
 Section 4.25 Reduction or purchase of capital 
 Each Obligor will ensure that neither the
Borrower, nor any other member of the Group, reduces its capital or purchases any class of its shares. 
 Section 4.26 Investments

 Each Obligor will procure that no member of the Group (i) makes any loan or advance to, or enters into any transaction having the
effect of lending money with, any person or otherwise acquires for a consideration any document evidencing Indebtedness, capital stock or other securities of any person or (ii) acquires all or any substantial part of the assets, property or
business of any other person or any assets that constitute a division or operating unit of the business of any other person or (iii) creates or acquires any Subsidiary other than (in each case) Permitted Investments, Permitted Intra-Group
Transactions, Permitted Loans or Permitted Borrowings or (iv) incurs any capital expenditure or acquires any infrastructure to be used in the Group’s provision of virtual mobile services other than to the extent such capital expenditure is
incurred in relation to providing billing and information technology systems or improving existing billing and information technology systems in connection with the Group’s provision of virtual mobile services. 
 Section 4.27 Swaps and Hedging 
 Each Obligor will procure that no member of the Group enters into any interest rate or currency swaps or other hedging arrangements other than (i) the Hedge Documents, (ii) in respect of liabilities under the Senior Finance
Documents, the Existing High Yield Notes, the Existing FRN Bonds and the Bridge Finance Documents, (iii) non-speculative arrangements directly relating to the risk management of any other Borrowed Money of the Group permitted to subsist by the
terms of this Credit Agreement or (iv) forward foreign exchange contracts with a maturity of 12 months or less entered into in the normal course of business in relation to future liabilities of such member of the Group incurred in relation to
its operation of the Telecoms Business up to an aggregate notional principal amount at any time outstanding of (in respect of all such contracts entered into by members of the Group) Euro 5,000,000 or its equivalent, for a period not in excess of 12
months. 
  

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 Section 4.28 Change of Business 
 Each Obligor will procure that the Group (taken as a whole) does not change the nature of the business carried on by it in any material respect from that
carried on at the date of this Credit Agreement and that no member of the Group ceases to carry on a business where any such cessation would or is reasonably likely to have a Material Adverse Effect. 
 Section 4.29 Constitutional Documents/the Existing High Yield Funding Loan Agreement/the Existing FRN Funding Loan Agreements/ Funding Loan
Agreements 
 (a) Each Obligor will not, and will procure that no other Obligor amends its constitutional documents in any
way which would restrict the ability of the Security Agent to exercise its rights under the Transaction Security Documents in respect of the shares in such company; and 
 (b) Each Obligor will not, and will procure that no other Obligor amends, varies or otherwise supplements the Existing High Yield Funding
Loan Agreement, the Existing FRN Funding Loan Agreements or the Funding Loan Agreements. 
 Section 4.30 Arm’s length
transactions 
 Each Obligor will procure that in respect of non-arm’s length transactions each member of the Group shall not enter
into any such transactions except in the ordinary course of business, on ordinary commercial terms or enter into any transaction where such member of the Group would pay more than the ordinary commercial price for any purchase or would receive less
than the full ex-works commercial price (subject to normal trade discount) of its products or services. 
 Section 4.31 The Parent
and the IPO Subsidiary 
 In the case of the Borrower and the IPO Subsidiary, notwithstanding any other provisions of this Credit
Agreement, each will not at any time trade, establish or acquire any person, carry on any business or own any assets other than: 
 (a) in the case of the Borrower and the IPO Subsidiary, rights and obligations under the Finance Documents; 
 (b) in
the case of the Borrower, the IPO Subsidiary, the HTCC Operating Company and Invitel, Permitted Borrowings pursuant to paragraphs (e) and (f) and debit balances under the Parent Loan Agreements and credit balances under the Intergroup Loan
Agreements; and 
 (c) in the case of the IPO Subsidiary, its 100 percent shareholdings in Invitel. 
 Section 4.32 Bank Accounts 
 (a) Each Obligor will not, and it will procure that no other member of the Group, shall maintain a bank account in any jurisdiction that is not referred to in the definition of “Telecoms Business”;

 (b) Each Obligor will not, and it will procure that no other member of the Group, shall maintain a bank account with any
person that is not an Acceptable Bank. If on the Signing Date any member of the Group maintains a bank account with a person not permitted pursuant to this Section 4.32(b), there shall be no breach of this provision provided that the relevant
account(s) are moved to a person that complies with this Section 4.32(b) within 45 days of the date of the Signing Date; 
  

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 (c) Each Obligor will procure that each bank account opened by it is charged and/or
pledged to the Security Agent pursuant to the Transaction Security Documents or on terms consistent with the Transaction Security Documents and that notice of such charge and/or pledge (in the form provided for in the relevant Transaction Security
Document) is given to and acknowledged by the financial institution which maintains such account and that, in relation to charges and/or pledges entered into after the Signing Date, the Administrative Agent is provided with such documents and
evidence as it may reasonably require as to the power and authority of the relevant Obligor to enter into such charge and/or pledge and that the same constitute valid and legally binding obligations of such Obligor; 
 (d) Each Obligor will procure that the aggregate cash balance on all the accounts of all Immaterial Subsidiaries shall not exceed EUR
3,000,000 (or its equivalent) at any time provided that, if at any time there is any amount in excess of EUR 3,000,000 (or its equivalent) standing to the credit of such accounts (the “Excess Amount”), it shall not be a breach of
this paragraph (d) provided that (i) such Excess Amount is transferred immediately into an account of an Obligor that is charged and/or pledged to the Security Agent in accordance with paragraph (c) above and (ii) it provides
written evidence of such transfer to the Administrative Agent in form and substance satisfactory to the Administrative Agent; and 
 (e) Each Obligor will procure that the aggregate cash balance on all the accounts charged and/or pledged pursuant to the Turkish Subsidiary Account Charge (as defined in the Senior Credit Agreement) shall not exceed EUR 2,000,000 (or its
equivalent) and that to the extent that there is an any amount in excess of EUR 2,000,000 (or its equivalent) standing to the credit of such accounts (the “Turkish Excess Amount”) it shall not be a breach of this
Section 4.32(e) provided (i) that (A) such Turkish Excess Amount is transferred immediately into an account of an Obligor that is charged and/or pledged to the Security Agent in accordance with Section 4.32(c) above and
(B) it provides written evidence of such transfer to the Administrative Agent in form and substance satisfactory to the Administrative Agent or (ii) the aggregate cash balance on such accounts exceeds EUR 2,000,000 for a period of less
than 5 consecutive days in any period of one month. 
 Section 4.33 Existing High Yield Notes and Existing FRN Bonds 

Each Obligor will not, and will procure that no other Obligor makes any payments of principal or interest on or otherwise purchases, redeems, defeases
or otherwise discharges amounts under the Existing High Yield Notes or the Existing FRN Bonds other than by way of a Permitted HY Payment or a Permitted FRN Payment, as the case may be. 
 Section 4.34 Conditions Subsequent 
 The Borrower shall procure that the following documents are provided to the Administrative Agent as soon as reasonably practicable after the Completion Date: 
 (a) copies of any relevant documentation in form and substance reasonably satisfactory to the Administrative Agent evidencing, in respect
of the Transaction Security Documents, completion of any perfection requirements which could not be carried out on the Completion Date are provided to the Administrative Agent; 
  

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 (b) the Group Structure Chart which shows the Group assuming that the Completion Date has
occurred; 
 (c) evidence that Memorex’ €10 million 7.58% bonds due 2013 and €7.5 million 7.8935%
bonds due 2014, together with Security granted by members of the Group in respect thereof, has been discharged; 
 (d)
evidence that any members of the Group required to accede as Additional Guarantor on or prior to the Clean-Up Date in accordance with this Credit Agreement (referred to in this paragraph as “relevant Obligors”) have done so
or will have done so including an Accession Document executed by the relevant Obligor and the Borrower; and 
 (e)
documentation equivalent to that referred to in paragraphs 2 to 12 inclusive of Schedule 2 Part 2 with respect to each relevant Obligor. 
 Section 4.35 Change of Control 
 (a) Upon the occurrence of a Change of Control, each Lender will have
the right to require the Borrower to prepay all or any part of the principal amount of such Lender’s Loans pursuant to the offer described below (the “Change of Control Offer”) at a prepayment price in cash equal to
(i) with respect to Bridge Loans, 100 percent of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of prepayment and (ii) with respect to Term Loans, 101 percent of the aggregate
principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of prepayment (collectively, the “Change of Control Payment”). Within 10 days following any Change of Control, the Borrower will
mail a notice to each Lender describing the transaction or transactions that constituted the Change of Control and offer to repay the Loans on the date specified in such notice, which date shall be no earlier than 10 days and no later than 20 days
from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures set forth below. 
 (b) Notice of a Change of Control Offer shall be mailed by the Borrower to the Lenders at their addresses set forth in the Register. The Change of Control Offer shall remain open from the time of mailing until the
Change of Control Payment Date. The notice shall be accompanied by a copy of the most recent reports furnished pursuant to Section 5.1(a) and (b). The notice shall contain all instructions and materials necessary to enable such Lenders to elect
to be prepaid pursuant to the Change of Control Offer. 
 (c) On the Change of Control Payment Date, the Borrower shall
(i) repay all Loans or portions thereof of each Lender that properly elected repayment thereof pursuant to the Change of Control Offer, (ii) pay the Change of Control Payment for each such Loan (or portion thereof) elected to be repaid and
(iii) deliver to each such Lender a new Bridge Note equal in principal amount (excluding premiums, if any) to the unpurchased portion of the corresponding Bridge Note surrendered, if any. The Borrower will notify the remaining Lenders of the
results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 Section 4.36 PIK
Notes Refinancing 
 (a) Upon the occurrence of a PIK Notes Refinancing, each Lender will have the right to require the
Borrower to prepay all or any part of the principal amount of such Lender’s Loans pursuant to the offer described below (the “PIK Notes Refinancing Offer”) at a prepayment price in cash equal to (i) with respect to
Bridge Loans, 100 percent of the aggregate principal amount 

  

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thereof plus accrued and unpaid interest thereon, if any, to the date of prepayment and (ii) with respect to Term Loans, 101 percent of the
aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of prepayment (collectively, the “PIK Notes Refinancing Payment”). Within 10 days following any PIK Notes Refinancing,
the Borrower will mail a notice to each Lender describing the transaction or transactions that constituted the PIK Notes Refinancing and offer to repay the Loans on the date specified in such notice, which date shall be no earlier than 10 days and
no later than 20 days from the date such notice is mailed (the “PIK Notes Refinancing Payment Date”), pursuant to the procedures set forth below. 
 (b) Notice of a PIK Notes Refinancing Offer shall be mailed by the Borrower to the Lenders at their addresses set forth in the Register.
The PIK Notes Refinancing Offer shall remain open from the time of mailing until the PIK Notes Refinancing Payment Date. The notice shall be accompanied by a copy of the most recent reports furnished pursuant to Section 5.1(a) and
Section 5.1(b). The notice shall contain all instructions and materials necessary to enable such Lenders to elect to be prepaid pursuant to the PIK Notes Refinancing Offer. 
 (c) On the PIK Notes Refinancing Payment Date, the Borrower shall (i) repay all Loans or portions thereof of each Lender that
properly elected repayment thereof pursuant to the PIK Notes Refinancing Offer, (ii) pay the PIK Notes Refinancing Payment for each such Loan (or portion thereof) elected to be repaid and (iii) deliver to each such Lender a new Bridge Note
equal in principal amount (excluding premiums, if any) to the unpurchased portion of the corresponding Bridge Note surrendered, if any. The Borrower will notify the remaining Lenders of the results of the PIK Notes Refinancing Offer on or as soon as
practicable after the PIK Notes Refinancing Payment Date. 
 Section 4.37 Issuance of Refinancing Securities 
 Each of the Borrower and its respective Subsidiaries will use their reasonable best efforts, as soon as reasonably practicable upon the request of the
Arrangers, to issue and sell the Securities (as defined in the Engagement Letter) or, to the extent agreed with the Arrangers, other Permanent Securities (collectively, the “Refinancing Securities”) in an underwritten
offering or private placement and, in connection therewith: 
 (a) prepare and deliver to the Arrangers as soon as reasonably
practicable upon the request of the Arrangers an initial draft of an offering memorandum or offering memoranda for a distribution of the Refinancing Securities containing such information in form and content customary for offerings underwritten by
the Arrangers, in its capacity as Arrangers of the Refinancing Securities, of high yield notes in the United States pursuant to Rule 144A under the Securities Act by foreign issuers; and 
 (b) prepare and deliver to the Arrangers by a date to be agreed (i) audited consolidated financial statements of each of the Borrower
and, to the extent Memorex is controlled by the Borrower, Memorex, which shall include audited balance sheets as of the end of the last two fiscal years, audited statements of changes in equity for the last three fiscal years, audited income
statements for the last three fiscal years and audited statements of cash flows for the last three fiscal years and shall be accompanied by an audit report and unaudited consolidated pro forma financial statements as is customary for similar
transactions, (ii) interim consolidated financial statements of each of the Borrower and, to the extent Memorex is controlled by the Borrower, Memorex (in each case reviewed pursuant to SAS 100), as of and for any interim period following the
date of the audited financial statements referred to above (together with the same period in the prior year) (provided, (x) in the case of Memorex, such financial statements 

  

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need only be prepared and delivered to the extent they would be required to be included in a registration statement filed under the Securities Act with
respect to an offering by the Borrower of Refinancing Securities and (y) that such financial statements need not be reconciled to the Accounting Principles and need not contain an audited footnote(s) setting out condensed consolidating
financial information in respect of each of the guarantors in accordance with Regulation S-X under the Securities Act) if in the reasonable judgment of the Arrangers a review of such financial statements would be required to obtain a SAS 72 comfort
letter (or such other comfort letter reasonably acceptable to the Arrangers) with negative assurances (that is, if the closing of the issuance of the offering occurs more than 135 days after the date of the audited financial statements referred to
above) and (iii) consolidated pro forma income statement and balance sheet information of the Borrower (including, to the extent Memorex is controlled by the Borrower, Memorex), together with explanatory footnotes, for the acquisition of
Memorex and refinancing and any other relevant matters that have occurred during or subsequent to the most recent fiscal year and the last twelve months; and 
 (c) to co-operate fully with the Mandated Lead Arrangers and their counsel in connection with, and cause their senior officers,
representatives and auditors to be reasonably available for, due diligence and drafting meetings; and 
 (d) prepare and
deliver to the Arrangers by a date to be agreed an updated, complete offering memorandum or offering memoranda for a distribution of the Refinancing Securities containing such information in form and content customary for offerings underwritten by
the Arrangers, in its capacity as Arrangers of the Refinancing Securities, of high yield notes in the United States pursuant to Rule 144A under the Securities Act by foreign issuers. 
 For the avoidance of doubt, it is acknowledged that there is no obligation that the Bridge Borrower High Yield Notes be registered under the Securities
Act. 
 Section 4.38 Marketing of Refinancing Securities 
 In connection with Section 4.37 and the Engagement Letter, each of the Borrower and its Subsidiaries will use their reasonable best efforts, as soon
as practicable upon the request of the Arrangers, to: 
 (a) prepare materials for, and cause its senior management
(including, to the extent Memorex is controlled by the Borrower, Memorex’s Chief Executive Officer and Chief Financial Officer) to participate in, presentations as reasonably requested by the Arrangers to the appropriate rating agencies to
obtain ratings for the Refinancing Securities and a corporate rating for the Borrower; 
 (b) provide all information to the
Arrangers and its advisors as the Arrangers shall reasonably request in connection with legal and business due diligence; 
 (c) cause its senior management (including, to the extent Memorex is controlled by the Borrower, Memorex’s Chief Executive Officer and Chief Financial Officer) to participate in meetings and customary road show presentations for the
sale of the Refinancing Securities and other customary marketing efforts, in each case, as reasonably requested by the Arrangers; 
 (d) upon pricing of any Refinancing Securities, deliver an executed copy of the purchase agreement relating to the Refinancing Securities and on or prior to the issue date of the Refinancing Securities deliver customary closing documents as
reasonably requested by the 

  

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Arrangers, which shall include, among other things, closing certificates, legal opinions, 10b-5 statements and comfort letters (which shall cover the periods
for which financial information is included in the relevant offering memorandum in form and substance reasonably satisfactory to the Arrangers); 
 (e) list the Refinancing Securities on the London Stock Exchange, the Luxembourg Stock Exchange or the Irish Stock Exchange or such other securities exchange, in each case as the Borrower and the Arrangers may
mutually determine; and 
 (f) reasonably promptly notify the Arrangers (i) of any material change in the Capital Stock
or long-term debt of any of the Borrower, any Material Subsidiary or, to the extent Memorex is controlled by the Borrower, Memorex or any of its material subsidiaries or any adverse change, or any development involving a prospective adverse change,
in or affecting the general affairs, management, financial position, shareholders’ equity or results of operations of the Borrower, and (ii) if any information furnished by the Borrower, any Material Subsidiary or, to the extent Memorex is
controlled by the Borrower, Memorex or any of its material subsidiaries or any of their respective affiliates to the Arrangers in connection with their engagement under the Engagement Letter is or becomes inaccurate, incomplete or misleading in any
material respect. 
 ARTICLE V. 
 INFORMATION UNDERTAKINGS 
 Section 5.1 Financial statements 
 The Borrower shall supply to the Administrative Agent in sufficient copies for all the Lenders: 
 (a) on the date of the relevant filing with the U.S. Securities and Exchange Commission (or, to the extent HTCC is not subject to
Section 13 or 15(d) of the Exchange Act, on the date such relevant filing would have been required to be filed if HTCC were so subject), all annual reports required to be filed with the U.S. Securities and Exchange Commission; provided
that the financial statements contained in any such report (and any financial information derived therefrom and contained in such report) may be denominated in U.S. Dollars and provided further that any such report will include, in a
footnote, the following condensed consolidating financial information of the Borrower for the same periods covered by such report: total revenue; net profit (loss); cash and cash equivalents; total liabilities; earnings before interest, taxes,
depreciation and amortization; capital expenditure; net interest expense; and net cash flow provided by (used in) operating activities; and 
 (b) (if available or required by law to be prepared) within any statutory time period allowed for the preparation thereof and only if requested by the Administrative Agent, the audited statutory financial statements
(consolidated if appropriate) of the Borrower for that Financial Year; and 
 (c) on the date of the relevant filing with the
U.S. Securities and Exchange Commission (or, to the extent HTCC is not subject to Section 13 or 15(d) of the Exchange Act, on the date such relevant filing would have been required to be filed if HTCC were so subject), all quarterly reports
required to be filed with the U.S. Securities and Exchange Commission; provided that the financial statements contained in any such report (and any financial information derived therefrom and contained in such report) may be denominated in
U.S. Dollars and provided further that any such report will include, in a footnote, the following condensed 

  

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consolidating financial information of the Borrower for the same periods covered by such report: total revenue; net profit (loss); cash and cash equivalents;
total liabilities; earnings before interest, taxes, depreciation and amortization; capital expenditure; net interest expense; and net cash flow provided by (used in) operating activities. 
 Section 5.2 Requirements as to Accounts 
 (a) The Borrower shall procure that each set of Accounts delivered by the Borrower pursuant to Section 5.1: 
 (i) gives (if audited) a true and fair view of, or (if unaudited) fairly presents, the financial condition of the relevant person as at the date to which those Accounts were drawn up and the results of operations for
the accounting period then ended; and 
 (ii) includes a balance sheet, profit and loss account and cashflow statement
provided that in respect of any periods ending on or prior to the third Quarter Date after Completion this shall only be required if reflected in the reporting practices of the Group as of the Closing Date. 
 (b) Where an amount in the Accounts is not denominated in the Base Currency, it shall be converted into the Base Currency at the rates
specified in the Agreed Upon Procedures Report. 
 (c) Each set of Accounts delivered by the Borrower pursuant to
Section 5.1: 
 (i) shall be accompanied by a report by the chief financial officer of the Borrower explaining any
material differences in the financial performance of the Borrower and the Group for the period to which the Accounts relate to the projected performance for that period set out in the Budget; and 
 (ii) other than Accounts described in Section 5.1(b), shall be prepared using the Accounting Principles, accounting practices and
financial reference periods consistent with those applied in the preparation of the Base Case Model; 
 unless, in relation to any set of
Accounts, the Borrower notifies the Administrative Agent that there has been a change in the Accounting Principles, or the accounting practices and it delivers to the Administrative Agent: 
 (A) a description of any change necessary for those Accounts to reflect the Accounting Principles, or accounting practices, upon which
the Base Case Model were prepared; and 
 (B) sufficient information, in form and substance as may be reasonably required by
the Administrative Agent, to enable the Lenders and to make an accurate comparison between the financial position indicated in those Accounts and the Budget. 
 (d) If the Borrower notifies the Administrative Agent of a change in accordance with paragraph (c) above or there is a change of its
Financial Year end then the Borrower and the Administrative Agent shall enter into negotiations in good faith with a view to agreeing: 
 (i) whether or not the change might result in any material alteration in the commercial effect of any of the terms of this Credit Agreement; and 
  

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 (ii) if so, any amendments to this Credit Agreement which may be necessary to ensure that
the change does not result in any material alteration in the commercial effect of those terms, 
 and if any amendments are agreed to the
satisfaction of the Majority Lenders (acting reasonably) they shall take effect and be binding on each of the Parties in accordance with their terms. 
 Any reference in this Credit Agreement to any Accounts shall be construed as a reference to those Accounts as adjusted to reflect the basis upon which the Base Case Model or, as the case may be, the Original Financial
Statements were prepared. 
 Section 5.3 Budget 
 (a) The Borrower shall supply to the Administrative Agent in sufficient copies for all the Lenders, as soon as the same become available
but in any event not less than 30 days after the start of each of its Financial Years, an annual Budget for that Financial Year. 
 (b) Subject to any legal or regulatory restriction, any bona fide party confidentiality undertaking or other bona fide party confidentiality requirement binding on any member of the Group and to any restriction imposed on (i) any
member of the Group; (ii) its direct or indirect Holding Company; or (iii) any direct or indirect shareholder of such person (any person falling within any of (i) to (iii), an “Affected Person”) by the rules, legal
requirements or other laws of any listing or other authority, any stock exchange or any similar market on which any shares or other securities of any Affected Person are listed, the Borrower shall ensure that each Budget: 
 (i) includes the key items from the projected consolidated profit and loss account (or equivalent income statement), balance sheet and
cash flow statement for the Group (broken down on a quarterly and year to date basis); 
 (ii) is prepared in accordance with
the Accounting Principles and the accounting practices and financial reference periods applied to the Accounts; and 
 (iii)
has been approved by the board of directors of the Borrower. 
 (c) If the Borrower updates or changes the Budget, it shall
promptly deliver to the Administrative Agent, in sufficient copies for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget (which will then become the Budget for the relevant
Financial Year of the Borrower for the purposes of this Credit Agreement). 
 Section 5.4 Presentations 
 Upon the Administrative Agent’s request (not to be made more than once in every Financial Year), at least two directors of the Borrower (one of whom
shall be the chief financial officer) must give a presentation to the Bridge Finance Parties about the on-going business and financial performance of the Group. 
  

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 Section 5.5 Year-end 
 The Borrower shall notify the Administrative Agent of a change of its Financial Year. 
 Section 5.6 Information: miscellaneous 
 Subject to any legal or regulatory restriction, any bona fide party confidentiality undertaking or other bona fide party confidentiality requirement binding on any member of the Group and to any restriction imposed on (i) any member of
the Group; (ii) its direct or indirect Holding Company; or (iii) any direct or indirect shareholder of such person (any person falling within any of (i) to (iii), an “Affected Person”) by the rules, legal requirements
or other laws of any listing or other authority, any stock exchange or any similar market on which any shares or other securities of any Affected Person are listed, the Borrower shall supply to the Administrative Agent (in sufficient copies for all
the Lenders, if the Administrative Agent so requests): 
 (a) at the same time as they are dispatched, copies of all documents
dispatched by the Borrower or any other Obligor (other than in the ordinary course of business) to its creditors generally (or any class of them) and of all documents dispatched by Borrower to its shareholders as a matter of mandatory law;

 (b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which
are current, threatened or pending against any member of the Group, and which, if adversely determined, would be reasonably likely to have a Material Adverse Effect; 
 (c) promptly upon receipt, any document that amends, varies, novates, supplements, waives or terminates the Acquisition Documents as
furnished to the Administrative Agent under this Credit Agreement; 
 (d) promptly after any material change in the structure
of the Group, a revised Group Structure Chart in the form delivered to the Administrative Agent under Section 4.34 of this Credit Agreement; and 
 (e) promptly on request, such further information regarding the financial condition, assets and operations of the Group as any Bridge Finance Party through the Administrative Agent may reasonably request. 

Section 5.7 Notification of default 
 (a) The Borrower shall notify the Administrative Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 
 (b) Promptly upon request by the Administrative Agent, the Borrower shall supply to the Administrative Agent a certificate signed by its
sole director or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 
 Section 5.8 “Know your customer” checks 
 (a) If: 
 (i)
the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Credit Agreement; 
  

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 (ii) any change in the status of an Obligor or the composition of the shareholders of an
Obligor after the date of this Credit Agreement; or 
 (iii) a proposed assignment or transfer by a Lender of any of its
rights and/or obligations under this Credit Agreement to a party that is not a Lender prior to such assignment or transfer, 
 obliges the Administrative Agent, the Security Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Administrative Agent, the Security Agent or any Lender supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Administrative Agent (for itself or on behalf of any Lender), the Security Agent or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective
new Lender) in order for the Administrative Agent, the Security Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied with the results of all necessary
“know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
 (b) Each Lender shall promptly upon the request of the Administrative Agent or the Security Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Administrative Agent or the Security Agent (for themselves) in order for the Administrative Agent or the Security Agent to carry out and be satisfied with the results of all
necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
 (c) The Borrower shall, by not less than 5 Business Days’ prior written notice to the Administrative Agent, notify the Administrative
Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to the terms of this Credit Agreement. 
 (d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the
Administrative Agent, the Security Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly
upon the request of the Administrative Agent, the Security Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Administrative Agent (for itself or on behalf of any Lender),
the Security Agent or any Lender (for itself or on behalf of any prospective new Lender) in accordance with the relevant person’s general business practices in order for the Administrative Agent, the Security Agent or such Lender or any
prospective new Lender to carry out and be satisfied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Credit
Agreement as an Additional Obligor. 
  

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 ARTICLE VI. 
 CONDITIONS PRECEDENT 
 Section 6.1 Initial Conditions Precedent 
 A Lender will only be obligated to participate in relation to any Utilization if, on or before the Utilization Date for that Bridge Loan, the
Administrative Agent has received or is satisfied that it will receive all of the documents and other evidence set out in Part 1 Schedule 2 in form and substance satisfactory to the Administrative Agent (acting reasonably). The Administrative Agent
shall notify the Borrower and the relevant Lenders promptly upon being so satisfied. 
 Section 6.2 Further Conditions Precedent 

 Subject to the “certain funds” provisions set out in Section 6.3, each Lender will only be obliged to participate in
relation to any Utilization if on the date of the Request and on the proposed Utilization Date: 
 (a) in the case of a Term
Loan, no notice of acceleration or cancellation has been given pursuant to Section 8.22 as a result of the occurrence of an Event of Default and, in the case of any other Utilization, no Default is continuing or would result from the proposed
Utilization; and 
 (b) the Repeating Representations that are stipulated to be made by an Obligor on the relevant Utilization
Date are true and accurate (in all material respects in the case of Repeating Representations to which a materiality test is not already applied in accordance with their terms). 
 Section 6.3 Certain Funds Period 
 Subject to Section 6.1, during the period commencing on the Signing Date and ending on the earlier of (a) the Completion Date and (b) the date that is 240 days after the date of the Acquisition Agreement if the initial
Utilization Date has not occurred by that date: 
 (a) in relation to a Utilization under this Credit Agreement to be made
during such periods, the drawstop conditions in this Credit Agreement will apply as if they referred only to Major Representations, Major Undertakings, Major Events of Default and Change of Control; and 
 (b) subject to the provisions of this Credit Agreement relating to it becoming unlawful for a Lender to perform its obligations or to fund
or maintain its participation in any Utilization, no Bridge Finance Party shall: 
 (i) cancel any of its commitments to the
extent to do so would prevent or limit the making of any Utilization; 
 (ii) rescind, terminate or cancel this Credit
Agreement or a Bridge Loan or exercise any similar right or remedy or make or enforce any claim under the Finance Documents it may have to the extent to do so would prevent or limit the making of any Utilization; 
 (iii) refuse to participate in the making of any Utilization; 
  

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 (iv) exercise any right of set-off or counterclaim in respect of any Utilization; or

 (v) cancel, accelerate or cause repayment or prepayment of any amounts owing under this Credit Agreement or under any other
Finance Document in respect of any Utilization or where to do so would prevent or limit the making of any Utilization, 
 unless any of the
conditions referred to in paragraph (a) above apply. 
 (c) For the purposes of paragraph (a) above: 
 (i) “Major Representation” means a representation with respect only to the Borrower and the Major Companies under any of
the following Sections contained in ARTICLE III: Section 3.2, Section 3.3, Section 3.4, Section 3.5 or Section 3.8; 
 (ii) “Major Undertaking” means an undertaking with respect only to the Borrower and the Major Companies under any of the following Sections referred to in ARTICLE IV: Section 4.20,
Section 4.22, Section 4.23 and Section 4.26; and 
 (iii) “Major Event of Default” means with
respect only to the Borrower and the Major Companies any Event of Default under any of the following clauses referred to in ARTICLE VIII: Section 8.2, Section 8.3 insofar as it relates to a breach of any Major Undertaking, Section 8.5
insofar as it relates to a breach of any Major Representation, Section 8.6, Section 8.7, Section 8.9, Section 8.11, Section 8.13, Section 8.14, Section 8.15, Section 8.17, Section 8.19 and
Section 8.20. 
 ARTICLE VII. 
 TRANSFER OF THE LOANS, THE INSTRUMENTS EVIDENCING SUCH LOANS AND THE 
 EXCHANGE NOTES; REPRESENTATIONS OF LENDERS;
PARTICIPATIONS 
 Section 7.1 Transfer of the Loans 
 Each Lender will be free to sell or transfer all or any part of the Loans or the instruments evidencing the Loans (including without limitation,
participation in the Loans) to any third party and to pledge any or all of the Loans to any commercial bank or other institutional lender, but in compliance with, to the best of its knowledge, applicable laws; provided however, that:

 (a) prior to the Completion Date, the Borrower shall have approved such sale, transfer or assignment; 
 (b) after the Completion Date, and provided that no Event of Default is continuing (in which case no such consultation shall be required),
such Lender shall have consulted with the Borrower regarding such sale, transfer or assignment of such Loan or Loans, provided however, that no such consultation will be required in respect of a sale, transfer or assignment of any Term Loans;

 (c) until the Initial Maturity Date, the Original Lenders shall continue to hold at least a majority of the outstanding
principal amount of the Bridge Loans; 
 (d) the principal amount so sold, transferred, assigned or pledged is not less than
Euro 50,000 or its equivalent in other currencies, or, if the value is lower, the assignee, transferee or pledge qualifies as a professional market party under the terms of the Dutch Financial Supervision Act (Wet op het financieel toezicht);
and 
  

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 (e) the Administrative Agent shall not be required to register the transfer of all or any
part of the Loans or the instruments evidencing the Loans until a transfer fee of Euro 1,500 has been remitted to the Administrative Agent in connection with such transfer. 
 Section 7.2 Transfer of the Exchange Notes 
 Each Lender acknowledges that none of the Exchange Notes have been registered under the Securities Act and represents and agrees that it may only acquire Exchange Notes for its own account and that it will not,
directly or indirectly, transfer, sell, assign, pledge or otherwise dispose of the Exchange Notes (or any interest therein) unless such transfer, sale, assignment, pledge or other disposition is made (i) pursuant to an effective registration
statement under the Securities Act or (ii) pursuant to an available exemption from registration under, and otherwise in compliance with, the Securities Act. Each of the Lenders acknowledges that the Exchange Notes will bear a legend restricting
the transfer thereof in accordance with the Securities Act. 
 Subject to the provisions of the previous paragraph, the Borrower and each
Guarantor agrees that, with the consent of the Administrative Agent, each Lender will be free to sell or transfer all or any part of the Exchange Notes to any third party in compliance, to the best of its knowledge, with applicable laws and to
pledge any or all of the Exchange Notes to any commercial bank or other institutional lender. 
 Section 7.3 Permitted Assignments

 Any Lender may, in the ordinary course of its business and in accordance, to the best of its knowledge, with applicable law, and in
accordance with the transfer requirements of Section 7.1, Section 7.2 and Section 7.5 at any time assign to one or more banks or other entities (“Purchasers”) all or any part of its rights and obligations
hereunder and under the Bridge Finance Documents. Such assignment shall be made pursuant to an Assignment and Acceptance substantially in the form of Exhibit A or in such other form as may be agreed to by the parties thereto. 
 Section 7.4 Permitted Participants; Effect 
 (a) Any Lender may, in the ordinary course of its business and in accordance with applicable law and Section 7.5, at any time sell to one or more banks, funds or other persons
(“Participants”) participating interests in any Loan owing to such Lender, any Bridge Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Bridge Finance Documents. In the
event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Bridge Finance Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, such Lender shall remain the owner of its Loans and the holder of any Note issued to it in evidence thereof for all purposes under the Bridge Finance Documents, all amounts payable by the Borrower under this Credit
Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under the Bridge Finance Documents. 
 (b) Each Lender shall retain the sole right to approve, without the consent
of any Participant, any amendment, modification or waiver of any provision of the Bridge Finance Documents other than any amendment, modification or waiver with respect to any Loan or 

  

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Commitment in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to
any such Loan or Commitment, extends the Maturity Date, postpones any date fixed for any regularly scheduled payment of principal of, or interest or fees on, any such Loan or Commitment or releases any guarantor of any such Loan or releases all or
substantially all of the collateral, if any, securing any such Loan. 
 (c) The Borrower agrees that each Participant shall be
deemed to have the right of setoff provided in Section 2.11 in respect of its participating interest in amounts owing under the Bridge Finance Documents to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under the Bridge Finance Documents, provided that each Lender shall retain the right of setoff provided in Section 2.11 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with
each Participant, and each Participant, by exercising the right of setoff provided in Section 2.11, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance
with Section 2.11 as if each Participant were a Lender. 
 (d) The Borrower agrees that each Participant shall be deemed
to have the rights provided in Section 2.10 in respect of its participating interest in amounts owing under the Bridge Finance Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender
under the Bridge Finance Documents, provided that a Participant shall not be entitled to receive any greater payment under Section 2.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 
 Section 7.5 Dissemination of Information 
 The Borrower authorizes each Lender to disclose to any Participant or
Purchaser or any other person acquiring an interest in the Bridge Finance Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning
the creditworthiness of the Borrower and its Subsidiaries. 
 Section 7.6 Replacement Securities upon Transfer or Exchange

 Upon surrender of any Exchange Notes by any Lender in connection with any permitted transfer or exchange, the Borrower will execute and
deliver in exchange therefore a new Exchange Note or Exchange Notes of the same aggregate tenor and principal amount, payable to the order of such persons and in such denominations as such Lender may request. The Borrower may require payment by such
Lender of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer. 
 Section 7.7
Register 
 The Administrative Agent shall, on behalf of the Borrower, maintain a copy of each Assignment and Acceptance delivered to it
and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment and the principal amount of the Loans owing to each Lender from time to time, and any interest due and payable
with respect thereto. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Lender and the Administrative Agent shall treat each person whose name is recorded in the Register as the owner of the
Loans for all purposes of this Credit Agreement. Notwithstanding anything to the contrary, any assignment of any Loan shall be effective only upon appropriate entries with respect thereto being made 

  

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in the Register. The Administrative Agent will allow any Lender to inspect those sections of the Register relating to such Lender’s Commitment and copy
such sections of the Register at the Administrative Agent’s principal place of business during normal business hours not otherwise provided for herein. 
 Section 7.8 Promissory Note 
 (a) The Borrower’s obligation to pay the
principal of, and interest on, the Loans made to it by each Lender shall be evidenced in the Register maintained by the Administrative Agent pursuant to Section 7.7 and shall, if requested by such Lender, also be evidenced by a Bridge Note
substantially in the form of Exhibit B-1 with blanks appropriately completed in conformity herewith. 
 (b) The Bridge Note
issued to each Lender with a Loan Commitment or with outstanding Loans shall (i) be executed by the Borrower and each Guarantor, (ii) be payable to such Lender or its registered assigns and be dated the Completion Date (or, if issued after
the Completion Date, the date of the issuance thereof), (iii) be in a stated principal amount equal to the Loans made by such Lender on the Completion Date (or, if issued after Completion Date, be in a stated principal amount equal to the
outstanding principal amount of Loans of such Lender at such time) and be payable in the outstanding principal amount of Loans evidenced thereby, (iv) mature on the Maturity Date, (v) bear interest as provided in the appropriate clause of
Section 2.4 in respect of the Loans evidenced thereby, (vi) be subject to optional repayment as provided in Section 2.6, mandatory repayment as provided in Section 2.5, (vii) reflect the currency of the Loan, and
(viii) be entitled to the benefits of, and subject to all the conditions of, this Credit Agreement and the other relevant Bridge Finance Documents (including payments of any other amounts). 
 ARTICLE VIII. 
 EVENTS OF DEFAULT

 Section 8.1 Events of Default 
 Each of the events or circumstances set out in Section 8.2 to Section 8.21, inclusive, is an Event of Default (whether or not caused by any reason outside the control of any member of the Parent Group).

 Section 8.2 Non-payment 
 Any amount due and payable under any Finance Document is not paid on the due date in the currency and manner stipulated in the relevant Finance Document unless its failure to pay is caused by administrative or technical errors and payment
is made promptly and in any event within 3 Business Days. 
 Section 8.3 Breach of certain obligations 
 The Borrower commits any breach of any of the undertakings contained in (i) Section 4.34, Section 4.17(a)(i)-(ii), Section 4.3(a),
Section 4.4, Section 4.19, Section 4.20, Section 4.21, Section 4.22, Section 4.23, Section 4.25, Section 4.26, Section 4.28, Section 4.29, Section 4.31, Section 4.32(a)-(b) and
Section 4.32(d) or (ii) the Engagement Letter. 
  

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 Section 8.4 Breach of other obligations 
 Any member of the Parent Group or any other Security Provider commits any breach of or omits to observe any of the obligations or undertakings expressed
to be assumed by them under the Finance Documents (other than failure to pay any sum when due or any breach of the undertakings referred to in Section 8.3 above) and, if such breach or omission is capable of remedy, (i) in respect of
Section 5.1 such documentation is either not delivered to the Lenders within 5 Business Days of the Administrative Agent notifying the Borrower or the breach is not remedied within 28 days of the Administrative Agent notifying the Parent of
such default and (ii) in all other circumstances (other than failure to pay any sum when due or any breach of Section 5.1 or any breach of the undertakings referred to in Section 8.3 above), the breach or omission is not remedied
within 28 days of the Administrative Agent notifying the Borrower of such default. 
 Section 8.5 Misrepresentation 

Any representation or warranty made or deemed to be made or repeated by or in respect of any member of the Parent Group in or pursuant to the Finance
Documents or in any notice, certificate or statement referred to in or delivered under the Finance Documents is or proves to have been incorrect or misleading in any material respect on the date on which it was made or deemed to be made or repeated.

 Section 8.6 Challenge to security 
 Any Transaction Security Document is not or ceases to be effective (save as a result of a Lender transferring all or any part of its Commitment) otherwise than in accordance with Section 7 or any member of the
Parent Group shall in any way challenge, or any proceedings shall in any way be brought to challenge (and in the case of a proceeding brought by someone other than any member of the Parent Group shall continue unstayed for 21 days) (unless the
Administrative Agent is satisfied that such proceedings are frivolous and vexatious) the prior status of the encumbrances created by the Transaction Security Documents or the validity or enforceability of the Transaction Security Documents Provided
that the creation or existence of the Permitted Encumbrances shall not be deemed to be a challenge to the prior status of such encumbrances for the purposes of this Section 8.6. 
 Section 8.7 Cross-default 
 (a) Any Borrowed Money of any member of the Parent Group (other than Borrowed Money under any Finance Document) which, in aggregate and including for these purposes any Borrowed Money referred to in Section 8.7
(b) and (c) below and any amount referred to in Section 8.8 exceeds Euro 5,000,000 or its equivalent is not paid when due (or within any applicable grace period expressly contained in the agreement relating to such Borrowed Money in
its original terms) or becomes due and payable prior to the date when it would otherwise have become due; or 
 (b) Any
creditor of any member of the Parent Group declares any such Borrowed Money in excess of Euro 5,000,000 or its equivalent in aggregate due and payable by reason of a default prior to the date when it would otherwise have become due; or 

(c) Any creditor of any member of the Parent Group becomes entitled to declare any such Borrowed Money in excess of Euro 5,000,000 or
its equivalent in aggregate due and payable prior to the date when it would otherwise have become due save where such creditor is a supplier of goods or services to the relevant member of the Parent Group and any such entitlement is being contested
in good faith by such member of the Parent Group. 
  

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 Section 8.8 Hedging Default 
 Any member of the Group fails to make payment of an aggregate amount in excess of Euro 2,500,000 or its equivalent in respect of any interest rate or
currency swap or other hedging arrangements entered into by it or commits any breach or an event entitling the relevant counterparty to terminate such swap or other hedging arrangements (howsoever described). 
 Section 8.9 Appointment of receivers and managers 
 (a) Any administrative or other receiver is appointed of the Parent or any member of the Material Group or any part of its assets and/or
undertakings, 
 (b) Any legal proceedings are taken to enforce any Encumbrance created by or under the Existing High Yield
Security Documents or the Existing FRN Security Documents; or 
 (c) Any other legal proceedings are taken which are not
irrevocably discharged or withdrawn within 28 days of the commencement thereof to enforce any Encumbrance over all or any part of the assets of any member of the Material Group. 
 Section 8.10 HTCC, Parent and intervening Holding Companies 
 (a) Any member of the HTCC Group (other than a Subsidiary which is a member of the Parent Group) undertakes or engages in any business
activity other than: 
 (i) acting as an indirect Holding Company of the Borrower including all activities incidental to its
role as a Holding Company (including the retention of professional advisors as needed), issuing Capital Stock (solely in the case of HTCC) and, if applicable, activities reasonably relating to being a public listed company; 
 (ii) incurring payment-in-kind debt (and pledging its assets as security therefor), provided that the Borrower determines (such
determination to be evidenced by a certificate of the Borrower signed by an Authorized Officer) that the incurrence of such debt will not materially affect either the Borrower’s ability to make principal or interest payments under this Credit
Agreement or the Borrower’s ability to make principal or interest payments on the Existing FRN Bonds or the Existing High Yield Notes as and when they come due; and 
 (iii) other activities not specifically enumerated in clauses (i) and (ii) above that are de minimis in nature. 
 (b) For the purposes of this Section 8.10, “Capital Stock” means with respect to any person, any and all shares,
interests, partnership interests (whether general or limited), participations, rights in or other equivalents (however designated) of such person’s equity, any other interest or participation that confers the right to receive a share of the
profits and losses, or distributions of assets of, such person and any rights (other than debt securities convertible into or exchangeable for Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock, whether now
outstanding or issued after the date this Credit Agreement. 
 Section 8.11 Insolvency 
 (a) Either the Parent or any member of the Material Group which is domiciled or which has a branch office in the Netherlands is declared
bankrupt (in staat van faillissement verklaard) or enters into a preliminary or definitive moratorium (in voorlopige of definitive surseance van betaling gaan) pursuant to the Dutch Bankruptcy Act (Faillissementswet); or

  

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 (b) Either the Parent or any member of the Material Group which is domiciled or which has
a branch office in the Netherlands Antilles is declared bankrupt (in staat van faillissement verklaard) or enters into a preliminary or definitive moratorium (in voorlopige of definitive surseance van betaling gaan) pursuant to the
Netherlands Antilles Bankruptcy Decree (Faillissementsbesluit); or 
 (c) Either the Parent or any member of the
Material Group which is domiciled or which has a branch office in Hungary is deemed insolvent, or liquidation proceedings are initiated against it (not being proceedings which the Parent or relevant member of the Material Group can demonstrate to
the satisfaction of the Administrative Agent, by promptly as soon as it becomes aware of such proceedings providing an opinion of Hungarian counsel (acceptable to the Administrative Agent (acting reasonably)) to that effect, are frivolous, vexatious
or an abuse of process of the court or relate to a claim to which the Parent or relevant member of the Material Group has a good defense and which are being vigorously contested by the Parent or relevant member of the Material Group and such
proceedings are not discharged or stayed within 90 days) or a liquidation order against the Parent or relevant member of the Material Group is made pursuant to the Hungarian Act on Bankruptcy Proceedings, Liquidation Proceedings and Final
Accounting. 
 Section 8.12 Legal process 
 (a) Any judgment or order for an amount in excess of Euro 2,000,000 or its equivalent is made against the Parent or any member of the
Material Group and is not stayed or complied with within 28 days (unless any such judgments and/or orders are for an amount, in aggregate, which is less than Euro 5,000,000 and the same are being appealed by such member of the Parent Group in good
faith by all appropriate proceedings); or 
 (b) A creditor attaches or takes possession of, or a distress, execution,
sequestration, diligence or other process is levied or enforced upon or sued out against, any material part of the undertaking, assets, rights or revenues of the Parent or any member of the Material Group and is not discharged within 28 days.

 Section 8.13 Compositions 
 (a) Either the Parent or any member of the Material Group which is domiciled or which has a branch office in Hungary, initiates a moratorium for the purpose of concluding a composition with its creditors or makes an
attempt to conclude a composition with its creditors; or 
 (b) Any steps are taken or negotiations commenced, by the Parent
or any member of the Material Group or by their respective creditors with a view to proposing any kind of composition, compromise or arrangement involving such company and any group or class of its creditors generally. 
 Section 8.14 Winding-up 
 Any
petition is presented and is not discharged within 14 days or other step is taken for the purpose of winding up the Parent or any member of the Material Group (not being a petition which the 

  

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Parent or the relevant member of the Material Group can demonstrate to the satisfaction of the Administrative Agent, by providing an opinion of Hungarian
counsel (acceptable to the Administrative Agent (acting reasonably)) to that effect, is frivolous, vexatious or an abuse of the process of the court or relates to a claim to which the Parent or the relevant member of the Material Group has a good
defense and which is being vigorously contested by the relevant member of the Material Group) or an order is made or resolution passed for the winding up of any member of the Parent or the Material Group or a notice is issued convening a meeting for
the purpose of passing any such resolution other than for the purpose of an amalgamation or reconstruction previously approved in writing by the Administrative Agent (acting on the instructions of the Majority Lenders). 
 Section 8.15 Analogous proceedings 
 There occurs, in relation to the Parent or any member of the Material Group in any country or territory in which any of them carries on business or to the jurisdiction of which courts any part of their respective assets is subject, any
event which corresponds with, or has an effect equivalent or similar to, any of those mentioned in Section 8.9 to Section 8.14 inclusive or the Parent or any member of the Material Group (subject always to equivalent grace periods as are
referred to in such clauses being exceeded) otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation. 
 Section 8.16 Principal Agreements 
 (a) Any Principal Agreement is terminated, suspended, revoked or cancelled or otherwise ceases to be in full force and effect and such termination, suspension, revocation or cancellation would be likely to have a
Material Adverse Effect unless services of a similar nature to those provided pursuant to such Principal Agreement are at all times provided to the Group on similar commercial terms or on terms no less beneficial to the relevant member of the Group;
or 
 (b) Any alteration or variation is made to any term of any Principal Agreement which would or is reasonably likely to
have a Material Adverse Effect; or 
 (c) Any member of the Group breaches any term of or repudiates any of its obligations
under any of the Principal Agreements where such breach or repudiation would or is reasonably likely to have a Material Adverse Effect. 
 Section 8.17 Unlawfulness 
 It becomes unlawful at any time for the Borrower, any Obligor or any Security Provider to
perform any of their respective material (in the opinion of the Majority Lenders (acting reasonably)) obligations under the Finance Documents. 
 Section 8.18 Telecommunications Laws 
 The Borrower, any Obligor or Security Provider fails to comply in any respect
with any term or condition of any Telecommunications Law where such non-compliance would or is reasonably likely to have a Material Adverse Effect. 
 Section 8.19 Repudiation 
 The Borrower, any Obligor or Security Provider repudiates any Finance Document to which it is
a party or evidences an intention to repudiate any such Finance Document. 
  

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 Section 8.20 Seizure 
 All or a material part of the undertakings, assets, rights or revenues of or shares or other ownership interests in the Material Group (taken as a whole)
are seized, nationalized, expropriated or compulsorily acquired by or under the authority of any government. 
 Section 8.21 Material
events 
 (a) Any other event occurs or circumstances arise which would or is reasonably likely to have a Material Adverse
Effect; or 
 (b) The Parent has any direct or indirect interest in the share capital of any body corporate other than as set
out in the Group Structure Chart delivered pursuant to Schedule 2 of this Credit Agreement. 
 Section 8.22 Acceleration

 Subject to the “certain funds” provisions set out in Section 6.3, at any time after the happening of any Event of
Default, so long as the same is continuing, the Administrative Agent may, and if so requested by the Majority Lenders shall, without prejudice to any other rights of the Lenders, by notice to the Borrower declare that: 
 (a) the obligation of each Lender to make its Commitment shall be terminated, whereupon the Commitments shall be reduced to zero
forthwith; and/or 
 (b) all or part of the Loans and all interest and commitment commission accrued and all other sums
payable under the Finance Documents have become due and payable by the Borrower, whereupon the same shall, immediately, or on demand or otherwise in accordance with the terms of such notice, become due and payable; and/or 
 (c) the Transaction Security Documents (or any of them) have become enforceable (in whole or in part) whereupon the same shall be
enforceable. 
 Section 8.23 Demand basis 
 If, pursuant to Section 8.22(a), the Administrative Agent declares all or part of the Loans to be due and payable on demand then, at any time thereafter, the Administrative Agent may (and, if so instructed by the
Majority Lenders, shall) by written notice to the Borrower, copied to the Parent) call for repayment of all or part of the Loans by the Borrower on such date as may be specified in such notice whereupon the relevant part of the relevant Loans shall
become due and payable by the Borrower on the date so specified together with all interest and commitment commission accrued and all other sums payable under the Finance Document. 
 Section 8.24 Clean-Up 
 (a) Notwithstanding any other provision of any Finance Document for the duration of the period from the Completion Date until the Clean-Up Date: 
 (i) any breach of a Major Representation or a Major Undertaking; or 
  

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 (ii) any Event of Default constituting a Major Event of Default under Section 8.3
and 8.5 (to the extent that it constitutes a breach of a Major Representation or Major Undertaking), 
 will be deemed not to be a breach of
representation or warranty, a breach of covenant or an Event of Default (as the case may be) if: 
 (A) it would have been
(if it were not for this provision) a breach of representation or warranty, a breach of contract or an Event of Default only by reason of circumstances relating to Memorex and its Subsidiaries (or any obligation to procure or ensure in relation to
Memorex or its Subsidiaries); 
 (B) it is capable of remedy or otherwise being addressed in a manner likely to be
satisfactory to the Lenders and reasonable steps are being taken to remedy it; 
 (C) the circumstances giving rise to it
have not been procured by or expressly approved by a member of the Group; and 
 (D) it does not have or could not reasonably
be expected to have, prior to the Clean-Up Date, a Material Adverse Effect. 
 (b) If the relevant circumstances are
continuing on or after the Clean-Up Date, there shall be a breach of representation or warranty, breach of covenant or Event of Default, as the case may be notwithstanding the above (and without prejudice to the rights and remedies of the Bridge
Finance Parties). 
 Section 8.25 Rights and Remedies Cumulative 
 No right or remedy herein conferred upon or reserved to the Lenders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent or subsequent assertion or employment of any other appropriate right or remedy. 
 Section 8.26 Delay or Omission Not Waiver 
 No delay or omission by any Lender to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this ARTICLE VIII or by law to the Lenders may be exercised from time to
time, and as often as may be deemed expedient, by the Lenders. 
 Section 8.27 Waiver of Past Defaults 
 Subject to Section 14.3, the Majority Lenders by written notice to the Borrower may 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 or interest that has become due solely because of the acceleration) have been cured or waived. 
  

