Document:

Exhibit

Exhibit 4.2

TELENET ADDITIONAL FACILITY AO3 ACCESSION AGREEMENT
TERM LOAN AO3 FACILITY
		
	To:
	The Bank of Nova Scotia as Facility Agent and KBC Bank NV as Security Agent

		
	From:
	The persons listed in Schedule 1 to this Telenet Additional Facility AO3 Accession Agreement (the Telenet Additional Facility AO3 Lenders, such defined term to include any lender which becomes a New Lender in respect of the Term Loan AO3 Facility, by the execution by the Facility Agent of a Transfer Certificate (or a Transfer Certificate substantially in the form of Schedule 3 (Transfer Certificate (Cash)) to this Telenet Additional Facility AO3 Accession Agreement)).

Date: 3 October 2019
TELENET BVBA1 - Credit Agreement 
dated 1 August 2007, as amended from time to time (the Credit Agreement)

		
	1.
	In this Agreement:

Borrower has the meaning given to it in paragraph 16. 
Existing Interest Period means, in relation to a Term Loan AO3 Facility Loan, the Term in relation to the Advance under the Term Loan AO Facility that is current as at the Utilisation Date for that Term Loan AO3 Facility Loan.
Existing Security Provider means each of Telenet BVBA (the Company), the Borrower, Telenet Financing USD LLC, Telenet Group Holding NV, having its registered office at Neerveldstraat 107, B-1200 Sint-Lambrechts-Woluwe, Belgium and registered with the Crossroads Bank for Enterprises under number 0477.702.333 (RPR/RPM Brussels) and Telenet Group NV2, having its registered office at Neerveldstraat 107, B-1200 Sint-Lambrechts-Woluwe, Belgium and registered with the Crossroads Bank for Enterprises under number 0462.925.669 (RPR/RPM Brussels).
Fee Letter means the fee letter dated 30 September 2019 entered into between, among others, the Borrower, the Company, the Mandated Lead Arrangers and the Underwriters (each as defined therein).
Liberty Global Reference Agreement means any or all of (i) the credit agreement dated 7 June 2013 between, among others, Virgin Media Investment Holdings Limited as company and The Bank of Nova Scotia as facility agent; (ii) the credit agreement dated 25 July 2014 between (among others) Unitymedia Hessen GmbH & Co. KG as borrower and The Bank of Nova Scotia as facility agent; (iii) the credit agreement dated 27 January 2014 between (among others) Ziggo B.V. as borrower and The Bank of Nova Scotia as facility agent; (iv) the credit agreement dated 28 September 2006 between (among others) All3Media Finance Limited as borrower and The Royal Bank of Scotland PLC as facility agent; (v) the credit agreement dated 5 March 2015 between (among others) Ziggo Secured Finance B.V. as SPV borrower and The Bank of Nova Scotia as facility agent; (vi) the indenture dated 23 December 2015 in respect of the €420,000,000 4.625% senior secured notes due 2026 issued by Unitymedia Hessen GMBH & Co KG and Unitymedia NRW GmbH; (vii) Annex I (Additional Definitions) and Annex II (Covenants) of the credit agreement dated 16 May 2016 entered into between, among others, LGE Coral Holdco Limited as finco, Sable International Finance Limited and Coral-US Co-Borrower LLC as initial borrowers and The Bank of Nova Scotia as administrative agent and (to the extent not covered in the Annexes) the specific provisions relating to that credit agreement set out in Schedule 4 (Amendments, Waivers, Consents and Other Modifications), Schedule 5 (Further Amendments, Waivers, Consents and Other Modifications),

_____________________________

1 Formerly known as Telenet Bidco NV and subsequently Telenet NV following the merger of Telenet NV into Telenet Bidco and subsequently Telenet BVBA following the conversion into a BVBA.
2 Formerly known as Telenet Group BVBA and prior to that BASE Company NV.

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Schedule 6 (Additional Amendments, Waivers, Consents and Other Modifications), Schedule 7 (Fourth Amendments, Waivers, Consents and Other Modifications), Schedule 8 (Fifth Amendments, Waivers, Consents and Other Modifications), Schedule 9 (Sixth Amendments, Waivers, Consents and Other Modifications) and Schedule 10 (Seventh Amendments, Waivers, Consents and Other Modifications) of this Agreement; (viii) the facilities agreement dated 6 October 2016 in respect of the advance of certain proceeds of the £350,000,000 5.5% receivables financing notes due 2024 issued by Virgin Media Receivables Financing Notes I Designated Activity Company; (ix) the indenture dated 23 September 2016 in respect of the $2,000,000,000 5.5% senior secured notes due 2027 and the €775,000,000 4.25% senior secured notes due 2027 issued by Ziggo Secured Finance B.V.; (x) the indenture dated 1 February 2017 in respect of the £675,000,000 5% senior secured notes due 2027 issued by Virgin Media Secured Finance PLC; (xi) the indenture dated 21 June 2017 in respect of the €635,000,000 37⁄8% senior notes due 2029 issued by UPC Holding B.V.; (xii) the credit agreement dated 16 December 2016 between (among others) UPC Broadband Holding B.V. as borrower and The Bank of Nova Scotia as facility agent; (xiii) the indenture dated 16 August 2017 in respect of the $700,000,000 6.875% senior notes due in 2027 issued by C&W Senior Financing Designated Activity Company and (xiv) the indenture dated 18 October 2017 in respect of the $550,000,000 million 5.500% senior notes due 2028 issued by UPC Holding B.V. (in each case as amended from time to time up to the date of this Agreement).
Majority Term Loan AO3 Facility Lenders means Telenet Additional Facility AO3 Lenders, the aggregate of whose Term Loan AO3 Facility Commitments exceeds 50 per cent. of the aggregate of the Term Loan AO3 Facility Commitments of all Telenet Additional Facility AO3 Lenders.
Original Telenet Additional Facility AO Accession Agreement means the additional facility AO accession agreement dated 25 May 2018 between, among others, the Borrower, the Facility Agent, the Security Agent and certain financial institutions defined therein as Telenet Additional Facility AO Lenders.
Original Telenet Additional Facility AO2 Accession Agreement means the additional facility AO2 accession agreement dated 8 August 2018 between, among others, the Borrower, the Facility Agent, the Security Agent and certain financial institutions defined therein as Telenet Additional Facility AO2 Lenders.
Term Loan AO Facility means the €730,000,000 term loan facility made available to the Borrower by the Telenet Additional Facility AO Lenders under and as defined in the Original Telenet Additional Facility AO Accession Agreement as upsized by the Term Loan AO2 Facility.
Term Loan AO2 Facility means the €205,000,000 term loan facility made available to the Borrower by the Telenet Additional Facility AO2 Lenders under and as defined in the Original Telenet Additional Facility AO2 Accession Agreement.
Term Loan AO3 Facility means the €175,000,000 term loan facility made available to the Borrower by the Telenet Additional Facility AO3 Lenders under this Agreement.
Term Loan AO3 Facility Commitment means, in relation to a Telenet Additional Facility AO3 Lender, the amount in euros set opposite its name under the heading “Term Loan AO3 Facility Commitment” in Schedule 1 of this Agreement, and any such Term Loan AO3 Commitment transferred to or assumed by it under the Credit Agreement, in each case, to the extent not cancelled, transferred, or reduced under the Credit Agreement.
Term Loan AO3 Facility Loan means any Advance made available to the Borrower by the Telenet Additional Facility AO3 Lenders under the Term Loan AO3 Facility.
		
	2.
	Unless otherwise defined in this Agreement, terms defined in the Credit Agreement shall have the same meaning in this Agreement and a reference to a Clause is a reference to a Clause of the Credit Agreement.  The principles of construction set out in Clause 1.2 (Construction) of the Credit Agreement apply to this Agreement as though they were set out in full in this Agreement.

		
	3.
	We refer to Clause 2.2 (Telenet Additional Facility) of the Credit Agreement. This Agreement is a Finance Document.

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	4.
	This Agreement will take effect on the date on which the Facility Agent notifies the Borrower and the Telenet Additional Facility AO3 Lenders that it has received the documents and evidence set out in Schedule 2 of this Agreement, in each case in form and substance satisfactory to it (acting reasonably) or, as the case may be, the requirement to provide any of such documents or evidence has been waived by the Majority Term Loan AO3 Facility Lenders (the Effective Date). The Facility Agent must give this notification to the Borrower and the Telenet Additional Facility AO3 Lenders promptly upon being so satisfied.

		
	5.
	We, the Telenet Additional Facility AO3 Lenders, agree:

		
	(a)
	to become party to and to be bound by the terms of the Credit Agreement as Lenders in accordance with Clause 2.2 (Telenet Additional Facility) of the Credit Agreement; and

		
	(b)
	to become party to the Intercreditor Agreement as Senior Lenders for the purposes of the Intercreditor Agreement and confirm that, as from the date of this Agreement, we intend to be party to the Intercreditor Agreement as a Senior Lender and undertake to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a Senior Lender and agree that we shall be bound by all the provisions of the Intercreditor Agreement, as if we had been an original party to the Intercreditor Agreement.

		
	6.
	The Telenet Additional Facility Commitment in relation to a Telenet Additional Facility AO3 Lender (for the purpose of the definition of Telenet Additional Facility Commitment in Clause 1.1 (Definitions) of the Credit Agreement) is its Term Loan AO3 Facility Commitment.

