Document:

EXHIBIT
4.1

 

CONFORMED COPY

 

 

AGREEMENT

 

 

UP TO €2,300,000,000

CREDIT FACILITIES

 

FOR

 

TELENET
BIDCO NV

 

ARRANGED BY

 

ABN AMRO BANK N.V.

BNP PARIBAS S.A.

J.P. MORGAN PLC

 

WITH

 

TORONTO DOMINION (TEXAS) LLC

as Facility Agent

 

AND

 

KBC BANK NV

as Security Agent

 

Originally dated 1 August 2007 and as amended
and restated by supplemental agreements dated 22 August 2007, 11 September 2007,
8 October 2007 and 23 June 2009

 

Allen & Overy
LLP

 

 

CONTENTS

 

 

	
   

  	
   

  	
  Page

  
	
  Clause

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Interpretation

  	
  1

  
	
  2.

  	
  Facilities

  	
  38

  
	
  3.

  	
  Purpose

  	
  40

  
	
  4.

  	
  Conditions Precedent

  	
  41

  
	
  5.

  	
  Utilisation

  	
  42

  
	
  6.

  	
  Repayment

  	
  43

  
	
  7.

  	
  Prepayment and Cancellation

  	
  44

  
	
  8.

  	
  Interest

  	
  48

  
	
  9.

  	
  Terms

  	
  49

  
	
  10.

  	
  Market Disruption

  	
  51

  
	
  11.

  	
  Taxes

  	
  52

  
	
  12.

  	
  Increased Costs

  	
  55

  
	
  13.

  	
  Mitigation

  	
  56

  
	
  14.

  	
  Payments

  	
  56

  
	
  15.

  	
  Guarantee and Indemnity

  	
  58

  
	
  16.

  	
  Representations and Warranties

  	
  61

  
	
  17.

  	
  Information Covenants

  	
  68

  
	
  18.

  	
  Financial Covenants

  	
  71

  
	
  19.

  	
  General Covenants

  	
  74

  
	
  20.

  	
  Default

  	
  82

  
	
  21.

  	
  The Administrative Parties

  	
  87

  
	
  22.

  	
  Evidence and Calculations

  	
  93

  
	
  23.

  	
  Fees

  	
  93

  
	
  24.

  	
  Indemnities and Break Costs

  	
  95

  
	
  25.

  	
  Expenses

  	
  96

  
	
  26.

  	
  Amendments and Waivers

  	
  97

  
	
  27.

  	
  Changes to the Parties

  	
  100

  
	
  28.

  	
  Disclosure of Information

  	
  104

  
	
  29.

  	
  Set-off

  	
  105

  
	
  30.

  	
  Pro Rata Sharing

  	
  106

  
	
  31.

  	
  Severability

  	
  107

  
	
  32.

  	
  Counterparts

  	
  107

  
	
  33.

  	
  Notices

  	
  107

  
	
  34.

  	
  Language

  	
  109

  
	
  35.

  	
  Governing Law

  	
  109

  
	
  36.

  	
  Enforcement

  	
  109

  
	
  37.

  	
  Waiver of Trial by Jury

  	
  110

  

 

 

	
   

  	
  Page

  
	
  Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Original Parties

  	
  111

  
	
   

  	
  Part 1

  	
  Guarantors

  	
  111

  
	
   

  	
  Part 2

  	
  Commitments

  	
  111

  
	
  2.

  	
  Conditions Precedent Documents

  	
  112

  
	
   

  	
  Part 1

  	
  To be Delivered before the First Loan

  	
  112

  
	
   

  	
  Part 2

  	
  For an Additional Obligor

  	
  114

  
	
  3.

  	
  Form of Request

  	
  116

  
	
  4.

  	
  Calculation of the Mandatory Cost

  	
  117

  
	
  5.

  	
  Form of Transfer Certificate

  	
  120

  
	
  6.

  	
  Existing Security

  	
  122

  
	
  7.

  	
  Existing Share Pledges

  	
  125

  
	
  8.

  	
  Existing Notes Security

  	
  126

  
	
  9.

  	
  Form of Compliance Certificate

  	
  127

  
	
  10.

  	
  Form of Accession Agreement

  	
  128

  
	
  11.

  	
  Form of Telenet Additional Facility Accession
  Agreement

  	
  129

  
	
  12.

  	
  Form of Resignation Request

  	
  131

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
   

  	
  132

  
					

 

 

THIS AGREEMENT is
dated 1 August 2007

 

BETWEEN:

 

(1)                                  TELENET BIDCO NV (HR Mechelen
89835, Enterprise No. 0473.416.418) as original borrower (in this
capacity, the Original Borrower);

 

(2)                                  THE PARTIES listed in Part 1 of
Schedule 1 (Original Parties) as original guarantors (in this capacity, each an
Original Guarantor and together the Original Guarantors);

 

(3)                                  ABN
AMRO BANK N.V., BNP PARIBAS S.A., and J.P. MORGAN PLC as mandated lead
arrangers (in this capacity each a Mandated
Lead Arranger and together the Mandated
Lead Arrangers);

 

(4)                                  THE FINANCIAL INSTITUTIONS listed in Part 2
of Schedule 1 (Original Parties) as initial original lenders (the Initial Original Lenders);

 

(5)                                  TORONTO
DOMINION (TEXAS) LLC  as
facility agent (in this capacity the Facility
Agent); and

 

(6)                                  KBC
BANK NV  as security agent (in this
capacity, the Security Agent).

 

IT
IS AGREED as follows:

 

1.                                      INTERPRETATION

 

1.1                               Definitions

 

In this
Agreement:

 

Accession
Agreement means a letter, substantially in the form of
Schedule 10 (Form of Accession Agreement), with such amendments as the
Facility Agent may approve or reasonably require.

 

Accounting
Principles means accounting principles and practices
generally applied in Belgium, including IFRS, as the same are from time to time
in force or applied.

 

Acquisition
means the acquisition by the Company of 100 per
cent. of the issued share capital of MixtICS NV on 9 August 2002.

 

Acquisition
Business Plan means, in respect of a Majority Acquisition
or JV Minority Acquisition, a business plan for the Target to be acquired which
has been reviewed by PricewaterhouseCoopers (or such other leading firm of
independent and internationally recognised consultants or accountants appointed
by the Company) and which sets out the management plan for the period from the
date of the proposed Majority Acquisition or JV Minority Acquisition (as
applicable) (taking into account the Acquisition Cost of such Majority
Acquisition or JV Minority Acquisition and financial projections relating to
the Target) up to and including the latest Final Maturity Date and based on
assumptions which are no more aggressive (when taken as a whole) than those
used in preparation of the Business Plan dated on or about the date of this
Agreement.

 

Acquisition
Cost means, in relation to a Majority Acquisition and a
JV Minority Acquisition, the value of the consideration for that Majority
Acquisition or JV Minority Acquisition (as 

 

1

 

applicable) at
the time of completion of the Majority Acquisition or JV Minority Acquisition
and for this purpose:

 

(a)                                  the value at the
time of completion of the Majority Acquisition or JV Minority Acquisition of
any consideration to be paid or delivered after the time of completion of the
Majority Acquisition or JV Minority Acquisition will be determined in
accordance with the Accounting Principles;

 

(b)                                 if the entity
acquired becomes a member of the Group as a result of the Majority Acquisition,
the aggregate principal amount of Financial Indebtedness of any entity acquired
outstanding at the time of completion of the Majority Acquisition (including
without limitation any Lending Transaction (as defined in Clause 19.15(f) (Loans
and guarantees) made by a member of the Group in connection with the relevant
Majority Acquisition) will be counted as part of the consideration for that
Majority Acquisition;

 

(c)                                  if the entity
acquired does not become a member of the Group as a result of the JV Minority
Acquisition, the aggregate principal amount of Financial Indebtedness of the
entity acquired at the time of completion of the JV Minority Acquisition will
be counted as part of the consideration for that JV Minority Acquisition to the
extent of the aggregate principal amount of the payment and repayment
obligations in respect of such Financial Indebtedness assumed or guaranteed by
any member of the Group; and

 

(d)                                 subject to
paragraphs (a), (b) and (c) above, the value at the time of
completion of the Majority Acquisition or JV Minority Acquisition of any
non-cash consideration will be determined in accordance with the Accounting
Principles,

 

expressed in
euros, if required, using the Agent’s Spot Rate of Exchange on the date of
completion of the relevant Majority Acquisition or JV Minority Acquisition.

 

Additional
Borrower means a member of the Group which becomes a
Borrower after the date of this Agreement pursuant to Clause 27.7 (Additional
Borrowers).

 

Additional
Guarantor means a member of the Group which becomes a
Guarantor after the date of this Agreement pursuant to Clause 27.8 (Additional
Guarantors).

 

Additional
Obligor means an Additional Borrower or an Additional
Guarantor.

 

Administrative
Party means a Mandated Lead Arranger or an Agent and,
where the context so admits or requires, includes each of them.

 

Affiliate
means a Subsidiary or a Holding Company of a person or any other Subsidiary of
that Holding Company.

 

Agent
means the Facility Agent or the Security Agent.

 

Agent’s
Spot Rate of Exchange means the spot rate of
exchange as determined by the Facility Agent for the purchase of euros in the
London foreign exchange market with the relevant currency in which any part of
the Acquisition Cost for a Majority Acquisition or JV Minority Acquisition is
incurred at or about 11.00 a.m. on a particular day.

 

Annuity
Fees means the amounts payable by Vlaanderen to
Interkabel Vlaanderen CVBA pursuant to Sections 5, 6 and 7 of the contribution
deed dated 23 September 1996 pursuant to 

 

2

 

which Interkabel
Vlaanderen CVBA effected a contribution in kind of usage rights to a cable
network to Vlaanderen, as amended on 28 May 1998.

 

Anti-Terrorism
Law means each of:

 

(a)                                  Executive Order No. 13224
of 23 September 2001 - Blocking Property and Prohibiting Transactions With
Persons Who Commit, Threaten to Commit, or Support Terrorism (the Executive Order);

 

(b)                                 the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA
Patriot Act);

 

(c)                                  the Money
Laundering Control Act of 1986, Public Law 99-570; and

 

(d)                                 any similar law
enacted in the United States of America subsequent to the date of this
Agreement.

 

Approved
Stock Options means any options, warrants, rights to
purchase or other equivalents (however designated) issued or granted by a member
of the Group to any former, present or future officers, consultants, directors
and/or employees of any member of the Group or its Affiliates to subscribe for
share capital or similar rights of ownership in that member of the Group
provided that the maximum aggregate amount of such options, warrants, rights to
purchase or other equivalents (however designated) shall not exceed 3 per cent.
of its issued share capital.

 

Auditors
means PricewaterhouseCoopers or such other firm of
independent public accountants of international standing which may be appointed
by the Company in accordance with this Agreement as its auditors.

 

Availability
Period means:

 

(a)                                  in the case of
the Term Loan A Facility, the Term Loan B1 Facility, and with respect to the
first €462,500,000 available to be drawn under the Term Loan C Facility, the
period from and including the date of this Agreement to and including 31 October 2007;

 

(b)                                 in the case of
any amount of the Term Loan C Facility in excess of the first €462,500,000
drawn, the period from and including the date of this Agreement to and
including the date falling 6 months after the date of this Agreement (or such
other date as may be agreed in writing between the Majority Term Loan C
Facility Lenders and the Company);

 

(c)                                  in the
case of the Term Loan B2A Facility, the period from and including the date of
this Agreement to and including 30 June 2010 (or such other date as may be
agreed in writing between the Majority Term Loan B2A Facility Lenders and the
Company);

 

(d)                                 in the case of
the Term Loan B2B Facility, the period from and including the date of this
Agreement to and including 30 June 2009 (or such other date as may be
agreed in writing between the Majority Term Loan B2B Facility Lenders and the
Company);

 

(e)                                  in the case of
the Revolving Facility, the period from and including the date of this
Agreement to and including the date falling one month before the Revolving
Facility Final Maturity Date; and

 

3

 

(f)                                    in the case of a
Telenet Additional Facility, the period agreed between the Company and the
relevant Telenet Additional Facility Lenders in the applicable Telenet
Additional Facility Accession Agreement.

 

Basel
II Costs  means
any amount referred to in paragraph (c) of Clause 12.2 (Exceptions).

 

Belgacom
Interconnect Agreement means the interconnection
agreement with Belgacom N.V. dated 19 December 1997.

 

Beneficiaries has
the meaning given to it in the Intercreditor Agreement.

 

Borrower
means the Original Borrower or an Additional Borrower.

 

Break
Costs means the amount (if any) which a Lender is
entitled to receive under Clause 24.3 (Break Costs).

 

Business
means any business of the Group:

 

(a)                                  that consists of
the upgrade, construction, creation, development, marketing, acquisition (to
the extent permitted under this Agreement), operation, utilisation and
maintenance of networks that use existing or future technology for the
transmission, reception and delivery of voice, video and/or other data
(including networks that transmit, receive and/or deliver services such as
multi-channel television and radio, programming, telephony, Internet services
and content, high speed data transmission, video, multi-media and related
activities); or

 

(b)                                 that supports, is
incidental to or is related to any such business; or

 

(c)                                  that comprises
being a Holding Company of one or more persons engaged in such business,

 

and references to
business or ordinary
course of business shall be similarly construed.

 

Business
Day means a day (other than a Saturday or a Sunday) on
which banks are open for general business in London, Paris and Brussels and
which is also a TARGET Day.

 

Business
Plan means:

 

(a)                                  the business plan
of the Group delivered to the Facility Agent by the Company dated on or about the
date of this Agreement; or

 

(b)                                 any revised
business plan of the Group delivered to the Facility Agent by the Company after
the date of this Agreement.

 

Capital
Expenditure means any expenditure which is or will be
treated as a capital expenditure in the audited consolidated financial
statements of the Group in accordance with the Accounting Principles.

 

change
of control has the meaning given to it in Clause 7.2
(Mandatory prepayment — change of control).

 

Clientele
Fees means the fees payable by a member of the Group to
Interkabel Vlaanderen CVBA pursuant to a clientele fee agreement dated 23 September 1996
as amended on 28 May 1998.

 

4

 

Closing
Date  means
the date of first utilisation under the Facilities.

 

Code
means the United States
Internal Revenue Code of 1986, as amended and any rule or regulation
issued thereunder from time to time in effect.

 

Commitment
means a Term Loan A Facility Commitment, a Term Loan B1 Facility Commitment, a
Term Loan B2A Facility Commitment, a Term Loan B2B Facility Commitment, a Term
Loan C Facility Commitment, a Revolving Facility Commitment or a Telenet
Additional Facility Commitment and, where the context so admits or requires,
includes each of them.

 

Company
means Telenet BidCo NV (a company registered in Belgium with registration
number HR Mechelen 89835, Enterprise No. 0473.416.418).

 

Company
Share Pledge means the share pledge agreement entered
into or to be entered into between (amongst others) Holdco and the Security
Agent over Holdco’s entire shareholding in the Company.

 

Compliance
Certificate means a certificate substantially in the
form of Schedule 9 (Form of Compliance Certificate) setting out, among
other things, calculations of the financial covenants.

 

Consolidated
Annualised EBITDA means, in the case of a
Measurement Period Consolidated EBITDA for the two financial quarters ending on
the last day of that Measurement Period multiplied by two.

 

Consolidated
Cash and Cash Equivalents means, at any time:

 

(a)                                  cash in hand or
on deposit with any acceptable bank which, in either case, is remittable to the
Kingdom of Belgium;

 

(b)                                 certificates of
deposit, maturing within one year after the relevant date of calculation,
issued by an acceptable bank;

 

(c)                                  any investment in
marketable obligations issued or guaranteed by the government of the United
States of America, the U.K. or the Kingdom of Belgium or by an instrumentality
or agency of the government of the United States of America, the U.K. or the
Kingdom of Belgium having an equivalent credit rating;

 

(d)                                 open market
commercial paper:

 

(i)                                   for which a
recognised trading market exists;

 

(ii)                                issued in the
United States of America, the U.K. or the Kingdom of Belgium;

 

(iii)                             which matures
within one year after the relevant date of calculation; and

 

(iv)                            which has a
credit rating of A-1 or higher by S&P and P-1 or higher by Moody’s, or, if
no rating is available in respect of the commercial paper or indebtedness, the
issuer of which has, in respect of its long-term debt obligations, a rating of
AA or higher by S&P and Aa2 or higher by Moody’s; or

 

(e)                                  any other
instrument, security or investment approved by the Majority Lenders,

 

5

 

in each case, to
which any member of the Group is beneficially entitled at that time and is
capable of being applied against Consolidated Total Borrowings.  An acceptable bank for this purpose is a
commercial bank or trust company which has a rating of A or higher by S&P
and A-2 or higher by Moody’s or a comparable rating from a nationally
recognised credit rating agency for its long-term debt obligations.

 

Consolidated EBITDA means the
consolidated net pre-taxation profits of the Reporting Group for a Measurement
Period:

 

(a)                                 including the net
pre-taxation profit or loss of a member of the Reporting Group or business or
assets acquired during that Measurement Period for the part of that Measurement
Period when it was not a member of the Reporting Group and/or the business or
assets were not owned by a member of the Reporting Group; but

 

(b)                                excluding the net
pre-taxation profit or loss attributable to any member of the Reporting Group
or to any business or assets sold during that Measurement Period,

 

and all as
adjusted by (to the extent included in paragraph (a) or (b) above
or):

 

(i)                                    adding back all
interest and periodic finance charges, including acceptance commission,
commitment fee and the interest element of rental payments on finance or
capital lease payments (whether, in each case, paid, payable or accrued)
incurred by the Reporting Group in that period;

 

(ii)                                 adding back or
deducting any loss or gain attributable to minority interests; and

 

(iii)                              adding back
depreciation, amortisation and any other non-cash charges.

 

Consolidated
Total Borrowings means, in respect of the
Reporting Group, at any time, the aggregate of the following:

 

(a)                                 the outstanding
principal amount of any moneys borrowed (including for the avoidance of doubt
any interest that has been capitalised under such borrowings);

 

(b)                                the outstanding
principal amount of any acceptance under any acceptance credit;

 

(c)                                 the outstanding
principal amount of any bond, note, debenture, loan stock or other similar
instrument;

 

(d)                                the capitalised
element of indebtedness under any Finance Lease;

 

(e)                                 the outstanding
principal amount of all moneys owing in connection with the sale or discounting
of receivables (otherwise than on a non-recourse basis);

 

(f)                                   the outstanding
principal amount of any indebtedness arising from any deferred payment agreements
arranged primarily as a method of raising finance or financing the acquisition
of an asset other than any trade credit on normal commercial terms deferred for
no more than 90 days;

 

(g)                                any fixed or
minimum premium amount on the scheduled repayment or scheduled redemption of
any instrument referred to in paragraph (c) above;

 

6

 

(h)                                the outstanding
principal amount of any indebtedness arising in connection with any other
transaction (including any forward sale or purchase agreement) which has the
commercial effect of a borrowing;

 

(i)                                    the outstanding
principal amount of any indebtedness in respect of any counter-indemnity
obligation of a type referred to in paragraph (i) of the definition of
Financial Indebtedness; and

 

(j)                                    the outstanding
principal amount of any indebtedness of any person other than a member of the
Group of a type referred to in paragraphs (a) — (i) above which is
the subject of a guarantee, indemnity or similar assurances against financial
loss given by a member of the Group,

 

and so that where
any amount falls within more than one of the preceding paragraphs, that amount
shall be included only once.

 

Dangerous
Substance means any radioactive emissions and any natural or
artificial substance (whether in solid or liquid form or in the form of a gas
or vapour and whether alone or in combination with any other substance) which,
taking into account the concentrations and quantities present and the manner in
which it is being used or handled, it is reasonably foreseeable will cause harm
to man or any other living organism or damage to the Environment including any
controlled, special, hazardous, toxic, radioactive or dangerous waste.

 

Default
means:

 

(a)                                 an Event of
Default; or

 

(b)                                an event or
circumstance which would be (with the expiry of a grace period or the giving of
notice) an Event of Default.

 

Deferral
means an Equity Funded Deferral, as repaid or prepaid from time to time, and
any refinancing thereof.

 

Deferral
Debt has the meaning given to that term in paragraph (o) of
the definition of Permitted Financial Indebtedness in this Clause 1.1.

 

Designated
Party means any person listed:

 

(a)                                 in the Annex to
the Executive Order;

 

(b)                                on the “Specially
Designated Nationals and Blocked Persons” list maintained by the Office of
Foreign Assets Control of the United States Department of the Treasury; or

 

(c)                                 in any successor
list to either of the foregoing.

 

Double
Tax Treaty means any convention between the government
of the Kingdom of Belgium and any other government for the avoidance of double
taxation and the prevention of fiscal evasion with respect to taxes on income
and capital gains.

 

Environment
means the media of air, water and land (wherever occurring) and in relation to
the media of air and water includes, without limitation, the air and water
within buildings and the air and water within other natural or man-made
structures above or below ground and any water contained in any underground
strata.

 

7

 

Environmental
Approval means any authorisation required by an
Environmental Law.

 

Environmental
Claim means any claim by any person in connection with:

 

(a)                                  a breach, or
alleged breach, of an Environmental Law;

 

(b)                                 any accident,
fire, explosion or other event of any type involving an emission or substance
which is capable of causing harm to any living organism or the environment; or

 

(c)                                  any other
environmental contamination,

 

which might
result in any liability on any Party.

 

Environmental
Law means any law or regulation concerning:

 

(a)                                  the protection of
health and safety;

 

(b)                                 the environment;
or

 

(c)                                  any emission or
substance which is capable of causing harm to any living organism or the
environment.

 

Equity
Funded Deferrals means any cash element of the
consideration payable in respect of the Acquisition, subject to an aggregate
maximum principal amount of €198,000,000, payment of which is deferred.

 

ERISA means
the United States Employee Retirement Income Security Act of 1974, as amended.

 

ERISA
Affiliate means each trade or business, whether or not
incorporated, that would be treated as a single employer with any member of the
Group under section 414 of the United States Internal Revenue Code of 1986, as
amended.  When any provision of this
Agreement relates to a past event, the term ERISA
Affiliate includes any person that was an ERISA Affiliate of a member
of the Group at the time of that past event.

 

EURIBOR
means for a Term of any Loan or overdue amount denominated in euro:

 

(a)                                  the applicable
Screen Rate; or

 

(b)                                 if no Screen Rate
is available for that Term of that Loan or overdue amount, the arithmetic mean
(rounded upward to four decimal places) of the rates as supplied to the
Facility Agent at its request quoted by the Reference Banks to leading banks in
the European interbank market,

 

as of 11.00 a.m.
(Paris time) on the Rate Fixing Day for the offering of deposits in euro for a
period comparable to that Term.

 

euro
means the single currency of the Participating Member States.

 

Event
of Default means an event specified as such in
Clause 20 (Default).

 

Existing
Notes Security means the existing security entered into in
connection with the Senior Notes and Senior Discount Notes as set out at in
Schedule 8 (Existing Notes Security).

 

8

 

Existing
Security means the existing security entered into in connection
with the Existing Senior Facility as set out in Schedule 6 (Existing Security).

 

Existing
Security Document means an agreement or
instrument in respect of Existing Security.

 

Existing
Security Provider means an Original Obligor,
SuperHoldco, Holdco or Vlaanderen.

 

Existing
Senior Facility means the €1,000,000,000
credit facilities provided to the Company pursuant to a credit agreement dated
10 May 2006 between (amongst others) the Company and KBC Bank NV as
security agent.

 

Existing
Share Pledge means each existing share pledge agreement
as set out in Schedule 7 (Existing Share Pledges).

 

Facility
means the Term Loan A Facility, the Term Loan B1 Facility, the Term Loan B2A
Facility, the Term Loan B2B Facility, the Term Loan C Facility, the Revolving
Facility and each Telenet Additional Facility and, where the context so admits
or requires, includes each of them.

 

Facility
Office means the office notified by a Lender to the
Facility Agent:

 

(a)                                  on or before the
date it becomes a Lender; or

 

(b)                                 by not less than
five Business Days’ notice,

 

as the office(s) through
which it will perform its obligations under this Agreement.

 

Fee
Letter means any letter entered into by reference to this
Agreement between one or more Administrative Parties and an Obligor setting out
the amount of certain fees referred to in this Agreement.

 

Final
Maturity Date means:

 

(a)                                  the Term Loan A
Facility Final Maturity Date;

 

(b)                                 the Term Loan B1
Facility Final Maturity Date;

 

(c)                                  the Term Loan B2A
Facility Final Maturity Date;

 

(d)                                 the Term Loan B2B
Facility Final Maturity Date;

 

(e)                                  the Term Loan C
Facility Final Maturity Date; or

 

(f)                                    the Revolving
Facility Final Maturity Date.

 

Finance
Document means:

 

(a)                                  this Agreement;

 

(b)                                 a Security
Document;

 

(c)                                  a Fee Letter;

 

(d)                                 the Intercreditor
Agreement;

 

9

 

(e)                                  each Telenet
Additional Facility Accession Agreement;

 

(f)                                    the Hedging
Letter;

 

(g)                                 a Hedging
Document;

 

(h)                                 any subordination
agreement relating to Subordinated Shareholder Loans;

 

(i)                                     the Syndication
Letter;

 

(j)                                     a Transfer
Certificate;

 

(k)                                  an Accession
Agreement;

 

(l)                                     a Resignation
Request; or

 

(m)                               any other
document designated as such by the Facility Agent and the Company.

 

Finance
Lease means any contract treated as a finance or capital
lease in accordance with Accounting Principles.

 

Finance
Party means a Lender, a Hedging Bank or an Administrative
Party.

 

Financial
Indebtedness means any indebtedness for or in respect of:

 

(a)                                  moneys borrowed
and debit balances at banks;

 

(b)                                 any acceptance
credit (including any dematerialised equivalent);

 

(c)                                  any bond, note,
debenture, loan stock or other similar instrument;

 

(d)                                 any Finance Lease
provided that indebtedness in respect of network leases shall only be included
in this paragraph (d) for the purposes of Clause 20.5 (Cross-default and
cross acceleration);

 

(e)                                  receivables sold
or discounted (other than any receivables to the extent they are sold or
discounted on a non-recourse basis);

 

(f)                                    the acquisition
cost of any asset to the extent payable after its acquisition or possession by
the party liable where the deferred payment is arranged primarily as a method
of raising finance or financing the acquisition of that assets;

 

(g)                                 (for the purposes
of Clause 20.5 (Cross-default and cross acceleration) only) any derivative
transaction protecting against or benefiting from fluctuations in any rate or
price (and, at any time, the then marked to market value of the derivative
transaction will be used to calculate its amount);

 

(h)                                 any other transaction
(including any forward sale or purchase agreement) which has the commercial
effect of a borrowing;

 

(i)                                     any
counter-indemnity obligation in respect of any guarantee, indemnity, bond,
letter of credit or any other instrument issued by a bank or financial
institution; or

 

(j)                                     any guarantee,
indemnity or similar assurance against financial loss of any person in respect
of any item referred to in the above paragraphs,

 

10

 

provided that
indebtedness which has been cash-collateralised shall not be included in any
calculation of Financial Indebtedness to the extent so cash-collateralised and
indebtedness which is in the nature of equity (other than redeemable shares)
shall not be regarded as Financial Indebtedness.

 

Funds
Flow Statement means a funds flow statement
in agreed form continuing details of the flow of funds on the Closing Date.

 

Group
means the Company and its Subsidiaries other than a Non-Recourse Subsidiary.

 

Guarantor
means an Original Guarantor or an Additional Guarantor.

 

Hedging
Bank has the meaning given to it in the Intercreditor
Agreement.

 

Hedging
Document has the meaning given to it in the Intercreditor
Agreement.

 

Hedging
Letter has the meaning given to that term in Part 1 of
Schedule 2 (Conditions Precedent Documents).

 

Holdco
means Telenet Communications NV (a company registered in Belgium with
registration number HR Mechelen 090032, Enterprise No. 0473.416.814).

 

Holding
Company of any other person, means a company in respect of
which that other person is a Subsidiary.

 

IFRS means
international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements.