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 Section 8.28 Rights of Lenders to Receive Payment 
 Notwithstanding anything to the contrary contained in this Credit Agreement, the right of any Lender to receive payment of principal of, premium, if any,
and interest on the Loans and Bridge Notes held by such Lender, on or after the respective due dates expressed in this Credit Agreement or the Bridge Notes, 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 Lender. 
 ARTICLE IX. 
 TERMINATION 
 Section 9.1
Termination 
 The Lenders, by notice to the Borrower, may terminate this Credit Agreement (and all other obligations hereunder) at any
time after the earlier of (a) the date on which it becomes impossible to satisfy any condition precedent not waived hereunder and (b) March 31, 2008 if the initial Utilization Date has not occurred by that date. 
 Section 9.2 Survival of Certain Provisions 
 If this Credit Agreement is terminated pursuant to this ARTICLE IX, such termination shall be without liability of any party to any other party, except that, whether or not the transactions contemplated by this Credit
Agreement are consummated, (a) the Obligations of the Borrower and the Guarantors to reimburse the Lenders for all of their out-of-pocket expenses pursuant to Section 14.1, the Fee Letter and the Engagement Letter and (b) the
indemnity provisions contained in ARTICLE XII shall, in each case, remain operative and in full force and effect. 
 ARTICLE X.

 GUARANTEE 
 Section 10.1 The Guarantees 
 (a) Subject to the limitations set forth in Section 10.2 upon
execution of this Credit Agreement or by acceding to this Credit Agreement pursuant to Section 10.5, each Guarantor hereby absolutely, unconditionally and irrevocably guarantees the full and punctual payment (whether at stated maturity, upon
acceleration or otherwise) of the principal of and interest, fees and premium (if any) on the Loans and the Bridge Notes, and the full and punctual payment of all other Obligations of the Borrower under this Credit Agreement, the Bridge Notes and
the other Bridge Finance Documents (other than Obligations under the Exchange Notes and the Exchange Notes Indenture), including all reasonable costs of collection and enforcement thereof and interest thereon which would be owing by the Borrower but
for the effect of any Bankruptcy Law (collectively, the “Guaranteed Obligations”). Each Guarantor understands, agrees and confirms that each of the Lenders may enforce these Guarantees up to the full amount guaranteed by each
Guarantor hereunder against each Guarantor without proceeding against any other obligor or against any security for the Guaranteed Obligations. All payments made by each Guarantor under this Guarantee shall be paid at the place and in the manner
specified in Section 2.9. Each Guarantor agrees that this is a continuing Guarantee of payment and not merely a Guarantee of collection. 
 (b) The obligations of each Guarantor hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
 (i) any extension, renewal, settlement, compromise, waiver or release in respect of any Obligation of the Borrower under this Credit
Agreement, the Bridge Notes or any other Bridge Finance Document, by operation of law or otherwise; 
  

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 (ii) any modification or amendment of or supplement to this Credit Agreement, the Bridge
Notes or any of the other Bridge Finance Documents; 
 (iii) any release, non-perfection or invalidity of any direct or
indirect security for, or any other person’s guarantee of, any of the Guaranteed Obligations; 
 (iv) any change in the
corporate existence, structure or ownership of the Borrower or any other guarantor of the Borrower’s Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower or any obligor or any of their
respective assets or any resulting release or discharge of any Obligation of the Borrower contained in the Bridge Finance Documents; 
 (v) the existence of any claim, set-off or other rights which any obligor may have at any time against the Borrower or any other person, whether in connection herewith or with any unrelated transactions, provided that nothing herein
shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 
 (vi) any invalidity or
unenforceability relating to or against the Borrower for any reason of this Credit Agreement, the Bridge Notes or any other Bridge Finance Document, or any provision of applicable law or regulation purporting to prohibit the payment by the Borrower
of the principal of, interest, premium or fees on the Loans or any other amount payable by the Borrower under this Credit Agreement, the Bridge Notes or any of the other Bridge Finance Documents; or 
 (vii) any other act or omission to act or delay of any kind by the Borrower or any other person or any other circumstance whatsoever which
might, but for the provisions of this paragraph, constitute a legal or equitable discharge of Guaranteed Obligations hereunder. 
 (c) Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Borrower, any right to require a proceeding first against the Borrower or another
obligor, protest, notice and all demands whatsoever and covenants that, subject to this ARTICLE X, this Guarantee shall not be discharged except by complete payment and performance of all Guaranteed Obligations. 
 (d) If any Lender is required by any court or otherwise to return to the Borrower or any Guarantor, or any Custodian for the Borrower or
any of the other obligors or their respective assets, any amount paid to any Lender, this Guarantee, to the extent of the amount so returned, shall be reinstated in full force and effect. 
 (e) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Lenders in respect of any
Guaranteed Obligations until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that (i) the maturity of the Guaranteed Obligations may be accelerated as provided in Section 8.22 notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided Section 8.22, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Guarantee. 
  

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 Section 10.2 Limitation on Liability 
 (a) Each Guarantor and, by making any Loan hereunder or becoming a party hereto, each Lender, hereby confirms that it is the intention of
all such parties that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of any provision of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar law to the extent
applicable to this Guarantee. To effectuate the foregoing intention, the Lenders and the Obligors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any Guarantor in
respect of the obligation of such Guarantor under this ARTICLE XII that are relevant under such laws, result in the obligation of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance or otherwise being voidable
under such laws. 
 (b) Guarantee Limitations of Austrian Guarantors 
 (i) None of the obligations of any Austrian Guarantor as Guarantor pursuant to this Credit Agreement shall be construed to create any
obligation on an Austrian Guarantor to act in violation of mandatory Austrian Capital Maintenance Rules (Kapitalerhaltungsvorschriften) (including any applicable rules on financial assistance) pursuant to Austrian company law
(“Austrian Capital Maintenance Rules”), including without limitation Section 82 of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit beschränkter Haftung) and
Section 52 of the Austrian Act on Stock Corporations (Aktiengesetz), and all obligations of each Austrian Guarantor under this Credit Agreement shall be limited in accordance with Austrian Capital Maintenance Rules. In the event that any
obligation of an Austrian Guarantor under this Credit Agreement infringes or contradicts Austrian Capital Maintenance Rules and is therefore held invalid or unenforceable, such obligation shall be deemed to be replaced by an obligation of a similar
nature which is in compliance with Austrian Capital Maintenance Rules and which provides the best possible security interest in favor of the Finance Parties and, if required by Austrian Capital Maintenance Rules, the amount payable by such Austrian
Guarantor under this Credit Agreement shall be reduced to such amount which is permitted pursuant to Austrian Capital Maintenance Rules. For the avoidance of doubt, it is noted that the Austrian Capital Maintenance Rules do not prevent or restrain
an Austrian Guarantor from guaranteeing or providing security for the obligations of its direct or indirect subsidiaries. 
 (ii) Notwithstanding any term or provision of this ARTICLE X or any other term or provision in this Credit Agreement or any other Finance Document, any guarantee or indemnity given by an Austrian Guarantor is meant as and is to be
interpreted as an abstract guarantee agreement (abstrakter Garantievertrag) and not as surety (Bürgschaft) or joint obligation as a borrower (Mitschuldnerschaft) and the Austrian Guarantor undertakes to pay the amounts due
under or pursuant to this guarantee unconditionally, irrevocably, upon first demand and without raising any defenses (unbedingt, unwiderruflich, auf erste Anforderung und unter Verzicht auf alle Einwendungen). 
  

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 (iii) Each Austrian Guarantor agrees that the benefit of this guarantee shall be
transferred and shall remain in full legal effect when a Lender seeks to transfer all or any of its rights and obligations under the Finance Documents by assignment or by novation to any third party pursuant to ARTICLE VII. 
 (c) The obligations of each Romanian Guarantor to guarantee the Guaranteed Obligations will be applicable only to the extent, and be
limited to the maximum amount permitted by the applicable law so that, the entry by a Romanian Guarantor into this Credit Agreement, any applicable Transaction Security Documents and the other Bridge Finance Documents and the creation of the
Security Interest pursuant to the relevant Transaction Security Documents do not qualify as a breach of the legal requirements relating to corporate benefit (legal capacity and underlying cause of an agreement) as conditions for the validity of
agreements entered into by a Romanian company (including Article 34 of Decree 31/1954) and do not fall within the scope of Article 272 (2) and (3) of the Romanian Companies Law 31/1990. 
 Section 10.3 Stay of Acceleration 
 In the event that acceleration of the time for payment of any Guaranteed Obligation is stayed upon insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of this Credit
Agreement and the Bridge Notes shall nonetheless by payable by the Guarantors forthwith on demand by any Lender. 
 Section 10.4
Further Guarantee Provisions 
 The Guaranteed Obligations of each Guarantor under Section 10.1: 
 (a) are a continuing guarantee and will extend to the ultimate balance of all amounts payable by each Obligor in respect of the Guaranteed
Obligations under any Bridge Finance Document, regardless of any intermediate payment or discharge in whole or in part; 
 (b)
are in addition to and are not in any way prejudiced by any other security now or subsequently held by any Affected Party; and 
 (c) are subject to any limitation on the amount guaranteed which is contained in the Accession Document by which that Guarantor becomes a Guarantor and as set out in Section 10.2. 
 Section 10.5 Additional Guarantors 
 (a) The Borrower must notify the Administrative Agent (which must promptly notify the Lenders) of its intention to request Memorex or one of its wholly-owned Subsidiaries to become an Additional Guarantor. 

(b) The Borrower must ensure that (i) except for Euroweb Romania, any person that is a Guarantor under the Senior Credit Agreement
on or before the Completion Date also is a Guarantor under this Credit Agreement, and (ii) within 90 days of the Completion Date, Euroweb Romania becomes an Additional Guarantor under this Credit Agreement. Furthermore, the Borrower must ensure
that any person that becomes or is required to become a Guarantor under the Senior Finance Documents or this Credit Agreement supplies to the Administrative Agent all of the documents and evidence set out in Part 2 of Schedule 2 in form and
substance satisfactory to it. 
  

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 (c) The relevant Subsidiary will become an Additional Guarantor on the date of the
Accession Document substantially in the form of Exhibit C executed by it. 
 (d) Delivery of an Accession Document in respect
of an Additional Guarantor, executed by the relevant Subsidiary and the Borrower, to the Administrative Agent constitutes confirmation by that Subsidiary and the Borrower that the Repeating Representations are then correct. 
 (e) Each member of the Group must promptly give the Administrative Agent all assistance it reasonably requires in relation to the
guarantees and security to be granted pursuant to this Credit Agreement including promptly answering all reasonable questions and requisitions of the Administrative Agent and its advisors in relation to the assets of the Group. 
 Section 10.6 Release of Guarantors 
 Subject to the terms of the Intercreditor Deed, the Guarantee of a Guarantor will be released: 
 (a) upon the full
and final payment and performance of all Obligations of the Borrower and Guarantors under the Loans and this Credit Agreement; 
 (b) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to or the merger, consolidation or amalgamation of such Guarantor with a person
that is not (either before or after giving effect to such transaction) a Subsidiary of the Borrower, if the sale, disposition or other such transaction complies with the applicable provisions of this Credit Agreement, including without limitation
Section 4.22 and Section 2.5; 
 (c) in connection with any sale of all of the Capital Stock of that Guarantor to a
person that is not (either before or after giving effect to such transaction) a Subsidiary of the Borrower, if the sale complies with the applicable provisions of this agreement, including without limitation Section 4.22 and Section 2.5;

 (d) if there is any security enforcement or sale of any of the Guarantors or any of their Holding Companies outside the
Group in compliance with the Intercreditor Deed. 
 Notwithstanding the foregoing, the Guarantee of the Borrower will only be released upon
the full and final payment and performance of all Obligations of the Borrower under the Loans and this Credit Agreement. Any Guarantor not released from its Obligations under its Guarantee shall remain liable for the full amount of principal of and
premium, interest and Mandatory Cost, if any, on the Loans and for the other Obligations of any Guarantor under this Credit Agreement as provided in this ARTICLE X. 
 ARTICLE XI. 
 SECURITY 
 Section 11.1 Security Documents 
 The due and punctual payment of the principal of and premium, interest and Mandatory Cost, if any, on the Loans and Guarantees when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration,
repurchase, repayment or otherwise, and interest on the overdue principal of and interest and Mandatory Cost (to the extent permitted by law), if any, on the Loans and the Guarantees and performance of all other obligations of the Borrower and the
Guarantors to 

  

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the Lenders under Bridge Finance Documents according to the terms hereunder or thereunder, are secured as provided in the Transaction Security Documents and
the Intercreditor Deed which the Borrower and the Guarantors either have entered or will enter into in connection with the execution of this Credit Agreement. Each Lender consents and agrees to the terms of the Transaction Security Documents
(including, without limitation, the provisions providing for foreclosure and release of Collateral and authorizing the Security Agent to enter into any Transaction Security Document on its behalf) as the same may be in effect or may be amended from
time to time in accordance with its terms and authorizes and directs the Administrative Agent and the Security Agent, as the case may be, to enter into the Transaction Security Documents and the Intercreditor Deed and to perform its obligations and
exercise its rights thereunder in accordance therewith. The Borrower will deliver to the Lenders copies of all documents delivered to the Security Agent pursuant to the Transaction Security Documents, and the Borrower and each Guarantor will, and
will cause each of its Subsidiaries to, do or cause to be done all such acts and things as may be required, or which the Security Agent from time to time may reasonably request, to assure and confirm to the Lenders that the Security Agent holds, for
the benefit of the Lenders, duly created, enforceable and perfected Security Interests as contemplated hereby, by the Transaction Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the
security and benefit of this Credit Agreement and of the Loans and Guarantees secured hereby, according to the intent and purposes herein expressed. The Borrower and the Guarantors will each take, and will cause its respective Subsidiaries to take,
upon request of the Administrative Agent, any and all actions reasonably required to cause the Transaction Security Documents to create and maintain, as security for the Obligations of the Borrower and the Guarantors hereunder, a valid and
enforceable perfected Security Interest ranking as specified in the relevant Transaction Security Document and Intercreditor Deed in and on the relevant Collateral in favor of the Security Agent for the benefit of the Lenders and subject to no other
Security Interests other than the Security Interests created by the relevant Transaction Security Documents or otherwise contemplated by a Senior Finance Document or the Intercreditor Deed. Any Security Interest created by a Transaction Security
Document for the benefit of the Lenders shall survive, and continue in effect upon, the transfer of the Loans to another person who becomes a Lender hereunder (unless otherwise released or terminated in accordance with the terms hereof or thereof).

 Section 11.2 Release of Security Interest 
 Collateral shall be released from a Security Interest and security interests created by the Transaction Security Documents in accordance with the provisions of the Transaction Security Documents, the Intercreditor
Deed or this Credit Agreement. Without prejudice to the foregoing, in addition, and subject to the terms and conditions of the relevant Transaction Security Documents, the Security Agent shall, at the request of the Borrower upon having provided the
Security Agent an Officers’ Certificate certifying compliance with this Section 11.2 and stating whether or not such release is in connection with an Asset Sale (at the sole cost and expense of the Borrower), authorize the release of such
Collateral from the security created by the Transaction Security Documents that is sold, conveyed or disposed of in compliance with the provisions of this Credit Agreement (i) upon the full and final payment and performance of all Obligations
of the Borrower and the Guarantors under this Credit Agreement and the Loans; (ii) in connection with any sale or other disposition of all of the Capital Stock of such Guarantor or all of the assets of such Guarantor, if the sale or other
disposition complies with the applicable provisions of this Credit Agreement, including without limitation Section 4.22; or (iii) with respect to the Collateral of a Guarantor, if there is any disposal outside the Group and the disposal
complies with the Intercreditor Deed; provided, that if such sale, conveyance or disposition constitutes an Asset Sale, the Borrower and the Guarantors will apply the Net Proceeds in accordance with Section 2.5. 
 Upon receipt of such Officers’ Certificate and subject to the terms and conditions of the relevant Transaction Security Documents and Intercreditor
Deed, the Security Agent shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this Credit Agreement or the
Transaction Security Documents and the Intercreditor Deed. 
  

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 Any Collateral granted pursuant to a share pledge by a pledgor other than the Borrower or a Guarantor
shall be released as provided in the Intercreditor Deed and the relevant Transaction Security Document. 
 Section 11.3 Further
Action 
 Upon the terms and subject to the conditions of this Credit Agreement and the Transaction Security Documents, the Borrower and
each Guarantor shall use its respective best efforts to take, or cause to be taken, all appropriate action, and to do or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make
effective the security over the Collateral as contemplated by the Transaction Security Documents, including, without limitation, (i) cooperating in the preparation of any required filings under the Transaction Security Documents,
(ii) using best efforts to make all required filings, notifications, releases and applications and to obtain licenses, permits, consents, approvals, authorizations, qualifications and orders of governmental authorities and parties to contracts
with the Borrower and the Guarantors as are necessary for the grants of security contemplated by this Credit Agreement and the Transaction Security Documents and to fulfill the conditions of the Transaction Security Documents including, without
limitation, delivery of title deeds, share certificates and all other documents of title relating to the Collateral secured by the Transaction Security Documents in the manner as provided for in the Transaction Security Documents related thereto and
as dated as of the date hereof to which the Guarantors are a party, (iii) taking any and all action to perfect the security over the Collateral as contemplated by this Credit Agreement and the Transaction Security Documents,
(iv) cooperating in all respects with each other in connection with any investigation or other inquiry, including any proceeding initiated by any person, in connection with the granting of security over the Collateral, (v) keeping the
Administrative Agent and Security Agent informed in all material respects of any material communication received by the Borrower or any Guarantor from, or given by them to, any governmental authority or any other person regarding any matters
contemplated by the Transaction Security Documents or with respect to the Collateral, and (vi) permitting the Administrative Agent and Security Agent to review any material communication given by the Borrower or any Guarantor to any such
governmental authority or any other person. 
 Section 11.4 Co-Security Agent 
 (a) The Security Agent may appoint a co-security agent in any jurisdiction outside the United Kingdom: 
 (i) if the Security Agent considers that without the appointment the interests of the Lenders under the Bridge Finance Documents might be
materially and adversely affected; 
 (ii) for the purpose of complying with any law, regulation or other condition in any
jurisdiction; or 
 (iii) for the purpose of obtaining or enforcing a judgment or enforcing any Bridge Finance Document in any
jurisdiction. 
 (b) Any appointment under (a) will only be effective if the co-security agent confirms to the Security
Agent and the Borrower in form and substance satisfactory to the Security Agent that it is bound by the terms of this Credit Agreement as if it were the Security Agent. 
  

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 (c) Any co-security agent appointed pursuant to this Section 11.4 will benefit from
the same protections and have the same rights as the Security Agent under this Credit Agreement. 
 (d) The Security Agent may
remove any co-security agent appointed by it and may appoint a new co-security agent in its place. 
 (e) Neither the Security
Agent nor any co-security agent shall be responsible for the actions of the other party pursuant to the terms of this Credit Agreement. 
 (f) The Borrower or any Guarantor must pay to the Security Agent any reasonable remuneration paid by the Security Agent to any co-security agent appointed by it, together with any related costs and expenses properly
incurred by the co-security agent. 
 ARTICLE XII. 
 INDEMNITY 
 Section 12.1 Indemnification 
 The Obligors (each an “Indemnifying Party” and, collectively, the “Indemnifying Parties”) jointly and
severally agree to indemnify and hold harmless each Bridge Finance Party, each receiver appointed under any Transaction Security Document and their respective controlling persons and Affected Parties and each director, officer, employee, affiliate,
agent and delegates thereof (each an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities, joint or several, to which any Indemnified Party may become subject relating to or arising out of
or in connection with the transactions contemplated by this Credit Agreement (including the use of the proceeds of the Loans) or any related transaction, and to reimburse each Indemnified Party, promptly upon demand, for expenses (including
reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened loss, claim, damage or liability, or any litigation, proceeding or other action in respect
thereof, including any amount paid in settlement of any litigation, proceeding or other action (commenced or threatened) to which the Indemnifying Parties shall have consented in writing (such consent not to be unreasonably withheld) whether or not
any Indemnified Party is a party and whether or not liability resulted; provided, however, that the indemnity contained in this Section 12.1 will not apply to any Indemnified Party with respect to losses, claims, damages, liabilities or
related expenses arising from the willful misconduct or gross negligence of such Indemnified Party. 
 Section 12.2 Indemnity Not
Available 
 If indemnification were for reason of public policy not to be available, the Indemnifying Parties, on the one hand, and the
relevant Indemnified Parties, on the other hand, agree to contribute (in proportion to their respective Commitments in the case of the Lenders) to the losses, claims, damages, liabilities or expenses (or any investigation, claim, litigation,
proceeding or other action (collectively, an “Action”) in respect thereof) for which such indemnification is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Indemnifying Parties,
on the one hand, and the relevant Indemnified Parties, on the other hand, in connection with the matter giving rise to such losses, claims, damages, liabilities or expenses (or actions in respect thereof). The Obligors agree that for the purposes of
this Section 12.2 the relative benefits to each of the Borrower and its Subsidiaries on the one hand, and the Indemnified Parties on the other hand, of the transactions contemplated by this Credit Agreement, 

  

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including, without limitation, the Loans and the other transactions contemplated by any of the Bridge Finance Documents in any way relating to any Loan,
including the use of the proceeds of the Loans shall be deemed to be in the same proportion that the proceeds of all Loans made or to be made to the Borrower bears to the interest and fees paid or to be paid to the Lenders in connection with the
Loans and the other transactions contemplated by any of the Bridge Finance Documents; provided, however, that, to the extent permitted by applicable law, in no event shall any Indemnified Party be required to contribute an aggregate amount in
excess of the aggregate interest and fees actually paid to the Lenders in connection with the Loans and the other transactions contemplated by any of the Bridge Finance Documents. The foregoing contribution agreement shall be in addition to any
rights that any Indemnified Party may have at common law or otherwise. No investigation or failure to investigate by any Indemnified Party shall impair the foregoing indemnification and contribution agreement or any right an Indemnified Party may
have. 
 Section 12.3 Settlement of Claims 
 The Obligors agree that, neither it nor any of its respective Subsidiaries or Affiliates will settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding in
respect of which indemnification or contribution could be sought under Section 12.1 or Section 12.2 (whether or not any Indemnified Party is an actual or potential party to such claim, action or proceeding) without the prior written
consent of the Indemnified Parties, unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action or proceeding, which consent shall not be unreasonably
withheld. If any action, suit, proceeding or investigation is commenced as to which an Indemnified Party proposes to demand indemnification, such Indemnified Party shall notify an Indemnifying Party with reasonable promptness; provided that
any failure by such Indemnified Party to notify such Indemnifying Party shall not relieve any Indemnifying Party from its obligations hereunder. In case any such action is brought against any Indemnified Party and it notifies an Indemnifying Party
of the commencement thereof, such Indemnifying Party will be entitled to participate therein and, to the extent that such Indemnifying Party may wish, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Parties,
and after notice from the relevant Obligor to the Indemnified Parties of such Indemnifying Party’s election so to assume the defense thereof, such Indemnifying Party will not be liable to such Indemnified Parties under this Section 12.3
for any legal or other expense subsequently incurred by such Indemnified Parties in connection with the defense thereof other than reasonable costs of investigation. No Indemnifying Party shall, without the prior written consent of the Indemnified
Parties, effect any settlement of any pending or threatened action in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party unless such settlement includes
(i) an unconditional release of such Indemnified Party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act by or on
behalf of any Indemnified Party. 
 Section 12.4 Appearance Expenses 
 If an Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of or against the Borrower, any Guarantor or
any Affiliate thereof in which such Indemnified Party is not named as a defendant, the Borrower agrees to reimburse such Indemnified Party for all reasonable expenses incurred by it in connection with such Indemnified Party’s appearing and
preparing to appear as such a witness, including, without limitation, the reasonable fees and disbursements of its legal counsel. 
  

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 Section 12.5 Indemnity for Taxes, Reserves and Expenses 
 If, after the date hereof, the adoption of any law or guideline or any amendment or change in the administration, interpretation or application of any
existing or future law or guideline by any Governmental Entity charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Governmental Entity (whether or not having the force of
law): 
 (a) subjects any Indemnified Party to any tax of any kind with respect to this Credit Agreement or the Bridge Notes
or changes the basis of taxation of payments of amounts due hereunder or thereunder or with respect to this Credit Agreement or any of the other Bridge Finance Documents, (including, without limitation, any sales, gross receipts, general corporate,
personal property, privilege or license taxes, and including claims, losses and liabilities arising from any failure to pay or delay in paying any such tax (unless such failure or delay results solely from such Indemnified Party’s negligence or
willful misconduct), but excluding (i) federal, national, state or local taxes based on net income incurred by such Indemnified Party arising out of or under this Credit Agreement or any of the other Bridge Finance Documents) and
(ii) Taxes, Other Taxes and any taxes, levies, imposts, deductions, charges or withholding specifically excluded under Section 2.10(a); 
 (b) imposes, modifies or deems applicable any reserve (including, without limitation, any reserve imposed by the Board), special deposit or similar requirement against assets of the Borrower and the Guarantors held
by, credit to the Borrower and the Guarantors extended by, deposits of the Borrower and the Guarantors with or for the account of, or other acquisition of funds of the Borrower and the Guarantors by, any Indemnified Party; 
 (c) shall change the amount of capital maintained or requested or directed to be maintained by an Indemnified Party; or 
 (d) imposes upon an Indemnified Party any other condition or expense (including, without limitation, (i) loss of margin and
(ii) attorneys’ fees and expenses incurred by officers or employees of an Indemnified Party (or any successor thereto) and expenses of litigation or preparation therefore in contesting any of the foregoing) with respect to this Credit
Agreement or any of the other Bridge Finance Documents or the purchase, maintenance or funding of the Loans by an Indemnified Party, 
 and the result of any
of the foregoing is to increase the cost to, reduce the income receivable by, reduce the rate of return on capital of, or impose any expense (including loss of margin) upon, an Indemnified Party with respect to this Credit Agreement, any of the
other Bridge Finance Documents, the obligations hereunder or thereunder or the funding of the Loans hereunder, the Indemnified Party may notify the Indemnifying Party of the amount of such increase, reduction, or imposition, and the Indemnifying
Parties hereby jointly and severally agree to pay to the Indemnified Party the amount the Indemnified Party deems necessary to compensate the Indemnified Party for such increase, reduction or imposition which determination shall be conclusive. Such
amounts shall be due and payable by the Indemnifying Parties 15 days after such notice is given. 
 Section 12.6 Survival of
Indemnification 
 The provisions contained in this ARTICLE XII shall remain in full force and effect whether or not any of the
transactions contemplated hereby are consummated and notwithstanding the termination of this Credit Agreement or the payment in full of all Obligations hereunder. 
  

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 Section 12.7 Liability Not Exclusive; Payments 
 The agreements of each Indemnifying Party in this ARTICLE XII shall be in addition to any liability that each may otherwise have. All amounts due under
this ARTICLE XII shall be payable as incurred upon written demand therefore. 
 ARTICLE XIII. 
 THE ADMINISTRATIVE AGENT; THE ARRANGERS 
 Section 13.1 Appointment 
 Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent
of such Lender under this Credit Agreement and the other Bridge Finance Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Credit
Agreement and the other Bridge Finance Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Credit Agreement and the other Bridge Finance Documents, together with
such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Credit Agreement, the Administrative Agent shall have no duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any other Bridge Finance Document or otherwise exist against the
Administrative Agent. 
 Section 13.2 Delegation of Duties 
 The Administrative Agent may execute any of its duties under this Credit Agreement and the other Bridge Finance Documents by or through agents or
attorneys-in-fact and shall be entitled to the advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it
with reasonable care. 
 Section 13.3 Exculpatory Provisions 
 Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for any
action lawfully taken or omitted to be taken by it or such person under or in connection with this Credit Agreement or any other Bridge Finance Document (except for its own gross negligence or willful misconduct) or (ii) responsible in any
manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any of its Subsidiaries or any officer thereof contained in this Credit Agreement or any other Bridge Finance Document or in any
certificate, report, statement, opinion or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Credit Agreement or any other Bridge Finance Document or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Credit Agreement or any other Bridge Finance Document or for any failure of the Borrower or any of its Subsidiaries to perform its obligations hereunder or thereunder. The
Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Credit Agreement or any other Bridge Finance Document,
or to inspect the properties, books or records of the Parent or any of its Subsidiaries. 
 Section 13.4 Reliance by the
Administrative Agent 
 The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any Bridge Note,
writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and 

  

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correct and to have been signed, sent or made by the proper person or persons and upon advice and statements of legal counsel (including, without limitation,
counsel to the Borrower or any of its Subsidiaries), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of the Bridge Note as the owner thereof for all purposes
unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or
any other Bridge Finance Document unless it shall first receive such advice or concurrence of the Majority Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Credit Agreement and the other Bridge Finance
Documents in accordance with a request of the Majority Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 Section 13.5 Notice of Default 
 The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender, the Borrower or any of its
Subsidiaries referring to this Credit Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent
shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Majority Lenders; provided that unless and until the
Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable
in the best interests of the Lenders. 
 Section 13.6 Non-Reliance on the Administrative Agent and Other Lenders 
 Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower or any of its Subsidiaries, shall be deemed to constitute any representation
or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lenders, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition, prospects and credit worthiness of the Borrower and its Subsidiaries and made its own decision to make
its Loans hereunder and enter into this Credit Agreement. Each Lender confirms that it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act. Each Lender also represents that it will, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under
this Credit Agreement and the other Bridge Finance Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition, prospects and credit worthiness of the
Borrower and its Subsidiaries. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, operations, property, financial or other condition, prospects or credit worthiness of the Borrower or any of its Subsidiaries which may come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
  

 95 

 Section 13.7 Indemnification 
 The Lenders agree to indemnify each of the Administrative Agent and the Security Agent in their capacity as such (to the extent not reimbursed by the
Borrower or any of its Subsidiaries and without limiting the obligations of the Borrower and any of its Subsidiaries to do so), ratably according to their respective Commitments in effect on the date on which indemnification is sought, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of
the Loans) be imposed on, incurred by or asserted against the Administrative Agent or the Security Agent in any way relating to or arising out of, the Commitments, this Credit Agreement, any other Bridge Finance Document or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Security Agent under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the Administrative Agent’s or the
Security Agent’s gross negligence or willful misconduct. The agreements in this subsection shall survive the payment of the Loans and all other Obligations payable hereunder. 
 Section 13.8 Administrative Agent, in Its Individual Capacities 
 The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or any of its Subsidiaries as though the Administrative Agent were not
acting in such capacities hereunder and under the other Bridge Finance Documents. With respect to the Loans made or renewed by it and the Bridge Note issued to it the Administrative Agent shall have the same rights and powers under this Credit
Agreement and the other Bridge Finance Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its
individual capacity. 
 Section 13.9 Successor Administrative Agent 
 The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders. If the Administrative Agent shall resign as
Administrative Agent under this Credit Agreement and the other Bridge Finance Documents then the Majority Lenders shall appoint a successor agent for the Lenders, which successor agent (provided that it shall have been approved by the
Borrower), shall succeed to the rights, powers and duties of the Administrative Agent, hereunder. Effective upon such appointment and approval, the term “Administrative Agent” shall mean and include such successor agent, and the former
Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent any of the parties to this Credit Agreement or any Lender.
After any retiring Administrative Agent’s resignation as Administrative Agent the provisions of this ARTICLE XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this
Credit Agreement and the other Bridge Finance Documents. 
  

 96 

 Section 13.10 Role of the Arrangers 
 Except as expressly set forth herein, the Arrangers, in their capacity as such, shall have no duties or responsibilities, and shall incur no liabilities,
under this Credit Agreement or the other Bridge Finance Documents. 
 Section 13.11 Reliance and Engagement Letters 

Each Bridge Finance Party confirms that each of the Arranger and the Administrative Agent has authority to accept on its behalf (and ratifies the
acceptance on its behalf of any letters or reports already accepted by the Arranger or the Administrative Agent) the terms of any reliance letter or engagement letter relating to the Reports or any reports or letters provided by accountants in
connection with the Bridge Finance Documents or the transactions contemplated in the Bridge Finance Documents and to bind it in respect of those Reports, reports or letters and to sign such letters on its behalf and further confirms that it accepts
the terms and qualifications set out in such letters; provided that in the event that any letter or report is to be accepted or received by the Administrative Agent after the date of this Credit Agreement, the Administrative Agent shall obtain the
consent of the Security Agent in order to bind the Security Agent in respect thereof. 
 ARTICLE XIV. 
 MISCELLANEOUS 
 Section 14.1
Expenses; Documentary Taxes 
 The Borrower and the Guarantors hereby jointly and severally agree to pay (a) all reasonable
out-of-pocket expenses (including, without limitation, expenses incurred in connection with due diligence of the Lenders) associated with the preparation, execution and delivery, administration, waiver, enforcement or modification and enforcement of
the documentation contemplated hereby and (b) the reasonable fees and disbursements of legal counsel to the Lenders in connection with the transactions contemplated herein, including in each case those incurred prior to the date hereof plus any
sales, use, VAT or similar taxes (including additions to such taxes, if any). The Borrower and the Guarantors hereby jointly and severally agree to indemnify the Lenders against any transfer taxes, documentary taxes, assessments or charges made by
any Governmental Entity by reason of the execution and delivery, or the terms, of this Credit Agreement or any of the other Bridge Finance Documents. 
 Section 14.2 Notices 
 All notices and other communications pertaining to this Credit Agreement
or any Bridge Note shall be in writing and shall be delivered by facsimile, addressed as follows: 
  

	 	(a)	If to the Administrative Agent, to it at: 

 Merrill Lynch
International 
 2 King Edward Street 
 London EC1A 1HQ 
 United Kingdom 
 Attention: 
 Facsimile No: 
  

 97 

 with a copy to: 
 Latham & Watkins 
 99 Bishopsgate 
 London EC2M 3XF 
 United Kingdom 

Attention: 
 Facsimile No.: 

 

	 	(b)	If to the Security Agent, to it at: 

 BNP Paribas Trust
Corporation UK Limited 
 55 Moorgate 
 London 
 EC2R 6PA 
 United Kingdom 
 Attention: 
 Facsimile No: 
  

	 	(c)	If to any Lender, to it at its address set forth on the signature pages hereto. 

  

	 	(d)	If to any Obligor, to it at: 

 Magyar Telecom B.V.

 c/o Invitel Zrt. 
 Puskás Tivadar utca 8-10 
 2040 Budaörs Hungary 
 Attention: Chief Financial Officer 
 Facsimile No: 
 Invitel Zrt. 
 Puskás Tivadar utca 8-10 
 2040 Budaörs Hungary 
 Attention: Chief Financial Officer 
 Facsimile No: 
 Invitel Technocom Kft. 
 c/o Invitel Zrt. 
 Puskás Tivadar utca 8-10 
 2040 Budaörs Hungary 
 Attention: Chief
Financial Officer 
 Facsimile No: 
 with a copy to: 
 White & Case LLP 
 5 Old Broad Street 
 London EC2N 1DW 
 United Kingdom 
  

 98 

 Attention: 
 Facsimile No.: 
 or to such other person or address as shall be furnished in writing delivered to the other
parties in compliance with this Section 14.2. Any communication or notice to be made by facsimile, letter or electronic mail by or to the Turkish Subsidiary pursuant to this Credit Agreement shall constitute legally written evidence between the
Parties thereto pursuant to the provisions of the second sentence of Article 287 of the Civil Procedure Code of Turkey. 
 No communication
or notice under or in connection with the Bridge Finance Documents shall be made to or from an address located inside of the Republic of Austria. The forgoing sentence applies mutatis mutandis to any communication made by fax, electronic message or
in other written form. 
 Section 14.3 Consent to Amendments and Waivers 
 (a) This Credit Agreement, the Loans, any Bridge Notes, the Transaction Security Documents and the Intercreditor Deed (including any
agreement supplemental thereto) may be amended or supplemented with the consent of the Borrower, each Guarantor (in the case of each of the foregoing, to the extent they are a party hereto or thereto) and the Majority Lenders and any default or
compliance with any provision of this Credit Agreement, the Loans, the Bridge Notes, the Transaction Security Documents on the Intercreditor Deed may be waived with the consent of the Majority Lenders. Bridge Notes held by the Borrower or any of its
Affiliates will not be deemed to be outstanding for purposes of this Section 14.3. For the avoidance of doubt, this Section 14.3(a) shall not require the consent of the Majority Lenders under the amendment provisions of the Intercreditor
Deed (including any agreement supplemental thereto) or any other document or agreement referred to therein to the extent the consent of the Lenders or the Administrative Agent is not otherwise required pursuant to the terms of the relevant agreement
in order to effect the relevant amendment or supplement to such agreement; provided that, notwithstanding the foregoing, if at any time the Administrative Agent agrees to any amendment or other modification to the Intercreditor Deed (including any
agreement supplemental thereto) or any other document or agreement referred to therein it must first have obtained the consent of the Majority Lenders (or all Lenders, as may be required below). 
 (b) Notwithstanding the provisions of Section 14.3(a), without the consent of each Lender affected thereby, an amendment or waiver
may not: (i) reduce the principal amount of any Loan, (ii) change the fixed maturity of any Loan, (iii) reduce the rate of or change the time for payment of interest on any Loan, (iv) make any change to the redemption provisions
of any Loan; (v) waive a Default or Event of Default in the payment of principal of, or premium, fees or interest, if any, on the Loans or any other amounts payable under any of the Bridge Finance Documents, (vi) make any change in the
provisions of this Credit Agreement relating to the rights of Lenders to receive (A) prepayments on, or (B) payments of principal of, premium, if any, or fees or interest on, the Loans, (vii) make any change to the provisions of
ARTICLE XI that would adversely affect the rights of any Lender, (viii) make any change to the definition of “Majority Lenders”, (ix) make any change to any provisions relating to the pro rata treatment of Lenders,
(x) release all or substantially all of the Guarantors from their respective Guarantees except as provided in this Credit Agreement or (xi) make any change in the foregoing amendment and waiver provisions. 
 (c) An amendment or waiver which relates to the rights or obligations of the Security Agent may not be effected without the consent of the
Security Agent. 
  

 99 

 (d) The Borrower shall not and shall not permit any of its Affiliates to, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Lender for or as an inducement to any consent, waiver or amendment permitted by (a) unless such consideration is offered to be paid and
is paid to all Lenders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment. 
 (e) Upon having received the requisite consent of the Lenders, the Administrative Agent, acting on behalf of and as agent of the Lenders,
shall be authorized to (and shall) execute or otherwise effect any amendment or supplement permitted by Section 14.3 on behalf of the Lenders without the need for the Lenders to execute such amendment or supplement. 
 Section 14.4 Parties 
 This
Credit Agreement shall inure to the benefit of and be binding upon the Borrower, each Guarantor, the Lenders and each of their respective successors and assigns. Except as expressly provided to the contrary in this Credit Agreement, nothing
expressed or mentioned in this Credit Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Credit Agreement or any provision herein contained. Except as
expressly provided in this Credit Agreement, this Credit Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Lenders and other parties hereto and their respective successors and assigns,
and for the benefit of no other person. 
 Section 14.5 New York Law; Submission to Jurisdiction; Waiver of Jury Trial

 (a) THIS CREDIT AGREEMENT AND THE BRIDGE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. THE BORROWER, EACH GUARANTOR AND EACH OF THE LENDERS HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW
YORK COUNTY, CITY OF NEW YORK, NEW YORK (EACH, A “NEW YORK COURT”) FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THE BRIDGE NOTES, THIS CREDIT AGREEMENT, ANY OF THE OTHER BRIDGE FINANCE DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE BORROWER, EACH GUARANTOR AND EACH OF THE LENDERS IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE BORROWER, EACH GUARANTOR AND EACH OF THE LENDERS IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BRIDGE NOTES, THIS CREDIT AGREEMENT, ANY OF THE OTHER BRIDGE FINANCE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (b) Without limiting the generality of any of the foregoing, the Turkish Subsidiary agrees, without prejudice, to the enforcement of a
judgment obtained from the courts of New York according to the provisions of Article 54 of the International Private and Procedure Law of Turkey (Law No. 5718), that in the event that the Turkish Subsidiary is sued in a court in Turkey 

  

 100 

 
in connection with this Credit Agreement, such judgment shall constitute conclusive evidence of the existence and amount of the claim against the Turkish
Subsidiary pursuant to the provisions of the second sentence of Article 287 of the Civil Procedure Code of Turkey and Article 58 of the International Private and Procedure Law of Turkey (Law No. 5718). 
 Section 14.6 Replacement Notes 
 If any Bridge Note becomes mutilated and is surrendered by the applicable Lender to the Borrower, or if any Lender claims that any of its Bridge Notes has been lost, destroyed or wrongfully taken, the Borrower shall execute and deliver to
such Lender a replacement Bridge Note, upon the delivery by such Lender of an indemnity to the Borrower to hold it and any agent of it harmless in respect of such loss, destruction or wrongful taking with respect to such Bridge Note. 
 Section 14.7 Appointment of Agent for Service 
 The Borrower and each Guarantor irrevocably designates and appoints CT Corporation System, located at 111 Eight Avenue, New York, New York 10011 and such other persons as may irrevocably agree in writing to serve as
their respective agent to receive on their behalf service of all process in any proceedings in any New York Court, such service being hereby acknowledged by the Borrower, and each Guarantor to be effective and binding in every respect. If any agent
appointed by the Borrower or a Guarantor refuses to receive and forward such service, the Borrower and each Guarantor hereby agree that service upon it by mail shall constitute sufficient service. 
 If any person appointed as process agent is unable for any reason to act as agent for service of process, each Obligor must immediately (and in any event
within 10 days of such event taking place) appoint another agent on terms acceptable to the Arrangers. Failing this, the Arrangers may appoint another agent for this purpose. 
 Section 14.8 Marshalling; Recapture 
 Neither the Administrative Agent, the Security Agent, nor any Lender shall be under any obligation to marshal any assets in favor of the Borrower or any other party or against or in payment of any or all of the Obligations. To the extent
any Lender receives any payment by or on behalf of the Borrower, which payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to the Borrower or its estate, trustee,
receiver, custodian or any other party under any Bankruptcy Law, state federal, or national law, common law or equitable cause, then, to the extent of such payment or repayment, the obligation or part thereof which has been paid, reduced or
satisfied by the amount so repaid shall be reinstated by the amount so repaid and shall be included within the liabilities of the Borrower to such Lender as of the date such initial payment, reduction or satisfaction occurred. 
 Section 14.9 Limitation of Liability 
 No claim may be made by the Borrower, any Guarantor or any other person against the Administrative Agent, the Security Agent, the Arrangers, any Lender or the Affiliates, directors, officers, employees, attorneys or agents of any of them
for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any theory of liability arising out of or related to the transactions contemplated by this Credit Agreement or the other Bridge Finance
Document, or any act, omission or event occurring in connection therewith; and the Borrower and each Guarantor hereby waive, release and agree not to sue and shall cause each of its respective Subsidiaries to waive, release or agree not to sue (if
required), upon any claim for any such special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  

 101 

 Section 14.10 Independence of Covenants 
 All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact
that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or Event of Default if such action is taken or condition exists. 
 Section 14.11 Currency Indemnity 
 In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the “Judgment Currency”) other than the currency in which such loss or damage is denominated or
in which the relevant Obligor’s obligation is denominated, as the case may be (the “Obligation Currency”), the relevant Obligor will indemnify each Bridge Finance Party against any loss incurred by the Bridge Finance
Parties, as applicable, as a result of any variation as between (i) the rate of exchange at which the Obligation Currency is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the rate of exchange at
which the Bridge Finance Parties are able to purchase the Obligation Currency with the amount of the Judgment Currency actually received by the Bridge Finance Parties. The foregoing indemnity will constitute a separate and independent obligation of
the Obligors and will continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” will include any premiums and costs of exchange payable in connection with the purchase of, or
conversion into, the Obligation Currency. 
 Section 14.12 Waiver of Immunity 
 To the extent that the Borrower or any Guarantor has or hereafter may acquire any immunity from: 
 (a) the jurisdiction of any court of (i) any jurisdiction in which the Borrower or any Guarantor owns or leases property or assets or
(ii) the United States, the State of New York or any political subdivision thereof; or 
 (b) from any legal process
(whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property and assets, this Credit Agreement, any Bridge Finance Document or actions to enforce
judgments in respect of any thereof, 
 it hereby irrevocably waives such immunity in respect of its obligations under the above-referenced document.

 Section 14.13 Freedom of Choice 
 The submission to the jurisdiction of the courts referred to in this Article XIV shall not (and shall not be construed so as to) limit the right of any Lender to take proceedings against the Borrower or any Guarantor
in the courts of any country in which the Borrower or such Guarantor has assets or in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other
jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. 
  

 102 

 Section 14.14 Successors and Assigns 
 Whenever in this Credit Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such
party; and all covenants and agreements of the Borrower, the Guarantors and each additional Guarantor in this Credit Agreement shall bind their respective successors and assigns. Neither the Borrower nor any other Guarantor may assign or transfer
any of its rights or obligations hereunder (by operation of law or otherwise) without the prior written consent of all Lenders, except (on and after the Conversion Date) as otherwise expressly permitted by this Credit Agreement. Any assignment by
any Lender must be made in compliance with ARTICLE VII hereof. 
 Section 14.15 Merger 
 This Credit Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous
agreements among the parties relating to the subject matter hereof, except for those provisions in the Fee Letter and the Engagement Letter that are in addition to the provisions contained herein. 
 Section 14.16 Severability Clause 
 In case any provision in this Credit Agreement or any Bridge Note shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and such provision shall be ineffective in such jurisdiction only to the extent of such invalidity, illegality or unenforceability. 
 Section 14.17 Representations, Warranties and Agreements to Survive Delivery 
 All
representations, warranties and agreements contained in or incorporated into this Credit Agreement, or contained in Officers’ Certificates submitted pursuant hereto, shall remain operative and in full force and effect until all Obligations
under all of the Bridge Finance Documents have been repaid in full, regardless of any investigation made by or on behalf of the Lenders or any controlling person of the Lenders, or by or on behalf of the Parent, the Borrower or any controlling
person of the Parent, the Borrower, and shall survive the making of the Bridge Loans and the delivery of the Bridge Notes. 
 Section 14.18 Day Count Connection 
 Any interest, commission or fee accruing under a Bridge Finance Document shall
accrue from day to day on the basis of actual number of days elapsed in a 360-day year of twelve 30-day months. 
 Section 14.19
PATRIOT Act Notice 
 Each Lender subject to the USA PATRIOT Act of 2001 (31 U.S.C. 5318 et seq.) hereby notifies the Borrower that,
pursuant to Section 326 thereof, it is required to obtain, verify and record information that identifies the Borrowers and Guarantors including the names and addresses of the Borrowers and Guarantors and other information allowing such Lender
to identify the Borrowers and Guarantors in accordance with such act. 
 Section 14.20 Nature of a Bridge Finance Party’s Rights
and Obligations 
 Unless all the Bridge Finance Parties agree otherwise: 
 (a) the obligations of a Bridge Finance Party under the Bridge Finance Documents are several; 
  

 103 

 (b) failure by a Bridge Finance party to perform its obligations does not affect the
obligations of any other Party under the Bridge Finance Documents; 
 (c) no Bridge Finance party is responsible for the
obligations of any other Bridge Finance Party under the Bridge Finance Documents; 
 (d) the rights of a Bridge Finance Party
under the Bridge Finance Documents are separate and independent rights; 
 (e) a Bridge Finance Party may, except as otherwise
stated in the Bridge Finance Documents, separately enforce those rights; and 
 (f) a debt arising under the Bridge Finance
Documents to a Bridge Finance Party is a separate and independent debt. 
 Section 14.21 Counterparts 
 This Credit Agreement may be executed by one or more of the parties to this agreement on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Credit Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of
the copies of this Credit Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
 Section 14.22 Place of Performance outside Austria 
 The parties agree that the exclusive place of performance
(Erfüllungsort) for all rights and obligations under this Credit Agreement shall be at the registered office of the Administrative Agent or any other place reasonably designated by the Administrative Agent but in any case a place outside
the Republic of Austria, which in particular, but without limitation, means that the payment of all amounts, if any, under this Credit Agreement or any Bridge Finance Document must be made from and to, respectively, a bank account outside the
Republic of Austria. It is expressly agreed between the parties hereto that any such performance within the Republic of Austria will not establish Austria as the place of performance and shall be deemed not effective with respect to any party
hereto. Further, the parties hereto agree that the fulfillment of any contractual obligation under this Credit Agreement within the Republic of Austria does not result in a discharge of debt. 
 Section 14.23 Original Guarantors 
 (a) The Borrower must, by giving not less than 10 Business Days’ prior notice to the Administrative Agent, notify the Administrative Agent (which must promptly notify the Lenders) of its intention to request any
member of the Group to become an Original Guarantor. 
 (b) The Borrower must, by giving not less than 10 Business Days notice
to the Administrative Agent (which must promptly notify the Lenders), notify the Administrative Agent of its intention to request any Original Guarantor to accede to this Credit Agreement. 
  

 104 

 (c) If the accession of an Original Guarantor requires any Bridge Finance Party to carry
out know your customer requirements in circumstances where the necessary information is not already available to it, the Borrower must promptly on request by any Bridge Finance Party supply to that Bridge Finance Party any documentation or other
evidence which is reasonably requested by that Bridge Finance Party (whether for itself, on behalf of any Bridge Finance Party or any prospective new Lender) to enable a Bridge Finance Party or prospective new Lender to carry out and be satisfied
with the results of all applicable know your customer requirements. 
 (d) The Borrower must ensure that any person who
becomes an Original Guarantor supplies to the Administrative Agent all of the documents and evidence set out in Part 1 of Schedule 2 which are expressed to be deliverable by an Original Guarantor in form and substance satisfactory to it.

 (e) The relevant party will become an Original Guarantor on the date of the Accession Agreement executed by it. 