		
	7.
	Any interest due in relation to the Term Loan AO3 Facility will be payable on the last day of each Term and otherwise in accordance with Clause 11 (Interest) of the Credit Agreement.

		
	8.
	The Availability Period for the Term Loan AO3 Facility shall be the period from and including the Effective Date up to and including 45 Business Days thereafter or such other date agreed between the Telenet Additional Facility AO3 Lenders and the Company.

		
	8A.
	Subject to the terms of this Agreement, the Telenet Additional Facility AO3 Lenders make available to the Borrower a term loan facility in an amount equal to the aggregate of the Term Loan AO3 Facility Commitments.

		
	9.
	The Term Loan AO3 Facility may be drawn by up to two Advances (or any other number of Advances agreed between the Telenet Additional Facility AO3 Lenders and the Company) and no more than two Requests (or any other number of Requests agreed between the Telenet Additional Facility AO3 Lenders and the Company) may be made in respect of the Term Loan AO3 Facility under the Credit Agreement. 

		
	10.
	The Term Loan AO3 Facility Loans will be used for general corporate purposes and/or working capital purposes, including without limitation, the redemption, refinancing, repayment or prepayment of existing indebtedness of any member of the Group and the payment of any fees and expenses in connection with the Term Loan AO3 Facility or other transactions related thereto.

		
	11.
	The Final Maturity Date in respect of this Term Loan AO3 Facility will be 15 December 2027 or such other date agreed between the Telenet Additional Facility AO3 Lenders and the Company.

		
	12.
	The outstanding Term Loan AO3 Facility Loans will be repaid in full on the Final Maturity Date in respect of the Term Loan AO3 Facility.

		
	13.
	The Margin in relation to the Term Loan AO3 Facility is 2.50 per cent. per annum or such other rate agreed between the Telenet Additional Facility AO3 Lenders and the Company.

		
	14.
	The first Term to apply to each Term Loan AO3 Facility Loan will be a period running from the first Utilisation Date in respect of that Term Loan AO3 Facility Loan up to (but excluding) the last Business Day of the Existing Interest Period.

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	15.
	The interest rate for the Term Loan AO3 Facility will be calculated in accordance with Clause 11.1 (Calculation of Interest) of the Credit Agreement, being the sum of EURIBOR and the applicable Margin. For the avoidance of doubt, each party to this Agreement accepts and acknowledges that EURIBOR has the meaning given to it under Clause 1.1 (Definitions) of the Credit Agreement provided that if EURIBOR as determined in accordance with that definition is less than zero, it shall be deemed to be zero and, provided further that, in relation to the first Term to apply to each Term Loan AO3 Facility Loan, EURIBOR shall mean the EURIBOR rate calculated for the Existing Interest Period.

		
	16.
	The Borrower in relation to the Term Loan AO3 Facility shall be Telenet International Finance S.à r.l. (the Borrower), a private limited liability company (société à responsabilité limitée), incorporated under the laws of Luxembourg, with its registered office at 11 rue de l’industrie, L-8399 Windhof, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies register under number B 155.066.

		
	17.
	Each Term Loan AO3 Facility Loan shall be issued at 100.25% of par provided that no original issue discount shall be payable on any Term Loan AO3 Facility Loan arising from an increase in the Term Loan AO3 Facility Commitments effected in accordance with paragraph 3 (AN3 OID Fees and AO3 OID Fees Funding) of the Fee Letter.

		
	18.
	[Reserved]. 

19.    
		
	(a)
	It is the intention of the parties to this Agreement that the Term Loan AO Facility be upsized by the amount of the Term Loan AO3 Facility in accordance with this paragraph 19 and paragraph 19 of the Original Telenet Additional Facility AO Accession Agreement and that, on and from the Effective Date, the Term Loan AO3 Facility and the Term Loan AO Facility shall constitute and be considered as, a single Telenet Additional Facility under the Credit Agreement.

		
	(b)
	Provided that any upsizing of the Term Loan AO Facility permitted under this paragraph will not breach any term of the Credit Agreement, the Term Loan AO Facility may be upsized by any amount, by the signing of one or more further Telenet Additional Facility Accession Agreements in respect of the Term Loan AO Facility (an Additional Facility AO Accession Agreement), that specifies (along with the other terms specified therein) Telenet International Finance S.à r.l. as the sole Borrower, that the Commitments under that Additional Facility AO Accession Agreement are denominated in euros, to be drawn in euros and with the same Final Maturity Date and Margin as specified in this Agreement.

		
	(c)
	For the purposes of this paragraph 19 (unless otherwise specified), references to each Term Loan AO Facility Loan (as defined in the Original Telenet Additional Facility AO Accession Agreement) shall include Advances made under any such further and previous Additional Facility AO Accession Agreements (including under this Agreement).

		
	(d)
	Where any Term Loan AO3 Facility Loan has not already been consolidated with any Term Loan AO Facility Loan, on the last day of any Term for that unconsolidated Term Loan AO3 Facility Loan, that Term Loan AO3 Facility Loan will be consolidated with any Term Loan AO Facility Loan which has a Term ending on the same day as that unconsolidated Term Loan AO3 Facility Loan, and all such Term Loan AO3 Facility Loans will then be treated as one Advance under the Term Loan AO Facility.

		
	20.
	For the purposes of any amendment or waiver, consent or other modification (including, with respect to any existing Default or Event of Default) that may be sought by the Company under the Credit Agreement or any other Finance Document on or after the date of this Agreement, each Telenet Additional Facility AO3 Lender hereby consents (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty), and agrees to procure that, unless it is prohibited from doing so, any of its Affiliates or related funds that are Lenders under a Revolving Facility or Hedge Counterparties consent (in their capacity as Lenders under a Revolving Facility or Hedge Counterparties, as applicable) to any and all of the following:

		
	(a)
	any and all amendments contemplated by Schedule 4 (Amendments, Waivers, Consents and Other Modifications), Schedule 5 (Further Amendments, Waivers, Consents and Other Modifications), Schedule 6 (Additional Amendments, Waivers, Consents and Other Modifications), Schedule 7 (Fourth Amendments, Waivers, Consents and Other Modifications), 

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Schedule 8 (Fifth Amendments, Waivers, Consents and Other Modifications), Schedule 9 (Sixth Amendments, Waivers, Consents and Other Modifications) or Schedule 10 (Seventh Amendments, Waivers, Consents and Other Modifications) of this Agreement (the Approved Amendments); 
		
	(b)
	any consequential amendment, waiver, consent or other modification, whether effected by one instrument or through a series of amendments, to the Credit Agreement or any other Finance Document to be made either to implement the Approved Amendments or to conform any Finance Document to the Approved Amendments; and/or

		
	(c)
	any other amendment, waiver, consent or modification, whether effected by one instrument or through a series of amendments, to the Credit Agreement or any other Finance Document to be made to conform any Finance Document to any Liberty Global Reference Agreement (provided that any amendment, waiver, consent or modification to conform the Credit Agreement or any other Finance Document to any Liberty Global Reference Agreement referred to at paragraphs (vi) to (xi), (xiii) and (xiv) and in respect of the schedules in relation to covenants, events of default or definitions in the Liberty Global Reference Agreements referred to at paragraphs (ii), (iii) and (v) of that definition, shall be limited to  those that are mechanical in nature unless specifically referenced in the Approved Amendments and, in each case, any consequential amendments, waivers, consents or modifications),

and this Agreement shall constitute the irrevocable and unconditional written consent of each Telenet Additional Facility AO3 Lender (in the capacity of a Lender, and, if it is a Hedge Counterparty, in the capacity of a Hedge Counterparty) and the agreement of each Telenet Additional Facility AO3 Lender to procure, unless it is prohibited from doing so, that each of its Affiliates and related funds that is a Lender under a Revolving Facility or a Hedge Counterparty provides irrevocable and unconditional written consent in that capacity in respect of such amendments, waivers, consents or other modifications to the Finance Documents for the purposes of Clause 28 (Amendments and Waivers) of the Credit Agreement, and Clause 28 (Consents, Amendments and Override) of the Intercreditor Agreement (as applicable), and any clause in any other Finance Document relating to amendments of that Finance Document, without any further action required on the part of any party thereto.
		
	21.
	Each Telenet Additional Facility AO3 Lender waives (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty) and agrees to procure, unless it is prohibited from doing so, that any of its Affiliates and related funds that are Lenders under a Revolving Facility or Hedge Counterparties waive (in their capacity as Lenders under a Revolving Facility or as Hedge Counterparties, as applicable) receipt of any fee in connection with the foregoing consents, notwithstanding that other consenting Lenders under the Credit Agreement or Hedge Counterparties under the Intercreditor Agreement may be paid a fee in consideration of such Lenders’ or Hedge Counterparties’ consent to any or all of the foregoing amendments, waivers, consents or other modifications.