 

Increased
Cost means:

 

(a)                                  an additional or
increased cost;

 

(b)                                 a reduction in
the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s)
overall capital; or

 

(c)                                  a reduction of an
amount due and payable under any Finance Document,

 

which is incurred
or suffered by a Finance Party or any of its Affiliates but only to the extent
attributable to that Finance Party having entered into any Finance Document or
funding or performing its obligations under any Finance Document.

 

Information
Memorandum means the document in the form approved by
the Company which, at the request of the Company was prepared in relation to
this Agreement and distributed by the Mandated Lead Arrangers in connection
with the syndication of the Facilities.

 

Information
Package means the Information Memorandum and the written materials
to be provided/presented to certain prospective lenders at a management
presentation meeting prior to the bank presentation meeting and/or to
prospective lenders at the bank presentation meeting to be held on or shortly
after the date of this Agreement in relation to the Facilities.

 

Infosys
Technologies Agreement means the software services
agreement with Infosys Technologies Limited dated 19 April 2001.

 

11

 

Intellectual
Property Rights means all know-how,
patents, trademarks, service marks, designs, business names, domain names,
topographical or similar rights, copyrights, database rights and other
intellectual property rights and any interests (including by way of licence) in
any of the foregoing (in each case whether registered or not and including all
applications for the same) of any member of the Group.

 

Intercreditor
Agreement means the intercreditor agreement entered into or
to be entered into between (amongst others) the Facility Agent (on behalf of
all of the Finance Parties), the Security Agent and the Obligors.

 

Interest means, for any
period, all interest and periodic financing charges (including, without
limitation, acceptance commission or commitment fees, and the interest element
of Finance Leases entered into after the date of this Agreement) accrued during
that period.

 

Interkabel
Acquisition means (1) the acquisition by a member
of the Group of the analogue and digital television business (including
customer base) and certain or all assets related to this business and/or (2) the
lease by a member of the Group of certain assets related to this business from:

 

(a)                                  Provinciale
Intercommunale Elektriciteitsmaatschappij van Limburg Interelectra
(INTERELECTRA) and Intermedia (INTERMEDIA);

 

(b)                                 West-Vlaamse Energie-en Teledistributiemaatschappij
(WVEM);

 

(c)                                  Provinciale Brabantse Energiemaatschappij (PBE);

 

(d)                                 Interkommunale voor Teledistributie van het Gewest
Antwerpen (Integan);

 

(e)                                  Interkabel Vlaanderen CVBA; and

 

(f)                                    IN.DI.

 

Interkabel
Contribution Deed means the notarial deeds
passed before notary Kiebooms on 23 September 1996 and 18 May 1998
whereby Interkabel Vlaanderen CV contributed usage rights over the PICs cable
networks to Vlaanderen.

 

Joint
Venture means any joint venture entity, whether a company,
unincorporated firm, undertaking, association, joint venture or partnership or
any other entity.

 

Lender
means:

 

(a)                                  an Original
Lender;

 

(b)                                 any Telenet
Additional Facility Lender; or

 

(c)                                  any person which
becomes a Lender after the date of this Agreement.

 

LIBOR means
for a Term of any Loan or overdue amount denominated in U.S. Dollars:

 

(a)                                  the applicable
Screen Rate; or

 

(b)                                 if no Screen Rate
is available for that Term of that Loan or overdue amount, the arithmetic mean
(rounded upward to four decimal places) of the rates, as supplied to the
Facility Agent at its request, quoted by the Reference Banks to leading banks
in the London interbank market,

 

12

 

as of 11:00 am
(London time) on the Rate Fixing Day for the offering of deposits in U.S.
Dollars for a period comparable to that Term.

 

Licence
means each approval, consent, authorisation and
licence from, and all filings, registrations and agreements with any
governmental or regulatory authority, in each case granted, issued, made or
entered into pursuant to any Telecommunications and Cable Law necessary in
order to enable each member of the Group to carry on its business as may be
permitted by the terms of this Agreement.

 

Loan
means a Term Loan A Facility Loan, a Term Loan B1 Facility Loan, a Term Loan
B2A Facility Loan, a Term Loan B2B Facility Loan, a Term Loan C Facility Loan,
a Revolving Loan or a Telenet Additional Facility Loan and, where the context
so admits or requires, includes each of them.

 

Majority
Acquisition has the meaning given in paragraph (d) of
the definition of Permitted Acquisition.

 

Majority Lenders means, at any
time, Lenders:

 

(a)                                  whose share in
the outstanding Loans and whose undrawn Commitments then aggregate two thirds
or more of the aggregate of all the outstanding Loans and the undrawn
Commitments of all the Lenders;

 

(b)                                 if there is no
Loan then outstanding, whose undrawn Commitments then aggregate two thirds or
more of the Total Commitments; or

 

(c)                                  if there is no
Loan then outstanding and the Total Commitments have been reduced to zero,
whose Commitments aggregated two thirds or more of the Total Commitments
immediately before the reduction,

 

provided that,
solely for the purposes of determining whether any amendment or waiver of any
term of the Finance Documents requested by the Company has been approved by the
Majority Lenders, the amount of the Loans and undrawn Commitments of the
Lenders referred to in paragraph (a) above shall be reduced by the amount
of the Loans and undrawn Commitments of any Lender that has not, on or before
the day 10 Business Days after the date such request has been notified to the
Lenders by the Facility Agent, notified the Facility Agent of its decision or
requested further information to enable it to make such decision, or has
notified the Facility Agent that it is actively reviewing such request with a
view to making such decision.

 

Majority Term Loan A Facility Lenders
means, at any time, Term Loan A Facility Lenders:

 

(a)                                  whose share in
the outstanding Term Loan A Facility Loans and whose undrawn Term Loan A
Facility Commitments then aggregate two thirds or more of the aggregate of all
the outstanding Term Loan A Facility Loans and the undrawn Term Loan A Facility
Commitments of all the Term Loan A Facility Lenders;

 

(b)                                 if there is no
Term Loan A Facility Loan then outstanding, whose undrawn Term Loan A Facility
Commitments then aggregate two thirds or more of the Total Term Loan A Facility
Commitments; or

 

(c)                                  if there is no Term
Loan A Facility Loan then outstanding and the Total Term Loan A Facility
Commitments have been reduced to zero, whose Term Loan A Facility 

 

13

 

Commitments aggregated two thirds or more of the Total Term Loan A
Facility Commitments immediately before the reduction.

 

Majority Term Loan B1 Facility Lenders
means, at any time, Term Loan B1 Facility Lenders:

 

(a)                                  whose share in
the outstanding Term Loan B1 Facility Loans and whose undrawn Term Loan B1
Facility Commitments then aggregate two thirds or more of the aggregate of all
the outstanding Term Loan B1 Facility Loans and the undrawn Term Loan B1
Facility Commitments of all the Term Loan B1 Facility Lenders;

 

(b)                                 if there is no
Term Loan B1 Facility Loan then outstanding, whose undrawn Term Loan B1
Facility Commitments then aggregate two thirds or more of the Total Term Loan
B1 Facility Commitments; or

 

(c)                                  if there is no
Term Loan B1 Facility Loan then outstanding and the Total Term Loan B1 Facility
Commitments have been reduced to zero, whose Term Loan B1 Facility Commitments
aggregated two thirds or more of the Total Term Loan B1 Facility Commitments
immediately before the reduction.

 

Majority Term Loan B2A Facility Lenders
means, at any time, Term Loan B2A Facility Lenders:

 

(a)                                  whose share in
the outstanding Term Loan B2A Facility Loans and whose undrawn Term Loan B2A
Facility Commitments then aggregate two thirds or more of the aggregate of all
the outstanding Term Loan B2A Facility Loans and the undrawn Term Loan B2A
Facility Commitments of all the Term Loan B2A Facility Lenders;

 

(b)                                 if there is no
Term Loan B2A Facility Loan then outstanding, whose undrawn Term Loan B2A
Facility Commitments then aggregate two thirds or more of the Total Term Loan
B2A Facility Commitments; or

 

(c)                                  if there is no
Term Loan B2A Facility Loan then outstanding and the Total Term Loan B2A
Facility Commitments have been reduced to zero, whose Term Loan B2A Facility
Commitments aggregated two thirds or more of the Total Term Loan B2A Facility
Commitments immediately before the reduction.

 

Majority
Term Loan B2B Facility Lenders means, at any time, Term
Loan B2B Facility Lenders:

 

(a)                                  whose share in
the outstanding Term Loan B2B Facility Loans and whose undrawn Term Loan B2B
Facility Commitments then aggregate two thirds or more of the aggregate of all
the outstanding Term Loan B2B Facility Loans and the undrawn Term Loan B2B
Facility Commitments of all the Term Loan B2B Facility Lenders;

 

(b)                                 if there is no
Term Loan B2B Facility Loan then outstanding, whose undrawn Term Loan B2B
Facility Commitments then aggregate two thirds or more of the Total Term Loan
B2B Facility Commitments; or

 

(c)                                  if there is no
Term Loan B2B Facility Loan then outstanding and the Total Term Loan B2B Facility
Commitments have been reduced to zero, whose Term Loan B2B Facility Commitments
aggregated two thirds or more of the Total Term Loan B2B Facility Commitments
immediately before the reduction.

 

14

 

Majority Term Loan C Facility Lenders
means, at any time, Term Loan C Facility Lenders:

 

(a)                                  whose share in
the outstanding Term Loan C Facility Loans and whose undrawn Term Loan C
Facility Commitments then aggregate two thirds or more of the aggregate of all
the outstanding Term Loan C Facility Loans and the undrawn Term Loan C Facility
Commitments of all the Term Loan C Facility Lenders;

 

(b)                                 if there is no
Term Loan C Facility Loan then outstanding, whose undrawn Term Loan C Facility
Commitments then aggregate two thirds or more of the Total Term Loan C Facility
Commitments; or

 

(c)                                  if there is no
Term Loan C Facility Loan then outstanding and the Total Term Loan C Facility
Commitments have been reduced to zero, whose Term Loan C Facility Commitments
aggregated two thirds or more of the Total Term Loan C Facility Commitments
immediately before the reduction.

 

Management
Fees means any management, consultancy or similar fees
payable by any member of the Group to any Restricted Person.

 

Mandatory
Cost means the percentage rate per annum calculated by
the Facility Agent in accordance with Schedule 4 (Calculation of the Mandatory
Cost) and shall, for the avoidance of doubt, exclude Basel II Costs.

 

Margin
means:

 

(a)                                  in respect of a
Term Loan A Facility Loan, the applicable Term Loan A Facility Margin;

 

(b)                                 in respect of a
Term Loan B1 Facility Loan, the applicable Term Loan B1 Facility Margin;

 

(c)                                  in respect of a
Term Loan B2A Facility Loan, the applicable Term Loan B2A Facility Margin;

 

(d)                                 in respect of a
Term Loan B2B Facility Loan, the applicable Term Loan B2B Facility Margin;

 

(e)                                  in respect of a
Term Loan C Facility Loan, the applicable Term Loan C Facility Margin;

 

(f)                                    in respect of a
Revolving Loan, the applicable Revolving Facility Margin; and

 

(g)                                 in respect of a
Telenet Additional Facility Loan, the applicable Telenet Additional Facility
Margin.

 

Material
Adverse Effect means a material adverse effect on the
ability of the Obligors (taken as a whole) to perform their payment obligations
under any Finance Document.

 

Material
Contracts means:

 

(a)                                  the Belgacom
Interconnect Agreement;

 

(b)                                 the Infosys
Technologies Agreement; and

 

15

 

(c)                                  the Interkabel
Contribution Deed,

 

in each case
including any contract which might be substituted in place of any contract
listed in (a) to (c) above.

 

Material
Group Member means an Obligor or a Material Subsidiary.

 

Material
Subsidiary means, at any time any Subsidiary of the
Company (other than a Non-Recourse Subsidiary) whose gross assets, earnings
before interest, depreciation, amortisation and taxes or turnover (excluding
intra-group items) equal or exceed, respectively, 10 per cent. of the
consolidated gross assets, earnings before depreciation, amortisation, interest
and taxes or turnover of the Reporting Group (excluding intra-group items).

 

For this purpose:

 

(a)                                  the gross assets,
earnings before interest, depreciation, amortisation and taxes or turnover of a
Subsidiary of the Company will be determined from its financial statements
(unconsolidated if it has Subsidiaries) upon which the latest financial
statements of the Reporting Group that have been delivered to the Facility
Agent pursuant to Clause 17.1(a) (Financial statements)are based;

 

(b)                                 if a Subsidiary
of the Company becomes such a Subsidiary after the date on which the latest
financial statements of the Reporting Entity have been prepared, the gross
assets, earnings before depreciation, amortisation, interest and taxes or
turnover of that Subsidiary will be determined from its latest financial
statements;

 

(c)                                  the gross assets,
earnings before interest, depreciation, amortisation and taxes or turnover of
the Reporting Group will be determined from its latest financial statements
delivered to the Facility Agent pursuant to Clause 17.1(a) (Financial
statements), adjusted (where appropriate) to reflect the gross assets, earnings
before interest, depreciation, amortisation and taxes or turnover of any
company or business subsequently acquired or disposed of;

 

(d)                                 if a Material
Subsidiary disposes of all or substantially all of its assets to another
Subsidiary of the Company, it will immediately cease to be a Material
Subsidiary and the other Subsidiary (if it is not already) will immediately
become a Material Subsidiary; the subsequent financial statements of those
Subsidiaries and the Company will be used to determine whether those
Subsidiaries are Material Subsidiaries or not.

 

Maturity
Date means the last day of the Term of a Revolving Loan.

 

Measurement
Period means with respect to the first Measurement Period,
the two financial quarters ending on 30 September 2007 and, thereafter,
the two financial quarters ending on 31 December 31 March 30 June and
30 September of each year.

 

Necessary
Authorisations means all material approvals, consents,
authorisations and licences from, all rights granted by and all filings,
registrations and agreements with, any government or other regulatory authority
necessary in order to enable each member of the Group to carry on its business as
may be permitted by the terms of this Agreement as carried on by it at the
relevant time.

 

16

 

Net
Proceeds means the aggregate cash (or cash equivalent)
proceeds received by any member of the Group in consideration for or otherwise
in respect of a relevant disposal, net of all Taxes applicable on, or to any
gain resulting from, that disposal and of all reasonable costs, fees and
expenses properly incurred by continuing members of the Group in arranging and
effecting that disposal.

 

Net
Total Debt  means,
at any time, Total Debt less Consolidated Cash and Cash Equivalents at that
time.

 

Non-Recourse
Subsidiary means a company or partnership:

 

(a)                                  is a limited
liability company or a limited liability partnership in which no member of the
Group is the general partner;

 

(b)                                 none of whose
indebtedness or any other obligations benefits from any recourse whatsoever to
any member of the Group in respect of the repayment or payment thereof; and

 

(c)                                  which has been
designated as such by the Original Borrower by written notice to the Facility
Agent on or prior to its becoming a Subsidiary of the Original Borrower which
notice shall be accompanied by evidence satisfactory to the Facility Agent that
the requirements of paragraph (b) above will be complied with at all times
in respect of that Subsidiary,

 

provided that the
Original Borrower may, having obtained the prior consent of the Majority
Lenders and having submitted a Business Plan referred to in paragraph (b) of
the definition of ‘Business Plan’, give written notice to the Facility Agent at
any time that any Non-Recourse Subsidiary is no longer a Non-Recourse
Subsidiary, whereupon it shall cease to be a Non-Recourse Subsidiary and shall,
if it would be a Material Subsidiary immediately after its redesignation as a
member of the Group, accede to this Agreement as an Additional Guarantor in
accordance with Clause 27.8 (Additional Guarantors).

 

Obligor
means a Borrower or a Guarantor.

 

Obligor
Pledge of Receivables means the pledges of
receivables that may be entered into between certain Obligors and the Security
Agent in substantially the same form as the pledges of receivables that
comprise part of the Existing Security.

 

Original
Financial Statements means the audited
consolidated financial statements of SuperHoldco for the year ended 31 December 2006
as prepared or restated in accordance with the Accounting Principles.

 

Original
Lender means:

 

(a)                                  an Initial
Original Lender; and

 

(b)                                 any person which
has become a New Lender (as defined in Clause 27.3 (Transfers by Lenders) under
a Facility other than a Telenet Additional Facility in accordance with Clause
27 (Changes to the Parties),

 

which in each
case has not ceased to be a party in accordance with the terms of this
Agreement.

 

Original
Obligor  means
the Company or an Original Guarantor.

 

17

 

Participating
Member State means a member state of the European Union
that adopts or has adopted the euro as its lawful currency under the
legislation of the European Economic and Monetary Union.

 

Party
means a party to this Agreement.

 

Permitted
Acquisition means:

 

(a)           any acquisition by any
member of the Group pursuant to a Permitted Disposal by a member of Group;

 

(b)           any Restricted Acquisition
of a member of the Group by any other member of the Group as part of the
solvent reorganisation of the Group;

 

(c)           any Restricted Acquisition
of further share capital (or equivalent) of an entity which was a member of the
Group immediately prior to the completion of the Restricted Acquisition;

 

(d)           any acquisition by a member
of the Group of assets, businesses and entities located principally in the
Kingdom of Belgium, the Netherlands or Luxembourg or any equity interests in,
or debts or securities owed or issued by any such entity, where upon completion
of the acquisition the Target will be a Subsidiary of the Company or where a
member of the Group will own directly or indirectly greater than a 50 per cent.
interest in the assets or assets constituting the acquired business (a Majority Acquisition) and the principal activities of such
entities are related to the Permitted Business as at the date of this Agreement
and are carried out principally in Belgium, the Netherlands or Luxembourg,
provided that

 

in the case of
any Majority Acquisition where the Acquisition Cost exceeds €250,000,000 (or
its equivalent), the Company provides to the Facility Agent within 15 days of
the date of any such Majority Acquisition;

 

(i)            a Business Plan prepared for
the period beginning on the date of (and assuming completion of) the relevant
acquisition and ending on the Final Maturity Date and which must demonstrate
that, following the relevant acquisition, the Company will be able to comply
with all its obligations (present and future) under Clause 18 (Financial
Covenants) for the period referred to above; and

 

(ii)           to the extent they are
available to the Company, the most recent six-months management accounts of or
relating to the Target, together with a certificate signed by a managing
director of the Company certifying that the copy of such management accounts
provided to the Facility Agent is a true copy; and

 

(iii)          an Acquisition Business
Plan; and

 

(iv)          a certificate signed by a
managing director of the Company which certifies that, if the ratio of the Net
Total Debt to Consolidated Annualised EBITDA was re-calculated for the most
recent Measurement Period ending prior to the date of the Majority Acquisition
in respect of which financial statements have been delivered pursuant to Clause
17.1(a) (Financial statements) (the Relevant Measurement Period)
but adding to the:

 

18

 

(A)          amount of Total Debt used in
such calculation any net increase in the Total Debt since the end of the
Relevant Measurement Period or subtracting from the amount of Total Debt used
in such calculation any net deduction in the Total Debt (in each case taking
into account the amount of Total Debt used to fund the Acquisition Cost); and

 

(B)           Consolidated Annualised
EBITDA, the annualised earnings before interest, tax, depreciation and
amortisation of the Target for the Relevant Measurement Period,

 

the ratio of Net
Total Debt to Consolidated Annualised EBITDA would be less than 5.0:1;

 

(e)           acquisitions of Consolidated
Cash and Cash Equivalents; and

 

(f)            acquisitions permitted by
the Majority Lenders,

 

provided that:

 

(i)            in the case of any
acquisition falling within paragraphs (a), (d) and (f) above (other
than any acquisition of Consolidated Cash or Cash Equivalents) no Event of
Default has occurred and is continuing at the time of such proposed
acquisition; and

 

(ii)           in the case of any
acquisition of any company or partnership, such company is a company
incorporated with limited liability or is a limited liability partnership
provided that the acquisition does not include the acquisition of the general
partner of that limited liability partnership.

 

Permitted
Business means the carrying on of the Business principally in
Belgium, the Netherlands or Luxembourg.

 

Permitted
Disposal means:

 

(a)           any disposal (including, for
the avoidance of doubt, the outsourcing of activities that support or are
incidental to the Permitted Business) of assets on arm’s length commercial
terms in the ordinary course of business;

 

(b)           any disposal of property or
other assets on bona fide arm’s length commercial terms in the ordinary course
of business in consideration for, or to the extent that the Net Proceeds of
disposal are applied within 120 days after such disposal in the acquisition of,
property or other assets of a similar nature and approximately equal value to
be used in the Permitted Business;

 

(c)           the disposal of assets in
exchange for other assets similar or superior as to type, value or quality;

 

(d)           any disposal of assets on
bona fide arm’s length commercial terms where such assets are obsolete or no
longer required for the purposes of the Permitted Business;

 

(e)           the application of cash in
payments which are not otherwise restricted by the terms of this Agreement and
the Security Documents including, for the avoidance of doubt, Permitted Acquisitions
and Permitted Payments;

 

(f)            disposals (or the payment of
management, consultancy or similar fees):

 

19

 

(i)            by an Obligor to another
Obligor; or

 

(ii)           from a member of the Group
which is not an Obligor, to an Obligor; or

 

(iii)          from an Obligor to another
member of the Group which is not an Obligor;

 

(g)           disposals arising as a
result of any Permitted Security Interest;

 

(h)           disposals made in connection
with Approved Stock Options;

 

(i)            the payment, transfer or
other disposal of consideration for any Majority Acquisition, merger or
consolidation permitted by Clause 19.10 (Acquisitions and mergers);

 

(j)            the grant of indefeasible
rights of use or equivalent arrangements with respect to network capacity,
communications, fibre capacity or conduit, in each case on arm’s length
commercial terms or on terms that are fair and reasonable and in the best
interests of the Group;

 

(k)           the payment, transfer or
other disposal between members of the Group constituting consideration or
investment for or towards or in furtherance of any Permitted Acquisition,
Permitted Joint Venture or a merger or consolidation permitted by Clause 19.10
(Acquisitions and mergers);

 

(l)            the granting of operating
leases or licences of real property on arm’s length terms;

 

(m)          any disposal made as part of
a Permitted Transaction;

 

(n)           disposals required by law or
under the authority of any government or agency; and

 

(o)           any disposal (in addition to
those described in paragraphs (a) to (n) above) of any asset, the
annualised earnings before interest, tax, depreciation and amortisation
attributable to which for the most recent Measurement Period ending immediately
prior to the date of that disposal (Annualised EBITDA),
when aggregated with the Annualised EBITDA attributable to all other disposals
of assets other than those described in paragraphs (a) to (n), does not
exceed 15% of the Consolidated Annualised EBITDA for that most recent
Measurement Period (the Disposal Cap).  The Disposal Cap shall be re-credited by a
percentage amount equal to the percentage which the Annualised EBITDA
attributable to any Permitted Acquisition (annualised for the financial year of
the Company in which such Permitted Acquisition is completed) represents of the
Consolidated Annualised EBITDA of the Group in that financial year (taking into
account such Permitted Acquisition), provided that the Disposal Cap may never
exceed an amount equal to 15% of the Consolidated Annualised EBITDA for that
most recent Measurement Period.

 

Permitted Financial Indebtedness
means any Financial Indebtedness:

 

(a)           arising hereunder or under
the Security Documents;

 

(b)           permitted pursuant to
Clause 19.15 (Loans and guarantees);

 

(c)           incurred through a
Subordinated Shareholder Loan made to any member of the Group;

 

20

 

(d)           of any member of the Group
arising as a result of the issue by it or a financial institution of a surety
or performance bond in relation to the performance by such member of the Group
of its obligations under contracts entered into in the ordinary course of its
business (other than for the purpose of raising indebtedness);

 

(e)           approved in writing by the
Facility Agent (acting on the instructions of the Majority Lenders);

 

(f)            in respect of deposits or
prepayments constituting Financial Indebtedness received by any member of the
Group from a customer or subscriber for its services;

 

(g)           owing by any member of the
Group being permitted Management Fees or management, consultancy or similar
fees payable to another member of the Group in respect of which payment has
been deferred;

 

(h)           constituting Permitted
Payments the payment of which has been deferred;

 

(i)            of a company which is
acquired by a member of the Group after the date hereof as an acquisition
permitted by Clause 19.10 (Acquisitions and mergers) where such Financial
Indebtedness existed at the date of completion of such acquisition provided
that:

 

(i)            such Financial Indebtedness
was not incurred in contemplation of the acquisition;

 

(ii)           the amount of such Financial
Indebtedness is not increased beyond the amount in existence at the date of
completion of the acquisition; and

 

(iii)          such Financial Indebtedness
is discharged within six months of the date of completion of the acquisition;

 

(j)            of any member of the Group
(other than any Obligor) constituting Financial Indebtedness to all the holders
(or their Affiliates) of the share capital of any such member of the Group on a
basis that is substantially proportionate to their interests in such share
capital (with any disproportionately large interest received by any member of
the Group or any disproportionately small interest received by any person other
than a member of the Group, in each case relative to its interests in such
share capital, being ignored for this purpose), provided such Financial
Indebtedness does not bear interest (other than by way of addition to its
principal amount on a proportionate basis as described above) and is made on
terms that repayment or pre-payment of such Financial Indebtedness shall only
be made to each such holder:

 

(i)            in proportion to their
respective interests in such share capital (ignoring any disproportionately
large interest held by any member of the Group or any disproportionately small
interest received by any person other than a member of the Group, in each case
relative to its interests in such share capital, for this purpose); and

 

(ii)           only on and in connection
with the liquidation or winding up (or equivalent) of such member of the Group;

 

(k)           arising as a result of any
cash pooling arrangements in the ordinary course of the Group’s banking
business to which any member of the Group is a party;

 

21

 

(l)            under:

 

(i)            a financial lease
arrangement in relation to the Group’s corporate headquarters at Liersesteenweg
4, Mechelen, Belgium;

 

(ii)           the Clientele Fees or the
Annuity Fees;

 

(iii)          any other Finance Leases or
guarantees thereof in respect of any assets leased by any member of the Group
entered into in the ordinary course of trade of the Group in a maximum
aggregate amount of €100,000,000 (provided that the maximum aggregate amount
which may be incurred to fund capital expenditure other than in respect of the
business acquired pursuant to the Interkabel Acquisition shall be €50,000,000);

 

(m)          referred to in paragraph (f) of
the definition of Financial Indebtedness, for which the acquisition cost of the
assets is payable by a member of the Group no more than 90 days after its
acquisition or possession;

 

(n)           which is incurred by a
member of the Group pursuant to or in respect of any BIPT performance bond
subject to an aggregate maximum amount outstanding at any time of €20,000,000
(or its equivalent);

 

(o)           incurred by the Company and owed
to Holdco as a result of the assumption by Holdco of the Company’s obligations
in respect of any of the Deferrals (the Deferral
Debt) provided that the relevant Financial Indebtedness is
subordinated as a Subordinated Shareholder Loan pursuant to the Intercreditor
Agreement and Holdco has entered into a Pledge of Subordinated Shareholder Loan
in respect of such indebtedness; and

 

(p)           not included in the
preceding paragraphs which does not exceed in aggregate at any time €50,000,000
(or its equivalent).