(f) Delivery of an Accession Agreement, executed by the relevant party, to the Administrative Agent constitutes confirmation by that
party and the Borrower that the Repeating Representations are then correct. 
 (g) Each member of the Group must promptly give
the Administrative Agent all assistance it reasonably requires in relation to the guarantees and security to be granted pursuant to this Credit Agreement including promptly answering all reasonable questions and requisitions of the Administrative
Agent and its advisors in relation to the assets of the Group. 
 Section 14.24 Security for Costs 
 To the extent that any Obligor may, in any suit, action or proceeding brought in a court in Turkey or elsewhere arising out of or in connection with this
Credit Agreement, be entitled to the benefit of any provisions of law requiring the Bridge Finance Parties or any of them in such suit, action or proceeding to post security for costs of such Obligor (“Cautio judicatum solvi”), or
to post a bond or take similar action, such Obligor hereby irrevocably waives any such benefit, in each case to the fullest extent now or hereafter permitted under the laws of Turkey or, as the case may be, such other jurisdictions. 
 (Signature pages follow.) 
  

 105 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Credit Agreement as of the
date first above written. 
  

			
	 MAGYAR TELECOM B.V.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INVITEL ZRT.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 INVITEL TECHNOCOM TÁVKÖZLÉSI
 SZOLGÁLTATÓ KORLÁTOLT FELELÖSSÉGÜ

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 S-1 

			
	 Administrative Agent

	
	MERRILL LYNCH INTERNATIONAL
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Security Agent

	
	BNP PARIBAS TRUST CORPORATION UK LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Arrangers

	
	MERRILL LYNCH INTERNATIONAL
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 S-2 

			
	 BNP PARIBAS

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Lenders

	
	MERRILL LYNCH INTERNATIONAL BANK LIMITED, LONDON BRANCH
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BNP PARIBAS
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 S-3 

 EXHIBIT A 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT IN
AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the Bridge Loan Agreement, dated as of
[•], 2008 (as amended, supplemented or otherwise modified from time to time, the “Bridge Loan Agreement”), by and among [Name of Borrower], a
            , (the “Borrower”), [Name of Guarantors], [insert type of entity and jurisdiction of formation for each Guarantor] as guarantors
(each a “Guarantor” and, collectively, the “Guarantors”) and Merrill Lynch International and BNP Paribas (the “Arrangers”), Merrill Lynch International as Administrative Agent
for the Lenders (in such capacity, the “Administrative Agent”), the lenders a party thereto (the “Lenders”) and [BNP Paribas Trust Corporation UK Limited], as security agent. Unless otherwise defined
herein, terms defined in the Bridge Loan Agreement and used herein shall have the meanings given to them in the Bridge Loan Agreement. 
 The
Assignor identified on Schedule 1 hereto (the “Assignor”) and the Assignee identified on Schedule 1 hereto (the “Assignee”) agree as follows: 
 (i) The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and
assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), the percentage interest described in Schedule 1 hereto (the “Assigned Interest”) in and to the Assignor’s rights
and obligations under the Bridge Loan Agreement (the “Assigned Facilities”), in a principal amount for the Assigned Facilities as set forth on Schedule 1 hereto. 
 (ii) The Assignor (a) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Bridge Loan Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Bridge Loan Agreement, any other Bridge Finance Document or any
other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim;
(b) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower, any of its Subsidiaries or any other obligor or the performance or observance by the Borrower, any of its
Subsidiaries or any other obligor of any of their respective obligations under the Bridge Loan Agreement or any other Bridge Finance Document or any other instrument or document furnished pursuant hereto or thereto; and (c) attaches any Bridge
Notes held by it evidencing the Assigned Facilities and (i) requests that the Administrative Agent, upon request by the Assignee, exchange the attached Bridge Notes for a new Bridge Note or Bridge Notes payable to the Assignee and (ii) if
the Assignor has retained any interest in the Assigned Facility, requests that the 

  

 A-1 

 
Administrative Agent exchange the attached Bridge Notes for a new Bridge Note or Bridge Notes payable to the Assignor, in each case in amounts which reflect
the assignment being made hereby (and after giving effect to any other assignments which are effective on the Effective Date). 
 (iii) The
Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that it has received a copy of the Bridge Loan Agreement, and all schedules and exhibits thereto together with
copies of the financial information delivered pursuant to Section 5.1 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(c) agrees that it will, independently and without reliance upon the Assignor, the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Bridge Loan Agreement, the other Bridge Finance Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take
such action as agent on its behalf and to exercise such powers and discretion under the Bridge Loan Agreement, the other Bridge Finance Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are incidental thereto; (e) agrees that it will be bound by the provisions of the Bridge Loan Agreement and will perform in accordance with its terms all the obligations
which by the terms of the Bridge Loan Agreement are required to be performed by it as a Lender; and (f) agrees that it shall have no recourse against the Assignor with respect to any matters relating to the Bridge Loan Agreement, the other
Bridge Finance Documents or any others instrument or documents furnished pursuant hereto or thereto. 
 (iv) [The Assignor hereby assigns to
Assignee all of its rights and obligations under the Fee Letter with respect to the Assigned Interest.] 
 (v) The effective date of this
Assignment and Acceptance shall be the Effective Date of Assignment described in Schedule 1 hereto (the “Effective Date”). Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative
Agent for acceptance by it and recording by the Administrative Agent pursuant to Section 7.7 of the Bridge Loan Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier
than five Business Days after the date of such acceptance and recording by the Administrative Agent). 
 (vi) Upon such acceptance and
recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to
the Effective Date and to the Assignee for amounts which have accrued subsequent to the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective
Date or with respect to the making of this assignment directly between themselves. 
 (vii) From and after the Effective Date, (a) the
Assignee shall be a party to the Bridge Loan Agreement [and the Fee Letter] and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the other Bridge Finance Documents and shall
be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Bridge Loan Agreement [and the Fee Letter].

 (viii) THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 

 A-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be
executed as of the date first above written by their respective duly authorized officers on Schedule 1 hereto. 
  

 A-3 

 Schedule I to Assignment and Acceptance 
  

					
	 Name of Assignor:
                                        
                        

	
	Name of Assignee:
                                        
                        
	
	Effective Date of Assignment:
                                       
     

  

					
	  	 	 Principal Commitment Amount Assigned
	  	Commitment Percentage Assigned1
		 	 €
                                    
	  	        .                        %

  

	 1
	 Calculate the Commitment Percentage that is assigned to at least 9 decimal places and show as a percentage of the
aggregate commitments of all Lenders. 

  

 A-4 

									
	[Name of Assignee]	 		 	[Name of Assignor]
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
	Accepted:	 		 		 		 	
				
	 [NAME OF ADMINISTRATIVE AGENT]
  
 as Administrative Agent
	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

  

 A-5 

 EXHIBIT B 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT IN
AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE 
  

			
	 No. -     
	  	London, England
	 €
                                        

	  	            , 200[•]

 BRIDGE NOTE 
 FOR VALUE RECEIVED, the undersigned, [•] (the “Borrower”), promises to pay to the order of             , or
its registered assigns (the “Holder”), the principal sum of the aggregate of             euros
(€            ) and to pay interest from the date hereof on the unpaid principal amount hereof from time to time outstanding, at the rates per annum and on the dates
specified in that certain Bridge Loan Agreement, dated as of [•], 2008 among [•] and [Name of Guarantors], [Insert type of entity and jurisdiction of formation of on each Guarantor] as guarantors (each a
“Guarantor” and, collectively, the “Guarantors”), and [•] as Administrative Agent and [•] as Security Agent (as amended, restated and/or otherwise modified from time to time, the
“Bridge Loan Agreement”). Terms used herein and not otherwise defined have the meanings assigned to them in the Bridge Loan Agreement. 
 The unpaid principal balance of this Bridge Note, together with all accrued and unpaid interest thereon, shall become due and payable on the Initial Maturity Date unless extended pursuant to Section 2.2, in which
case the unpaid principal balance hereof, together with all accrued and unpaid interest thereon, shall become due and payable on the date that is Extended Maturity Date. 
 The Borrower promises to pay interest on demand, to the extent permitted by law, on any overdue principal and interest from their due dates at the rate per annum as specified in Section 2.4 of the Bridge
Loan Agreement. 
 All payments of the principal of and premium and interest on this Bridge Note shall be made in euro by transfer of
immediately available funds into a bank account designated by the Holder in writing to the Borrower. 
 The Borrower agrees to pay, upon
demand, all reasonable out-of-pocket expenses (including, without limitation, the reasonable fees and disbursements of legal counsel to the Holder) associated with the waiver, enforcement or modification of the Bridge Loan Agreement or this Bridge
Note. 
 This Bridge Note is entitled to the benefits of a joint and several unconditional and irrevocable guarantee (the “Note
Guarantee”) of, inter alia, the due and punctual payment of the principal of, premium (if any) and interest on this Bridge Note as set forth in the Bridge Loan Agreement. Subject to Section 10.2 of the Bridge Loan Agreement,
each of the Guarantors has acknowledged its liability under the Note Guarantee by signing this Bridge Note. 
  

 B-1 

 The Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The
non-exercise by the Holder of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 
 This Bridge Note is one of the Bridge Notes referred to in the Bridge Loan Agreement, which Agreement, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain
events, for optional and mandatory prepayment in full of the principal hereof prior to maturity and for the amendment or waiver of certain provisions of the Bridge Loan Agreement, all upon the terms and conditions therein specified. The benefits
under this Bridge Note are governed by, and subject to all the terms and conditions of, the Bridge Loan Agreement. In the event of any conflict between the provisions of this Bridge Note and the Bridge Loan Agreement, the provisions of the Bridge
Loan Agreement shall govern. 
 THIS BRIDGE NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

  

 B-2 

 IN WITNESS WHEREOF, the Borrower has caused this Bridge Note to be signed in its corporate
name by its duly authorized officer and to be dated as of the day and year first above written. 
  

			
	[•]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 Acknowledgment of Note Guarantee: 
 [INSERT NAME AND SIGNATURE BLOCK FOR EACH GUARANTOR] 
  

			
	 By:
	 	  

	Name:	 	
	Title:	 	

  

 B-3 

 EXHIBIT C 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT IN
AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE 
 FORM OF ACCESSION DOCUMENT 
  

			
	To:	 	[•] as Administrative Agent
		
	From:	 	[ADDITIONAL GUARANTOR]
		
	Date:	 	[•]

 Reference is made to that certain Bridge Loan Agreement dated [•], 2008 and made between, among others,
[•] and [•] (the “Bridge Loan Agreement”, which expression shall include any amendments in force from time to time). 
 We refer to the Bridge Loan Agreement. This is an Accession Document. 
 1.
[Name of company] of [address/registered office] agrees to become an [Additional Guarantor] under the Agreement and to be bound by the terms of the Agreement as an Additional Guarantor. 
 2. The Repeating Representations are correct on the date of this Accession Document. 
 3. This Accession Document has been
executed and delivered on the date stated at the beginning of this Accession Document and is governed by New York law. 
 By: 
 [ADDITIONAL GUARANTOR] 
  

 C-1 

 EXHIBIT D 
 FORM OF UTILIZATION NOTICE 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH
CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY
E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES
THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE
WHICH REFERS TO ANY BRIDGE FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE 
 UTILIZATION NOTICE 
  

			
	From:	 	[Borrower]
		 	[Address]
		
	To:	 	Merrill Lynch International and BNP Paribas
		 	The Arrangers
		
	Dated:	 	

 Dear Sirs, 
 Reference
is made to that certain Bridge Loan Agreement dated [•], 2008 and made between, among others, [•] and [•] (the “Bridge Loan Agreement”, which expression shall include any amendments in force from time to time).

 1. We refer to the Bridge Loan Agreement. This is the Utilization Notice referred to in Section 2.1(b)(i) of the Bridge Loan Agreement. Terms defined
in the Bridge Loan Agreement have the same meaning in this Utilization Notice unless given a different meaning in this Utilization Notice. 
 2. We wish to
borrow Bridge Loans on the following terms: 
  

 D-1 

			
	Proposed Utilization Date:	 	[•] (or, if that is not a Business Day, the next Business Day)
		
	Amount:	 	€ [•] [or, if less, the available Loans]

 3. We confirm that each condition specified in Article VII of the Bridge Loan Agreement is or will be satisfied
simultaneously with drawdown on the date of the Utilization. 
 4. The payment instructions for the proceeds of Bridge Loans are: 
  

			
	Payment to:	 	[•]
		
	Account number:	 	[•]
		
	Bank:	 	[•]
		
	Bank Address:	 	[•]
		
	Sort Code:	 	[•]
		
	Account Name:	 	[•]

 The Closing for this Request shall be held at [time] (London time) at the offices of [•], London,
United Kingdom. 
 This Request is irrevocable. 
  

					
	 Yours faithfully,
	 		 	
			
	  
	 		 	
	 authorized signatory for [•]
	 		 	

  

 D-2 

 SCHEDULE 1 
 ORIGINAL GUARANTORS 
  

					
	 Name
	  	 Registered Addresses
	  	 Jurisdiction of
 incorporation

	Magyar Telecom B.V.	  	 Laan van Kronenburg 8
 1183 AS Amsterdam
 The Netherlands
	  	The Netherlands
			
	Invitel Zrt.	  	 2040 Budaörs
 Puskás Tivadar
U.8-10
 Hungary
	  	Hungary
			
	 Invitel Technocom Távközlési Korlátolt
 Felelõsségû Társaság
	  	 2040 Budaörs
 Puskás Tivadar
U.8-10
 Hungary
	  	Hungary

 Schedule-1 
 Page 1 

 SCHEDULE 2 
 CONDITIONS PRECEDENT DOCUMENTS 
 PART ONE 
 TO BE DELIVERED BEFORE THE UTILIZATION DATE 
 I.
Obligors 
 1. A copy of the constitutional documents of each Original Obligor. 
 2. A copy of a resolution of the board of directors of each Original Obligor: 
 (a) approving the terms of,
and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute, deliver and perform the Finance Documents to which it is a party; 
 (b) authorizing a specified person or persons to execute the Finance Documents to which it is a party on its behalf; 
 (c) authorizing a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilization
Notice) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party; and 
 (d) in the case
of an Original Obligor other than the Borrower, authorizing the Borrower to act as its agent in connection with the Finance Documents. 
 3. A specimen of
the signature of each person authorized by the resolution referred to in paragraph (b) above in relation to the Finance Documents and related documents. 
 4. If required under applicable law, a copy of a resolution signed by all the holders of the issued shares in each Original Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Original
Obligor is a party. 
 5. A certificate of an authorized signatory of the Borrower or other relevant Original Obligor: 
 (a) certifying that each copy document relating to it specified in this Schedule 2 is correct, complete and in full force and effect and has not been
amended or superseded as at a date no earlier than the date of this Credit Agreement; and 
 (b) confirming that borrowing or guaranteeing or
securing, as appropriate, the total Commitments would not cause any borrowing, guarantee, security or similar limit, binding on any Original Obligor, to be exceeded. 
 II. Acquisition Documents 
 A copy of the Acquisition Agreement and a copy of the Disclosure Letter,
each substantially in the form of the draft delivered to and approved by the Arrangers on December 19, 2007, with such amendments or modifications as do not materially and adversely affect the interests of the Lenders or which have been made
with the consent of the Arrangers (acting reasonably). 
 Schedule-2 
 Page 1 

 III. Finance Documents 
 1. The Second Intercreditor Deed Supplemental Deed executed by the original parties thereto. 
 2. Intercreditor Deed. 
 3. The Credit Agreement executed by the Original Obligors party thereto. 
 4. The Fee Letter executed by the Borrower. 
 5. Engagement Letter. 
 6. The Senior Credit Agreement (as amended and restated or refinanced to allow for the Acquisition), executed by the parties thereto. 
 7. The Funding Loans executed by the original parties thereto. 
 IV. Transaction Security 
 The following Transaction Security Documents, provided, that with respect to any pledge over receivables, fixed charge, floating charge, real
estate mortgage, security assignment or pledge over bank accounts, such Transaction Security Documents shall be entered into within 90 days of the Closing Date: each of the security documents entered into with respect to the Senior Debt, granted on
a second ranking basis to the Senior Debt (or any interim facility entered into in lieu thereof). 
 V. Other documents and evidence 
 1. Evidence that any agent for service of process referred to in this Credit Agreement, if not an Original Obligor, has accepted its appointment. 
 2. The Reports and related reliance letters with respect to the Purchaser Due Diligence Reports. 
 3. The Base Case Model. 
 4. The Structure Memorandum. 
 5. The Funds Flow Statement in a form agreed by the Borrower and the Administrative Agent detailing the proposed movement of funds on or before the Completion Date. 
 6. A copy, certified by an authorized signatory of the Borrower to be a true copy, of the Original Financial Statements. 
 7. A copy, certified by an authorized signatory of the Borrower to be a true copy, of the latest audited financial statements of that Borrower, if available. 

8. A certificate of Invitel (signed by a director) certifying that no terms and conditions of the Acquisition Agreement have been amended, varied, novated,
supplemented, superseded, waived or terminated except to the extent the same does not materially and adversely affect the interests of the Lenders or with the prior consent of the Arrangers (who shall act reasonably in giving consent) and each of
the conditions to closing specified in the Acquisition Agreement has been satisfied or waived in each case except to the extent it does not materially and adversely affect the interests of the Lenders or with the prior written consent of the
Arrangers (who shall act reasonably in giving consent). 
 Schedule-2 
 Page 2 

 9. A Utilization Notice in relation to any proposed Utilization on the first Utilization Date. 
 10. Evidence of completion of steps 1 to 4 pursuant to the Structure Memorandum will be completed on the Completion Date, including for the avoidance of doubt copies of
the solvency opinion delivered in connection with the same. 
 11. Evidence of payment of fees and expenses agreed to be paid prior to the Completion Date.

 12. Group Structure Chart. 
 13. Delivery of all information
reasonably required in connection with KYC requirements. 
 14. The last available audited accounts of HTCC and the Major Companies (if any). 
 VI. Legal opinions 
 The following legal opinions, each addressed to
the Administrative Agent, the Security Agent and the Original Lenders and capable of being relied upon by any persons to become Lenders pursuant to the primary syndication of the Bridge Loan: 
 1. A legal opinion of Burai-Kovacs and Partners, advisers to the Administrative Agent and the Arrangers, as to Hungarian law substantially in the form distributed to the
Original Lenders prior to signing this Credit Agreement. 
 2. A legal opinion of White & Case LLP, legal advisers to the Borrowers as to New York,
U.S., English and Hungarian law substantially in the form distributed to the Original Lenders prior to signing this Credit Agreement. 
 3. A legal opinion
of Baker & McKenzie, legal advisers to the Borrowers as to Netherlands law substantially in the form distributed to the Original Lenders prior to signing this Credit Agreement. 
 4. A legal opinion of STvB Advocaten (Europe) N.V., legal advisers to the Borrowers as to Netherlands Antilles law substantially in the form distributed to the Original Lenders prior to signing this Credit Agreement.

 5. A legal opinion of Dorda Brugger Jordis Rechtsanwaelte, legal advisers to the Borrowers as to Austrian law substantially in the form distributed to the
Original Lenders prior to signing this Credit Agreement. 
 Schedule-2 
 Page 3 

 PART TWO 
 CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR 
 1. An Accession Document executed by the
Additional Obligor and the Borrower. 
 2. A copy of the constitutional documents of the Additional Obligor. 
 3. A copy of a resolution of the board of directors of the Additional Obligor: 
 (a) approving the terms of, and the transactions contemplated by, the Accession Document and the Finance Documents and resolving that it
execute, deliver and perform the Accession Document and any other Finance Document to which it is a party; 
 (b) authorizing
a specified person or persons to execute the Accession Document and other Finance Documents on its behalf; 
 (c) authorizing
a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Guarantor, any Utilization Notice) to be signed and/or despatched by it under or in connection with the
Finance Documents to which it is a party; and 
 (d) authorizing the Borrower to act as its agent in connection with the
Finance Documents. A specimen of the signature of each person authorized by the resolution referred to in paragraph 3 above. 
 4. If required under
applicable law, a copy of a resolution signed by all the holders of the issued shares of the Additional Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party.

 5. A certificate of an authorized signatory of the Additional Obligor certifying that each copy document listed in Part 2 of this Schedule is correct,
complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of the Accession Document and that its borrowing, guaranteeing or securing of the total Commitments would not exceed any limit imposed
on the same. 
 6. The following legal opinions, each addressed to the Administrative Agent, the Security Agent and the Lenders: 
 (a) A legal opinion of the legal advisers to the Administrative Agent in the United States, as to US law. 
 (b) If the Additional Obligor is incorporated in a jurisdiction other than New York or is executing a Finance Document which is governed by a law other
than New York law, a legal opinion of the legal advisers to the Administrative Agent in the jurisdiction of its incorporation; or, as the case may be, the jurisdiction of the governing law of that Finance Document (the “Applicable
Jurisdiction”) as to the law of the Applicable Jurisdiction. 
 7. If available, a copy the latest audited statutory financial statements of the
Additional Obligor. 
 Schedule-2 
 Page 4 

 8. If the proposed Additional Obligor is incorporated in a jurisdiction other than New York, evidence that the agent for
service of process specified in Section 14.7, if not an Obligor, has accepted its appointment in relation to the proposed Additional Obligor. 
 9. An
accession memorandum to the Second Intercreditor Deed Supplemental Deed executed by the Additional Obligor. 
 10. If the Additional Obligor is incorporated
in England and Wales or Scotland evidence that the Additional Obligor has done all that is necessary (to the extent reasonable) to follow the procedures set out in Sections 151 to 158 of the Companies Act 1985 in order to enable that Additional
Obligor to enter into the Finance Documents and perform its obligations under the Finance Documents. Such evidence shall include copies of the resolutions, statutory declarations, auditor’s report and net assets letter (addressed to the Bridge
Finance Parties) for the Additional Obligor and copies of the register of directors and shareholders of the Additional Obligor. 
 11. If the Additional
Obligor is not incorporated in New York, such documentary evidence as legal counsel to the Administrative Agent may require, that such Additional Obligor has (to the extent reasonable) complied with any law in its jurisdiction relating to financial
assistance or analogous process. 
 12. Required know-your-customer checks. 
 Schedule-2 
 Page 5 

 PART THREE 
 TO BE DELIVERED IN RESPECT OF ADDITIONAL SECURITY 
 1. A copy of the constitutional documents of the relevant
Obligor. 
 2. A copy of a resolution of the board of directors of the relevant Obligor (or a committee of its board of directors) approving the terms of,
the transactions contemplated by, and the execution, delivery and performance of the Transaction Security Document. 
 3. If applicable, a copy of a
resolution of the board of directors of the relevant Obligor establishing the committee referred to in paragraph 2 above. 
 4. A specimen of the
signature of each person authorized on behalf of the relevant Obligor to execute or witness the execution of the Transaction Security Document or to sign or send any document or notice in connection with such Transaction Security Document.

 5. A copy of a resolution, signed by all (or any lower percentage agreed by the Administrative Agent) of the holders of the Obligor’s issued or
allotted shares, approving the execution of the Transaction Security Document. 
 6. If applicable, a copy of a resolution of the board of directors of each
corporate shareholder in the Obligor approving the resolution referred to in paragraph 5 above. 
 7. A certificate of an authorized signatory of the
relevant Obligor certifying that each copy document specified in Part 3 of this Schedule is correct and complete and that the original of those documents is in full force and effect and has not been amended or superseded as at a date no earlier than
the date of the additional Transaction Security Document. 
 8. A legal opinion of counsel approved by the Administrative Agent in respect of the laws of the
jurisdiction in which the relevant Obligor is incorporated, and, if different, in respect of the laws governing the additional Transaction Security Document, addressed to the Bridge Finance Parties. 
 9. A copy of all notices required to be sent or other documents required to be executed under the Transaction Security Document. 
 10. If applicable, title certificates (addressed inter alias to the Bridge Finance Parties) and corresponding title deeds (or in the latter case a letter from
solicitors satisfactory to the Security Agent holding the same undertaking to hold them to the order of the Security Agent) or the equivalent in the jurisdiction of location of the relevant assets. 
 11. In relation to property situate in England and Wales, if applicable, priority searches at HM Land Registry and Land Charges Searches or the equivalent in the
jurisdiction of location of the relevant assets. 
 12. In relation to property situate in England and Wales, if applicable, a letter of undertaking (if
applicable) concerning the charge of properties and a check payable to HM Land Registry in respect of registration fees or the equivalent in the jurisdiction of location of the relevant assets. 
 13. Evidence that the procedure contemplated by sections 155-158 of the Companies Act 1985 has been completed by any relevant Obligor incorporated under the laws of
England and Wales, including: 
 (a) copies of the resolutions, statutory declarations, auditors’ report and net assets letter (addressed
to the Bridge Finance Parties) for the relevant Obligor; and 
 Schedule-2 
 Page 6 

 (b) copies of its register of directors and shareholders, 
 (c) or that the equivalent provisions and requirements under the law of the jurisdiction of incorporation of the relevant Obligor have been complied
with. 
 14. A copy of any other authorization or other document, opinion or assurance which the Administrative Agent notifies the Borrower is necessary or
desirable in connection with the entry into and performance of, and the transactions contemplated by, the Transaction Security Document or for the validity and enforceability of any Bridge Finance Document. 
 Schedule-2 
 Page 7 

 SCHEDULE 3 
 CALCULATION OF THE MANDATORY COST 
 1. The Mandatory Cost is an addition to the interest rate to compensate Lenders
for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the
European Central Bank. 
 2. On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a
rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in
proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 
 3. The Additional
Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its notice to the Agent to be its reasonable
determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that
Facility Office. 
 4. The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as
follows: 
 in relation to a Loan in any currency other than sterling: 
 

 
 Where: 
  

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Applicable Margin and the Mandatory Cost) payable for the relevant Interest Period on the Loan. 

  

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

  

	 	D	is the percentage rate per annum payable by the Bank of England to the Agent on interest bearing Special Deposits. 

  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

 5.
For the purposes of this Schedule: 
  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998
or (as may be appropriate) by the Bank of England; 

 Schedule-3 
 Page 1 

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(d)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

 6. In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 percent will be included in the formula as 5 and not as
0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 
 7. If
requested by the Administrative Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Administrative Agent, the rate of charge payable by that Reference Bank to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 
 8. Each Lender shall supply any
information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender:

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this paragraph. 
 9. The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the
Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash
ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. 
 10. The Administrative Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the
information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 
 Schedule-3 
 Page 2 

 11. The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the
Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 
 12. Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest
error, be conclusive and binding on all Parties. 
 13. The Administrative Agent may from time to time, after consultation with the Borrower and the Lenders,
determine and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 
 Schedule-3 
 Page 3 

 SCHEDULE 4 
 COMMITMENT AMOUNTS 
  

								
	 Commitment
	  	Merrill Lynch
International
Bank Limited,
London Branch	  	BNP Paribas	  	Total
		  		  		  		
		  	 	  	 	  	 	 
		  		  		  	€	100,000,000
		  	 	  	 	  	 	 

 Schedule-4 
 Page 1 

 SCHEDULE 5 
 Principal Agreements 
 Schedule-5 
 Page 1Amended and Restated Intercreditor Deed

 Exhibit 10.4 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR
SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE. 
 Dated 6 August 2004 
  
  
 MAGYAR TELECOM B.V.

 Issuer 
 INVITEL
ZRT. 
 Company 
 MAGYAR TELECOM B.V. and CERTAIN 
 OF ITS SUBSIDIARIES 
 Original Obligors 
 MATEL HOLDINGS N.V. and CERTAIN 
 OF ITS SUBSIDIARIES 
 Original
Subordinated Shareholder Creditors 
 BNP PARIBAS 
 Co-ordinator 
 BNP PARIBAS 
 CREDIT SUISSE FIRST BOSTON INTERNATIONAL 
 Arrangers 
 BNP PARIBAS 
 Senior Agent

 BNP PARIBAS, Hungary Branch 
 HUF Agent 
 BNP PARIBAS TRUST CORPORATION UK LIMITED 
 Security Trustee 
 THE BANK OF NEW YORK 
 HY Note Trustee 
 BNY CORPORATE
TRUSTEE SERVICES LIMITED 
 FRN Note Trustee 
 MERRILL LYNCH INTERNATIONAL 
 Subordinated Bridge Trustee 
  
  
 INTERCREDITOR DEED 
 (as amended and restated pursuant to a supplemental 

 deed dated 27 April 2007 and a second supplemental 
 deed dated 3 March 2008) 
  
  
  

 Contents 
  

					
	 	 	 Page

	Clause	 	 
			
	1	 	Definitions and Interpretation	 	1
			
	2	 	Ranking	 	17
			
	3	 	Undertakings/Prohibited Payments	 	18
			
	4	 	Amendments	 	24
			
	5	 	Hedging Transactions	 	29
			
	6	 	Representations and Warranties	 	32
			
	7	 	Permitted Payments	 	33
			
	8	 	Turnover	 	36
			
	9	 	HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee Provisions	 	38
			
	10	 	Subordination on Insolvency	 	40
			
	11	 	HY Guarantee and HY Security Documents	 	43
			
	12	 	FRN Guarantee and FRN Security Documents	 	43
			
	13	 	Subordinated Bridge Guarantee and Subordinated Bridge Security Documents	 	43
			
	14	 	Priority of Security	 	44
			
	15	 	Enforcement Action	 	45
			
	16	 	Enforcement of Security	 	47
			
	17	 	Loss Sharing	 	58
			
	18	 	Consents and Limits	 	59
			
	19	 	Information	 	60
			
	20	 	Subrogation	 	61
			
	21	 	Protection of Subordination	 	61
			
	22	 	Preservation of Debt/Marshalling	 	64
			
	23	 	Power of Attorney	 	64
			
	24	 	Expenses	 	65
			
	25	 	Changes to the Parties	 	65

					
			
	26	 	Status of Obligors	 	67
			
	27	 	Notices	 	67
			
	28	 	Waivers, Remedies Cumulative	 	70
			
	29	 	The Security Trustee	 	70
			
	30	 	Counterparts	 	75
			
	31	 	Partial Invalidity	 	75
			
	32	 	Governing Law	 	75
			
	33	 	Jurisdiction	 	75
			
	34	 	Place of Performance outside Austria	 	76
		
	Schedule 1 The Parties	 	77
		
	Schedule 2 Form of Deed of Accession	 	82
		
	Schedule 3 Security Trustee	 	83
		
	Schedule 4 Funding Loans	 	96

 The Registrant has omitted the contents of certain schedules from the SEC Filing. The Registrant will furnish a
copy of any omitted content from any schedule to the Commission or its staff upon request. 

 THIS DEED (this “Deed”) is dated 6 August 2004 (as amended and restated pursuant to a
supplemental deed dated 27 April 2007 and a second supplemental deed dated 3 March 2008) and made between: 
  

	(1)	MAGYAR TELECOM B.V. as the Issuer; 

  

	(2)	INVITEL ZRT. as the Company; 

  

	(3)	MATEL HOLDINGS N.V. as the Ultimate Parent; 

  

	(4)	THE COMPANIES listed in Part I of Schedule 1 (The Parties) as the Original Obligors (the “Original Obligors”); 

  

	(5)	THE COMPANIES listed in Part II of Schedule 1 (The Parties) as the Original Subordinated Shareholder Creditors (the “Original Subordinated Shareholder
Creditors”); 

  

	(6)	BNP PARIBAS as Co-ordinator; 

  

	(7)	BNP PARIBAS and CREDIT SUISSE FIRST BOSTON INTERNATIONAL (whether acting individually or together) as the Arrangers; 

  

	(8)	BNP PARIBAS as the Senior Agent; 

  

	(9)	BNP PARIBAS, Hungary Branch as the HUF Agent; 

  

	(10)	BNP PARIBAS TRUST CORPORATION UK LIMITED as the Security Trustee; 

  

	(11)	THE BANK OF NEW YORK as the HY Note Trustee; 

  

	(12)	BNY CORPORATE TRUSTEE SERVICES LIMITED as FRN Note Trustee; 

  

	(13)	MERRILL LYNCH INTERNATIONAL as Subordinated Bridge Trustee; 

  

	(14)	THE FINANCIAL INSTITUTIONS listed in Part III of Schedule 1 (The Parties) as the Original Senior Lenders; and 

  

	(15)	THE FINANCIAL INSTITUTIONS listed in Part IV of Schedule 1 (The Parties) as the Original Hedge Counterparties. 

 NOW THIS DEED WITNESSES as follows: 
  

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Deed: 
 “Additional Debt” in relation to any obligation or liability means: 
  

	 	(a)	any refinancing (including subsequent refinancings), novation, deferral or extension of that obligation or liability or any part thereof; 

  

	 	(b)	any further advance made under any agreement supplemental to any relevant Finance Document plus all related interest, fees, costs and other expenses; 

  

 1 

	 	(c)	any claim for damages or restitution in the event of rescission of any such obligation or liability or otherwise in connection with any relevant Finance Document;

  

	 	(d)	any claim against any Obligor flowing from any recovery by an Obligor or any other person of a payment or discharge in respect of those liabilities on the grounds of preference or
otherwise; and 

  

	 	(e)	any amounts (such as post-insolvency interest) which would otherwise be included in any such obligation or liability but for any discharge, non-provability, unenforceability or
non-allowability of the same in any insolvency or other proceedings. 

 “Additional Obligor” means any
Subsidiary of the Issuer that accedes to this Deed in accordance with clause 25.3 (Additional Obligors). 
 “Amend”
means amend, novate, vary, waive, supplement or the giving of any waiver or consent (and “Amendment” and “Amended” shall be construed accordingly). 
 “Block Notice” has the meaning given to it in clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated
Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date). 
 “Creditor” means the Senior Creditors, the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors and the Subordinated
Shareholder Creditors. 
 “Debt” means any or all (as the context requires) of the Senior Debt, the Hedging Liabilities, the
HY Issuer Debt, the HY Subordinated Debt, the HY Funding Loan Debt, the FRN Issuer Debt, the FRN Subordinated Debt, the FRN Funding Loan Debt, the Subordinated Bridge Issuer Debt, the Subordinated Bridge Subordinated Debt, the Subordinated Bridge
Funding Loan Debt and the Subordinated Shareholder Debt. 
 “Deed of Accession” means a deed by which a person becomes a
party to this Deed, substantially in the form of Schedule 2 (Form of Deed of Accession) with such amendments as the Security Trustee may approve or reasonably require. 
 “Default” means an Event of Default or a Default (each as defined in the Senior Facilities Agreement) or an event of default or potential
event of default under the HY Indenture, the FRN Indenture, the Subordinated Bridge Facility Agreement or the Subordinated Bridge Refinancing Indenture, as the context requires. 
 “Enforcement Action” means: 
  

	 	(a)	in relation to any Debt, any action whatsoever to: 

  

	 	(i)	demand payment, declare prematurely due and payable or otherwise seek to accelerate payment of or place on demand all or any part of such Debt; or 

  

	 	(ii)	recover all or any part of such Debt (including, without limitation, by attachment, set-off, execution, combination of accounts or otherwise save, in the case solely of set-off, to
the extent such set-off occurs automatically by operation of law and not as a result of any action or election and any amount so set-off is subject to clause 8 (Turnover)); or 

  

	 	(iii)	exercise any right to crystallise, or require the Security Trustee to crystallise, any floating charge created pursuant to the Security Documents; or 

  

 2 

	 	(iv)	exercise or enforce or require the Security Trustee to exercise or enforce any rights under or pursuant to the provisions of any guarantee granted by a member of the Group in
relation to all or any part of such Debt or any Encumbrance in relation to such Debt (including under the Security Documents) whether by sale, possession, appointment of a receiver or otherwise; or 

  

	 	(v)	petition for (or take any other steps or action which may lead to) an Insolvency Event in relation to any member of the Group; or 

  

	 	(vi)	sue or bring or support any legal, arbitral or regulatory proceedings, or otherwise exercise any remedy for the recovery of such Debt against any member of the Group,

  

	 	(vii)	provided that the taking of any action (not falling within (a)(i) to (v) above) necessary to preserve the validity and existence of claims, including the registration of such
claims before any court or governmental authority, shall not constitute Enforcement Action; and 

  

	 	(b)	in relation to the Hedging Liabilities: 

  

	 	(i)	any action whatsoever to declare an Early Termination Event under any Hedge Agreement or demand payment of any amount which would become payable following an Early Termination Date;
or 

  

	 	(ii)	the occurrence of an Early Termination Date as a result of Automatic Early Termination for which a member of the Group is the Defaulting Party, 

 and for this purpose “Early Termination Date”, “Automatic Early Termination” and “Defaulting Party”
shall have the meanings given to them in the ISDA 1992 or (as the case may be) 2002 Master Agreement published by the International Swaps and Derivatives Association. 
 “Finance Document” means each of the Senior Finance Documents, the Hedge Agreements, the HY Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents and the Subordinated
Shareholder Documents. 
 “Financial Support” means any financial support including, without limitation, the taking of any
participation, the giving of any guarantee, indemnity or other assurance against loss, or the making of any deposit or payment. 
 “FRN Creditor” means the FRN Noteholders, the FRN Trustee, the Security Trustee as security trustee of the FRN Creditors pursuant to the terms hereof and, in each case, any successor thereto and any assigns, transferees or
substitutes thereof or therefore and including any person to whom FRN Debt may be payable or owing (whether or not matured) from time to time. 
 “FRN Debt” means the FRN Issuer Debt and the FRN Subordinated Debt. 
 “FRN Debt Permitted
Refinancing” means any refinancing of the FRN Notes (the “Refinanced FRN Notes”) (other than any refinancing of the FRN Notes with the proceeds from the issuance of Senior Debt) provided that: 
  

	 	(a)	the issuer of the Refinanced FRN Notes shall be the Issuer; 

  

	 	(b)	the only members of the Group that guarantee the Refinanced FRN Notes shall have guaranteed the Senior Debt, the Hedging Liabilities, the HY Debt and the Subordinated Bridge Debt;

  

 3 

	 	(c)	to the extent that the Refinanced FRN Notes are to be guaranteed or secured, the guarantees shall be given by the same guarantors of the FRN Notes (the “Existing FRN
Notes”) and the security shall be the same as the FRN Security Documents; 

  

	 	(d)	the maturity date of the Refinanced FRN Notes shall be no earlier than one year after the final maturity date of the Senior Debt and there shall be no scheduled amortisation of the
Refinanced FRN Notes prior to such date; 

  

	 	(e)	the scheduled interest payments on the Refinanced Notes are no more than either, if calculated on the basis of a floating rate, EURIBOR plus a margin not exceeding 6 per cent.
per annum or, if calculated on the basis of a fixed rate, 10.5 per cent. per annum; 

  

	 	(f)	the aggregate amount of any underwriting, arrangement, commitment or other like fee or remuneration in respect of the Refinanced FRN Notes shall not be substantially higher than the
market rate for such payments at the time of the issue of such Refinanced FRN Notes; 

  

	 	(g)	the terms of the Refinanced FRN Notes relating to repayment, prepayment, representations and warranties, covenants and events of default shall, when taken as a whole, in no event be
materially more favourable to the holders of the Refinanced FRN Notes than the equivalent provisions of the Existing FRN Notes; 

  

	 	(h)	if the Refinanced FRN Notes have the benefit of guarantees and security from any member of the Group, the guarantees and security therefore shall be subordinated on the terms of
this Deed; 

  

	 	(i)	the gross proceeds arising from the issue of the Refinanced FRN Notes do not exceed the aggregate of the principal amount, accrued and unpaid interest and fees outstanding under the
Existing FRN Notes and any costs (including fees and expenses) incurred in connection with the issue of the Refinanced FRN Notes; and 

  

	 	(j)	to the extent of an amount equal to the outstanding principal amount of the FRN Funding Loan Debt, the gross proceeds of the Refinanced FRN Notes shall be on lent to the Company and
used to refinance in full the FRN Funding Loan Debt, 

 provided, however, that any of the paragraphs (a) through
(j) of this definition may be waived with the prior written consent of the Majority Lenders and provided further, that if such written consent is obtained from the Majority Lenders, then the consent of all other Parties to this Deed to such
waiver(s) shall be deemed to have been given. 
 “FRN Default” means an event of default as defined in the FRN Indenture.

 “FRN Discharge Date” means the date on which all FRN Debt has been defeased in accordance with the terms of the FRN
Finance Documents or fully discharged in accordance with the FRN Finance Documents. 
 “FRN Finance Documents” means,
together the FRN Notes, the FRN Indenture, the FRN Security Documents, the FRN Funding Loan Agreement, this Deed and all other documents evidencing the terms of the FRN Debt and any other agreement or document that may be entered into or executed
pursuant thereto or in connection therewith. 
 “FRN Funding Loan” means the intragroup loan which satisfies the criteria in
Part II of Schedule 4 (Funding Loans). 
 “FRN Funding Loan Agreement” means the intercompany loan agreement
documenting the FRN Funding Loan between the Issuer and the Company. 
  

 4 

 “FRN Funding Loan Debt” means all present and future liabilities (actual or contingent)
due, owing or incurred by the Borrower Group to the Issuer under or in connection with the FRN Funding Loan Agreement, whether or not matured and whether or not liquidated. 
 “FRN Guarantee” means each senior subordinated guarantee, in respect of the FRN Issuer Debt, to be executed by each FRN Guarantor in
favour of and for the benefit of the FRN Creditors. 
 “FRN Guarantor” means the Company, Euroweb Romania, the HTCC Operating
Company, Memorex, the Turkish Subsidiary, Invitel Telecom and each member of the Group that from time to time guarantees the FRN Issuer Debt in accordance with the terms of the Senior Facilities Agreement, the FRN Indenture and this Deed and
provided further that such party has acceded to this Deed pursuant to clause 25 (Changes to the Parties). 
 “FRN
Indenture” means a note indenture and/or other instrument pursuant to which the FRN Notes are issued including the FRN Guarantees. 
 “FRN Issuer Debt” means all present and future liabilities (actual or contingent) due, owing or incurred by the Issuer to the FRN Creditors or any of them under or in connection with the FRN Finance Documents or otherwise,
whether or not matured and whether or not liquidated, including (i) any FRN Debt Permitted Refinancing and (ii) any Additional Debt (other than any refinancing Additional Debt referred to in paragraph (a) of such definition) in
relation thereto. 
 “FRN Noteholders” means the holders from time to time of the FRN Notes. 
 “FRN Notes” means the floating rate notes issued or to be issued by the Issuer pursuant to the FRN Indenture as permitted pursuant to the
definition of FRN Offering in the Senior Facilities Agreement. 
 “FRN Security Documents” means the FRN Security Documents
(as defined in the Senior Facilities Agreement) including, for the avoidance of doubt, the Second Ranking Pledge of FRN Funding Loan. 
 “FRN Trustee” means the FRN Note Trustee in its capacity as trustee for the FRN Noteholders, or its successors from time to time or any other trustee for the FRN Noteholders having become party to this Deed pursuant to
clause 25 (Changes to the Parties). 
 “FRN Trustee Amount” means an amount not exceeding Euro 100,000 per
annum with respect to all compensation for services provided by the FRN Trustee which is payable to the FRN Trustee pursuant to the FRN Indenture and all out-of-pocket costs and expenses properly incurred by the FRN Trustee, including, without
limitation, (i) compensation for the costs and expenses of the collection by the FRN Trustee of any amount payable to the FRN Trustee for the benefit of the FRN Creditors and (ii) costs and expenses of the FRN Trustee’s agents and
counsel and, for the avoidance of doubt, “FRN Trustee Amounts” shall not include any amount of principal or interest payable in respect of the FRN Notes. 
 “FRN Subordinated Debt” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) due, owing or
incurred by any FRN Guarantor to any FRN Creditors pursuant to any FRN Guarantees together with any related Additional Debt owed to any FRN Creditors pursuant to any FRN Guarantee provided that Additional Debt incurred pursuant to paragraph (a)
of such definition shall only be permitted to the extent such Additional Debt is incurred in relation to a FRN Debt Permitted Refinancing. 
 “Hedge Agreement” means any agreement, document or instrument to be based on the 1992 or (as the case may be) 2002 ISDA Master Agreement (Multicurrency Cross-Border) or other ISDA standard documentation documenting an
interest rate or currency swap or other hedging arrangement referred to in the definition of Hedge Counterparty and, prior to any such arrangement being duly documented, the terms of such arrangement as orally agreed. 
  

 5 

 “Hedge Counterparty” means any Senior Finance Party or any Subordinated Bridge Lender
who enters into an interest rate or currency swap or other hedging arrangement with the Company or the HTCC Operating Company in relation to all or any part of the Senior Debt, the HY Debt, the FRN Debt or the Subordinated Bridge Debt and which is
named in part (iv) of Schedule 1 (The Original Parties) or accedes to this Deed as a Hedge Counterparty pursuant to a Deed of Accession. 
 “Hedging Liabilities” means all present and future liabilities (actual or contingent) due, owing or incurred by the Company or the HTCC Operating Company to the Hedge Counterparties or any of them under or in connection
with the Hedge Agreements, whether or not matured and whether or not liquidated together with “Additional Debt” in relation thereto. 
 “HTCC Opco Security Deposit Deed” means the security deposit deed and/or business quota pledge entered into on or about the date of the Intercreditor Deed Supplemental Deed by the Issuer over its
shareholding interest in the HTCC Operating Company. 
 “Hungarian Assignment Agreements” means the Pledge of Receivables of
the Company in favour of the Security Trustee, the Pledge of Receivables of the HTCC Operating Company in favour of the Security Trustee and the Pledge of Receivables of Invitel Telecom in favour of the Security Trustee, in each case as amended,
restated, supplemented or replaced from time to time. 
 “Hungarian Assignment Agreement/Turkish Asset Security Parallel
Debt” has the meaning given thereto in clause 29.8.1 (Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt). 
 “Hungarian Security Deposit Deeds Parallel Debt” has the meaning given thereto in clause 29.6.1 (Hungarian Security Deposit Deeds Parallel Debt). 
 “Hungarian Security Deposit Deeds” means the Invitel Security Deposit Deeds, the HTCC Opco Security Deposit Deed, the Invitel Telecom
Share Security and such other security deposit deeds over shareholding or quota pledge over quota interest in any member of the Group incorporated in Hungary entered into from time to time in accordance with the Senior Finance Documents, the HY
Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents and this Deed, in each case as amended, restated, supplemented or replaced from time to time. 
 “HY Creditor” means each of the HY Noteholders, the HY Note Trustee, the Security Trustee as security trustee of the HY Creditors
pursuant to the terms hereof and, in each case, any successor thereto and any assigns, transferees or substitutes thereof or therefore and including any person to whom HY Debt may be payable or owing (whether or not matured) from time to time.

 “HY Debt” means the HY Issuer Debt and the HY Subordinated Debt. 
 “HY Debt Permitted Refinancing” means any refinancing of the HY Notes (the “Refinanced HY Notes”) (other than, if no HY
Notes are outstanding, any refinancing of the HY Notes with the proceeds from the incurrence of Senior Debt) provided that: 
  

	 	(a)	the issuer of the Refinanced HY Notes shall be the Issuer; 

  

	 	(b)	the only members of the Group that guarantee the Refinanced HY Notes shall have guaranteed the Senior Debt, the Hedging Liabilities, the FRN Debt and the Subordinated Bridge Debt;

  

 6 

	 	(c)	to the extent that the Refinanced HY Notes are to be guaranteed or secured, the guarantees shall be given by the same guarantors of the HY Notes (the “Existing HY
Notes”) and the security shall be the same as the HY Security Documents; 

  

	 	(d)	the maturity date of the Refinanced HY Notes shall be no earlier than one year after the final maturity date of the Senior Debt and there shall be no scheduled amortisation of the
Refinanced HY Notes prior to such date; 

  

	 	(e)	the cash pay element of any interest (excluding default interest) on the Refinanced HY Notes shall not exceed 10.75 per cent. per annum on the gross proceeds referred to in
paragraph (i) below; 

  

	 	(f)	the aggregate amount of any underwriting, arrangement, commitment or other like fee or remuneration in respect of the Refinanced HY Notes shall not be substantially higher than the
market rate for such payments at the time of the issue of such Refinanced HY Notes; 

  

	 	(g)	the terms of the Refinanced HY Notes relating to repayment, prepayment, representations and warranties, covenants and events of default shall, when taken as a whole, in no event be
materially more favourable to the holders of the Refinanced HY Notes than the equivalent provisions of the Existing HY Notes; 

  

	 	(h)	if the Refinanced HY Notes have the benefit of guarantees and security from any member of the Group, the guarantees and security therefore shall be subordinated on the terms of this
Deed; 

  

	 	(i)	the gross proceeds arising from the issue of the Refinanced HY Notes do not exceed the aggregate of the principal amount, accrued and unpaid interest and fees outstanding under the
Existing HY Notes and any costs (including fees and expenses) incurred in connection with the issue of the Refinanced HY Notes; and 

  

	 	(j)	the gross proceeds of the Refinanced HY Notes shall be on lent to the Company and used to refinance in full the Funding Loan Debt, 

 provided, however, that any of the paragraphs (a) through (j) of this definition may be waived with the prior written consent of the Majority
Lenders and provided further, that if such written consent is obtained from the Majority Lenders, then the consent of all other Parties to this Deed to such waiver(s) shall be deemed to have been given. 
 “HY Default” means an event of default as defined in the HY Indenture. 
 “HY Discharge Date” means the date on which all HY Debt has been defeased in accordance with the terms of the HY Finance Documents or
fully discharged in accordance with the HY Finance Documents. 
 “HY Finance Documents” means, together, the HY Notes, the HY
Indenture (including the HY Guarantees), the HY Security Documents, the HY Funding Loan Agreement, this Deed and all other documents evidencing the terms of the HY Notes and any other agreement or document that may be entered into or executed
pursuant thereto or in connection therewith. 
 “HY Funding Loan” means the intragroup loan which satisfies the criteria in
Part I of Schedule 4 (Funding Loans). 
 “HY Funding Loan Agreement” means the intercompany loan agreement
documenting the HY Funding Loan between the Issuer and the Company. 
  