		
	22.
	Each Telenet Additional Facility AO3 Lender hereby acknowledges and agrees (in its capacity as a Lender from time to time under the Credit Agreement and, if it is a Hedge Counterparty, in its capacity as a Hedge Counterparty) and agrees to procure, unless it is prohibited from doing so, that any of its Affiliates and related funds that are Lenders under a Revolving Facility or Hedge Counterparties acknowledge and agree (in their capacity as Lenders under a Revolving Facility or Hedge Counterparties, as applicable) that the Facility Agent and/or the Security Agent may, but shall not be required to, send to it any further formal amendment request in connection with all, or any of the proposed amendments referred to under paragraph 20 above and the Facility Agent and/or the Security Agent (as applicable) shall be authorised to consent on behalf of it, as a Lender under one or more Facilities or Telenet Additional Facilities and as a Hedge Counterparty under the Intercreditor Agreement, to any such proposed amendments set out under paragraph 20 above (and the Facility Agent and/or the Security Agent shall be authorised to enter into any necessary documentation in connection with the same), and such consent shall be taken into account in calculating whether the Majority Lenders, or the relevant requisite Lenders, or the Hedge Counterparties, have consented to the relevant amendment, waiver or other modification in accordance with Clause 28 (Amendments and Waivers) of the Credit Agreement, and Clause 28 (Consents, Amendments and Override) of the Intercreditor Agreement (as applicable), and any clause relating to amendments in any other Finance Document.

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	23.
	On the first Utilisation Date in respect of the Term Loan AO3 Facility, the Borrower confirms, on behalf of itself and the Company confirms on behalf of itself and each other Obligor, that the Repeating Representations are true and correct in all material respects as if made at the first Utilisation Date  in respect of the Term Loan AO3 Facility with reference to the facts and circumstances then existing, and as if each reference to the Finance Documents includes a reference to this Agreement.

		
	24.
	Each of the Obligors further represents and warrants on the first Utilisation Date in respect of the Term Loan AO3 Facility that the execution and delivery by it of this Agreement and the performance of the transactions contemplated by this Agreement will not violate any agreement or instrument to which it is a party or which is binding upon it or any member of the Group or any of its assets or any member of the Group’s assets, where such violation would or is reasonably likely to have a Material Adverse Effect.

		
	25.
	Each of the Guarantors party to this Agreement confirms that its obligations under Clause 17 (Guarantee and Indemnity) of the Credit Agreement and each of the Existing Security Providers party to this Agreement confirms that the Security Interests created pursuant to the Security Documents and its obligations under the Finance Documents, shall continue unaffected and that such obligations extend to the Total Commitments as increased by the addition of the Term Loan AO3 Facility and that such obligations shall be owed to each Finance Party including the Telenet Additional Facility AO3 Lenders. 

		
	26.
	Each Telenet Additional Facility AO3 Lender confirms to each Finance Party that:

		
	(a)
	it has made its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Credit Agreement and has not relied on any information provided to it by a Finance Party in connection with any Finance Document; and

		
	(b)
	it will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Credit Agreement or any Telenet Additional Facility Commitment is in force.

		
	27.
	Each of the Telenet Additional Facility AO3 Lenders agrees that without prejudice to Clause 29.4 (Procedure for Transfer by way of Novation) of the Credit Agreement, each New Lender (as defined in the Transfer Certificate referred to below) shall become, by the execution by the Facility Agent of a Transfer Certificate (or a Transfer Certificate substantially in the form of Schedule 3 (Transfer Certificate (Cash)) to this Agreement), bound by the terms of this Agreement as if it were an original party hereto as a Telenet Additional Facility AO3 Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to this Agreement as would have been acquired, granted and assumed had the New Lender been an original party to this Agreement as a Telenet Additional Facility AO3 Lender.

		
	28.
	The Facility Office and address for notices of each Telenet Additional Facility AO3 Lender for the purposes of Clause 36.2 (Contact Details) of the Credit Agreement will be that notified by each Telenet Additional Facility AO3 Lender to the Facility Agent.

		
	29.
	For the purposes of the Term Loan AO3 Facility and any Term Loan AO3 Facility Loan, and notwithstanding any provision of a Finance Document to the contrary:  

		
	(a)
	The following defined terms shall have the following meanings in the Finance Documents:

Luxembourg means the Grand Duchy of Luxembourg;
Luxembourg Guarantor means a Guarantor incorporated in Luxembourg; and
Luxembourg Obligor means an Obligor incorporated in Luxembourg.

6

		
	(b)
	Where they relate to a Luxembourg company, references in the Finance Documents to: 

		
	(i)
	a winding-up, administration or dissolution includes, without limitation, bankruptcy (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or similar laws affecting the rights of creditors generally; 

		
	(ii)
	a receiver, administrative receiver, administrator or the like includes, without limitation, a juge délégué, commissaire, juge-commissaire, liquidateur or curateur; 

		
	(iii)
	a security interest includes any hypothèque, nantissement, gage, privilege, sûreté réelle, droit de rétention and any type of real security or agreement or arrangement having a similar effect and any transfer of title by way of security; and 

		
	(iv)
	a person being unable to pay its debts includes that person being in a state of cessation of payments (cessation de paiements).

		
	(c)
	Any guarantee given by any Luxembourg Guarantor does not constitute a suretyship (cautionnement) in the sense of articles 2011 and subsequent of the Luxembourg civil code.

		
	(d)
	The maximum liability of any Luxembourg Guarantor under the Finance Documents shall be limited so that the maximum amount payable by the relevant Luxembourg Guarantor for the obligations of any Obligor, which is not a direct or indirect Subsidiary of such Luxembourg Guarantor, hereunder shall at no time exceed the Maximum Amount.

Maximum Amount of any Luxembourg Guarantor means the sum of an amount equal to the aggregate (without duplication) of: 
		
	(i)
	all moneys received by that Luxembourg Guarantor or direct or indirect Subsidiaries of that Luxembourg Guarantor (which are direct or indirect Subsidiaries of that Luxembourg Guarantor on the date hereof or which will be direct or indirect Subsidiaries of that Luxembourg Guarantor hereafter) as borrower under or pursuant to the Finance Documents; and 

		
	(ii)
	the aggregate amount of the outstanding intercompany loans made to the Luxembourg Guarantor or direct or indirect Subsidiaries of that Luxembourg Guarantor (which are direct or indirect Subsidiaries of that Luxembourg Guarantor on the date hereof or which will be direct or indirect Subsidiaries of that Luxembourg Guarantor hereafter) by other members of the Group which have been funded with moneys received by the Borrowers under the Finance Documents (the Loan Amount); and

		
	(iii)
	an amount equal to 95% of the greater of: 

		
	(A)
	the market value of the assets of the Luxembourg Guarantor at the time the guarantee is called less the Liabilities, other than the Loan Amount, at the time the guarantee is called; and 

		
	(B)
	the market value of the assets of the Luxembourg Guarantor at the date of this Agreement less the Liabilities, other than the Loan Amount, at the time the guarantee is called. 

Liabilities means all existing liabilities (other than any liabilities owed to the direct or indirect shareholders of the Luxembourg Guarantor) incurred, from time to time, by the Luxembourg Guarantor and as reflected, from time to time, in the books of the Luxembourg Guarantor. 
If the parties to this Agreement fail to reach an agreement as to the market value of the assets as referred to under paragraph (iii) above, such market value shall be determined, at the sole cost of the Luxembourg Guarantor (provided such costs are properly and reasonably incurred and documented), by (1) an independent investment 

7

bank appointed for this purpose by the Finance Parties or (2) a Luxembourg réviseur d’entreprises agréé appointed upon the request of any of the Finance Parties.
		
	(e)
	Telenet International Finance S.à r.l. hereby expressly accepts and confirms, for the purposes of Articles 1278 and 1281 of the Luxembourg Civil Code, that notwithstanding any assignment, transfer and/or novation permitted under, and made in accordance with the provisions of this Agreement or the Finance Documents, the guarantee given by it guarantees all obligations of each Luxembourg Obligor (including without limitation, all obligations with respect to all rights and/or obligations so assigned, transferred or novated) and any security created under this Agreement or the Finance Documents shall be preserved for the benefit of any New Lender and each Luxembourg Obligor hereby accepts and confirms the aforementioned.

		
	(f)
	Qualifying Lender means, in the case of a Luxembourg Borrower, a Lender which is entitled to receive interest payments free of withholding tax levied pursuant to the Luxembourg law of 23 December 2005, as amended, introducing a withholding tax of 20% on payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the benefit of an individual beneficial owner who is resident of Luxembourg or, in the case of any other Borrower, has the meaning given to that term in the Credit Agreement.

		
	30.
	Each Existing Security Provider (other than the Company) irrevocably appoints the Company to act as its agent:

(a)    to give and receive all communications under the Finance Documents;
(b)    to supply all information concerning itself to any Finance Party; and
(c)    to sign all documents under or in connection with the Finance Documents.
Any communication given to the Company in connection with a Finance Document will also be deemed to have been given to the other Existing Security Providers and each Finance Party may assume that any communication made by the Company is made with the consent of the other Existing Security Providers. 
		
	31.
	If a term of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect:

		
	(a)
	the legality, validity or enforceability in that jurisdiction of any other term of this Agreement; or

		
	(b)
	the legality, validity or enforceability in other jurisdictions of that or any other term of this Agreement. 

		
	32.
	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		
	33.
	Clause 39.1 (Jurisdiction) of the Credit Agreement is incorporated into this Agreement as if set out in full and as if references in that clause to a “Finance Document” are references to this Agreement.