 

Permitted
Joint Venture means:

 

(a)           any Restricted Acquisition
referred to in paragraph (b) of the definition of “Permitted Acquisition”
and any Acquisition as a result of a reorganisation of a person that is not a
Subsidiary of the Company but in which a member of the Group has an interest,
provided that such reorganisation does not result in an overall increase in the
value of the Group’s interest in that person, other than adjustments to the
basis of any member of the Group’s interest in accordance with the Accounting
Principles;

 

(b)           any acquisition by a member
of the Group of assets, businesses and entities located principally in the
Kingdom of Belgium, the Netherlands or Luxembourg or any equity interests in,
or debts or securities owed or issued by any such entity, where upon completion
of the acquisition the Target will not be a Subsidiary of the Company and where
a member of the Group will own directly or indirectly no more than a 50 per
cent. interest in the assets or assets constituting the acquired business (a JV Minority Acquisition) and the principal activities of
such entities are related to the Permitted Business as at the date of this
Agreement and are carried out principally in Belgium, the Netherlands or Luxembourg,
provided that in the case of any JV Minority Acquisition where the Acquisition
Cost exceeds €250,000,000 (or its equivalent), the Company provides to the
Facility Agent within 15 days of the date of any such JV Minority Acquisition;

 

22

 

(a)           a Business Plan prepared for
the period beginning on the date of (and assuming completion of) the relevant
acquisition and ending on the Final Maturity Date and which must demonstrate
that, following the relevant acquisition, the Company will be able to comply
with all its obligations (present and future) under Clause 18 (Financial
Covenants) for the period referred to above; and

 

(b)           to the extent they are
available to the Company, the most recent six-months management accounts of or
relating to the Target, together with a certificate signed by a managing
director of the Company certifying that the copy of such management accounts
provided to the Facility Agent is a true copy; and

 

(c)           an Acquisition Business
Plan; and

 

(d)           a certificate signed by a
managing director of the Company which certifies that, if the ratio of the Net
Total Debt to Consolidated Annualised EBITDA was re-calculated for the most
recent Measurement Period ending prior to the date of the JV Minority
Acquisition in respect of which financial statements have been delivered
pursuant to Clause 17.1(a) (Financial statements)(the Relevant
Measurement Period) but adding to the:

 

(A)          amount of Total Debt used in
such calculation any net increase in the Total Debt since the end of the
Relevant Measurement Period or subtracting from the amount of Total Debt used
in such calculation any net deduction in the Total Debt (in each case taking
into account the amount of Total Debt used to fund the Acquisition Cost); and

 

(B)           Consolidated Annualised
EBITDA, the annualised earnings before interest, tax, depreciation and
amortisation of the Target for the Relevant Measurement Period,

 

the ratio of Net
Total Debt to Consolidated Annualised EBITDA would be less than 5.0:1,

 

provided that no
Event of Default has occurred and is continuing at the time of such proposed
acquisition.

 

Permitted
Payment means any distribution, dividend, transfer of
assets, loan or other payment:

 

(a)           to any Restricted Person in
relation to transactions carried out on bona fide arm’s length commercial terms
in the ordinary course of business or on terms which are fair and reasonable
and in the best interest of the Group;

 

(b)           by way of payment of
Management Fees:

 

(i)            which are paid on bona fide
arm’s length terms in the ordinary course of business to a Restricted Person;
or

 

(ii)           of up to €15,000,000 in any
financial year,

 

provided that, at
the time of payment, no Default is outstanding or would occur as a result of
such payment;

 

23

 

(c)           by way of payment of
principal or interest on Subordinated Shareholder Loans or by way of
distributions, dividends or other payments made by the Company in respect of
its share capital or by way of intercompany loans described to in Clauses
3.1(a)(i) or 3.1(b)(i) provided that:

 

(i)            the ratio of Net Total Debt
to Consolidated Annualised EBITDA is 5:1 or less prior to making the relevant
payment and will be 5:1 or less after such payment has been made; and

 

(ii)           no Default has occurred and
is continuing or would occur as a result of such payment;

 

(d)           by way of payment to any
Restricted Person of consideration for an acquisition, merger or consolidation
permitted by Clause 19.10 (Acquisitions and mergers).

 

Permitted
Security Interest means:

 

(a)           any Security Interest
created or evidenced by the Security Documents or in favour of another Obligor;

 

(b)           any Security Interest listed
in Schedule 8 (Existing Notes Security) except to the extent the principal
amount secured by that Security Interest exceeds the amount stated in that
Schedule and provided all such Security Interests are irrevocably and
unconditionally released and discharged on or before the first Utilisation Date
under this Agreement;

 

(c)           any lien arising in the
ordinary course of business by way of contract which secures indebtedness under
any agreement for the supply of goods or services in respect of which payment
is not deferred for more than 180 days (or 360 days if such deferral is in
accordance with the terms pursuant to which the relevant goods were acquired or
services provided);

 

(d)           any Security Interest
imposed by any taxation or governmental authority in respect of amounts which
are being contested by the relevant member of the Group in good faith and not
yet payable for which adequate reserves have been set aside in the books of the
relevant member of the Group in accordance with the Accounting Principles; or

 

(e)           an Security Interest
approved in writing by the Facility Agent (acting on the instructions of the
Majority Lenders);

 

(f)            any Security Interest in
favour of any bank incurred in relation to any cash management arrangements;

 

(g)           any netting or set-off
arrangement entered into by a member of the Group in the ordinary course of
business;

 

(h)           any Security
Interest securing any Financial Indebtedness referred to in paragraph (i) of
the definition of Permitted Financial Indebtedness above provided that:

 

(i)            such Security Interest was
not created in contemplation of the acquisition of such company;

 

24

 

(ii)           the debt secured by such
Security Interest is not increased beyond that secured at the date the company
in question is acquired and such Security Interest secures only that debt; and

 

(iii)          such Security Interest is
discharged within 12 months of completion of the relevant acquisition;

 

(i)            Security Interests arising
under agreements entered into in the ordinary course of business relating to:

 

(i)            network leases;

 

(ii)           the leasing of:

 

(A)          buildings;

 

(B)           cars; and

 

(C)           other operational equipment;

 

(j)            any Security Interests
causing any retention of title arrangement contained in any contract for the
acquisition of any asset by a member of the Group in the ordinary course of its
business from any person in the ordinary course of its business and on
customary terms unless in relation to such a retention of title arrangement,
there are payments of €15,000,000 or more which are overdue and unpaid; and

 

(k)           any Security Interest
securing indebtedness the amount of which (when aggregated with the amount of
any other indebtedness which has the benefit of a Security Interest not allowed
under the preceding sub-paragraphs) does not exceed €25,000,000 or its
equivalent at any time.

 

Permitted
Transaction means:

 

(a)           an intra-Group
re-organisation of a member of the Group (other than an Obligor) on a solvent
basis (including by way of a solvent dissolution or liquidation of a Subsidiary
of the Company where all the assets of that Subsidiary remain within the
ownership of an Obligor); or

 

(b)           any other transaction agreed
by the Majority Lenders.

 

Plan means
a plan that is subject to section 302 or regulated by Title IV of ERISA
maintained by any member of the Group or any ERISA Affiliate currently or at
any time within the last five years, or to which any member of the Group or any
ERISA Affiliate is required to make payments or contributions or has made
payments or contributions within the past five years.

 

Pledge
of Subordinated Shareholder Loans means each pledge
of Subordinated Shareholder Loans entered into between certain Restricted
Persons and the Security Agent and any other pledge entered into pursuant to
any such pledge or the terms of this Agreement.

 

Pro
Rata Share means:

 

(a)           for the purpose of
determining a Lender’s share in a utilisation of a Facility, the proportion
which its Commitment under that Facility bears to all the Commitments under
that Facility; and

 

25

 

(b)           for any other purpose on a
particular date:

 

(i)            the proportion which a
Lender’s share of the Loans (if any) bears to all the Loans;

 

(ii)           if there is no Loan
outstanding on that date, the proportion which its Commitment bears to the
Total Commitments on that date;

 

(iii)          if the Total Commitments
have been cancelled, the proportion which its Commitments bore to the Total
Commitments immediately before being cancelled; or

 

(iv)          when the term is used in
relation to a Facility, the above proportions but applied only to the Loans and
Commitments for that Facility.

 

For the purpose
of sub-paragraph (iv) above, the Facility Agent will (in its absolute
discretion) determine, in the case of a dispute whether the term in any case
relates to a particular Facility.

 

Qualifying
Lender means a Lender which is:

 

(a)           a credit institution
established in a country of the European Economic Area or in a country with
which the Kingdom of Belgium has concluded a Double Tax Treaty;

 

(b)           a “non-resident saver”
within the meaning of Article 105, 50 of the Royal Decree implementing the
Belgian Income Tax Code 1992;

 

(c)           a “professional investor”
within the meaning of Article 105, 30 of the Royal Decree implementing the
Belgian Income Tax Code 1992; or

 

(d)           in the case of a U.S.
Borrower only, a Lender which is not described in Clause 11.5 (U.S. Taxes).

 

Rate
Fixing Day means:

 

(a)           in respect of the first Term
of a Loan to be made on the first Utilisation Date, the TARGET Day before the
first Utilisation Date; and

 

(b)           otherwise, the second TARGET
Day before the first day of a Term,

 

or such other day
as the Facility Agent determines is generally treated as the rate fixing day by
market practice in the relevant interbank market.

 

Reference
Banks means BNP Paribas S.A., J.P. Morgan plc and ABN
AMRO Bank N.V. and any other bank or financial institution appointed as such in
good faith by the Facility Agent in consultation with the Company.

 

Repayment
Instalment means each scheduled instalment for
repayment of the Term Loan B1 Facility Loans, the Term Loan B2A Facility Loans
and the Term Loan B2B Facility Loans.

 

Repeating
Representations means the representations which
are deemed to be repeated under Clause 16.23 (Times for making representations
and warranties).

 

26

 

Reportable Event means:

 

(a)           an event specified as such
in section 4043 of ERISA or any regulation promulgated thereunder, with respect
to a Plan that is subject to Title IV of ERISA, other than an event in relation
to which the requirement to give 30 days notice of that event is waived by any
regulation; or

 

(b)           a failure to meet the
minimum funding standard under section 412 of the Code or section 302 of ERISA
with respect to a Plan that is subject to such sections of the Code and ERISA,
whether or not there has been any waiver of notice or waiver of the minimum
funding standard under section 412 of the Code.

 

Reporting
Entity means SuperHoldco.

 

Reporting
Group means SuperHoldco and its Subsidiaries.

 

Request
means a request for a Loan, substantially in the form of Schedule 3 (Form of
Request).

 

Resignation
Request means a letter in the form of Schedule 12 (Form of
Resignation Request), with such amendments as the Facility Agent and the
Company may agree.

 

Restricted
Acquisition means the acquisition, whether by one or a
series of transactions, (including, without limitation, by purchase,
subscription or otherwise) of all or any part of the share capital or
equivalent of any company or other person (including, without limitation, any
partnership or joint venture) or any asset or assets of any company or other
person (including, without limitation, any partnership or joint venture)
constituting a business or separate line of business of that company or other
person.

 

Restricted
Payment means, in each case whether in cash, securities,
property or otherwise:

 

(a)           any direct or indirect
distribution, dividend or other payment on account of any class of share
capital or capital stock or other securities;

 

(b)           any payment of principal of,
or interest on, any loan; or

 

(c)           any transfer of assets, loan
or other payment,

 

in each case, to
a Restricted Person.

 

Restricted
Person  means
any Affiliate of the Borrower (other than a member of the Group).

 

Retranching
Adjustment has the meaning given to it in Clause 26.7
(Retranching Adjustments).

 

Revolving
Facility means the €175,000,000 revolving credit facility
made available by the Lenders under Clause 2.6 (Revolving Facility) of this
Agreement.

 

Revolving
Facility Commitment means:

 

(a)           for an Initial Original
Lender, the amount set opposite its name in Part 2 of Schedule 1 (Original
Parties) under the heading Revolving Facility Commitments and the amount of any
other Revolving Facility Commitment it acquires; and

 

(b)           for any other Lender, the
amount of any Revolving Facility Commitment it acquires,

 

27

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Revolving
Facility Final Maturity Date means the seventh
anniversary of the date of this Agreement.

 

Revolving
Facility Margin means 2.125 per cent. per
annum.

 

Revolving
Loan means, unless otherwise stated in this Agreement,
the principal amount of each borrowing under the Revolving Facility or the
principal amount outstanding of that borrowing.

 

Rollover
Loan means one or more Revolving Loans:

 

(a)                                  to be made on the
same day that a maturing Revolving Loan is due to be repaid;

 

(b)                                 the aggregate
amount of which is equal to or less than the maturing Revolving Loan; and

 

(c)                                  to be made to the
same Borrower for the purpose of refinancing a maturing Revolving Loan.

 

S&P
means Standard & Poor’s Rating Services, a division of the McGraw-Hill
Companies, Inc. or any successor to its rating business.

 

Screen
Rate means:

 

(a)                                 in relation to
LIBOR, the British Bankers’ Association Interest Settlement Rate for the
relevant currency and Term; and

 

(b)                                in relation to
EURIBOR, the percentage rate per annum determined by the Banking Federation of
the European Union,

 

for the relevant
currency and Term displayed on the appropriate page of the Telerate screen
selected by the Facility Agent.  If the
relevant page is replaced or the service ceases to be available, the
Facility Agent (after consultation with the Company and the Lenders) may
specify another page or service displaying the appropriate rate.

 

Security
Document means:

 

(a)                                  a Share Pledge;

 

(b)                                 an Existing
Security Document;

 

(c)                                  any Pledge of
Subordinated Shareholder Loans;

 

(d)                                 any Obligor
Pledge of Receivables;

 

(e)                                 any other
agreement or instrument under which any Obligor may from time to time grant a
Finance Party a Security Interest in respect of an obligation under any Finance
Document; or

 

(f)                                    any other
document designated as such by the Security Agent and the Company.

 

Security
Interest means any mortgage, pledge, lien, charge,
assignment, hypothecation or security interest or any other agreement or
arrangement having a similar effect.

 

28

 

Security
Provider’s Deed of Accession has the meaning given to it
in the Intercreditor Agreement.

 

Senior
Discount Notes  means
SuperHoldco’s 11.5% Senior Discount Notes due 2014.

 

Senior
Notes  means
Holdco’s 9% Senior Notes due 2013.

 

Share
Pledge means:

 

(a)                                  the Company Share
Pledge;

 

(b)                                 the Telenet Share
Pledge; or

 

(c)                                  the UPC Belgium
Share Pledge.

 

Structural
Adjustment has the meaning given to it in Clause 26.6
(Structural Adjustments).

 

Subordinated
Creditor means any Restricted Person who has, at any
relevant time, entered into a Pledge of Subordinated Shareholder Loans and the
Intercreditor Agreement.

 

Subordinated
Shareholder Loans means any Financial
Indebtedness of any member of the Group owed to a Subordinated Creditor.

 

Subsidiary
means an entity of which a person has direct or indirect control or owns
directly or indirectly more than 50 per cent. of the voting capital or similar
right of ownership and control for this purpose means the power to direct the
management and the policies of the entity whether through the ownership of
voting capital, by contract or otherwise.

 

SuperHoldco
means Telenet Group Holding NV (a limited liability company registered in
Belgium with registration number HR Mechelen 090008 and Enterprise No. 0477.702.333).

 

Supplemental
Agreement means the supplemental agreement dated 23 June 2009,
pursuant to which this Agreement was amended and restated.

 

Syndication
means the primary syndication of the Facilities by the Mandated Lead Arrangers.

 

Syndication
Letter means a syndication letter between, among others,
the Mandated Lead Arrangers and the Company.

 

Target
means any assets or entity which is or are the subject of an acquisition in
accordance with the terms of this Agreement.

 

TARGET
Day means a day on which the Trans-European Automated
Real-time Gross Settlement Express Transfer payment system is open for the
settlement of payments in euro.

 

Tax
means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including any penalty or interest imposed with respect thereto).

 

Tax
Deduction means a deduction or withholding for or on account
of Tax from a payment under a Finance Document.

 

Tax
Payment means a payment made by an Obligor to a Finance
Party in any way relating to a Tax Deduction or under any indemnity given by
that Obligor in respect of Tax under any Finance Document.

 

29

 

Telecommunications
and Cable Law means all laws, statutes, regulations and
judgments relating to telecommunications, cable television and data services
applicable to any member of the Group and/or the business carried on by any
member of the Group in any jurisdiction in which a member of the Group is
incorporated or formed or in which such member has its principal place of
business or owns any material assets.

 

Telenet
means Telenet NV (formerly Telenet Operaties NV) (a company registered in
Belgium with registration number HR Mechelen 82218, Enterprise No. 0439.840.857).

 

Telenet
Additional Facility means
an additional term and/or revolving loan facility referred to in Clause 2.7 (Telenet
Additional Facility) and Telenet Additional Facilities means all or any such Telenet Additional Facilities.

 

Telenet
Additional Facility Accession Agreement means an
agreement in the form set out in Schedule 11 (Form of Telenet Additional
Facility Accession Agreement) with such amendments as the Facility Agent may
approve or reasonably require.

 

Telenet
Additional Facility Availability Period in relation to a
Telenet Additional Facility means the period specified in a Telenet Additional
Facility Accession Agreement for that Telenet Additional Facility.

 

Telenet
Additional Facility Commitment means in relation to:

 

(a)                                 a Telenet Initial
Additional Facility Lender, the amount in euros or U.S. Dollars set out as the
Telenet Additional Facility Commitment of a Lender in the relevant Telenet
Additional Facility Accession Agreement and the amount of any other Telenet
Additional Facility Commitment transferred to it under this Agreement; and

 

(b)                                any other Telenet
Additional Facility Lender, the amount in euros or U.S. Dollars transferred to
it in accordance with this Agreement,

 

to the extent not
cancelled, transferred or reduced under this Agreement:

 

Telenet
Additional Facility Lender means:

 

(a)                                  a Telenet Initial
Additional Facility Lender; and

 

(b)                                any person which
has become a New Lender (as defined in Clause 27.3 (Transfers by Lenders) under
a Telenet Additional Facility in accordance with Clause 27 (Changes to the
Parties),

 

which in each
case has not ceased to be a Party in accordance with the terms of this
Agreement.

 

Telenet
Additional Facility Loan means the principal amount
of each borrowing under a Telenet Additional Facility or the principal amount
outstanding of that borrowing.

 

Telenet
Additional Facility Margin means the percentage rate
set out in the relevant Telenet Additional Facility Accession Agreement.

 

Telenet
Group means SuperHoldco and its Subsidiaries.

 

Telenet
Initial Additional Facility Lender means a person
which becomes a Lender under a Telenet Additional Facility pursuant to Clause
2.7 (Telenet Additional Facility).

 

30

 

Telenet
Share Pledge means the share pledge agreement entered into
or to be entered into between (amongst others) the Company and the Security
Agent over the Company’s entire shareholding in Telenet.

 

Term
means each period determined under this Agreement by reference to which
interest on a Loan or an overdue amount is calculated.

 

Term
Loan means a Term Loan A Facility Loan, a Term Loan B1
Facility Loan, a Term Loan B2A Facility Loan, a Term Loan B2B Facility Loan, a
Term Loan C Facility Loan or a Telenet Additional Facility Loan.

 

Term
Loan A Facility means the €530,000,000 term
loan facility made available by the Lenders under Clause 2.1 (Term Loan A
Facility).

 

Term
Loan A Facility Commitment
means:

 

(a)                                 for an Initial
Original Lender, the amount set opposite its name in Part 2 of Schedule 1
(Original Parties) under the heading Term Loan A Facility Commitments and the
amount of any other Term Loan A Facility Commitment it acquires; and

 

(b)                                 for any other
Lender, the amount of any Term Loan A Facility Commitment it acquires,

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Term
Loan A Facility Final Maturity Date  means the fifth anniversary of the date of this
Agreement.

 

Term
Loan A Facility Lender means a Lender under Term
Loan A Facility.

 

Term
Loan A Facility Loan
means the principal amount of each borrowing under the Term Loan A Facility or
the principal amount outstanding of that borrowing.

 

Term
Loan A Facility Margin means 2.25 per cent. per
annum (or such higher amount as the Majority Term Loan A Facility Lenders and the
Company may agree in writing from time to time).

 

Term
Loan B1 Facility means the €307,500,000 term
loan facility made available by the Lenders under Clause 2.2 (Term Loan B1
Facility).

 

Term
Loan B1 Facility Commitment means:

 

(a)                                 for an Initial
Original Lender, the amount set opposite its name in Part 2 of Schedule 1
(Original Parties) under the heading Term Loan B1 Facility Commitments and the
amount of any other Term Loan B1 Facility Commitment it acquires; and

 

(b)                                 for any other
Lender, the amount of any Term Loan B1 Facility Commitment it acquires,

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Term
Loan B1 Facility Final Maturity Date  means the date that is seventy-eight months after
the date of this Agreement.

 

Term
Loan B1 Facility Lender means a Lender under Term
Loan B1 Facility.

 

31

 

Term
Loan B1 Facility
Loan means, unless otherwise stated in this Agreement,
the principal amount of each borrowing under the Term Loan B1 Facility or the
principal amount outstanding of that borrowing.

 

Term
Loan B1 Facility Margin means 2.50 per cent. per
annum (or such higher amount as the Majority Term Loan B1 Facility Lenders and
the Company may agree in writing from time to time).

 

Term
Loan B2A Facility means the €135,000,000 term
loan facility made available by the Lenders under Clause 2.3 (Term Loan B2A
Facility).

 

Term
Loan B2B Facility means the €90,000,000 term
loan facility made available by the Lenders under Clause 2.4 (Term Loan B2B
Facility).

 

Term
Loan B2A Facility Commitment means:

 

(a)                                 for an Initial
Original Lender, the amount set opposite its name in Part 2 of Schedule 1
(Original Parties) under the heading Term Loan B2A Facility Commitment and the
amount of any other Term Loan B2A Facility Commitment it acquires; and

 

(b)                                for any other
Lender, the amount of any Term Loan B2A Facility Commitment it acquires,

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Term
Loan B2B Facility Commitment means:

 

(a)                                 for an Initial
Original Lender, the amount set opposite its name in Part 2 of Schedule 1
(Original Parties) under the heading Term Loan B2B Facility Commitments and the
amount of any other Term Loan B2B Facility Commitment it acquires; and

 

(b)                                for any other
Lender, the amount of any Term Loan B2B Facility Commitment it acquires,

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Term
Loan B2A Facility Final Maturity Date means the date
that is seventy-eight months after the date of this Agreement.

 

Term
Loan B2B Facility Final Maturity Date means the date
that is seventy-eight months after the date of this Agreement.

 

Term
Loan B2A Facility Lender means a Lender under Term
Loan B2A Facility.

 

Term
Loan B2B Facility Lender means a Lender under Term
Loan B2B Facility.

 

Term
Loan B2A Facility
Loan means, unless otherwise stated in this Agreement,
the principal amount of each borrowing under the Term Loan B2A Facility or the
principal amount outstanding of that borrowing.

 

Term
Loan B2B Facility
Loan means, unless otherwise stated in this Agreement,
the principal amount of each borrowing under the Term Loan B2B Facility or the
principal amount outstanding of that borrowing.

 

32

 

Term
Loan B2A Facility Margin means 2.50 per cent. per
annum (or such higher amount as the Majority Term Loan B2A Facility Lenders and
the Company may agree in writing from time to time).

 

Term
Loan B2B Facility Margin means 2.50 per cent. per
annum (or such higher amount as the Majority Term Loan B2B Facility Lenders and
the Company may agree in writing from time to time).

 

Term
Loan C Facility means the €1,062,500,000
term loan facility made available by the Lenders under Clause 2.5. (Term Loan C
Facility).

 

Term
Loan C Facility Commitment means:

 

(a)                                 for an Initial
Original Lender, the amount set opposite its name in Part 2 of Schedule 1
(Original Parties) under the heading Term Loan C Facility Commitments and the
amount of any other Term Loan C Facility Commitment it acquires; and

 

(b)                                 for any other
Lender, the amount of any Term Loan C Facility Commitment it acquires,

 

to the extent not
cancelled, transferred or reduced under this Agreement.

 

Term
Loan C Facility Final Maturity Date means the eighth
anniversary of the date of this Agreement.

 

Term
Loan C Facility Lender means a Lender under Term
Loan C Facility.

 

Term
Loan C Facility Loan means, unless otherwise
stated in this Agreement, the principal amount of each borrowing under the Term
Loan C Facility or the principal amount outstanding of that borrowing.

 

Term
Loan C Facility Margin means 2.75 per cent. per
annum (or such higher amount as the Majority Term Loan C Facility Lenders and
the Company may agree in writing from time to time).

 

Total
Cash Interest means, in respect of any period, the total
amount of all Interest accrued in respect of Total Debt during such period and
payable in cash (either during such period or after such period) (having taken
into account the effect of any Hedging Documents).

 

Total
Commitments means:

 

(a)                                  with respect to
the Term Loan A Facility, the Total Term Loan A Facility Commitments;

 

(b)                                 with respect to
the Term Loan B1 Facility, the Total Term Loan B1 Facility Commitments;

 

(c)                                  with respect to
the Term Loan B2A Facility, the Total Term Loan B2A Facility Commitment;

 

(d)                                 with respect to
the Term Loan B2B Facility, the Total Term Loan B2B Facility Commitments;

 

33

 

(e)                                  with respect to
the Term Loan C Facility, the Total Term Loan C Facility Commitments;

 

(f)                                    with respect to
the Revolving Facility, the Total Revolving Facility Commitments; or

 

(g)                                 with respect to
each or all of the Telenet Additional Facilities, the Total Telenet Additional
Facility Commitments,

 

and, where the
context so admits or requires, includes each of them.

 

Total Debt means, at any
time, the principal amount outstanding at that time of all Consolidated Total
Borrowings of Super Holdco and its Subsidiaries but excluding:

 

(a)                                  Subordinated
Shareholder Loans; and

 

(b)                                the capitalised
element of indebtedness under the Clientele Fees and the Annuity Fees, any
Finance Lease entered into as at the date of this Agreement; and

 

(c)                                 any indebtedness
incurred under the network lease entered into in connection with the Interkabel
Acquisition up to a maximum aggregate amount of €195,000,000.

 

Total
Revolving Facility Commitments means the aggregate of the
Revolving Facility Commitments of all of the Lenders, being at the date of this
Agreement, the total amount specified as such in Part 2 of Schedule 1
(Original Parties).

 

Total
Telenet Additional Facility Commitments  means, with respect to the Telenet Additional
Facilities, the aggregate of all of the Telenet Additional Facility Commitments
of all of the Telenet Additional Facility Lenders under all of the Telenet
Additional Facilities or, when applied to an individual Telenet Additional
Facility, the aggregate of all the Telenet Additional Facility Commitments of
all of the Telenet Additional Facility Lenders under that Telenet Additional
Facility.

 

Total
Term Loan A Facility
Commitments means the aggregate of the Term Loan A
Facility Commitments of all of the Lenders, being at the date of this
Agreement, the total amount specified as such in Part 2 of Schedule 1
(Original Parties).

 

Total
Term Loan B1 Facility Commitments means the
aggregate of the Term Loan B1 Facility Commitments of all of the Lenders, being
at the date of this Agreement, the total amount specified as such in Part 2
of Schedule 1 (Original Parties).

 

Total
Term Loan B2A Facility Commitments means the
aggregate of the Term Loan B2A Facility Commitments of all of the Lenders,
being at the date of this Agreement, the total amount specified as such in Part 2
of Schedule 1 (Original Parties).

 

Total
Term Loan B2B Facility Commitments means the
aggregate of the Term Loan B2B Facility Commitments of all of the Lenders,
being at the date of this Agreement, the total amount specified as such in Part 2
of Schedule 1 (Original Parties).

 

Total
Term Loan C Facility Commitments means the
aggregate of the Term Loan C Facility Commitments of all of the Lenders, being
at the date of this Agreement, the total amount specified as such in Part 2
of Schedule 1 (Original Parties).

 

34

 

Transfer
Certificate means a certificate, substantially in the
form of Schedule 5 (Form of Transfer Certificate), with such amendments as
the Facility Agent may approve or reasonably require or any other form agreed
between the Facility Agent and the Company.

 

Treasury
Transaction means any derivative transaction protecting
against or benefiting from fluctuations in any rate or price.

 

U.K.
means the United Kingdom.

 

U.S.
Borrower means any Additional Borrower under this Agreement
which is incorporated or formed in or under the laws of the United States or
any jurisdiction thereof, or therein (including any State or the District of
Columbia) or that is engaged in the conduct of a trade or business within the
United States within the meaning of the Code.

 

U.S.
Dollars means the lawful currency for the time being of the
United States.

 

U.S.
Finance Vehicle means
a member of the Group which has been incorporated specifically for the purpose
of becoming a U.S. Borrower under this Agreement and whose sole function is to
act as a finance vehicle for the Group.

 

U.S.
Obligor has the meaning given to it in Clause 20.6(b).

 

U.S.
Person means a United States person as defined by section
7701(a)(30) of the Code.