 7 

 “HY Funding Loan Debt” means all present and future liabilities (actual or contingent)
due, owing or incurred by the Company to the Issuer under or in connection with the HY Funding Loan Agreement, whether or not matured and whether or not liquidated. 
 “HY Guarantee” means each senior subordinated guarantee, in respect of the HY Issuer Debt, to be executed by each HY Guarantor in favour of and for the benefit of the HY Noteholders. 
 “HY Guarantor” means the Company, Euroweb Romania, the HTCC Operating Company, Memorex, the Turkish Subsidiary, Invitel Telecom and each
member of the Group that from time to time guarantees the HY Issuer Debt in accordance with the terms of the Senior Facilities Agreement, the HY Indenture and this Deed and provided further that such party has acceded to this Deed pursuant to
clause 25 (Changes to the Parties). 
 “HY Indenture” means a note indenture and/or other instrument pursuant to
which the HY Notes are issued. 
 “HY Issuer Debt” means all present and future liabilities (actual or contingent) due, owing
or incurred by the Issuer to the HY Creditors or any of them under or in connection with the HY Finance Documents or otherwise, whether or not matured and whether or not liquidated, including (i) any HY Debt Permitted Refinancing and
(ii) any Additional Debt (other than any refinancing Additional Debt referred to in paragraph (a) of such definition) in relation thereto. 
 “HY Noteholders” means the holders from time to time of the HY Notes. 
 “HY Notes” means the high
yield notes issued or to be issued by the Issuer pursuant to the HY Indenture as permitted pursuant to the definition of HY Offering in the Senior Facilities Agreement. 
 “HY Note Trustee” means The Bank of New York of One Canada Square, London E14 5AL in its capacity as the trustee for the HY Noteholders or its successors from time to time or any other trustee for the
HY Noteholders, in each case having become party to this Deed pursuant to clause 25 (Changes to the Parties). 
 “HY Note
Trustee Amount” means an amount not exceeding Euro 100,000 per annum with respect to all compensation for services provided by the HY Note Trustee which is payable to the HY Note Trustee pursuant to the HY Indenture and all
out-of-pocket costs and expenses properly incurred by the HY Note Trustee, including, without limitation, (i) compensation for the costs and expenses of the collection by the HY Note Trustee of any amount payable to the HY Note Trustee for the
benefit of the HY Noteholders and (ii) costs and expenses of the HY Note Trustee’s agents and counsel and, for the avoidance of doubt, “HY Note Trustee Amounts” shall not include any amount of principal or interest payable
in respect of the HY Notes. 
 “HY Security Documents” means the HY Security Documents (as defined in the Senior Facilities
Agreement) including, for the avoidance of doubt, the Second Ranking Pledge of HY Funding Loan. 
 “HY Subordinated Debt”
means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) due, owing or incurred by any HY Guarantor to any HY Creditors pursuant to any HY
Guarantees together with any related Additional Debt owed to any HY Creditors pursuant to any HY Guarantee provided that Additional Debt incurred pursuant to paragraph (a) of such definition shall only be permitted to the extent such Additional
Debt is incurred in relation to a HY Debt Permitted Refinancing. 
 “Insolvency Event” has the meaning given to it in
clause 10 (Subordination on Insolvency). 
 “Insolvent Obligor” has the meaning given to it in clause 10
(Subordination on Insolvency). 
  

 8 

 “Intercreditor Deed Supplemental Deed” means the supplemental deed amending and
restating this Deed dated 27 April 2007 and entered into between, amongst others, the Issuer, the Company, the Ultimate Parent, the Senior Agent, the HUF Agent, the Security Trustee, the HY Note Trustee, the FRN Note Trustee and the HTCC
Operating Companies as defined therein. 
 “Invitel Security Deposit Deeds” means the security deposit deeds entered into on
or about the date of this Deed by the Issuer and the Company over their shareholding interest in the Company. 
 “Issuer”
means Magyar Telecom B.V. of Teleportboulevard 140, 1043 EJ, Amsterdam, The Netherlands as issuer of the HY Notes, the FRN Notes and the Subordinated Bridge Refinancing Notes. 
 “Junior Obligations” means all payment obligations of any Obligor under the HY Finance Documents, the FRN Finance Documents and the
Subordinated Bridge Finance Documents (other than the obligations under the Junior Parallel Debt). 
 “Junior Parallel Debt”
has the meaning given thereto in clause 29.5.6. 
 “Obligors” means the Original Obligors and any Additional Obligors.

 “Party” means a party to this Deed. 
 “Public Debt” means any bonds, debentures, notes or other indebtedness of a type that could be issued or traded in any market where capital funds (whether debt or equity) are traded, including private
placement sources of debt and equity as well as organised markets and exchanges, whether such indebtedness is issued in a public offering or in a private placement to institutional investors or otherwise. 
 “Qualified Sale” means a sale or disposition of (as the case may be) the HY Funding Loan, the FRN Funding Loan or the Subordinated Bridge
Funding Loans or all or substantially all of the equity interests in the relevant Obligor where (i) such sale is for consideration all or substantially all of which is in the form of cash or cash equivalents, (ii) concurrently with the
completion of such sale or disposal, (A) in the case of a sale or disposal of equity interests in an Obligor, the claims and security interests of the Senior Finance Parties and the claims of any other provider of pari passu or
subordinated Public Debt against such Obligor and its subsidiaries are irrevocably and unconditionally released (and not assumed by the relevant purchaser or any affiliate thereof), or, as the case may be, (B) in the case of a sale or disposal
of the HY Funding Loan, the FRN Funding Loan, or (as the case may be) the Subordinated Bridge Funding Loans, the security interests of the Senior Finance Parties over the HY Funding Loan, the FRN Funding Loan or (as the case may be) the Subordinated
Bridge Funding Loans are irrevocably and unconditionally released (and not assumed by the relevant purchaser or any affiliate thereof), (iii) the sale is either made pursuant to a public auction (in which the HY Noteholders, the FRN Creditors
or (as the case may be) the Subordinated Bridge Creditors have the right to participate) or is otherwise made for fair market value, taking account the circumstances giving rise to the sale, as certified by an independent internationally recognised
investment bank selected by the Security Trustee and (iv) the sale is made in compliance with all applicable laws (including, without limitation, in the case of equity interest in the Issuer or any other Obligor incorporated in the Netherlands,
in accordance with book 3, heading 9 of the Dutch Civil Code (boek 3, title 9, Burgerlijk Wetboek)). 
 “Receiver” means any
administrative receiver, receiver and/or manager or any other receiver, whether appointed pursuant to any Security Document, pursuant to any statute, by court or otherwise, of all or any of the Secured Assets. 
 “Second Intercreditor Deed Supplemental Deed” means the second supplemental deed amending and restating this Deed and entered into
between, amongst others, the Issuer, the Company, the Ultimate Parent, the Senior Agent, the HUF Agent, the Security Trustee, the HY Note Trustee, the FRN Note Trustee, the Subordinated Bridge Trustee, the Subordinated Bridge Refinancing Trustee and
the HTCC Operating Company. 
  

 9 

 “Second Ranking Pledge of FRN Funding Loan” means the second ranking pledge or
assignment of receivables to be entered into by the Issuer in favour of the Security Trustee (for and on behalf of the HY Creditors and the FRN Creditors) in the agreed form. 
 “Second Ranking Pledge of HY Funding Loan” means the second ranking pledge or assignment of receivables to be entered into by the Issuer
in favour of the Security Trustee (for and on behalf of the HY Creditors) in the agreed form. 
 “Second Ranking Pledge of
Subordinated Bridge Funding Loans” means the pledge or assignment of receivables to be entered into by the Issuer in favour of the Security Trustee (for and on behalf of the HY Creditors, the FRN Creditors and the Subordinated Bridge
Creditors) in the agreed form. 
 “Secured Assets” mean the assets, undertaking, goodwill, property or rights which are the
subject of the security created pursuant to any of the Security Documents. 
 “Secured Creditors” means the Senior Creditors,
the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors. 
 “Security Documents” means the Senior Security
Documents, the HY Security Documents, the FRN Security Documents and the Subordinated Bridge Security Documents. 
 “Security
Trustee” means BNP Paribas Trust Corporation UK Limited of 55 Moorgate, London EC2R 6PA acting in its capacity as security trustee in relation to the Security Documents or such other person as may from time to time act in that capacity
including, from and after the Senior Discharge Date, such other person as the HY Note Trustee and/or the FRN Trustee and/ or the Subordinated Bridge Trustee shall nominate for that purpose. 
 “Senior Agent” means the Facility Agent acting in its capacity as agent for the Senior Finance Parties and, in connection with this Deed,
the Hedge Counterparties or such other person as may from time to time act in that capacity. 
 “Senior Creditor” means the
Senior Finance Parties and the Hedge Counterparties. 
 “Senior Debt” means all present and future liabilities (actual or
contingent) due, owing or incurred by any Obligor to any of the Senior Finance Parties under or in connection with the Senior Finance Documents or otherwise, whether or not matured and whether or not liquidated, together with any Additional Debt in
relation thereto. 
 “Senior Default” means an Event of Default as defined in the Senior Facilities Agreement. 
 “Senior Discharge Date” means the date on which the Senior Debt and the Hedging Liabilities have been irrevocably paid and discharged and
all Commitments of the Senior Finance Parties and the Hedge Counterparties to the Obligors have been terminated or cancelled in accordance with the Senior Finance Documents or (as the case may be) the Hedge Agreements. 
 “Senior Facilities Agreement” means the Euro 165,000,000 senior multicurrency term and revolving facilities agreement as amended and
restated pursuant to the Supplemental Agreement and the Second Supplemental Agreement made between amongst others the Company, the Obligors, the Arrangers named therein, the Security Trustee and the Lenders (as novated, varied, supplemented,
refinanced or amended from time to time). 
  

 10 

 “Senior Finance Documents” means the Finance Documents as defined in the Senior
Facilities Agreement. 
 “Senior Finance Parties” means the Finance Parties as defined in the Senior Facilities Agreement.

 “Senior Obligations” means all payment obligations of any Obligor under the Senior Finance Documents and the Hedge
Agreements to one or more Senior Creditors (other than the obligations under the Senior Parallel Debt). 
 “Senior Parallel
Debt” has the meaning given thereto in clause 29.5.1. 
 “Senior Secured Documents” means the Senior Finance
Documents and the Hedge Agreements; 
 “Senior Security Documents” means the Security Documents as defined in the Senior
Facilities Agreement. 
 “Share Purchase Agreement” means the share purchase agreement dated 23 December 2002 made
between the Ultimate Parent and VTI as amended on 14 January 2003 and 13 May 2003. 
 “Standstill Period” has the
meaning given to it in clause 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action). 
 “Subordinated Bridge Creditor” means, until the Subordinated Bridge Refinancing Date, each of the Subordinated Bridge Lenders and thereafter each of the Subordinated Bridge Refinancing Noteholders and, at all times, the
Subordinated Bridge Trustee, the Security Trustee as security trustee of the Subordinated Bridge Creditors pursuant to the terms hereof and, in each case, any successor thereto and any assigns, transferees or substitutes thereof or therefore and
including any person to whom Subordinated Bridge Debt may be payable or owing (whether or not matured) from time to time. 
 “Subordinated Bridge Debt” means the Subordinated Bridge Issuer Debt and the Subordinated Bridge Subordinated Debt. 
 “Subordinated Bridge Debt Permitted Refinancing” means any refinancing of the Subordinated Bridge Refinancing Notes (the “Refinanced Subordinated Bridge Refinancing Notes”) (other than any refinancing of
the Subordinated Bridge Refinancing Notes with the proceeds from the issuance of Senior Debt) provided that: 
  

	 	(a)	the issuer of the Refinanced Subordinated Bridge Refinancing Notes shall be the Issuer; 

  

	 	(b)	the only members of the Group that guarantee the Refinanced Subordinated Bridge Refinancing Notes shall have guaranteed the Senior Debt, the Hedging Liabilities and (to the extent
required) the HY Debt and the FRN Debt; 

  

	 	(c)	to the extent that the Refinanced Subordinated Bridge Refinancing Notes are to be guaranteed or secured, the guarantees shall (to the extent possible) be given by the same
guarantors of the Subordinated Bridge Refinancing Notes (the “Existing Subordinated Bridge Refinancing Notes”) and the security shall be substantially the same as the Subordinated Bridge Refinancing Security Documents;

  

	 	(d)	the maturity date of the Refinanced Subordinated Bridge Refinancing Notes shall be no earlier than one year after the final maturity date of the Senior Debt and there shall be no
scheduled amortisation of the Refinanced Subordinated Bridge Refinancing Notes prior to such date; 

  

 11 

	 	(e)	the scheduled interest payments on the Refinanced Notes are no more than 11.5 per cent. per annum (or the floating rate equivalent thereof); 

  

	 	(f)	the aggregate amount of any underwriting, arrangement, commitment or other like fee or remuneration in respect of the Refinanced Subordinated Bridge Refinancing Notes shall not be
substantially higher than the market rate for such payments at the time of the issue of such Refinanced Subordinated Bridge Refinancing Notes; 

  

	 	(g)	the terms of the Refinanced Subordinated Bridge Refinancing Notes relating to repayment, prepayment, representations and warranties, covenants and events of default shall, when
taken as a whole, in no event be materially more favourable to the holders of the Refinanced Subordinated Bridge Refinancing Notes than the equivalent provisions of the Existing Subordinated Bridge Refinancing Notes; 

  

	 	(h)	if the Refinanced Subordinated Bridge Refinancing Notes have the benefit of guarantees and security from any member of the Group, the guarantees and security therefore shall be
subordinated on the terms of this Deed; and 

  

	 	(i)	to the extent of an amount equal to the outstanding principal amount of the Subordinated Bridge Funding Loan Debt, such amount of the gross proceeds of the Refinanced Subordinated
Bridge Refinancing Notes shall be on lent to the relevant Subsidiary for the purpose of refinancing in full the Subordinated Bridge Funding Loan Debt, 

 provided, however, that any of the paragraphs (a) through (j) of this definition may be waived with the prior written consent of the Majority Lenders and provided further, that if such written consent is
obtained from the Majority Lenders, then the consent of all other Parties to this Deed to such waiver(s) shall be deemed to have been given. 
 “Subordinated Bridge Default” means an event of default as defined in the Subordinated Bridge Facility Agreement or (as the case may be) the Subordinated Bridge Refinancing Indenture. 
 “Subordinated Bridge Discharge Date” means the date on which all Subordinated Bridge Debt has been defeased in accordance with the terms
of the Subordinated Bridge Finance Documents or fully discharged in accordance with the Subordinated Bridge Finance Documents. For the avoidance of doubt, the date of the refinancing of the Subordinated Bridge Facility with the proceeds of the
Subordinated Bridge Refinancing Offering shall not be deemed to be the Subordinated Bridge Discharge Date. 
 “Subordinated Bridge
Facility” means the subordinated bridge facility made available to the Parent by the Subordinated Bridge Lenders pursuant to the Subordinated Bridge Facility Agreement. 
 “Subordinated Bridge Facility Agreement” means the subordinated bridge facility agreement dated on or about the date of the Second
Supplemental Agreement and entered into between the Parent as borrower and the Subordinated Bridge Lenders. 
 “Subordinated Bridge
Finance Documents” means, together (i) the Subordinated Bridge Facility Agreement (until the Subordinated Bridge Refinancing Date), (ii) the Subordinated Bridge Refinancing Notes and the Subordinated Bridge Refinancing Indenture
(from the Subordinated Bridge Refinancing Date), and (iii) (at all times) the Subordinated Bridge Security Documents, the Subordinated Bridge Funding Loan Agreement, this Deed and all other documents evidencing the terms of the Subordinated
Bridge Debt and any other agreement or document that may be entered into or executed pursuant thereto or in connection therewith. 
 “Subordinated Bridge Funding Loans” means the intragroup loans which satisfy the criteria in Part III of Schedule 4 (Funding Loans). 
  

 12 

 “Subordinated Bridge Funding Loan Agreements” means the intercompany loan agreements
documenting the Subordinated Bridge Funding Loans between the Issuer and each of the Company and Memorex including, until the Subordinated Bridge Refinancing Date, the Subordinated Bridge Guarantees. 
 “Subordinated Bridge Funding Loan Debt” means all present and future liabilities (actual or contingent) due, owing or incurred by the
Borrower Group to the Issuer under or in connection with the Subordinated Bridge Funding Loan Agreement, whether or not matured and whether or not liquidated. 
 “Subordinated Bridge Guarantee” means each senior subordinated guarantee, in respect of the Subordinated Bridge Issuer Debt, to be executed by each Subordinated Bridge Guarantor in favour of and for
the benefit of the Subordinated Bridge Creditors. 
 “Subordinated Bridge Guarantor” means the Company, Euroweb Romania, the
HTCC Operating Company, Memorex, the Turkish Subsidiary, Invitel Telecom and each member of the Group that from time to time guarantees the Subordinated Bridge Issuer Debt in accordance with the terms of the Subordinated Bridge Facility Agreement,
the Subordinated Bridge Refinancing Indenture and this Deed and provided further that such party has acceded to this Deed pursuant to clause 25 (Changes to the Parties). 
 “Subordinated Bridge Issuer Debt” means all present and future liabilities (actual or contingent) due, owing or incurred by the Issuer to
the Subordinated Bridge Creditors or any of them under or in connection with the Subordinated Bridge Finance Documents or otherwise, whether or not matured and whether or not liquidated, including (i) any Subordinated Bridge Debt Permitted
Refinancing and (ii) any Additional Debt (other than any refinancing Additional Debt referred to in paragraph (a) of such definition) in relation thereto. 
 “Subordinated Bridge Lender Junior Obligations” means all payment obligations of the Issuer under the Subordinated Bridge Facility Agreement, the Subordinated Bridge Security Documents (other than the
Subordinated Bridge Refinancing Security Documents) and this Deed in respect of the foregoing (other than the obligations under the Subordinated Bridge Lender Junior Parallel Debt). 
 “Subordinated Bridge Lender Junior Parallel Debt” has the meaning given thereto in clause 29.5.11. 
 “Subordinated Bridge Lender Debt” means any Subordinated Bridge Debt arising under the Subordinated Bridge Facility Agreement.

 “Subordinated Bridge Lenders” means BNP Paribas, Merrill Lynch International Bank Limited and any bank, financial
institution, trust, fund or other entity which has become a lender under the Subordinated Bridge Facility Agreement in accordance with the terms thereof. 
 “Subordinated Bridge Refinancing Date” means the date on which the Subordinated Bridge Facility is refinanced in full out of the proceeds of the Subordinated Bridge Refinancing Offering. 

“Subordinated Bridge Refinancing Indenture” means a note indenture and/or other instrument pursuant to which the Subordinated Bridge
Refinancing Notes are issued including, with effect from the Subordinated Bridge Refinancing Date, the Subordinated Bridge Guarantees. 
 “Subordinated Bridge Refinancing Noteholders” means the holders from time to time of the Subordinated Bridge Refinancing Notes. 
  

 13 

 “Subordinated Bridge Refinancing Notes” means the notes issued or to be issued by the
Issuer pursuant to the Subordinated Bridge Refinancing Indenture as permitted pursuant to the definition of Subordinated Bridge Refinancing Offering in the Senior Facilities Agreement. 
 “Subordinated Bridge Security Documents” means the Subordinated Bridge Security Documents and the Subordinated Bridge Refinancing
Security Documents (each as defined in the Senior Facilities Agreement) including, for the avoidance of doubt, the Second Ranking Pledge of the Subordinated Bridge Funding Loans. 
 “Subordinated Bridge Subordinated Debt” means all present and future obligations and liabilities (whether actual or contingent and
whether owed jointly or severally or in any other capacity whatsoever) due, owing or incurred by any Subordinated Bridge Guarantor to any Subordinated Bridge Creditors pursuant to any Subordinated Bridge Guarantees together with any related
Additional Debt owed to any Subordinated Bridge Creditors pursuant to any Subordinated Bridge Guarantee provided that Additional Debt incurred pursuant to paragraph (a) of such definition shall only be permitted to the extent such Additional
Debt is incurred in relation to a Subordinated Bridge Debt Permitted Refinancing. 
 “Subordinated Bridge Trustee” means, as
applicable, the Subordinated Bridge Trustee in its capacity as administrative agent for the Subordinated Bridge Lenders under the Subordinated Bridge Facility Agreement (until the Subordinated Bridge Refinancing Date) and the Subordinated Bridge
Refinancing Trustee in its capacity as trustee for the Subordinated Bridge Refinancing Noteholders, or its successors from time to time or any other agent for the Subordinated Bridge Lenders or trustee for the Subordinated Bridge Refinancing
Noteholders (as applicable), in each case having become party to this Deed pursuant to clause 25 (Changes to the Parties). 
 “Subordinated Bridge Trustee Amount” means an amount not exceeding Euro 100,000 per annum with respect to all compensation for services provided by the Subordinated Bridge Trustee which is payable to the Subordinated
Bridge Trustee pursuant to the Subordinated Bridge Facility Agreement (or as the case may be) the Subordinated Bridge Refinancing Indenture and all out-of-pocket costs and expenses properly incurred by the Subordinated Bridge Trustee, including,
without limitation, (i) compensation for the costs and expenses of the collection by the Subordinated Bridge Trustee of any amount payable to the Subordinated Bridge Trustee for the benefit of the Subordinated Bridge Creditors and
(ii) costs and expenses of the Subordinated Bridge Trustee’s agents and counsel and, for the avoidance of doubt, “Subordinated Bridge Trustee Amounts” shall not include any amount of principal or interest payable in
respect of the Subordinated Bridge Facility or the Subordinated Bridge Refinancing Notes. 
 “Subordinated Shareholder
Creditor” means the Original Subordinated Shareholder Creditors and any member of the Ultimate Parent Group that accedes to this Deed in accordance with clause 25.8 (Subordinated Shareholder Creditors). 
 “Subordinated Shareholder Debt” means (i) all present and future liabilities (actual or contingent) due, owing or incurred by the
Obligors (in the capacity of subordinated debtors) or any of them to the Subordinated Shareholder Creditors including, without limitation, under or in respect of any loan, loan stock, loan capital, preference shares or in any other respect
(including, without limitation, the HY Funding Loan Debt, the FRN Funding Loan Debt and the Subordinated Bridge Funding Loan Debt) and (ii) all present and future liabilities (actual or contingent) due, owing or incurred by the Obligors (in the
capacity of subordinated debtor) or any of them to the Subordinated Shareholder Creditors and/or any other person who may hold shares in the Obligors, in each case, in relation to the share capital of the Obligors. 
 “Subordinated Shareholder Document” means any agreements or instruments under which the Subordinated Shareholder Debt arises or is
regulated (including, without limitation, the HY Funding Loan Agreement, the FRN Funding Loan Agreement and the Subordinated Bridge Funding Loan Agreement). 
  

 14 

 “Transaction Documents” means the Ultimate Parent/Parent Loan Agreements and the Share
Purchase Agreement. 
 “Trust Property” means, collectively, (i) the security, powers, rights, titles, benefits and
interests (both present and future) constituted by, and conferred on the Security Trustee under, the Security Documents, (ii) all assets paid or transferred to or vested in the Security Trustee or its agent or received or recovered by the
Security Trustee or its agent in connection with any of the Security Documents whether from any Security Provider or Obligor or any other person and (iii) all rights, benefits, interests and other assets at any time representing or deriving
from any of the foregoing, including all interest, income and other sums at any time received or receivable by the Security Trustee or its agent in respect of the same (or any part thereof). 
 “Turkish Asset Security” means the Turkish Commercial Enterprise Pledge and the Turkish Subsidiary Account Charge. 
 “Turkish Security Documents” means the Turkish Commercial Enterprise Pledge, the Turkish Subsidiary Account Charge and the Turkish
Subsidiary Share Security. 
 “Turkish Subsidiary Share Security Parallel Debt” has the meaning given thereto in
clause 29.7.1. 
  

	1.2	Definitions incorporated 

 Unless otherwise defined
or interpreted in this Deed, terms defined in or whose interpretation is provided for in the Senior Facilities Agreement in existence on the date of this Deed (or, to the extent a defined term is amended with the agreement of the HY Note Trustee,
the FRN Trustee and the Subordinated Bridge Trustee, such revised term) shall have the same meaning when used in this Deed (whether before or after the Senior Discharge Date). 
  

	1.3	Headings 

 Clause headings and the table of
contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Deed. 
  

	1.4	Construction of certain terms 

 In this Deed, unless
the context otherwise requires: 
  

	1.4.1	references to a clause, a sub-clause, a paragraph or a schedule is a reference to a clause, sub-clause or paragraph of, or schedule to, this Deed.

  

	1.4.2	words importing the plural shall include the singular and vice versa; 

  

	1.4.3	a reference to any party hereto or any party to a Finance Document includes their respective permitted successors, assigns, replacements, transferees and substitutes from time to
time; 

  

	1.4.4	references to a Senior Finance Document, an HY Finance Document, an FRN Finance Document, a Subordinated Bridge Finance Document, a Subordinated Shareholder Document or any other
document or agreement is to that document or agreement as novated, supplemented, amended, varied or restated from time to time, but excluding for this purpose any amendment which is contrary to any provision of this Deed; 

 

 15 

	1.4.5	a payment includes a prepayment or a repayment and references to pay include repay and prepay; 

  

	1.4.6	references to “administrator” includes bewindvoerder, “moratorium” includes voorlopige surséance van betaling and definitieve
surséance van betaling, “trustee in bankruptcy” includes curator and “winding-up” or “administration” includes bankruptcy (faillissement) and liquidation
(felszámolas) of an entity; 

  

	1.4.7	references to any statute, statutory instrument or enactment shall be deemed to include references to such statute, statutory instrument or enactment as re-enacted, amended or
extended from time to time; and 

  

	1.4.8	for the purposes of this Deed, to the extent that the Senior Debt has been irrevocably paid and discharged and all Commitments of the Senior Finance Parties to the Obligors have
been terminated or cancelled in accordance with the Senior Finance Documents, any consents required to be given prior to the Senior Discharge Date by the Majority Lenders shall instead be given by all the Hedge Counterparties.

  

	1.5	Effect as a deed 

 This Deed is intended to take
effect as a deed notwithstanding that a Party may have executed it under hand only. 
  

	1.6	Third party rights 

  

	1.6.1	Unless expressly provided to the contrary in this Deed, a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to
enjoy the benefit of any term of this Deed. 

  

	1.6.2	Notwithstanding any term of this Deed, the consent of any person who is not a party is not required to rescind or vary this Deed at any time. 

  

	1.7	Inconsistencies with other Finance Documents 

  

	1.7.1	If there is an inconsistency between the provisions of this Deed (regarding subordination, turnover, ranking and amendments only) and any other Senior Finance Document, Hedge
Agreement, HY Finance Document, FRN Finance Document, Subordinated Bridge Finance Document or Subordinated Shareholder Document, this Deed will prevail. 

  

	1.7.2	Notwithstanding anything to the contrary in this Deed, but without prejudice to clause 4 (Amendments), clause 1.7.1 does not, as between any Senior Creditor, HY Creditor, FRN
Creditor, Subordinated Bridge Creditor and member of the Group, cure, postpone, waive or negate in any manner any default or event of default under (i) any HY Finance Document as provided in that HY Finance Document (but without prejudice to
any restriction in this Deed on the ability of a Creditor to take any action consequent upon any such default or event of default) or (ii) any FRN Finance Document as provided in that FRN Finance Document (but without prejudice to any
restriction in this Deed on the ability of a Creditor to take any action consequent upon any such default or event of default) or (iii) any Subordinated Bridge Finance Document as provided in that Subordinated Bridge Finance Document (but
without prejudice to any restriction in this Deed on the ability of a Creditor to take any action consequent upon any such default or event of default). 

  

 16 

	1.8	Enforcement of certain HY Security Documents, FRN Security Documents and the Subordinated Bridge Security Documents 

 To the extent an HY Security Document, an FRN Security Document or a Subordinated Bridge Security Document secures the HY Debt, the FRN Debt and the
Subordinated Bridge Debt then such HY Security Document, such FRN Security Document or (as the case may be) such Subordinated Bridge Security Document shall for the purposes of this Deed also be deemed to be an HY Security Document, an FRN Security
Document or (as the case may be) a Subordinated Bridge Security Document and the HY Creditors, the FRN Creditors or (as the case may be) the Subordinated Bridge Creditors shall each independently be subject to the same restrictions, and benefit from
the same rights, in respect of such document as provided for under this Deed. 
  

	1.9	Majority Consents 

 Any consent required to be given
under this Deed by the Senior Agent will only be given upon the instructions of the Majority Lenders unless otherwise specified in the Senior Facilities Agreement. 
  

	2	Ranking 

  

	2.1	Ranking of Debt 

  

	2.1.1	Unless expressly provided to the contrary in this Deed, the Debt of each Obligor shall rank with respect to such Obligor in right and priority of payment in the following order:

 First: the Senior Debt, the Hedging Liabilities, the HY Issuer Debt, the FRN Issuer Debt and the Subordinated Bridge
Issuer Debt (pari passu, without any preference between themselves); 
 Second: the HY Subordinated Debt, the FRN Subordinated
Debt and the Subordinated Bridge Subordinated Debt (pari passu, without any preference between themselves); and 
 Third: the
Subordinated Shareholder Debt, 
 and, other than the Hungarian Security Deposit Deeds, the Hungarian Assignment Agreements and the Turkish
Security Documents, the Senior Security Documents secure the Senior Debt and the Hedging Liabilities, the HY Security Documents secure the HY Debt, the FRN Security Documents secure the FRN Debt and the Subordinated Bridge Security Documents secure
the Subordinated Bridge Debt, save that (i) the second ranking share pledge in favour of the Security Trustee over the shares in Euroweb Romania and the Second Ranking Pledge of FRN Funding Loan secure both the HY Debt and the FRN Debt,
(ii) the Second Ranking Pledge of Subordinated Bridge Funding Loans secures the HY Debt, the FRN Debt and the Subordinated Bridge Debt; and (iii) the second ranking agreed form share pledge entered into or to be entered into in favour of
the Security Trustee on behalf of the FRN Trustee, the HY Trustee and the Subordinated Bridge Trustee over the shares in Memorex secures the HY Debt, the FRN Debt and the Subordinated Bridge Debt. The Hungarian Security Deposit Deeds and the Turkish
Subsidiary Share Security secure the Senior Debt, the Hedging Liabilities, the HY Debt, the FRN Debt and the Subordinated Bridge Debt in accordance with clause 14 (Priority of Security). The Hungarian Assignment Agreements and the
Turkish Asset Security secure the Senior Debt, the Hedging Liabilities and the Subordinated Bridge Lender Debt in accordance with clause 14 (Priority of Security). 
  

	2.2	Ranking of Debt unaffected 

  

	2.2.1	The ranking and order of priority of Debt set out in clause 2.1 (Ranking of Debt) shall apply notwithstanding: 

  

	2.2.2	the order of registration, notice or execution of any Security Document or other document; 

  

	2.2.3	when any Debt is incurred; 

  

 17 

	2.2.4	whether or when a Creditor is obliged to advance any Debt; 

  

	2.2.5	any fluctuation in the outstanding amount of, or any intermediate discharge of, any Debt; 

  

	2.2.6	the creation in favour of any Creditor in accordance with this Deed of any additional security over the undertaking, properties or assets of the Obligors, the Issuer and the
Ultimate Parent (or any of them) or any asset which is subject to a floating charge in any Security Document becoming subject to a security which is a fixed charge or a crystallised floating charge; or 

  

	2.2.7	any contrary provisions in any Finance Document. 

  

	2.3	Classes of certain Debt inter se 

 This Deed does
not purport to rank any element of the HY Issuer Debt inter se or the HY Subordinated Debt inter se or the FRN Issuer Debt inter se or the FRN Subordinated Debt inter se or the Subordinated Bridge Issuer Debt inter
se or the Subordinated Bridge Subordinated Debt inter se or the Subordinated Shareholder Debt inter se. 
  

	3	Undertakings/Prohibited Payments 

  

	3.1	Obligors/HY Guarantors/FRN Guarantors/Subordinated Bridge Guarantors 

  

	3.1.1	Each HY Guarantor, each FRN Guarantor and each Subordinated Bridge Guarantor undertakes to each of the Senior Creditors that, until the Senior Discharge Date, except as the Majority
Lenders have previously consented in writing, such HY Guarantor, such FRN Guarantor or such Subordinated Bridge Guarantor will not, and will procure that none of its Subsidiaries directly or indirectly: 

  

	 	(a)	pay, prepay or repay or make any distribution in respect of or on account of, or otherwise seek to reduce or redeem in whole, or in part any of the HY Debt, the FRN Debt or (as the
case may be) the Subordinated Bridge Debt except (i) as permitted by clauses 7 (Permitted Payments) or 15 (Enforcement Action) and (ii) as contemplated by clause 10.3 (Filing of Claims);

  

	 	(b)	discharge any of the HY Debt, FRN Debt or (as the case may be) Subordinated Bridge Debt by set-off, any right of combination of accounts or otherwise except (i) as permitted by
clauses 7 (Permitted Payments) or 15 (Enforcement Action), (ii) as contemplated by clause 10.3 (Filing of Claims), and (iii) subject to the provisions of clause 8 (Turnover), if it is required to
do so, or the same occurs automatically by operation of law, under any applicable law (not including, for the avoidance of doubt, under any contract); 

  

	 	(c)	create or permit to subsist, or permit any member of the Group to create or permit to subsist, any Encumbrance over any of its assets for any of the HY Debt, the FRN Debt or (as the
case may be) the Subordinated Bridge Debt except (i) under the HY Security Documents and the HY Indenture, (ii) under the FRN Security Documents and the FRN Indenture or (iii) under the Subordinated Bridge Security Documents, the
Subordinated Bridge Facility Agreement and the Subordinated Bridge Refinancing Indenture; 

  

	 	(d)	defease, purchase, acquire or agree to acquire or procure any other person to acquire on its account all or any part of the HY Debt, the FRN Debt or (as the case may be) the
Subordinated Bridge Debt save as permitted by clause 7 (Permitted Payments); 

  

	 	(e)	 give any Financial Support other than (i) the HY Guarantee, the HY Security Documents or the indemnities under the purchase agreement in respect of the HY
Notes, to any person in respect of the HY Debt, (ii) the FRN Guarantee, the FRN Security Documents or the 

  

 18 

	 	 
indemnities under the purchase agreement in respect of the FRN Notes, to any person in respect of the FRN Debt or (iii) the Subordinated Bridge
Guarantee, the Subordinated Bridge Security Documents or the indemnities under the Subordinated Bridge Facility Agreement or the purchase agreement in respect of the Subordinated Bridge Refinancing Notes, to any person in respect of the Subordinated
Bridge Debt or to enable any person to do any of the things referred to in paragraph (a) above or this paragraph (e) except where such HY Guarantor, such FRN Guarantor or (as the case may be) such Subordinated Bridge Guarantor gives (or
has given) Financial Support under the Senior Facilities Agreement to the Senior Creditors in relation to the Senior Debt and to the Hedging Liabilities in which case such Financial Support, in respect of the HY Debt, the FRN Debt or (as the case
may be) the Subordinated Bridge Debt, shall be subordinated in accordance with the terms of this Deed; or 

  

	 	(f)	take or omit to take any action whereby the ranking and/or subordination provided for in this Deed may be impaired. 

  

	3.1.2	Each Obligor undertakes to each of the Senior Creditors, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors that, until the Senior Discharge Date, except as
the Majority Lenders have previously consented in writing, and if prior to the HY Discharge Date, except as the HY Note Trustee has previously consented in writing, and if prior to the FRN Discharge Date, except as the FRN Trustee has previously
consented in writing, and if prior to the Subordinated Bridge Discharge Date, except as the Subordinated Bridge Trustee has previously consented in writing such Obligor will not, and will procure that none of its Subsidiaries directly or indirectly:

  

	 	(a)	pay, prepay or repay or make any distribution in respect of or on account of, or otherwise seek to reduce or redeem in whole or in part, any of the Subordinated Shareholder Debt,
(i) except as permitted by clause 7 (Permitted Payments) and (ii) as contemplated by clause 10.3 (Filing of Claims); 

  

	 	(b)	discharge any of the Subordinated Shareholder Debt by set-off, any right of combination of accounts or otherwise except (i) as permitted by clause 7 (Permitted
Payments), (ii) as contemplated by clause 10.3 (Filing of Claims), and (iii) subject to the provisions of clause 8 (Turnover), if it is so required to do so, or the same occurs automatically by operation of law,
under any applicable law (not including, for the avoidance of doubt, under any contract); 

  

	 	(c)	create or permit to subsist, or permit any member of the Group to create or permit to subsist, any Encumbrance over any of its assets for any of the Subordinated Shareholder Debt;

  

	 	(d)	defease, purchase, acquire or agree to acquire or procure any other person to acquire on its account all or any part of the Subordinated Shareholder Debt, save as permitted by
clause 7 (Permitted Payments); 

  

	 	(e)	give any Financial Support to any person in respect of the Subordinated Shareholder Debt or to enable any person to do any of the things otherwise prohibited by paragraph (a)
or this paragraph (e); 

  

	 	(f)	take or omit to take any action whereby the ranking and/or subordination provided for in this Deed may be impaired; 

  

	 	(g)	declare (in its capacity as shareholder of an Obligor), give notice of or pay any dividend, or any money in redemption or repurchase of, any share capital or make any other
distribution in respect of its share capital to any other person except (i) as permitted under clause 7 (Permitted Payments) and (ii) as contemplated by clause 10.3 (Filing of Claims); or 

 

 19 

	 	(h)	(i) take any step to wind up or (ii) claim in the insolvency, winding up, liquidation or bankruptcy of, any member of the Group other than as contemplated by clause 10.3
(Filing of Claims). 

  

	3.2	Subordinated Shareholder Creditors 

 Each
Subordinated Shareholder Creditor undertakes to each of the Senior Creditors, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors that, until the Senior Discharge Date, except as the Majority Lenders have previously consented
in writing, and if prior to the HY Discharge Date, except as the HY Note Trustee has previously consented in writing, and if prior to the FRN Discharge Date, except as the FRN Trustee has previously consented in writing, and if prior to the
Subordinated Bridge Discharge Date, except as the Subordinated Bridge Trustee has previously consented in writing, no Subordinated Shareholder Creditor will directly or indirectly: 
  

	3.2.1	demand or receive payment, prepayment, repayment or redemption of or any distribution or repurchase in respect of (or on account of) any of the Subordinated Shareholder Debt in cash
or in kind or apply any money or property in or towards the discharge of any Subordinated Shareholder Debt (i) except as permitted by clause 7 (Permitted Payments) and (ii) save as contemplated by clause 10.3 (Filing of
Claims); 

  

	3.2.2	(without limiting the right to repay or prepay Subordinated Shareholder Debt to the extent permitted by clause 7 (Permitted Payments)) sell, transfer, assign or
otherwise dispose of any Subordinated Shareholder Debt other than in accordance with clause 25.8 (Subordinated Shareholder Creditors); 

  

	3.2.3	discharge or seek to discharge all or any part of the Subordinated Shareholder Debt by set-off, any right of combination of accounts or otherwise except to the extent permitted by
clause 7 (Permitted Payments) and save as contemplated by clause 10.3 (Filing of Claims) and subject to the provisions of clause 8 (Turnover), save to the extent it is required to do so, or the same occurs
automatically by operation of law (not including, for the avoidance of doubt, under any contract); 

  

	3.2.4	take, accept, create, permit to subsist or receive any Encumbrance or any Financial Support for, or in respect of, any of the Subordinated Shareholder Debt;

  

	3.2.5	commence any proceedings against the Obligors (or any of them) or take any action for or in respect of the recovery of any Subordinated Shareholder Debt or any part thereof or
otherwise claim or rank as a creditor in the insolvency, winding-up, examinership, bankruptcy, administration or liquidation of any member of the Group other than with respect to Subordinated Shareholder Debt in accordance with the provisions of
clause 10.3 (Filing of Claims); 

  

	3.2.6	accelerate or put on demand any of the Subordinated Shareholder Debt or call a default or event of default (or similar occurrences) under any of the Subordinated Shareholder
Documents; 

  

	3.2.7	(without prejudice to the generality of clauses 3.2.1 or 3.2.6) demand, give notice of or accept payment in respect of (i) any dividend or other distribution in respect
of, or the redemption or repurchase of, any of the Obligors share capital for the time being in issue or (ii) any interest in respect of, or the repayment, redemption or repurchase of, any loan stock or loan notes or similar instruments issued
by the Obligors except (i) as permitted under clause 7 (Permitted Payments) and (ii) as contemplated by clause 10.3 (Filing of Claims); or 

  

	3.2.8	take or omit to take any action whereby the ranking and/or subordination arrangements provided for in this Deed may be impaired, 

 provided that this clause 3 shall not prevent the Subordinated Shareholder Creditors taking such action on the instructions of the Security Trustee
in connection with Enforcement Action taken by the Security Trustee in accordance with the Senior Finance Documents, the HY Finance Documents, the FRN Finance Documents or the Subordinated Bridge Finance Documents. 
  

 20 

	3.3	HY Creditors 

 Each HY Creditor undertakes to each
of the Senior Creditors that until the Senior Discharge Date, except as the Majority Lenders have previously consented in writing, it will not: 
  

	3.3.1	in connection with any Obligor, demand or receive payment, prepayment, repayment or redemption of or any distribution or repurchase in respect of (or on account of) any of the HY
Subordinated Debt or (as holder of the HY Funding Loan Debt) any of the HY Funding Loan Debt in cash or in kind or apply any money or property in or towards the discharge of any HY Subordinated Debt or (as holder of the HY Funding Loan Debt) any of
the HY Funding Loan Debt except to the extent permitted by clause 7 (Permitted Payments) or 15 (Enforcement Action) and save as contemplated by clause 10.3 (Filing of Claims); 

  

	3.3.2	discharge or seek to discharge all or any part of the HY Subordinated Debt or (as holder of the HY Funding Loan Debt) any of the HY Funding Loan Debt by set-off, any right of
combination of accounts or otherwise in connection with any Obligor except to the extent permitted by clause 7 (Permitted Payments) or 15 (Enforcement Action) and save as contemplated by clause 10.3 (Filing of Claims)
and subject to the provisions of clause 8 (Turnover), save to the extent it is required to do so, or the same occurs automatically by operation of law (not including, for the avoidance of doubt, under any contract);

  

	3.3.3	take, accept, create, permit to subsist or receive any Encumbrance or any Financial Support for, or in respect of, any of the HY Subordinated Debt or (as holder of the HY Funding
Loan Debt) any of the HY Funding Loan Debt other than the HY Security Documents, the HY Guarantee and the HY Indenture; or 

  

	3.3.4	take or omit to take any action whereby the ranking and/or subordination arrangements provided for in this Deed may be impaired other than in accordance with the terms of this Deed.

  

	3.4	FRN Creditors 

 Each FRN Creditor undertakes to each
of the Senior Creditors that until the Senior Discharge Date, except as the Majority Lenders have previously consented in writing, it will not: 
  

	3.4.1	in connection with any Obligor, demand or receive payment, prepayment, repayment or redemption of or any distribution or repurchase in respect of (or on account of) any of the FRN
Subordinated Debt or (as holder of the FRN Funding Loan Debt) any of the FRN Funding Loan Debt in cash or in kind or apply any money or property in or towards the discharge of any FRN Subordinated Debt or (as holder of the FRN Funding Loan Debt) any
of the FRN Funding Loan Debt except to the extent permitted by clause 7 (Permitted Payments) or 15 (Enforcement Action) and save as contemplated by clause 10.3 (Filing of Claims); 

  

	3.4.2	discharge or seek to discharge all or any part of the FRN Subordinated Debt or (as holder of the FRN Funding Loan Debt) any of the FRN Funding Loan Debt by set-off, any right of
combination of accounts or otherwise in connection with any Obligor except to the extent permitted by clause 7 (Permitted Payments) and 15 (Enforcement Action) and save as contemplated by clause 10.3 (Filing of Claims)
and subject to the provisions of clause 8 (Turnover), save to the extent it is required to do so, or the same occurs automatically by operation of law (not including, for the avoidance of doubt, under any contract);

  

	3.4.3	take, accept, create, permit to subsist or receive any Encumbrance or any Financial Support for, or in respect of, any of the FRN Subordinated Debt or (as holder of the FRN Funding
Loan Debt) any of the FRN Funding Loan Debt other than the FRN Security Documents, the FRN Guarantee and the FRN Indenture; or 

  

 21 

	3.4.4	take or omit to take any action whereby the ranking and/or subordination arrangements provided for in this Deed may be impaired other than in accordance with the terms of this Deed.

  

	3.5	Subordinated Bridge Creditors 

 Each Subordinated
Bridge Creditor undertakes to each of the Senior Creditors that until the Senior Discharge Date, except as the Majority Lenders have previously consented in writing, it will not: 
  

	3.5.1	in connection with any Obligor, demand or receive payment, prepayment, repayment or redemption of or any distribution or repurchase in respect of (or on account of) any of the
Subordinated Bridge Subordinated Debt or (as holder of the Subordinated Bridge Funding Loan Debt) any of the Subordinated Bridge Funding Loan Debt in cash or in kind or apply any money or property in or towards the discharge of any Subordinated
Bridge Subordinated Debt or (as holder of the Subordinated Bridge Funding Loan Debt) any of the Subordinated Bridge Funding Loan Debt except to the extent permitted by clause 7 (Permitted Payments) or 15 (Enforcement Action) and
save as contemplated by clause 10.3 (Filing of Claims); 

  

	3.5.2	discharge or seek to discharge all or any part of the Subordinated Bridge Subordinated Debt or (as holder of the Subordinated Bridge Funding Loan Debt) any of the Subordinated
Bridge Funding Loan Debt by set-off, any right of combination of accounts or otherwise in connection with any Obligor except to the extent permitted by clause 7 (Permitted Payments) or 15 (Enforcement Action) and save as
contemplated by clause 10.3 (Filing of Claims) and subject to the provisions of clause 8 (Turnover), save to the extent it is required to do so, or the same occurs automatically by operation of law (not including, for the
avoidance of doubt, under any contract); 

  

	3.5.3	take, accept, create, permit to subsist or receive any Encumbrance or any Financial Support for, or in respect of, any of the Subordinated Bridge Subordinated Debt or (as holder of
the Subordinated Bridge Funding Loan Debt) any of the Subordinated Bridge Funding Loan Debt other than the Subordinated Bridge Security Documents, the Subordinated Bridge Guarantee and the Subordinated Bridge Refinancing Indenture; or

  

	3.5.4	take or omit to take any action whereby the ranking and/or subordination arrangements provided for in this Deed may be impaired other than in accordance with the terms of this Deed.

  

	3.6	Additional Undertakings 

  

	3.6.1	Professional Claims 

  

	 	(a)	Notification to Security Trustee 

 The Obligors and the
Subordinated Shareholder Creditors agree to notify the Security Trustee in writing of any claim under, or in relation to, any of the Due Diligence Reports (a “Professional Claim”) or any event or circumstance which they believe
could reasonably be expected to give rise to a Professional Claim as soon as reasonably practicable after becoming aware of the same. 
  

	 	(b)	Refund of Proceeds 

 Any amount received by the Obligors
or the Subordinated Shareholder Creditors in respect of any Professional Claim shall (i) if an Event of Default under the Senior Facilities Agreement has occurred and is continuing, be paid to or to the order of the Security Trustee 

  

 22 

 
and, until such payment, the relevant recipient shall hold such sums on trust for the Security Trustee or (ii) otherwise, be paid to the Company in cash
and invested in the Borrower Group. Any sums paid to the Security Trustee shall be applied as provided in paragraph 1 of Schedule 3 (Security Trustee) but in or towards discharge of the Senior Debt only. 
  

	 	(c)	Prior Party Claims 

 For the avoidance of doubt, nothing
in this Deed shall affect or prejudice any right of the Security Trustee and/or any of the other Senior Finance Parties to commence and/or continue a Professional Claim. The Obligors, the Subordinated Shareholder Creditors, the Senior Finance
Parties and the Security Trustee shall in good faith co-operate to ensure that all acts required to enable any Senior Finance Party to commence or successfully pursue a Professional Claim and to give effect to this clause 3.6.1 are done.

  

	3.6.2	Finance Documents 

 Each of the Subordinated
Shareholder Creditors and the Obligors undertake not to challenge the validity and/or enforceability of any of the Finance Documents or the Senior Debt, the Hedging Liabilities, the HY Debt, the FRN Debt or the Subordinated Bridge Debt. 

 

	3.6.3	Actions against Vivendi Telecom International S.A. (“VTI”) 

 The Ultimate Parent undertakes to the Security Trustee that it will to the extent considered by its directors to be cost effective and commercially prudent, pursue (if necessary by legal action) against VTI any right
or claim to which it may be entitled as a result of: 
  

	 	(a)	a breach by the Original Shareholder of the Share Purchase Agreement; 

  

	 	(b)	any inaccuracy in any of the warranties and representations included in the Share Purchase Agreement; or 

  

	 	(c)	any indemnity contained in the Share Purchase Agreement. 

  

	3.6.4	Claims under the Share Purchase Agreement 

 The
Ultimate Parent undertakes to the Security Trustee that it will procure that the proceeds of any of the rights or claims referred to in clause 3.6.3 are downstreamed to the Company through the Issuer in cash immediately following receipt by way
of subscription for equity share capital and/or the making of loans to the Company constituting Subordinated Shareholder Debt. 
  

	3.6.5	Amendments and waivers of the Share Purchase Agreement 

 The Ultimate Parent undertakes to the Security Trustee that (i) it will not terminate, amend or waive any rights under (including in respect of any conditions precedent), or acquiesce in any termination or amendment of, or waiver of
rights under, the Share Purchase Agreement (and will comply with their respective terms) other than in the case of compliance or waivers where failure to do so would not adversely affect the rights of interests of the Senior Finance Parties, the
Hedge Counterparties, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors and (ii) it will notify the Security Trustee of any material dispute, default or breach under the Transaction Documents. 
  

	3.6.6	Ultimate Parent/Company 

  

	 	(a)	Notwithstanding any other provision of the Senior Finance Documents, the Ultimate Parent undertakes to the Security Trustee that: 

  

 23 

	 	(i)	it will not at any time trade, establish or acquire any person, carry on any business or own any assets other than: 

  

	 	(A)	rights and obligations under the Senior Finance Documents; and 

  

	 	(B)	its shareholding in the Issuer, credit balances under the Ultimate Parent/Parent Loan Agreements and rights and obligations under the Ultimate Parent/Parent Loan Agreements and the
Share Purchase Agreement; 

  

	 	(ii)	it will not assume, incur or otherwise permit to be outstanding any Borrowed Money other than: 

  

	 	(A)	from the Investors provided that such Borrowed Money is immediately injected into the Company (indirectly through loans from the Issuer) and provided further that such Borrowed
Money is subordinated to the rights of the Senior Creditors, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors pursuant to this Deed; or 

  

	 	(B)	from the Investors provided that (1) such Borrowed Money is immediately injected into the Issuer as Subordinated Shareholder Debt and the Issuer within 5 Business Days
thereafter applies such monies toward the optional redemption of the HY Debt and/or the FRN Debt and/or the Subordinated Bridge Debt (the “Optional Redemption Amount”), (2) simultaneously on injecting such Borrowed Money into
the Issuer, the Issuer forgives the Company for debt under the HY Funding Loan Agreement (in the case of a redemption of the HY Debt) or under the FRN Funding Loan Agreement (in the case of a redemption of the FRN Debt) or under the Subordinated
Bridge Funding Loan Agreement (in the case of a redemption of the Subordinated Bridge Debt) in an amount equal to the Optional Redemption Amount applied in redemption of the HY Debt, the FRN Debt or (as the case may be) the Subordinated Bridge Debt
and the Issuer and the Company enter into such documents as the Senior Agent may reasonably require to document such forgiveness and (3) no Default (as defined in the Senior Facilities Agreement) has occurred and is continuing or would result
from the making of any such optional redemption or the forgiveness of the HY Funding Loan Debt and/or the FRN Funding Loan Debt and/or the Subordinated Bridge Funding Loan Debt; and 

  

	 	(b)	The Issuer undertakes to the Security Trustee not to receive any Borrowed Money from the Investors directly and acknowledges that any such Borrowed Money shall be provided to it by
the Ultimate Parent or (as the case may be) the Company in accordance with clause 3.6.6(a)(ii). 

