Document:

Exhibit 4.3

 

Translation for
information purposes only

 

NOVATION AGREEMENT TO MODIFY, WITHOUT TERMINATION, A EURO

MULTI-BORROWER CREDIT FACILITY DATED 30 JUNE 2000

 

In Madrid, on 13 February 2003.

 

BETWEEN

 

Of the one part,

 

CABLEUROPA, S.A.U., a company with
registered address at calle Basauri, Urbanización La Florida, Aravaca, Madrid,
recorded at the Mercantile Registry of Madrid, in tome 9,174, folio 38, section
8, under number 147,606, holding Fiscal Identification Code A-48514343,
represented by Mr Eugenio Galdón, as representative of MULTITEL HOLDINGS, S.L.,
President of the Board of Directors, and Mr Richard David Alden, in his
condition as Managing Director (hereinafter, “Cableuropa”).

 

VALENCIA DE CABLE, S.A., a company with
registered address at Gremis, 12, Polígono Industrial Vara de Quart, Valencia,
recorded at the Mercantile Registry of Valencia, in tome 5,479, folio 4,
section 8, under number 47,567, holding Fiscal Identification Code no.
A-81237307, represented by CABLEUROPA, S.A.U. in its capacity as Managing
Director, which is represented by Mr Richard David Alden (hereinafter, “Valencia”).

 

MEDITERRÁNEA SUR SISTEMAS DE CABLE, S.A., a
company with registered address at Carretera de Ocaña, 15, Alicante, recorded
at the Mercantile Registry of Alicante, in tome 1,855, folio 14, section 8, and
number 34,967 and holding Fiscal Identification Code no. A-81238413,
represented by CABLEUROPA, S.A.U. in its capacity as Managing Director, which
is represented by Mr Richard David Alden (hereinafter, “Valencia Sur”).

 

MEDITERRÁNEA NORTE SISTEMAS DE CABLE, S.A.,
a company with registered address at Hermanos Bou, 16, Castellón de la Plana,
recorded at the Mercantile Registry of Castellón, in tome 813, folio 165,
section 8, under number 10,448, holding Fiscal Identification Code no.
A-81237869, represented by CABLEUROPA, S.A.U. in its capacity as Managing
Director, which is represented by Mr Richard David Alden (hereinafter, “Valencia
Norte”).

 

REGIÓN DE MURCIA DE CABLE, S.A., a company
with registered address at Avenida Juan Carlos I, s/n, Edificio Torre de
Cristal, Polígono Industrial Espinardo, Murcia, recorded at the Mercantile
Registry of Murcia, in tome 1,038, folio 81, section 8, under number 19,469,
holding Fiscal Identification Code no. A-30464853, represented by CABLEUROPA,
S.A.U. in its capacity as Managing Director, which is represented by Mr Richard
David Alden (hereinafter, “Murcia”).

 

UNIVERTEL COMUNICAÇÔES UNIVERSAIS, S.A., a
Portuguese company with registered address at Avda. Joao Crisóstomo, 18, 3a,
3ESQ, Lisbon, represented by CABLEUROPA, S.A.U. in its capacity as Managing
Director, which is represented by Mr Richard David Alden (hereinafter, “Univertel”).

 

HYDRA SERVICIOS DE ATENCIÓN AL CLIENTE,
S.A., a company with registered address at c/ Gremis, 4, Polígono Industrial
Vara de Quart, Valencia, recorded at the Mercantile Registry of Valencia, in
tome 6,605, folio 51, under number V-71374, holding Fiscal Identification Code
no. A-96967914, represented by CABLEUROPA, S.A.U. in its capacity as Sole
Manager, which is represented by Mr Richard David Alden (hereinafter, “Hydra”)

 

(Hereinafter, all of them shall be jointly
referred to as the “Borrowers” and individually as the “Borrower”).