 

United
States or U.S. means the
United States of America.

 

UPC
Belgium Share Pledge means the share pledge
agreement entered into or to be entered into between (amongst others) the
Company and the Security Agent over the Company’s entire shareholding in UPC
Belgium NV.

 

Utilisation
Date means each date on which a Facility is utilised.

 

Vlaanderen
means Telenet Vlaanderen NV, (a company registered in Belgium with registration
number HR Mechelen 83076 and Enterprise No. 0458.840.088).

 

1.2                               Construction

 

(a)                                  In
this Agreement, unless the contrary intention appears, a reference to:

 

(i)                                    an amendment
includes a supplement, novation, restatement or re-enactment and amended will
be construed accordingly;

 

(ii)                                  assets
includes present and future properties, revenues and rights of every
description;

 

(iii)                             an authorisation
includes an authorisation, consent, approval, resolution, licence, exemption,
filing, registration or notarisation;

 

(iv)                             disposal means a
sale, transfer, grant, lease or other disposal, whether voluntary or
involuntary, and dispose will be construed accordingly;

 

(v)                                indebtedness
includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money;

 

35

 

(vi)                             know your
customer requirements are the identification checks that a Finance Party requests
in order to meet its obligations under any applicable law or regulation to
identify a person who is (or is to become) its customer;

 

(vii)                         a person includes any
individual, company, corporation, unincorporated association or body (including
a partnership, trust, joint venture or consortium), government, state, agency,
organisation or other entity whether or not having separate legal personality;

 

(viii)                      a regulation includes any
regulation, rule, official directive, request or guideline (whether or not having
the force of law but, if not having the force of law, being of a type with
which any person to which it applies is accustomed to comply) of any
governmental, inter-governmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation;

 

(ix)                              a currency is a
reference to the lawful currency for the time being of the relevant country;

 

(x)                                 a Default being
outstanding means that it has not been remedied or waived;

 

(xi)                              a provision of
law is a reference to that provision as extended, applied, amended or
re-enacted and includes any subordinate legislation;

 

(xii)                           a Clause, a
Subclause or a Schedule is a reference to a clause or subclause of, or a
schedule to, this Agreement;

 

(xiii)                        a Party or any other person
includes its successors in title, permitted assigns and permitted transferees;

 

(xiv)                       a Finance Document or other
document includes (without prejudice to any prohibition on amendments) all
amendments however fundamental to that Finance Document or other document,
including any amendment providing for any increase in the amount of a facility
or any additional facility; and

 

(xv)                          a time of day is
a reference to Paris time;

 

(xvi)                       except as provided to the
contrary in this Agreement, an accounting term used in any of Clause 1.1
(Definitions), or Clause 18 (Financial Covenants) is to be construed in
accordance with the Accounting Principles;

 

(xvii)                    a liquidator, trustee in
bankruptcy, judicial custodian, compulsory manager, receiver, administrator
receiver, administrator or similar officer includes a curator/curateur, verefferaar/liquidateur, voorlopig bewindvoerder/administrateur  judiciaire, commissaris inzake opschorting/commissaire au sursis and sekwester/séquestre;

 

(xviii)                 a security interest includes
a mortgage (hypotheek/hypothèque),
a pledge (pand/nantissement), a
privilege (voorrecht/privilège),
a retention of title (eigendomsvoorbehoud/réserve
de propriété), a real surety (zakelijke
zekerheid/sûreté réelle), a transfer by way of security (overdracht ten titel van zekerheid/transfert à titre
de garantie) and a promise or mandate to create any of the security
interest mentioned above;

 

36

 

(xix)       a
person being unable to pay its debts is that person being in a state of
cessation of payments (staking van
betaling/cessation de paiements);

 

(xx)        a composition includes gerechtelijk
akkoord/concordat judiciaire;

 

(xxi)       an insolvency includes gerechtelijk
akkoord/concordat judiciaire, faillissement/faillite,
voorlopige ontneming van
beheer/déssaisissement provisoire and any other concurrence between
creditors (samenloop van
schuldeisers/concours des créanciers);

 

(xxii)      a
winding up, liquidation, administration or dissolution includes vereffening/liquidation, ontbinding/dissolution, faillissement/faillite and sluiting van een onderneming/fermeture d’enterprise;
and

 

(xxiii)     an
attachment, sequestration, distress, execution or analogous events includes uitvoerend beslag/saisie exécutoire and bewarend beslag/saisie conservatoire.

 

(b)                                Unless
the contrary intention appears, a reference to a month or months is a reference
to a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month or the calendar month in
which it is to end, except that:

 

(i)                                   if the
numerically corresponding day is not a Business Day, the period will end on the
next Business Day in that month (if there is one) or the preceding Business Day
(if there is not);

 

(ii)                                 if there is no
numerically corresponding day in that month, that period will end on the last
Business Day in that month; and

 

(iii)                              notwithstanding
sub-paragraph (i) above, a period which commences on the last Business Day
of a month will end on the last Business Day in the next month or the calendar
month in which it is to end, as appropriate.

 

(c)                                 Unless expressly
provided to the contrary in a Finance Document, a person who is not a party to
a Finance Document may not enforce any of its terms under the Contracts (Rights
of Third Parties) Act 1999 and, notwithstanding any term of any Finance
Document, no consent of any third party is required for any amendment
(including any release or compromise of any liability) or termination of any
Finance Document.

 

(d)                                 Unless
the contrary intention appears:

 

(i)                                   a reference to a
Party will not include that Party if it has ceased to be a Party under this
Agreement;

 

(ii)                                unless otherwise
stipulated, a word or expression used in any other Finance Document or in any
notice given in connection with any Finance Document has the same meaning in
that Finance Document or notice as in this Agreement; and

 

(iii)                             any obligation of
an Obligor under the Finance Documents which is not a payment obligation
remains in force for so long as any payment obligation of an Obligor is or may
be outstanding under the Finance Documents.

 

(e)                                  The
headings in this Agreement do not affect its interpretation.

 

37

 

2.                                      FACILITIES

 

2.1                               Term
Loan A Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a term
loan facility in an aggregate amount equal to the Total Term Loan A Facility
Commitments.

 

2.2                               Term
Loan B1 Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a term
loan facility in an aggregate amount equal to the Total Term Loan B1 Facility
Commitments.

 

2.3                               Term
Loan B2A Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a term
loan facility in an aggregate amount equal to the Total Term Loan B2A Facility
Commitment.

 

2.4                               Term
Loan B2B Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a term
loan facility in an aggregate amount equal to the Total Term Loan B2B Facility
Commitment.

 

2.5                               Term
Loan C Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a term
loan facility in an aggregate amount equal to the Total Term Loan C Facility
Commitments.

 

2.6                               Revolving
Facility

 

Subject to the
terms of this Agreement, the Lenders make available to the Borrowers a
revolving credit facility in an aggregate amount equal to the Total Revolving
Facility Commitments.

 

2.7                               Telenet
Additional Facility

 

(a)                                  Any
person may, subject to the terms of this Agreement, become a Lender by
delivering to the Facility Agent a Telenet Additional Facility Accession
Agreement in each case duly completed and executed by that person and the Borrower.  That person shall become a Lender on the date
specified in a Telenet Additional Facility Accession Agreement.

 

(b)                                 Upon
the relevant person becoming a Lender, the Total Commitments shall be increased
by the amount set out in the relevant Telenet Additional Facility Accession
Agreement as that Lender’s Telenet Additional Facility Commitment.

 

(c)                                  Each
Lender will grant to the Borrower a term or revolving loan facility in the
amount specified in the relevant Telenet Additional Facility Accession Agreement
in euros or U.S. Dollars during the Telenet Additional Facility Availability
Period specified in such Telenet Additional Facility Accession Agreement,
subject to the terms of this Agreement.

 

(d)                                 The
execution by the Borrower of a Telenet Additional Facility Accession Agreement
constitutes confirmation by each Guarantor that its obligations under Clause 15
(Guarantee and Indemnity) shall continue unaffected except that those
obligations shall extend to the Total Commitments as increased by the addition
of the relevant Lender’s Commitment and shall be owed to each Finance Party
including the relevant Lender.

 

38

 

(e)                                  The
Company may only arrange a Telenet Additional Facility, and paragraphs (a) to
(d) above shall only take effect if:

 

(i)                                     after
giving effect to the utilisation of the Total Telenet Additional Facility
Commitments under such Telenet Additional Facility, the ratio of Net Total Debt
to Consolidated Annualised EBITDA would not be greater than 5:1; and

 

(ii)                                  the
average maturity date of the Telenet Additional Facility (taking into account
any scheduled amortisation and any voluntary or mandatory cancellation which is
anticipated when the Telenet Additional Facility is arranged) falls after the
last Final Maturity Date.

 

2.8                               Overall
facility limits

 

(a)                                  The
aggregate amount of all outstanding advances under a Telenet Additional
Facility shall not at any time exceed the relevant Total Telenet Additional
Facility Commitments for that Telenet Additional Facility.

 

(b)                                 The
aggregate amount of the participations of a Lender in advances under a Telenet
Additional Facility shall not at any time exceed that Lender’s Telenet
Additional Facility Commitment for that Telenet Additional Facility at that
time.

 

2.9                               Nature
of a Finance Party’s rights and obligations

 

Unless all the
Finance Parties agree otherwise:

 

(a)                                  the
obligations of a Finance Party under the Finance Documents are several;

 

(b)                                 failure
by a Finance Party to perform its obligations does not affect the obligations
of any other Party under the Finance Documents;

 

(c)                                  no
Finance Party is responsible for the obligations of any other Finance Party
under the Finance Documents;

 

(d)                                 the
rights of a Finance Party under the Finance Documents are separate and
independent rights;

 

(e)                                  a
Finance Party may, except as otherwise stated in the Finance Documents,
separately enforce those rights; and

 

(f)                                    a
debt arising under the Finance Documents to a Finance Party is a separate and
independent debt.

 

2.10                        Security
Agent as joint creditor

 

(a)                                  Each
of the Obligors and each of the Finance Parties agree that the Security Agent
shall be the joint and several creditor of each and every obligation of any
Obligor towards each of the Finance Parties under each Finance Document, and
that accordingly the Security Agent will have its own independent right to
demand performance by the relevant Obligor of those obligations.  However, any discharge of such obligation to
either the Security Agent or a Finance Party shall, to the same extent,
discharge the corresponding obligation owing to the other.

 

39

 

(b)                                 Without
limiting or affecting the Security Agent’s rights against any Obligor (whether
under this paragraph or under any other provision of the Finance Documents),
the Security Agent agrees with each other Finance Party (on a several and
divided basis) that, subject as set out in the next sentence, it will not
exercise its rights as a joint and several creditor with a Finance Party except
after consultation with the relevant Finance Party.  However, for the avoidance of doubt, nothing
in the previous sentence shall in any way limit the Security Agent’s right to
act in the protection or preservation of rights under or to enforce any
Security Document as contemplated by the Finance Documents (or to do any act
reasonably incidental to any of the foregoing).

 

(c)                                  Each
of the Finance Parties hereby appoints the Security Agent as its representative
in the sense of Article 5 of the Belgian Financial Collateral Act of 15 December 2004
(Wet van 15 december 2004 betreffende financiële
zekerheden en houdende diverse fiscale bepalingen inzake
zakelijkezekerheidsovereenkomsten en leningen met betrekking tot financiële
instrumenten) for the purpose of creating each Share Pledge.

 

3.                                      PURPOSE

 

3.1                               Term
Loan A Facility Loans, Term Loan B1 Facility Loans, Term Loan B2A Facility
Loans, Term Loan B2B Facility Loans and Term Loan C Facility Loans

 

(a)                                  Each
Term Loan A Facility Loan, Term Loan B1 Facility Loan and Term Loan C Facility
Loan (in the case of the first €462,500,000 available to be drawn under Term
Loan C Facility) may only be used:

 

(i)                                     to
refinance by intercompany loans or repayment of amounts outstanding, the
Existing Senior Facility, the Senior Discount Notes and the Senior Notes; and

 

(ii)                                  to
pay any fees and expenses incurred in connection with the Facilities.

 

(b)                                 Any
remaining Term Loan C Facility Loan may only be used:

 

(i)                                     to
fund a payment to the shareholders of the Company via a dividend or
intercompany loan to be upstreamed to SuperHoldco to fund a capital reduction;
and

 

(ii)                                  for
the general corporate purposes of the Group (including financing a Permitted
Acquisition or Permitted Joint Venture).

 

(c)                                  Any
Term Loan B2A Facility Loan and Term Loan B2B Facility Loan may be used:

 

(i)                                     to
fund a payment to the shareholders of the Company via a dividend or
intercompany loan to be upstreamed to SuperHoldco to fund a capital reduction;
and

 

(ii)                                  for
the general corporate purposes of the Group (including financing a Permitted
Acquisition or Permitted Joint Venture).

 

3.2                               Revolving
Facility Loans

 

Each Revolving
Facility Loan may only be used for the general corporate purposes of the Group
(including financing a Permitted Acquisition or Permitted Joint Venture).

 

40

 

3.3                               Telenet
Additional Facility Loans

 

Each Telenet
Additional Facility Loan may only be used for the general corporate purposes of
the Group (including funding the payment of permitted dividends or intercompany
loans by the Company, financing a Permitted Acquisition and/or refinancing
amounts outstanding under any other Facility (including any Telenet Additional
Facility)).

 

3.4                               No
obligation to monitor

 

No Finance Party
is bound to monitor or verify the utilisation of a Facility.

 

4.                                      CONDITIONS PRECEDENT

 

4.1                               Conditions
precedent documents

 

The obligations
of each Lender under Clause 5.4 (Advance of Loan) to make a Loan are subject to
the condition precedent that the Facility Agent has notified the Company and
the Lenders that it has received (or waived receipt of) all of the documents
and evidence set out in Part 1 of Schedule 2 (Conditions Precedent
Documents) in form and substance satisfactory to the Facility Agent.  The Facility Agent must give this
notification to the Company and the Lenders promptly upon being so satisfied.

 

4.2                               Further
conditions precedent

 

The obligations
of each Lender to participate in any Loan are subject to the further conditions
precedent that on both the date of the Request and the Utilisation Date for
that Loan:

 

(a)                                  in
the case of a Rollover Loan, no Event of Default is outstanding or would result
from the Loan; or

 

(b)                                 in
any other case:

 

(i)                                     the
Repeating Representations are, and will be immediately after the Loan is drawn,
correct in all material respects; and

 

(ii)                                  no
Default is outstanding or would result from the Loan; and

 

(iii)                               no
change of control has occurred where the event has not been waived by the
Majority Lenders).

 

4.3                               Initial
utilisation — pro forma covenant compliance

 

(a)                                  The
Company may not request or obtain the first Loan under this Agreement unless
the Company certifies to the Facility Agent (providing reasonable detail of the
relevant calculations) that the ratio of Net Total Debt to Consolidated
Annualised EBITDA, taking the amount of such Loan into account, would not be
greater than 5.0:1.

 

(b)                                 For
the purposes of paragraph (a) above, Consolidated Annualised EBITDA shall
be calculated by reference to Consolidated EBITDA for the financial quarter
ending 30 June 2007 multiplied by four (with Consolidated EBITDA being
calculated for that financial quarter on the same basis as Consolidated EBITDA
for a Measurement Period).

 

41

 

4.4                               Maximum
number

 

Unless the
Facility Agent agrees, a Request may not be given if, as a result, there would
be more than 15 Loans outstanding.

 

5.                                      UTILISATION

 

5.1                               Giving
of Requests

 

(a)                                  A
Borrower may borrow a Loan by giving to the Facility Agent a duly completed Request.

 

(b)                                 Unless
the Facility Agent otherwise agrees, the latest time for receipt by the
Facility Agent of a duly completed Request is 10.00 a.m. (Paris time) one
Business Day before the Rate Fixing Day for the proposed borrowing.

 

(c)                                  Each
Request is irrevocable.

 

5.2                               Completion
of Requests

 

(a)                                  A Request for a
Loan will not be regarded as having been duly completed unless:

 

(i)                                     it
identifies the Borrower;

 

(ii)                                  it
identifies the Facility the Loan applies to;

 

(iii)                               the
Utilisation Date is a Business Day falling within the relevant Availability
Period or the Telenet Additional Facility Availability Period (as the case may
be); and

 

(iv)                              the
proposed Term complies with this Agreement.

 

(b)                                 Only
one Loan may be requested in each Request (other than the Request in respect of
the first utilisation under each Facility).

 

(c)                                  No
Requests may be delivered to the Facility Agent within 5 Business Days of each
other.

 

(d)                                 No
Request for a Term Loan B1 Facility Loan may be submitted by a Borrower until
the Term Loan A Facility has been drawn in full or will be drawn in full
simultaneously with the relevant Term Loan B1 Facility Loan.

 

(e)                                  No
request for a Term Loan C Facility Loan may be submitted by a Borrower until
both the Term Loan A Facility and the Term Loan B1 Facility have been drawn in
full or will be drawn in full simultaneously with the relevant Term Loan C
Facility Loan.

 

(f)                                    No
request for a Term Loan B2A Facility Loan or a Term Loan B2B Facility Loan may
be submitted by a Borrower until the Term Loan A Facility, the Term Loan B1
Facility and the Term Loan C Facility have been drawn in full or will be drawn
in full simultaneously with the relevant Term Loan B2A Facility Loan or Term
Loan B2B Facility Loan as applicable.

 

5.3                               Amount
of Loan

 

(a)                                  Except
as provided below, the amount of a Loan must be a minimum amount of €5,000,000
and an integral multiple of €1,000,000.

 

(b)                                 The
amount of the Loan may also be the balance of the relevant undrawn Total
Commitments or such other amount as the Facility Agent (acting on behalf of the
Lenders) may agree.

 

42

 

5.4                               Advance
of Loan

 

(a)                                  The
Facility Agent must promptly notify each Lender of the details of the requested
Loan and the amount of its share in that Loan.

 

(b)                                 The
amount of each Lender’s share of the Loan will be its Pro Rata Share on the
proposed Utilisation Date.

 

(c)                                  No
Lender is obliged to participate in a Loan if, as a result:

 

(i)                                     its
share in the Loans under a Facility would exceed its Commitment for that
Facility; or

 

(ii)                                  the
Loans would exceed the Total Commitments.

 

(d)                                 If
the conditions set out in this Agreement have been met, each Lender must make
its share in the Loan available to the Facility Agent for the relevant Borrower
through its Facility Office on the Utilisation Date.

 

6.                                      REPAYMENT

 

6.1                               Repayment
of Term Loan A Facility Loans

 

All amounts
outstanding under the Term Loan A Facility must be repaid in full on the Term
Loan A Facility Final Maturity Date.

 

6.2                               Repayment
of Term Loan B1 Facility Loans

 

(a)                                  All
amounts outstanding under the Term Loan B1 Facility must be repaid in full by
three equal instalments.

 

(b)                                 The
first Repayment Instalment in respect of the Term Loan B1 Facility must be
repaid on the date that is sixty-six months after the date of this Agreement,
and subsequent Repayment Instalments in respect of the Term Loan B1 Facility
must be repaid at six-monthly intervals from that date.  The final Repayment Instalment in respect of
the Term Loan B1 Facility must be repaid on the Term Loan B1 Facility Final
Maturity Date.

 

6.3                               Repayment
of Term Loan B2A Facility Loans

 

(a)                                  All
amounts outstanding under the Term Loan B2A Facility must be repaid in full by
three equal instalments.

 

(b)                                 The
first Repayment Instalment in respect of the Term Loan B2A Facility must be
repaid on the date that is sixty-six months after the date of this Agreement,
and subsequent Repayment Instalments in respect of the Term Loan B2A Facility
must be repaid at six-monthly intervals from that date.  The final Repayment Instalment in respect of
the Term Loan B2A Facility must be repaid on the Term Loan B2A Facility Final
Maturity Date.

 

6.4                               Repayment
of Term Loan B2B Facility Loans

 

(a)                                  All
amounts outstanding under the Term Loan B2B Facility must be repaid in full by
three equal instalments.

 

(b)                                 The
first Repayment Instalment in respect of the Term Loan B2B Facility must be
repaid on the date that is sixty-six months after the date of this Agreement,
and subsequent Repayment 

 

43

 

Instalments in
respect of the Term Loan B2B Facility must be repaid at six-monthly intervals
from that date.  The final Repayment
Instalment in respect of the Term Loan B2B Facility must be repaid on the Term
Loan B2B Facility Final Maturity Date.

 

6.5                               Repayment
of Term Loan C Facility Loans

 

All amounts
outstanding under the Term Loan C Facility must be repaid in full on the Term
Loan C Facility Final Maturity Date.

 

6.6                               Repayment
of Revolving Loans

 

(a)                                  Each
Borrower must repay each Revolving Loan made to it in full on its Maturity
Date.

 

(b)                                 Subject
to the other terms of this Agreement, any amounts repaid under paragraph (a) above
may be re-borrowed.

 

6.7                               Repayment
of Telenet Additional Facility Loans

 

Each Telenet
Additional Facility Loan will be repaid on such dates as the Company and the
Telenet Additional Facility Lenders may agree in the Telenet Additional
Facility Accession Agreement relating to that Telenet Additional Facility Loan.

 

7.                                      PREPAYMENT AND CANCELLATION

 

7.1                               Mandatory
prepayment — illegality

 

(a)                                  A
Lender must notify the Facility Agent and the Company promptly if it becomes
aware that it is unlawful in any applicable jurisdiction for that Lender to
perform any of its obligations under a Finance Document or to fund or maintain
its share in any Loan.

 

(b)                                 After
notification under paragraph (a) above the Facility Agent must notify the
Company and:

 

(i)                                     each
Borrower must repay or prepay the share of that Lender in each Loan made to it
on the date specified in paragraph (c) below; and

 

(ii)                                  the
Commitments of that Lender will be immediately cancelled.

 

(c)                                  The
date for repayment or prepayment of a Lender’s share in a Loan will be:

 

(i)                                     the
last day of the current Term of that Loan; or

 

(ii)                                  if
earlier, the date specified by the Lender in the notification under
paragraph (a) above and which must not be earlier than the last day
of any applicable grace period allowed by law.

 

7.2                               Mandatory
prepayment — change of control

 

(a)                                  For
the purposes of this Clause:

 

a change of control occurs if: (i) any person or group of
persons (other than a Permitted Holder or Permitted Holders and other than
through a Permitted Holder) becomes the beneficial owner of a majority of the
aggregate voting power of all outstanding shares of the Company or otherwise
controls the Company; or (ii) no Permitted Holder controls (directly or
indirectly) the Company.

 

44

 

control
means the power of a person:

 

(i)                                     by means of the
holding of shares or the possession of voting power in or in relation to any
other person; or

 

(ii)                                  by virtue of any
powers conferred by the articles of association or other documents regulating
any other person,

 

to direct or
cause the direction of the management and policies of that other person;

 

Permitted
Holder means any of the following:

 

(i)                                     UGC Europe, Inc.;

 

(ii)                                  in the event of a
Spin-Off, the Spin Parent and any Subsidiary of the Spin Parent; and

 

(iii)                               each Subsidiary
of UGC Europe, Inc.;

 

Spin-Off
means a transaction by which all outstanding
ordinary shares of SuperHoldco or any of its Subsidiaries directly or
indirectly owned by Liberty Global, Inc. are distributed to all of Liberty
Global, Inc.’s shareholders in proportion to such shareholders’ holdings
in Liberty Global, Inc. at the time of such transaction either directly or
indirectly through the distribution of shares in a company holding such
SuperHoldco shares or Subsidiary’s shares; and

 

Spin
Parent means the company the shares of which are
distributed to the shareholders of Liberty Global, Inc. pursuant to the
Spin-Off.

 

(b)                                 The
Company must promptly notify the Facility Agent if it becomes aware of any
change of control.

 

(c)                                  After
a change of control, if the Majority Lenders so require, the Facility Agent
must, by notice to the Company:

 

(i)                                     cancel
the Total Commitments; and

 

(ii)                                  declare
all outstanding Loans, together with accrued interest and all other amounts
accrued under the Finance Documents, to be due and payable on a date not less
than 30 days after the date of that notice.

 

Any such notice
will take effect in accordance with its terms.

 

7.3                               Mandatory
prepayment from disposal proceeds

 

(a)                                  Other
than as provided in paragraphs (b) and (c) below, on a Permitted
Disposal (other than a disposal in accordance with paragraphs (a) to (n) of
the definition of Permitted Disposals), the Company shall, upon receipt of the
proceeds of such Permitted Disposal, immediately prepay an amount of the
Facilities equal to five times the Annualised EBITDA of the person or asset
disposed of for the most recent Measurement Period for which financial
statements have been delivered pursuant to Clause 17.1(a) (Financial
statements), provided that the amount to be prepaid shall not exceed the Net
Proceeds.

 

For the purposes
of this paragraph (a), Annualised EBITDA of a person or asset for a Measurement
Period shall be the earnings before interest, tax, depreciation and
amortisation 

 

45

 

for the two
financial quarters ending on the last day of that Measurement Period multiplied
by two.

 

(b)                                 No
prepayment in accordance with paragraph (a) above is required where the
amount of any such prepayment in respect of one or a series of connected
transactions would be less than €200,000,000.

 

(c)                                  No
prepayment is required in accordance with paragraph (a) above in
connection with any Permitted Disposal where an amount equal to the amount that
would otherwise be required to be prepaid under paragraph (a) above is
promptly deposited in a Blocked Account (as defined in Clause 7.4 (Date for
prepayment) below) on terms that the principal amount deposited may only be
released in order to make prepayments in accordance with this Clause 7.3 or to
reinvest in assets in the Permitted Business (for the avoidance of doubt,
including Permitted Acquisitions and Capital Expenditure).  Any amount so deposited that has not been so
reinvested (or contracted to be so reinvested) within 12 months of the relevant
Permitted Disposal shall be applied in prepayment of the Facilities.

 

7.4                               Date
for prepayment

 

Each amount of
the Facilities to be prepaid under Clause 7.3 (Mandatory prepayment from
disposal proceeds) and Clause 18.5 (Cure provisions) shall be applied in
prepayment of the Facility within the period required by the relevant Clause or
deposited before the end of such period with the Security Agent in an account
(or accounts) (each a Blocked Account)
in the name of any Obligor bearing interest at rates customarily offered by the
Security Agent in such circumstances, secured (if requested by the Security
Agent) by a first ranking pledge in favour of the Security Agent on behalf of
the Beneficiaries, in form and substance satisfactory to the Security Agent
together with such other documents and evidence and legal opinions as the
Security Agent may reasonably require, at the Obligors’ expense, on terms that
the principal amount so deposited may only be released by making the relevant
prepayment on the last day of the Term or (as applicable) Terms falling
immediately thereafter, in accordance with Clause 7.5 (Order of application),
until the prepayment obligations under Clause 7.3 (Mandatory prepayment from
disposal proceeds) and Clause 18.5 (Cure provisions) have been satisfied or
otherwise as permitted under Clause 7.3(c) above.

 

7.5                               Order
of application

 

(a)                                  The
amount of each prepayment of the Facilities made under Clause 7.3 (Mandatory
prepayment from disposal proceeds) and Clause 18.5 (Cure provisions) shall be
applied:

 

(i)                                     first
against the Term Loan A Facility, the Term Loan B1 Facility, the Term Loan B2A
Facility, the Term Loan B2B Facility, the Term Loan C Facility and the Telenet
Additional Facilities that are term loan facilities in such proportion as may
be specified to the Facility Agent by the Company not less than two Business Days
before the date on which the prepayment is due to be made and against all the
outstanding Loans made under the relevant Facilities pro rata;
and

 

(ii)                                  second
against the Revolving Facility and any Telenet Additional Facility that is a
revolving facility in such proportion as may be specified to the Facility Agent
by the Company not less than two Business Days before the date on which the
prepayment is due to be made and against all the outstanding Loans made under
the relevant Facility pro rata,

 

in each case with
a corresponding permanent cancellation of the relevant Commitments (pro rata between the Commitments of the Lenders under the
relevant Facility).