  

	4	Amendments 

  

	4.1	Changes to Senior Finance Documents 

  

	4.1.1	Subject to the terms hereof until (and including) the last to occur of the HY Discharge Date, the FRN Discharge Date and the Subordinated Bridge Discharge Date, unless (whilst any
HY Debt is outstanding) the HY Note Trustee (who shall take into account the interests of the HY Noteholders in accordance with the HY Finance Documents) and (whilst any FRN Debt is outstanding) the FRN Trustee (who shall take into account the
interests of the FRN Creditors in accordance with the FRN Finance Documents) and (whilst any Subordinated Bridge Debt is outstanding) the Subordinated Bridge Trustee (who shall take into account the interests of the Subordinated Bridge Creditors in
accordance with the Subordinated Bridge Finance Documents) has agreed to the Amendment in writing, no Senior Creditor will: 

  

 24 

	 	(a)	assign or otherwise transfer rights and/or obligations under any Senior Finance Document unless, simultaneously with that assignment or transfer, the relevant transferee agrees to
be bound by the provisions of this Deed by entering into a Deed of Accession; or 

  

	 	(b)	amend or agree to amend any Senior Finance Document which would prohibit, or create a default or event of default thereunder with respect to, any action or event that is expressly
permitted under this Deed. 

  

	4.1.2	Limits on Priority of Senior Debt 

  

	 	(a)	It is hereby agreed that the Senior Debt may be refinanced up to a total aggregate amount of Euro 165,000,000 (if any HY Notes are outstanding and provided the Subordinated Bridge
Refinancing Date has occurred or occurs promptly thereafter and in any event within two Business Days) or Euro 350,000,000 (if no HY Notes are outstanding and provided the Subordinated Bridge Refinancing Date has occurred or occurs promptly
thereafter and in any event within two Business Days), in each case, less any mandatory prepayments made under clause 7.2.2 of the original Senior Facilities Agreement (or any equivalent clause in a future senior facilities agreement) and
that any obligations incurred in accordance with this Deed by the members of the Group in refinancing such Senior Debt will be treated as Senior Debt and rank accordingly in accordance with this Deed. 

  

	 	(b)	The Parties hereby agree promptly to execute all such documents and do all such acts as shall be necessary to effect such treatment and ranking including, without limitation,
(i) in the case of the HY Security Documents, the FRN Security Documents and the Subordinated Bridge Security Documents, entering into such amendments, modifications or supplements to such Security Documents as would maintain the status of the
Encumbrances created or purported to be created by the HY Security Documents, the FRN Security Documents and the Subordinated Bridge Security Documents as ranking after the Senior Security Documents and (ii) in the case of the Hungarian
Security Deposit Deeds, the Hungarian Assignment Agreements and the Turkish Security Documents, entering into such amendments, modifications or supplements to such Hungarian Security Deposit Deed, to such Hungarian Assignment Agreement and to such
Turkish Security Document, or into a release of such Hungarian Security Deposit Deed, such Hungarian Assignment Agreement or such Turkish Security Document. 

  

	 	(c)	It is hereby agreed that the Senior Debt may not be refinanced and classified as Senior Debt unless such refinancing is in accordance with prevailing market conditions for companies
similar to the Company at the time such refinancing is being contemplated, taking into account, amongst other things, banking regulations, interest rates and market appetite for debt of companies the size of the Company. 

  

	4.2	Changes to HY Finance Documents 

  

	4.2.1	Until (and including) the Senior Discharge Date, unless the Majority Lenders have agreed to the Amendment in writing, none of the Obligors, or the HY Creditors will Amend the terms
of any HY Finance Document: 

  

	 	(a)	relating to the entitlement of the HY Creditors to receive guarantees and/or Encumbrances from members of the Ultimate Parent Group; 

  

	 	(b)	 if to do so would cause any change in the terms of the HY Finance Documents relating to (i) the rate of interest payable under the HY Finance Documents being
higher than the rate as specified in the HY Finance Documents on the date of this Deed, (ii) the time for payment of 

  

 25 

	 	 
interest or scheduled repayment dates to change to an earlier date than as specified in the HY Finance Documents on the date of this Deed and (iii) any
increase to the amount (including fees) or change to the currency of the amount to be repaid under any HY Finance Document on the date of this Deed; 

  

	 	(c)	if to do so might increase the amount of payments permitted by clause 7 (Permitted Payments); or 

  

	 	(d)	in a manner which would result in the HY Guarantors being subject to obligations inconsistent with this Deed or if to do so would cause any change in the terms of the HY Finance
Documents relating to the subordination of the HY Guarantors obligations or the ranking of security. 

  

	4.2.2	Each of the Obligors and the HY Creditors agree: 

  

	 	(a)	to the extent any Amendment is made to the Senior Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security and the Hungarian
Assignment Agreements), such Amendment shall for all purposes be deemed to have also been made (on the same terms and conditions, mutatis mutandis) by the Obligors and the HY Note Trustee on behalf of the HY Creditors in respect of the
corresponding provisions of the HY Security Documents (other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security) (and so that any HY Default which arises or would arise under the HY Finance Documents as a result of
such Amendment shall not arise or, to the extent such HY Default has already so arisen, such HY Default shall be deemed to have been waived). Each Obligor and the HY Note Trustee shall, at the Issuer’s expense, do all such things as are
required to implement the same Amendment to the HY Security Documents (other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security); and 

  

	 	(b)	to the extent any Amendment is made or agreed to by the Senior Creditors in respect of the Hungarian Security Deposit Deeds or (as the case may be) the Turkish Subsidiary Share
Security (other than an Amendment which would result in the HY Note Trustee (on behalf of the HY Creditors) ceasing to be a beneficiary of the security created by the Hungarian Security Deposit Deeds or (as the case may be) the Turkish Subsidiary
Share Security unless such Amendment also results in the Senior Creditors, the FRN Creditors and the Subordinated Bridge Creditors ceasing to be beneficiaries of such security), such Amendment shall for all purposes be deemed to have also been made
by the HY Note Trustee on behalf of the HY Creditors (and so that any HY Default which arises or would arise under the HY Finance Documents as a result of such Amendment shall not arise or, to the extent such HY Default has already so arisen, such
HY Default shall be deemed to have been waived). Each Obligor and the HY Note Trustee shall, at the Issuer’s expense, do all such things as are required to implement the Amendment to the Hungarian Security Deposit Deeds or (as the case may be)
the Turkish Subsidiary Share Security. 

  

	4.3	Changes to FRN Finance Documents 

  

	4.3.1	Until (and including) the Senior Discharge Date, unless the Majority Lenders have agreed to the Amendment in writing, none of the Obligors, or the FRN Creditors will Amend the terms
of any FRN Finance Document: 

  

	 	(a)	relating to the entitlement of the FRN Creditors to receive guarantees and/or Encumbrances from members of the Ultimate Parent Group; 

  

	 	(b)	 if to do so would cause any change in the terms of the FRN Finance Documents relating to (i) the margin over EURIBOR, if calculated on the basis of a floating
rate, or the rate, if calculated on the basis of a fixed rate, payable under the FRN Finance Documents being 

  

 26 

	 	 
higher than the margin over EURIBOR or (as the case may be) fixed rate as specified in the FRN Finance Documents on the date of this Deed, (ii) the time
for payment of interest or scheduled repayment dates to change to an earlier date than as specified in the FRN Finance Documents on the date of this Deed and (iii) any increase to the amount (including fees) or change to the currency of the
amount to be repaid under any FRN Finance Document on the date of this Deed; 

  

	 	(c)	if to do so might increase the amount of payments permitted by clause 7 (Permitted Payments); or 

  

	 	(d)	in a manner which would result in the FRN Guarantors being subject to obligations inconsistent with this Deed or if to do so would cause any change in the terms of the FRN Finance
Documents relating to the subordination of the FRN Guarantors obligations or the ranking of security. 

  

	4.3.2	Each of the Obligors and the FRN Creditors agree: 

  

	 	(a)	to the extent any Amendment is made to the Senior Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security and Hungarian Assignment
Agreements), such Amendment shall for all purposes be deemed to have also been made (on the same terms and conditions, mutatis mutandis) by the Obligors and the FRN Trustee on behalf of the FRN Creditors in respect of the corresponding
provisions of the FRN Security Documents (other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security) (and so that any FRN Default which arises or would arise under the FRN Finance Documents as a result of such
Amendment shall not arise or, to the extent such FRN Default has already so arisen, such FRN Default shall be deemed to have been waived). Each Obligor and the FRN Trustee shall, at the Issuer’s expense, do all such things as are required to
implement the same Amendment to the FRN Security Documents (other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security); and 

  

	 	(b)	to the extent any Amendment is made or agreed to by the Senior Creditors in respect of the Hungarian Security Deposit Deeds or (as the case may be) the Turkish Subsidiary Share
Security (other than an Amendment which would result in the FRN Trustee (on behalf of the FRN Creditors) ceasing to be a beneficiary of the security created by the Hungarian Security Deposit Deeds or (as the case may be) the Turkish Subsidiary Share
Security unless such Amendment also results in the Senior Creditors, the HY Creditors and the Subordinated Bridge Creditors ceasing to be beneficiaries of such security), such Amendment shall for all purposes be deemed to have also been made by the
FRN Trustee on behalf of the FRN Creditors (and so that any FRN Default which arises or would arise under the FRN Finance Documents as a result of such Amendment shall not arise or, to the extent such FRN Default has already so arisen, such FRN
Default shall be deemed to have been waived). Each Obligor and the FRN Trustee shall, at the Issuer’s expense, do all such things as are required to implement the Amendment to the Hungarian Security Deposit Deeds or (as the case may be) the
Turkish Subsidiary Share Security. 

  

	4.4	Changes to Subordinated Bridge Finance Documents 

  

	4.4.1	Until (and including) the Senior Discharge Date, unless the Majority Lenders have agreed to the Amendment in writing, none of the Obligors, or the Subordinated Bridge Creditors will
Amend the terms of any Subordinated Bridge Finance Document (other than the Hungarian Assignment Agreements and the Turkish Asset Security): 

  

	 	(a)	relating to the entitlement of the Subordinated Bridge Creditors to receive guarantees and/or Encumbrances from members of the Ultimate Parent Group; 

  

 27 

	 	(b)	if to do so would cause any change in the terms of the Subordinated Bridge Finance Documents (other than the Hungarian Assignment Agreements and the Turkish Asset Security) relating
to (i) the margin over EURIBOR, if calculated on the basis of a floating rate, or the rate, if calculated on the basis of a fixed rate, payable under the Subordinated Bridge Finance Documents (other than the Hungarian Assignment Agreements and
the Turkish Asset Security) being higher than the margin over EURIBOR or (as the case may be) fixed rate as specified in the Subordinated Bridge Finance Documents (other than the Hungarian Assignment Agreements and the Turkish Asset Security) on the
date of this Deed, (ii) the time for payment of interest or scheduled repayment dates to change to an earlier date than as specified in the Subordinated Bridge Finance Documents (other than the Hungarian Assignment Agreements and the Turkish
Asset Security) on the date of this Deed and (iii) any increase to the amount (including fees) or change to the currency of the amount to be repaid under any Subordinated Bridge Finance Document on the date of this Deed;

  

	 	(c)	if to do so might increase the amount of payments permitted by clause 7 (Permitted Payments); or 

  

	 	(d)	in a manner which would result in the Subordinated Bridge Guarantors being subject to obligations inconsistent with this Deed or if to do so would cause any change in the terms of
the Subordinated Bridge Finance Documents (other than the Hungarian Assignment Agreements and the Turkish Asset Security) relating to the subordination of the Subordinated Bridge Guarantors obligations or the ranking of security.

  

	4.4.2	Each of the Obligors and the Subordinated Bridge Creditors agree: 

  

	 	(a)	to the extent any Amendment is made to the Senior Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian
Assignment Agreements and the Turkish Asset Security), such Amendment shall for all purposes be deemed to have also been made (on the same terms and conditions, mutatis mutandis) by the Obligors and the Subordinated Bridge Trustee on behalf of the
Subordinated Bridge Creditors in respect of the corresponding provisions of the Subordinated Bridge Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian Assignment Agreement and
the Turkish Asset Security) (and so that any Subordinated Bridge Default which arises or would arise under the Subordinated Bridge Finance Documents as a result of such Amendment shall not arise or, to the extent such Subordinated Bridge Default has
already so arisen, such Subordinated Bridge Default shall be deemed to have been waived). Each Obligor and the Subordinated Bridge Trustee shall, at the Issuer’s expense, do all such things as are required to implement the same Amendment to the
Subordinated Bridge Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian Assignment Agreements and the Turkish Asset Security); and 

  

	 	(b)	 to the extent any Amendment is made or agreed to by the Senior Creditors in respect of the Hungarian Security Deposit Deeds or (as the case may be) the Turkish
Subsidiary Share Security (other than an Amendment which would result in the Subordinated Bridge Trustee (on behalf of the Subordinated Bridge Creditors) ceasing to be a beneficiary of the security created by the Hungarian Security Deposit Deeds or
(as the case may be) the Turkish Subsidiary Share Security unless such Amendment also results in the Senior Creditors, the HY Creditors and the FRN Creditors ceasing to be beneficiaries of such security), such Amendment shall for all purposes be
deemed to have also been made by the Subordinated Bridge Trustee on behalf of the Subordinated Bridge Creditors (and so that any Subordinated Bridge Default which arises or would arise under the Subordinated Bridge Finance Documents as a result of
such Amendment shall not arise or, to the extent such Subordinated Bridge Default has already so arisen, such Subordinated Bridge Default shall 

  

 28 

	 	 
be deemed to have been waived). Each Obligor and the Subordinated Bridge Trustee shall, at the Issuer’s expense, do all such things as are required to
implement the Amendment to the Hungarian Security Deposit Deeds or (as the case may be) the Turkish Subsidiary Share Security. 

  

	4.5	Changes to the Hungarian Assignment Agreements and the Turkish Asset Security 

  

	4.5.1	Until (and including) the Senior Discharge Date, unless the Majority Lenders have agreed to the Amendment in writing, none of the Obligors, or the Subordinated Bridge Creditors
prior to the Subordinated Bridge Refinancing Date will Amend the terms of any Hungarian Assignment Agreement or any Turkish Asset Security in a manner which would result in the Subordinated Bridge Guarantors being subject to obligations inconsistent
with this Deed or if to do so would cause any change in the terms of any Hungarian Assignment Agreement or any Turkish Asset Security relating to the subordination of the Subordinated Bridge Guarantors obligations or the ranking of security.

  

	4.5.2	Each of the Obligors and the Subordinated Bridge Creditors prior to the Subordinated Bridge Refinancing Date agree to the extent any Amendment is made or agreed to by the Senior
Creditors in respect of any Hungarian Assignment Agreement or (as the case may be) any Turkish Asset Security (other than an Amendment which would result in the Subordinated Bridge Trustee (on behalf of the Subordinated Bridge Creditors prior to the
Subordinated Bridge Refinancing Date) ceasing to be a beneficiary of the security created by the Hungarian Assignment Agreements or (as the case may be) the Turkish Asset Security unless such Amendment also results in the Senior Creditors ceasing to
be beneficiaries of such security), such Amendment shall for all purposes be deemed to have also been made by the Subordinated Bridge Trustee on behalf of the Subordinated Bridge Creditors prior to the Subordinated Bridge Refinancing Date (and so
that any Subordinated Bridge Default which arises or would arise under the Subordinated Bridge Finance Documents as a result of such Amendment shall not arise or, to the extent such Subordinated Bridge Default has already so arisen, such
Subordinated Bridge Default shall be deemed to have been waived). Each Obligor and the Subordinated Bridge Trustee shall, at the Issuer’s expense, do all such things as are required to implement the Amendment to such Hungarian Assignment
Agreements or (as the case may be) such Turkish Asset Security. 

  

	4.6	Changes to the Subordinated Shareholder Documents 

 Except as the Majority Lenders, until (and including) the Senior Discharge Date and also, if prior to the HY Discharge Date, the HY Note Trustee and also, if prior to the FRN Discharge Date, the FRN Trustee and also, if prior to the
Subordinated Bridge Discharge Date, the Subordinated Bridge Trustee, have agreed to the Amendment in writing, no Subordinated Shareholder Creditor will amend the terms of any Subordinated Shareholder Documents (including, without limitation, the HY
Funding Loan Agreement, the FRN Funding Loan Agreement or the Subordinated Bridge Funding Loan Agreement) except for Amendments which (a) reflect a similar amendment or modification to, or of a term of, a Finance Document or (b) would not
adversely affect the rights or interests of the Secured Creditors or the ranking or subordination arrangements provided for in this Deed (as to which a certificate of the Security Trustee (acting reasonably) shall be conclusive). 
  

	5	Hedging Transactions 

  

	5.1	Undertakings relating to Hedging Liabilities 

 Unless the Majority Lenders have previously agreed in writing: 
  

	5.1.1	 no Hedge Counterparty will (i) demand (except to terminate or close out any hedging transaction as permitted under clause 5.1.2 below) or receive payment,
prepayment or repayment of, or any 

  

 29 

	 	 
distribution in respect of (or on account of) and no Obligor will pay or make any distribution in respect of (or on account of) any of the Hedging
Liabilities in cash or in kind, or otherwise apply any money or property in or towards the payment or discharge of any Hedging Liabilities or otherwise take any Enforcement Action or (ii) discharge or seek to discharge all or any part of the
Hedging Liabilities by set-off, any right of combination of accounts or otherwise except for: 

  

	 	(a)	scheduled payments arising under the terms of the Hedge Agreements; and/or 

  

	 	(b)	the proceeds of enforcement of the Senior Security Documents received and applied in the order permitted by paragraph 1 of Schedule 3 (Security Trustee);

  

	5.1.2	no Hedge Counterparty will exercise any right to terminate or close out any hedging transaction under the Hedge Agreements prior to its stated maturity unless:

  

	 	(a)	the Company has not paid when due an amount of Hedging Liabilities and such default continues for more than five (5) Business Days after the Hedge Counterparty has given notice
of such default (and of the Hedge Counterparty’s intention to terminate) to the Senior Agent; or 

  

	 	(b)	the Senior Agent has declared the Senior Debt due and payable and/or payable on demand and/or cancelled the Total Commitments in full under clause 23.2 (Acceleration) of
the Senior Facilities Agreement; or 

  

	 	(c)	an Insolvency Event occurs in relation to the Company (which is the counterparty under such hedging transaction); or 

  

	 	(d)	upon: 

  

	 	(i)	it becoming contrary to any law or regulation for the Company or such Hedge Counterparty to perform the payment obligations expressed to be assumed by it in respect of any relevant
Hedge Agreement or such obligations become invalid or unenforceable against the Company; or 

  

	 	(ii)	any provision of any Hedge Agreement to which such Hedge Counterparty is a party relating to the termination thereof (including, without limitation, the calculation of or obligation
to pay amounts upon such termination) becoming invalid or unenforceable against the Company; 

  

	 	(e)	upon any exchange control, foreign currency or other consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or
authorities or courts required by the Company to authorise, or required by the Company in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of any Hedge Agreement or the performance of its payment
obligations thereunder being modified in a manner unacceptable to such Hedge Counterparty or not being granted or being revoked or terminated or expiring and not being renewed or otherwise ceasing to be in full force and effect; or

  

	 	(f)	with the prior written consent of the Senior Agent (acting on the instructions of the Majority Lenders); 

  

	5.1.3	none of the Hedging Liabilities may be discharged by set-off, any right of combination of accounts or otherwise except to the extent such Hedging Liabilities is permitted to be paid
under clause 5.1.1 above; and 

  

 30 

	5.1.4	neither the Ultimate Parent nor any Obligor will (and each will procure that none of its Subsidiaries will) create or permit to subsist any Encumbrance over any of its assets, or
give any Financial Support to any person, in each case for, in respect of or in connection with, any of the Hedging Liabilities other than under the Senior Security Documents and in accordance with the priority and ranking specified in this Deed.

  

	5.2	Two Way Payments 

 Each Obligor and each Hedge
Counterparty agrees that: 
  

	5.2.1	the Hedge Agreements will provide for “two way payments” or payments under the “Second Method” in the event of a termination of a hedging
transaction whether upon a Termination Event or an Event of Default (each as defined in the relevant Hedge Agreements), meaning that the defaulting party under these Hedge Agreements will be entitled to receive payment under the relevant termination
provisions if the net replacement value of all terminated transactions effected under the Hedge Agreements is in its favour, and netting will only be permitted between hedging transactions that constitute Hedge Agreements and will not be permitted
between any Hedge Agreements and any other interest rate or currency hedging arrangements which do not constitute Hedge Agreements (and, for the avoidance of doubt, to the extent that any such Hedge Agreements do not so provide, they will be deemed
to so provide); 

  

	5.2.2	if, on termination or the closing out of any hedging transaction under a Hedge Agreement, a settlement amount or other net amount falls due from that Hedge Counterparty to the
Company then that amount shall be paid by the relevant Hedge Counterparty to the Security Trustee and applied as set out in paragraph 1 of Schedule 3 (Security Trustee); and 

  

	5.2.3	promptly upon receipt by any Hedge Counterparty of a request from the Senior Agent, after the Senior Agent has declared all of the Senior Debt immediately due and payable and/or
payable on demand and/or has cancelled the Total Commitments in full under clause 23.2 (Acceleration) of the Senior Facilities Agreement, to exercise any rights such Hedge Counterparty may have to terminate the hedging transactions under
the Hedge Agreements, such Hedge Counterparty will exercise such rights. 

  

	5.3	Hedge Agreements 

 Each Hedge Counterparty will
promptly provide to the Senior Agent copies of all documents constituting the Hedge Agreements to which it is party and copies of all documents constituting or evidencing any hedging facilities provided to the Company by that Hedge Counterparty.
Such documents must be in form and substance satisfactory to the Senior Agent, acting reasonably. 
  

	5.4	Hedging Guarantee 

 Each Obligor confirms that they
guarantee the Hedge Counterparties on the terms of the guarantee in clause 17 (Guarantee) of the Senior Facilities Agreement but so that references to “Finance Documents” shall be construed as references to “Hedge
Agreements” and references to “Finance Party” shall be construed as references to “Hedge Counterparty” and subject to any limitations therein or in any Guarantor Accession Undertaking by which such Obligor became party to
the Senior Facilities Agreement. 
  

	5.5	Notification 

 Each Hedge Counterparty shall notify
the Senior Agent and the Security Trustee of any default or any termination event (howsoever described) under each Hedge Agreement to which it is a party, but only if the Hedge Counterparty has actual knowledge of the event concerned. For the
purpose of this clause 5.5, the Hedge Counterparty shall not be treated as having actual knowledge of any matter of which any division outside its treasury departments may become aware in the context of 

  

 31 

 
corporate finance, advisory or financing activities from time to time undertaken by the Hedge Counterparty for any member of the Group, the Ultimate Parent
or any of their respective Subsidiaries or Associated Companies or any person which may be a trade competitor of, or may otherwise have commercial interests similar to those of, the same. 
  

	5.6	Consultation 

 Each of the HUF Agent, the Senior
Agent, the Security Trustee and each Hedge Counterparty shall consult generally with regard to any matter materially affecting the rights of the Senior Creditors as regulated by this Deed and, in particular, upon any insolvency proceeding taking
place and prior to the taking of any enforcement action by the Security Trustee under any of the Senior Security Documents (for the avoidance of doubt, such consultation shall include, among other matters, discussion on the method of enforcement and
realisation of security), provided that such consultation process shall not impose upon any such party (the “first party”) any obligation to accede to any requests made by any other such party in respect of the exercising of any of
the rights of the first party nor shall the rights of the first party be fettered in any respect other than as expressly provided in this Deed. 
  

	5.7	Refinancing 

 If there is a refinancing of the
entire Senior Debt, the Hedge Counterparties agree that they will release the Senior Security Documents provided that there is granted replacement security acceptable to each of them in their absolute discretion of at least an equivalent nature,
value and ranking to the security granted under the Senior Security Documents. 
  

	6	Representations and Warranties 

  

	6.1	The Obligors represent and warrant to the Secured Creditors that the Subordinated Shareholder Creditors comprise all of the persons to whom the Obligors owe any Subordinated
Shareholder Debt and the Subordinated Shareholder Creditors represent and warrant to the Secured Creditors that the Obligors comprise all of the persons from whom the Subordinated Shareholder Creditors are owed any Subordinated Shareholder Debt.

  

	6.2	Each of the Subordinated Shareholder Creditors party hereto severally represents and warrants to the Senior Creditors in respect of itself only in the terms of clauses 18.1.1
to 18.1.4 (inclusive), 18.1.7 and 18.2.3 of the Senior Facilities Agreement as if all references in such clauses to an “Obligor” or “member of the Group” were to such Subordinated Shareholder Creditor and all
references in such clauses to a “Finance Document” were to this Deed. 

  

	6.3	The Ultimate Parent represents and warrants to the Senior Creditors that: 

  

	6.3.1	it does not have any direct or indirect interest in the share capital of any body corporate other than as set out in the group structure chart delivered to the Senior Agent pursuant
to Schedule 2 of the Senior Facilities Agreement; and 

  

	6.3.2	the copies of the Transaction Documents and the amendments thereto delivered to the Facility Agent pursuant to Schedule 2 of the Senior Facilities Agreement are true, complete
and accurate in all respects and have not been amended, varied or supplemented in any way; no other agreements or arrangements exist between any of the parties to the Transaction Documents which would materially affect the transactions or
arrangements contemplated by Transaction Documents, the Finance Documents and/or the forecasts, projections and/or estimates contained or referred to in the Agreed Business Plan. 

  

	6.4	The representations and warranties in clauses 6.1 and 6.2 shall be deemed to be repeated by the Subordinated Shareholder Creditors, the Obligors and the Ultimate Parent (as
applicable) on each day on which any representations and warranties contained in the Senior Facilities Agreement are deemed to be repeated pursuant to clause 18.3 thereof. 

  

 32 

	7	Permitted Payments 

  

	7.1	Senior Debt/Hedging Liabilities 

 Subject to
clause 5.1 (Undertakings relating to Hedging Liabilities), all repayments and prepayments of principal, payments of interest and all other amounts (including fees and taxes) in respect of the Senior Debt and the Hedging Liabilities may
be made and received freely at all times in accordance with the provisions of the Senior Finance Documents and the Hedge Agreements. 
  

	7.2	Permitted HY Subordinated Debt Payments, Permitted FRN Subordinated Debt Payments and Permitted Subordinated Bridge Subordinated Debt Payments 

  

	7.2.1	Subject to clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted
HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date) and clause 8 (Turnover) until (and including) the Senior Discharge Date, the HY
Guarantors, the FRN Guarantors or (as the case may be) the Subordinated Bridge Guarantors may pay and the HY Creditors, the FRN Creditors or (as the case may be) the Subordinated Bridge Creditors may receive and retain payments on any HY
Subordinated Debt (the “Permitted HY Subordinated Debt Payments”), FRN Subordinated Debt (the “Permitted FRN Subordinated Debt Payments”) or (as the case may be) any Subordinated Bridge Subordinated Debt (the
“Permitted Subordinated Bridge Subordinated Debt Payments”) then due and owing (which HY Subordinated Debt, FRN Subordinated Debt or (as the case may be) Subordinated Bridge Subordinated Debt shall only be due or owing to the extent
that the HY Creditors acting together in accordance with clause 15.1.2, the FRN Creditors acting together in accordance with clause 15.1.2 or (as the case may be) the Subordinated Bridge Creditors acting together in accordance with
clause 15.1.2 are entitled, in each case, to demand payment in accordance with clause 15.1.2). 

  

	7.2.2	Each Party hereto acknowledges that the HY Subordinated Debt, FRN Subordinated Debt or (as the case may be) the Subordinated Bridge Subordinated Debt will not fall due (and no
amount will become due and payable) until the events set out in clause 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action) occur and, subject to the provisions of clause 15.1.4, the
HY Creditors, FRN Creditors or (as the case may be) the Subordinated Bridge Creditors demand payment in accordance with clause 15.1.2. 

  

	7.2.3	After the Senior Discharge Date any payments on the HY Subordinated Debt may be made and received freely in accordance with the terms of the HY Finance Documents.

  

	7.2.4	After the Senior Discharge Date any payments on the FRN Subordinated Debt may be made and received freely in accordance with the terms of the FRN Finance Documents.

  

	7.2.5	After the Senior Discharge Date any payments on the Subordinated Bridge Subordinated Debt may be made and received freely in accordance with the terms of the Subordinated Bridge
Finance Documents. 

  

	7.3	Permitted HY Funding Loan Debt Payments, Permitted FRN Funding Loan Debt Payments and Permitted Subordinated Bridge Funding Loan Debt Payments 

  

	7.3.1	 Subject to clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments
and 

  

 33 

	 	 
Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge
Date) and clause 8 (Turnover) until (and including) the Senior Discharge Date, the Company may pay and the Issuer may receive and retain cash payments in respect of any interest on the HY Funding Loan Debt (the “Permitted HY
Funding Loan Debt Payments”) then due and owing provided that such interest payment is made for the sole purpose of enabling the Issuer to make a payment of interest in respect of the HY Notes which payment falls due within 5 Business Days
of the date of payment of the interest to the Issuer. 

  

	7.3.2	Subject to clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY
Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date) and clause 8 (Turnover) until (and including) the Senior Discharge Date, the Company may pay
and the Issuer may receive and retain any cash payments, including (without limitation) dividends, loans or in respect of any interest on the FRN Funding Loan Debt (“Permitted FRN Funding Loan Debt Payments”) provided that such
payment is made solely for the purpose of enabling the Issuer to make a payment of interest in respect of the FRN Notes and provided further that such payment is not made earlier than 5 Business Days prior to the due date of a corresponding payment
under the FRN Indenture. 

  

	7.3.3	Subject to clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY
Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date) and clause 8 (Turnover) until (and including) the Senior Discharge Date, the Company may pay
and the Issuer may receive and retain any cash payments, including (without limitation) dividends, loans or in respect of any interest on the Subordinated Bridge Funding Loan Debt (“Permitted Subordinated Bridge Funding Loan Debt
Payments”) provided that such payment is made solely for the purpose of enabling the Issuer to make a payment of interest in respect of the Subordinated Bridge Facility or the Subordinated Bridge Refinancing Notes (as applicable) and
provided further that such payment is not made earlier than 5 Business Days prior to the due date of a corresponding payment under the Subordinated Bridge Facility Agreement or the Subordinated Bridge Refinancing Indenture (as applicable).

  

	7.3.4	After the Senior Discharge Date any payments on the HY Funding Loan Debt may be made and received freely in accordance with the terms of the HY Finance Documents.

  

	7.3.5	After the Senior Discharge Date any payments on the FRN Funding Loan Debt may be made and received freely in accordance with the terms of the FRN Finance Documents.

  

	7.3.6	After the Senior Discharge Date any payments on the Subordinated Bridge Funding Loan Debt may be made and received freely in accordance with the terms of the Subordinated Bridge
Finance Documents. 

  

	7.4	Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt
Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date 

  

	7.4.1	Until (and including) the Senior Discharge Date, no Permitted HY Subordinated Debt Payment (other than the HY Note Trustee Amounts), Permitted HY Funding Loan Debt Payment,
Permitted FRN Subordinated Debt Payment (other than the FRN Trustee Amounts) or Permitted FRN Funding Loan Debt Payment, Permitted Subordinated Bridge Subordinated Debt Payment (other than the Subordinated Bridge Trustee Amounts) or Permitted
Subordinated Bridge Funding Loan Debt Payment, may be made without the prior written consent of the Majority Lenders if: 

  

 34 

	 	(a)	any of the Senior Debt and/or Hedging Liabilities due on or prior to such date is unpaid on the date on which such payment would otherwise be made (after giving effect to any grace
period contained in the relevant Senior Finance Document, as amended from time to time) and such default is continuing uncured or unwaived; or 

  

	 	(b)	following the occurrence and continuance of a Senior Default (other than of the type specified in paragraph (a) above) in respect of any Senior Debt, the Senior Agent serves a
written notice (a “Block Notice”) on the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee specifying such Senior Default and referring to this clause, until the earliest date on which one of the following
applies: 

  

	 	(i)	179 days have elapsed since the service of such Block Notice, or if earlier, where a Standstill Period (as defined in clause 15.1 (Restrictions on HY Creditor, FRN Creditor and
Subordinated Bridge Creditor Enforcement Action)) is in effect at any time during that 179 day period, the date on which that Standstill Period expires; or 

  

	 	(ii)	the relevant Senior Default has been cured or waived by the Majority Lenders in writing or has ceased to exist; or 

  

	 	(iii)	the Senior Agent by notice in writing to the Issuer, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee cancels the Block Notice; or 

 

	 	(iv)	the Senior Discharge Date occurs. 

  

	7.4.2	Unless otherwise agreed by the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee, (a) a Block Notice may not be issued less than three hundred and sixty
(360) days after the service of the immediately prior Block Notice and (b) the Senior Agent shall only serve a Block Notice on the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee on or before the date falling 75 days
after the date upon which the Senior Agent receives actual written notice of the relevant Senior Default. 

  

	7.4.3	The Senior Agent may only serve one Block Notice with respect to the same event or circumstance. This shall not affect the right of the Senior Agent to issue a Block Notice in
respect of any other event or circumstance. 

  

	7.4.4	For the avoidance of doubt, this clause 7.4 acts as a suspension of payment and not as a waiver of the right to receive payment when the suspension period has lapsed.

  

	7.5	Shareholder Subordinated Debt 

 Subject to clause 8
(Turnover) until (and including) the Senior Discharge Date, so long as no Default (as defined in the Senior Facilities Agreement) is continuing or would result from any such payment or receipt, the Obligors may pay and the Subordinated
Shareholder Creditors may receive and retain Permitted Payments (other than in relation to Permitted HY Funding Loan Debt Payments, the Permitted FRN Funding Loan Debt Payments and the Permitted Subordinated Bridge Funding Loan Payments which are
subject to the separate provisions of clause 7.3 (Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments)). 
  

	7.6	Suspension of Permitted Payments after the Senior Discharge Date 

 Commencing after the Senior Discharge Date until and including: 
  

 35 

	7.6.1	the HY Discharge Date, the Obligors may pay and the Subordinated Shareholder Creditors may receive and retain Permitted Payments in respect of the Subordinated Shareholder Debt in
accordance with the terms of the HY Indenture; 

  

	7.6.2	the FRN Discharge Date, the Obligors may pay and the Subordinated Shareholder Creditors may receive and retain Permitted Payments in respect of Subordinated Shareholder Debt in
accordance with the terms of the FRN Finance Documents; and 

  

	7.6.3	the Subordinated Bridge Discharge Date, the Obligors may pay and the Subordinated Shareholder Creditors may receive and retain Permitted Payments in respect of Subordinated
Shareholder Debt in accordance with the terms of the Subordinated Bridge Finance Documents. 

  

	8	Turnover 

  

	8.1	If, at any time up to (and including) the Senior Discharge Date, any Hedge Counterparty, HY Creditor, FRN Creditor, Subordinated Bridge Creditor or Subordinated Shareholder Creditor
receives or recovers a payment or distribution in cash or in kind (including by way of set-off or combination of accounts) of, or on account of, any of: 

  

	8.1.1	(in the case of a Hedge Counterparty) the Hedging Liabilities which are prohibited by clause 5.1 (Undertakings relating to Hedging Liabilities); or

  

	8.1.2	(in the case of any HY Creditor, FRN Creditor or Subordinated Bridge Creditor) HY Subordinated Debt from the HY Guarantors, (in the case of any FRN Creditor) FRN Subordinated Debt
from the FRN Guarantors or (in the case of any Subordinated Bridge Creditor) Subordinated Bridge Subordinated Debt from the Subordinated Bridge Guarantors otherwise than to the extent permitted by clause 7.2 (Permitted HY Subordinated Debt
Payments, Permitted FRN Subordinated Debt and Permitted Subordinated Bridge Debt Payments); or 

  

	8.1.3	(in the case of any HY Creditor, FRN Creditor or Subordinated Bridge Creditor ) proceeds pursuant to any Enforcement Action (other than Enforcement Action against the Issuer to the
extent such Enforcement Action is not Enforcement Action falling within paragraph (a)(iii) or (iv) of the definition of Enforcement Action); 

  

	8.1.4	(in the case of the Issuer or the HY Creditors as potential holders of the HY Funding Loan Debt) HY Funding Loan Debt otherwise than to the extent permitted by clause 7.3
(Permitted HY Funding Loan Debt Payments, Permitted FRN Funding Loan Debt Payments and Permitted Subordinated Bridge Funding Loan Debt Payments); 

  

	8.1.5	(in the case of the Issuer or the FRN Creditors as potential holders of the FRN Funding Loan Debt), FRN Funding Loan Debt otherwise than to the extent permitted by clause 7.3
(Permitted HY Funding Loan Debt Payments, Permitted FRN Funding Loan Debt Payments and Permitted Subordinated Bridge Funding Loan Debt Payments); or 

  

	8.1.6	(in the case of the Issuer or the Subordinated Bridge Creditors as potential holders of the Subordinated Bridge Funding Loan Debt), Subordinated Bridge Funding Loan Debt otherwise
than to the extent permitted by clause 7.3 (Permitted HY Funding Loan Debt Payments, Permitted FRN Funding Loan Debt Payments and Permitted Subordinated Bridge Funding Loan Debt Payments); 

  

	8.1.7	 (in the case of any Subordinated Shareholder Creditor) Subordinated Shareholder Debt (excluding HY Funding Loan Debt, FRN Funding Loan Debt and Subordinated Bridge
Funding Loan Debt) otherwise than to the extent permitted by clause 7.5 (Shareholder Subordinated Debt), 

  

 36 

	 	 
(each such payment or distribution being a “turnover receipt”) the receiving or recovering Hedge Counterparty, HY Creditor, FRN Creditor,
Subordinated Bridge Creditor or Subordinated Shareholder Creditor (as the case may be) will (except for any HY Noteholders, any FRN Noteholders or any Subordinated Bridge Refinancing Noteholders) promptly notify the Security Trustee and, in each
case will, pending payment to the Security Trustee hold the relevant turnover receipt on trust (or, in jurisdictions not recognising trusts as fiduciary agent) in a segregated account (other than in the case of a HY Noteholder, a FRN Noteholder or a
Subordinated Bridge Refinancing Noteholder) for the Senior Finance Parties (in the case of clause 8.1.1) or the Senior Creditors (in the case of clauses 8.1.2, 8.1.3, 8.1.4, 8.1.5 and 8.1.6) or the Secured Creditors (in the case of
clause 8.1.7) and will forthwith pay to the Security Trustee for application as provided in paragraph 1 of Schedule 3 (Security Trustee) such turnover receipt (after deducting from the amount received or recovered the costs,
liabilities and expenses (if any) incurred by the relevant creditor in recovering such amount). 

  

	8.2	If, at any time up to (and including) the Senior Discharge Date, any HY Creditor, FRN Creditor or Subordinated Bridge Creditor receives or recovers a payment or distribution in cash
or in kind (including by way of set-off or combination of accounts) of, or on account of, any HY Debt, FRN Debt or Subordinated Bridge Debt from the Issuer which payment is made as a result of the Issuer in turn receiving or recovering that amount
from a HY Guarantor, a FRN Guarantor or a Subordinated Bridge Guarantor in contravention of clauses 7.2 (Permitted HY Subordinated Debt Payments, Permitted FRN Subordinated Debt Payments and Permitted Subordinated Bridge Debt Payments)
and 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge
Funding Loan Debt Payments until the Senior Discharge Date) (each such payment or distribution being a “turnover receipt”) the receiving or recovering HY Creditor (including the HY Note Trustee), FRN Creditor (including the FRN
Trustee) or Subordinated Bridge Creditor (including the Subordinated Bridge Trustee) will, provided that the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee at the time it makes such payment had actual knowledge (in accordance
with clause 9.1 (HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee Provisions)) of the circumstances set out in clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and
Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date) (as a consequence of which the Issuer
had made such prior payment in contravention of clause 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments,
FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date)), pending payment to the Security Trustee hold the relevant turnover receipt on trust (or, in jurisdictions not recognising trusts
as fiduciary agent) in a segregated account (other than in the case of an HY Noteholder, an FRN Noteholder or a Subordinated Bridge Refinancing Noteholder) for the Senior Finance Parties and will forthwith pay to the Security Trustee for application
as provided in paragraph 1 of Schedule 3 (Security Trustee) such turnover receipt (after deducting from the amount received or recovered the costs, liabilities and expenses (if any) incurred by the relevant creditor in recovering
such amount). 

  

	8.3	If, at any time after the Senior Discharge Date and up to (and including) the last to occur of the HY Discharge Date, the FRN Discharge Date and the Subordinated Bridge Discharge
Date, any Subordinated Shareholder Creditor receives or recovers a payment or distribution in cash or in kind (including by way of set-off or combination of accounts) of, or on account of, any Subordinated Shareholder Debt otherwise than to the
extent permitted by clause 7 (Permitted Payments) (each such payment or distribution being a “turnover receipt”) the receiving or recovering or Subordinated Shareholder Creditor will promptly notify the Security Trustee
and will, pending payment to the Security Trustee, hold the relevant turnover receipt on trust (or in jurisdictions not recognising trusts, as fiduciary agent) in a segregated account for the Security Trustee and will forthwith pay to the Security
Trustee for application as provided in paragraph 1 of Schedule 3 (Security Trustee) such turnover receipt (after deducting from the amount received or recovered the costs, liabilities and expenses (if any) incurred by the relevant
creditor in recovering such amount). 

  

 37 

	8.4	Nothing in this clause 8 (Turnover) or any other provision of this Deed is intended to or shall create a charge or other Encumbrance. 

  

	9	HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee Provisions 

  

	9.1	It is expressly understood and agreed by the parties that this Deed is executed and delivered by each of the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee not
individually or personally but solely in its capacity as trustee or (as applicable) agent in the exercise of the powers and authority conferred and vested in it under the HY Finance Documents, the FRN Finance Documents or (as applicable) the
Subordinated Bridge Finance Documents and it shall have no liability for acting for itself or in any capacity other than as trustee or (as applicable) agent and nothing in this Deed shall impose on it any obligation to pay any amount out of its
personal assets. Its obligations hereunder (if any) to make any payment of any amount or to hold any amount on trust shall be only to make payment of such amount to or hold any such amount on trust to the extent that (i) it has actual knowledge
that such obligation has arisen and (ii) it has received and, on the date on which it acquires such actual knowledge, has not distributed to the HY Noteholders, the FRN Noteholders, the Subordinated Bridge Lenders or the Subordinated Bridge
Refinancing Noteholders (as applicable) in accordance with the HY Indenture, FRN Indenture or (as applicable) the Subordinated Bridge Finance Documents any such amount. 

 For the purposes of this clause 9.1: 
  

	9.1.1	the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee (as applicable) shall be treated as having “actual knowledge” for the purpose of
clause 8 (Turnover) if (i) a Block Notice is delivered to a Responsible Officer of the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee (as applicable) in accordance with clause 27 (Notices) prior to
the entering into of an irrevocable payment instruction to pay the HY Noteholders, the FRN Noteholders, the Subordinated Bridge Lenders or the Subordinated Bridge Refinancing Noteholders (as applicable), (ii) a payment of principal is made on
the HY Notes, the FRN Notes, the Subordinated Bridge Facility or (as applicable) the Subordinated Bridge Refinancing Notes, (iii) a payment of interest is made on the HY Notes, the FRN Notes, the Subordinated Bridge Facility or (as applicable)
the Subordinated Bridge Refinancing Notes either after the service of a Block Notice or on a date which is not a scheduled repayment date, (iv) a notice (including, without limitation, a notice relating to clause 7.4.1(a)) is delivered to
a Responsible Officer of the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge Trustee in accordance with clause 27 (Notices) and either the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated
Bridge Trustee has confirmed receipt of such notice to the sender of the notice or, if earlier, a period of twenty four hours has elapsed since the time the notice was delivered, or (v) proceeds are received pursuant to any Enforcement Action
that has been commenced by any HY Creditor, any FRN Creditor or (as applicable) any Subordinated Bridge Creditor (other than an Enforcement Action against the Issuer to the extent such Enforcement Action is not Enforcement Action falling within
paragraphs (a)(iii) or (iv) of the definition of Enforcement Action). For the avoidance of doubt, in the event a notice referred to in (i) and (iv) above is delivered prior to the notice of change of particulars in accordance
with clause 27 (Notices) being received by the relevant intended recipient, any such notice referred to in (i) or (iv) above shall be deemed to have been delivered in accordance with clause 27 (Notices).

  

	9.1.2	 “Responsible Officer” means any officer within the corporate trust and agency department of any HY Note Trustee, any FRN Trustee or (as
applicable) any Subordinated Bridge Trustee, including any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge
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 and 

  

 38 

	 	 
familiarity with the particular subject and who shall have direct responsibility for the administration of this Deed and the HY Indenture, the FRN Indenture,
the Subordinated Bridge Facility Agreement or (as applicable) the Subordinated Bridge Refinancing Indenture provided that (i) as at the effective date of the Intercreditor Deed Supplemental Deed, the particulars of the relevant Responsible
Officer shall be as specified in accordance with clause 27.2.1 and (ii) from time to time as notified in accordance with clause 27.2 (Addresses). 

  

	9.2	It is further understood by the parties that in no case shall the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee be (i) personally responsible or
accountable in damages or otherwise to any other party for any loss, damage or claim incurred by reason of any act or omission performed or omitted by the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge Trustee in good
faith in accordance with this Deed or any of the HY Finance Documents or any of the FRN Finance Documents or (as applicable) any of the Subordinated Bridge Finance Documents in a manner that the HY Note Trustee, the FRN Trustee or (as applicable)
the Subordinated Bridge Trustee believed to be within the scope of the authority conferred on it by this Deed or any of the HY Finance Documents or any of the FRN Finance Documents or (as applicable) any of the Subordinated Bridge Finance Documents
or by law or (ii) personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of any other party, all such liability, if any, being expressly waived by the parties and
any person claiming by, through or under such party; provided however, that the HY Note Trustee (or any successor HY Note Trustee) or the FRN Trustee (or any successor FRN Trustee) or the Subordinated Bridge Trustee (or any successor Subordinated
Bridge Trustee) shall be personally liable under this Deed for its own gross negligence or wilful misconduct or for its breach of its covenants, representations and warranties contained herein, to the extent expressly covenanted or made in its
individual capacity. It is also acknowledged that the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee shall not have any responsibility for the actions of any individual HY Creditor, FRN Creditor or (as applicable) Subordinated
Bridge Creditor (save in respect of its own actions). 

  

	9.3	Each of the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee shall not have any obligations to take any action under this Deed unless it is indemnified by the
other HY Creditors or the other FRN Creditors or (as applicable) the other Subordinated Bridge Creditors to its satisfaction in respect of all costs, expenses and liabilities which it would in its opinion incur. 

  

	9.4	The HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee shall not be deemed to owe any fiduciary duty to any Creditor (save in respect of such persons for whom it
acts as trustee) and shall not be personally liable to any Creditor if it shall in good faith mistakenly pay over or distribute to any Creditor or to any other person cash, property or securities to which any other Creditor shall be entitled by
virtue of this Deed or otherwise. With respect to the HY Creditors, the HY Note Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in the HY Finance Documents pursuant to which it
acts as trustee and this Deed and no implied agreement covenants or obligations with respect to the other Creditors shall be read into this Deed against the HY Note Trustee. With respect to the FRN Creditors, the FRN Trustee undertakes to
perform or to observe only such of its covenants or obligations as are specifically set forth in the FRN Finance Documents pursuant to which it acts as agent or trustee and this Deed and no implied agreement, covenants or obligations with respect to
the other Creditors shall be read into this Deed against the FRN Trustee. With respect to the Subordinated Bridge Creditors, the Subordinated Bridge Trustee undertakes to perform or to observe only such of its covenants or obligations as are
specifically set forth in the Subordinated Bridge Finance Documents pursuant to which it acts as agent or trustee and this Deed and no implied agreement, covenants or obligations with respect to the other Creditors shall be read into this Deed
against the Subordinated Bridge Trustee. 

  

	9.5	The HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee shall at all times be entitled to and may rely on any notice, consent or certificate given or granted by the
Senior Agent or the Security Trustee pursuant to the terms of this Deed without being under any obligation to enquire or otherwise determine whether any such notice, consent or certificate has been given or granted by the Senior Agent or the
Security Trustee properly acting as directed by the Majority Lenders. 

  

 39 

	9.6	This clause 9 is intended to afford protection to the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee only. No provision of this clause 9 shall alter
or change the rights and obligations as between the other parties to this Deed in respect of each other. 

  

	9.7	These provisions which protect the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee are to survive the termination of this Deed. 

  

	10	Subordination on Insolvency 

  

	10.1	Insolvency 

 Each of the following is an
“Insolvency Event” if it occurs in respect of an HY Guarantor, an FRN Guarantor or a Subordinated Bridge Guarantor (an “Insolvent Obligor” (other than the Issuer)) or its assets or its revenues: 
  

	10.1.1	enters into a moratorium or a composition, assignment or similar arrangement with any of its creditors; 

  

	10.1.2	any resolution is passed for its winding-up, administration, examinership or dissolution; 

  

	10.1.3	an order for its winding-up, administration, examinership or dissolution is made; 

  

	10.1.4	any marshalling of assets and liabilities; 

  

	10.1.5	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, examiner, administrator or similar officer is appointed in respect
of it or any of its assets; or 

  

	10.1.6	any other analogous step or procedure is taken in any jurisdiction. 

  

	10.2	Subordination 

 If any Insolvency Event occurs in
relation to any Insolvent Obligor: 
  

	10.2.1	the claims against that Insolvent Obligor (unless otherwise required by the Senior Agent until (and including) the Senior Discharge Date) in respect of the HY Subordinated Debt, the
FRN Subordinated Debt and the Subordinated Bridge Subordinated Debt will be subordinate in right of payment to the claims against the relevant Insolvent Obligor in respect of the Senior Debt and the Hedging Liabilities; and 

 

	10.2.2	the claims against that Insolvent Obligor (unless otherwise required by (A) the Senior Agent (until (and including) the Senior Discharge Date), (B) the HY Note Trustee
(until (and including) the HY Discharge Date), (C) the FRN Trustee (until (and including) the FRN Discharge Date)) and (D) the Subordinated Bridge Trustee (until (and including) the Subordinated Bridge Discharge Date)) in respect of the
Subordinated Shareholder Debt will be subordinate in right of payment to the claims against the relevant Insolvent Obligor in respect of the HY Subordinated Debt, the FRN Subordinated Debt, the Subordinated Bridge Subordinated Debt, the Senior Debt
and the Hedging Liabilities. 

  

 40 

	10.3	Filing of Claims 

  

	10.3.1	If an Insolvency Event occurs, the Security Trustee may, and is irrevocably authorised, (i) until (and including) the Senior Discharge Date on behalf of the Senior Creditors,
the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors and the Subordinated Shareholder Creditors, (ii) after the Senior Discharge Date until (and including) the later of the HY Discharge Date, the FRN Discharge Date and the
Subordinated Bridge Discharge Date on behalf of the HY Creditors, the FRN Creditors and the Subordinated Shareholder Creditors and (iii) after the HY Discharge Date, the FRN Discharge Date and the Subordinated Bridge Discharge Date on behalf of
the Subordinated Shareholder Creditors, to: 

  

	 	(a)	demand, claim, enforce and prove for, the Debt (other than the HY Issuer Debt, the FRN Issuer Debt or the Subordinated Bridge Issuer Debt) owed by the Insolvent Obligor;

  

	 	(b)	file claims and proofs, give receipts and take all such proceedings and do all such things as the Security Trustee reasonably considers to be necessary or desirable to recover, as
the case may be, any Debt (other than the HY Issuer Debt, the FRN Issuer Debt or the Subordinated Bridge Issuer Debt); and 

  

	 	(c)	receive all distributions of any kind whatsoever in respect of, or on account of, as the case may be, the Debt (other than HY Issuer Debt, the FRN Issuer Debt or the Subordinated
Bridge Issuer Debt) for application in the order provided in paragraph 1 of Schedule 3 (Security Trustee). 