 

And of the other part,

 

 

ONO FINANCE Plc, a company with registered
address at 200 Aldersgate Street, EC1A 4JJ London, represented by Mr
[                 ],
acting as Director, by virtue of the powers conferred upon him in resolutions
adopted by the Board of Directors on 12 February, 2003 (hereinafter, “Ono Finance”
or the “Lender”).

 

THEY STATE

 

I.-                                     That on 30 june 2000, the Borrowers (which at the time included the
companies Huelva de Cable y Televisión, S.A., Cádiz de Cable y Televisión,
S.A., Cable y Televisión de El Puerto, S.A., Cable y Televisión de Andalucía,
S.A., Corporación Mallorquina de Cable, S.A., Albacete Sistemas de Cable, S.A.
and Santander de Cable S.A., which were absorbed by Cableuropa, the universal
successor of all of the companies’ rights and obligations) and Ono Finance
executed a subordinated multi-borrower credit facility (the “Original
Facility”), whereby the Borrowers received from Ono Finance a
facility for a maximum of 200,000,000 Euros.

 

II.-                                 That
the purpose of the Original Facility was to lend the Borrowers the funds
obtained by Ono Finance with the Issue of Euro Bonds (as this term is defined
in the Original Facility), which was carried out on the same date as the
Original Facility.

 

III.-                             That on
today’s date the Borrowers (each one as described below) have sold and handed
over to Ono Finance certain Euro Bonds (as this term is defined in the Original
Facility) for a total nominal amount of 86,298,000 Euros, a sale for which the
consideration agreed upon was Ono Finance’s cancellation of said Euro Bonds and
the corresponding decrease in the principal of the Original Facility.

 

The nominal amounts of the Euro Bonds sold
and handed over by each of the Borrowers to Ono Finance are as follows:

 

	
  Cableuropa:

  	
   

  	
  71,817,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia:

  	
   

  	
  6,873,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Sur:

  	
   

  	
  1,118,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Norte:

  	
   

  	
  1,254,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Murcia:

  	
   

  	
  5,236,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Univertel:

  	
   

  	
  0 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Hydra:

  	
   

  	
  0 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  86,298,000 Euros

  	
   

  

 

IV.-                            That as a result of the foregoing, the parties have decided to
execute the present novation agreement to modify, without termination, the
Original Facility (hereinafter, the “Agreement”) which shall be governed by the
following

 

2

 

CLAUSES

 

1.                                      INTERPRETATION

 

The terms and expressions which appear in
the present Agreement in capital letters and which have not been assigned a
specific meaning herein, shall be construed in the same way as in the Original
Facility.

 

2.                                      REDISTRIBUTION
OF DISPOSITIONS

 

In accordance with Clause 7.1 of the
Original Facility, Cableuropa accepts, and the rest of Borrowers and Ono
Finance therefore authorise, to redistribute the Univertel Disposition under
the Original Agreement in an amount of 5,005,053.78 Euros which is hereby
assumed by Cableuropa. For these purposes, Cableuropa has debited (with value
in the date of this Agreement) in the Univertel Account a reduction of its
Disposition in an amount of 5,005,053.78 Euros, such Disposition being thus
reduced to 0 Euros and, simultaneously to this reduction, has credited (with
value in the date of this Agreement) his own Account an increase in his
Disposition in an amount of 5,005,053.78 Euros. Cableuropa, with consent of the
rest of the parties, agrees to pay the amount of interest which has accrued on the
amount the reduction in the Univertel Account up to the date hereof which shall
pay when due.

 

Each one of Borrowers and Ono Finance
acknowledge having been notified to the effects of the agreed in Clause 7.2 of
the Original Facility, expressly waiving by signing this Agreement the
notification in writing form set forth in such Clause 7.2.

 

3.                                      MODIFICATION
OF THE LOAN AMOUNT

 

3.1                              Due to the
cancellation of the euro bonds sold and handed over by the borrowers to ono
finance, the principal amount of the original facility shall be, as from today,
113,702,000 Euros.