		
	34.
	This Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Agreement.

		
	35.
	This Agreement is a Creditor Accession Undertaking as defined in the Intercreditor Agreement.

THIS AGREEMENT is executed and delivered as a Deed on the date stated at the beginning of this Agreement.

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SCHEDULE 1

TELENET ADDITIONAL FACILITY AO3 LENDERS AND TERM LOAN AO3 FACILITY
COMMITMENTS

	
		
	Telenet Additional Facility AO3 Lender
	Term Loan AO3 Facility
Commitment 

(€)(mln)

	The Bank of Nova Scotia
	€175,000,000

	 
	 

	Total
	€175,000,000

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SCHEDULE 2
CONDITIONS PRECEDENT DOCUMENTS
		
	1.
	Obligors

		
	(a)
	A copy of the articles of association or equivalent constitutional documents of each Obligor and each Existing Security Provider.

		
	(b)
	A copy of a resolution of the board of directors or equivalent of each Obligor and each Existing Security Provider approving the terms of, and the transactions contemplated by, this Agreement and any other Finance Documents to which it is, or will become, a party.

		
	(c)
	A specimen of the signature of each person authorised on behalf of each Obligor and each Existing Security Provider to execute or witness the execution of this Agreement and any other Finance Document or to sign or send any document or notice in connection with this Agreement and any other Finance Document.

		
	(d)
	An up-to-date extract from the Luxembourg Trade and Companies Register in respect of each Obligor and each Existing Security Provider incorporated in Luxembourg or, to the extent such Obligor or Existing Security Provider is not registered with the Luxembourg Trade and Companies Register, a certificate from a notary residing in Luxembourg.

		
	(e)
	An up-to-date negative certificate (certificat de non-inscription d'une decision judiciaire) issued by the Luxembourg Trade and Companies register in respect of each Obligor and each Existing Security Provider incorporated in Luxembourg or, to the extent such Obligor or Existing Security Provider is not registered with the Luxembourg Trade and Companies Register, a certificate on solvency of an authorised signatory of the relevant Obligor or Existing Security Provider (as applicable).

		
	(f)
	A copy of the minutes of the shareholders' meeting of each Belgian Obligor and each Belgian Existing Security Provider in the form of a limited liability company (naamloze vennootschap) (except for Telenet Group Holding NV):

		
	(i)
	approving for the purposes of article 556 of the Belgian Companies Act, the terms of and transactions contemplated by this Agreement; and

		
	(ii)
	authorising named persons to fulfil the formalities with the Registry of the Commercial Court of the registered office of such Obligor or Existing Security Provider following the decision taken in accordance with the above.

		
	(g)
	A certificate of an authorised signatory of the Company:

		
	(i)
	confirming that utilising the Total Commitments (including the Term Loan AO3 Facility Commitments) in full would not breach any limit binding on any Obligor or Existing Security Provider; and

		
	(ii)
	certifying that each copy document specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

		
	2.
	Legal opinions

		
	(a)
	A legal opinion of Allen & Overy LLP, English legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(b)
	A legal opinion of Allen & Overy (Belgium) LLP, Belgian legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(c)
	A legal opinion of Allen & Overy, société en commandite simple (Luxembourg), Luxembourg legal advisers to the Facility Agent, addressed to the Finance Parties.

10

		
	(d)
	A legal opinion of Ropes & Gray LLP, Delaware legal advisers to the Obligors and Existing Security Providers, addressed to the Finance Parties.

		
	3.
	Other Documents

		
	(a)
	Evidence that the agent of the Borrower under the Finance Documents for service of process in England has accepted its appointment.

		
	(b)
	A duly executed copy of the Fee Letter. 

11

SCHEDULE 3
TRANSFER CERTIFICATE (CASH)
		
	To:
	The Bank of Nova Scotia as Facility Agent and Telenet International Finance S.à r.l. as Borrower

		
	From:
	[THE EXISTING LENDER] and [THE NEW LENDER]

Date:                                  2019
Telenet BVBA3 - credit facilities agreement originally dated August 1, 2007 (as amended and restated from time to time), by and among Telenet BVBA and The Bank of Nova Scotia (originally BNP Paribas and then Toronto Dominion (Texas) LLC) as facility agent and KBC Bank NV as security agent (the Credit Agreement)
Unless otherwise defined herein, terms defined in the Credit Agreement have the same meanings when used in this Transfer Certificate, or, if not defined in the Credit Agreement, the Telenet Additional Facility AO3 Accession Agreement (as defined below), have the same meaning in this Transfer Certificate.
We refer to: 
		
	(a)
	Clause 29.4 (Procedure for Transfer by Way of Novations) of the Credit Agreement;

		
	(b)
	Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement; and

		
	(c)
	the Telenet Additional Facility Accession Agreement dated [l] 2019, pursuant to which a [€][l] term loan facility is made available to the Borrower as a Telenet Additional Facility (Term Loan AO3 Facility) under the Credit Agreement (the Telenet Additional Facility AO3 Accession Agreement).

		
	1.
	We, [       ] (the Existing Lender) agree to novate and we, [     ] (the New Lender) agree to accept novation of all the Existing Lender's rights and obligations referred to in the Schedule on and from the Effective Date in accordance with Clause 29.4 (Procedure for Transfer by Way of Novations) of the Credit Agreement and Clause 22.3 (Change of Senior Lender, Pari Passu Creditors, Second Lien Lender and Noteholders) of the Intercreditor Agreement.

		
	2.
	The New Lender confirms that it is bound by the terms of the Telenet Additional Facility AO3 Accession Agreement from the Effective Date as if it were an original party thereto as a Telenet Additional Facility AO3 Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to the Telenet Additional Facility AO3 Accession Agreement as would have been acquired, granted and assumed had the New Lender been an original party to the Telenet Additional Facility AO3 Accession Agreement as a Telenet Additional Facility AO3 Lender.

		
	3.
	For the purposes of Articles 1278 and 1281 of the Luxembourg Civil Code and Article 1278 of the Belgian Civil Code, each of the Existing Lender, the Facility Agent, the New Lender and the Security Agent agree and each of the Existing Security Providers and Guarantors acknowledge and accept that the Security Documents will be preserved for the benefit of the New Lender in accordance with Clause 29.4 (Procedure for transfer by way of novations) of the Credit Agreement. 

		
	4.
	The New Lender represents on the date of this Transfer Certificate that:

		
	(a)
	it is a Qualifying Lender; and

_____________________________

3Formerly known as Telenet Bidco NV and subsequently Telenet NV following the merger of Telenet NV into Telenet Bidco and subsequently Telenet BVBA following the conversion into a BVBA.

12

		
	(b)
	it is not a Lender that has met the conditions described in any of paragraphs (a) to (c) of Clause 12.6 (U.S. Taxes) of the Credit Agreement. 

		
	5.
	This Transfer Certificate shall take effect on the date of this Transfer Certificate.

		
	6.
	For the purposes of this Transfer Certificate, Effective Date means the date specified under the Facility Agent’s name in the relevant signature page to this Transfer Certificate.

		
	7.
	Each party to this document agrees, the Facility Agent agrees on behalf of each Finance Party, and Telenet BVBA agrees on behalf of each Obligor, that this document is a Transfer Certificate notwithstanding that its form is different to that required by the Credit Agreement.

		
	8.
	We, the New Lenders, agree to become party to the Intercreditor Agreement as Senior Lenders for the purposes of the Intercreditor Agreement and confirm that, as from the date of this Transfer Certificate, we intend to be party to the Intercreditor Agreement as a Senior Lender and undertake to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a Senior Lender and agree that we shall be bound by all the provisions of the Intercreditor Agreement, as if we had been an original party to the Intercreditor Agreement.

		
	9.
	This Transfer Certificate is a Finance Document.

		
	10.
	This Transfer Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Transfer Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Transfer Certificate.

		
	11.
	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

13

THE SCHEDULE
Rights and obligations to be novated:
EXISTING LENDER
Existing Lender’s Term Loan AO3 Facility Commitment: €[l]
Assignee: New Lender
    
NEW LENDER
		
	Facility Office
	   [           ]

Address for notices for administrative purposes     [            ]
Address for notices for credit purposes       [             ]
 

14

[The Existing Lender], as the Existing Lender

By:

Name:
Title

15

EXECUTED AS A DEED
[The New Lender], as the New Lender

By:
Name:
Title:

By:
Name:
Title:

16

TELENET BVBA, as Obligors agent

By:
Name:
Title:

17

TELENET BVBA, as Existing Security Providers agent

By:
Name:
Title:

18

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it and the Security Agent countersigns this Transfer Certificate.

19

KBC BANK NV, as Security Agent

By:
Name:
Title:
Date:

20

SCHEDULE 4
AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

[INTENTIONALLY LEFT BLANK]

SCHEDULE 5
FURTHER AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

[INTENTIONALLY LEFT BLANK]

SCHEDULE 6
ADDITIONAL AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

[INTENTIONALLY LEFT BLANK]

SCHEDULE 7
FOURTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 7 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
		
	1.
	Transfers: amend clause 29.3 (Transfers by Lenders) of the Credit Agreement to provide that the consent of the Company is not required for any assignment or transfer by a Lender if an Event of Default is outstanding pursuant to any of clauses 22.2 (Non-payment), 22.6 (Insolvency), 22.7 (Insolvency Proceedings), 22.8 (Creditors’ Process) or 22.9 (Similar Proceedings) only (rather than if any Event of Default is outstanding).