 

46

 

(b)                                 If
the Company does not give a notice to the Facility Agent specifying how amounts
are to be applied in prepayment under Clause 7.3 (Mandatory prepayment from
disposal proceeds) within the time period specified in paragraph (a) above,
the amount of the relevant prepayment shall be applied against all outstanding
Term Loans pro rata in accordance with paragraph (a) above.

 

7.6                               Voluntary
prepayment

 

(a)                                  Subject
to paragraph (b) below, the Company may, by giving not less than five
Business Days’ prior notice to the Facility Agent, prepay (or ensure that a
Borrower prepays) any Loan at any time in whole or in part.

 

(b)                                 For
as long as both the Term Loan B2A Facility Margin and the Term Loan B2B
Facility Margin is lower than the Term Loan B1 Facility Margin, a Borrower must
prepay the Term Loan B2A Facility Loans and the Term Loan B2B Facility Loans in
whole before it may prepay any other Loan under this Clause.

 

(c)                                  A
prepayment of part of a Loan must be in a minimum amount of €5,000,000 and an
integral multiple of €1,000,000.

 

7.7                               Automatic
cancellation

 

The Commitments
of each Lender under a Facility will be automatically cancelled at the close of
business on the last day of the Availability Period for that Facility.

 

7.8                               Voluntary
cancellation

 

(a)                                  Subject
to paragraph (b) below, the Company may, by giving not less than five
Business Days’ prior notice to the Facility Agent, cancel the unutilised amount
of the Total Commitments in whole or in part.

 

(b)                                 The
Company must first cancel the whole of the unutilised Total Term Loan B2A Facility Commitment and the
whole of the unutilised Total Term Loan B2B Facility Commitment before
it can cancel the unutilised amount of any other Total Commitment.

 

(c)                                  The
Company must second cancel the whole of the unutilised Total Term Loan C Facility Commitment before
it can cancel the unutilised amount of any other Total Commitment.

 

(d)                                 Partial
cancellation of the Total Commitments must be in a minimum amount of €5,000,000
and an integral multiple of €1,000,000.

 

(e)                                  Any
cancellation in part will be applied against the relevant Commitment of each
Lender pro rata.

 

7.9                               Right
of repayment and cancellation of a single Lender

 

(a)                                  If
an Obligor is, or will be, required to pay to a Lender:

 

(i)                                     a
Tax Payment; or

 

(ii)                                  an
Increased Cost,

 

the Company may,
while the requirement continues, give notice to the Facility Agent requesting
prepayment and cancellation in respect of that Lender.

 

47

 

(b)           After
notification under paragraph (a) above:

 

(i)            each
Borrower must repay or prepay that Lender’s share in each Loan made to it on
the date specified in paragraph (c) below; and

 

(ii)           the
Commitments of that Lender will be immediately cancelled.

 

(c)           The
date for repayment or prepayment of a Lender’s share in a Loan will be:

 

(i)            the
last day of the current Term for that Loan; or

 

(ii)           if
earlier, the date specified by the Company in its notification.

 

7.10        Prepayment of
Term Loans

 

(a)           Except
where this Clause expressly provides otherwise, any prepayment of a Term Loan
B1 Facility Loan, a Term Loan B2A Facility Loan, or a Term Loan B2B Facility
Loan will be applied against the relevant remaining Repayment Instalments pro rata.

 

(b)           No
amount of a Term Loan prepaid under this Agreement may subsequently be
re-borrowed.

 

7.11        Re-borrowing of
Revolving Loans

 

Any voluntary
prepayment of a Revolving Loan under Clause 7.6 (Voluntary prepayment) may be
re-borrowed on the terms of this Agreement. 
Any other prepayment of a Revolving Loan may not be re-borrowed.

 

7.12        Miscellaneous
provisions

 

(a)           Any
notice of prepayment and/or cancellation under this Agreement is irrevocable
and must specify the relevant date(s) and the affected Loans and
Commitments.  The Facility Agent must
notify the Lenders promptly of receipt of any such notice.

 

(b)           All
prepayments under this Agreement must be made with accrued interest on the
amount prepaid.  No premium or penalty is
payable in respect of any prepayment except for Break Costs.

 

(c)           The
Majority Lenders may agree a shorter notice period for a voluntary prepayment
or a voluntary cancellation.

 

(d)           No
prepayment or cancellation is allowed except in accordance with the express
terms of this Agreement.

 

(e)           No
amount of the Total Commitments cancelled under this Agreement may subsequently
be reinstated.

 

(f)            Any
partial prepayment of a Loan will be applied against the participations of the
Lenders in that Loan pro rata.

 

8.             INTEREST

 

8.1          Calculation of
interest

 

The rate of interest
on each Loan for each Term is the percentage rate per annum equal to the
aggregate of the applicable:

 

48

 

(a)           Margin;

 

(b)           EURIBOR
or LIBOR (as applicable); and

 

(c)           Mandatory
Cost.

 

8.2          Payment of
interest

 

Except where it
is provided to the contrary in this Agreement, each Borrower must pay accrued
interest on each Loan made to it on the last day of each Term and also, if the
Term is longer than six months, on the dates falling at six-monthly intervals
after the first day of that Term.

 

8.3          Interest on
overdue amounts

 

(a)           If
an Obligor fails to pay any amount payable by it under the Finance Documents,
it must immediately on demand by the Facility Agent pay interest on the overdue
amount from its due date up to the date of actual payment, both before, on and
after judgment.

 

(b)           Interest
on an overdue amount is payable at a rate determined by the Facility Agent to
be one per cent. per annum above the rate which would have been payable if the
overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount.  For this
purpose, the Facility Agent may (acting reasonably):

 

(i)            select
successive Terms of any duration of up to three months; and

 

(ii)           determine the
appropriate Rate Fixing Day for that Term.

 

(c)           Notwithstanding
paragraph (b) above, if the overdue amount is a principal amount of a Loan
and becomes due and payable before the last day of its current Term, then:

 

(i)            the first Term
for that overdue amount will be the unexpired portion of that Term; and

 

(ii)           the rate of
interest on the overdue amount for that first Term will be one per cent. per
annum above the rate then payable on that Loan.

 

After the expiry
of the first Term for that overdue amount, the rate on the overdue amount will
be calculated in accordance with paragraph (b) above.

 

(d)           Interest
(if unpaid) on an overdue amount will be compounded with that overdue amount at
the end of each of its Terms but will remain immediately due and payable.

 

8.4          Notification of
rates of interest

 

The Facility
Agent must promptly notify each relevant Party of the determination of a rate
of interest under this Agreement.

 

9.             TERMS

 

9.1          Selection — Term
Loans

 

(a)           Each
Term Loan has successive Terms.

 

(b)           A
Borrower must select the first Term for a Term Loan in the relevant Request and
each subsequent Term in an irrevocable notice received by the Facility Agent
not later than 

 

49

 

10.00 a.m.
(Paris time) three Business Days before the Rate Fixing Day for that Term.  Each Term for a Term Loan will start on its
Utilisation Date or on the expiry of its preceding Term.

 

(c)           If a
Borrower fails to select a Term for an outstanding Term Loan under paragraph (b) above,
that Term will, subject to the other provisions of this Clause, be three
months.

 

(d)           Subject
to the following provisions of this Clause, each Term for a Term Loan will be
one, two, three or six months or:

 

(i)            any
shorter period agreed by the Company and the Facility Agent; or

 

(ii)           any longer period
agreed by the Company and the Majority Lenders.

 

(e)           Until
the Mandated Lead Arrangers have notified the Company that Syndication has been
completed, each Term for a Term Loan will be one week or such other period as
the Company and the Mandated Lead Arrangers shall agree.

 

9.2          Selection —
Revolving Loans

 

(a)           Each
Revolving Loan has one Term only.

 

(b)           A
Borrower must select the Term for a Revolving Loan in the relevant Request.

 

(c)           Subject
to the following provisions of this Clause, each Term for a Revolving Loan will
be one, two, three or six months or any other period agreed by the Company and
the Facility Agent.

 

(d)           Until the
Mandated Lead Arrangers have notified the Company that Syndication has been completed,
each Term for a Revolving Loan will be one week or such other period as the
Company and the Mandated Lead Arrangers shall agree.

 

9.3          Consolidation —
Term Loans

 

Unless a Borrower
otherwise requests a Term for a Term Loan will end on the same day as the
current Term for any other Term Loan denominated in the same currency as that
Term Loan and borrowed by that Borrower under the same Facility.  On the last day of those Terms, those Term
Loans will be consolidated and treated as one Term Loan under the relevant
Facility.

 

9.4          Coincidence with
Repayment Instalment dates

 

(a)           A
Borrower may select any Term of less than six months for a Term Loan B1
Facility Loan, a Term Loan B2A Facility Loan or a Term Loan B2B Facility Loan
(and may redesignate any Term Loan B1 Facility Loan as two Term Loan B1
Facility Loans, any Term Loan B2A Facility Loan as two Term Loan B2A Facility
Loans or any Term Loan B2B Facility Loan as two Term Loan B2B Facility Loans)
to ensure that the amount of the Term Loan B1 Facility Loans, Term Loan B2A
Facility Loans or Term Loan B2B Facility Loans with a Term ending on a date for
repayment of a Repayment Instalment is not less than the Repayment Instalment
due on that date.

 

(b)           If a
Borrower fails to make a selection in the circumstances envisaged in paragraph (a) above,
the Facility Agent may (after giving prior written notice to the Company),
before the Rate Fixing Day for the relevant Term shorten any Term for a Term
Loan B1 Facility Loan, Term 

 

50

 

Loan B2A Facility
Loan or a Term Loan B2B Facility Loan (and may designate any such Loan as two
such Loans) to achieve the same end.

 

9.5          No overrunning
the Final Maturity Date

 

If a Term in
respect of a Loan under a Facility would otherwise overrun the Final Maturity
Date for that Facility, it will be shortened so that it ends on the Final
Maturity Date for that Facility.

 

9.6          Other adjustments

 

The Facility
Agent and the Company may enter into such other arrangements as they may agree
for the adjustment of Terms and the consolidation and/or splitting of Loans
under a Facility.

 

9.7          Notification

 

The Facility
Agent must notify each relevant Party of the duration of each Term promptly
after ascertaining its duration.

 

10.          MARKET DISRUPTION

 

10.1        Failure of a
Reference Bank to supply a rate

 

If LIBOR/EURIBOR
is to be calculated by reference to the Reference Banks but a Reference Bank
does not supply a rate by 12.00 noon (local time) on a Rate Fixing Day, the
applicable LIBOR/EURIBOR will, subject as provided below, be calculated on the
basis of the rates of the remaining Reference Banks.

 

10.2        Market disruption

 

(a)           In
this Clause, each of the following events is a market
disruption event:

 

(i)            LIBOR/EURIBOR
is to be calculated by reference to the Reference Banks but no, or only one,
Reference Bank supplies a rate by 12.00 noon (local time) on the Rate Fixing
Day; or

 

(ii)           the Facility
Agent receives by close of business on the Rate Fixing Day notification from
Lenders whose shares in the relevant Loan exceed 35 per cent. of that Loan that
the cost to them of obtaining matching deposits in the relevant interbank
market is in excess of LIBOR/EURIBOR for the relevant Term.

 

(b)           The
Facility Agent must promptly notify the Company and the Lenders of a market
disruption event.

 

(c)           After
notification under paragraph (b) above, the rate of interest on each
Lender’s share in the affected Loan for the relevant Term will be the aggregate
of the applicable:

 

(i)            Margin;

 

(ii)           rate notified to
the Facility Agent by that Lender as soon as practicable, and in any event
before interest is due to be paid in respect of that Term, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its
share in that Loan from whatever source it may reasonably select; and

 

51

 

(iii)          Mandatory
Cost.

 

10.3        Alternative basis
of interest or funding

 

(a)           If a
market disruption event occurs and the Facility Agent or the Company so
requires, the Company and the Facility Agent must enter into negotiations for a
period of not more than 30 days with a view to agreeing an alternative basis
for determining the rate of interest and/or funding for the affected Loan.

 

(b)           Any
alternative basis agreed will be, with the prior consent of all the Lenders,
binding on all the Parties.

 

11.          TAXES

 

11.1        General

 

In this Clause Tax Credit means a credit against any Tax or any relief or
remission for Tax (or its repayment).

 

11.2        Tax gross-up

 

(a)           Each
Obligor must make all payments to be made by it under the Finance Documents
without any Tax Deduction, unless a Tax Deduction is required by law.

 

(b)           If:

 

(i)            Lender
is not, or ceases to be, a Qualifying Lender; or

 

(ii)           an Obligor or a
Lender is aware that an Obligor must make a Tax Deduction (or that there is a
change in the rate or the basis of a Tax Deduction),

 

it must promptly
notify the Facility Agent. The Facility Agent must then promptly notify the
affected Parties.

 

(c)           Except
as provided below, if a Tax Deduction is required by law to be made by an
Obligor or the Facility Agent, the amount of the payment due from the Obligor
will be increased to an amount which (after making the Tax Deduction) leaves an
amount equal to the payment which would have been due if no Tax Deduction had
been required.

 

(d)           Except
as provided below, an Obligor is not required to make an increased payment
under paragraph (c) above to a Lender that is not, or has ceased to be, a
Qualifying Lender in respect of that Obligor in excess of the amount that the
Obligor would have had to pay had the Lender been, or not ceased to be, a
Qualifying Lender in respect of that Obligor.

 

(e)           Paragraph
(d) above will not apply if the Lender has ceased to be a Qualifying
Lender by reason of any change after the date it became a Lender under this
Agreement in (or in the interpretation, administration, or application of) any
law or double taxation agreement or Double Tax Treaty or any published practice
or concession of any relevant taxing authority.

 

(f)            If
an Obligor is required to make a Tax Deduction, that Obligor must make the
minimum Tax Deduction allowed by law and must make any payment required in
connection with that Tax Deduction within the time allowed by law.

 

52

 

(g)           Within
30 days of making either a Tax Deduction or a payment required in connection
with a Tax Deduction, the Obligor making that Tax Deduction must deliver to the
Facility Agent for the relevant Finance Party evidence satisfactory to that Finance
Party (acting reasonably) that the Tax Deduction has been made or (as
applicable) the appropriate payment has been paid to the relevant taxing
authority.

 

11.3        Tax indemnity

 

(a)           Except
as provided below, the Company must indemnify a Finance Party against any loss
or liability which that Finance Party (in its absolute discretion) determines
will be or has been suffered (directly or indirectly) by that Finance Party for
or on account of Tax in relation to a payment received or receivable (or any
payment deemed to be received or receivable) under a Finance Document.

 

(b)           Paragraph
(a) above does not apply to any Tax assessed on a Finance Party under the
laws of the jurisdiction in which:

 

(i)            that
Finance Party is incorporated or, if different, the jurisdiction (or
jurisdictions) in which that Finance Party has a Facility Office and is treated
as resident for tax purposes; or

 

(ii)           that
Finance Party’s Facility Office is located in respect of amounts received or
receivable in that jurisdiction,

 

if that Tax is
imposed on or calculated by reference to the net income received or receivable
by that Finance Party.  However, any
payment deemed to be received or receivable, including any amount treated as
income but not actually received by the Finance Party, such as a Tax Deduction,
will not be treated as net income received or receivable for this purpose.

 

(c)           A
Finance Party making, or intending to make, a claim under paragraph (a) above
must promptly notify the Company of the event which will give, or has given,
rise to the claim.

 

11.4        Tax Credit

 

If an Obligor
makes a Tax Payment and the relevant Finance Party (in its absolute discretion)
determines that:

 

(a)           a
Tax Credit is attributable to that Tax Payment; and

 

(b)           it
has used and retained that Tax Credit,

 

the Finance Party
must pay an amount to the Obligor which that Finance Party determines (in its
absolute discretion) will leave it (after that payment) in the same after-tax
position as it would have been if the Tax Payment had not been required to be made
by the Obligor.

 

11.5        U.S. Taxes

 

A U.S. Borrower
shall not be required to pay any additional amount pursuant to Clause 11.2 (Tax
gross-up) in respect of Taxes of the United States or any political subdivision
thereof which arise or are imposed as a result of the failure of a Lender to
provide the forms described in Clauses 11.5(a) or (b), or a connection of
a Lender as described in Clause 11.5(c) below, with respect to a sum
payable by it pursuant to this Agreement to a Lender if on the date such Lender
becomes a Party to this Agreement or has designated a new Facility Office
either:

 

53

 

(a)           in
the case of a Lender which is not a U.S. person,

 

(i)            such
Lender has not provided the Borrower with two accurate and complete original
signed copies including all necessary attachments of (i) U.S. Internal
Revenue Service Form W-8BEN (or successor form) or (ii) U.S. Internal
Revenue Service Form W-8ECI (or successor form), or (iii) (if
appropriate) Internal Revenue Service Form W-8IMY, certifying, in each
case, to such Lender’s entitlement as of such date to a complete exemption from
United States withholding with respect to all amounts payable pursuant to the
Finance Documents; or

 

(ii)           after
the date such Lender becomes a Party to this Agreement, when a lapse in time or
change in circumstances renders the previous certification of such Lender made
pursuant to Clause 11.5(a)(i) above obsolete or inaccurate, such Lender
has not delivered to the Company two new accurate and complete original signed
copies of U.S. Internal Revenue Service Form W-8ECI or Form W-8BEN,
as the case may be, and such other forms as may be required in order to confirm
or establish the entitlement of such Lender to a continued exemption from United
States withholding tax with respect to amounts payable pursuant to the Finance
Documents;

 

(b)           in
the case of a Lender which is a U.S. Person:

 

(i)            such
Lender has not provided the Borrower with two accurate and complete original
signed copies, including all necessary attachments, of U.S. Internal Revenue
Service Form W-9 (or successor form); or

 

(ii)           after
the date such Lender becomes a Party to this Agreement, when a lapse in time or
change in circumstances renders the previous certification of such Lender made
pursuant to Clause 11.5(b)(i) above obsolete or inaccurate, such Lender
has not delivered to the Company two new accurate and complete original signed
copies of U.S. Internal Revenue Service Form W-9, as the case may be, and
such other forms as may be required in order to confirm or establish the
entitlement of such Lender to a continued exemption from Untied States
withholding tax with respect to amounts payable pursuant to the Finance
Documents; or

 

(c)           such
Lender is subject to such Tax by reason of any connection between the
jurisdiction imposing such Tax and the Lender or its Facility Office other than
a connection arising solely from this Agreement or any transaction contemplated
hereby.

 

11.6        Stamp taxes

 

The Company must
pay and indemnify each Finance Party against any stamp duty, registration or
other similar Tax payable in connection with the entry into, performance or
enforcement of any Finance Document, except for any such Tax payable in
connection with the entry into a Transfer Certificate.

 

11.7        Value added taxes

 

Any amount
payable under a Finance Document by an Obligor is exclusive of any value added
tax or any other Tax of a similar nature which might be chargeable in
connection with that amount.  If any such
Tax is chargeable, the Obligor must pay to the Finance Party (in 

 

54

 

addition to and
at the same time as paying that amount) an amount equal to the amount of that
Tax.

 

Where a Finance
Document requires any Party to reimburse a Finance Party for any costs or
expenses, that Party must also at the same time pay and indemnify the Finance
Party against all value added tax or any other Tax of a similar nature incurred
by the Finance Party in respect of those costs or expenses but only to the
extent that the Finance Party (acting reasonably) determines that neither it
nor any other member of any group of which it is a member for value added tax
purposes is entitled to credit or repayment from the relevant tax authority in
respect of the Tax.

 

11.8        Confirmation by
Lenders

 

Each Initial
Original Lender hereby confirms that, as at the date of this Agreement, it is a
Qualifying Lender.

 

12.          INCREASED COSTS

 

12.1        Increased Costs

 

Except as
provided below in this Clause, the Company must pay to a Finance Party the
amount of any Increased Cost incurred by that Finance Party or any of its
Affiliates as a result of:

 

(a)           the
introduction of, or any change in, or any change in the interpretation,
administration or application of, any law or regulation; or

 

(b)           compliance
with any law or regulation made after the date of this Agreement.

 

12.2        Exceptions

 

The Company need
not make any payment for an Increased Cost to the extent that the Increased
Cost is:

 

(a)           compensated
for under another Clause or would have been but for an exception to that
Clause;

 

(b)           attributable
to a Finance Party or its Affiliate wilfully failing to comply with any law or
regulation; or

 

(c)           attributable
to the implementation or application of or compliance with the “International
Convergence of Capital Measurement and Capital Standards, a Revised Framework”
published by the Basel Committee on Banking Supervision in June 2004 in
the form existing on the date of this Agreement (Basel II) or any other law or regulation which implements
Basel II (whether such implementation, application or compliance is by a
government, regulator, Finance Party or any of its Affiliates).

 

12.3        Claims

 

A Finance Party
intending to make a claim for an Increased Cost must notify the Facility Agent
of the circumstances giving rise to and the amount of the claim, following
which the Facility Agent will promptly notify the Company.

 

55

 

Each Finance
Party must, as soon as practicable after a demand by the Facility Agent,
provide a certificate confirming the amount of its Increased Cost.

 

13.          MITIGATION

 

13.1        Mitigation

 

(a)           Each
Finance Party must, in consultation with the Company, take all reasonable steps
to mitigate any circumstances which arise and which result or would result in:

 

(i)            any Tax Payment
or Increased Cost being payable to that Finance Party;

 

(ii)           that Finance
Party being able to exercise any right of prepayment and/or cancellation under
this Agreement by reason of any illegality; or

 

(iii)          that Finance
Party incurring any cost of complying with the minimum reserve requirements of
the European Central Bank,

 

including
transferring its rights and obligations under the Finance Documents to an
Affiliate or changing its Facility Office.

 

(b)           Paragraph
(a) above does not in any way limit the obligations of any Obligor under
the Finance Documents.

 

(c)           The
Company must indemnify each Finance Party for all costs and expenses reasonably
incurred by that Finance Party as a result of any step taken by it under this
Subclause.

 

(d)           A
Finance Party is not obliged to take any step under this Subclause if, in the
opinion of that Finance Party (acting reasonably), to do so may reasonably be
expected to be prejudicial to it.

 

13.2        Conduct of
business by a Finance Party

 

No term of this
Agreement will:

 

(a)           interfere
with the right of any Finance Party to arrange its affairs (Tax or otherwise)
in whatever manner it thinks fit;

 

(b)           oblige
any Finance Party to investigate or claim any credit, relief, remission or repayment
available to it in respect of Tax or the extent, order and manner of any claim;
or

 

(c)           oblige
any Finance Party to disclose any information relating to its affairs (Tax or
otherwise) or any computation in respect of Tax.

 

14.          PAYMENTS

 

14.1        Place

 

Unless a Finance
Document specifies that payments under it are to be made in another manner, all
payments by a Party (other than the Facility Agent) under the Finance Documents
must be made to the Facility Agent to its account at such office or bank in the
principal financial centre of a Participating Member State or London, as it may
notify to that Party for this purpose by not less than five Business Days’
prior notice.

 

56

 

14.2        Funds

 

Payments under
the Finance Documents to the Facility Agent must be made for value on the due
date at such times and in such funds as the Facility Agent may specify to the
Party concerned as being customary at the time for the settlement of
transactions in that currency in the place for payment.

 

14.3        Distribution

 

(a)           Each
payment received by the Facility Agent under the Finance Documents for another
Party must, except as provided below, be made available by the Facility Agent
to that Party by payment (as soon as practicable after receipt) to its account
with such office or bank in the principal financial centre of a Participating
Member State or London, as it may notify to the Facility Agent for this purpose
by not less than five Business Days’ prior notice.

 

(b)           The
Facility Agent may (with the consent and at the expense of the Company) apply
any amount received by it for an Obligor in or towards payment (as soon as
practicable after receipt) of any amount due from that Obligor under the
Finance Documents or in or towards the purchase of any amount of any currency
to be so applied.

 

(c)           Where
a sum is paid to the Facility Agent under this Agreement for another Party, the
Facility Agent is not obliged to pay that sum to that Party until it has
established that it has actually received it. 
However, the Facility Agent may assume that the sum has been paid to it,
and, in reliance on that assumption, make available to that Party a
corresponding amount.  If it transpires
that the sum has not been received by the Facility Agent, that Party must
immediately on demand by the Facility Agent refund any corresponding amount
made available to it together with interest on that amount from the date of
payment to the date of receipt by the Facility Agent at a rate calculated by
the Facility Agent to reflect its cost of funds.

 

14.4        Currency

 

(a)           Unless
a Finance Document specifies that payments under it are to be made in a
different manner, the currency of each amount payable under the Finance
Documents is determined under this Clause.

 

(b)           Amounts
payable in respect of Taxes, fees, costs and expenses are payable in the
currency in which they are incurred.

 

(c)           Each
other amount payable under the Finance Documents is payable in euro or U.S.
Dollars (as applicable).

 

14.5        No set-off or
counterclaim

 

All payments made
by an Obligor under the Finance Documents must be calculated and made without
(and free and clear of any deduction for) set-off or counterclaim.

 

14.6        Business Days

 

(a)           If a payment
under the Finance Documents is due on a day which is not a Business Day, the
due date for that payment will instead be the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is
not) or whatever day the Facility Agent determines is market practice.

 

57

 

(b)           During
any extension of the due date for payment of any principal under this Agreement
interest is payable on that principal at the rate payable on the original due
date.

 

14.7        Partial payments

 

(a)           If
any Administrative Party receives a payment insufficient to discharge all the
amounts then due and payable by the Obligors under the Finance Documents, the
Administrative Party must apply that payment towards the obligations of the
Obligors under the Finance Documents in the following order:

 

(i)            first, in
or towards payment pro rata of any unpaid fees, costs and expenses of the
Administrative Parties under the Finance Documents;

 

(ii)           secondly, in or towards payment pro rata of
any accrued interest or fee due but unpaid under this Agreement;

 

(iii)          thirdly, in or towards payment pro
rata of any principal amount due but unpaid under this Agreement; and

 

(iv)          fourthly, in or towards payment pro
rata of any other sum due but unpaid under the Finance Documents.

 

(b)           The
Facility Agent must, if so directed by all the Lenders, vary the order set out
in sub-paragraphs (a)(ii) to (iv) above.

 

(c)           This
Subclause will override any appropriation made by an Obligor.

 

14.8        Timing of
payments

 

If a Finance
Document does not provide for when a particular payment is due, that payment
will be due within three Business Days of demand by the relevant Finance Party.

 

15.          GUARANTEE AND INDEMNITY

 

15.1        Guarantee and
indemnity

 

(a)           Subject
to Subclause 15.9 (Limitations) each Guarantor jointly and severally and
irrevocably and unconditionally:

 

(i)            guarantees
to each Finance Party punctual performance by each Obligor of all its
obligations under the Finance Documents;

 

(ii)           undertakes with
each Finance Party that, whenever an Obligor does not pay any amount when due
under or in connection with any Finance Document, it must immediately on demand
by the Facility Agent pay that amount as if it were the principal obligor in
respect of that amount; and

 

(iii)          indemnifies each
Finance Party immediately on demand against any loss or liability suffered by
that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal; the amount of the loss or liability under
this indemnity will be equal to the amount the Finance Party would otherwise
have been entitled to recover.

 

(b)           This
guarantee is an independent guarantee and not a surety (borg/cautionment).

 

58

 

15.2        Continuing
guarantee

 

This guarantee is
a continuing guarantee and will extend to the ultimate balance of all sums
payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

 

15.3        Reinstatement

 

(a)           If any discharge
(whether in respect of the obligations of any Obligor or any security for those
obligations or otherwise) or arrangement is made in whole or in part on the
faith of any payment, security or other disposition which is avoided or must be
restored on insolvency, liquidation, administration or otherwise without
limitation, the liability of each Guarantor under this Clause will continue or
be reinstated as if the discharge or arrangement had not occurred.

 

(b)           Each Finance
Party may concede or compromise any claim that any payment, security or other
disposition is liable to avoidance or restoration.