 

3.2                              Considering the Redistribution of Dispositions anticipated in Clause
2 of the present Contract and the cancellation of Bonds sold and given by the
of Borrowers ones to Ono Finance, the new Credited Maximum Amount, that has
been fully withdrawn, is distributed between each one of the Borrowers in the
following way:

 

	
  Cableuropa

  	
   

  	
  44,196,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia

  	
   

  	
  32,988,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Sur

  	
   

  	
  5,367,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Norte

  	
   

  	
  6,021,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Murcia

  	
   

  	
  25,130,000 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Univertel

  	
   

  	
  0 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Hydra

  	
   

  	
  0 Euros

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  113,702,000 Euros

  	
   

  

 

3

 

4.              FEES

 

By way of intermediary fee to
remunerate ONO Finance (Holdings) Limited for enabling the transaction to
proceed, the Borrowers shall pay to ONO Finance (Holdings) Limited the fees set
out in a letter from ONO Finance (Holdings) Limited dated as of the date
hereof.

 

5.              VALIDITY OF THE TERMS NOT MODIFIED

 

The parties expressly declare that the
terms agreed in the Original Facility, which have not been modified herein,
shall be fully valid.

 

6.              LAW

 

The present Agreement shall be governed and
interpreted according to Spanish law.

 

7.              JURISDICTION

 

Each of the parties to the present
Agreement submits itself irrevocably to the exclusive jurisdiction of the
Courts and Tribunals of the city of Madrid for the examination and resolution
of any claim that might arise from the fulfilment or interpretation of the
present Agreement, expressly waiving any other jurisdiction which might
otherwise correspond thereto.

 

In witness whereof, the present Agreement
is drawn up and signed on 8 original copies.

 

[SIGNATURES]

 

4Exhibit
4.10

 

Translation for information purposes
only

 

NOVATION AGREEMENT TO MODIFY, WITHOUT TERMINATION, A DOLLAR
MULTI-BORROWER CREDIT FACILITY DATED 6 MAY 1999

 

In Madrid, on 13 February 2003.

 

BETWEEN

 

Of the one part,

 

CABLEUROPA, S.A.U., a company with registered address
at calle Basauri, Urbanización La Florida, Aravaca, Madrid, recorded at the
Mercantile Registry of Madrid, in tome 9,174, folio 38, section 8, under number
147,606, holding Fiscal Identification Code A-48514343, represented by Mr Eugenio
Galdón, as representative of MULTITEL HOLDINGS, S.L., President of the Board of
Directors, and Mr Richard David Alden, in his condition as Managing Director
(hereinafter, “Cableuropa”).

 

VALENCIA DE CABLE, S.A., a company with registered
address at Gremis, 12, Polígono Industrial Vara de Quart, Valencia, recorded at
the Mercantile Registry of Valencia, in tome 5,479, folio 4, section 8, under
number 47,567, holding Fiscal Identification Code no. A-81237307, represented
by CABLEUROPA, S.A.U. in its capacity as Managing Director, which is
represented by Mr Richard David Alden (hereinafter, “Valencia”).

 

MEDITERRÁNEA SUR SISTEMAS DE CABLE, S.A., a company
with registered address at Carretera de Ocaña, 15, Alicante, recorded at the
Mercantile Registry of Alicante, in tome 1,855, folio 14, section 8, and number
34,967 and holding Fiscal Identification Code no. A-81238413, represented by
CABLEUROPA, S.A.U. in its capacity as Managing Director, which is represented
by Mr Richard David Alden (hereinafter, “Valencia Sur”).

 

MEDITERRÁNEA NORTE SISTEMAS DE CABLE, S.A., a company
with registered address at Hermanos Bou, 16, Castellón de la Plana, recorded at
the Mercantile Registry of Castellón, in tome 813, folio 165, section 8, under
number 10,448, holding Fiscal Identification Code no. A-81237869, represented
by CABLEUROPA, S.A.U. in its capacity as Managing Director, which is
represented by Mr Richard David Alden (hereinafter, “Valencia Norte”).