  

	10.3.2	If and to the extent that the Security Trustee is not entitled to do anything mentioned in clause 10.3.1 above, the Senior Creditors, the HY Creditors, the FRN Creditors, the
Subordinated Bridge Creditors and Subordinated Shareholder Creditors (as the case may be) must do so promptly as and when requested by the Security Trustee from time to time (the Security Trustee to act reasonably in its requests to the HY
Creditors, the FRN Creditors and the Subordinated Bridge Creditors). The Senior Creditors, the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors and the Subordinated Shareholder Creditors may not otherwise take any of the actions
referred to in clause 10.3.1. 

  

	10.4	Distributions 

  

	10.4.1	If any Insolvency Event occurs then until (and including) the Senior Discharge Date: 

  

	 	(a)	each HY Creditor, each FRN Creditor, each Subordinated Bridge Creditor and Subordinated Shareholder Creditor will, upon demand by the Security Trustee, pay an amount equal to the
amount of all payments and distributions in cash or in kind received or receivable by it in consequence of such circumstances from an Insolvent Obligor in respect of the HY Subordinated Debt or the FRN Subordinated Debt or the Subordinated Bridge
Subordinated Debt or Subordinated Shareholder Debt (as the case may be) to the Security Trustee for application in the order provided in paragraph 1 of Schedule 3 (Security Trustee); 

  

	 	(b)	to the extent permitted by applicable law, the trustee in bankruptcy, liquidator, examiner, assignee or other person distributing the assets of an Insolvent Obligor or their
proceeds shall be directed by the relevant Creditor to pay all payments and distributions on the HY Subordinated Debt, the FRN Subordinated Debt, the Subordinated Bridge Subordinated Debt and the Subordinated Shareholder Debt (as the case may be)
direct to the Security Trustee; and 

  

	 	(c)	the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors and the Subordinated Shareholder Creditors (as the case may be) must give any notice and do anything which the
Security Trustee may reasonably require to give effect to this clause 10.4. 

  

 41 

	10.4.2	After the Senior Discharge Date, if any Insolvency Event occurs, then after the Senior Discharge Date but prior to and including the last to occur of the HY Discharge Date, the FRN
Discharge Date and the Subordinated Bridge Discharge Date: 

  

	 	(a)	each Subordinated Shareholder Creditor will upon demand by the Security Trustee, pay an amount equal to the amount of all payments and distributions in cash or in kind received or
receivable by it from an Insolvent Obligor in respect of the Subordinated Shareholder Debt to the Security Trustee for application in the order provided in paragraph 1 of Schedule 3 (Security Trustee); 

  

	 	(b)	to the extent permitted by applicable law, the trustee in bankruptcy, liquidator, examiner, assignee or other person distributing the assets of an Insolvent Obligor or their
proceeds shall be directed by the relevant Creditor to pay all payments and distributions on the Subordinated Shareholder Debt direct to the Security Trustee; and 

  

	 	(c)	the Subordinated Shareholder Creditors must give any notice and do anything which the Security Trustee may reasonably require to give effect to this clause 10.4.

  

	10.5	Voting 

  

	10.5.1	Following the occurrence of an Insolvency Event, until (and including) the Senior Discharge Date: 

  

	 	(a)	the Security Trustee for the benefit of the Senior Creditors may, and is hereby irrevocably authorised on behalf of each of the Senior Creditors (other than in respect of convening
meetings of the Senior Finance Parties under the Senior Facilities Agreement), the Subordinated Shareholder Creditors, the HY Creditors (other than in respect of convening meetings of HY Creditors under the HY Indenture), the FRN Creditors (other
than in respect of convening meetings of FRN Creditors under the FRN Indenture), and the Subordinated Bridge Creditors (other than in respect of convening meetings of Subordinated Bridge Creditors under the Subordinated Bridge Finance Documents) to,
exercise all powers of convening meetings, voting and representation in respect of the Subordinated Shareholder Debt or (as the case may be) the HY Subordinated Debt or (as the case may be) the FRN Subordinated Debt or (as the case may be) the
Subordinated Bridge Subordinated Debt; and 

  

	 	(b)	the Subordinated Shareholder Creditors, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors shall promptly execute and/or deliver to the Security Trustee such
forms of proxy and representation as it may require to facilitate any such action. 

  

	10.5.2	If and to the extent that the Security Trustee does not exercise a power under clause 10.5.1, each of the Subordinated Shareholder Creditors, the HY Creditors, the FRN
Creditors and the Subordinated Bridge Creditors shall be entitled to exercise that power and agrees that it shall exercise that power to the extent the Security Trustee (acting on the instructions of the Majority Lenders) directs and in accordance
with such direction. 

  

	10.5.3	Nothing in this clause 10.5 entitles the Security Trustee to exercise or require any Subordinated Shareholder Creditor, HY Creditor, FRN Creditor or Subordinated Bridge
Creditor to exercise a power of voting or representation to waive, reduce, discharge, extend the due date for repayment of or reschedule any Subordinated Shareholder Debt, HY Subordinated Debt, FRN Subordinated Debt or Subordinated Bridge
Subordinated Debt. 

  

	10.5.4	This clause 10.5 shall apply mutatis mutandis for the benefit of the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors from the Senior Discharge Date
in respect of the Subordinated Shareholder Debt only. 

  

 42 

	11	HY Guarantee and HY Security Documents 

  

	11.1	Each HY Security Document and each HY Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal effect to the provisions of
clause 4.2 (Changes to HY Finance Documents), 7.2 (Permitted HY Subordinated Debt Payments, Permitted FRN Subordinated Debt Payments and Permitted Subordinated Bridge Subordinated Debt Payments), 7.4 (Suspension of Permitted HY
Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the
Senior Discharge Date), 8 (Turnover), 10 (Subordination) and 14.1 (Ranking of Debt). 

  

	11.2	Each HY Security Document and each HY Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal effect to the provisions relating to
the release of guarantees and security set out in clause 16 (Enforcement of Security). 

  

	12	FRN Guarantee and FRN Security Documents 

  

	12.1	Each FRN Security Document and each FRN Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal effect to the provisions of
clause 4.3 (Changes to FRN Finance Documents), 7.2 (Permitted HY Subordinated Debt Payments, Permitted FRN Subordinated Debt Payments and Permitted Subordinated Bridge Subordinated Debt Payments), 7.4 (Suspension of Permitted
HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and Subordinated Bridge Funding Loan Debt Payments until the
Senior Discharge Date), 8 (Turnover), 10 (Subordination) and 14.1 (Ranking of Debt). 

  

	12.2	Each FRN Security Document and each FRN Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal effect to the provisions relating
to the release of guarantees and security set out in clause 16 (Enforcement of Security). 

  

	13	Subordinated Bridge Guarantee and Subordinated Bridge Security Documents 

  

	13.1	Each Subordinated Bridge Security Document and each Subordinated Bridge Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal
effect to the provisions of clause 4.4 (Changes to Subordinated Bridge Finance Documents), 7.2 (Permitted HY Subordinated Debt Payments, Permitted FRN Subordinated Debt Payments and Permitted Subordinated Bridge Subordinated Debt
Payments), 7.4 (Suspension of Permitted HY Subordinated Debt Payments, FRN Subordinated Debt Payments and Subordinated Bridge Subordinated Debt Payments and Permitted HY Funding Loan Debt Payments, FRN Funding Loan Debt Payments and
Subordinated Bridge Funding Loan Debt Payments until the Senior Discharge Date), 8 (Turnover), 10 (Subordination) and 14.1 (Ranking of Debt). 

  

	13.2	Each Subordinated Bridge Security Document and each Subordinated Bridge Guarantee (as applicable) shall contain provisions which incorporate by reference or otherwise give legal
effect to the provisions relating to the release of guarantees and security set out in clause 16 (Enforcement of Security). 

  

 43 

	14	Priority of Security 

  

	14.1	Ranking of Debt 

  

	14.1.1	All existing and future Encumbrances conferred by the Security Documents (excluding the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian
Assignment Agreements and the Turkish Asset Security): 

  

	 	(a)	in connection with the Senior Debt and the Hedging Liabilities will rank in all respects prior to existing and future Encumbrances conferred by those of any other Security Documents
on the HY Note Trustee in connection with the HY Debt, on the FRN Trustee in connection with the FRN Debt and on the Subordinated Bridge Trustee in connection with the Subordinated Bridge Debt regardless of order of registration, recording, notice,
execution or otherwise; and 

  

	 	(b)	secure all the Senior Debt and the Hedging Liabilities in priority to the HY Debt, the FRN Debt and the Subordinated Bridge Debt regardless of the date up on which the Senior Debt
and/or the Hedging Liabilities arise, regardless of whether a Senior Creditor is obliged to advance moneys included in Senior Debt and/or the Hedging Liabilities and regardless of any fluctuations in the amount of Senior Debt and/or the Hedging
Liabilities outstanding or any intermediate discharge of the Senior Debt and/or the Hedging Liabilities in whole or in part. 

  

	14.1.2	All existing and future Encumbrances conferred by the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security will secure all the Senior Debt and the Hedging
Liabilities in priority to the HY Debt, the FRN Debt and the Subordinated Bridge Debt regardless of the date up on which the Senior Debt and/or the Hedging Liabilities arise, regardless of whether a Senior Creditor is obliged to advance moneys
included in Senior Debt and/or the Hedging Liabilities and regardless of any fluctuations in the amount of Senior Debt and/or the Hedging Liabilities outstanding or any intermediate discharge of the Senior Debt and/or the Hedging Liabilities in
whole or in part. 

  

	14.1.3	All existing and future Encumbrances conferred by the Hungarian Assignment Agreements and the Turkish Asset Security will secure all the Senior Debt and the Hedging Liabilities in
priority to the Subordinated Bridge Lender Debt regardless of the date up on which the Senior Debt and/or the Hedging Liabilities arise, regardless of whether a Senior Creditor is obliged to advance moneys included in Senior Debt and/or the Hedging
Liabilities and regardless of any fluctuations in the amount of Senior Debt and/or the Hedging Liabilities outstanding or any intermediate discharge of the Senior Debt and/or the Hedging Liabilities in whole or in part. 

  

	14.1.4	All existing and future Encumbrances conferred by the Security Documents on the Senior Creditors will, to the extent that they secure Senior Debt and Hedging Liabilities, secure all
the Senior Debt and Hedging Liabilities, pari passu between the Senior Creditors regardless of any fluctuations in the amount outstanding of Senior Debt and Hedging Liabilities or any intermediate discharge in whole or part or the date upon
which the Senior Debt and Hedging Liabilities arise and regardless of whether a Senior Creditor is obliged to advance monies included in Senior Debt and/or Hedging Liabilities. 

  

	14.1.5	Until (and including) the Senior Discharge Date, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors shall not take any additional Encumbrances over the Issuer
or any member of the Group for the HY Debt, the FRN Debt or (as the case may be) the Subordinated Bridge Debt other than those existing or permitted pursuant to the HY Finance Documents, the FRN Finance Documents and the Subordinated Bridge Finance
Documents. 

  

	14.1.6	The HY Security Documents (other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security), the FRN Security Documents (other than the Hungarian Security
Deposit Deeds and the Turkish Subsidiary Share Security) and the Subordinated Bridge Security Documents (other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian Assignment Agreements and the Turkish
Asset Security) shall at all times be second ranking in priority to the Senior Security Documents. The HY Security Documents, the FRN Security Documents and the Subordinated Bridge Security Documents rank pari passu with each other.

  

 44 

	14.1.7	The Ultimate Parent and the Issuer undertake that the Subordinated Shareholder Debt is and will remain unsecured. 

  

	14.2	Registration and Notice 

 The Senior Agent, Security
Trustee, HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee will, at the Issuer’s expense, co-operate with a view to reflecting the priority of the security conferred by the Security Documents in any register or with any filing or
registration authority and in giving notice to insurers and debtors liable for receivables covered by the security conferred by the Security Documents and other persons. 
  

	15	Enforcement Action 

  

	15.1	Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action 

  

	15.1.1	Subject to clauses 15.1.2 and 15.1.3 below, until (and including) the Senior Discharge Date (without prejudice to clause 10 (Subordination on Insolvency)), no HY
Creditor, no FRN Creditor and no Subordinated Bridge Creditor may, without the prior written consent of the Majority Lenders, take any Enforcement Action in relation to the HY Subordinated Debt, the FRN Subordinated Debt, the Subordinated Bridge
Subordinated Debt, the security conferred by the HY Security Documents (securing both the HY Issuer Debt and the HY Subordinated Debt), the security conferred by the FRN Security Documents (securing both the FRN Issuer Debt and the FRN Subordinated
Debt), the security conferred by the Subordinated Bridge Security Documents (securing both the Subordinated Bridge Issuer Debt and Subordinated Bridge Subordinated Debt) or, as holder of the HY Funding Loan, in relation to the HY Funding Loan Debt
or the HY Funding Loan Agreement or, as holder of the FRN Funding Loan, in relation to the FRN Funding Loan Debt or the FRN Funding Loan Agreement or, as holder of the Subordinated Bridge Funding Loans, in relation to the Subordinated Bridge Funding
Loan Debt or the Subordinated Bridge Funding Loan Agreement. 

  

	15.1.2	If any of the events described in paragraphs (a), (b), (c) or (d) below occur: 

  

	 	(a)	each of the following has occurred: 

  

	 	(i)	an HY Default, an FRN Default or a Subordinated Bridge Default has occurred and is continuing (otherwise than solely pursuant to any cross default provisions by reason of a Senior
Default); 

  

	 	(ii)	the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge Trustee has notified the Senior Agent in writing of that HY Default, FRN Default or a Subordinated
Bridge Default; 

  

	 	(iii)	a period of not less than 179 days has passed from the date of receipt by the Senior Agent of that notice (the “Standstill Period”); and 

 

	 	(iv)	at the end of the Standstill Period, that HY Default, FRN Default or Subordinated Bridge Default is continuing and has not been cured or waived; 

  

	 	(b)	 an order is made for the winding-up, dissolution, examinership or administration of an HY Guarantor, an FRN Guarantor, or a Subordinated Bridge Guarantor or a
liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, 

  

 45 

	 	 
examiner, administrator or similar officer is appointed to the relevant HY Guarantor, the relevant FRN Guarantor or (as the case may be) the relevant
Subordinated Bridge Guarantor provided that such order is not the result of actions by the HY Creditors, the FRN Creditors or (as the case may be) the Subordinated Bridge Creditors and provided such action may only be taken against the entity in
respect of which such order or appointment is made; 

  

	 	(c)	any Indebtedness outstanding under the Senior Facilities Agreement has been declared prematurely to be due and payable or payable on demand (and demand has been made) by reason of
the occurrence of a Senior Default except that in these circumstances the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee may only exercise the rights set out in paragraph (a)(i) of the definition of Enforcement Action; or

  

	 	(d)	any enforcement of, or an instruction to enforce (by the Majority Lenders) (the “Security Enforcement Action”) any Encumbrance granted pursuant to the Senior
Security Documents (including, for the avoidance of doubt, a sale or disposal of any asset as a result of such Security Enforcement Action of any Encumbrance granted pursuant to the Senior Security Documents) is given provided that, the HY
Creditors, the FRN Creditors or the Subordinated Bridge Creditors may only exercise such rights with respect to the asset (including, for the avoidance of doubt, shares) in respect of which the Security Trustee (upon the instructions of the Majority
Lenders) is taking such Security Enforcement Action, 

 then (i) the holders of more than 50 per cent. in principal of
the total amount of the outstanding HY Notes acting together may, or (ii) the holders of more than 50 per cent. in principal of the total amount of the outstanding FRN Notes acting together may, or (iii) prior to the Subordinated
Bridge Refinancing Date, the lenders of more than 50 per cent. in principal of the total amount of the outstanding Subordinated Bridge Debt under the Subordinated Bridge Facility acting together or (iv) with effect from the Subordinated
Bridge Refinancing Date, the holders of more than 50 per cent. in principal of the total amount of the outstanding Subordinated Bridge Refinancing Notes acting together may, in each case, subject to clause 15.1.4, (a) direct the HY
Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge Trustee to take Enforcement Action in respect of (i) the HY Subordinated Debt and the HY Guarantees (including, without limitation, making a demand payment under the HY
Guarantee) in an amount not exceeding the amount due and unpaid under the HY Notes; or (ii) the FRN Subordinated Debt and the FRN Guarantees (including, without limitation, making a demand payment under the FRN Guarantee) in an amount not
exceeding the amount due and unpaid under the FRN Notes, or (iii) the Subordinated Bridge Subordinated Debt and the Subordinated Bridge Guarantees (including, without limitation, making a demand payment under the Subordinated Bridge Guarantee)
in an amount not exceeding the amount due and unpaid under the Subordinated Bridge Facility or (as the case may be) the Subordinated Bridge Refinancing Notes and/or (b), subject to clauses 16.2, 16.3 and 16.5 (Enforcement of Security),
direct the Security Trustee to take Enforcement Action (other than the Enforcement Action set out in paragraph (a)(iii) of the definition of Enforcement Action) including, without limitation, exercising its rights under the HY Security
Documents in relation to any due but unpaid HY Debt secured by such documents, exercising its rights under the FRN Security Documents in relation to any due but unpaid FRN Debt secured by such documents) and exercising its rights under the
Subordinated Bridge Security Documents in relation to any due but unpaid Subordinated Bridge Debt secured by such documents). 
  

	15.1.3	Any amounts received by the Security Trustee and/or any HY Creditor and/or any FRN Creditor and/or any Subordinated Bridge Creditor as a result of any Enforcement Action permitted
to be taken under this clause 15.1 shall be subject to clause 8 (Turnover). 

  

	15.1.4	 The HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors acknowledge and agree that if the Security Trustee (or any other Senior Finance Party) is
taking all reasonable commercial efforts having regard to the circumstances to implement Enforcement Action against 

  

 46 

	 	 
an HY Guarantor or in respect of any Encumbrance conferred by an HY Guarantor (or in respect of its shares), an FRN Guarantor or in respect of any
Encumbrance conferred by a FRN Guarantor (or in respect of its shares) or (as the case may be) a Subordinated Bridge Guarantor or in respect of any Encumbrance conferred by a Subordinated Bridge Guarantor (or in respect of its shares), no HY
Creditor, no FRN Creditor and no Subordinated Bridge Creditor will take any Enforcement Action which would be reasonably likely to adversely affect such Enforcement Action or the amount of proceeds to be derived therefrom (for the avoidance of doubt
the provisions of this clause 15.1.4 shall not prejudice any rights of the HY Creditors, the FRN Creditors or the Subordinated Bridge Creditors under this Deed to take Enforcement Action permitted under clause 15.1.2 against any other
Obligor and the exercise of any such rights shall be deemed not to adversely affect such Enforcement Action or such amount of the proceeds). 

  

	15.1.5	The HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee hereby agree to give notice to the Senior Agent to the extent any Enforcement Action is taken following the
occurrence of the events set out in clause 15.1.2 provided that failure to give such notice by the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee shall not limit the HY Creditors’ or FRN Creditors’ or Subordinated
Bridge Creditors’ rights to take such Enforcement Action. 

  

	15.1.6	To the extent that an event described in clause 15.1.2(b) occurs and the insolvency laws of the relevant jurisdiction bars the making of a demand for payment under the HY
Guarantees, the FRN Guarantees or the Subordinated Bridge Guarantees then, in this circumstance only, without making a demand for payment, either (A) amounts due and unpaid under the HY Notes the subject of the HY Guarantees will automatically
become due and payable without the HY Noteholders making a demand for payment, (B) amounts due and unpaid under the FRN Notes the subject of the FRN Guarantees will automatically become due and payable without the FRN Creditors making a demand
for payment or (C) (as applicable) amounts due and unpaid under the Subordinated Bridge Facility or (as the case may be) the Subordinated Bridge Refinancing Notes the subject of the Subordinated Bridge Guarantees will automatically become due
and payable without the Subordinated Bridge Creditors making a demand for payment. 

  

	15.2	Restrictions on Subordinated Shareholder Enforcement Action 

 Until (and including) the Senior Discharge Date and the last to occur of the HY Discharge Date, the FRN Discharge Date and the Subordinated Bridge Discharge Date, no Subordinated Shareholder Creditor may take any Enforcement Action in
relation to Subordinated Shareholder Debt. 
  

	16	Enforcement of Security 

  

	16.1	Enforcement Instructions for Senior Security Documents other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian Assignment Agreements
and the Turkish Asset Security 

 Excluding the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security
where the enforcement instructions set out in clause 16.5 (Enforcement Instructions for Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security) and the Hungarian Assignment Agreements and the Turkish Asset Security
where the enforcement instructions set out in clause 16.6 (Enforcement Instructions for the Hungarian Assignment Agreements and the Turkish Asset Security) shall apply: 
  

	16.1.1	The Security Trustee may refrain from enforcing the security conferred by the Senior Security Documents unless and until instructed by the Majority Lenders.

  

 47 

	16.1.2	Subject to such security having become enforceable, the Majority Lenders may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing
the security conferred by the Senior Security Documents as they see fit. 

  

	16.1.3	Any instructions given to the Security Trustee by the Majority Lenders in respect of the Senior Security Documents will override any conflicting instructions given by any other
Parties, other than under clauses 16.2.2, 16.2.3, 16.3.2, 16.3.3, 16.4.2 and 16.4.3. The Security Trustee will be fully protected in complying with the instructions of the Majority Lenders in this respect. 

  

	16.1.4	The Security Trustee shall enforce the security conferred by the Senior Security Documents (if then enforceable) in such manner as the Majority Lenders instruct or, in the absence
of such instructions, as it sees fit and, subject as required by applicable law, having first regard to the interests of the Senior Creditors. 

  

	16.1.5	No Senior Creditor shall be responsible to any HY Creditor, any FRN Creditor, any Subordinated Bridge Creditor, any Subordinated Shareholder Creditor or any Obligor for any failure
or delay to enforce or maximise the proceeds of any enforcement of the Senior Security Documents (except to the extent arising from such person’s gross negligence or wilful default), and the Senior Creditors may cease any enforcement at any
time. 

  

	16.2	Enforcement Instructions for HY Security Documents other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security 

 Excluding the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security where the enforcement instructions set out in clause 16.5
(Enforcement Instruction for Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security) shall apply and subject at all times to clause 15 (Enforcement Action): 
  

	16.2.1	The Security Trustee may refrain from enforcing the security conferred by the HY Security Documents unless and until instructed by: 

  

	 	(a)	until (and including) the Senior Discharge Date, the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor
Enforcement and Subordinated Bridge Creditor Action) and subject to clauses 16.2.2 and 16.2.3, the HY Note Trustee; or 

  

	 	(b)	after the Senior Discharge Date, the HY Note Trustee. 

  

	16.2.2	Subject to such security having become enforceable, and subject to clause 16.2.3, until the Senior Discharge Date, the Security Trustee shall act, in relation to the security
conferred by the HY Security Documents, in accordance with the instructions of the Majority Lenders (which, subject to clause 16.2.3, shall override any conflicting instructions given by or on behalf of the HY Note Trustee). The Majority
Lenders or the HY Note Trustee may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the security conferred by the HY Security Documents (in the case of the HY Note Trustee, solely to the extent
permitted by clauses 15.1 (Restrictions on HY Creditor, FRN Creditor Enforcement and Subordinated Bridge Creditor Action) and clause 16.2.3). 

  

	16.2.3	The HY Note Trustee may instruct the Security Trustee in connection with any Enforcement Action in relation to the security conferred by the HY Security Documents and the Security
Trustee shall so act in accordance with the instructions given by or on behalf of the HY Note Trustee provided that: 

  

	 	(a)	the HY Note Trustee is permitted, in accordance with clauses 15.1.2 and 15.1.4, to direct the Security Trustee to take a particular Enforcement Action in relation to the
security conferred by the HY Security Documents; 

  

 48 

	 	(b)	all proceeds of such Enforcement Action shall be applied in accordance with paragraph 1 of Schedule 3 (Security Trustee); and 

  

	 	(c)	the Senior Finance Parties have not commenced Enforcement Action in relation to the relevant Senior Security Documents or the Senior Finance Parties have taken such Enforcement
Action in connection with the relevant Senior Security Document but are not pursuing it diligently or reasonably having regard to the fact, provided that if there is no undue delay in pursuing such Enforcement Action once proceedings have been
commenced, the Senior Finance Parties are entitled to maximise the proceeds for their own benefit. 

 The Security Trustee will
be fully protected in complying with the relevant instructions specified in clauses 16.2.2 and 16.2.3. 
  

	16.2.4	The Security Trustee shall enforce the security conferred by the HY Security Documents (if then enforceable) in such manner as instructed by the Majority Lenders or (in accordance
with this Deed) the HY Note Trustee or, in the absence of instructions as it sees fit and, subject as required by applicable law, having first regard to the interests of the Senior Creditors and HY Creditors, in that order. 

 

	16.2.5	Subject to the provisions of this clause 16 (Enforcement of Security), no Senior Creditor nor HY Creditor shall be responsible to any Subordinated Shareholder Creditor
or Obligor for any failure or delay to enforce or maximise the proceeds of any enforcement of the HY Security Documents (except to the extent arising from such person’s gross negligence or wilful default). 

  

	16.3	Enforcement Instructions for FRN Security Documents other than the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security 

 Excluding the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security where the enforcement instructions set out in clause 16.5
(Enforcement Instruction for Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security) shall apply and subject at all times to clause 15 (Enforcement Action): 
  

	16.3.1	The Security Trustee may refrain from enforcing the security conferred by the FRN Security Documents unless and until instructed by: 

  

	 	(a)	until (and including) the Senior Discharge Date, the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor
Enforcement and Subordinated Bridge Creditor Action) and subject to clauses 16.3.2 and 16.3.3, the FRN Trustee; or 

  

	 	(b)	after the Senior Discharge Date, the FRN Trustee. 

  

	16.3.2	Subject to such security having become enforceable, and subject to clause 16.3.3, until the Senior Discharge Date, the Security Trustee shall act, in relation to the security
conferred by the FRN Security Documents, in accordance with the instructions of the Majority Lenders (which, subject to clause 16.3.3, shall override any conflicting instructions given by or on behalf of the FRN Trustee). The Majority Lenders
or the FRN Trustee may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the security conferred by the FRN Security Documents (in the case of the FRN Trustee, solely to the extent permitted by
clauses 15.1 (Restrictions on HY Creditor, FRN Creditor Enforcement and Subordinated Bridge Creditor Action) and clause 16.3.3). 

  

	16.3.3	The FRN Trustee may instruct the Security Trustee in connection with any Enforcement Action in relation to the security conferred by the FRN Security Documents and the Security
Trustee shall so act in accordance with the instructions given by or on behalf of the FRN Trustee provided that: 

  

	 	(a)	the FRN Trustee is permitted, in accordance with clauses 15.1.2 and 15.1.4, to direct the Security Trustee to take a particular Enforcement Action in relation to the security
conferred by the FRN Security Documents; 

  

 49 

	 	(b)	all proceeds of such Enforcement Action shall be applied in accordance with paragraph 1 of Schedule 3 (Security Trustee); and 

  

	 	(c)	the Senior Finance Parties have not commenced Enforcement Action in relation to the relevant Senior Security Documents or the Senior Finance Parties have taken such Enforcement
Action in connection with the relevant Senior Security Document but are not pursuing it diligently or reasonably having regard to the fact, provided that if there is no undue delay in pursuing such Enforcement Action once proceedings have been
commenced, the Senior Finance Parties are entitled to maximise the proceeds for their own benefit. 

 The Security Trustee will
be fully protected in complying with the relevant instructions specified in clauses 16.3.2 and 16.3.3. 
  

	16.3.4	The Security Trustee shall enforce the security conferred by the FRN Security Documents (if then enforceable) in such manner as instructed by the Majority Lenders or (in accordance
with this Deed) the FRN Trustee or, in the absence of instructions as it sees fit and, subject as required by applicable law, having first regard to the interests of the Senior Creditors and FRN Creditors, in that order. 

  

	16.3.5	Subject to the provisions of this clause 16 (Enforcement of Security), no Senior Creditor nor FRN Creditor shall be responsible to any Subordinated Shareholder Creditor
or Obligor for any failure or delay to enforce or maximise the proceeds of any enforcement of the FRN Security Documents (except to the extent arising from such person’s gross negligence or wilful default). 

  

	16.4	Enforcement Instructions for Subordinated Bridge Security Documents other than the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the Hungarian
Assignment Agreements and the Turkish Asset Security 

 Excluding the Hungarian Security Deposit Deeds and the Turkish
Subsidiary Share Security where the enforcement instructions set out in clause 16.5 (Enforcement Instruction for Hungarian Security Deposit Deeds and the Hungarian Assignment Agreements) and the Hungarian Assignment Agreements and the
Turkish Asset Security where the enforcement instructions set out in clause 16.6 (Enforcement Instructions for the Hungarian Assignment Agreements and the Turkish Asset Security) shall apply and subject at all times to clause 15
(Enforcement Action): 
  

	16.4.1	The Security Trustee may refrain from enforcing the security conferred by the Subordinated Bridge Security Documents unless and until instructed by: 

  

	 	(a)	until (and including) the Senior Discharge Date, the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor and
Subordinated Bridge Creditor Enforcement Action) and subject to clauses 16.4.2 and 16.4.4, the Subordinated Bridge Trustee; or 

  

	 	(b)	after the Senior Discharge Date, the Subordinated Bridge Trustee. 

  

	16.4.2	 Subject to such security having become enforceable, and subject to clause 16.4.3 below, until the Senior Discharge Date, the Security Trustee shall act, in
relation to the security conferred by the Subordinated Bridge Security Documents, in accordance with the instructions of the Majority 

  

 50 

	 	 
Lenders (which, subject to clause 16.4.4, shall override any conflicting instructions given by or on behalf of the Subordinated Bridge Trustee). The
Majority Lenders or the Subordinated Bridge Trustee may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the security conferred by the Subordinated Bridge Security Documents (in the case of the
Subordinated Bridge Trustee, solely to the extent permitted by clauses 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action) and clause 16.4.3). 

  

	16.4.3	The Subordinated Bridge Trustee may instruct the Security Trustee in connection with any Enforcement Action in relation to the security conferred by the Subordinated Bridge Security
Documents and the Security Trustee shall so act in accordance with the instructions given by or on behalf of the Subordinated Bridge Trustee provided that: 

  

	 	(a)	the Subordinated Bridge Trustee is permitted, in accordance with clauses 15.1.2 and 15.1.4, to direct the Security Trustee to take a particular Enforcement Action in relation
to the security conferred by the Subordinated Bridge Security Documents; 

  

	 	(b)	all proceeds of such Enforcement Action shall be applied in accordance with paragraph 1 of Schedule 3 (Security Trustee); and 

  

	 	(c)	the Senior Finance Parties have not commenced Enforcement Action in relation to the relevant Senior Security Documents or the Senior Finance Parties have taken such Enforcement
Action in connection with the relevant Senior Security Document but are not pursuing it diligently or reasonably having regard to the fact, provided that if there is no undue delay in pursuing such Enforcement Action once proceedings have been
commenced, the Senior Finance Parties are entitled to maximise the proceeds for their own benefit. 

 The Security Trustee will
be fully protected in complying with the relevant instructions specified in clauses 16.4.2 and 16.4.3. 
  

	16.4.4	The Security Trustee shall enforce the security conferred by the Subordinated Bridge Security Documents (if then enforceable) in such manner as instructed by the Majority Lenders or
(in accordance with this Deed) the Subordinated Bridge Trustee or, in the absence of instructions as it sees fit and, subject as required by applicable law, having first regard to the interests of the Senior Creditors and Subordinated Bridge
Creditors, in that order. 

  

	16.4.5	Subject to the provisions of this clause 16 (Enforcement of Security), no Senior Creditor nor Subordinated Bridge Creditor shall be responsible to any Subordinated
Shareholder Creditor or Obligor for any failure or delay to enforce or maximise the proceeds of any enforcement of the Subordinated Bridge Security Documents (except to the extent arising from such person’s gross negligence or wilful default).

  

	16.5	Enforcement Instructions for Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security 

 Subject to clause 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action) above: 
  

	16.5.1	The Security Trustee may refrain from taking Enforcement Action in relation to the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security unless and until
instructed by: 

  

	 	(a)	until (and including) the Senior Discharge Date, the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor and
Subordinated Bridge Creditor Enforcement Action), and subject to clauses 16.5.2 and 16.5.3, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee; or 

  

 51 

	 	(b)	after the Senior Discharge Date, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee. 

  

	16.5.2	Subject to such security having become enforceable and subject to clause 16.5.3 below, until the Senior Discharge Date, the Security Trustee shall act, in relation to the
Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security, in accordance with the instructions of the Majority Lenders (which shall override any conflicting instructions given by or on behalf of the HY Note Trustee, the FRN Trustee
or the Subordinated Bridge Trustee). The Majority Lenders or the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the
security conferred by the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security (in the case of the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee, solely to the extent permitted by clauses 15.1
(Restrictions on HY Creditor, FRN Creditor or the Subordinated Bridge Creditor Enforcement Action) and clause 16.5.3). 

  

	16.5.3	The HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee may instruct the Security Trustee in connection with any Enforcement Action in relation to the Hungarian
Security Deposit Deeds and the Turkish Subsidiary Share Security and the Security Trustee shall so act in accordance with the instructions given by or on behalf of the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee provided
that: 

  

	 	(a)	the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee is permitted, in accordance with clauses 15.1.2 and 15.1.4, to direct the Security Trustee to take a
particular Enforcement Action in relation to the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security; 

  

	 	(b)	all proceeds of such Enforcement Action shall be applied in accordance with paragraph 1 of Schedule 3 (Security Trustee); and 

  

	 	(c)	the Senior Finance Parties have not commenced Enforcement Action in relation to the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security or the Senior Finance
Parties have taken such Enforcement Action in connection with the relevant Hungarian Security Deposit Deed or the Turkish Subsidiary Share Security but are not pursuing it diligently or reasonably having regard to the fact, provided that there is no
undue delay in pursuing such Enforcement Action once proceedings have been commenced, the Senior Finance Parties are entitled to maximise the proceeds for their own benefit. 

 The Security Trustee will be fully protected in complying with the relevant instructions specified in clauses 16.5.2 and 16.5.3. 
  

	16.5.4	The Security Trustee shall enforce the security conferred by the Hungarian Security Deposit Deeds and the Turkish Subsidiary Share Security (if then enforceable) in such manner as
instructed by the Majority Lenders or (in accordance with this Deed) the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee or, in the absence of such instructions, as it sees fit and, subject as required by applicable law, having
first regard to the interests of the Senior Creditors and then the HY Creditors, the FRN Creditors and the Subordinated Bridge Trustee in that order. 

  

	16.5.5	Subject to the provisions of this clause 16 (Enforcement of Security), no Senior Creditor, no HY Creditor, no FRN Creditor and no Subordinated Bridge Creditor shall be
responsible to any Subordinated Shareholder Creditor or Obligor for any failure to enforce or maximise the proceeds of any enforcement of the Hungarian Security Deposit Deeds or the Turkish Subsidiary Share Security (except to the extent arising
from such person’s gross negligence or wilful default) and the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee or (as the case may be) the Senior Creditors may cease any enforcement at any time. 

  

 52 

	16.6	Enforcement Instructions for the Hungarian Assignment Agreements and the Turkish Asset Security 

 Subject to clause 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action) above: 
  

	16.6.1	The Security Trustee may refrain from enforcing the security conferred by the Hungarian Assignment Agreements and the Turkish Asset Security unless and until instructed by:

  

	 	(a)	until (and including) the Senior Discharge Date, the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor and
Subordinated Bridge Creditor Enforcement Action) and subject to clauses 16.4.2 and 16.4.4, the Subordinated Bridge Trustee; or 

  

	 	(b)	after the Senior Discharge Date, the Subordinated Bridge Trustee. 

  

	16.6.2	Subject to such security having become enforceable, and subject to clause 16.6.3 below, until the Senior Discharge Date, the Security Trustee shall act, in relation to the
security conferred by the Hungarian Assignment Agreements and the Turkish Asset Security, in accordance with the instructions of the Majority Lenders (which, subject to clause 16.6.4, shall override any conflicting instructions given by or on
behalf of the Subordinated Bridge Trustee). The Majority Lenders or the Subordinated Bridge Trustee may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the security conferred by the Hungarian
Assignment Agreements and the Turkish Asset Security (in the case of the Subordinated Bridge Trustee, solely to the extent permitted by clauses 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement
Action) and clause 16.6.3). 

  

	16.6.3	The Subordinated Bridge Trustee may instruct the Security Trustee in connection with any Enforcement Action in relation to the security conferred by the Hungarian Assignment
Agreements and the Turkish Asset Security and the Security Trustee shall so act in accordance with the instructions given by or on behalf of the Subordinated Bridge Trustee provided that: 

  

	 	(a)	the Subordinated Bridge Trustee is permitted, in accordance with clauses 15.1.2 and 15.1.4, to direct the Security Trustee to take a particular Enforcement Action in relation
to the security conferred by the Hungarian Assignment Agreements and the Turkish Asset Security; 

  

	 	(b)	all proceeds of such Enforcement Action shall be applied in accordance with paragraph 1 of Schedule 3 (Security Trustee); and 

  

	 	(c)	the Senior Finance Parties have not commenced Enforcement Action in relation to the Hungarian Assignment Agreements and the Turkish Asset Security or the Senior Finance Parties have
taken such Enforcement Action in connection with the Hungarian Assignment Agreements and the Turkish Asset Security but are not pursuing it diligently or reasonably having regard to the fact, provided that if there is no undue delay in pursuing such
Enforcement Action once proceedings have been commenced, the Senior Finance Parties are entitled to maximise the proceeds for their own benefit. 

 The Security Trustee will be fully protected in complying with the relevant instructions specified in clauses 16.6.2 and 16.6.3. 
  

	16.6.4	 The Security Trustee shall enforce the security conferred by the Hungarian Assignment Agreements and the Turkish Asset Security (if then enforceable) in such manner
as instructed by 

  

 53 

	 	 
the Majority Lenders or (in accordance with this Deed) the Subordinated Bridge Trustee or, in the absence of instructions as it sees fit and, subject as
required by applicable law, having first regard to the interests of the Senior Creditors and Subordinated Bridge Creditors, in that order. 

  

	16.6.5	Subject to the provisions of this clause 16 (Enforcement of Security), no Senior Creditor nor Subordinated Bridge Creditor shall be responsible to any Subordinated
Shareholder Creditor or Obligor for any failure or delay to enforce or maximise the proceeds of any enforcement of the Hungarian Assignment Agreements and the Turkish Asset Security (except to the extent arising from such person’s gross
negligence or wilful default). 

  

	16.7	Release of Encumbrances under Certain Senior Security Documents 

  

	16.7.1	If: 

  

	 	(a)	in connection with any Enforcement Action of any of the Senior Security Documents (other than the Hungarian Security Deposit Deeds, the Hungarian Assignment Agreements, the Dutch
Share Securities, the Euroweb Romania Share Pledge, the Memorex Share Securities, the Turkish Asset Security and the Pledges of Receivables granted by the Issuer), the Security Trustee or any person appointed by the Security Trustee, sells or
otherwise disposes of any asset on the instructions or with the consent of the Majority Lenders; or 

  

	 	(b)	an Obligor sells or otherwise disposes of an asset the subject of the Senior Security Documents at the request of the Security Trustee on the instructions or with the consent of the
Majority Lenders after a Senior Default has occurred (other than the assets the subject of the Hungarian Security Deposit Deeds, the Hungarian Assignment Agreements, the Dutch Share Securities, the Euroweb Romania Share Pledge, the Memorex Share
Securities, the Turkish Asset Security and the Pledges of Receivables granted by the Issuer), 

 the Security Trustee may
execute on behalf of each Senior Creditor, each HY Creditor, each FRN Creditor, each Subordinated Bridge Creditor, each Obligor and the Ultimate Parent without the need for any further referral to or authority from such Senior Creditor, such HY
Creditor, such FRN Creditor, such Subordinated Bridge Creditor, such Obligor or the Ultimate Parent any release of the security created by such Senior Security Documents, such HY Security Documents, such FRN Security Documents and such Subordinated
Bridge Security Documents over that asset, provided that the net cash proceeds of sale or disposal are applied in payment of Debt in the order set out in paragraph 1 of Schedule 3 (Security Trustee) excluding for this purpose any
order of application relevant to the HY Debt, the FRN Debt or the Subordinated Bridge Debt (other than in relation to any Subordinated Bridge Lender Debt secured by the Subordinated Bridge Security Documents). 
  

	16.7.2	Each Senior Creditor, each HY Creditor, each FRN Creditor, each Subordinated Bridge Creditor, each Obligor and the Ultimate Parent will promptly execute such releases as the
Security Trustee may reasonably require to give effect to clause 16.7.1 above. No such release will affect the obligations and liabilities of any other Obligor or the Ultimate Parent under the Senior Finance Document, the HY Finance Documents,
the FRN Finance Documents and the Subordinated Bridge Finance Documents. 

  

	16.8	Release of Encumbrances under Certain other Senior Security Documents 

  

	16.8.1	If: 

  

	 	(a)	in connection with any Enforcement Action of any of the Pledges of Receivables granted by the Issuer, the Dutch Share Securities, the Euroweb Romania Share Pledge and the Memorex
Share Pledges, the Security Trustee or any person appointed by the Security Trustee, sells or otherwise disposes of any asset on the instructions or with the consent of the Majority Lenders; or 

  

 54 

	 	(b)	an Obligor sells or otherwise disposes of an asset the subject of the Pledges of Receivables granted by the Issuer, the Dutch Share Securities, the Euroweb Romania Share Pledge or
the Memorex Share Pledges at the request of the Security Trustee on the instructions or with the consent of the Majority Lenders after a Senior Default has occurred, 

 the Security Trustee may execute on behalf of each Senior Creditor, each HY Creditor, each FRN Creditor, each Subordinated Bridge Creditor and each
Obligor without the need for any further referral to or authority from such Senior Creditor, such HY Creditor, such FRN Creditor, such Subordinated Bridge Creditor or such Obligor: 
  

	 	(i)	any release of the security created by the Pledges of Receivables granted by the Issuer or, subject to clause 16.8.2, the Dutch Share Securities, the Euroweb Romania Share
Pledge, the Memorex Share Securities or the Second Ranking Pledge of HY Funding Loan, the Second Ranking Pledge of FRN Funding Loan or the Second Ranking Pledge of Subordinated Bridge Funding Loans, over that asset; and 

  

	 	(ii)	if such asset comprises shares in the capital of the Issuer, a release of the Issuer from all present and future liabilities (both actual and contingent and including, without
limitation, any liability to any other Obligor in connection with the Senior Finance Documents by way of contribution or indemnity) in its capacity as a guarantor under the Senior Finance Documents and, subject to clause 16.8.2, a release of
any Encumbrance granted by the Issuer over any of its assets under the Pledges of Receivables granted by the Issuer or the Dutch Share Securities, 

  

	 	(iii)	if such asset comprises shares in the capital of Euroweb Romania, a release of Euroweb Romania from all present and future liabilities (both actual and contingent and including,
without limitation, any liability to any other Obligor in connection with the Senior Finance Documents by way of contribution or indemnity) in its capacity as a guarantor under the Senior Finance Documents and, subject to clause 16.8.2, a
release of any Encumbrance granted by Euroweb Romania over any of its assets under the Euroweb Romania Share Pledge (as amended by the Euroweb Romania Share Pledge Amendment Agreement and the Second Euroweb Romania Share Pledge Amendment Agreement),

  

	 	(iv)	if such asset comprises shares in the capital of Memorex, a release of Memorex from all present and future liabilities (both actual and contingent and including, without limitation,
any liability to any other Obligor in connection with the Senior Finance Documents by way of contribution or indemnity) in its capacity as a guarantor under the Senior Finance Documents and, subject to clause 16.8.2, a release of any
Encumbrance granted by Memorex over any of its assets under the Memorex Share Pledges, 

 provided that the net cash proceeds of
sale or disposal are applied in payment of Debt in the order set out in paragraph 1 of Schedule 3 (Security Trustee) and provided further that such sale or disposal is a Qualified Sale. 
  

	16.8.2	Nothing in this clause 16.8 (Release of Encumbrances under Certain other Senior Security Documents) shall authorise the Security Trustee (or oblige the HY Creditors or
the FRN Creditors or the Subordinated Bridge Creditors) to release the HY Creditors’ or the FRN Creditors’ or the Subordinated Bridge Creditors’ second ranking security over the shares in the capital of the Issuer, Euroweb Romania or
Memorex. 

  

	16.8.3	 Each Senior Creditor and the HY Note Trustee (on behalf of all the HY Creditors), the FRN Trustee (on behalf of all the FRN Creditors) and the Subordinated Bridge
Trustee (on behalf of all the Subordinated Bridge Creditors) will promptly execute such releases as the Security 

  

 55 

	 	 
Trustee may reasonably require to give effect to clause 16.8.1 above. No such release will affect the obligations and liabilities of any other Obligor
under the Senior Finance Documents, the HY Finance Documents, the FRN Finance Documents and the Subordinated Bridge Finance Documents. 

  

	16.9	Release of Encumbrances under the Hungarian Security Deposit Deeds, the Turkish Subsidiary Share Security, the HY Security Documents, the FRN Security Documents and the
Subordinated Bridge Security Documents (other than the Hungarian Assignment Agreements and the Turkish Asset Security) and release of Debt 

  

	16.9.1	If: 

  

	 	(a)	in connection with any Enforcement Action of any of the Hungarian Security Deposit Deeds or of the Turkish Subsidiary Share Security or any of the other HY Security Documents or any
of the other FRN Security Documents or any of the other Subordinated Bridge Security Documents, the Security Trustee or any person appointed by the Security Trustee, sells or otherwise disposes of all or substantially all of the shares of an HY
Guarantor, an FRN Guarantor, a Subordinated Bridge Guarantor or (as the case may be) assets of an Obligor subject to any Hungarian Security Deposit Deed or the Turkish Subsidiary Share Security or any HY Security Document or any FRN Security
Document or any Subordinated Bridge Security Document until (and including) the Senior Discharge Date, on the instructions or with the consent of the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY
Creditor, FRN Creditor and Subordinated Bridge Creditor Enforcement Action) and subject to clauses 16.2.3, 16.3.3 and 16.4.3, on the instructions of the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee and, after the
Senior Discharge Date, on the instructions of the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee; or 

  

	 	(b)	an Obligor sells or otherwise disposes of an asset the subject of the Hungarian Security Deposit Deeds or the Turkish Subsidiary Share Security or any of the other HY Security
Documents or any of the other FRN Security Documents or any of the other Subordinated Bridge Security Documents, at the request of the Security Trustee on the instructions or with the consent of the Majority Lenders after a Senior Default has
occurred, 

 the Security Trustee may execute on behalf of each Senior Creditor, each Obligor, each HY Creditor, each FRN
Creditor and each Subordinated Bridge Creditor without the need for any further referral to or authority from such Senior Creditor, such HY Creditor, such FRN Creditor, such Subordinated Bridge Creditor or such Obligor; 
  

	 	(i)	any release of the security created by (A) in the case of a sale of all or substantially all of the shares of the Company, the Invitel Security Deposit Deeds, the Second
Ranking Pledge of HY Funding Loan, the Second Ranking Pledge of FRN Funding Loan and the Second Ranking Pledge of Subordinated Bridge Funding Loans, (B) in the case of a sale of all or substantially all of the shares of any other Obligor (other
than the Issuer) the relevant Hungarian Security Deposit Deed or the Turkish Subsidiary Share Security or (as the case may be) HY Security Document, FRN Security Document or Subordinated Bridge Security Document, (C) in the case of a sale of
the HY Funding Loan, the FRN Funding Loan and the Subordinated Bridge Funding Loans, the Second Ranking Pledge of the HY Funding Loan, the Second Ranking Pledge of FRN Funding Loan or the Second Ranking Pledge of Subordinated Bridge Funding Loans;
and (D) in the case of a sale or disposal under clause 16.9.1(b) above, the relevant Hungarian Security Deposit Deed or the Turkish Subsidiary Share Security or, as the case may be, the HY Security Document, the FRN Security Document and
the Subordinated Bridge Security Document, over that asset; and 

  

	 	(ii)	 if such asset comprises shares in the capital of an HY Guarantor (or any Holding Company of it) or an FRN Guarantor (or any Holding Company of it) or a Subordinated
Bridge 

  

 56 

	 	 
Guarantor (or any Holding Company of it), a release of the HY Guarantor, FRN Guarantor or Subordinated Bridge Guarantor from all present and future
liabilities (both actual and contingent) and/or the obligations in its capacity as a guarantor or borrower of the whole or any part of (i) the HY Subordinated Debt, the HY Guarantees and the HY Funding Loan Debt, (ii) the FRN Subordinated
Debt, the FRN Guarantees and the FRN Funding Loan Debt or (as the case may be) (iii) the Subordinated Bridge Subordinated Debt, the Subordinated Bridge Guarantees and the Subordinated Bridge Funding Loan Debt and a release of any Encumbrance
granted by such Obligor over any of its assets under any Security Documents, 

 provided that (1) the HY Note Trustee,
the FRN Trustee or (as applicable) the Subordinated Bridge Trustee has approved the release or (2) such sale or disposal is a Qualified Sale and the proceeds of such Qualified Sale are concurrently with the completion of such Qualified Sale
delivered to the Security Trustee for application in accordance with paragraph 1 of Schedule 3. 
  

	16.9.2	Each Senior Creditor, the HY Note Trustee (on behalf of the HY Creditors), the FRN Trustee (on behalf of the FRN Creditors), the Subordinated Bridge Trustee (on behalf of the
Subordinated Bridge Creditors) and, where necessary, each Obligor, will execute promptly such releases as the Security Trustee may reasonably require to give effect to clause 16.9.1 above. No such release will affect the obligations and
liabilities of any other Obligor under the Senior Finance Documents, the HY Finance Documents, the FRN Finance Documents and the Subordinated Bridge Finance Documents. 