		
	2.
	New RCF Maintenance Covenant: amend the Credit Agreement to provide that amendments and waivers of Clause 20.2 (Net Total Debt to Consolidated Annualised EBITDA) to 20.4 (Cure provisions) and the new acceleration clause at (d) above shall only be made with the consent of the Company and the Composite Revolving Facility Instructing Group and shall not require the consent of any other Finance Party.  

SCHEDULE 8
FIFTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 8 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
In this Schedule, references to "recent Liberty precedent" shall be construed to mean any Liberty Global Reference Agreement.
		
	1.
	Lender Assignments: amend Clause 29 (Changes to Parties) of the Credit Agreement to provide that Lenders may transfer their rights and obligations under the Credit Agreement by way of assignment (subject to equivalent conditionality (including as set out in Clause 29.3 (Transfers by Lenders of the Credit Agreement)) as applies to the regime for transfers by Lenders of their rights and obligations by way of novation under the Credit Agreement and otherwise in accordance with recent Liberty precedent).

SCHEDULE 9
SIXTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 9 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement and the Intercreditor Agreement (as applicable). All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement and the Intercreditor Agreement (as applicable).
		
	1.
	Solvent Liquidation: Amend the Credit Agreement to provide for releases of Security as a result of, and in connection with, any solvent liquidation or dissolution that complies with Clause 21.24 (Internal Reorganisations) of the Credit Agreement.

		
	2.
	Waivers: Add a new limb to Clause 28.1 (Procedure) as follows: 

“Notwithstanding anything to the contrary in the Finance Documents, a Finance Party may unilaterally waive, relinquish or otherwise irrevocably give up all or any of its rights under any Finance Document with the consent of the Company.”
		
	3.
	Transfers: Delete paragraph (b) of Clause 29.3 (Transfers by Lenders) in its entirety and replace it with the following: 

“Any transfer under paragraph (a) above shall be for an amount of not less than €2,000,000 or $2,000,000 (in the case of participations in Advances denominated in euro or Dollars, respectively) (or if less, the aggregate of the Commitments of that Existing Lender).”

SCHEDULE 10
SEVENTH AMENDMENTS, WAIVERS, CONSENTS AND OTHER MODIFICATIONS

All references to Clauses, Paragraphs, Schedules and definitions contained in this Schedule 10 are to Clauses, Paragraphs, Schedules and definitions of the Credit Agreement.  All capitalised terms used in this Schedule but not defined shall have the meanings given to such terms in the Credit Agreement.
References in this Schedule 10 to “recent Liberty precedents” shall be construed to mean any Liberty Global Reference Agreement.
		
	1.
	Sub-participations: 

Amend Clause [23.14 (Relationship with Lenders)] to include an additional sub-paragraph as follows:
“Without limitation of any other provision of this Agreement, no transfer of an interest in an Advance or Commitment hereunder shall be effective unless and until recorded in the register referred to in this Clause 23.14.”
		
	2.
	Alternative Benchmarks: 

		
	(a)
	Add the following new definitions to Clause 1.1 (Definitions) as follows:

“Alternative Benchmark Commencement Date” means any Business Day on which the Facility Agent and the Company agree upon an Alternative Benchmark Rate.
“Alternative Benchmark Rate” means any alternative benchmark rate agreed in writing between the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company (in each case, acting reasonably) from time to time, provided that the Facility Agent and the Company shall consider the benchmark rates being used at that time in the then prevailing market for syndicated debt financings of a similar size to, and in the same currencies as, the Facilities.
		
	(b)
	Replace the definition of “Screen Rate” in Clause 1.1 (Definitions) with the following:

“Screen Rate” means:
(a)    in relation to LIBOR:
		
	(i)
	at any time prior to an Alternative Benchmark Commencement Date in relation to LIBOR, the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); or

		
	(ii)
	at any time on or following an Alternative Benchmark Commencement Date in relation to LIBOR, the Alternative Benchmark Rate for the relevant currency and period displayed on any page of any screen of an information service as the Facility Agent may specify after consultation with the Company on or about the relevant Alternative Benchmark Commencement Date; and

(b)    in relation to EURIBOR:
		
	(i)
	at any time prior to an Alternative Benchmark Commencement Date in relation to EURIBOR, the Euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); or

		
	(ii)
	at any time on or following an Alternative Benchmark Commencement Date in relation to EURIBOR, the Alternative Benchmark Rate for Euro for the relevant period displayed on any page of any screen of an information service as the Facility Agent may specify after consultation with the Company on or about the relevant Alternative Benchmark Commencement Date,

provided that, in each case, if such page is replaced or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Company.
		
	3.
	Cost of Funds: 

		
	(a)
	Amend paragraph (b) of Clause 13.4 (Cost of Funds) such that it also applies if LIBOR or EURIBOR is to be determined by reference to a Reference Bank Rate or an Alternative Reference Bank Rate and to provide that, in entering into negotiations with the Company with a view to agreeing a substitute basis for determining the rate of interest, the Facility Agent may act in its sole discretion and will not be required to consult with or seek any consent or instruction from the Lenders or any other Finance Party.

		
	(b)
	Delete paragraph (c) of Clause 13.4 (Cost of Funds) and replace it with the following:

“Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company, be binding on all Parties.”
		
	4.
	Amendments and Waivers: 

Add a new Clause 28.8 (Screen Rate) as follows:
“28.8    Screen Rate
If any Screen Rate is not available for a currency which can be selected for an Advance, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Facility Agent (acting in its sole discretion and, for the avoidance of doubt, without any requirement to consult with or seek any consent or instruction from the Lenders or any other Finance Party) and the Company (in each case, acting reasonably) from time to time, provided that the Facility Agent and the Company shall consider the benchmark rates being used at that time in the then prevailing market for syndicated debt financings of a similar size to, and in the same currencies as, the Facilities.”
		
	5.
	Defaulting Lender Disenfranchisement:  in addition to paragraph 10 of Schedule 4, provide in the Credit Agreement as follows:

“In ascertaining the Majority Lenders, affected Lenders, all Lenders or any other class of Lenders (as applicable) or whether any given percentage (including, for the avoidance of doubt, unanimity) of any of the Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, a Defaulting Lender’s Commitments and participations will be deemed to be zero.”
		
	6.
	Defaulting Lenders: amend Clause 29.3 (Transfers by Lenders) in order that the following is included as a new Clause 29.3(h):

		
	“(h)
	Notwithstanding any other provision of this Agreement, no Lender shall be entitled to assign or transfer any of its rights, benefits or obligations under the Finance Documents to a New Lender that is a Defaulting Lender.”

		
	7.
	Amendments: add a new paragraph (d) to Clause 28.2 (Exceptions) as follows:

“No amendment or waiver of a term of any Ancillary Facility Document shall require the consent of any Finance Party other than the relevant Ancillary Facility Lender.”

		
	8.
	Amendments and waivers: 

		
	(a)
	Amend Clause 28.2 (Exceptions) to add an additional limb (d) as follows:

		
	“(d)
	Notwithstanding any other provision of this Clause 28 (Amendments and Waivers), the Facility Agent may at any time without the consent or sanction of the Lenders, concur with the Company in making any modifications to any Finance Document, which in the opinion of the Facility Agent would be proper to make provided that the Facility Agent is of the opinion that such modification:

		
	(i)
	would not be materially prejudicial to the position of any Lender and in the opinion of the Facility Agent such modification is of a formal, minor or technical nature or is to correct a manifest error; 

		
	(ii)
	relates to the increase in the principal amount of a Commitment of a Lender in relation to any Facility and such increased Commitment has been requested by the Company to fund any original issue discount required to be paid to that Lender in relation to that Facility under any Finance Document;

(iii)    is of a minor, operational or technical nature; or
		
	(iv)
	which relates to the implementation of any alternative basis for the calculation of interest that is binding on all Parties in accordance with paragraph (c) of Clause 13.4 (Cost of Funds).

Any modification made in accordance with this paragraph (d) shall be made on such terms as the Facility Agent may determine, shall be binding upon the Lenders, and shall be notified by the Company to the Lenders as soon as practicable thereafter.”
		
	(b)
	Amend Clause 28.2 (Exceptions) to include the words “Subject to Clause 28.6 (Structural Adjustments) below,” at the beginning of paragraph (a). 

		
	(c)
	Amend paragraph (a) of Clause 28.3 (Non Consenting Lenders) to delete limb (iii) in its entirety. 

		
	(d)
	Add an additional provision to Clause 28.2 (Exceptions) as follows:

“A waiver of issuance or the release of any Guarantor from any of its obligations under Clause 17 (Guarantee and indemnity) or a release of any Security under the Security Documents, in each case, other than in accordance with the terms of any Finance Document shall require the prior written consent of affected Lenders whose share in the outstanding Utilisations and whose undrawn Commitments amount in aggregate to more than 75 per cent. of all of the outstanding Utilisations and undrawn Commitments.”