 

REGIÓN DE MURCIA DE CABLE, S.A., a company with
registered address at Avenida Juan Carlos I, s/n, Edificio Torre de Cristal,
Polígono Industrial Espinardo, Murcia, recorded at the Mercantile Registry of
Murcia, in tome 1,038, folio 81, section 8, under number 19,469, holding Fiscal
Identification Code no. A-30464853, represented by CABLEUROPA, S.A.U. in its
capacity as Managing Director, which is represented by Mr Richard David Alden
(hereinafter, “Murcia”).

 

UNIVERTEL COMUNICAÇÔES UNIVERSAIS, S.A., a Portuguese
company with registered address at Avda. Joao Crisóstomo, 18, 3a, 3ESQ, Lisbon,
represented by CABLEUROPA, S.A.U. in its capacity as Managing Director, which
is represented by Mr Richard David Alden (hereinafter, “Univertel”).

 

HYDRA SERVICIOS DE ATENCIÓN AL CLIENTE, S.A., a
company with registered address at c/ Gremis, 4, Polígono Industrial Vara de
Quart, Valencia, recorded at the Mercantile Registry of Valencia, in tome
6,605, folio 51, under number V-71374, holding Fiscal Identification Code no.
A-96967914, represented by CABLEUROPA, S.A.U. in its capacity as Sole Manager,
which is represented by Mr Richard David Alden (hereinafter, “Hydra”).

 

(Hereinafter, all of them shall be jointly referred to
as the “Borrowers”
and individually as the “Borrower”).

 

 

And of the other part,

 

ONO FINANCE Plc, a company with registered address at
200 Aldersgate Street, EC1A 4JJ London, represented by Mr [...], acting as
Director, by virtue of the powers conferred upon him in resolutions adopted by
the Board of Directors on 12 February, 2003 (hereinafter, “Ono Finance” or the “Lender”).

 

THEY STATE

 

I.-                                    That on 6 may 1999, the
Borrowers (which included the companies Huelva de Cable y Televisión, S.A.,
Cádiz de Cable y Televisión, S.A., Cable y Televisión de El Puerto, S.A., Cable
y Televisión de Andalucía, S.A., Corporación Mallorquina de Cable, S.A.,
Albacete Sistemas de Cable, S.A., Santander de Cable, S.A. and TDC Sanlúcar,
S.A. (even if Santander de Cable, S.A. and TDC Sanlúcar, S.A. became Borrowers
on a subsequent date) which were absorbed by Cableuropa, the universal successor
of all of the companies’ rights and obligations) and Ono Finance executed a
subordinated multi-borrower credit facility (the “Original Facility”), whereby
the Borrowers received from Ono Finance a facility for a maximum of
270,756,319.58 US Dollars, undertaking to pay to Ono Finance upon any payment
or prepayment of principal made by the Borrowers under the Original Facility,
apart from the principal, 4,243,680.42 US Dollars as a maintenance and
repayment fee, the aggregate being 275,000,000 US Dollars.

 

II.-                                That the purpose of the Original Facility
was to lend the Borrowers the funds obtained by Ono Finance with the Issue of
Dollar Bonds (as this term is defined in the Original Facility), which was
carried out on the same date as the Original Facility.

 

III.-                            That on today’s date the Borrowers (each
one as described below) have sold and handed over to Ono Finance certain Dollar
Bonds (as this term is defined in the Original Facility) for a total nominal
amount of 182,902,000 US Dollars, a sale for which the consideration agreed
upon was Ono Finance’s cancellation of said Dollar Bonds and the corresponding
decrease in the principal and in the maintenance and repayment fee of the
Original Facility.