  

	16.10	Release of Encumbrances under the Hungarian Assignment Agreements and the Turkish Asset Security and release of Debt  

  

	16.10.1	If: 

  

	 	(a)	in connection with any Enforcement Action of any of the Hungarian Assignment Agreements or any of the Turkish Asset Security, the Security Trustee or any person appointed by the
Security Trustee, sells or otherwise disposes of all or substantially all of the shares of a Subordinated Bridge Guarantor or (as the case may be) assets of an Obligor subject to any Hungarian Assignment Agreement or any Turkish Asset Security until
(and including) the Senior Discharge Date, on the instructions or with the consent of the Majority Lenders or, pursuant to and in accordance with clause 15.1 (Restrictions on HY Creditor, FRN Creditor and Subordinated Bridge Creditor
Enforcement Action) and subject to clause 16.4.3, on the instructions of the Subordinated Bridge Trustee and, after the Senior Discharge Date, on the instructions of the Subordinated Bridge Trustee; or 

  

	 	(b)	an Obligor sells or otherwise disposes of an asset the subject of the Hungarian Assignment Agreements or the Turkish Asset Security, at the request of the Security Trustee on the
instructions or with the consent of the Majority Lenders after a Senior Default has occurred, 

 the Security Trustee may
execute on behalf of each Senior Creditor, each Obligor and each Subordinated Bridge Creditor prior to the Subordinated Bridge Refinancing Date without the need for any further referral to or authority from such Senior Creditor, such Subordinated
Bridge Creditor prior to the Subordinated Bridge Refinancing Date or such Obligor, any release of the security created by such Hungarian Assignment Agreements or such Turkish Asset Security; provided that (1) the Subordinated Bridge Trustee has
approved the release or (2) such sale or disposal is a Qualified Sale and the proceeds of such Qualified Sale are concurrently with the completion of such Qualified Sale delivered to the Security Trustee for application in accordance with
paragraph 1 of Schedule 3. 
  

	16.10.2	 Each Senior Creditor, the Subordinated Bridge Trustee (on behalf of the Subordinated Bridge Creditors prior to the Subordinated Bridge Refinancing Date) and, where
necessary, each Obligor, will execute promptly such releases as the Security Trustee may reasonably require to 

  

 57 

	 	 
give effect to clause 16.10.1 above. No such release will affect the obligations and liabilities of any other Obligor under the Senior Finance Documents
and the Subordinated Bridge Finance Documents. 

  

	16.11	Disposals 

 Without prejudice to this
clause 16, each Finance Party, each Hedge Counterparty, each Subordinated Shareholder Creditor and each Obligor hereby authorises the Security Trustee and, to the extent applicable, the HY Note Trustee, the FRN Trustee and the Subordinated
Bridge Trustee to release in any manner whatsoever any Encumbrance and any guarantee (including any HY Guarantee or any FRN Guarantee or any Subordinated Bridge Guarantee) upon the sale or disposal of any asset (including shares) otherwise than
pursuant to an Enforcement Action provided that: 
  

	16.11.1	no Default shall have occurred and be continuing; and 

  

	16.11.2	such sale is in compliance with the terms of the Finance Documents. 

  

	17	Loss Sharing 

  

	17.1	Equalisation Payments 

 If any Senior Creditor (a
“Recovering Creditor”) receives an amount in discharge of the Senior Debt or the Hedging Liabilities (as the case may be) (a “Recovery”) after the date of enforcement of any of the Security Documents other than by
reason of a payment from the Security Trustee dealt with by paragraph 1 of Schedule 3 (Security Trustee), then: 
  

	17.1.1	such Recovering Creditor will notify the Security Trustee with details of such Recovery within three (3) Business Days of receipt or recovery; 

  

	17.1.2	the Security Trustee will determine whether such Recovery is in excess of the amount (the amount of the excess being the “Recovery Excess”) which such Recovering
Creditor would have received had such Recovery been effected by the Security Trustee pursuant to the Security Documents and applied as provided in paragraph 1 of Schedule 3 (Security Trustee), and shall notify such Recovering
Creditor accordingly (without taking account of any Tax which would be imposed on the Security Trustee in relation to such Recovery); 

  

	17.1.3	such Recovering Creditor will, within three Business Days of demand by the Security Trustee pay an amount equal to the Recovery Excess to the Security Trustee, retaining the balance
in pro tanto satisfaction of the amount due to it; 

  

	17.1.4	the Security Trustee shall treat the Recovery Excess as if it were the proceeds of enforcement of the Security Documents and shall deal with it in accordance with by
paragraph 1 of Schedule 3 (Security Trustee) save that, for the avoidance of doubt, the Senior Creditor making the payment shall be treated as having already received its share of the Recovery; and 

  

	17.1.5	at the option of the Recovering Creditor (i) the liability of the relevant Obligor and/or Security Provider to such Recovering Creditor shall be increased (or treated as not
having been reduced) by an amount equal to the Recovery Excess, or (ii) such Obligor and/or Security Provider shall fully indemnify such Recovering Creditor for the amount of the Recovery Excess. 

  

	17.2	Loss Sharing 

  

	17.2.1	 If for any reason any of the Senior Debt or Hedging Liabilities remains undischarged and any resulting losses are not being borne by the Senior Creditors pro
rata to the amount which their 

  

 58 

	 	 
respective Commitments bore to the Total Commitments on the date of enforcement of any of the Security Documents (the “Enforcement Date”),
the Senior Creditors shall make such payments between themselves as the Security Trustee shall require to ensure that after taking into account such payments such losses are borne by the Senior Creditors pro rata to their Commitments.

  

	17.2.2	For the purpose of this clause 17.2 (Loss sharing) and without duplication, (i) the Total Commitments under the Senior Facilities Agreement will be notionally
increased by an aggregate amount equal to the aggregate of the Settlement Amounts, if any, which would be payable to each Hedge Counterparty under the Hedge Agreements on the Enforcement Date, and (ii) each Hedge Counterparty shall be deemed to
have a Commitment in the amount equal to the Settlement Amount (being a positive number) payable to it under its Hedge Agreements on the Enforcement Date (and for this purpose “Settlement Amount” shall have the meaning ascribed to
it in the Hedge Agreements). 

  

	17.3	Exceptions 

  

	17.3.1	This clause 17 shall not apply to the extent that the Recovering Creditor would not, after making any payment pursuant to this clause, have a valid and enforceable claim
against the relevant Obligor. 

  

	17.3.2	A Recovering Creditor is not obliged to share with any other Senior Creditor any amount which the Recovering Creditor has received or recovered as a result of taking legal or
arbitration proceedings, if: 

  

	 	(a)	it notified that other Senior Creditors of the legal or arbitration proceedings; and 

  

	 	(b)	that other Senior Creditors had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice
and did not take separate legal or arbitration proceedings. 

  

	18	Consents and Limits 

  

	18.1	Override 

 Any waiver or consent granted by the
Majority Lenders in respect of any default or restriction or the like contained in or referred to in any of the Senior Finance Documents or Hedge Agreements shall for all purposes be deemed to have also been given (on the same terms and conditions,
mutatis mutandis) by each of the Subordinated Shareholder Creditors in respect of the Subordinated Shareholder Documents. 
  

	18.2	Non-Objection 

  

	18.2.1	No Party shall have any claim or remedy against any of the Senior Creditors by reason of any agreement or transaction entered into between any of the Senior Creditors and any member
of the Group which violates or is or causes a default under any of the provisions of (i) the HY Finance Documents relating to the HY Debt or (ii) the FRN Finance Documents relating to the FRN Debt, (iii) the Subordinated Bridge
Finance Documents relating to the Subordinated Bridge Debt or (iv) the Subordinated Shareholder Documents relating to the Subordinated Shareholder Debt provided that such agreement or transaction is not in breach of the terms of this Deed.

  

	18.2.2	 No Party shall have any claim or remedy against any of the HY Creditors or any of the FRN Creditors or any of the Subordinated Bridge Creditors by reason of any
agreement or transaction entered into between (i) any of the HY Creditors and any member of the Group or (ii) any of the FRN Creditors and any member of the Group or (iii) any of the Subordinated Bridge Creditors 

  

 59 

	 	 
and any member of the Group which violates or is or causes a default under any of the provisions of the Subordinated Shareholder Documents relating to the
Subordinated Shareholder Debt provided that such agreement or transaction is not in breach of the terms of this Deed. 

  

	18.3	Limit on Hedging Liabilities 

 An obligation or
liability under any interest rate swap or currency or interest rate hedging transaction will not constitute Hedging Liabilities if it is owed by any Obligor to a Hedge Counterparty which is not one of the parties specified in Part IV Schedule 1
(Hedge Counterparties) or permitted to accede to this Deed by clause 25.4 (Hedge Counterparty Accession). 
  

	19	Information 

  

	19.1	Amounts of Debt 

 Each of the Senior Agent, the
Hedge Counterparties, the HY Note Trustee, the FRN Trustee, the Subordinated Bridge Trustee and the Subordinated Shareholder Creditors will on written request by any of the others from time to time notify the others in writing of details of the
amount of the outstanding Senior Debt, Hedging Liabilities, HY Debt, FRN Debt, the Subordinated Bridge Debt and Subordinated Shareholder Debt (including the HY Funding Loan Debt, the FRN Funding Loan Debt and the Subordinated Bridge Funding Loan
Debt) as the case may be, so far as known to it. 
  

	19.2	Other Information 

 Subject to any contractual
confidentiality or non-disclosure agreement between any Obligor and any Senior Finance Party or any HY Creditor or any FRN Creditor or any Subordinated Bridge Creditor, each Obligor authorises each of the Senior Finance Parties, the Hedge
Counterparties, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors to disclose to each other and to shareholders or other investors in any Obligor all information relating to that Obligor, its Subsidiaries or related entities,
and coming into the possession of any of them in connection with the Senior Finance Documents, the Hedge Agreements, the HY Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents or the Subordinated Shareholder
Documents. 
  

	19.3	Defaults 

  

	19.3.1	Upon the Senior Agent becoming aware of the occurrence of a Senior Default or the HY Note Trustee becoming aware of a default in payment of any amounts due under the HY Indenture or
the HY Notes (a “HY Note Default”) or the FRN Trustee becoming aware of a default in payment of any amounts due under the FRN Indenture or the FRN Notes (a “FRN Note Default”) or the Subordinated Bridge Trustee
becoming aware of a default in payment of any amounts due under the Subordinated Bridge Facility, the Subordinated Bridge Refinancing Indenture or the Subordinated Bridge Refinancing Notes (a “Subordinated Bridge Default”)
respectively, the Senior Agent, the HY Note Trustee, the FRN Trustee or (as the case may be) the Subordinated Bridge Trustee will promptly notify the others in writing of the relevant default. 

  

	19.3.2	Upon the waiver or remedy of a Senior Default in accordance with the Senior Finance Documents, a HY Note Default in accordance with the HY Finance Documents, an FRN Default in
accordance with the FRN Finance Documents or (as the case may be) a Subordinated Bridge Default in accordance with the Subordinated Bridge Finance Documents, the Senior Agent, the HY Note Trustee, the FRN Trustee or (as the case may be) the
Subordinated Bridge Trustee will promptly notify the other in writing of that waiver or remedy. 

  

 60 

	20	Subrogation 

  

	20.1	Subrogation of HY Creditors, FRN Creditors and Subordinated Bridge Creditors 

 If the Senior Debt or any Hedging Liabilities are wholly or partially paid out of any proceeds received in respect or on account of the HY Subordinated Debt owing to the HY Creditors or the FRN Subordinated Debt owing
to the FRN Creditors or the Subordinated Bridge Subordinated Debt owing to the Subordinated Bridge Creditors, those HY Creditors, FRN Creditors, or (as the case may be) Subordinated Bridge Creditors will to that extent be subrogated to the Senior
Debt or Hedging Liabilities so paid and to all Encumbrances and guarantees for that Senior Debt or Hedging Liability provided that the HY Creditors, FRN Creditors or (as the case may be) Subordinated Bridge Creditors may not, without the prior
written consent of the Majority Lenders, exercise such subrogation rights until after the Senior Discharge Date. 
  

	20.2	No Subrogation of Subordinated Shareholder Creditors 

 The Subordinated Shareholder Creditors will not under any circumstances be subrogated to any of the rights of the Senior Creditors or the HY Creditors or the FRN Creditors or the Subordinated Bridge Creditors or any Encumbrances or
guarantees arising under the Senior Finance Documents, the Hedge Agreements, the HY Finance Documents, the FRN Finance Documents or the Subordinated Bridge Finance Documents. 
  

	21	Protection of Subordination 

  

	21.1	Continuing Subordination 

 The subordination and
priority provisions in this Deed constitute a continuing subordination and priority and benefit to the ultimate balance of the Senior Debt, the Hedging Liabilities, the HY Subordinated Debt, the FRN Subordinated Debt and the Subordinated Bridge
Subordinated Debt respectively regardless of any intermediate payment or discharge of the Senior Debt, the Hedging Liabilities, the HY Subordinated Debt, the FRN Subordinated Debt or the Subordinated Bridge Subordinated Debt in whole or in part.

  

	21.2	Waiver of Defences 

 Save as otherwise agreed by the
Majority Lenders, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee, the subordination and priority provisions in this Deed and the obligations of each HY Creditor or each FRN Creditor, each Subordinated Bridge Creditor,
Subordinated Shareholder Creditor and Obligor under this Deed will not be affected by any act, omission, matter or thing which, but for this provision, would reduce, release or prejudice the subordination or priority provisions or any of those
obligations in whole or in part, including without limitation: 
  

	21.2.1	any time, indulgence or waiver granted to, or composition with, any Obligor, HY Creditor, FRN Creditor, Subordinated Bridge Creditor, Subordinated Shareholder Creditor or any other
person or the release of any other Obligor, HY Creditor, FRN Creditor, Subordinated Bridge Creditor, Subordinated Shareholder Creditor or any other person under the terms of any composition or arrangement with any creditor of any member of the
Group; 

  

	21.2.2	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights or remedies against, or security over assets of,
any Obligor or Subordinated Shareholder Creditor or other person under the Senior Finance Documents or the Hedge Agreements or the HY Finance Documents or the FRN Finance Documents or the Subordinated Bridge Finance Documents or otherwise or any non
presentment or non observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any security; 

  

 61 

	21.2.3	any variation (however fundamental) or replacement of any Senior Finance Document, Hedge Agreements, any HY Finance Document, any FRN Finance Document, any Subordinated Bridge
Finance Document or other document; 

  

	21.2.4	any unenforceability, illegality, invalidity or frustration of any obligation of an Obligor or Subordinated Shareholder Creditor or HY Creditor or FRN Creditor or Subordinated
Bridge Creditor or security under the Senior Finance Documents or the Hedge Agreements or the HY Finance Documents or the FRN Finance Documents or the Subordinated Bridge Finance Documents or any other document or security or the failure by any
member of the Group to enter into or be bound by any Senior Finance Document or the Hedge Agreements or any HY Finance Document or any FRN Finance Document or any Subordinated Bridge Finance Document; or 

  

	21.2.5	any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of any Obligor or Subordinated Shareholder Creditor or HY Creditor or
FRN Creditor or Subordinated Bridge Creditor under any Senior Finance Document or any HY Finance Document or any FRN Finance Document or any Subordinated Bridge Finance Document or the Hedge Agreements resulting from any insolvency, liquidation or
dissolution proceedings or from any law, regulation or order. 

  

	21.3	Variations 

 Without limiting the generality of
clause 21.2 (Waiver of Defences) (but without prejudice to the other provisions of this Deed), the Senior Creditors and the Hedge Counterparties may, at any time and from time to time, without the consent of the HY Creditors or the FRN
Creditors or the Subordinated Bridge Creditors or the Obligors or the Subordinated Shareholder Creditors, without incurring responsibility to the HY Creditors or the FRN Creditors or the Subordinated Bridge Creditors or the Obligors or the
Subordinated Shareholder Creditors and without impairing or releasing the provisions of this Deed do any one or more of the following: 
  

	21.3.1	change the manner, place, terms or time of payment of, or renew or alter, the Senior Debt and/or Hedging Liabilities or any instrument evidencing the same or any agreement under
which the Senior Debt and/or Hedging Liabilities is outstanding; 

  

	21.3.2	sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt and/or Hedging Liabilities; 

  

	21.3.3	release any person liable in any manner for the collection or payment of Senior Debt and/or Hedging Liabilities; and 

  

	21.3.4	exercise or refrain from exercising any rights against any Guarantors of the Senior Debt and/or Hedging Liabilities and any other person. 

  

	21.4	Appropriations 

  

	21.4.1	Until (and including) the Senior Discharge Date, each Senior Creditor (or any trustee or agent on their behalf) may (subject to any provision of this Deed to the contrary):

  

	 	(a)	apply any cash or property received under this Deed or from an Obligor or any other person against the Senior Debt and/or Hedging Liabilities owed to it, in such order as it sees
fit; 

  

	 	(b)	(if it so decides) apply any cash or property received from an Obligor or from any other person (other than money or property received under the Senior Finance Documents or under
this Deed) against any liability other than the Senior Debt and/or Hedging Liabilities owed to it; and 

  

 62 

	 	(c)	(unless such cash or property in the aggregate is sufficient to bring about the Senior Discharge Date if otherwise applied in accordance with the provisions of this Deed) hold in a
suspense account (bearing interest at a market rate usual for accounts of that type) any cash or the net proceeds of any distribution received from the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors, the Subordinated Shareholder
Creditors or the Obligors or on account of the liability of any HY Creditor, any FRN Creditor, any Subordinated Bridge Creditor, any Subordinated Shareholder Creditor or any Obligor (as appropriate) under this Deed. 

  

	21.4.2	From the Senior Discharge Date until (and including) the HY Discharge Date (in the case of a HY Creditor) or the FRN Discharge Date (in the case of an FRN Creditor) or the
Subordinated Bridge Discharge Date (in the case of a Subordinated Bridge Creditor), each HY Creditor, each FRN Creditor and each Subordinated Bridge Creditor (or any trustee or agent on their behalf) may (subject to any provision of this Deed or any
applicable HY Finance Documents, FRN Finance Documents or (as the case may be) Subordinated Bridge Finance Documents to the contrary): 

  

	 	(a)	apply any cash or property received under this Deed from an HY Guarantor, an FRN Guarantor or (as the case may be) a Subordinated Bridge Guarantor or from any other person against
the HY Subordinated Debt, FRN Subordinated Debt or (as the case may be) Subordinated Bridge Subordinated Debt owed to it, in such order as it sees fit; 

  

	 	(b)	(if it so decides) apply any cash or property received from an HY Guarantor, an FRN Guarantor, or (as the case may be) a Subordinated Bridge Guarantor or from any other person
(other than money or property received under the HY Finance Documents, the FRN Finance Documents or (as the case may be) the Subordinated Bridge Finance Documents or under this Deed) against any liability other than the HY Subordinated Debt, the FRN
Subordinated Debt or (as the case may be) the Subordinated Bridge Subordinated Debt owed to it; and 

  

	 	(c)(unless	and until such cash or property in the aggregate is sufficient to bring about the HY Discharge Date, the FRN Discharge Date or (as the case may be) the Subordinated Bridge Discharge
Date if otherwise applied in accordance with the provisions of this Deed hold in a suspense account (bearing interest at a market rate usual for accounts of that type) any cash or the net proceeds of any distribution received from the Subordinated
Shareholder Creditors or the Obligors or on account of the liability of any Subordinated Shareholder Creditor or Obligor (as appropriate) under this Deed. 

  

	21.5	Immediate Recourse 

  

	21.5.1	Until (and including) the Senior Discharge Date, each of the HY Creditors, the FRN Creditors, the Subordinated Bridge Creditors and Subordinated Shareholder Creditors waives any
right it may have of first requiring any Senior Creditor (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming the benefit of this Deed.

  

	21.5.2	Until (and including) the HY Discharge Date (in the case of HY Creditors), the FRN Discharge Date (in the case of FRN Creditors) and the Subordinated Bridge Discharge Date (in the
case of the Subordinated Bridge Creditors), each of the Subordinated Shareholder Creditors waives any right it may have of first requiring any HY Creditor or any FRN Creditor or any Subordinated Bridge Creditor (or any trustee or agent on its
behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming the benefit of this Deed. 

  

 63 

	22	Preservation of Debt/Marshalling 

  

	22.1	Preservation of Debt 

 In spite of any term of this
Deed postponing, subordinating or preventing the payment of any of the Senior Debt, HY Debt, FRN Debt, Subordinated Bridge Debt, Hedging Liabilities or Subordinated Shareholder Debt as between the Obligors, the Senior Creditors, the HY Creditors,
the FRN Creditors, the Subordinated Bridge Creditors and the Subordinated Shareholder Creditors (as applicable), the Senior Debt, Hedging Liabilities, the HY Debt, the FRN Debt, the Subordinated Bridge Debt and the Subordinated Shareholder Debt
shall remain owing or payable (and interest or default interest shall continue to accrue) in accordance with the terms of the Senior Finance Documents, the HY Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents,
the Hedge Agreements or the Subordinated Shareholder Documents (as the case may be). No delay in exercising rights and remedies under any of the HY Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents or the
Subordinated Shareholder Documents by reason of any term of this Deed postponing, restricting or preventing such exercise shall operate as a permanent waiver of any of those rights and remedies. 
  

	22.2	Marshalling 

 Each of the HY Note Trustee (for and
on behalf of each HY Creditor), the FRN Trustee (for and on behalf of each FRN Creditor) and the Subordinated Bridge Trustee (for and on behalf of each Subordinated Bridge Creditor) hereby waives any rights that the HY Creditors, the FRN Creditors
or the Subordinated Bridge Creditors (as applicable) may have under applicable law to assert the doctrine of marshalling or to otherwise require the Security Trustee to marshal all or any portion of the assets the subject of any Security Documents
for the benefit of the HY Creditors, the FRN Creditors or (as applicable) the Subordinated Bridge Creditors. 
  

	23	Power of Attorney 

  

	23.1	Secured Creditor 

 By way of security for the
obligations of each Secured Creditor, each Secured Creditor irrevocably appoints the Security Trustee as its attorney to do anything which the Secured Creditor (a) has authorised the Security Trustee to do under this Deed and (b) is
required and legally able to do by this Deed but has failed to do for a period of five (5) Business Days after receiving notice from the Security Trustee requiring it to do so. 
  

	23.2	Obligor/Subordinated Shareholder Creditors 

 By way
of security for the performance of its obligations hereunder, each Obligor and each Subordinated Shareholder Creditor hereby irrevocably appoints each of the Security Trustee, any Receiver of the Trust Property or any part of it and their delegates
and sub-delegates to be its attorney acting severally (or jointly with any other such attorney or attorneys) and on its behalf and in its name or otherwise to do any and every thing which: 
  

	23.2.1	such Obligor or (as the case may be) Subordinated Shareholder Creditor is obliged to do under the terms of this Deed but has failed to do so for a period of 5 Business Days after
notice from the Security Trustee to do the same; or 

  

	23.2.2	following an Event of Default, such Obligor or (as the case may be) Subordinated Shareholder Creditor is obliged to do under the terms of this Deed but has failed to do so for a
period of 2 Business Days after notice from the Security Trustee to do the same; or 

  

 64 

	23.2.3	following an Enforcement Event, such attorney considers necessary or desirable in order to enable the Security Trustee or such attorney to exercise the rights conferred on it by
this Deed or by law. 

  

	24	Expenses 

  

	24.1	Enforcement Costs 

 Each Obligor and Subordinated
Shareholder Creditor shall, within three Business Days of demand, pay to each Senior Finance Party or HY Creditor or FRN Creditor or Subordinated Bridge Creditor the amount of all costs and expenses incurred by it in connection with the enforcement
against that Obligor or Subordinated Shareholder Creditor (as the case may be) of such person’s rights against it under this Deed. 
  

	24.2	Legal Expenses and Taxes 

 The costs and expenses
referred to above include, without limitation, the properly incurred fees and expenses of legal advisers and any value added tax or similar tax, and are payable in the currency in which they are incurred. 
  

	25	Changes to the Parties 

  

	25.1	Successors and Assigns 

 This Deed is binding on the
successors and assigns of the parties hereto. 
  

	25.2	Obligors 

 No Obligor may assign or transfer any of
its rights (if any) or obligations under this Deed. 
  

	25.3	Additional Obligors 

 If any member of the Group (an
“Additional Obligor”) borrows, guarantees or otherwise becomes liable for any Debt, or otherwise becomes an Operating Company, an IPO Subsidiary or a Material Subsidiary, the Issuer will procure that such Additional Obligor becomes
a party to this Deed as an Obligor by the execution and delivery to the Security Trustee of a duly completed Deed of Accession. 
  

	25.4	Hedge Counterparty Accession 

 No person entering
into any Hedge Agreements with any Obligor will be entitled to share in any of the security constituted by the Senior Security Documents in respect of any of the liabilities or debt arising under such Hedge Agreements or benefit from the
undertakings of the Parties to this Deed and thereafter until: 
  

	25.4.1	such person is specified in Part III of Schedule 1 (Original Parties); or 

  

	25.4.2	such person is a Lender or an affiliate of a Lender and has executed and delivered to the Security Trustee a duly completed Deed of Accession. 

 Upon delivery of such a Hedge Counterparty Accession Undertaking to the Security Trustee such person will, subject to this clause 25.4, acquire all
its rights and assume all its obligations as a Hedge Counterparty under this Deed in relation to any Hedge Agreements to which it is a party that are entered other than in breach of the Senior Finance Documents. 
  

 65 

	25.4.3	Each party to this Deed agrees and acknowledges that a Hedge Counterparty may assign or transfer all or any of its rights, liabilities or obligations under this Agreement to any
person described in clause 25.4.2 above, provided that such assignment or transfer is contemporaneous with and to the same person as an assignment or transfer by the relevant Hedge Counterparty of its corresponding obligations and/or rights in
respect of the relevant Hedge Agreements and provided further that any such assignment or transfer shall be conditional upon the relevant assignee having executed a Deed of Accession by which such assignee agrees to be bound by and comply with the
Obligations incumbent upon the relevant Hedge Counterparty under this Deed as if it had been a party to the Deed in place of the Hedge Counterparty. 

  

	25.5	Senior Lenders and Subordinated Bridge Lenders 

  

	25.5.1	No Senior Lender will assign, transfer or dispose of any of the Senior Debt owing to it or its proceeds or any interest in that Senior Debt or its proceeds, or any security
therefore, to or in favour of any person, or transfer by novation or otherwise any of its rights or obligations under any Senior Finance Document to any person, unless that person agrees with the parties hereto that it is bound by all the terms of
this Deed as a Senior Creditor by the execution and delivery to the Senior Agent of a Transfer Certificate. 

  

	25.5.2	No Subordinated Bridge Lender will assign, transfer or dispose of any of the Subordinated Bridge Debt owing to it or its proceeds or any interest in that Subordinated Bridge Debt or
its proceeds, or any security therefore, to or in favour of any person, or transfer by novation or otherwise any of its rights or obligations under any Subordinated Bridge Finance Document to any person, unless that person agrees with the parties
hereto that it is bound by all the terms of this Deed as a Subordinated Bridge Creditor by the execution and delivery of a Deed of Accession. 

  

	25.6	HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee 

 Neither the HY Note Trustee, the FRN Trustee nor the Subordinated Bridge Trustee will assign, transfer or dispose of any of its rights or obligations under any HY Finance Document, any FRN Finance Documents or (as the
case may be) any Subordinated Bridge Finance Document to any person, unless that person is a bank, trust or other financial institution not prohibited from having such involvement by the terms of the HY Finance Documents, the FRN Finance Documents
or (as the case may be) the Subordinated Bridge Finance Documents and that person agrees with the parties hereto that it is bound by all the terms of this Deed as the HY Note Trustee, the FRN Trustee or (as applicable) the Subordinated Bridge
Trustee by executing a Deed of Accession. 
  

	25.7	Accession and Resignation of Security Trustee/Agents 

 Neither the Security Trustee, the HUF Agent nor the Senior Agent may resign or be removed except as specified in Schedule 3 (Security Trustee), or in the Senior Finance Documents (as the case may be) and (save as set out in
Schedule 3 (Security Trustee)) only if a replacement Security Trustee or Senior Agent or HUF Agent (as the case may be) agrees with all other parties hereto to become party to and bound by all the terms of this Deed as the replacement
agent or trustee (as the case may be). 
  

	25.8	Subordinated Shareholder Creditors 

  

	25.8.1	 None of the Subordinated Shareholder Creditors will, except with the consent of the Senior Agent (on the instructions of the Majority Lenders) if prior to the
Senior Discharge Date or the HY Note Trustee, if after the Senior Discharge Date but prior to the HY Discharge Date, and/or the FRN Trustee, if after the Senior Discharge Date but prior to the FRN Discharge Date and/or the Subordinated Bridge
Trustee, if after the Senior Discharge Date but prior to the Subordinated Bridge Discharge Date, subordinate any of the Subordinated Shareholder Debt owing to it or its 

  

 66 

	 	 
proceeds to any sums owing by any Obligor to any person (other than Senior Debt, Hedging Liabilities, the HY Subordinated Debt, the FRN Subordinated Debt and
the Subordinated Bridge Subordinated Debt). 

  

	25.8.2	To the extent that a Subordinated Shareholder Creditor is entitled to assign or transfer any Subordinated Shareholder Debt it shall do so in accordance with the terms of the
relevant Subordinated Shareholder Document provided that: 

  

	 	(a)	the assignee or transferee is a person approved by the Security Trustee acting on the instructions of the Senior Lenders (acting reasonably in the case of a transfer to a Holding
Company or Subsidiary); and 

  

	 	(b)	such assignment or transfer is conditional upon the relevant assignee or transferee having first acceded to this Deed by executing and delivering to the Security Trustee a duly
completed Deed of Accession. 

  

	25.8.3	In accordance with clause 19.1.2 of the Senior Facilities Agreement, any Restricted Person will be required to become party to this Deed to the extent such person is not an
Original Subordinated Shareholder Creditor on the date of this Deed. 

  

	25.9	Transfer Certificates and Accession Agreements 

 Each of the other parties hereto hereby irrevocably authorises the Security Trustee as its agent to sign on its behalf, respectively, any Transfer Certificate (as defined in the Senior Facilities Agreement) entered into pursuant to the
Senior Facilities Agreement as well as any deed of accession to be entered into pursuant hereto, solely in order that such Transfer Certificate or Deed of Accession may be supplemental to this Deed and be binding on and enure to the benefit of all
the parties hereto. 
  

	25.10	Validity 

 If any person intended to be bound by
this Deed does not become party to it or is not bound by it for any reason that shall not affect the rights and obligations of the other persons party to this Deed. 
  

	26	Status of Obligors 

 None of the Obligors has any
rights under this Deed against any of the Senior Creditors, the HY Creditors, the FRN Creditors and the Subordinated Bridge Creditors and none of the undertakings given by the Senior Creditors, the HY Creditors, the FRN Creditors and the
Subordinated Bridge Creditors are given (or shall be deemed to have been given) to, or for the benefit of, the Obligors (save that after the application of any proceeds in the manner provided in the first to fourth sub-paragraphs of
paragraph 1.1 of Schedule 3 (Security Trustee) the Obligor concerned or other person entitled thereto shall be entitled to any surplus proceeds). 
  

	27	Notices 

  

	27.1	Communications in writing 

 Any communication to be
made under or in connection with this Deed shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

 67 

	27.2	Addresses 

 The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Deed is: 
  

	27.2.1	in the case of the Ultimate Parent, the Issuer, the Company, the Subordinated Shareholder Creditors, the Original Hedge Counterparties, the HY Note Trustee (being a Responsible
Officer (as defined in clause 9 (HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee Provisions), the FRN Trustee (being a Responsible Officer as defined in clause 9 (HY Note Trustee, the FRN Trustee Provisions and
the Subordinated Bridge Trustee) and the Subordinated Bridge Trustee being a Responsible Officer as defined in clause 9 (HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee Provisions), that identified with its name in
Schedule 1 below; 

  

	27.2.2	in the case of the Senior Finance Parties, that applying for the purposes of the Senior Facilities Agreement; and 

  

	27.2.3	that specified in the relevant Deed of Accession for any person who is not a Party at the date hereof, 

 or any substitute address, fax number or department or officer as the Party may notify to the Security Trustee (or the Security Trustee may notify to the
other Parties, if a change is made by the Security Trustee) by not less than five (5) Business Days’ notice. 
  

	27.3	Delivery 

 Any communication or document made or
delivered by one person to another under or in connection with this Deed will only be effective: 
  

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in a correctly addressed
envelope; 

 and, if a particular department or officer is specified as part of its address details provided under
clause 27.2 (Addresses), if addressed to that department or officer. 
  

	27.4	Obligors 

  

	27.4.1	All formal communications under this Deed to or from the Issuer shall be sent through the Security Trustee. 

  

	27.4.2	All formal communications under this Deed to or from an Obligor or a Subordinated Shareholder Creditor (other than the Issuer) shall be sent through the Issuer.

  

	27.4.3	Each Obligor and Subordinated Shareholder Creditor (other than the Issuer) irrevocably appoints the Issuer to act as its agent: 

  

	 	(a)	to give and receive all communications under this Deed; 

  

	 	(b)	to supply all information concerning itself to any Party; and 

  

	 	(c)	to sign all documents under or in connection with this Deed. 

  

	27.4.4	Any communication given to the Issuer in connection with this Deed will be deemed to have been given also to the other Obligors and the Subordinated Shareholder Creditors.

  

 68 

	27.4.5	The Senior Agent, the Security Trustee, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee may assume that any communication made by the Issuer is made with
the consent of each other Obligor. 

  

	27.4.6	The Security Trustee agrees to notify the Senior Agent promptly of the contents of each notice, certificate and other document received by the Security Trustee from the Obligors or
any Subordinated Shareholder Creditor. 

  

	27.5	Notification of address and fax number 

 Promptly
upon receipt of notification of an address and fax number or change of address or fax number pursuant to clause 27.2 (Addresses) above or changing its own address, fax number or telex number, the Security Trustee shall notify the other
Parties. 
  

	27.6	Electronic communication 

  

	27.6.1	Any communication to be made between an Agent or the Security Trustee and a Senior Finance Party, a Hedge Counterparty, the HY Note Trustee, the FRN Trustee or the Subordinated
Bridge Trustee under or in connection with this Deed may be made by electronic mail or other electronic means, if the relevant Agent, the Security Trustee and the relevant Creditor: 

  

	 	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(b)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(c)	notify each other of any change to their address or any other such information supplied by them. 

  

	27.6.2	Any electronic communication made between the Senior Agent or the Security Trustee and a Senior Finance Party, a Hedge Counterparty, the HY Note Trustee, the FRN Trustee or the
Subordinated Bridge Trustee will be effective only when actually received in readable form and in the case of any electronic communication made by a Senior Finance Party, a Hedge Counterparty, the HY Note Trustee, the FRN Trustee or the Subordinated
Bridge Trustee to the Senior Agent or the Security Trustee only if it is addressed in such a manner as the relevant Agent or Security Trustee shall specify for this purpose. 

  

	27.7	English language 

  

	27.7.1	Any notice given under or in connection with this Deed must be in English. 

  

	27.7.2	All other documents provided under or in connection with this Deed must be: 

  

	 	(a)	in English; or 

  

	 	(b)	if not in English, and if so required by the Security Trustee, accompanied by a certified English translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document. 

  

	27.8	Restrictions on Notices to Austria 

 No
communication under or in connection with this Deed shall be made to or from an address located inside of the Republic of Austria. The forgoing sentence applies mutatis mutandis to any communication made by fax, electronic message or in other
written form. 
  

 69 

	28	Waivers, Remedies Cumulative 

 No failure to
exercise, nor any delay in exercising, on the part of any Senior Creditor or any HY Creditor or any FRN Creditor or any Subordinated Bridge Creditor, any right or remedy under this Deed or the Senior Finance Documents, the Hedge Agreement or the HY
Finance Documents or the FRN Finance Documents or the Subordinated Bridge Finance Documents (as applicable) shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Deed are cumulative and not exclusive of any rights or remedies provided by law. 
  

	29	The Security Trustee 

  

	29.1	Appointment 

 Each Senior Finance Party, each Hedge
Counterparty, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee irrevocably appoints the Security Trustee to act as its agent and trustee hereunder and with respect to (in the case of the Senior Finance Parties and the Hedge
Counterparties) the Senior Security Documents, (with respect to the HY Note Trustee) the HY Security Documents, (with respect to the FRN Note Trustee) the FRN Security Documents and (with respect to the Subordinated Bridge Trustee) the Subordinated
Bridge Security Documents, respectively, on the terms set out in Schedule 3 (Security Trustee). 
  

	29.2	Security Trustee’s acceptance 

 The Security
Trustee accepts its appointment under clause 29.1 (Appointment) above as trustee of the Trust Property with effect from the date of this Deed to hold the Trust Property on trust for itself and the other Secured Parties on and subject to
the terms set out in Schedule 3 (Security Trustee) and the Security Documents. 
  

	29.3	Conflict 

 Each Obligor and Subordinated Shareholder
Creditor agrees to the terms set out in Schedule 3 (Security Trustee). In the event of any conflict between the terms of Schedule 3 (Security Trustee) and the Senior Facilities Agreement and/or the HY Finance Documents and/or the
FRN Finance Documents and/or the Subordinated Bridge Finance Documents, the terms of Schedule 3 (Security Trustee) shall prevail. 
  

	29.4	Non-Trust Jurisdictions 

 It is hereby agreed that,
in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be created by this Deed, the relationship of the Secured Creditors to the Security Trustee shall be construed as one of principal and
agent but, to the extent permissible until the laws of such jurisdiction, all the other provisions of this Deed shall have full force and effect between the parties hereto. 
  

	29.5	Senior Parallel Debt/Junior Parallel Debt/Subordinated Bridge Lender Junior Parallel Debt 

 Without prejudice to the generality of clause 29.4 (Non-Trust Jurisdictions) other than with respect to the Hungarian Security Deposit Deeds,
the Turkish Subsidiary Share Security, the Hungarian Assignment Agreements and the Turkish Asset Security: 
  

	29.5.1	 For the purpose of ensuring and preserving the validity and continuity of the Senior Security Documents and the Encumbrances created or to be created pursuant
thereto, each Obligor hereby irrevocably and unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as a surety, to the Security Trustee amounts equal to and in the currency of the 

  

 70 

	 	 
Senior Obligations from time to time due in accordance with the terms and conditions of the Senior Obligations as and when the same shall become due, owing
or incurred (such payment undertaking and the obligations and liabilities which are the result thereof the “Senior Parallel Debt”). 

  

	29.5.2	Every payment of monies made to the Security Trustee by the Company shall be in satisfaction pro tanto of the covenant by the Company contained in clause 29.5.1 above;

  

	29.5.3	Notwithstanding any of the other provisions of this clause 29.5: 

  

	 	(a)	the total amount due and payable under the Senior Parallel Debt shall be decreased to the extent that an Obligor shall have paid any amounts to the Senior Creditors or any of them
to reduce the Senior Obligations; and 

  

	 	(b)	the total amount due and payable under the Senior Obligations shall be decreased to the extent that an Obligor shall have paid any amounts to the Security Trustee in respect of the
Senior Parallel Debt. 

  

	29.5.4	Each Obligor and Subordinated Shareholder Creditor acknowledges that the Security Trustee will have its own independent claim as creditor of any Senior Obligations as a result of
the Senior Parallel Debt. 

  

	29.5.5	In the event of a resignation of the Security Trustee or the appointment of a new Security Trustee, the retiring Security Trustee shall assign the Senior Parallel Debt owed to it,
to the successor Security Trustee pursuant to paragraph 19 of Schedule 3 (Security Trustee). 

  

	29.5.6	For the purpose of ensuring and preserving the validity and continuity of the HY Security Documents and the Encumbrances created or to be created pursuant thereto and the FRN
Security Documents and the Encumbrances created or to be created pursuant thereto and the Subordinated Bridge Security Documents and the Encumbrances created or to be created pursuant thereto, the Issuer, each HY Guarantor, each FRN Guarantor and
each Subordinated Bridge Guarantor hereby irrevocably and unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as a surety, to the Security Trustee amounts equal to and in the currency of the Junior Obligations
from time to time due in accordance with the terms and conditions of the Junior Obligations as and when the same shall become due, owing or incurred (such payment undertaking and the obligations and liabilities which are the result thereof, the
“Junior Parallel Debt”). 

  

	29.5.7	Every payment of monies made to the Security Trustee by the Issuer shall be in satisfaction pro tanto of the covenant by the Issuer contained in clause 29.5.6 above;

  

	29.5.8	Notwithstanding any of the other provisions of this clause 29.5: 

  

	 	(a)	the total amount due and payable under the Junior Parallel Debt shall be decreased to the extent that the Issuer or, as the case may be, an HY Guarantor or, as the case may be, an
FRN Guarantor or, as the case may be, a Subordinated Bridge Guarantor shall have paid any amounts to the HY Creditors or any of them, to the FRN Creditors or any of them or (as the case may be) to the Subordinated Bridge Creditors or any of them to
reduce the Junior Obligations; and 

  

	 	(b)	the total amount due and payable under the Junior Obligations shall be decreased to the extent that the Issuer or, as the case may be, an HY Guarantor or, as the case may be, an FRN
Guarantor or, as the case may be, a Subordinated Bridge Guarantor shall have paid any amounts to the Security Trustee in respect of the Junior Parallel Debt. 

  

 71 

	29.5.9	The Issuer, each HY Guarantor, each FRN Guarantor, each Subordinated Bridge Guarantor and Subordinated Shareholder Creditor acknowledges that the Security Trustee will have its own
independent claim as creditor of any Junior Obligations as a result of the Junior Parallel Debt. 

  

	29.5.10	In the event of a resignation of the Security Trustee or the appointment of a new Security Trustee, the retiring Security Trustee shall assign the Junior Parallel Debt owed to it,
to the successor Security Trustee pursuant to paragraph 19 of Schedule 3 (Security Trustee). 

  

	29.5.11	For the purpose of ensuring and preserving the validity and continuity of the Subordinated Bridge Security Documents securing the Subordinated Bridge Lender Junior Obligations and
the Encumbrances created or to be created pursuant thereto, the Issuer and each Subordinated Bridge Guarantor hereby irrevocably and unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as a surety, to the Security
Trustee amounts equal to and in the currency of the Subordinated Bridge Lender Junior Obligations from time to time due in accordance with the terms and conditions of the Subordinated Bridge Lender Junior Obligations as and when the same shall
become due, owing or incurred (such payment undertaking and the obligations and liabilities which are the result thereof, the “Subordinated Bridge Lender Junior Parallel Debt”). 

  

	29.5.12	Every payment of monies made to the Security Trustee by the Issuer shall be in satisfaction pro tanto of the covenant by the Issuer contained in clause 29.5.11 above;

  

	29.5.13	Notwithstanding any of the other provisions of this clause 29.5: 

  

	 	(a)	the total amount due and payable under the Subordinated Bridge Lender Junior Parallel Debt shall be decreased to the extent that the Issuer or, as the case may be, a Subordinated
Bridge Guarantor shall have paid any amounts to the Subordinated Bridge Lenders to reduce the Subordinated Bridge Lender Junior Obligations; and 

  

	 	(b)	the total amount due and payable under the Subordinated Bridge Lender Junior Obligations shall be decreased to the extent that the Issuer or, as the case may be, a Subordinated
Bridge Guarantor shall have paid any amounts to the Security Trustee in respect of the Subordinated Bridge Lender Junior Parallel Debt. 

  

	29.5.14	The Issuer, each Subordinated Bridge Guarantor and Subordinated Shareholder Creditor acknowledges that the Security Trustee will have its own independent claim as creditor of any
Subordinated Bridge Lender Junior Obligations as a result of the Subordinated Bridge Lender Junior Parallel Debt. 

  

	29.5.15	In the event of a resignation of the Security Trustee or the appointment of a new Security Trustee, the retiring Security Trustee shall assign the Subordinated Bridge Lender Junior
Parallel Debt owed to it, to the successor Security Trustee pursuant to paragraph 19 of Schedule 3 (Security Trustee). 

  

	29.6	Hungarian Security Deposit Deeds Parallel Debt 

  

	29.6.1	For the purpose of ensuring and preserving the validity and continuity of the Hungarian Security Deposit Deeds, and the Encumbrances created or to be created pursuant thereto, the
Issuer, each HY Guarantor, each FRN Guarantor and each Subordinated Bridge Guarantor and (in each case in relation to the Junior Obligations) and the Company and the Obligors (in relation to the Senior Obligations) hereby irrevocably and
unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as surety, to the Security Trustee amounts equal to and in the currency of the Junior Obligations and the Senior Obligations from time to time due in accordance
with the terms and conditions of the Senior Obligations and the Junior Obligations as and when the same shall become due, owing or incurred (such payment undertaking and the obligations and liabilities which are the result thereof the
“Hungarian Security Deposit Deeds Parallel Debt”). 

  

 72 

	29.6.2	Every payment of monies made to the Security Trustee by the Issuer, the Company or any other Obligor shall be in satisfaction pro tanto of the covenant by the Issuer or (as
the case may be) the Company or (as the case may be) any other Obligor contained in clause 29.6.1 above; 

  

	29.6.3	Notwithstanding any of the other provisions of this clause 29.6: 

  

	 	(a)	the total amount due and payable under the Hungarian Security Deposit Deed Parallel Debt shall be decreased to the extent that (A) the Issuer or, as the case may be, any HY
Guarantor shall have paid any amounts to the HY Creditors or any of them or, as the case may be, (B) the Issuer, or, as the case may be, any FRN Guarantor shall have paid any amounts to the FRN Creditors or any of them or, as the case may be,
(C) the Issuer or, as the case may be, any Subordinated Bridge Guarantor shall have paid any amounts to the Subordinated Bridge Creditors or any of them, or, as the case may be, (D) the Issuer, or, as the case may be, the Company or, as
the case may be, any Obligor shall have paid any amounts to the Senior Creditors to reduce the Senior Obligations or (as the case may be) Junior Obligations; and 

  

	 	(b)	the total amount due and payable under the Senior Obligations or, as the case may be, the Junior Obligations shall be decreased to the extent that the Issuer, any HY Guarantor, any
FRN Guarantor, any Subordinated Bridge Guarantor, the Company or any Obligor shall have paid any amounts to the Security Trustee in respect of the Hungarian Security Deposit Deed Parallel Debt. Any such payments applied in accordance with the
provisions of this Deed. 

  

	29.6.4	Each Obligor and Subordinated Shareholder Creditor acknowledge that the Security Trustee will have its own independent claim as creditor of any Junior Obligations or, as the case
may be, any Senior Obligations as a result of the Hungarian Security Deposit Deeds Parallel Debt. 

  

	29.7	Turkish Subsidiary Share Security Parallel Debt 

  

	29.7.1	For the purpose of ensuring and preserving the validity and continuity of the Turkish Subsidiary Share Security, and the Encumbrances created or to be created pursuant thereto, the
Issuer, each HY Guarantor, each FRN Guarantor and each Subordinated Bridge Guarantor and (in each case in relation to the Junior Obligations) and the Company and the Obligors (in relation to the Senior Obligations) hereby irrevocably and
unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as surety, to the Security Trustee amounts equal to and in the currency of the Junior Obligations and the Senior Obligations from time to time due in accordance
with the terms and conditions of the Senior Obligations and the Junior Obligations as and when the same shall become due, owing or incurred (such payment undertaking and the obligations and liabilities which are the result thereof the
“Turkish Subsidiary Share Security Parallel Debt”). 

  

	29.7.2	Every payment of monies made to the Security Trustee by the Issuer, the Company or any other Obligor shall be in satisfaction pro tanto of the covenant by the Issuer or (as
the case may be) the Company or (as the case may be) any other Obligor contained in clause 29.7.1 above; 

  

	29.7.3	Notwithstanding any of the other provisions of this clause 29.7: 

  

	 	(a)	 the total amount due and payable under the Turkish Subsidiary Share Security Parallel Debt shall be decreased to the extent that (A) the Issuer or, as the case
may be, any HY Guarantor shall have paid any amounts to the HY Creditors or any of them or, as the case may be, (B) the Issuer, or, as the case may be, any FRN Guarantor shall have paid any amounts to the FRN Creditors or any of them or, as the
case may be, (C) the Issuer or, as 

  

 73 

	 	 
the case may be, any Subordinated Bridge Guarantor shall have paid any amounts to the Subordinated Bridge Creditors or any of them, or, as the case may be,
(D) the Issuer, or, as the case may be, the Company or, as the case may be, any Obligor shall have paid any amounts to the Senior Creditors to reduce the Senior Obligations or (as the case may be) Junior Obligations; and

  

	 	(b)	the total amount due and payable under the Senior Obligations or, as the case may be, the Junior Obligations shall be decreased to the extent that the Issuer, any HY Guarantor, any
FRN Guarantor, any Subordinated Bridge Guarantor, the Company or any Obligor shall have paid any amounts to the Security Trustee in respect of the Turkish Subsidiary Share Security Parallel Debt. Any such payments applied in accordance with the
provisions of this Deed. 

  

	29.7.4	Each Obligor and Subordinated Shareholder Creditor acknowledge that the Security Trustee will have its own independent claim as creditor of any Junior Obligations or, as the case
may be, any Senior Obligations as a result of the Turkish Subsidiary Share Security Parallel Debt. 

  

	29.8	Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt 

  

	29.8.1	For the purpose of ensuring and preserving the validity and continuity of the Hungarian Assignment Agreements and the Turkish Asset Security, and the Encumbrances created or to be
created pursuant thereto, the Issuer and each Subordinated Bridge Guarantor and (in each case in relation to the Subordinated Bridge Lender Junior Obligations) and the Company and the Obligors (in relation to the Senior Obligations) hereby
irrevocably and unconditionally undertakes with the Security Trustee to pay, as primary obligor and not as surety, to the Security Trustee amounts equal to and in the currency of the Subordinated Bridge Lender Junior Obligations and the Senior
Obligations from time to time due in accordance with the terms and conditions of the Senior Obligations and the Subordinated Bridge Lender Junior Obligations as and when the same shall become due, owing or incurred (such payment undertaking and the
obligations and liabilities which are the result thereof the “Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt”). 

  

	29.8.2	Every payment of monies made to the Security Trustee by the Issuer, the Company or any other Obligor shall be in satisfaction pro tanto of the covenant by the Issuer or (as
the case may be) the Company or (as the case may be) any other Obligor contained in clause 29.8.1 above; 

  

	29.8.3	Notwithstanding any of the other provisions of this clause 29.8: 

  

	 	(a)	the total amount due and payable under the Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt shall be decreased to the extent that the Issuer or, as the case may
be, any Subordinated Bridge Guarantor shall have paid any amounts to the Subordinated Bridge Creditors or any of them, or, as the case may be, the Issuer, or, as the case may be, the Company or, as the case may be, any Obligor shall have paid any
amounts to the Senior Creditors to reduce the Senior Obligations or (as the case may be) Subordinated Bridge Lender Junior Obligations; and 

  

	 	(b)	the total amount due and payable under the Senior Obligations or, as the case may be, the Subordinated Bridge Lender Junior Obligations shall be decreased to the extent that the
Issuer, any Subordinated Bridge Guarantor, the Company or any Obligor shall have paid any amounts to the Security Trustee in respect of the Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt. Any such payments applied in accordance
with the provisions of this Deed. 

  

	29.8.4	Each Obligor and Subordinated Shareholder Creditor acknowledge that the Security Trustee will have its own independent claim as creditor of any Subordinated Bridge Lender Junior
Obligations or, as the case may be, any Senior Obligations as a result of the Hungarian Assignment Agreement/Turkish Asset Security Parallel Debt. 