SIGNATORIES

AGENTS
THE BANK OF NOVA SCOTIA as Facility Agent

By:    
AUTHORIZED SIGNATORY            Signature 
AUTHORIZED SIGNATORY, DIRECTOR        Name
 

By: 
AUTHORIZED SIGNATORY            Signature 
AUTHORIZED SIGNATORY, DIRECTOR        Name
 

(Signature Page to Facility AO3 Accession Agreement)

KBC BANK NV as Security Agent

By:    
AUTHORIZED SIGNATORY                    Signature 
AUTHORIZED SIGNATORY, AGENT SYNDICATED LOANS    Name 
 

By:    
AUTHORIZED SIGNATORY                    Signature 
AUTHORIZED SIGNATORY, AGENT SYNDICATED LOANS    Name
 

    

(Signature Page to Facility AO3 Accession Agreement)

BORROWER
TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
        
Name:  AUTHORIZED SIGNATORY 
Title:  AUTHORIZED REPRESENTATIVE
        
Name:  AUTHORIZED SIGNATORY 
Title:  AUTHORIZED REPRESENTATIVE
                
in the presence of: 
Name:  AUTHORIZED SIGNATORY            
Occupation:  LEGAL COUNSEL
Address:  LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM 

(Signature Page to Facility AO3 Accession Agreement)

GUARANTORS
TELENET FINANCING USD LLC
EXECUTED AS A DEED
        
Name:  AUTHORIZED SIGNATORY 
Title:  AUTHORIZED REPRESENTATIVE
                
in the presence of:
Name:  AUTHORIZED SIGNATORY                    
Occupation:  LEGAL COUNSEL
Address:  LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM 
               

(Signature Page to Facility AO3 Accession Agreement)

TELENET BVBA
EXECUTED AS A DEED
        
                    
Name:  AUTHORIZED SIGNATORY
Title:  MANAGER

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

(Signature Page to Facility AO3 Accession Agreement)

TELENET GROUP NV
EXECUTED AS A DEED
            
                    
Name:  AUTHORIZED SIGNATORY
Title:  MANAGER

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

 

(Signature Page to Facility AO3 Accession Agreement)

TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
            
                    
Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE
                
in the presence of:
Name:  AUTHORIZED SIGNATORY
Occupation:  LEGAL COUNSEL
Address: LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM 
 
              

(Signature Page to Facility AO3 Accession Agreement)

EXISTING SECURITY PROVIDERS
TELENET FINANCING USD LLC
EXECUTED AS A DEED
            
Name:  AUTHORIZED SIGNATORY 
Title:  AUTHORIZED REPRESENTATIVE
                
in the presence of:
Name:  AUTHORIZED SIGNATORY                    
Occupation:  LEGAL COUNSEL
Address: LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM 

(Signature Page to Facility AO3 Accession Agreement)

TELENET BVBA
EXECUTED AS A DEED        
                    
Name:  AUTHORIZED SIGNATORY
Title:  MANAGER

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

(Signature Page to Facility AO3 Accession Agreement)

TELENET INTERNATIONAL FINANCE S.À R.L
EXECUTED AS A DEED
                                
Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE
                
in the presence of:
Name:  AUTHORIZED SIGNATORY            
Occupation:  LEGAL COUNSEL
Address:  LIERSESTEENWEG 4, 2800 MECHELEN, BELGIUM 
              

(Signature Page to Facility AO3 Accession Agreement)

TELENET GROUP HOLDING NV
EXECUTED AS A DEED
            
                    
Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

 

(Signature Page to Facility AO3 Accession Agreement)

TELENET GROUP NV
EXECUTED AS A DEED
            
                    
Name:  AUTHORIZED SIGNATORY
Title:  DIRECTOR

Name:  AUTHORIZED SIGNATORY
Title:  AUTHORIZED REPRESENTATIVE

 

(Signature Page to Facility AO3 Accession Agreement)

TELENET ADDITIONAL FACILITY AO3 LENDER

THE BANK OF NOVA SCOTIA

By:    
AUTHORIZED SIGNATORY                    Signature 
AUTHORIZED SIGNATORY, DIRECTOR                Name
 

By: 
AUTHORIZED SIGNATORY                    Signature 
AUTHORIZED SIGNATORY, MANAGING DIRECTOR        Name

 

(Signature Page to Facility AO3 Accession Agreement)THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO BIOVIE INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

Right to Purchase up to [________] Shares
of Common Stock of

BioVie Inc.

(subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT

	No. BV-[__]	 	Issue Date: [______], 2019

BIOVIE
INC., a Nevada corporation (the “Company”), hereby certifies that, for value received, Acuitas Group Holdings,
LLC, or assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company from and after the Exercisability Date (as defined below) of this Warrant and at any time, up to [______] ([_______])
fully paid and nonassessable shares of Common Stock (as defined below), par value of $0.0001 per share, at the applicable Exercise
Price per share (as defined below). The number and character of such shares of Common Stock and the applicable Exercise Price per
share are subject to adjustment as provided herein.

This Warrant has been issued pursuant
to the terms of that certain Securities Purchase Agreement, dated as of September 24, 2019, as amended to the date hereof (the “Purchase Agreement”), by and between the
Company and Holder. Capitalized terms not defined herein shall have the meanings given to them in the Purchase Agreement. As used
herein the following terms, unless the context otherwise requires, have the following respective meanings:

(a)              
“Aggregate Exercise Price” means an amount equal to the product of (i) the number of shares of Common Stock
in respect of which this Warrant is being exercised pursuant to Section 2 hereof, multiplied by (ii) the then-current Exercise
Price.

(b)              
“Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the
city of New York, New York are authorized or obligated by law or executive order to close.

(c)              
The term “Company” shall mean BioVie Inc. and any person or entity which shall succeed, or assume the obligations
of, BioVie Inc. hereunder.

    	 

    	 

    

(d)               The
term “Common Stock” shall mean (i) the Company’s Class A common stock, $0.0001 par value per share; and
(ii) any other securities into which or for which any of the securities described in the preceding clause (i) may be
converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

(e)              
The term “Exercisability Date” shall mean the earlier of (i) December 1, 2019 and (ii) the effectiveness of
the Reverse Stock Split (as defined in Purchase Agreement).

(f)               
The term “Exercise Price” shall mean an amount equal to lower of (i) $0.032 and (ii) 80% of the IPO Offering
Price (as defined in Purchase Agreement), subject to adjustments as provided herein and therein.

(g)              
The term “Other Securities” shall mean any stock (other than Common Stock) and other securities of the Company
or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall
have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable
or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise.

(h)              
“Trading Day” means a day on which the principal Trading Market is open for trading.

(i)                
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted
for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market, the New York Stock Exchange, the OTCQB or OTCQX (or any successors to any of the foregoing).

1.                 
Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the Exercisability
Date and prior to 5:00 p.m., New York time, on the fifth (5th) anniversary of the date hereof or, if such day is not a Business
Day, on the next preceding Business Day (the “Exercise Period”) the Holder of this Warrant may exercise this Warrant
in whole or in part, of the Common Stock purchasable upon exercise hereof (subject to adjustment as provided herein).

2.                 
Exercise of Warrant.

2.1             
Number of Shares Issuable upon Exercise. From and after the Exercisability Date hereof, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, upon surrender of this Warrant to the Company at its principal executive
office (or an indemnification undertaking with respect to this Warrant in the case of loss, theft, or destruction), or by delivery
of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”),
duly completed, and payment to the Company of the Aggregate Exercise Price, the Holder shall be entitled to receive, shares of
Common Stock of the Company, subject to adjustment pursuant to Section 5.

     -2-

     

    

2.2             
Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean:

(a)              
If the Company’s Common Stock is traded on a national exchange, then the closing or last sale price, respectively,
reported for the last Business Day immediately preceding the Determination Date.

(b)              
If the Company’s Common Stock is not traded on a national exchange but is traded on the OTCQX or OTCQB, then the mean
of the average of the closing bid and asked prices reported for the last Business Day immediately preceding the Determination Date.

(c)              
Except as provided in clause (d) below, if the Company’s Common Stock is not publicly traded, then as the Holder and
the Board of Directors of the Company jointly agree or in the absence of agreement by arbitration in accordance with the rules
then in effect of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified
by education and training to pass on the matter to be decided.

(d)              
If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common
Stock pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable
per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all
of the shares of Common Stock then issuable upon exercise of the Warrant are outstanding at the Determination Date.

2.3             
Company Acknowledgment. The Company will, at the time of the exercise of this Warrant, upon the request of the Holder
acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

2.4             
Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the
holders of this Warrant pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties of a warrant
agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor person as may
be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of this Warrant
pursuant to this Section 1.

2.5              Mandatory
Exercise Upon Closing of Uplisting Offering. Notwithstanding any other provision contained herein, to the extent that
there has not been an exercise of any portion of this Warrant by the Holder pursuant to Section 2.1 hereof, any such portion
of the Warrant that remains unexercised upon the closing of the Uplisting Offering shall be exercised automatically in whole
(not in part), upon such closing date through exercise of this Warrant with an Exercise Price equal to the par value per
share of the Common Stock.