 

The nominal amounts of the Dollar Bonds
sold and handed over by each of the Borrowers to Ono Finance are as follows:

 

	
  Cableuropa:

  	
   

  	
  150,243,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia:

  	
   

  	
  6,912,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Sur:

  	
   

  	
  11,059,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Valencia Norte:

  	
   

  	
  8,640,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Murcia:

  	
   

  	
  6,048,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Univertel

  	
   

  	
  0 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Hydra

  	
   

  	
  0 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  182,902,000 US Dollars

  	
   

  

 

2

 

IV.-                           That as a result of the
foregoing, the parties have decided to execute the present novation agreement
to modify, without termination, the Original Facility (hereinafter, the “Agreement”)
which shall be governed by the following

 

CLAUSES

 

1.                                      INTERPRETATION

 

The terms and expressions which appear in the present
Agreement in capital letters and which have not been assigned a specific
meaning herein, shall be construed in the same way as in the Original Facility.

 

2.                                      MODIFICATION
OF THE LOAN AMOUNT AND OF THE MAINTENANCE AND REPAYMENT FEE

 

2.1                              Due to the cancellation of the
Dollar Bonds sold and handed over by the Borrowers to Ono Finance, the
principal amount of the Original Facility shall be, as from today, 90,676,784
US Dollars

 

As a result of said cancellation, the
maintenance and repayment fee agreed in Clause 19.2 of the Original Facility
shall be proportionally reduced and shall be, as from today, 1,421,216 US
Dollars

 

2.2                              The new Maximum Facility,
which is available in its entirety and maintenance and repayment fee agreed in
Clause 19.2 of the Original Facility, shall be distributed among each of the
Borrowers as follows:

 

	
   

  	
   

  	
  Comisión de

  Mantenimiento y

  Reembolso

  	
   

  	
  Importe Máximo

  Acreditado

  	
   

  	
  Total

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cableuropa

  	
   

  	
  28,842 US Dollars

  	
   

  	
  1,840,158 US Dollars

  	
   

  	
  1,869,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Valencia

  	
   

  	
  294,681 US Dollars

  	
   

  	
  18,801,319 US Dollars

  	
   

  	
  19,096,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Valencia Sur

  	
   

  	
  471,496 US Dollars

  	
   

  	
  30,082,504 US Dollars

  	
   

  	
  30,554,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Valencia Norte

  	
   

  	
  368,351 US Dollars

  	
   

  	
  23,501,649 US Dollars

  	
   

  	
  23,870,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Murcia

  	
   

  	
  257,846 US Dollars

  	
   

  	
  16,451,154 US Dollars

  	
   

  	
  16,709,000 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Univertel

  	
   

  	
  0 US Dollars

  	
   

  	
  0 US Dollars

  	
   

  	
  0 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Hydra

  	
   

  	
  0 US Dollars

  	
   

  	
  0 US Dollars

  	
   

  	
  0 US Dollars

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  1,421,216 US Dollars

  	
   

  	
  90,676,784 US Dollars

  	
   

  	
  92,098,000 US Dollars

  	
   

  

 

3

 

3.                                     FEES

 

By way of intermediary fee to remunerate ONO Finance
(Holdings) Limited for enabling the transaction to proceed, the Borrowers shall
pay to ONO Finance (Holdings) Limited the fees set out in a letter from ONO
Finance (Holdings) Limited dated as of the date hereof.

 

4.                                      VALIDITY OF
THE TERMS NOT MODIFIED

 

The parties expressly declare that the terms agreed in
the Original Facility, which have not been modified herein, shall be fully
valid.

 

5.                                      LAW

 

The present Agreement shall be governed and
interpreted according to Spanish law.

 

6.                                      JURISDICTION

 

Each of the parties to the present Agreement submits
itself irrevocably to the exclusive jurisdiction of the Courts and Tribunals of
the city of Madrid for the examination and resolution of any claim that might
arise from the fulfilment or interpretation of the present Agreement, expressly
waiving any other jurisdiction which might otherwise correspond thereto.

 

In witness whereof, the present Agreement is drawn up
and signed on 8 original copies.

 

[SIGNATURES]

 

4

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