 

15.4        Waiver of
defences

 

The obligations
of each Guarantor under this Clause will not be affected by any act, omission
or thing which, but for this provision, would reduce, release or prejudice any
of its obligations under this Clause (whether or not known to it or any Finance
Party).  This includes:

 

(a)           any time or
waiver granted to, or composition with, any person;

 

(b)           any release of
any person under the terms of any composition or arrangement;

 

(c)           the
taking, variation, compromise, exchange, renewal or release of, or refusal or
neglect to perfect, take up or enforce, any rights against, or security over
assets of, any person;

 

(d)           any
non-presentation or non-observance of any formality or other requirement in
respect of any instrument or any failure to realise the full value of any
security;

 

(e)           any incapacity or
lack of power, authority or legal personality of or dissolution or change in
the members or status of any person;

 

(f)            any amendment
(however fundamental) of a Finance Document or any other document or security;

 

(g)           any
unenforceability, illegality, invalidity or non-provability of any obligation
of any person under any Finance Document or any other document or security; or

 

(h)           any insolvency or
similar proceedings.

 

15.5        Immediate
recourse

 

(a)           Each Guarantor
waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other right
or security or claim payment from any person before claiming from that
Guarantor under this Clause.

 

(b)           This
waiver applies irrespective of any law or any provision of a Finance Document
to the contrary.

 

59

 

15.6        Appropriations

 

Until all amounts
which may be or become payable by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full, each Finance Party (or
any trustee or agent on its behalf) may without affecting the liability of any
Guarantor under this Clause:

 

(a)           refrain from
applying or enforcing any other moneys, security or rights held or received by
that Finance Party (or any trustee or agent on its behalf) against those
amounts; or

 

(b)           apply and enforce
them in such manner and order as it sees fit (whether against those amounts or
otherwise); and

 

(c)           hold in an
interest-bearing suspense account any moneys received from any Guarantor or on
account of that Guarantor’s liability under this Clause.

 

15.7        Non-competition

 

Unless:

 

(a)           all amounts which
may be or become payable by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full; or

 

(b)           the Facility
Agent otherwise directs,

 

no Guarantor
will, after a claim has been made or by virtue of any payment or performance by
it under this Clause:

 

(i)            be subrogated to
any rights, security or moneys held, received or receivable by any Finance
Party (or any trustee or agent on its behalf);

 

(ii)           be entitled to
any right of contribution or indemnity in respect of any payment made or moneys
received on account of that Guarantor’s liability under this Clause;

 

(iii)          claim, rank,
prove or vote as a creditor of any Obligor or its estate in competition with
any Finance Party (or any trustee or agent on its behalf); or

 

(iv)          receive, claim or
have the benefit of any payment, distribution or security from or on account of
any Obligor, or exercise any right of set-off as against any Obligor.

 

Each Guarantor
must hold in trust for and immediately pay or transfer to the Facility Agent
for the Finance Parties any payment or distribution or benefit of security
received by it contrary to this Clause or in accordance with any directions
given by the Facility Agent under this Clause.

 

15.8        Additional
security

 

This guarantee is
in addition to and is not in any way prejudiced by any other guarantee or
security now or subsequently held by any Beneficiary.

 

15.9        Limitations

 

(a)           This guarantee
does not apply to any liability to the extent that it would result in the
guarantee constituting unlawful financial assistance under any laws applicable
to a Guarantor.

 

60

 

(b)           Notwithstanding
any other provision of this Clause 15, the obligations of each U.S. Guarantor
under this Clause 15, shall be limited to a maximum aggregate amount equal to
the largest amount that would not render its obligations hereunder subject to
avoidance as a fraudulent transfer or conveyance under Section 548 of
Title 11 of the United States Bankruptcy Code, any applicable provisions of
comparable state law or any applicable case law (collectively, the Fraudulent Transfer Laws), in each case after giving effect
to all other liabilities of such U.S. Guarantor, contingent or otherwise, that
are relevant under the Fraudulent Transfer Laws and after giving effect as
assets to the value (as determined under the applicable provisions of the
Fraudulent Transfer Laws) of any rights to subrogation, contribution,
reimbursement, indemnity or similar rights of such U.S. Guarantor pursuant to (i) applicable
law or (ii) any agreement providing for an equitable allocation among such
U.S. Guarantors and other Affiliates of the Group of the obligations arising
under guarantees by such parties.

 

For the purposes
of this Clause 15, U.S. Guarantor
means each Guarantor incorporated (or in the case of a non-corporate Guarantor,
formed and subsisting) in the United States of America (or any of its states or
territories or any political or legal subdivision thereof).

 

(c)           Notwithstanding
any other provision of this Clause 15, the liability of UPC Belgium NV pursuant
to this Clause 15 shall be limited, at any time, to an amount equal to the net
assets of UPC Belgium NV (determined in accordance with Article 617 of the
Belgian Company Code (Wetboek van
vennootschappen) and accounting principles generally accepted in
Belgium) at the time each relevant demand is made under the guarantee.

 

15.10      Third Parties

 

Any counterparty
to any Hedging Document may rely on this Clause 15 and enforce its terms
under the Contracts (Rights of Third Parties) Act 1999.

 

16.          REPRESENTATIONS AND WARRANTIES

 

16.1        Representations and warranties

 

The
representations set out in this Clause are made by each Obligor or (if it so
states) the Company to each Finance Party. 
Each Obligor makes the representations set out in this Clause in respect
of itself and (where applicable) in respect of its Subsidiaries.

 

16.2        Status

 

(a)           It
is a limited liability company, duly incorporated and validly existing under
the laws of its jurisdiction of incorporation.

 

(b)           It
and each of its Subsidiaries has the power to own its assets and carry on its
business as it is being conducted.

 

(c)           In
respect of the Original Borrower, it is resident for all purposes in the
Kingdom of Belgium.

 

16.3        Powers and
authority

 

It has the power:

 

(a)           to
enter into and comply with all obligations expressed on its part under the
Finance Documents; and

 

(b)           (in
the case of a Borrower) to borrow under this Agreement; and

 

61

 

(c)           (in
the case of a Guarantor) to give the guarantee in Clause 15 (Guarantee and
Indemnity),

 

and has taken all
necessary actions to authorise the execution, delivery and performance of the
Finance Documents to which it is or will be a party and the transactions
contemplated by those Finance Documents.

 

16.4        Legal validity

 

(a)           Each Finance
Document to which it is or will be a party constitutes, or when executed in
accordance with its terms will constitute, its legal, valid and binding
obligations enforceable, subject to any relevant reservations or qualifications
as to matters of law contained in any legal opinion referred to in Part 1
of Schedule 2 (Conditions Precedent Documents) or (as applicable) Part 2
of Schedule 2 (Conditions Precedent Documents), in accordance with its terms.

 

(b)           The choice of
English law as the governing law of the Finance Documents and its irrevocable
submission to the jurisdiction of the courts of England in respect of any
proceedings relating to the Finance Documents (in each case other than any Finance
Document which is expressed to be governed by a law other than English law)
will be recognised and enforced in its jurisdiction of incorporation, subject
to any relevant reservation or qualification as to matters of law contained in
any legal opinion referred to in paragraph (a) above.

 

(c)           Any judgment
obtained in England in relation to the Finance Documents will be recognised and
enforced in its jurisdiction of incorporation, subject to any relevant
reservation or qualification as to matters of law contained in any legal
opinion referred to in paragraph (a) above.

 

16.5        Non-conflict

 

The execution and
delivery by it of, the Finance Documents to which it is a party, and its
performance of the transactions contemplated thereby will not violate:

 

(a)           in
any material respect, any law or regulation or official judgment or decree
applicable to it;

 

(b)           in
any material respect, its constitutional documents; or

 

(c)           any agreement or
instrument to which it is a party or binding on any of its assets or binding
upon any other member of the Group or any other member of the Group’s assets,
where such violation would or is reasonably likely to have a Material Adverse
Effect.

 

16.6        No Event of Default

 

(a)           No Event of
Default has occurred and is outstanding or will result from the entry into of,
or the performance of any transaction contemplated by, any Finance Document.

 

(b)           Neither it nor
any other member of the Group is in default under any law, regulation or
agreement to which it is subject, except for a default which will not have or
be reasonably likely to have a Material Adverse Effect.

 

62

 

16.7        Authorisations

 

(a)           Subject to any
relevant reservations or qualifications contained in any legal opinion referred
to in Clause 16.4 (Legal validity), all material and necessary authorisations,
registrations, consents, approvals, licences, and filings required by it in
connection with the execution, validity or enforceability of the Finance
Documents to which it is a party and performance of the transactions
contemplated by the Finance Documents have been obtained (or, if applicable,
will be obtained within the required time period) and are validly existing.

 

(b)           The Licences are
in full force and effect and each member of the Group is in compliance in all
material respects with all provisions thereof such that the Licences are not
the subject of any pending or, to the best of its knowledge, threatened attack,
suspension or revocation by a competent authority except, in each case, to the
extent that any lack of effect, non-compliance or attack, suspension or
revocation of a Licence would not have or be reasonably likely to have a
Material Adverse Effect.

 

(c)           All
the Necessary Authorisations are in full force and effect, each member of the
Group is in compliance in all material respects with all provisions thereof and
the Necessary Authorisations are not the subject of any pending or, to the best
of its knowledge, threatened attack or revocation by any competent authority except,
in each case, to the extent that any lack of effect, non-compliance or attack
or revocation of a Necessary Authorisation would not have or be reasonably
likely to have a Material Adverse Effect.

 

16.8        Financial
statements

 

Its financial
statements most recently delivered to the Facility Agent (which, in the case of
the Company at the date of this Agreement, are the Original Financial
Statements):

 

(a)           have
been prepared in all material respects in accordance with the Accounting
Principles, consistently applied; and

 

(b)           give
a true and fair view of (if audited) or fairly represent (if unaudited) its
financial condition (consolidated, if applicable) as the date to which they
were drawn up,

 

except, in each
case, as disclosed to the contrary in those financial statements.

 

16.9        No material adverse change

 

There has been no
material adverse change in the business, assets or consolidated financial
position of the Group (taken as a whole) since the date to which the Original
Financial Statements were drawn up.

 

16.10      Litigation and insolvency proceedings

 

(a)           No litigation,
arbitration or administrative proceedings of or before any court, arbitral body
or agency have been started against any member of the Group and, to its
knowledge, no such proceedings are threatened, where in any such case, there is
a reasonable likelihood of an adverse outcome to any member of the Group where
that outcome is of a nature which would or is reasonably likely to have a
Material Adverse Effect.

 

(b)           None of the
circumstances referred to in Clause 20.7 (Insolvency proceedings) are pending
or, to its knowledge, threatened against it or any member of the Group.

 

63

 

16.11      Business Plan

 

To the best of
its knowledge after due inquiry, as of the date of the Business Plan:

 

(a)           the factual
information relating to the Group contained in the Business Plan is accurate in
all material respects;

 

(b)           the financial
projections and forecasts contained in the Business Plan were based on and
arrived at after due and careful consideration and have been prepared on the
basis of assumptions believed by the Company to be reasonable as of the date of
the projections;

 

(c)           there are no
material facts or circumstances which have not been disclosed to the Lenders in
writing prior to the date of the Business Plan and which would make any
material factual information referred to in (a) above untrue, inaccurate
or misleading in any material respect as at the date of the Business Plan, or
any such opinions, projections, or assumptions referred to in (b) below
misleading in any material respect as at the date of the Business Plan.

 

16.12      No misleading
information

 

To the best of
its knowledge after due enquiry:

 

(a)           any
factual information contained in the Information Memorandum or the Information
Package was true and accurate in all material respects as at the date of the
relevant report or document containing the information or (as the case may be)
as at the date the information is expressed to be given;

 

(b)           any
financial projection or forecast contained in the Information Memorandum or the
Information Package has been prepared on the basis of recent historical
information and on the basis of reasonable assumption and was fair (as at the
date of the relevant report or document containing the projection or forecast)
and arrived at after careful consideration;

 

(c)           the
expressions of opinion or intention provided by or on behalf of an Obligor for
the purposes of the Information Memorandum or the Information Package were made
after careful consideration and (as at the date of the relevant report or
document containing the expression of opinion or intention) were fair and based
on reasonable grounds; and

 

(d)           no
event or circumstance has occurred or arisen and no information has been
omitted from the Information Memorandum or the Information Package and no
information has been given or withheld that results in the information,
opinions, intentions, forecasts or projections contained in the Information
Memorandum or the Information Package being untrue or misleading in any
material respect as at the date of that Information Memorandum or Information
Package.

 

16.13      Tax liabilities

 

(a)           No
claims are being asserted against it or any member of the Group with respect to
Taxes which are reasonably likely to be determined adversely to it or to such
member of the Group and which, if adversely determined, would or is reasonably
likely to have a Material Adverse Effect.

 

64

 

(b)           It
is not materially overdue in the filing of any Tax returns required to be filed
by it (where such late filing might result in any material fine or penalty on
it) and it has paid within any period required by law all Taxes shown to be due
on any Tax returns required to be filed by it or on any assessments made
against it (other than Tax liabilities being contested by it in good faith and
where it has made adequate reserves for such liabilities or where such overdue
filing, or non-payment, or a claim for payment, of which in each such case
would not have or be reasonably likely to have a Material Adverse Effect).

 

16.14      Security
Interests

 

Its execution and
delivery of this Agreement does not necessitate and will not result in the
creation or imposition of any Security Interest over any of its material assets
or those of any member of the Group (except for any Security Interest created
pursuant to the Security Documents).

 

16.15      Intellectual
Property Rights

 

(a)           It
(and each member of the Group) owns or has the legal right to use all the
Intellectual Property Rights which are required for the conduct of the business
of the Group as a whole from time to time or are required by it (or such
member) in order for it to carry on such business as it is then being conducted,
except where the failure to do so would not have or be reasonably likely to
have a Material Adverse Effect.

 

(b)           As
far as it is aware it does not (nor does any member of the Group), in carrying
on its business, infringe any Intellectual Property Rights of any third party
in any way which would or is reasonably likely to have a Material Adverse
Effect.

 

(c)           None
of the Intellectual Property Rights owned by any member of the Group is, to its
knowledge, being infringed nor, to its knowledge, is there any threatened
infringement of those Intellectual Property Rights, by any third party which,
in either case, would or is reasonably likely to have a Material Adverse
Effect.

 

(d)           All
registered Intellectual Property Rights owned by it (or any member of the Group)
are subsisting and all actions (including payment of all fees) required to
maintain the same in full force and effect have been taken except where the
absence of such rights or the failure to take any such action would not have or
be reasonably likely to have a Material Adverse Effect.

 

16.16      Environmental
laws

 

(a)           It
and each other member of the Group:

 

(i)            have
obtained all requisite Environmental Approvals required for the carrying on of
its business as currently conducted;

 

(ii)           have
at all times complied with the terms and conditions of such Environmental
Approvals; and

 

(iii)          have
at all times complied with all other applicable Environmental Law,

 

which in each
such case, if not obtained or complied with, would or is reasonably likely to
have a Material Adverse Effect.

 

65

 

(b)           There is no
Environmental Claim in existence, pending or, to the best of its knowledge,
threatened, against it which is reasonably likely to be decided against it and
which, if so decided, would or is reasonably likely to have a Material Adverse
Effect.

 

(c)           So
far as it is aware, no Dangerous Substance has been used, disposed of,
generated, stored, transported, dumped, released, deposited, buried or emitted
at, on, from or under any premises (whether or not owned, leased, occupied or
controlled by it or any member of the Group and including any offsite waste
management or disposal location utilised by it or any member of the Group) in
circumstances where this would be reasonably likely to result in a liability on
it which would or is reasonably likely to have a Material Adverse Effect.

 

16.17      Ownership of
assets

 

It and each
member of the Group has good title to or valid leases or licences of or is
otherwise entitled to use all assets necessary to conduct its business except
where the failure to do so would not have or be reasonably likely to have a
Material Adverse Effect.

 

16.18      Material
Contracts

 

(a)           Each
Material Contract to which any member of the Group is a party constitutes, or
will when executed constitute, the legal, valid and binding obligation of such
member, subject to the application of any relevant insolvency, bankruptcy or
similar laws or other laws affecting the interests of creditors generally,
enforceable against it in accordance with its terms, save where failure so to
constitute would not have a Material Adverse Effect.

 

(b)           No
member of the Group is in breach of any of its material obligations under any
Material Contract to which such member is a party, nor (to the best of its
knowledge and belief), is any other party thereto, in each case in such a
manner or to such an extent as would or is reasonably likely to have a Material
Adverse Effect.  To the best of its
knowledge and belief there is no material dispute between any member of the
Group and any other party to a Material Contract and there have been no
amendments to any Material Contract in the form provided to the Facility Agent
prior to the date of this Agreement which would or is reasonably likely to have
a Material Adverse Effect.

 

16.19      ERISA

 

Neither it nor
any member of the Group or ERISA Affiliate maintains, contributes to or has any
obligation to contribute to or any liability under, any Plan, or in the past
five years has maintained or contributed to or had any obligation to, or
liability under, any Plan.

 

16.20      United States
Regulations

 

Neither it nor
any member of the Group is:

 

(a)           a
public utility as defined in the United States Federal Power Act of 1920; or
subject to regulation thereunder;

 

(b)           required
to be registered as an investment company as defined in the United States
Investment Company Act of 1940 or subject to regulation thereunder; or

 

(c)           subject
to regulation under any United States Federal or State law or regulation that
limits its ability to incur or guarantee indebtedness.

 

66

 

16.21      Anti-Terrorism
Laws

 

To the best of
its knowledge, neither it nor any member of the Group:

 

(a)           is,
or is controlled by, a Designated Party;

 

(b)           has
received funds or other property from a Designated Party; or

 

(c)           is
in material breach of or is the subject of any action or investigation under
any Anti-Terrorism Law.

 

It and each of
its Affiliates have taken commercially reasonable measures to ensure compliance
with the Anti-Terrorism Laws.

 

16.22      Margin stock

 

(a)           (In
the case of the Borrowers only) the proceeds of the Facilities have been and
will be used only for the purposes described in Clause 3 (Purpose).

 

(b)           Neither
it nor any member of the Group is engaged principally in the business of
extending credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulations U and X of the Board of Governors of the United
States Federal Reserve System), and no portion of any Loan has been or will be
used, directly or indirectly, to purchase or carry margin stock or to extend
credit to others for the purpose of purchasing or carrying margin stock.

 

16.23      Times for making
representations and warranties

 

(a)           The
representations and warranties set out in this Clause 16 (Representations and
Warranties) are made by each Original Obligor on the date of this Agreement and
(except for Clauses 16.7 (Authorisations), 16.9 (No material adverse change),
16.10 (Litigation and insolvency proceedings), 16.11 (Business Plan), 16.12 (No
misleading information), 16.13 (Tax Liabilities), 16.14 (Security Interests),
16.17 (Ownership of assets), and 16.19 (ERISA) are deemed to be made again by
each relevant Obligor on the date of each Request, the first day of each Term
and on each Utilisation Date with reference to the facts and circumstances then
existing.

 

(b)           The
representations and warranties set out in this Clause 16 (Representations and
Warranties) (except Clauses 16.8 (Financial statements), 16.9 (No material
adverse change), 16.11 (Business Plan) and 16.12 (No misleading information)
are repeated by each Additional Obligor with respect to itself on the date of
the Accession Agreement relating to that Additional Obligor, with reference to
the facts and circumstances then subsisting.

 

(c)           The
representation and warranty in Clause 16.11 (Business Plan) will be deemed to
be repeated on the date any updated Business Plan is delivered to the Facility
Agent by the Company, but only in respect of that updated Business Plan, by
reference to the facts and circumstances existing on the relevant date.

 

(d)           The
representation and warranty in 16.12 (No misleading information) will be made
on the date of this Agreement and deemed to be made on the earlier of: (i) the
date on which the Company confirms to the Facility Agent that it has approved
the Information Package; and (ii) 12 October 2007.

 

67

 

(e)                                  When
a representation and warranty is repeated, it is applied to the circumstances
existing at the time of repetition.

 

17.                               INFORMATION COVENANTS

 

17.1                        Financial
statements

 

(a)                                  The
Obligors must supply to the Facility Agent in sufficient copies for all the
Lenders:

 

(i)                                   the audited
consolidated financial statements for the Reporting Entity for each of its
financial years commencing with 2007; and

 

(ii)                                the unaudited
quarterly consolidated management accounts of the Reporting Entity for each of
its financial quarters in each of its financial years commencing with the
quarter ended 30 September 2007.

 

(b)                                 All
financial statements must be supplied as soon as they are available and:

 

(i)                                   in the case of
the Reporting Entity’s audited financial statements, within 150 days; and

 

(ii)                                in the case of
the quarterly financial statements of the Reporting Entity, within 60 days (or,
in the case of the quarterly financial statements of the Reporting Entity for
its fourth financial quarter, within 150 days),

 

of the end of the
relevant financial period.

 

17.2                        Form of
financial statements

 

(a)                                  The
Company must ensure that each set of financial statements of the Reporting
Entity supplied under this Agreement gives (if audited) a true and fair view
of, or (if unaudited) fairly represents, the financial condition (consolidated
or otherwise) of the relevant person as at the date to which those financial
statements were drawn up.

 

(b)                                 The
Company must notify the Facility Agent of any change to the basis of which any
consolidated financial statements are prepared, such changes only to be made to
reflect a change in Accounting Principles.

 

(c)                                  If
requested by the Facility Agent, the Company must supply to the Facility Agent
a statement (providing reasonable detail) with such financial statements
either:

 

(i)                                   confirming that
the change(s) would have no effect on the operation of the ratios set out
in Clause 18 (Financial Covenants); or

 

(ii)                                unless otherwise
agreed in writing by the Facility Agent (acting upon the instructions of the
Majority Lenders), if the change(s) would have such an effect, containing
a reconciliation demonstrating the effect of the change(s) (and, for the
purpose of calculating the ratios set out in Clause 18 (Financial Covenants),
such financial statements will be treated as though adjusted by that
reconciliation so as to exclude the effect of the changes).

 

68

 

17.3                        Compliance
Certificate

 

(a)                                  The
Company must supply to the Facility Agent a Compliance Certificate with each
set of its financial statements sent to the Facility Agent under this
Agreement.

 

(b)                                 A
Compliance Certificate must be signed by a director of the Company.

 

17.4                        Budgets

 

The Company must
supply to the Facility Agent not later than 90 days after the last day of each
of its financial years, an annual budget for the immediately following
financial year.

 

17.5                        Information
— miscellaneous

 

The Obligors must
supply to the Facility Agent, in sufficient copies for all the Lenders if the
Facility Agent so requests:

 

(a)                                  copies
of all documents despatched by any of the Obligors to its creditors generally
at the same time as they are despatched;

 

(b)                                 promptly
upon becoming aware of them, details of any litigation, arbitration or
administrative proceedings which are current, threatened or pending and which
might, if adversely determined, have a Material Adverse Effect;

 

(c)                                  a
copy of any material report or other notice, statement or circular, sent or
delivered by any member of the Group whose shares are pledged to the Security
Agent pursuant to any Security Document to any person in its capacity as
shareholder of such member of the Group, which materially adversely effects the
interest of the Finance Parties under such Security Document; and

 

(d)                                 promptly
on request, such further information regarding the financial condition and
operations of the Group as any Finance Party through the Facility Agent may
reasonably request.

 

17.6                        Notification
of Default

 

(a)                                  Unless the
Facility Agent has already been so notified by another Obligor, each Obligor
must notify the Facility Agent of any Default (and the steps, if any, being
taken to remedy it) promptly upon becoming aware of its occurrence.

 

(b)                                 Promptly on
request by the Facility Agent, the Company must supply to the Facility Agent a
certificate, signed by two of its authorised signatories on its behalf,
certifying that no Default is outstanding or, if a Default is outstanding,
specifying the Default and the steps, if any, being taken to remedy it.

 

(c)                                  Any Obligor must
promptly upon becoming aware of it notify the Facility Agent of:

 

(i)                                   any Reportable
Event;

 

(ii)                                the termination
of or withdrawal from, or any circumstances reasonably likely to result in the
termination of or withdrawal from, any Plan subject to Title IV of ERISA; and

 

69

 

(iii)                             material
non-compliance with any law or regulation relating to any Plan which would or
is reasonably likely to have a Material Adverse Effect.

 

17.7                        Inspection
rights

 

Each Obligor
shall, if required by the Facility Agent (acting on the instructions of the
Majority Lenders), at any time whilst an Event of Default is continuing or the
Facility Agent has reasonable grounds to believe that an Event of Default may
exist and at other times if the Facility Agent has reasonable grounds for such
request, permit representatives of the Facility Agent upon reasonable prior
written notice to the Company to:

 

(a)                                visit
and inspect the properties of any member of the Group during normal business
hours;

 

(b)                               inspect
its books and records other than records which the relevant member of the Group
is prohibited by law, regulation or contract from disclosing to the Facility
Agent; and

 

(c)                                discuss
with its principal officers and Auditors its business, assets, liabilities,
financial position, results of operations and business prospects provided that (i) any
such discussion with the Auditors shall only be on the basis of the audited
financial statements of the Group and any compliance certificates issued by the
Auditors and (ii) representatives of the Company shall be entitled to be
present at any such discussion with the Auditors.

 

17.8                        Know
your customer requirements

 

(a)                                  Each
Obligor must promptly on the request of any Finance Party supply to that
Finance Party any documentation or other evidence which is reasonably requested
by that Finance Party (whether for itself, on behalf of any Finance Party or
any prospective new Lender) to enable a Finance Party or prospective new Lender
to carry out and be satisfied with the results of all applicable know your
customer requirements.

 

(b)                                 Each
Lender must promptly on the request of the Facility Agent supply to the
Facility Agent any documentation or other evidence which is reasonably required
by the Facility Agent to carry out and be satisfied with the results of all
know your customer requirements.

 

17.9                        Use
of websites

 

(a)                                  Except
as provided below, the Company may deliver any information under this Agreement
to a Lender by posting it on to an electronic website if:

 

(i)                                     the
Facility Agent, in consultation with the Lenders, agrees;

 

(ii)                                  the
Company and the Facility Agent designate an electronic website for this
purpose;

 

(iii)                               the
Company notifies the Facility Agent of the address of and password for the website;
and

 

(iv)                              the
information posted is in a format agreed between the Company and the Facility
Agent.

 

The Facility
Agent must supply each relevant Lender with the address of and password for the
website.

 

70

 

(b)                                 Notwithstanding
the above, the Company must supply to the Facility Agent in paper form a copy
of any information posted on the website together with sufficient copies for:

 

(i)                                     any
Lender not agreeing to receive information via the website; and

 

(ii)                                  any
other Lender, if that Lender so requests.

 

(c)                                  the
Company must promptly upon becoming aware of its occurrence, notify the
Facility Agent if:

 

(i)                                     the
website cannot be accessed;

 

(ii)                                  the
website or any information on the website is infected by any electronic virus
or similar software;

 

(iii)                               the
password for the website is changed; or

 

(iv)                              any
information to be supplied under this Agreement is posted on the website or
amended after being posted.

 

If the
circumstances in paragraph (i) or (ii) above occur, the Company must
supply any information required under this Agreement in paper form.

 

18.                               FINANCIAL COVENANTS

 

18.1                        Interpretation

 

(a)                                  Except
as provided to the contrary in this Agreement, an accounting term used in this
Clause is to be construed in accordance with Accounting Principles on which the
preparation of the Original Financial Statement was based.

 

(b)                                 No
item must be credited or deducted more than once in any calculation under this
Clause.

 

18.2                        Net
Total Debt to Consolidated Annualised EBITDA

 

The Company must
ensure that the ratio of Net Total Debt to Consolidated Annualised EBITDA for
each Measurement Period:

 

(a)                                  up
to and including the Measurement Period ending on 31 December 2009 is not
greater than 6.25:1; and

 

(b)                                 ending
after 31 December 2009 is not greater than 6.00:1.

 

18.3                        Consolidated
EBITDA to Total Cash Interest

 

The Company must
ensure that the ratio of Consolidated EBITDA to Total Cash Interest for each
Measurement Period is not less than 2.10:1.

 

18.4                        Calculations

 

For the purposes
of Clause 18.2 (Net Total Debt to Consolidated Annualised EBITDA), Net Total
Debt for any Measurement Period will be calculated on the basis of Net Total
Debt outstanding on the last day of that Measurement Period.