     -3-

     

    

3.                 
Procedure for Exercise.

3.1             
Delivery of Stock Certificates, Etc., on Exercise. The Company agrees that the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business
on the date on which this Warrant shall have been surrendered and payment made for such shares in accordance herewith. Not later
than two (2) Trading Days after such date (the “Share Delivery Date”), the Company shall deliver, or cause to
be delivered, to the holder (A) a certificate or certificates representing the shares of Common Stock purchased upon exercise of
this Warrant which, on or after the six month anniversary of the Issue Date, provided the Holder is not an Affiliate, shall be
free of restrictive legends and trading restrictions representing the number of shares of Common Stock purchased upon exercise
of this Warrant. On or after the six month anniversary of the Issue Date, provided the Holder is not an Affiliate, the Company
shall use its best efforts to deliver any certificate or certificates required to be delivered by the Company under this Section
3.1 electronically through the Depository Trust Company or another established clearing corporation performing similar functions.

3.2             
Failure to Deliver Certificates. If, in the case of any Exercise Notice, such certificate or certificates are not
delivered to or as directed by the applicable holder by the Share Delivery Date, the holder shall be entitled to elect by written
notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Exercise Notice,
in which event the Company shall promptly return to the holder any original Warrant delivered to the Company and the holder shall
promptly return to the Company the Common Stock certificates issued to such holder pursuant to the rescinded Exercise Notice.

3.3             
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the shares
of Common Stock purchased upon exercise of this Warrant upon exercise of this Warrant in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the holder or any other person of any obligation to the
Company or any violation or alleged violation of law by the holder or any other person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of such shares of Common
Stock purchased upon exercise of this Warrant; provided, however, that such delivery shall not operate as a waiver
by the Company of any such action the Company may have against the holder. In the event the holder of this Warrant shall elect
to exercise any or all portion hereof, the Company may not refuse exercise based on any claim that the holder or anyone associated
or affiliated with the holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction
from a court, on notice to holder, restraining and or enjoining exercise of all or part of this Warrant shall have been sought
and obtained, and the Company posts a surety bond for the benefit of the holder in the amount of 150% of the value of the shares
of Common Stock to be purchased upon exercise of this Warrant, which is subject to the injunction, which bond shall remain in effect
until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the holder
to the extent it obtains judgment. In the absence of such injunction, the Company shall issue the shares of Common Stock purchased
upon exercise

     -4-

     

    

of this Warrant, upon a properly noticed
exercise. If the Company fails for any reason to deliver to the holder such certificate or certificates pursuant to Section 3.1
by the Share Delivery Date, the Company shall pay to the holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Fair Market Value of the shares of Common Stock to be purchased upon exercise of this Warrant, $10 per Trading Day (increasing
to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading
Day after such Share Delivery Date until such certificates are delivered or holder rescinds such exercise. Nothing herein shall
limit a holder’s right to pursue actual damages for the Company’s failure to deliver the shares of Common Stock purchased
upon exercise of this Warrant within the period specified herein and the holder shall have the right to pursue all remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.
The exercise of any such rights shall not prohibit the holder from seeking to enforce damages pursuant to any other Section hereof
or under applicable law.

3.4             
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights
available to the holder, if the Company fails for any reason to deliver to the holder such certificate or certificates by the Share
Delivery Date pursuant to Section 3.1, and if after such Share Delivery Date the holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the holder of the shares of Common Stock purchased upon exercise of this Warrant which
the Holder was entitled to receive upon the exercise relating to such Share Delivery Date (a “Buy-In”), then
the Company shall (A) pay in cash to the holder (in addition to any other remedies available to or elected by the holder) the amount,
if any, by which (x) the holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased
exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the
exercise at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed
(including any brokerage commissions) and (B) at the option of the holder, either reissue (if surrendered) this Warrant representing
that number of shares of Common Stock which it represented prior to such exercise (in which case such exercise shall be deemed
rescinded) or deliver to the holder the number of shares of Common Stock that would have been issued if the Company had timely
complied with its delivery requirements under Section 3.1. For example, if the holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant with respect to which the actual sale
price of the shares of Common Stock purchased upon exercise of this Warrant (including any brokerage commissions) giving rise to
such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required
to pay the holder $1,000. The holder shall provide the Company written notice indicating the amounts payable to the holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

3.5             
Exercise.

     -5-

     

    

(a)              
Payment may be made in cash by wire transfer of immediately available funds to an account designated in writing by the Company,
or by certified or official bank check payable to the order of the Company equal to the Aggregate Exercise Price for the number
of Common Shares specified in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be
entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other
Securities) determined as provided herein.

(b)              
Notwithstanding the provisions of subsection (a) above to the contrary, if at the time the Holder exercises this Warrant
a registration statement covering the Common Stock issuable to the Holder upon exercise of this Warrant shall not be effective
under the Securities Act (as hereafter defined) in respect of such Common Stock, payment may be made, in the Holder’s discretion,
either (i) in cash by wire transfer of immediately available funds to an account designated in writing by the Company or by certified
or official bank check payable to the order of the Company equal to the applicable Aggregate Exercise Price, (ii) by delivery of
this Warrant, or shares of Common Stock and/or Common Stock receivable upon exercise of this Warrant in accordance with the formula
set forth in subsection (c) below, or (iii) by a combination of any of the foregoing methods, for the number of Common Shares specified
in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common
Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities) determined as provided
herein.

(c)              
In accordance with subsection (b) above, if the Fair Market Value of one share of Common Stock is greater than the Exercise
Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive
shares equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant
at the principal office of the Company together with the properly endorsed Exercise Notice in which event the Company shall issue
to the Holder a number of shares of Common Stock computed using the following formula:

		X=	Y(A-B)

A

Where X =the number of shares
of Common Stock to be issued to the Holder

		Y =	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised,
the portion of this Warrant being exercised (at the date of such calculation)

		A =	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

		B =	the Exercise Price per share (as adjusted to the date of such calculation)

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4.                 
Effect of Reorganization, Etc.; Adjustment of Exercise Price.

4.1             
Reorganization, Consolidation, Merger, Etc. In case at any time or from time to time the Company shall (a) effect
a reorganization, (b) consolidate with or merge into any other person, or (c) transfer all or substantially all of its properties
or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case,
as a condition to the consummation of such a transaction, proper and adequate provision shall be made by the Company whereby the
Holder, on the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation
or merger or the effective date of such dissolution, as the case may be, upon closing date of any such reorganization, consolidation,
merger or sale or transfer of assets, shall receive, in lieu of the Common Stock (or Other Securities) issuable on such exercise
prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such Holder
would have been entitled upon such consummation or in connection with such dissolution, as the case may be, if such Holder had
so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in Section 5.

4.2             
Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially all of
its properties or assets, the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense
deliver or cause to be delivered to the Holder the stock and other securities and property (including cash, where applicable) receivable
by the Holder pursuant to Section 4.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified by
the Holder and having its principal office in New York, NY as trustee for the Holder (the “Trustee”).

4.3             
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following
any transfer) referred to in this Section 4, this Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the shares of stock and other securities and property receivable on the exercise of this Warrant after the consummation
of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may
be, and shall be binding upon the issuer of any such stock or other securities, including, in the case of any such transfer, the
person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly
assumed the terms of this Warrant as provided in Section 5. In the event this Warrant does not continue in full force and effect
after the consummation of the transactions described in this Section 4, then the Company’s securities and property (including
cash, where applicable) receivable by the Holder will be delivered to the Holder or the Trustee as contemplated by Section 4.2.

5.                 
Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the
Common Stock as a dividend or other distribution on outstanding Common Stock or any preferred stock issued by the Company, (b)
subdivide its outstanding shares of Common Stock, or (c) combine its outstanding shares of the Common Stock into a smaller number
of shares of the Common Stock, then, in each such event, the Exercise Price shall, simultaneously with the happening of such event,
be adjusted by multiplying the then Exercise Price by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding immediately prior to such event and the denominator of which shall be the

     -7-

     

    

number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be the Exercise Price then in effect. The Exercise Price,
as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in
this Section 5. The number of shares of Common Stock that the Holder shall thereafter, on the exercise hereof as provided in Section
2, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would
otherwise (but for the provisions of this Section 5) be issuable on such exercise by a fraction of which (a) the numerator is the
Exercise Price that would otherwise (but for the provisions of this Section 4) be in effect, and (b) the denominator is the Exercise
Price in effect on the date of such exercise (taking into account the provisions of this Section 5). Notwithstanding the foregoing,
in no event shall the Exercise Price be less than the par value of the Common Stock.

6.                 
Subsequent Equity Sales. If the Company, at any time while this Warrant is outstanding, shall issue shares of Common
Stock or securities or rights convertible or exchangeable into shares of Common Stock (“Common Stock Equivalents”)
entitling any person to acquire shares of Common Stock, at a price per share less than the then current Exercise Price (such issuances,
collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights issued in connection with such issuance, be entitled to receive shares of Common
Stock at a price less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price),
then, the Exercise Price shall be reduced to such lower price per share. Such adjustment shall be made whenever such Common Stock
or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 6 in respect
of an Exempt Issuance. If the Company enters into a Variable Rate Transaction, despite the prohibition set forth in the Purchase
Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion
price at which such securities may be converted or exercised. The Company shall notify the holder in writing, no later than the
third trading day following the issuance of any Common Stock or Common Stock Equivalent subject to this section, indicating therein
the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms.