  

 74 

	29.9	Acting Reasonably 

 The Obligors and the
Subordinated Shareholder Creditors acknowledge that, in acting under the Security Documents, the Security Trustee, save when given a discretion to enable it to protect its own interests rather than those of the Secured Parties, is, prior to the
Senior Discharge Date, acting only upon the instructions of the Senior Agent and, after the Senior Discharge Date, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee, and that each provision of the Security Documents requiring
the Security Trustee to act reasonably shall mean, prior to the Senior Discharge Date, the Senior Agent acting on instructions given pursuant to the Senior Finance Documents and, after the Senior Discharge Date, the HY Note Trustee, the FRN Trustee
and the Subordinated Bridge Trustee. Each of the Secured Parties shall, in giving such instructions, act reasonably whenever the Security Trustee is required pursuant to the provisions of the Security Documents to so act. The Obligors shall not make
any claim or demand against the Security Trustee in respect of any alleged unreasonableness under any provision of the type described in the preceding sentence, but any such claim or demand may be made against the Finance Parties directly.

  

	30	Counterparts 

 This Deed may be executed in any
number of counterparts, and this has the same effect as if the signatures on the Counterparts were on a single copy of this Deed. 
  

	31	Partial Invalidity 

 If, at any time, any provision
of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such
provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	32	Governing Law 

 This Deed is governed by English
law. 
  

	33	Jurisdiction 

  

	33.1	Jurisdiction 

  

	33.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity or
termination of this Deed) (a “Dispute”). 

  

	33.1.2	Subject to clause 33.1.3, the Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to
the contrary. 

  

	33.1.3	This clause 33.1 (Jurisdiction) is for the benefit of the Senior Finance Parties, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee only. As a
result, no Senior Finance Party, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Senior
Finance Parties, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee may take concurrent proceedings in any number of jurisdictions. 

  

 75 

	33.2	Service of process 

 Without prejudice to any other
mode of service allowed under any relevant law, the Ultimate Parent (also in its capacity as a Subordinated Shareholder Creditor), the Issuer (in its capacity as Obligor, Subordinated Shareholder Creditor and Issuer) and each other Obligor (in its
capacity as Obligor and Subordinated Shareholder Creditor) irrevocably appoints Law Debenture Corporate Services Limited of Fifth floor, 100 Wood Street, London, EC2V 7EX as its agent for service of process in relation to any proceedings before the
English courts in connection with any this Deed and agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 
  

	33.3	Waiver of Immunity 

 Each Obligor, HY Note Trustee,
FRN Trustee, Subordinated Bridge Trustee and Subordinated Shareholder Creditor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 
  

	33.3.1	the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and 

  

	33.3.2	the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its assets and
revenues. 

  

	33.4	Waiver of trial by jury 

 Each Party waives any
right it may have to a jury trial of any claim or cause of action in connection with or arising out of this Deed or any transaction contemplated by this Deed. This Deed may be filed as a written consent to trial by court. 
  

	33.5	Inconvenient Forum 

 Each Obligor, HY Note Trustee,
FRN Trustee, Subordinated Bridge Trustee and Subordinated Shareholder Creditor waives any objection it may have now or hereafter to the laying of venue of any action or proceedings in any court or jurisdiction referred to in clause 33.1
(Jurisdiction) and any claim it may have now or hereafter that any action or proceedings brought in such courts or jurisdiction has been brought in an inconvenient forum 
  

	34	Place of Performance outside Austria 

 The Parties
agree that the exclusive place of performance (Erfüllungsort) for all rights and obligations under this Deed shall be at the registered office of the Security Trustee in England or any other place reasonably designated by the Security
Trustee but in any case a place outside the Republic of Austria, which in particular, but without limitation, means that the payment of all amounts, if any, under this Deed or any Finance Document must be made from and to, respectively, a bank
account outside the Republic of Austria. It is expressly agreed between the parties hereto that any such performance within the Republic of Austria will not establish Austria as the place of performance and shall be deemed not effective with respect
to any Party hereto. Further, the Parties hereto agree that the fulfilment of any contractual obligation under this Deed within the Republic of Austria does not result in a discharge of debt. 
 This Deed has been executed and delivered as a deed on the date stated at the beginning of this Deed. 
  

 76 

 Schedule 1 
 The Parties 
 Part I 
 The Original Obligors 
  

			
	 Company name
	 	 Registered Addresses

	Magyar Telecom B.V.	 	 Telepourtboulevard 140
 1043 EJ, Amsterdam

The Netherlands

		
	Invitel Zrt.	 	 Puskás Tivadar utca 8-10
 2040 Budaörs

 Hungary

		
	Euroweb Romania S.A.	 	 102 Lipscani Street
 Nouveau Centre
 Corp A, 3rd floor
 Bucharest
 Romania

		
	 Invitel Technocom Távközlési
 Szolgáltató Korlátolt Felelösségü
 Társaság
	 	 8600 Siófok,
 Sió u. 74.,
 Hungary

  

 77 

 Part II 
 The Original Subordinated Shareholder Creditors 
  

			
	 Obligor name
	 	 Registered Addresses

	Matel Holdings N.V.	 	 Schottegatweg Oost 44,
 Willemstad
 Curaçao,
 Netherlands Antilles

		
	Magyar Telecom B.V.	 	 Laan van Kronenburg 8
 1183 AS Amstelveen

The Netherlands

		
	Invitel Zrt.	 	 Puskás Tivadar utca 8-10
 2040 Budaörs

 Hungary

		
	Euroweb Romania S.A.	 	 102 Lipscani Street
 Nouveau Centre
 Corp A, 3rd floor
 Bucharest
 Romania

		
	 Invitel Technocom Távközlési
 Szolgáltató Korlátolt Felelösségü
 Társaság
	 	 8600 Siófok,
 Sió u. 74.,
 Hungary

  

 78 

 Part III 
 The Senior Lenders 
  

					
	 Name of Senior Lender
	 	 Address
	 	 Fax No./Contact

	Allied Irish Banks p.l.c.	 	 Bankcentre
 Ballsbridge
 Dublin 4
	 	 Fax
  
 Attention :

			
	BNP Paribas	 	 37 Place du Marché
 Saint Honoré

750001, Paris, France
	 	 Fax:
  
 Attention:

			
	BNP Paribas, Hungary Branch	 	 H-1055 Budapest
 Honvéd u.20
 Hungary
	 	 Fax:
  
 Attention:

			
	DEXIA Crédit Local	 	 1 Passerelle des Reflets
 Tour Dexia La Defense
2
 92919 La Defense Cedex
	 	 Fax :
  
 Attention :

			
	Erste Bank Hungary Rt.	 	 1056 Budapest
 Hold u. 16.
 Hungary
	 	 Fax:
  
 Attention:

			
	UniCredit Bank Hungary Zrt.	 	 1054, Budapest
 Akadémla utca 17
 Hungary
	 	 Fax:
  
 Attention:

			
	KBC Finance Ireland	 	 Operation
 LLB Bank
 91 Merrion Square
 Dublin 2
 Ireland
	 	 Fax:
  
 Attention:

			
	K&H Bank Zrt.	 	 H-1051 Budapest
 Vigadó tér 1.

Hungary
	 	 Fax:
  
 Attention:

			
	MKB Bank Nyrt	 	 H – 1038 Budapest
 Vaci U; 38.
Hungary
	 	 Fax:
  
 Attention :

			
	Natixis	 	 Capital House
 85 King William Street
 London EC4N 7BL
 United Kingdom
	 	 Fax:
  
 Attention:

			
	OTP Bank	 	 Project Finance and Acquisition Directorate
 1876
Budapest
 Nádor u. 16
 Hungary
	 	 Fax:
  
 Attention:

  

 79 

					
	 Name of Senior Lender
	 	 Address
	 	 Fax No./Contact

	 Calyon        Magyarorszagi
 Fioktelepe
	 	 1051 Budapest
 József nádor tér 7

 Hungary
	 	 Tel:
 Fax:

  

 80 

 Part IV 
 The Original Hedge Counterparties 
  

					
	 Name of Hedge Counterparty
	 	 Address
	 	 Fax No./Contact

	BNP Paribas (Paris)	 	 75450 Paris
 Cedex 09
 France
	 	 Fax:
  
 Attention:

			
	K&H Bank Nyrt.	 	 1051 Budapest
 Vigató tér 1.
 Hungary
	 	 Fax :
  
 Attention:

			
	BNP Paribas, Hungary Branch	 	 1055 Budapest
 Honvéd u. 10
 Hungary
	 	 Fax :
  
 Attention:

			
	Uni Creditbank Hungary Zrt.	 	 1054 Budapest
 Szabadság tér
5-6.
 Hungary
	 	 Fax :
  
 Attention:

			
	 Merrill Lynch International Bank
 Limited
	 	 Treasury Building
 Lower Grand Canal Street
 Dublin 2
 Ireland
	 	 Fax:
  
 Attention:

  

 81 

 Schedule 2 
 Form of Deed of Accession 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES
SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL
COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF
AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS
TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE. 
 THIS DEED dated [            ],
[    ] is supplemental to an intercreditor deed (the “Intercreditor Deed”) dated [            ], 2004 between, inter alia, Matel Holdings N.V. as the
Ultimate Parent and certain of its Subsidiaries as Obligors, the Arrangers, the Senior Lenders, the Hedge Counterparties, the Issuer, the HY Note Trustee, the FRN Trustee, the Subordinated Bridge Trustee and
[            ] as Security Trustee. 
 Words and expressions defined in the Intercreditor Deed
have the same meaning when used in this Deed. 
 [Name of Subordinated Shareholder Creditor/New Obligor/Hedge Counterparty/Security Trustee/Agent/HY Note
Trustee/FRN Bridge Trustee/FRN Note Trustee/Subordinated Bridge Trustee/Subordinated Bridge Creditor] hereby agrees with each other person who is or who becomes a party to the Intercreditor Deed that with effect on and from the date hereof it
will be bound by the Intercreditor Deed as [a[n]/the] *[Subordinated Shareholder Creditor/Obligor/Hedge Counterparty/ Security Trustee/Agent/HY Note Trustee/FRN Bridge Trustee/FRN Note Trustee/Subordinated Bridge Trustee/Subordinated Bridge
Creditor] as if it had been party originally to the Intercreditor Deed in that capacity and that it shall perform all of the undertakings and agreements set out in the Intercreditor Deed and given by [a[n]/the] *[Subordinated Shareholder
Creditor/Obligor/Hedge Counterparty/Security Trustee/Agent/HY Note Trustee/FRN Bridge Trustee/ FRN Note Trustee/Subordinated Bridge Trustee/Subordinated Bridge Creditor]. 
 [The details of Hedge Agreements and Hedging Liabilities covered by this Deed are as follows [            ]]. 
 [The details of Subordinated Shareholder Documents covered by this Deed are as follows [            ]].

 The address for notices of *[HY Noteholder/Obligor/Hedge Counterparty/Security Trustee/Agent/HY Note Trustee/FRN Bridge Trustee/FRN Note
Trustee/Subordinated Bridge Trustee/Subordinated Bridge Creditor] for the purposes of clause 27 (Notices) of the Intercreditor Deed is: 
 [                    ]. 
 This document takes
effect as a deed notwithstanding that the Security Trustee only executes under hand. 
 This Deed is governed by English law. 
 [Insert any other jurisdiction specific provisions that may be required] 
 [Insert appropriate execution language] 
 *[            ] Delete
as applicable 
 Acknowledged. 
 [Security
Trustee] 
 By: 
  

 82 

 Schedule 3 
 Security Trustee 
  

	1	Order of application 

  

	1.1	Order of application 

 Subject to the rights of any
creditor with prior security or preferential claims and subject to the proviso below, the Security Trustee agrees to apply all proceeds of the enforcement of the security conferred by the Security Documents, all recoveries by the Secured Creditors
under guarantees of the Debt and all amounts paid to the Security Trustee, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee under this Deed (whether under the turnover provisions or otherwise) in the following order:

  

	 	First	pro rata (i) in payment of all unpaid fees, costs, charges, expenses and liabilities (and all interest thereon as provided in the Senior Finance Documents and the Hedge
Agreements) incurred by or on behalf of the Security Trustee and any receiver, attorney or agent in connection with carrying out its duties and exercising its powers and discretion under the Security Documents and the remuneration of the Security
Trustee and every receiver under the Security Documents, (ii) in payment of all reasonable unpaid fees, costs, charges, expenses and liabilities (and all interest thereon as provided in the HY Indenture) (the “HY Note Trustee
Fees”) incurred by or on behalf of the HY Note Trustee and any receiver, attorney or agent up to Euro 100,000 in aggregate which HY Note Trustee Fees are incurred in connection with the enforcement or recovery of payment in carrying out its
duties and exercising its power and discretion under the HY Indenture (excluding any payment in relation to any unpaid costs and expenses incurred in respect of any litigation by or on behalf of any HY Creditor against any of the Senior Creditors),
(iii) in payment of all reasonable unpaid fees, costs, charges, expenses and liabilities (and all interest thereon as provided in the FRN Indenture) (the “FRN Trustee Fees”) incurred by or on behalf of the FRN Trustee and any
receiver, attorney or agent up to Euro 100,000 in aggregate which FRN Trustee Fees are incurred in connection with the enforcement or recovery of payment in carrying out its duties and exercising its power and discretion under the FRN Indenture
(excluding any payment in relation to any unpaid costs and expenses incurred in respect of any litigation by or on behalf of any FRN Creditor against any of the Senior Creditors) and (iv) in payment of all reasonable unpaid fees, costs,
charges, expenses and liabilities (and all interest thereon as provided in the Subordinated Bridge Facility Agreement or (as the case may be) the Subordinated Bridge Refinancing Indenture) (the “Subordinated Bridge Trustee Fees”)
incurred by or on behalf of the Subordinated Bridge Trustee and any receiver, attorney or agent up to Euro 100,000 in aggregate which Subordinated Bridge Trustee Fees are incurred in connection with the enforcement or recovery of payment in carrying
out its duties and exercising its power and discretion under the Subordinated Bridge Indenture (excluding any payment in relation to any unpaid costs and expenses incurred in respect of any litigation by or on behalf of any Subordinated Bridge
Creditor against any of the Senior Creditors); 

  

	 	Second	in payment of all unpaid costs and expenses incurred by or on behalf of any Senior Finance Party or any Hedge Counterparty in connection with such enforcement;

  

	 	Third	 pro rata (i) in payment to the Senior Agent for application towards the Senior Debt and the Hedging Liabilities, pari passu, between themselves and
(ii) in payment of all reasonable unpaid fees, costs, charges, expenses and liabilities incurred by or on behalf of (A) to the extent not provided for under “First” above, the HY Note Trustee 

  

 83 

	 	 
and any receiver, attorney or agent (over and above the amounts set out in sub-paragraph (ii) of “First” above) in connection with carrying
out its duties and exercising its powers and discretions under the HY Finance Documents and the reasonable remuneration of the HY Note Trustee (excluding (a) any payment in relation to any unpaid costs and expenses incurred in respect of any
litigation by or on behalf of any HY Creditor against any of the Senior Creditors and (b) any payment made directly or indirectly in respect of amounts owing under any HY Notes (including principal, interest, premium or any other amounts) to
any of the HY Noteholders), (B) to the extent not provided for under “First” above, the FRN Trustee and any receiver, attorney or agent (over and above the amounts set out in sub-paragraph (iii) of “First” above) in
connection with carrying out its duties and exercising its powers and discretions under the FRN Finance Documents and the reasonable remuneration of the FRN Trustee (excluding (a) any payment in relation to any unpaid costs and expenses
incurred in respect of any litigation by or on behalf of any FRN Creditor against any of the Senior Creditors and (b) any payment made directly or indirectly in respect of amounts owing under any FRN Notes (including principal, interest,
premium or any other amounts) to any of the FRN Noteholders) and (C) to the extent not provided for under “First” above, the Subordinated Bridge Trustee and any receiver, attorney or agent (over and above the amounts set out in
sub-paragraph (iv) of “First” above) in connection with carrying out its duties and exercising its powers and discretions under the Subordinated Bridge Finance Documents and the reasonable remuneration of the Subordinated Bridge
Trustee (excluding (a) any payment in relation to any unpaid costs and expenses incurred in respect of any litigation by or on behalf of any Subordinated Bridge Creditor against any of the Senior Creditors and (b) any payment made directly
or indirectly in respect of amounts owing under the Subordinated Bridge Facility or (as the case may be) any Subordinated Bridge Refinancing Notes (including principal, interest, premium or any other amounts) to any of the Subordinated Bridge
Lenders or (as the case may be) Subordinated Bridge Refinancing Noteholders); 

  

	 	Fourth	pro rata in payment to (i) the HY Note Trustee for application towards the HY Debt, (ii) the FRN Trustee for application towards the FRN Debt and (iii) the
Subordinated Bridge Trustee for application towards the Subordinated Bridge Debt; and 

  

	 	Fifth	in payment of the surplus (if any) to the Obligors or other person entitled thereto. 

 Provided that, in respect of Security provided under the Senior Security Documents other than the Hungarian Security Deposit Deeds, the Hungarian
Assignment Agreements, the Dutch Share Securities, the Euroweb Romania Share Pledge, the Memorex Share Securities, the Turkish Asset Security and the Pledges of Receivables granted by the Issuer and in respect of the guarantees of the Senior Debt
and the Hedging Liabilities, all recoveries in respect thereof shall be applied in the order set out above excluding any order of application relating to (A) HY Debt (namely, excluding sub-paragraph (ii) of the first order of application,
sub-paragraph (ii)(A) of the third order of application and the fourth order of application in its entirety), (B) FRN Debt (namely, excluding sub-paragraph (iii) of the first order of application, sub-paragraph (ii)(B) of the
third order of application and the fourth order of application in its entirety) and (C) other than in relation to any Subordinated Bridge Lender Debt secured by the Subordinated Bridge Security Documents, Subordinated Bridge Debt (namely,
excluding sub-paragraph (iv) of the first order of application, sub-paragraph (ii)(C) of the third order of application and the fourth order of application in its entirety). 
 For the avoidance of doubt, no amounts paid by the Issuer in relation to HY Issuer Debt, FRN Issuer Debt or (as the case may be) Subordinated Bridge
Issuer Debt shall be the subject of the order of application referred to above other than to the extent (i) such payment is a turnover receipt the subject of clause 8 (Turnover) or (ii) such amount is recovered in connection
with Enforcement Action under the security conferred by the Security Documents. 
  

 84 

 The Security Trustee shall make each application as soon as is practicable after the relevant moneys are
received by, or otherwise become available to it, save that (without prejudice to any other provision contained in any of the Security Documents) the Security Trustee or any Receiver may credit any moneys received by it to a suspense account for so
long and in such manner as the Security Trustee or such Receiver may from time to time determine with a view to preserving the rights of the Secured Parties or any of them to prove for the whole of their respective claims against any Obligor,
Security Provider or any other person liable. 
 The Security Trustee shall obtain a good discharge in respect of the amounts expressed to be
due to the Arranger, the Senior Agent and the Lenders under the terms of this Deed by paying such amounts to the Senior Agent for distribution in accordance with clause 29.2 (Distributions by the Agent) of the Senior Facilities
Agreement. The Security Trustee shall obtain a good discharge in respect of the amounts expressed to be due to the HY Creditors, the FRN Creditors or (as the case may be) the Subordinated Bridge Creditors under the terms of this Deed by paying such
amounts to the HY Note Trustee, the FRN Trustee or (as the case may be) the Subordinated Bridge Trustee. 
  

	2	Perpetuities 

 The trusts constituted or evidenced
in or by the Security Documents shall remain in full force and effect until whichever is the earlier of: 
  

	 	(a)	the expiration of a period of 80 years from the date of this Deed; and 

  

	 	(b)	receipt by the Security Trustee, at any time when it is satisfied that all of the Obligors and Security Providers are solvent, of confirmation in writing from the Senior Agent, the
HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee that there is no longer outstanding any indebtedness (actual or contingent (other than any contingent indebtedness which is fully cash collateralised to the satisfaction of the
relevant Secured Party), and no obligation on any Secured Party to make available any indebtedness, which is secured or guaranteed by or under any of the Security Documents or such later date on which all of the Security Documents have been released
in accordance with their terms, 

 and the parties to this Deed declare that the perpetuity period applicable to the Security
Documents shall for the purposes of the Perpetuities and Accumulations Act 1964 be the period of 80 years from the date of this Deed. 
  

	3	Powers and duties of the Security Trustee as trustee of the security 

 In its capacity as trustee in relation to the Security Documents, the Security Trustee: 
  

	 	(a)	Powers generally: shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the
provisions of this Deed or any of the Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by this Deed and/or any
Security Document but so that the Security Trustee may only exercise such powers and discretions to the extent that it is authorised to do so by the provisions of this Deed; 

  

	 	(b)	Power to invest: shall (subject to paragraph 1 (Order of application) above) be entitled (in its own name or in the names of nominees) to invest moneys from time
to time forming part of the Trust Property or otherwise held by it as a consequence of any enforcement of the security constituted by the Security Documents which, in the reasonable opinion of the Security Trustee, it would not be practicable to
distribute immediately by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify the same and the Security Trustee shall not be responsible
for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Trustee’s gross negligence or wilful misconduct; 

  

 85 

	 	(c)	Power to engage agents: may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in relation to its right to make any
declaration, determination or decision), instead of acting personally, employ and pay any agent (whether being any international or local lawyer, chartered accountant or any other person) to transact or concur in transacting any business and to do
or concur in doing any acts required to be done by the Security Trustee (including the receipt and payment of money) and on the basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual
professional and other charges for business transacted and acts done by him or any partner or employee of his in connection with such employment and (ii) the Security Trustee shall not be bound to supervise, or be responsible for any loss
incurred by reason of any act or omission of, any such agent if the Security Trustee shall have exercised reasonable care in the selection of such agent; and 

  

	 	(d)	Deposit of documents: may place all deeds, certificates and other documents relating to the property and assets subject to the Security Documents which are from time to time
deposited with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Trustee exercising reasonable care or with any firm of solicitors selected by the Security Trustee exercising reasonable care and
may make any such arrangements as it thinks fit for allowing the Company access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Trustee shall not be responsible for any loss incurred in
connection with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors. 

  

	4	All enforcement action through the Security Trustee 

  

	4.1	None of the other Secured Parties shall have any independent power to enforce any of the security conferred by the Security Documents or to exercise any rights, discretions or
powers or to grant any consents or releases under or pursuant to any of the Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by any of the Security Documents except through the Security Trustee other
than to the extent set out in clause 10.4 (Distributions). 

  

	4.2	Save for the Security Trustee and as may otherwise be permitted by the Majority Lenders none of the Finance Parties nor any person on their behalf or appointed by any of them may
sue for or institute legal proceedings to recover any amount owing under the Senior Security Documents, nor petition or apply for or vote in favour of any resolution for the winding-up, dissolution, administration of or voluntary arrangement in
relation to the Company or any Obligor in respect (wholly or partly) of any such amount. 

  

	5	Co-operation to achieve agreed priorities of application 

 The other Secured Parties shall co-operate with each other and with the Security Trustee and any Receiver under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net
proceeds realised under the Security Documents after deduction of the expenses of realisation are applied in accordance with paragraph 1 (Order of application) above. 
  

	6	Indemnity from Trust Property 

 In respect of all
liabilities, costs, claims, charges or expenses for which the Obligors and Security Providers are liable under this Deed, the Security Trustee and every employee, officer, agent or other person appointed by it in connection with its appointment
under the Security Documents (each 

  

 86 

 
an “Indemnified Party”) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages, costs, claims,
charges or expenses whatsoever properly incurred or suffered by an Indemnified Party: 
  

	 	(a)	in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers, authorities, discretions and duties created or conferred by or pursuant to
the Security Documents; 

  

	 	(b)	as a result of any breach by any Obligor or any Security Provider of any of its obligations under any Security Document; 

  

	 	(c)	in respect of any Environmental Claim made or asserted against an Indemnified Party which would not have arisen if the Security Documents had not been executed; and

  

	 	(d)	in respect of any matter or thing done or omitted in any way in accordance with the terms of the Security Documents relating to the Trust Property or the provisions of any of the
Security Documents. 

 The rights conferred by this paragraph 6 are without prejudice to any right to indemnity by law
given to trustees generally and to any provision of the Security Documents entitling the Security Trustee or any other person to an indemnity in respect of, and/or reimbursement of, any liabilities, damages, costs, claims, charges or expenses
incurred or suffered by it in connection with any of the Security Documents or the performance of any duties under any of the Security Documents. Nothing contained in this paragraph 6 shall entitle the Security Trustee or any other person to be
indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross negligence or wilful misconduct. 
 Any third party referred to in this paragraph 6 as an Indemnified Party may enjoy the benefit and enforce the terms of this paragraph 6 in
accordance with the provisions of the Contracts (Rights of Third Parties) Act 1999. 
 The Security Trustee may refrain from taking any step
(or further step) to protect or enforce the rights of any Secured Party under this Deed or any Security Document until it has been indemnified and/or secured to its satisfaction against all losses (including legal fees) which it would or might
sustain or incur as a result. 
  

	7	Secured Parties to provide information 

 The Secured
Parties shall provide the Security Trustee with such written information as it may reasonably require for the purposes of carrying out its duties and obligations under the Security Documents and, in particular, with such necessary directions in
writing so as to enable the Security Trustee to make the calculations and applications contemplated by paragraph 1 (Order of application) of this Schedule above and to apply amounts received under, and the proceeds of realisation
of, the Security Documents on and after the Enforcement Date as contemplated by the Security Documents, clause 29.5 (Partial payments) of the Senior Facilities Agreement and paragraph 1 (Order of application) of this
Schedule above. 
  

	8	Limit on Security Trustee’s responsibility 

 The Security Trustee shall not have any responsibility to any Secured Party: 
  

	8.1	to ascertain whether all deeds and documents which should have been deposited with it under or pursuant to any Security Document have been so deposited; or 

 

	8.2	to investigate or make any enquiry into the title of any Obligor to the Secured Assets; or 

  

 87 

	8.3	for the failure to register any Security Document in accordance with the requirements of any applicable law or regulation (other than as a result of gross negligence on the part of
the Security Trustee); or 

  

	8.4	for the failure to register any Security Document in accordance with the provisions of the documents of title of any Obligor to any of the Secured Assets (other than as a result of
gross negligence on the part of the Security Trustee); or 

  

	8.5	for the failure to take or require any Obligor to take any steps to render any Security Document effective as regards Secured Assets outside England or Wales or to secure the
creation of any ancillary charge under the laws of the jurisdiction concerned; or 

  

	8.6	for the execution, genuineness, validity, enforceability or sufficiency of any Finance Document or any other document; or 

  

	8.7	for the collectability of amounts payable under any Finance Document; or 

  

	8.8	for the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document; or 

  

	8.9	to obtain any licence, consent or other authority for the creation of any security; or 

  

	8.10	for any failure, omission or defect in perfecting or protecting the Security constituted by any Security Document or any Security created hereby; or 

  

	8.11	to hold any title deeds, share certificates, Security Documents or any other documents in connection with the property charged by any Security Document or any other such security in
its own possession or to take any steps to protect or preserve the same. The Security Trustee may permit the relevant Obligor or any lawyer or firm of lawyers to retain all such title deeds, share certificates and other documents in its possession
if it reasonably considers that it is appropriate in all the circumstances; or 

  

	8.12	on account of the failure of any Obligor or Security Provider to perform any of its obligations under any of the Security Documents; or 

  

	8.13	for the financial condition of any Obligor or Security Provider. 

  

	9	Further Exoneration of the Security Trustee 

  

	9.1	Neither the Security Trustee nor any of its personnel or agents shall be: 

  

	9.1.1	responsible for the adequacy, accuracy or completeness of any representation, warranty, statement or information in this deed or the Security Documents or any notice or other
document delivered under this deed or the Security Documents; 

  

	9.1.2	responsible for the execution, delivery, validity, legality, adequacy, enforceability or admissibility in evidence of this deed or any Security Document; 

 

	9.1.3	obliged to enquire as to the occurrence or continuation of any Default or as to the accuracy or completeness of any representation or warranty made by any person;

  

	9.1.4	responsible for any failure of any Obligor or any Secured Party duly and punctually to observe and perform their respective obligations under this deed or any Security Document;

  

 88 

	9.1.5	responsible for the consequences of relying on the advice of any professional advisers selected by any of them in connection with this deed or any Security Document;

  

	9.1.6	liable for acting (or refraining from acting) in what it believes in good faith to be in the best interests of the Secured Parties in circumstances where it has been unable, or it
is not practicable, to obtain instructions in accordance with this deed; or 

  

	9.1.7	liable for anything done or not done by it under or in connection with this deed or any Security Document, save in the case of its own negligence or wilful misconduct.

  

	10	Retention of deeds and documents; power to grant access 

 The Security Trustee shall be entitled to place all deeds, certificates and other documents relating to the Secured Assets deposited with it under or pursuant to the Security Documents or any of them in any safe deposit, safe or receptacle
selected by the Security Trustee or with any solicitor or firm of solicitors and may make any such arrangements as it thinks fit for allowing the Obligor concerned access to, or its solicitors or auditors possession of, such documents when necessary
or convenient and the Security Trustee shall not be responsible for any loss incurred in connection with any such deposit, access or possession (other than as a result of gross negligence or wilful misconduct on the part of the Security Trustee).

  

	11	No mortgagee in possession 

 Nothing in any of the
Security Documents shall oblige the Security Trustee to become a mortgagee in possession. 
  

	12	Assistance to the Security Trustee 

  

	12.1	The Security Trustee may, in relation to any Security Document, engage and pay for the services of any international or local lawyer, accountant, banker, broker or other person
engaged in any profession or business whose advice, services or opinion may to it seem necessary, expedient or desirable provided that the Security Trustee must advise the Senior Agent, the HY Note Trustee, the FRN Trustee and the Subordinated
Bridge Trustee accordingly. 

  

	12.2	Without affecting its liability as set out in clause 8 of this schedule, the Security Trustee may whenever it thinks fit delegate by power of attorney or otherwise to any
person or persons or fluctuating body of persons all or any of the rights, powers and discretions vested in it by any of the Security Documents and such delegation may be made upon such terms and subject to such conditions (including power to
sub-delegate) and subject to such regulations as the Security Trustee may think fit. The Security Trustee is not and shall not be bound to supervise the proceedings of any such delegate or sub-delegate. 

  

	12.3	The Security Trustee is and shall be entitled at any time to appoint (and subsequently to dismiss) such other person or persons as it thinks fit to become additional security
trustees in respect of any of the Security Documents to assist it in carrying out its duties under the same and each such additional security trustee is and shall be entitled to the same rights and subject to the same obligations under the same as
the Security Trustee. 

  

	12.4	Each person from time to time acting as security trustee under this Deed may by deed appoint any other person (including for the avoidance of doubt any such other person
incorporated or carrying on business in any part of the world whether or not such other person is the sole co-security trustee under this Deed of such security trustee) as its attorney for any period of time or without limitation and to do anything
such security trustee could itself do under or in connection with the Security Documents. 

  

 89 

	13	Appointment 

  

	13.1	Each Senior Finance Party, Hedge Counterparty, HY Note Trustee, FRN Trustee and Subordinated Bridge Trustee irrevocably authorises the Security Trustee on its behalf to:

  

	 	(a)	enter into any and each Security Document; and 

  

	 	(b)	perform such duties and exercise such rights and powers under this Deed and the Security Documents as are specifically delegated to the Security Trustee by the terms thereof,
together with such rights, powers and discretions as are reasonably incidental thereto. 

  

	13.2	The Security Trustee shall have only those duties which are expressly specified in this Deed and/or the Security Documents. The Security Trustee’s duties under this Deed and/or
the Security Documents are of a mechanical and administrative nature. 

  

	14	Directions 

  

	14.1	Save as expressly set out in this Deed in the absence of any right or power and as to any matter not expressly provided for by this Deed or any of the other Finance Documents the
Security Trustee, prior to the Senior Discharge Date, shall act in accordance with the instructions of the Majority Lenders and, after the Senior Discharge Date, shall act in accordance with the instructions of the HY Note Trustee and/or the FRN
Trustee and/or the Subordinated Bridge Trustee and shall have no liability to any party hereto in so doing. Any such instructions shall be binding on all the Senior Finance Parties, all the Hedge Counterparties, the HY Creditors, the FRN Creditors,
the Subordinated Bridge Creditors, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee. 

  

	14.2	In the absence of any such instructions and/or any relevant contrary requirement contained in this Deed, the Security Trustee may act or refrain from acting with respect to any
right, power or discretion and as to any matter not expressly provided for in this Deed or the other Senior Finance Documents or the HY Security Documents or the FRN Security Documents or the Subordinated Bridge Security Documents as it shall see
fit and the Security Trustee will not be liable for any action taken or not taken in by it under or in connection with any Finance Document. 

  

	15	Relationship 

  

	15.1	The relationship between (i) each Senior Finance Party, each Hedge Counterparty, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee and (ii) the
Security Trustee is that of principal and agent save only that the benefits of the Security Documents are held by the Security Trustee as agent and trustee for the Senior Finance Parties, the Hedge Counterparties, the HY Note Trustee, the FRN
Trustee or (as the case may be) the Subordinated Bridge Trustee (to the extent that any amount is or is capable of being secured thereby). 

  

	15.2	The Security Trustee shall not be liable to any Party for any breach by any other Party of this Deed or any other Senior Finance Document, any Hedge Agreement, any HY Finance
Document, any FRN Finance Document or any Subordinated Bridge Finance Document. 

  

	16	Reliance 

 The Security Trustee may rely on any
certificate given by the Senior Agent, any Hedge Counterparty, the HY Note Trustee, the FRN Trustee, the Subordinated Bridge Trustee or the Issuer as to the identity of, and amounts owing to, any Senior Finance Party, such Hedge Counterparty or any
Subordinated Shareholder Creditor, as the case may be, under any of the Senior Finance Documents, the Hedge Agreements, the HY Finance Documents, the FRN Finance Documents, the Subordinated Bridge Finance Documents or the Subordinated Shareholder
Documents, as the case may be, and shall be protected in so relying. 
  

 90 

	17	Information 

  

	17.1	The Security Trustee has no duty, unless the Deed provides otherwise: 

  

	 	(a)	to provide any Party with any credit or other information (other than, (i) if requested by a Senior Finance Party or Hedge Counterparty information in the Security
Trustee’s possession specifically concerning the Senior Security Documents or (ii) if requested by the HY Note Trustee, information in the Security Trustee’s possession specifically concerning Security Documents relating to the HY
Debt or (iii) if requested by the FRN Trustee, information in the Security Trustee’s possession specifically concerning Security Documents relating to the FRN Debt or (iv) if requested by the Subordinated Bridge Trustee, information
in the Security Trustee’s possession specifically concerning the Security Documents relating to the Subordinated Bridge Debt) relating to the business, assets or financial condition of any Obligor whenever coming into its possession; or

  

	 	(b)	unless specifically requested to do so by a Senior Finance Party, a Hedge Counterparty, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee in accordance with
this Deed or any of the Security Documents, to request any certificates or other documents from any Obligor. 

  

	17.2	The Security Trustee need not disclose any information if such disclosure would or might in the reasonable opinion of the Security Trustee constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person. 

  

	18	Indemnity 

  

	18.1	Each Senior Finance Party and each Hedge Counterparty agrees to indemnify the Security Trustee on demand (to the extent not reimbursed by any Obligor and without prejudice to the
liability of any Obligor under any Finance Document) for any and all liabilities, judgments, costs or expenses of any kind whatsoever (including legal fees) which may be incurred by or asserted against the Security Trustee in any way relating to or
arising out of its acting as Security Trustee for the Senior Creditors, under this Deed and/or the Senior Security Documents or in the performance of its duties, obligations and responsibilities under the Senior Finance Documents or this Deed,
except to the extent arising directly from the Security Trustee’s gross negligence or wilful misconduct. Such indemnification by each Senior Finance Party and Hedge Counterparty shall be pro rata to its entitlement in or to the Senior Debt and
Hedge Liabilities. 

  

	18.2	The HY Note Trustee agrees to indemnify the Security Trustee on demand (to the extent not reimbursed by any Obligor and without prejudice to the liability of any Obligor under any
HY Finance Document) for any and all liabilities, judgments, costs or expenses of any kind whatsoever (including legal fees) which may be incurred by or asserted against the Security Trustee in any way relating to or arising out of its acting as
Security Trustee for the HY Note Trustee under this Deed and/or the HY Security Documents or in the performance of its duties, obligations and responsibilities under the HY Finance Documents or this Deed, except to the extent arising directly from
the Security Trustee’s gross negligence or wilful misconduct. 

  

	18.3	It is expressly understood and agreed by the parties to this Deed that this Deed is executed and delivered by the HY Note Trustee not individually or personally but solely in its
capacity as trustee in the exercise of the powers and authority conferred and vested in it under the HY Finance Documents for and on behalf of the noteholders for which it acts as trustee and it shall have no liability for acting for itself or in
any capacity other than as trustee and nothing in this Deed shall impose any obligation to pay any amount out of its personal assets. 

  

 91 

	18.4	The FRN Trustee agrees to indemnify the Security Trustee on demand (to the extent not reimbursed by any Obligor and without prejudice to the liability of any Obligor under any FRN
Finance Document) for any and all liabilities, judgments, costs or expenses of any kind whatsoever (including legal fees) which may be incurred by or asserted against the Security Trustee in any way relating to or arising out of its acting as
Security Trustee for the FRN Trustee under this Deed and/or the FRN Security Documents or in the performance of its duties, obligations and responsibilities under the FRN Finance Documents or this Deed, except to the extent arising directly from the
Security Trustee’s gross negligence or wilful misconduct. 

  

	18.5	It is expressly understood and agreed by the parties to this Deed that this Deed is executed and delivered by the FRN Note Trustee not individually or personally but solely in its
capacity as trustee in the exercise of the powers and authority conferred and vested in it under the FRN Finance Documents for and on behalf of the noteholders for which it acts as trustee and it shall have no liability for acting for itself or in
any capacity other than as trustee and nothing in this Deed shall impose any obligation to pay any amount out of its personal assets. 

  

	18.6	The Subordinated Bridge Trustee agrees to indemnify the Security Trustee on demand (to the extent not reimbursed by any Obligor and without prejudice to the liability of any Obligor
under any Subordinated Bridge Finance Document) for any and all liabilities, judgments, costs or expenses of any kind whatsoever (including legal fees) which may be incurred by or asserted against the Security Trustee in any way relating to or
arising out of its acting as Security Trustee for the Subordinated Bridge Trustee under this Deed and/or the Subordinated Bridge Security Documents or in the performance of its duties, obligations and responsibilities under the Subordinated Bridge
Finance Documents or this Deed, except to the extent arising directly from the Security Trustee’s gross negligence or wilful misconduct. 

  

	18.7	It is expressly understood and agreed by the parties to this Deed that this Deed is executed and delivered by the Subordinated Bridge Trustee not individually or personally but
solely in its capacity as trustee in the exercise of the powers and authority conferred and vested in it under the Subordinated Bridge Finance Documents for and on behalf of the noteholders for which it acts as trustee and it shall have no liability
for acting for itself or in any capacity other than as trustee and nothing in this Deed shall impose any obligation to pay any amount out of its personal assets. 

  

	19	Resignation 

  

	19.1	Up to (and including) the Senior Discharge Date, the Security Trustee may resign by giving notice to the Senior Agent, the HY Note Trustee, the FRN Trustee and the Subordinated
Bridge Trustee and may be removed by the Majority Lenders giving notice to that effect to the Security Trustee and the Issuer. After the Senior Discharge Date, the Security Trustee may resign by giving notice to the HY Note Trustee, the FRN Trustee
and the Subordinated Bridge Trustee and may be removed by the HY Note Trustee and/or the FRN Trustee and/or the Subordinated Bridge Trustee giving notice to that effect to the Security Trustee and the Issuer. Up to (and including) the Senior
Discharge Date, the Majority Lenders may appoint a successor Security Trustee, and after the Senior Discharge Date, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee (acting together) may appoint a successor Security Trustee,
in each case, which successor shall be a reputable and experienced bank. 

  

	19.2	If within 30 days after such notice of resignation or removal being given, no successor Security Trustee shall have been appointed by the Majority Lenders, the HY Note Trustee, the
FRN Trustee or the Subordinated Bridge Trustee (as the case may be) and have accepted such appointment, the retiring Security Trustee, after consultation with the Senior Agent up to (and including) the Senior Discharge Date, and after consultation
with the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee following the Senior Discharge Date, shall have the right to appoint a successor Security Trustee, in each case, which successor shall be a reputable and experienced bank.

  

 92 

	19.3	Subject as otherwise provided in clauses 19.4 and 19.5 of this Schedule below, the resignation or removal of the retiring Security Trustee and the appointment of any
successor Security Trustee shall both become effective upon the successor Security Trustee notifying the Senior Agent, the Hedge Counterparties, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee (and after the Senior Discharge
Date, the HY Note Trustee, the FRN Trustee and the Subordinated Bridge Trustee) in writing that it accepts such appointment and executing and delivering to the Senior Agent (and after the Senior Discharge Date, to the HY Note Trustee, the FRN
Trustee and the Subordinated Bridge Trustee) a duly completed Deed of Accession, whereupon the successor Security Trustee shall succeed to the position of the retiring Security Trustee and the term “Security Trustee” in all of the
Senior Finance Documents, the HY Finance Documents, the FRN Finance Documents and the Subordinated Bridge Finance Documents shall include such successor Security Trustee where appropriate. The provisions of this Schedule 3 (Security
Trustee) shall continue to benefit a retiring Security Trustee in respect of any action taken or omitted by it while it was a Security Trustee. 

  

	19.4	The resignation or removal of a Security Trustee shall not become effective until the Senior Agent (until the Senior Discharge Date), the HY Note Trustee (until the HY Discharge
Date), the FRN Trustee (until the FRN Discharge Date) and the Subordinated Bridge Trustee (until the Subordinated Bridge Discharge Date) is satisfied (on the basis of such legal advice as they may require) that all of the Senior Security Documents,
the HY Security Documents, the FRN Security Documents and the Subordinated Bridge Security Documents (as the case may be) or replacements therefore provide for perfected and enforceable security in favour of the successor Security Trustee, the
Senior Finance Parties and the Hedge Counterparties or the HY Creditors or the FRN Creditors or the Subordinated Bridge Creditors (as the case may be). 

  

	19.5	The Obligors shall take such action as the Senior Agent, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee may consider necessary, and the Security Trustee at
the request of the Senior Agent, the HY Note Trustee, the FRN Trustee or the Subordinated Bridge Trustee (and at the cost of the Company) shall take such action as may be practicable, in order that the Senior Security Documents, the HY Security
Documents or the FRN Security Documents or the Subordinated Bridge Security Documents (as the case may be) or replacements therefore shall provide for perfected and enforceable security in favour of any successor Security Trustee, the Senior Finance
Parties, the Hedge Counterparties, the HY Creditors, the FRN Creditors or the Subordinated Bridge Creditors (as the case may be), including making available to the successor Security Trustee such documents and records as the successor Security
Trustee shall reasonably request. 

  

	20	Conflict with Security Documents 

 If there is any
conflict between the provisions of this Deed and any Security Documents with regard to instructions to or other matters affecting the Security Trustee, this Deed will prevail. 
  

	21	Remuneration 

 The Security Trustee shall be
entitled to such remuneration as it may from time to time agree with the Issuer and have approved by the Senior Agent. The Security Trustee shall not by virtue of receiving any such remuneration or other payment be deprived of any rights, powers,
privileges or immunities which a gratuitous trustee would have had in relation to this Deed or any of the Security Documents. 
  

	22	Default 

  

	22.1	 The Security Trustee is not obliged to monitor or enquire as to whether or not a Default has occurred and will not be deemed to have knowledge of the occurrence of
a Default unless the Security Trustee has actual knowledge thereof. If the Security Trustee receives notice from a party 

  

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to this Deed, describing a Default or stating that the occurrence of some event is a Default, it shall promptly notify the Senior Agent, the HY Note Trustee,
the FRN Trustee and the Subordinated Bridge Trustee. 

  

	22.2	The Security Trustee may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may suffer or
incur in taking any proceedings or action arising out of or in connection with any Finance Document before it commences such proceeding or takes such action. 

  

	23	Exoneration 

  

	23.1	Without limiting paragraph 23.2 below, the Security Trustee will not be liable for any action taken or not taken by it under or in connection with any Finance Document, except
to the extent caused by its gross negligence or wilful misconduct. 

  

	23.2	No party to this Deed may take any proceedings against any officer, employee or agent of the Security Trustee in respect of any claim it might have against the Security Trustee or
in respect of any act or omission of any kind (including gross negligence or wilful misconduct) by that officer, employee or agent in relation to any Finance Document. 

  

	24	Reliance 

 The Security Trustee may: 
  

	24.1	accept as sufficient evidence, a certificate signed or purported to be signed on behalf of the Senior Agent to the effect that any particular dealing, transaction, step or thing is,
in the opinion of the Senior Agent suitable or expedient or as to any other fact or matter upon which the Security Trustee may require to be satisfied and the Security Trustee shall be in no way bound to call for further evidence or to be
responsible for any loss that may be occasioned by acting on any such certificate; 

  

	24.2	assume that the identity of the Senior Agent is as notified to it at the date of this Deed subject to any Deed of Accession amending the same; 

  

	24.3	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	24.4	rely on any statement made by a director, partner or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to
verify; and 

  

	24.5	engage, pay for an rely on legal or other professional advisers selected by it (including those in the Security Trustee’s employment and those representing a party to this Deed
other than the Security Trustee). 

  

	25	Other Capacity and Business 

 The Security Trustee
may from time to time be a Creditor or act in any other capacity and shall in any such event be entitled, notwithstanding that it is also Security Trustee, to take or refrain from taking any action which it would be entitled to take if it were not
the Security Trustee and shall not be precluded, by virtue of its position as a Creditor or acting in any other capacity, from exercising any of its discretions, powers and duties as a Security Trustee. The Security Trustee may enter into any
financial or business contracts or any other transaction or arrangement with any Obligor or any other person and shall be in no way accountable to such Obligor or any other person for any profits or benefits arising from any such contract or
transaction. 
  

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	26	Unlawful Acts 

 Notwithstanding any other provision
of any Finance Document to the contrary, the Security Trustee is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of
confidentiality. 
  

	27	Certificates of amounts due 

 In determining the
amount of any payment to be made to any person pursuant to paragraph 1 of Schedule 3 (Security Trustee) the Security Trustee shall act in accordance with the information given to it by the Senior Agent (in the case of Hedge
Liabilities and Senior Debt), the HY Note Trustee (in connection with HY Debt), the FRN Trustee (in connection with the FRN Debt) and the Subordinated Bridge Trustee (in connection with the Subordinated Bridge Debt). The Facility Agent shall call
for a certificate from each person entitled, or which the Senior Agent believes may be entitled, to receive any amount pursuant to paragraph 1 of Schedule 3 (Security Trustee) (in each case, other than the Lenders), such certificate
to be dated a date specified by the Senior Agent (not being earlier than 21 days prior to the proposed date of payment), as to: 
  

	27.1	whether all amounts due to the relevant person have been paid and discharged in full; 

  

	27.2	the amount owing to the relevant person and the identity of that person, and details thereof; 

  

	27.3	the currency in which any amount owing is denominated; 

  

	27.4	the nature of any amount owing and the date or dates on which it is payable or repayable; and 

  

	27.5	such other matters as the Senior Agent and/or the Security Trustee may deem necessary or desirable to enable the Security Trustee to make a distribution. 

 

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 Schedule 4 
 Funding Loans 
 Part I 
 HY Funding Loans 
 A loan will only qualify as a Funding Loan for the purposes of this deed if
it satisfies the following criteria: 
  

	(a)	the borrower is the Company; 

  

	(b)	the lender is the Issuer; 

  

	(c)	it pays interest (including gross up amounts, if any) in cash in amounts sufficient (but no more than sufficient) to enable payments of interest (including gross up amounts, if any)
under the HY Notes, together with an additional margin of no more than 0.22 per cent. (which shall be classified as interest) and such amounts are paid no earlier than 5 Business Days prior to the due date of the correspondent payment under the
HY Notes; 

  

	(d)	it provides for repayments of principal no earlier than the final maturity date of the HY Notes; 

  

	(e)	it does not benefit from any Encumbrance granted by any member of the Group; 

  

	(f)	it does not benefit from any guarantee, indemnity or similar undertaking given by any member of the Group; 

  

	(g)	it is in a maximum principal amount not exceeding the principal amount of the HY Notes; and 

  

	(h)	it is expressed to be subject to (and does not contain any provisions which conflict with the terms of) this deed. 

  

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 Part II 
 FRN Funding Loans 
 A loan will only qualify as an FRN Funding Loan for the purposes of this deed if it satisfies the
following criteria: 
  

	(a)	the borrower is a member of the Borrower Group or an HTCC Operating Company; 

  

	(b)	the lender is the Issuer; 

  

	(c)	it pays interest (including gross up amounts, if any) in cash in amounts sufficient (but no more than sufficient) to enable payments of interest (including gross up amounts, if any)
or the equivalent outstanding principal amount of the FRN Bridge Facility or (as the case may be) the FRN Notes, together with an additional margin of no more than 0.22 per cent. (which shall be classified as interest) and such amounts are paid
no earlier than 5 Business Days prior to the due date of the correspondent payment under the FRN Bridge Facility or the FRN Notes (as applicable); 

  

	(d)	it provides for repayments of principal no earlier than the final maturity date of the FRN Notes; 

  

	(e)	it does not benefit from any Encumbrance granted by any member of the Group; 

  

	(f)	it does not benefit from any guarantee, indemnity or similar undertaking given by any member of the Group; 

  

	(g)	it is in a maximum principal amount not exceeding the principal amount of the FRN Bridge Facility or (as the case may be) the FRN Notes; and 

  

	(h)	it is expressed to be subject to (and does not contain any provisions which conflict with the terms of) this deed. 

  

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 Part III 
 Subordinated Bridge Funding Loans 
 A loan will only qualify as a Subordinated Bridge Funding Loan for the purposes
of this deed if it satisfies the following criteria: 
  

	(a)	the borrower is either the Company or Memorex; 

  

	(b)	the lender is the Issuer; 

  

	(c)	it pays interest (including gross up amounts, if any) in cash in amounts sufficient (but no more than sufficient) to enable payments of interest (including gross up amounts, if any)
or the equivalent outstanding principal amount of the Subordinated Bridge Facility or (as the case may be) the Subordinated Bridge Refinancing Notes and such amounts are paid no earlier than 5 Business Days prior to the due date of the correspondent
payment under the Subordinated Bridge Facility or (as applicable) the Subordinated Bridge Refinancing Notes; 

  

	(d)	it provides for repayments of principal no earlier than the Extended Maturity Date (as such term is defined in the Subordinated Bridge Facility) or (as the case may be) the final
maturity date under the Subordinated Bridge Refinancing Notes; 

  

	(e)	it does not benefit from any Encumbrance granted by any member of the Group; 

  

	(f)	it does not benefit from any guarantee, indemnity or similar undertaking given by any member of the Group; 

  

	(g)	it is in a maximum principal amount not exceeding the principal amount of the Subordinated Bridge Facility or (as the case may be) the Subordinated Bridge Refinancing Notes; and

  

	(h)	it is expressed to be subject to (and does not contain any provisions which conflict with the terms of) this deed. 

  

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