 

71

 

18.5                        Cure
provisions

 

(a)                                  The
Company may cure a breach of the financial ratios set out in Clause 18.2 (Net
Total Debt to Consolidated Annualised EBITDA) and Clause 18.3 (Consolidated
EBITDA to Total Cash Interest) by procuring that additional equity is injected
into the Group by one or more Restricted Persons and/or additional Subordinated
Shareholder Loans are provided to the Group in an aggregate amount equal to:

 

(i)                                   in the case of a
breach of Clause 18.2 (Net Total Debt to Consolidated Annualised EBITDA), the
amount which, if it had been deducted from Net Total Debt for the Measurement
Period in respect of which the breach arose, would have avoided the breach;

 

(ii)                                in the case of a
breach of Clause 18.3 (Consolidated EBITDA to Total Cash Interest), the amount
which, if it had been applied to prepay Loans in accordance with paragraph b(ii) below
immediately prior to the start of the Measurement Period in respect of which
the breach arose (recalculating Total Cash Interest accordingly), would have
avoided the breach; or

 

(iii)                             in the case of a
breach of both Clauses 18.2 (Net Total Debt to Consolidated Annualised EBITDA)
and 18.3 (Consolidated EBITDA to Total Cash Interest), the higher of the
relevant amount referred to in (i) or (ii) above.

 

(b)                                 A
cure under paragraph (a) above will not be effective unless:

 

(i)                                   the required
amount of additional equity or the proceeds of Subordinated Shareholder Loans
is received by the Group before delivery of the financial statements delivered under
Clause 17.1(a) (Financial statements) which show that Clause 18.2 (Net
Total Debt to Consolidated Annualised EBITDA) or Clause 18.3 (Consolidated
EBITDA to Total Cash Interest) has been breached; and

 

(ii)                                the proceeds of
the relevant additional equity or Subordinated Shareholder Loans are applied in
full in or towards repayment or prepayment of:

 

(A)                              in
the case of a cure in respect of a breach of the financial ratio set out in
Clause 18.2 (Net Total Debt to Consolidated Annualised EBITDA), Revolving
Loans; or

 

(B)                                in
the case of a cure in respect of a breach of the financial ratio set out in
Clause 18.3 (Consolidated EBITDA to Total Cash Interest), Loans,

 

in each case in
accordance with Clause 7 (Prepayment and Cancellation) and, to the extent of any
surplus after such repayment or prepayment for the purposes of the Permitted
Business.

 

(c)                                  No
cure may be made under this Clause 18.5:

 

(i)                                   in respect of
more than five Measurement Periods during the life of the Facilities; or

 

(ii)                                in respect of
consecutive Measurement Periods.

 

72

 

18.6                        Determinations

 

(a)                                  Financial
Indebtedness of the Group originally denominated in any currency other than
euro that has been swapped, directly or indirectly through one or more foreign
exchange hedging transactions, into euro, will be taken into account at its
euro equivalent using the effective exchange rate in the relevant foreign
exchange hedging transactions.

 

(b)                                 Notwithstanding
paragraph (a) and Clause 18.1(a) (Interpretation), Hedged Debt (as
defined below) will be taken into account at its euro equivalent calculated
using the same weighted average exchange rates for the relevant Measurement
Period used in the profit and loss statements of the relevant accounts of the
Group for calculating the euro equivalent of EBITDA denominated in the same
currency as the currency in which that Hedged Debt is denominated or into which
it has been swapped, as described below.

 

Hedged
Debt means:

 

(i)                                   Financial
Indebtedness of the Group originally denominated in any currency other than
euro in which any member of the Group earns EBITDA (a functional
currency) and that has not been swapped, directly or indirectly
through one or more foreign exchange hedging transactions, into euro; and

 

(ii)                                Financial
Indebtedness of the Group that has been swapped, directly or indirectly through
one or more foreign exchange hedging transactions, into a functional currency.

 

(iii)                             If there is a
dispute as to any interpretation of or computation for Clause 18 (Financial
Covenants), the interpretation or computation of the Company shall prevail.

 

18.7                        Material
Subsidiaries

 

(a)                                  Subject
to paragraph (d) below, the Company shall procure that, at all times, the
aggregate gross assets, earnings before interest, tax, depreciation and
amortisation or turnover, of the Obligors (on an unconsolidated basis and
excluding intra group items) equal or exceed, respectively 85 per cent. of the
Consolidated EBITDA, consolidated gross assets or consolidated turnover (as appropriate)
of the Company (excluding intra group items).

 

(b)                                 For
this purpose:

 

(i)                                   the gross assets,
earnings before interest, tax, depreciation and amortisation or turnover of a
Subsidiary of the Company will be determined from its financial statements (unconsolidated
if it has Subsidiaries) upon which the latest consolidated financial statements
of the Company that have been delivered to the Facility Agent are based;

 

(ii)                                if a Subsidiary
of the Company becomes such a Subsidiary of the Company after the date on which
the latest financial statements of the Company have been prepared that have
been delivered to the Facility Agent, the gross assets, earnings before
interest, tax, depreciation and amortisation or turnover of that Subsidiary
will be determined from its latest financial statements;

 

(iii)                             the consolidated
gross assets, Consolidated EBITDA or consolidated turnover of the Company will
be determined from its latest financial statements that have been delivered to
the Facility Agent, adjusted (where appropriate) to reflect the gross 

 

73

 

assets, earnings
before income tax, depreciation and amortisation or turnover of any company or
business subsequently acquired or disposed of; and

 

(iv)                            if a Material Subsidiary
disposes of all or substantially all of its assets to another member of the
Group, it will immediately cease to be a Material Subsidiary and the other
Subsidiary (if it is not already) will immediately become a Material
Subsidiary; the subsequent financial statements of those Subsidiaries and the
Company will be used to determine whether those Subsidiaries are Material
Subsidiaries or not.

 

(c)                                  Subject
to paragraph (d) below, the Company must ensure that each Material
Subsidiary becomes a Guarantor within 30 days of the delivery to the Facility
Agent of the first financial statements and the accompanying Compliance
Certificate pursuant to Clause 17 (Information Covenants) which confirm that
such Material Subsidiary has become a Material Subsidiary.

 

(d)                                 Guarantors
will not be required to give guarantees or enter into Security Documents if
that would contravene any legal prohibition or result in a risk of personal or
criminal liability on the part of any officer provided that the Guarantor shall
use all reasonable endeavours to overcome any such obstacle.

 

19.                               GENERAL COVENANTS

 

19.1                        General

 

Each Obligor
agrees to be bound by the covenants set out in this Clause relating to it and,
where the covenant is expressed to apply to each member of the Group, each
Obligor must ensure that each of its Subsidiaries performs that covenant.

 

19.2                        Authorisations

 

Each Obligor
must:

 

(a)                                  obtain
or cause to be obtained, maintain and comply with the terms of:

 

(i)                                   every
material consent, authorisation, licence or approval of, or filing or
registration with or declaration to, governmental or public bodies or
authorities or courts; and

 

(ii)                                every
material notarisation, filing, recording, registration or enrolment in any
court or public office,

 

in each case
required under any law or regulation to enable it to perform its obligations
under, or for the validity, enforceability or admissibility in evidence of any
Finance Document to which it is a party; and

 

(b)                                 obtain
or cause to be obtained every Necessary Authorisation and ensure that:

 

(i)                                   none
of the Necessary Authorisations is revoked, cancelled, suspended, withdrawn,
terminated, expires and is not renewed or otherwise ceases to be in full force
and effect; and

 

(ii)                                no
Necessary Authorisation is modified and no member of the Group commits any
breach of the terms or conditions of any Necessary Authorisation,

 

74

 

which, in each
case, would or is reasonably likely to have a Material Adverse Effect.

 

19.3                        Compliance
with laws

 

Each Obligor
will, and will procure that each member of the Group will, comply in all
material respects with all applicable laws, rules, regulations and orders of
any governmental authority having jurisdiction over it or any of its assets
except where failure to do so would not be reasonably likely to have a Material
Adverse Effect.

 

19.4                        Pari
passu ranking

 

Each Obligor must
ensure that its payment obligations under the Finance Documents rank at least
pari passu with all the claims of its other present and future unsecured and
unsubordinated creditors (save for those obligations mandatorily preferred by
law applying to companies generally).

 

19.5                        Negative
pledge

 

Each Obligor will
not permit any Security Interest (other than the Permitted Security Interests)
by any member of the Group to subsist, arise or be created or extended over all
or any part of their respective present or future undertakings, assets, rights
or revenues to secure or prefer any present or future indebtedness of any
member of the Group or any other person.

 

19.6                        Disposals

 

(a)                                  Except
as provided below, no Obligor or member of the Group may, either in a single
transaction or in a series of transactions and whether related or not and
whether voluntary or involuntary, dispose of any asset.

 

(b)                                 Paragraph
(a) above does not apply to any Permitted Disposal.

 

19.7                        Financial
Indebtedness

 

(a)                                  Except
as provided below, each Obligor shall ensure that no member of the Group may
incur or otherwise permit to remain outstanding any Financial Indebtedness.

 

(b)                                 Paragraph
(a) above does not apply to Permitted Financial Indebtedness.

 

19.8                        Permitted
Business

 

Each Obligor will
ensure that it and its Subsidiaries which are members of the Group engage:

 

(a)                                  in
no material activity outside the Permitted Business; and/or

 

(b)                                 in
the business of acting as the holder of shares and/or interests in other
members of the Group (which shall include the raising of Permitted Financial
Indebtedness and the on-lending of such Financial Indebtedness to its
Subsidiaries in accordance with the provisions of this Agreement and the entry
into of hedging arrangements on behalf of its Subsidiaries).

 

19.9                        Change
of business

 

Each Obligor must
ensure that no member of the Group makes any substantial change to the general
nature of the business of the Group from that carried on at the date of this
Agreement.

 

75

 

19.10                 Acquisitions and
mergers

 

(a)                                  No
Obligor will, and each Obligor will procure that none of its Subsidiaries will,
make any Restricted Acquisition other than any Permitted Acquisition, Permitted
Joint Venture and any Permitted Transaction.

 

(b)                                 Each
Obligor will not merge or consolidate with any other company or person and will
procure that no member of the Group will merge or consolidate with any other
company or person save for:

 

(i)            Restricted
Acquisitions permitted by paragraph (a) above and disposals permitted by
Clause 19.6 (Disposals); or

 

(ii)           with the prior
written consent of the Facility Agent (acting on the instructions of the
Majority Lenders); or

 

(iii)          mergers between
any member of the Group with any or all of the other members of the Group (Original Entities), into one or more entities (each a Merged Entity) provided that:

 

(A)                              reasonable
details of the proposed merger in order to demonstrate satisfaction with
subparagraphs (B) to (E) below are provided to the Facility Agent
within 30 days after the date on which the merger is entered into;

 

(B)                                such
Merged Entity will be a member of the Group and will be liable for the
obligations of the relevant Original Entities (including the obligations under
this Agreement and the Security Documents), which obligations remain unaffected
by the merger, and entitled to the benefit of all rights of such Original
Entities;

 

(C)                                (if
all or any part of the share capital of any of the relevant Original Entities
was charged pursuant to a Security Document) the equivalent part of the issued
share capital of such Merged Entity is charged pursuant to a Security Document
on terms of at least an equivalent nature and equivalent ranking as any
Security Document relating to the shares in each relevant Original Entity
within 60 days of the merger;

 

(D)                               any
possibility of the Security Documents referred to in subparagraph (C) above
being challenged or set aside is not materially greater than any such
possibility in relation to the Security Documents entered into by, or in
respect of the share capital of, any relevant Original Entity; and

 

(E)                                 all
the property and other assets of the relevant Original Entities are vested in
the Merged Entity and the Merged Entity has assumed all the rights and
obligations of the relevant Original Entities under any relevant Material
Contracts, material Necessary Authorisations and other licences or registrations
(to the extent reasonably necessary for the business of the relevant Original
Entities) granted in favour of the Original Entities and/or all such rights and
obligations have been transferred to the Merged Entity and/or the relevant
Material Contracts, Necessary Authorisations and other licences or
registrations (to the extent reasonably necessary for the business of the
relevant Original Entities) granted in favour of the Original Entities have
been reissued to the Merged Entity,

 

76

 

except that the
requirements of paragraphs (B) to (E) above will not apply in respect
of any merger between Original Entities:

 

I.                                       both of which are
not Obligors; and

 

II.                                   neither one of
which is party to a Security Document, neither one of whose share capital is
charged pursuant to a Security Document and neither one of whom owes any
receivables to another member of the Group which are pledged pursuant to a
Security Document.

 

19.11                 Environmental
matters

 

(a)                                  Each
Obligor will and will procure that each of its Subsidiaries will:

 

(i)                                     obtain
all requisite Environmental Approvals;

 

(ii)                                  comply
with the terms and conditions of all Environmental Approvals applicable to it;
and

 

(iii)                               comply
with all other applicable Environmental Law,

 

in each case
where failure to do so would or is reasonably likely to have a Material Adverse
Effect;

 

(b)                                 Each
Obligor will and will procure that each of its Subsidiaries will, promptly upon
receipt of the same, notify the Facility Agent of any claim, notice or other
communication served on it in respect of any alleged breach of, or corrective
or remedial obligation or liability under, any Environmental Law which, if
substantiated, would or is reasonably likely to either have a Material Adverse
Effect or result in any liability for a Finance Party.

 

19.12                 Treasury
transactions

 

Each Obligor will
not, and will procure that no member of the Group will, enter into any interest
rate or currency swaps, other interest rate or currency derivative transactions
or other hedging arrangements other than:

 

(a)                                transactions
and arrangements entered into by any Obligor with a Hedging Bank directly
relating to the management of interest rate and/or currency exchange rate risk
arising out of any Financial Indebtedness of any member of the Group permitted
to subsist by the terms of this Agreement (or transactions and arrangements
relating to interest rate or currency swaps, other interest rate or currency
derivative transactions or other hedging arrangements that themselves relate to
the management of interest rate and/or currency exchange rate risk arising out
of any Financial Indebtedness of any member of the Group permitted to subsist
by the terms of this Agreement), in each case excluding any such transactions
or arrangements that directly or indirectly relate to Subordinated Shareholder
Loans; and

 

(b)                               transactions
and arrangements entered into by any Obligor with a Hedging Bank directly
relating to the management of currency exchange risk arising out of income
denominated in a currency other than euro.

 

77

 

19.13                 Restricted
payments

 

Each Obligor will
not, and will procure that no member of the Group will, make any Restricted
Payments other than Permitted Payments or enter into any transaction with a
Restricted Person other than on bona fide arm’s length commercial terms or on
terms which are fair and reasonable and in the best interests of the Group.

 

19.14                 Insurance

 

Each Obligor
will, and will procure that each member of the Group will, insure its assets
and business to such an extent and against such risks as a prudent company
engaged in a similar business would insure.

 

19.15                 Loans and
guarantees

 

Each Obligor will
not, and will procure that no member of the Group will make any loans, grant
any credit or give any guarantee, to or for the benefit of, or enter into any
transaction having the effect of lending money to, any person, other than:

 

(a)           loans from a
member of the Group to another member of the Group provided that no Obligor
shall make a loan to any other member of the Group unless such Obligor has
already entered into a pledge of receivables which creates an effective pledge
in favour of the Security Agent in relation to such loan or, within 60 days of
making the loan:

 

(i)            such Obligor has
entered into an Obligor Pledge of Receivables which creates an effective pledge
in favour of the Security Agent in relation to such loan and provided the
Security Agent with such evidence as it may reasonably request as to the power
and authority of such Obligor to enter into such Obligor Pledge of Receivables and
that such Obligor Pledge of Receivables constitutes valid and legally binding
obligations of such Obligor enforceable in accordance with its terms subject
(to the extent possible) to substantially similar qualifications to those made
in the legal opinions referred to in Schedule 2 (Conditions Precedent
Documents); and

 

(ii)           the relevant
member of the Group to whom the loan has been made has given a notification of
pledge to the Security Agent in respect of such loan;

 

(b)                                 as
permitted by Clause 19.7 (Financial Indebtedness);

 

(c)                                  normal
trade credit in the ordinary course of business;

 

(d)                                 guarantees
given:

 

(i)            by any Obligor in
respect of the liabilities of another Obligor;

 

(ii)           by a member of
the Group in respect of the liabilities of an Obligor;

 

(iii)          by a member of
the Group (which is not an Obligor) in respect of the liabilities of another
member of the Group (which is not an Obligor);

 

(iv)          by an Obligor in
respect of the liabilities of any other member of the Group to the extent that
such liabilities could have been incurred by such Obligor directly without
breaching this Agreement;

 

78

 

(e)                                  to
the extent that the same constitute Permitted Payments or a Permitted Disposal
(not being a Permitted Disposal of cash or cash equivalents);

 

(f)                                    loans,
the granting of credit, guarantees and other transactions having the effect of
lending money (each a Lending Transaction)
from a member of the Group, in connection with an acquisition by that member
which is permitted by Clause 19.10 (Acquisitions and mergers), to the
relevant person being acquired or one or more of its Subsidiaries, provided
that the aggregate outstanding principal amount of all Lending Transactions
(which principal amount shall be deemed to be no longer outstanding for this
purpose at the time the beneficiary of the relevant Lending Transaction becomes
a member of the Group upon completion of the relevant acquisition, provided
such Lending Transaction was made to or in favour of the person acquired or its
Subsidiaries) shall not exceed €100,000,000 at any time; and

 

(g)                                 Lending
Transactions from a member of the Group to any person of the proceeds of equity
subscribed by any Restricted Person in, or Subordinated Shareholder Loans
provided to, such member (other than any such proceeds which are otherwise
applied in mandatory prepayment of any or all Facilities under this Agreement).

 

19.16                 Holding Companies

 

The Company shall procure that Telenet Group Holding NV and Holdco
shall not trade, carry on any business, own any asset or incur any liabilities
except for:

 

(a)           the provision of
administrative services (excluding treasury services) to other members of the
Group of a type customarily provided by a holding company to its Subsidiaries;
and

 

(b)           ownership of
shares in its Subsidiaries, intra-Group debit balances, intra-Group credit
balances and other credit balances in bank accounts, cash and cash equivalent
investments.

 

19.17                 Shareholder Loans

 

(a)           Each Obligor will
procure that at any time a Restricted Person makes any Financial Indebtedness
(other than Permitted Payments) available to any member of the Group, such
Restricted Person shall enter into a Pledge of Subordinated Shareholder Loans
on terms and conditions satisfactory to the Facility Agent and a Security
Provider’s Deed of Accession (each within 30 days of the date on which any such
Financial Indebtedness is made available to that member of the Group) and
provides (i) the Facility Agent with such documents and evidence as it may
reasonably require as to the power and authority of the Restricted Person to
enter into such Pledge of Subordinated Shareholder Loans and Security
Provider’s Deed of Accession and that the same constitute valid and legally
binding obligations of such Restricted Person enforceable in accordance with
their terms subject (to the extent applicable) to substantially similar
qualifications to those made in the legal opinions referred to in Schedule 2
(Conditions Precedent Documents); and (ii) notification of such pledge to
the relevant member of the Group.

 

(b)           Each Obligor
shall ensure that each Subordinated Shareholder Loan and each shareholder loan
entered into between an Obligor which is a party to an Existing Security
Document that creates a pledge over intercompany loan receivables or an Obligor
Pledge of Receivables as a creditor and a member of the Group is documented as
a loan between that borrower and lender and governed by the law of the Kingdom
of Belgium.

 

79

 

19.18                 Intellectual
Property Rights

 

Except as
otherwise permitted by this Agreement, each Obligor will, and will procure that
each of its Subsidiaries will:

 

(a)           make such
registrations and pay such fees and similar amounts as are necessary to keep
those registered Intellectual Property Rights owned by any member of the Group
and which are material to the conduct of the business of the Group as a whole
from time to time;

 

(b)           take such steps
as are necessary and commercially reasonable (including, without limitation,
the institution of legal proceedings) to prevent third parties infringing those
Intellectual Property Rights referred to in paragraph (a) above and
(without prejudice to paragraph (a) above) take such other steps as are
reasonably practicable to maintain and preserve its interests in those rights,
except where failure to do so will not have or be reasonably likely to have a
Material Adverse Effect;

 

(c)           ensure that any
licence arrangements in respect of the Intellectual Property Rights referred to
in paragraph (a) above entered into with any third party are entered into
on arm’s length terms and in the ordinary course of business (which shall
include, for the avoidance of doubt, any such licensing arrangements entered
into in connection with outsourcing on normal commercial terms) and will not
have or be reasonably likely to have a Material Adverse Effect;

 

(d)           not permit any
registration of any of the Intellectual Property Rights referred to in
paragraph (a) above to be abandoned, cancelled or lapsed or to be liable
to any claim of abandonment for non-use or otherwise to the extent the same
would or is reasonably likely to have a Material Adverse Effect; and

 

(e)           pay all fees, and
comply with each of its material obligations under, any licence of Intellectual
Property Rights which are material to the conduct of the business of the Group
as a whole from time to time.

 

19.19                 Share capital

 

Each Obligor will
not, and will procure that no member of the Group (other than in respect of
such other members of the Group in order to permit a solvent reorganisation
permitted under Clause 19.10(b)(iii) (Acquisitions and mergers)) will,
reduce its capital or purchase or redeem any class of its shares or any other
ownership interest in it, except to the extent the same constitutes a Permitted
Payment or in the case of members of the Group other than the Obligors, is
otherwise permitted by Clause 19.13 (Restricted payments).

 

19.20                 Share security

 

Each Obligor will
not, and will procure that no member of the Group will, issue any shares of any
class provided that:

 

(a)           any member of the
Group may issue shares to or otherwise acquire additional rights from any other
member of the Group so long as (if any of the existing shares in the relevant
member of the Group are charged or pledged in favour of any Beneficiary) such
shares are charged or pledged in favour of the Beneficiaries pursuant to the
terms of a Security Document and there are delivered at the same time to the
Security Agent the relevant share certificates and blank stock transfer forms
(or equivalent 

 

80

 

documents, if
any) in respect thereof together with such other documents and evidence and
legal opinions as the Security Agent may reasonably require;

 

(b)           the Company may
issue shares to Holdco provided that such shares are charged or pledged in
favour of the Beneficiaries pursuant to the terms of a Security Document and
there are delivered at the same time to the Security Agent the relevant share
certificates and blank stock transfer forms (or equivalent documents, if any)
in respect thereof together with such other documents and evidence and legal
opinions as the Security Agent may reasonably require;

 

(c)           any member of the
Group may issue shares pursuant to the exercise of Approved Stock Options;

 

(d)           a member of the
Group may issue shares as part of a Majority Acquisition or merger or
consolidation or JV Minority Acquisition permitted by Clause 19.10
(Acquisitions and mergers), provided that the issue of such shares does not
cause the Company to cease, directly or indirectly, to own 75 per cent or more.
of the issued share capital of that member of the Group.

 

19.21                 Financial year
end

 

Each Obligor
will, and will procure that its Subsidiaries which are members of the Group
will, maintain a financial year end of 31 December save with the prior
written consent of the Facility Agent (acting on the instructions of the
Majority Lenders in each case not to be unreasonably withheld).

 

19.22                 Capital
expenditure

 

Each Obligor will
not, and will procure that no member of the Group will, incur any material
Capital Expenditure other than in relation to the Permitted Business.

 

19.23                 Constitutive
documents

 

Each Obligor will
not, and will procure that no member of the Group will, amend its constitutive
documents in any way which would or is reasonably likely to materially
adversely affect (in terms of value, enforceability or otherwise) any charge or
pledge over the shares or partnership interest of any member of the Group granted
to the Beneficiaries pursuant to the Security Documents.

 

19.24                 ERISA

 

Each Obligor
will, and will procure that its Subsidiaries which are members of the Group
will, give the Facility Agent prompt notice of the adoption of, participation
in or contribution to any Plan by it or any ERISA Affiliate, or any action by
any of these to adopt, participate in or contribute to any Plan, or the
incurrence by any of them of any liability or obligation to any Plan.

 

19.25                 U.S. Borrowers

 

(a)           Each Borrower
will ensure that the proceeds of any loan made to a U.S. Borrower and the
proceeds of any drawing made by a U.S. Borrower shall be invested by way of
intercompany loan or equity subscription in one or more other members of the
Group within five Business Days of receipt of such proceeds or, as the case may
be, the relevant Utilisation Date.

 

81

 

(b)           Each Obligor will
ensure that any intercompany loan made by a U.S. Borrower to any Obligor or any
Subsidiary of an Obligor which is a member of the Group is made on bona fide
arm’s length commercial terms or on terms which are fair and reasonable and in
the best interests of that U.S. Borrower and entered into in good faith.

 

(c)           Each Obligor will
procure that no U.S. Borrower carries on any business or activities other than
acting as a U.S. Finance Vehicle.

 

20.                               DEFAULT

 

20.1                        Events
of Default

 

Each of the
events or circumstances set out in this Clause is an Event of Default.

 

20.2                        Non-payment

 

An Obligor does not pay on the due date any amount payable by it under
the Finance Documents in the manner required under the Finance Documents,
unless the non-payment:

 

(a)                                  is
caused by technical or administrative error; and

 

(b)                                 is
remedied within three Business Days of the due date.

 

20.3                        Breach
of other obligations

 

(a)                                  An
Obligor does not comply with any of Clause 18 (Financial Covenants) or any of
Clauses 19.4 (Pari passu ranking), 19.5 (Negative pledge), 19.6
(Disposals), 19.10 (Acquisitions and mergers), 19.13 (Restricted payments),
19.15 (Loans and guarantees) or 19.20 (Share security); or

 

(b)                                 an
Obligor does not comply with any other term of the Finance Documents (other
than any term referred to in Clause 20.2 (Non-payment) or in paragraph (a) above),
unless the non-compliance:

 

(i)                                     is
capable of remedy; and

 

(ii)                                  is
remedied within 30 days of the earlier of the Facility Agent giving notice of
the breach to the Company and any Obligor becoming aware of the non-compliance.

 

20.4                        Misrepresentation

 

A representation
or warranty made or repeated by an Obligor in or in connection with any Finance
Document or in any document delivered by or on behalf of any Obligor under or
in connection with any Finance Document is incorrect or misleading in any
material respect when made or deemed to be repeated, unless the circumstances
giving rise to the misrepresentation or breach of warranty:

 

(a)                                  are
capable of remedy; and

 

(b)                                 are
remedied within 30 days of the earlier of the Facility Agent giving notice and
the Obligor becoming aware of the misrepresentation or breach of warranty.

 

20.5                        Cross-default
and cross acceleration

 

Any of the
following occurs in respect of a member of the Group, SuperHoldco or Holdco:

 

82

 

(a)           any of its
Financial Indebtedness is not paid when due and payable (after the expiry of
any originally applicable grace period); or

 

(b)           any of its
Financial Indebtedness:

 

(i)                                     becomes
prematurely due and payable;

 

(ii)                                  is
placed on demand; or

 

(iii)                               is
capable of being declared by or on behalf of a creditor to be prematurely due
and payable or of being placed on demand,

 

in each case, as
a result of an event of default or any provision having a similar effect
(howsoever described); or

 

(c)                                  any
commitment for its Financial Indebtedness is cancelled or suspended as a result
of an event of default or any provision having a similar effect (howsoever
described),

 

unless the
aggregate amount of Financial Indebtedness falling within all or any of
paragraphs (a) to (c) above is less than €50,000,000 or its
equivalent.

 

20.6                        Insolvency

 

(a)                                  Any
of the following occurs in respect of a Material Group Member:

 

(i)            it is, or is
deemed for the purposes of any law to be, unable to pay its debts as they fall
due or to be insolvent (is in staat van staking
van betalingen/est en état de cessation de paiments);

 

(ii)           it admits its
inability to pay its debts as they fall due;

 

(iii)          it suspends
making payments on any of its debts generally or announces an intention so to
do;

 

(iv)          by reason of
actual or anticipated financial difficulties, it begins negotiations with any
creditors generally for the rescheduling of any of its indebtedness; or

 

(v)           a moratorium is
declared in respect of any of its indebtedness exceeding €10,000,000 (or its
equivalent) in aggregate.