For purposes of
this Section 6, the following subsections (1) to (5) shall also be applicable, other than in the case of an Exempt Issuance:

(1)              
Issuance of Rights or Options. In case at any time the Company shall in any manner grant (directly and not by assumption
in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common
Stock or any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called
“Options” and such convertible or exchangeable stock or securities being called “Convertible
Securities”) whether or not such Options or the right to convert or exchange any such Convertible Securities are immediately
exercisable, and the price per share for which Common Stock is issuable upon the exercise of such Options or upon the conversion
or exchange of such Convertible Securities (determined by dividing (i) the sum (which sum shall constitute the applicable consideration)
of (x) the total amount, if any, received or receivable by the Company as consideration for the granting of such Options, plus
(y) the aggregate amount of additional consideration payable to the Company upon the exercise of all such Options,

     -8-

     

    

plus (z), in the case of such
Options which relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable upon the issue
or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii) the total maximum number of shares
of Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible Securities
issuable upon the exercise of such Options) shall be less than the Exercise Price in effect immediately prior to the time of the
granting of such Options, then the total number of shares of Common Stock issuable upon the exercise of such Options or upon conversion
or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have
been issued for such price per share as of the date of granting of such Options or the issuance of such Convertible Securities
and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided below,
no adjustment of the Exercise Price shall be made upon the actual issue of such Common Stock or of such Convertible Securities
upon exercise of such Options or upon the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities.

(2)              
Issuance of Convertible Securities. In case the Company shall in any manner issue (directly and not by assumption
in a merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible
Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange
(determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount received
or receivable by the Company as consideration for the issue or sale of such Convertible Securities, plus (y) the aggregate amount
of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii) the total number of
shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the Exercise
Price in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable
upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as
of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of
adjusting the Exercise Price, provided that (a) except as otherwise provided in subsection (iii) below, no adjustment of the Exercise
Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities and
(b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon exercise
of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant
to the other provisions of this Section 6.

(3)              
Change in Option Price or Conversion Rate. Upon the happening of any of the following events, namely, if the purchase
price provided for in any Option referred to above, the additional consideration, if any, payable upon the conversion or exchange
of any Convertible Securities referred to above, or the rate at which Convertible Securities referred to above are convertible
into or exchangeable for Common Stock shall change at any time (including, but not limited to, changes under or by reason of provisions
designed to protect against dilution), the Exercise Price in effect at the time

     -9-

     

    

of such event shall forthwith
be readjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still
outstanding provided for such changed purchase price, additional consideration or conversion rate, as the case may be, at the time
initially granted, issued or sold. On the termination of any Option for which any adjustment was made pursuant to this Section
6 or any right to convert or exchange Convertible Securities for which any adjustment was made pursuant to this Section 6 (including
without limitation upon the redemption or purchase for consideration of such Convertible Securities by the Company), the Exercise
Price then in effect hereunder shall forthwith be changed to the Exercise Price which would have been in effect at the time of
such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such termination, never
been issued.

(4)              
Consideration for Stock. In case any shares of Common Stock, Options or Convertible Securities shall be issued or
sold for cash, the consideration received therefor shall be deemed to be the gross amount received by the Company therefor, before
any deduction therefrom of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company
in connection therewith. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration
other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the fair value of
such consideration as determined in good faith by the Board of Directors of the Company, after deduction of any expenses incurred
or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. In case any Options shall
be issued in connection with the issue and sale of other securities of the Company, together comprising one integral transaction
in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been
issued for such consideration as determined in good faith by the Board of Directors of the Company. If Common Stock, Options or
Convertible Securities shall be issued or sold by the Company and, in connection therewith, other Options or Convertible Securities
(the “Additional Rights”) are issued, then the consideration received or deemed to be received by the
Company shall be reduced by the fair market value of the Additional Rights (as determined using a method mutually agreed to by
the Company and the Holder). The Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the Holders
as to the fair market value of the Additional Rights. In the event that the Board of Directors of the Company and the Holders are
unable to agree upon the fair market value of the Additional Rights, the Company and the Holders shall jointly select an appraiser,
who is experienced in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser
shall be borne evenly by the Company and the Holder.

(5)              
Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe
for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue
or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of
such other distribution or the date of the granting of such right of subscription or purchase, as the case may be.

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7.                 
Pro Rata Distributions. If the Company, at any time prior to the Expiration Date, shall distribute to all holders
of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends)
or rights or warrants to subscribe for or purchase any security), then in each such case the Exercise Price shall be adjusted by
multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled
to receive such distribution by a fraction of which the denominator shall be the Fair Market Value determined as of the record
date mentioned above, and of which the numerator shall be such Fair Market Value on such record date less the then per share Fair
Market Value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding
share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described
in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

8.                 
Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other
Securities) issuable on the exercise of this Warrant, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder and any warrant
agent of the Company (appointed pursuant to Section 12 hereof).

9.                 
Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities) from time to time
issuable on the exercise of this Warrant.

10.             
Assignment; Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights
evidenced hereby, may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender
for exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable
securities laws, which shall include, without limitation, a legal opinion from the Transferor’s counsel (at the Transferor’s
expense) that such transfer is exempt from the registration requirements of applicable securities laws, the Company at its expense
(but with payment by the Transferor of any applicable transfer taxes) will issue and deliver to or on the order of the Transferor
thereof a new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a

     -11-

     

    

“Transferee”), calling in
the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant
so surrendered by the Transferor.

11.             
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

12.             
Reserved.

13.             
Warrant Agent. The Company may, by written notice to the Holder of the Warrant, appoint an agent for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 2, exchanging this Warrant pursuant
to Section 9, and replacing this Warrant pursuant to Section 11, or any of the foregoing, and thereafter any such issuance, exchange
or replacement, as the case may be, shall be made at such office by such agent.

14.             
Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company
may treat the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

15.             
Notices, Etc. All notices and other communications from the Company to the Holder shall be mailed by first class
registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder
or, until any such Holder furnishes to the Company an address, then to, and at the address of, the last Holder who has so furnished
an address to the Company.

16.             
Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein, prior
to the issuance to the Holder of the Common Stock to which the Holder is then entitled to receive upon the due exercise of this
Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company.

17.             
Compliance with the Securities Act. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 17 and the restrictive legend requirements set forth on the face of this warrant and further agrees
that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Common Stock to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities
Act”).

     -12-

     

    

18.             
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS
OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS
PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing this Warrant on behalf of the Company agree
to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorneys’ fees and costs. In the event that any provision of this Warrant is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings
in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof.
The Company acknowledges that legal counsel participated in the preparation of this Warrant and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Warrant to favor any party against the other party.

[BALANCE OF PAGE INTENTIONALLY LEFT
BLANK;

SIGNATURE PAGE FOLLOWS]

 

     -13-

     

    

IN WITNESS WHEREOF, the Company has executed
this Warrant as of the date first written above.

	 	BIOVIE INC.
	WITNESS:	 
	 	By:	
 

	 	Name:	
 

	
 

	Title:	
 

	 	 	 	 	 

 

 

    	 

    	 

    

EXHIBIT A

EXERCISE NOTICE

(To Be Signed Only On Exercise Of Warrant)

		TO:	BioVie Inc.

 

Attention:Chief Financial Officer

The undersigned, pursuant to the provisions
set forth in the attached Warrant (No.____) (as amended, restated or otherwise modified from time to time, the “Warrant”;
capitalized terms used but not defined in this notice shall have the meanings ascribed thereto in the Warrant), hereby irrevocably
elects to purchase (check applicable box):

________________ shares of the common stock covered by such
warrant; or

________the maximum number of shares of common stock covered
by such warrant pursuant to the cashless exercise procedure set forth in Section 3.5.

The undersigned herewith makes payment
of the full Exercise Price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment
takes the form of (check applicable box or boxes):

________$__________ in lawful money of the United States; and/or

________the cancellation of such portion of the attached Warrant
as is exercisable for a total of _______ shares of Common Stock (using a Fair Market Value of $_______ per share for purposes of
this calculation); and/or

________the cancellation of such number of shares of Common
Stock as is necessary, in accordance with the formula set forth in Section 3.5(c), to exercise this Warrant with respect to the
maximum number of shares of Common Stock purchasable pursuant to the cashless exercise procedure set forth in Section 3.5.

The undersigned requests that the certificates
for such shares be issued in the name of, and delivered to ______________________________________________ whose address is ___________________________________________________________________________.

The undersigned is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. The undersigned represents
and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”),
or pursuant to an exemption from registration under the Securities Act.

	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 		
 

 

    	 

    	 

    

EXHIBIT B

FORM OF TRANSFEROR ENDORSEMENT

(To Be Signed Only On Transfer Of Warrant)

For value received, the undersigned hereby
sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the right represented
by the within Warrant to purchase the percentage and number of shares of Common Stock of BioVie Inc. into which the within Warrant
relates specified under the headings “Percentage Transferred” and “Number Transferred,” respectively, opposite
the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on the books of BioVie Inc.
with full power of substitution in the premises.

	Transferees	Address	Percentage Transferred	Number 

Transferred
	 	 	 	 
	 	 	 	 
	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 	 	
 

	 	 	SIGNED IN THE PRESENCE OF:
	 	 	
 

	 	 	(Name)
	 	 	 	 	 	 	 

ACCEPTED AND AGREED:

[TRANSFEREE]

___________________________

(Name)

 

NOTE: The signature to this Assignment Form must correspond with
the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file
proper evidence of authority to assign the foregoing Warrant.

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