 

(b)                                 United States of America:  any Material Group Member which is formed,
organised or incorporated under the laws of the United States or any State of
the United States or the District of Columbia, or that resides or has a
domicile, a place of business or property in the United States (each a U.S. Obligor):

 

(i)            admits in writing
its inability to, or be generally unable to, pay its debts as such debts become
due;

 

(ii)           makes a general
assignment for the benefit of creditors;

 

(iii)          shall have had
appointed a receiver, a custodian, trustee or similar official for, or a
receiver, custodian, trustee or similar official shall have taken possession
of, all or substantially all of its assets, in proceedings brought by or
against such Obligor or Material Subsidiary, and such appointment shall not
have been discharged or such possession shall not have been terminated within
60 days after the effective date 

 

83

 

thereof or such
Obligor or Material Subsidiary shall have consented to or acquiesced in such
appointment or possession;

 

(iv)          shall have filed
a petition for relief under the insolvency, bankruptcy or similar laws of the
United States of America or any state thereof, or an involuntary petition for
such relief shall have been filed against any such Obligor or Material
Subsidiary under such laws and shall not have been dismissed or terminated
within 60 days after such involuntary petition is filed; or

 

(v)           shall have failed
to have discharged or obtained a stay of any proceeding to enforce, within a
period of 45 days after the commencement thereof, any attachment, sequestration
or similar proceeding asserted against all or substantially all of the assets
of such Obligor or Material Subsidiary.

 

20.7                        Insolvency
proceedings

 

(a)                                  Except
as provided below, any of the following occurs in respect of a Material Group
Member:

 

(i)            any step is taken
with a view to a moratorium or a composition, assignment or similar arrangement
with any of its creditors;

 

(ii)           a meeting of it
is convened for the purpose of considering any resolution for (or to petition
for) its winding-up, administration, examination or dissolution or any such
resolution is passed;

 

(iii)          any person
presents a petition or files documents with the appropriate legal authorities
for its winding-up, administration, examination, dissolution, bankruptcy (faillite/faillissement) or judicial
composition (concordat
judiciaire/gerechtelijk akkoord);

 

(iv)          an order for its
winding-up, administration, examination, dissolution, bankruptcy (faillite/faillissement) or judicial
composition (concordat
judiciaire/gerechtelijk akkoord) is made;

 

(v)           any liquidator,
trustee in bankruptcy, examination, judicial custodian, compulsory manager,
receiver, administrative receiver, administrator, voorlopig bewindvoerder/ administrateur judiciaire or
similar officer is appointed in respect of it;

 

(vi)          its directors or
other officers request the appointment of a liquidator, trustee in bankruptcy,
examination, judicial custodian, compulsory manager, receiver, administrative
receiver, administrator or similar officer; or

 

(vii)         any other
analogous step or procedure is taken in any jurisdiction.

 

(b)                                 Paragraph
(a) above does not apply to:

 

(i)            any step or
procedure which is part of a Permitted Transaction; or

 

(ii)           a petition for
winding-up presented by a creditor which is being contested in good faith and
with due diligence or where steps are diligently being taken to remedy the
grounds for the petition and (in each case) the relevant petition is discharged
or struck out within 90 days (or within 30 days of the end of any longer period
applicable 

 

84

 

under an order of
court staying proceedings) or such longer period as the Majority Lenders may
agree (acting reasonably).

 

20.8                        Creditors’
process

 

Any attachment,
sequestration, execution, executory or conservatory seizure (uitvoerend of bewarend beslag/saisie exécution ou conservatoire)
or analogous event affects any asset(s) of a Material Group Member, having
an aggregate value of €25,000,000, or more (in the case of a conservatory
seizure or sequestration) and (in the case of a conservatory seizure or
sequestration) is not discharged within 90 days.

 

20.9                        Similar
proceedings

 

Anything which
has an equivalent effect to any of the events specified in Clauses 20.6
(Insolvency) to 20.8 (Creditors’ process) (inclusive) shall occur under the
laws of any applicable jurisdiction in relation to any member of the Borrower
Group.

 

20.10                 Cessation of business

 

An Obligor or a
member of the Group ceases, or threatens to cease, to carry on business in
circumstances which would have a Material Adverse Effect except:

 

(a)                                  as
part of a Permitted Transaction; or

 

(b)                                 as a
result of any disposal allowed under this Agreement.

 

20.11                 Effectiveness of
Finance Documents

 

(a)           It is or becomes
unlawful for any Material Group Member or any Subordinated Creditor to perform
any of its obligations under the Finance Documents.

 

(b)           The guarantee of
any Guarantor or any Security Interest created by any Security Documents is not
effective or is alleged by an Obligor to be ineffective for any reason.

 

(c)           Any Finance
Document is not effective in accordance with its terms or is alleged by an
Obligor to be ineffective in accordance with its terms for any reason.

 

(d)           An Obligor or
Subordinated Creditor repudiates a Finance Document or evidences an intention
to repudiate a Finance Document.

 

20.12                 Ownership of the
Obligors

 

An Obligor (other
than the Company) is not or ceases to be a Subsidiary of the Company other than
as a result of a Permitted Disposal or a Permitted Transaction.

 

20.13                 Expropriation

 

The authority or
ability of any Obligor to conduct its business is wholly or substantially
curtailed by any seizure, expropriation, nationalisation, intervention or other
action by or on behalf of any governmental, regulatory or other authority or
other person.

 

20.14                 Intercreditor
Agreement

 

(a)           Any Obligor,
member of the Group, SuperHoldco or Holdco does not perform its obligations
under, or breaches the terms of, the Intercreditor Agreement unless the
non-compliance:

 

85

 

(i)            is capable of
remedy; and

 

(ii)           is remedied
within 30 days of the earlier of the Facility Agent giving notice of the breach
to the Company and any Obligor becoming aware of the non-compliance.

 

(b)                                 A
representation or warranty given by an Obligor in the Intercreditor Agreement
is incorrect in any material respect unless the circumstances giving rise to
the misrepresentation or breach of warranty:

 

(i)            are capable of
remedy; and

 

(ii)           are remedied
within 30 days of the earlier of the Facility Agent giving notice and the
Obligor becoming aware of the misrepresentation or breach of warranty.

 

20.15                 Material Contracts

 

(a)                                  Except
as is required by any term of this Agreement, any Material Contract to which a
member of the Group is a party is terminated, suspended, revoked or cancelled
or otherwise ceases to be in full force and effect, unless:

 

(i)            in the case of
the Belgacom Interconnect Agreement only, services of a similar nature to those
provided pursuant to such Material Contract are at all times provided to the
Group on terms which are not materially more onerous on the relevant member of
the Group or on the terms imposed by the mandatory requirements of any
regulatory body; or

 

(ii)           such termination,
suspension, revocation, cancellation or cessation (in the reasonable opinion of
the Facility Agent) would not or is not reasonably likely to have a Material
Adverse Effect.

 

(b)           Any alteration or
variation is made to any term of any Material Contract to which a member of the
Group is a party which individually or cumulatively (in the reasonable opinion
of the Facility Agent) would or is reasonably likely to have a Material Adverse
Effect.

 

(c)           Any party
breaches any term of or repudiates any of its obligations under any Material
Contract to which a member of the Group is a party where such breach or
repudiation (in the opinion of the Facility Agent exercised reasonably) would
or is reasonably likely to have a Material Adverse Effect unless, in the case
of a breach of a Material Contract by any person other than any member of the
Group, the relevant services are at all relevant times provided to the
appropriate members of the Group on the basis set out in (a) above.

 

20.16                 Loss of Licences

 

Any Licence is in
whole or part:

 

(a)           terminated,
suspended or revoked or does not remain in full force and effect or otherwise
expires and is not renewed prior to its expiry (in each case, without
replacement by Licence(s) have substantially equivalent effect) in any
case in a manner which would or is reasonably likely to have a Material Adverse
Effect; or

 

(b)           is modified or is
reached in a manner which would or is reasonably likely to have a Material
Adverse Effect.

 

86

 

20.17                 Material Adverse
Change

 

Any event or
series of events occurs which would or is reasonably likely to have a Material
Adverse Effect.

 

20.18                 ERISA

 

The occurrence of:

 

(a)           any event or
condition that presents a material risk that any member of the Group or any
ERISA Affiliate may incur a material liability to a Plan or to the United
States Internal Revenue Service or to the United States Pension Benefit
Guaranty Corporation; or

 

(b)           an “accumulated
funding deficiency” (as that term is defined in section 412 of the United
States Internal Revenue Code of 1986, as amended, or section 302 of ERISA),
whether or not waived, by reason of the failure of any member of the Group or
any ERISA Affiliate to make a contribution to a Plan.

 

20.19                 Acceleration

 

If an Event of
Default is outstanding, the Facility Agent may, and must if so instructed by
the Majority Lenders, by notice to the Company:

 

(a)                                  cancel
all or any part of the Total Commitments if not already cancelled under
Clause 20.20 (Automatic Acceleration); and/or

 

(b)                                 declare
that all or part of any amounts outstanding under the Finance Documents are:

 

(i)                                     immediately
due and payable; and/or

 

(ii)                                  payable
on demand by the Facility Agent acting on the instructions of the Majority
Lenders.

 

Any notice given
under this Subclause will take effect in accordance with its terms.

 

20.20                 Automatic
Acceleration

 

If an Event of
Default described in Clause 20.6(b)(ii), (iii) or (iv) (United States
of America) occurs, or upon the entry of an order for relief in a voluntary or
involuntary bankruptcy of a U.S. Obligor, all outstanding Loans drawn by a U.S.
Borrower under this Agreement will be immediately and automatically due and
payable and the Total Commitments (to the extent they relate to such Loans)
will, if not already cancelled under this Agreement, be immediately and
automatically cancelled.

 

21.                               THE ADMINISTRATIVE PARTIES

 

21.1                        Appointment
and duties of the Agents

 

(a)           Each Finance
Party (other than the Facility Agent and the Security Agent (as the case may
be)) irrevocably appoints each Agent to act as its agent under and in
connection with the Finance Documents.

 

(b)           Each Finance
Party irrevocably authorises each Agent to:

 

87

 

(i)                                     perform
the duties and to exercise the rights, powers and discretions that are
specifically given to it under the Finance Documents, together with any other
incidental rights, powers and discretions; and

 

(ii)                                  execute
each Finance Document expressed to be executed by such Agent.

 

(c)                                  Each
Agent has only those duties which are expressly specified in the Finance
Documents.  Subject to the terms of
Clause 2.9 (Security Agent as joint creditor), those duties are solely of a
mechanical and administrative nature.

 

21.2                        Role
of the Mandated Lead Arrangers

 

Except as
specifically provided in the Finance Documents, no Mandated Lead Arranger has
any obligations of any kind to any other Party in connection with any Finance
Document.

 

21.3                        No
fiduciary duties

 

Nothing in the
Finance Documents makes an Administrative Party a trustee or fiduciary for any
other Party or any other person.  No
Administrative Party need hold in trust any moneys paid to it or recovered by
it for a Party in connection with the Finance Documents or be liable to account
for interest on those moneys.

 

21.4                        Individual
position of an Administrative Party

 

(a)                                  If
it is also a Lender, each Administrative Party has the same rights and powers
under the Finance Documents as any other Lender and may exercise those rights
and powers as though it were not an Administrative Party.

 

(b)                                 Each
Administrative Party may:

 

(i)                                     carry
on any business with an Obligor or its related entities (including acting as an
agent or a trustee for any other financing); and

 

(ii)                                  retain
any profits or remuneration it receives under the Finance Documents or in
relation to any other business it carries on with an Obligor or its related
entities.

 

21.5                        Reliance

 

Each Agent may:

 

(a)                                  rely
on any notice or document believed by it to be genuine and correct and to have
been signed by, or with the authority of, the proper person;

 

(b)                                 rely
on any statement made by any person regarding any matters which may reasonably
be assumed to be within his knowledge or within his power to verify;

 

(c)                                  assume,
unless the context otherwise requires, that any communication made by an
Obligor is made on behalf of and with the consent and knowledge of each
Obligor;

 

(d)                                 engage,
pay for and rely on professional advisers selected by it (including those representing
a Party other than the relevant Agent); and

 

(e)                                  act
under the Finance Documents through its personnel and agents.

 

88

 

21.6                        Majority
Lenders’ instructions

 

(a)                                  Each
Agent is fully protected if it acts on the instructions of the Majority Lenders
in the exercise of any right, power or discretion or any matter not expressly
provided for in the Finance Documents. 
Any such instructions given by the Majority Lenders will be binding on
all the Lenders.  In the absence of
instructions, each Agent may act as it considers to be in the best interests of
all the Lenders.

 

(b)                                 Each
Agent may assume that unless it has received notice to the contrary, any right,
power, authority or discretion vested in any Party or the Majority Lenders has
not been exercised.

 

(c)                                  No
Agent is authorised to act on behalf of a Lender (without first obtaining that
Lender’s consent) in any legal or arbitration proceedings in connection with
any Finance Document.

 

(d)                                 Each
Agent may require the receipt of security satisfactory to it, whether by way of
payment in advance or otherwise, against any liability or loss which it may
incur in complying with the instructions of the Majority Lenders.

 

21.7                        Responsibility

 

(a)                                  No
Administrative Party is responsible to any other Finance Party for the
adequacy, accuracy or completeness of any statement or information (whether
written or oral) made in or supplied in connection with any Finance Document
including the Information Memorandum.

 

(b)                                 No Administrative
Party is responsible to any other Finance Party for the legality, validity,
effectiveness, adequacy, completeness or enforceability of any Finance Document
or any other document.

 

(c)                                  Without
affecting the responsibility of any Obligor for information supplied by it or
on its behalf in connection with any Finance Document, each Lender confirms
that it:

 

(i)                                     has
made, and will continue to make, its own independent appraisal of all risks
arising under or in connection with the Finance Documents (including the
financial condition and affairs of each Obligor and its related entities and
the nature and extent of any recourse against any Party or its assets); and

 

(ii)                                  has
not relied exclusively on any information provided to it by any Administrative
Party in connection with any Finance Document or agreement entered into in
anticipation of or in connection with any Finance Document.

 

21.8                        Exclusion
of liability

 

(a)                                  No
Agent is liable or responsible to any other Finance Party for any action taken
or not taken by it in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct.

 

(b)                                 No
Party (other than the relevant Agent) may take any proceedings against any
officers, employees or agents of another Administrative Party in respect of any
claim it might have against that Agent or in respect of any act or omission of
any kind by that officer, employee or agent in connection with any Finance
Document.  Any officer, employee or agent
of an Administrative Party may rely on this Subclause and enforce its terms
under the Contracts (Rights of Third Parties) Act 1999.

 

89

 

(c)                                  An
Agent is not liable for any delay (or any related consequences) in crediting an
account with an amount required under the Finance Documents to be paid by that
Agent if that Agent has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any
recognised clearing or settlement system used by that Agent for that purpose.

 

(d)                                 Nothing
in this Agreement will oblige any Administrative Party to satisfy any know your
customer requirement in relation to the identity of any person on behalf of any
Finance Party.

 

(e)                                  Each
Finance Party confirms to each Administrative Party that it is solely
responsible for any know your customer requirements it is required to carry out
and that it may not rely on any statement in relation to those requirements
made by any other person.

 

21.9                        Default

 

(a)                                  Neither
Agent is obliged to monitor or enquire whether a Default has occurred.  No Agent is deemed to have knowledge of the
occurrence of a Default.

 

(b)                                 If
an Agent:

 

(i)                                     receives
notice from a Party referring to this Agreement, describing a Default and
stating that the event is a Default; or

 

(ii)                                  is
aware of the non-payment of any principal, interest or fee payable to a Lender
under this Agreement,

 

it must promptly
notify the other Lenders.

 

21.10                 Information

 

(a)                                  Each
Agent must promptly forward to the person concerned the original or a copy of
any document which is delivered to that Agent by a Party for that person.

 

(b)                                 Except
where a Finance Document specifically provides otherwise, no Agent is obliged
to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party.

 

(c)                                  Except
as provided above, no Agent has a duty:

 

(i)                                     either
initially or on a continuing basis to provide any Lender with any credit or
other information concerning the risks arising under or in connection with the
Finance Documents (including any information relating to the financial
condition or affairs of any Obligor or its related entities or the nature or
extent of recourse against any Party or its assets) whether coming into its
possession before, on or after the date of this Agreement; or

 

(ii)                                  unless
specifically requested to do so by a Lender in accordance with a Finance
Document, to request any certificate or other document from any Obligor.

 

(d)                                 In
acting as an Agent, the agency division of that Agent is treated as a separate
entity from its other divisions and departments.  Any information acquired by an Agent which,
in its opinion, is acquired by it otherwise than in its capacity as that Agent
may be treated as confidential by that Agent and will not be treated as
information possessed by that Agent in its capacity as such.

 

90

 

(e)                                  The
Facility Agent is not obliged to disclose to any person any confidential
information supplied to it by or on behalf of a member of the Group solely for
the purpose of evaluating whether any waiver or amendment is required in
respect of any term of the Finance Documents.

 

(f)                                    Each
Obligor irrevocably authorises each Agent to disclose to the other Finance
Parties any information which, in its opinion, is received by it in its
capacity as that Agent.

 

21.11                 Indemnities

 

(a)                                  Without
limiting the liability of any Obligor under the Finance Documents, each Lender
must indemnify each Agent for that Lender’s Pro Rata Share of any cost, claim,
loss, expense (including legal fees) or liability incurred by such Agent in
acting as the Facility Agent or the Security Agent, except to the extent that
the loss or liability is caused by such Agent’s gross negligence or wilful
misconduct.

 

(b)                                 If a
Party owes an amount to an Agent under the Finance Documents, that Agent may,
after giving notice to that Party:

 

(i)                                     deduct
from any amount received by it for that Party any amount due to that Agent from
that Party under a Finance Document but unpaid; and

 

(ii)                                  apply
that amount in or towards satisfaction of the owed amount,

 

that Party will
be regarded as having received the amount so deducted.

 

21.12                 Compliance

 

Each Agent may
refrain from doing anything (including disclosing any information) which might,
in its opinion, constitute a breach of any law or regulation or be otherwise
actionable at the suit of any person, and may do anything which, in its
opinion, is necessary or desirable to comply with any law or regulation.

 

21.13                 Resignation
of an Agent

 

(a)                                  Each
Agent may resign and appoint any of its Affiliates as successor Agent by giving
notice to the other Finance Parties and the Company.

 

(b)                                 Alternatively,
an Agent may resign by giving notice to the Finance Parties and the Company, in
which case the Majority Lenders may appoint a successor Agent.

 

(c)                                  If
no successor Agent has been appointed under paragraph (b) above within 30 days
after notice of resignation was given, the resigning Agent may appoint a
successor for such Agent.

 

(d)                                 The person(s)
appointing a successor Agent must, if practicable, consult with the Company
prior to the appointment.

 

(e)                                  The
resignation of an Agent and the appointment of any successor Agent will both
become effective only when the successor Agent notifies all the Parties that it
accepts its appointment.  On giving the
notification, the successor Agent will succeed to the position of the Facility
Agent or Security Agent as appropriate and the term Facility Agent will mean
the successor Facility Agent and the term Security Agent will mean the
successor Security Agent.

 

91

 

(f)                                    The
retiring Agent must, at its own cost, make available to the successor Agent
such documents and provide such assistance as the successor Agent may
reasonably request for the purposes of performing its functions as the Agent
under the Finance Documents.

 

(g)                                 Upon
its resignation becoming effective, this Clause will continue to benefit the
retiring Agent in respect of any action taken or not taken by it in connection
with the Finance Documents while it was the Agent, and, subject to paragraph (f)
above, it will have no further obligations under any Finance Document.

 

(h)                                 The
Majority Lenders may, by notice to an Agent, require it to resign under
paragraph (b) above.

 

(i)                                     The
Company may, if it is unsatisfied (acting reasonably) with the performance by
an Agent of its role as Agent, following a period of consultation with the
relevant Agent of not less than 14 days, by notice to that Agent require it to
resign.  Such notice must specify the
reasons for which the Company is seeking the Agent’s resignation, which must be
based on reasonable grounds.  In this
event, the relevant Agent shall resign in accordance with paragraph (b) above.

 

21.14                 Relationship
with Lenders

 

(a)                                  Each
Agent may treat each Lender as a Lender, entitled to payments under this
Agreement and as acting through its Facility Office(s) until it has received
not less than five Business Days’ prior notice from that Lender to the contrary.

 

(b)                                 Each
Agent may at any time, and must if requested to do so by the Majority Lenders,
convene a meeting of the Lenders.

 

(c)                                  The
Facility Agent must keep a register with respect to the Parties and the
Commitments and must supply any other Party with a copy of the information
contained in that register on request. 
The register must include:

 

(i)                                     the
name, address and other contact details of each Party;

 

(ii)                                  the
Facility Office of each Lender;

 

(iii)                               the
Commitments of each Lender;

 

(iv)                              the
principal amounts, the applicable interest rates and, if applicable, the Terms
of each Lender’s Loans; and

 

(v)                                 information
concerning any other amounts owing to a Finance Party.

 

Entries in the
register shall be conclusive and binding, absent manifest error.

 

21.15                 Agent’s
management time

 

If an Agent
requires, any amount payable to that Agent by any Party under any indemnity or
in respect of any costs or expenses incurred by that Agent under the Finance
Documents after the date of this Agreement may include the cost of using its
management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as that Agent may notify to the relevant
Party.  This is in addition to any amount
in respect of fees or expenses paid or payable to that Agent under any other
term of the Finance Documents.

 

92

 

21.16                 Notice
period

 

Where this
Agreement specifies a minimum period of notice to be given to an Agent, that
Agent may, at its discretion, accept a shorter notice period.

 

21.17                 Release
of Security

 

The Security
Agent shall manage the Security Documents on its own behalf and as agent on
behalf of the other Finance Parties.  The
Security Agent shall and is hereby authorised by each of the Finance Parties
(and to the extent it may have any interest therein, every other party hereto)
to execute on behalf of itself and each of the Finance Parties (other than the
Security Agent) and every other party hereto where relevant without the need
for any further referral to, or authority from, any Finance Party or other
person hereto all such releases of security and guarantees given by Obligors
under any Finance Document.  The Security
Agent may effect such a release as soon as it has received confirmation from
the Facility Agent that all Finance Party Claims and Security Agent Claims have
been repaid in full and there is no possibility of any Finance Party Claims and
Security Agent Claims coming or re-entering into existence.

 

22.                               EVIDENCE AND CALCULATIONS

 

22.1                        Accounts

 

Accounts
maintained by a Finance Party in connection with this Agreement are prima facie
evidence of the matters to which they relate for the purpose of any litigation
or arbitration proceedings.

 

22.2                        Certificates
and determinations

 

Any certification
or determination by a Finance Party of a rate or amount under the Finance
Documents will be, in the absence of manifest error, conclusive evidence of the
matters to which it relates.

 

22.3                        Calculations

 

Any interest or
fee accruing under this Agreement accrues from day to day and is calculated on
the basis of the actual number of days elapsed and a year of 360 days or
otherwise, depending on what the Facility Agent determines (acting reasonably)
is market practice.

 

23.                               FEES

 

23.1                        Agent’s
fee

 

The Company must
pay to the relevant Agent for its own account an agency fee in the manner
agreed in the Fee Letter between the Agent and the Company.

 

23.2                        Arrangement
fee

 

The Company must
pay to each Mandated Lead Arranger for its own account an arrangement fee in
the manner agreed in the Fee Letter between the Mandated Lead Arrangers and the
Company.

 

93

 

23.3                        Term
Loan A Facility commitment fee

 

(a)                                  The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Term Loan A Facility computed at the rate of 40 per cent. of the
Term Loan A Facility Margin per annum on that Lender’s undrawn Term Loan A
Facility Commitment, subject to a maximum of 0.75 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Term Loan A Facility Commitment is cancelled in full.

 

23.4                        Term
Loan B1 Facility commitment fee

 

(a)                                  The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Term Loan B1 Facility computed at the rate of 40 per cent. of
the Term Loan B1 Facility Margin per annum on that Lender’s undrawn Term Loan
B1 Facility Commitment, subject to a maximum of 1 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Term Loan B1 Facility Commitment is cancelled in full.

 

23.5                        Term
Loan B2A Facility commitment fee

 

(a)                                  The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Term Loan B2A Facility computed at the rate of 40 per cent. of
the Term Loan B2A Facility Margin per annum on that Lender’s undrawn Term Loan
B2A Facility Commitment, subject to a maximum of 1 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Term Loan B2A Facility Commitment is cancelled in full.

 

23.6                        Term
Loan B2B Facility commitment fee

 

(a)                                  The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Term Loan B2B Facility computed at the rate of 40 per cent. of
the Term Loan B2B Facility Margin per annum on that Lender’s undrawn Term Loan
B2B Facility Commitment, subject to a maximum of 1 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Term Loan B2B Facility Commitment is cancelled in full.

 

23.7                        Term
Loan C Facility commitment fee

 

(a)                                 The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Term Loan C Facility computed at the rate of 40 per cent. of the
Term Loan C Facility Margin per annum on that Lender’s undrawn Term Loan C
Facility Commitment, subject to a maximum of 1 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Term Loan C Facility Commitment is cancelled in full.

 

94

 

23.8                        Revolving
Facility commitment fee

 

(a)                                  The
Company must pay to the Facility Agent for each Lender a commitment fee in
respect of the Revolving Facility computed at the rate of 40 per cent. of the
Revolving Facility Margin per annum on that Lender’s undrawn Revolving Facility
Commitment, subject to a maximum of 0.75 per cent. per annum.

 

(b)                                 Accrued
commitment fee is payable quarterly in arrear. 
Accrued commitment fee is also payable to the Facility Agent for a
Lender on the date its Revolving Facility Commitment is cancelled in full.

 

24.                               INDEMNITIES AND BREAK COSTS

 

24.1                        Currency
indemnity

 

(a)                                  Each
Obligor must, as an independent obligation, indemnify each Finance Party
against any loss or liability which that Finance Party incurs as a consequence
of:

 

(i)                                     that
Finance Party receiving an amount in respect of an Obligor’s liability under
the Finance Documents; or

 

(ii)                                  that
liability being converted into a claim, proof, judgment or order,

 

in a currency
other than the currency in which the amount is expressed to be payable under
the relevant Finance Document.

 

(b)                                 Unless
otherwise required by law, each Obligor waives any right it may have in any
jurisdiction to pay any amount under the Finance Documents in a currency other
than that in which it is expressed to be payable.

 

24.2                        Other
indemnities

 

(a)                                  Each
Obligor must indemnify each Finance Party against any loss or liability which
that Finance Party incurs as a consequence of:

 

(i)                                     the
occurrence of any Default;

 

(ii)                                  any
failure by an Obligor to pay any amount due under a Finance Document on its due
date, including resulting from any distribution or redistribution of any amount
among the Lenders under this Agreement;

 

(iii)                               (other
than by reason of negligence or default by that Finance Party) a Loan not being
made after a Request has been delivered for that Loan; or

 

(iv)                              a
Loan (or part of a Loan) not being prepaid in accordance with this Agreement.

 

Each Obligor’s
liability in each case includes any loss or expense on account of funds
borrowed, contracted for or utilised to fund any amount payable under any
Finance Document or any Loan.

 

(b)                                 Each
Obligor must indemnify the Facility Agent against any loss or liability
incurred by the Facility Agent as a result of:

 

(i)                                     investigating
any event which the Facility Agent reasonably believes to be an Event of
Default; or

 

95

 

(ii)                                  acting
or relying on any notice which it reasonably believes to be genuine, correct
and appropriately authorised.

 

24.3                        Break
Costs

 

(a)                                  Each
Borrower must pay to each Lender its Break Costs.

 

(b)                                 Break
Costs are the amount (if any) determined by the relevant Lender by which:

 

(i)                                     the
interest (excluding Margin and Mandatory Costs) which that Lender would have
received for the period from the date of receipt of any part of its share in a
Loan or an overdue amount to the last day of the applicable Term for that Loan
or overdue amount if the principal or overdue amount received had been paid on
the last day of that Term;

 

exceeds

 

(ii)                                  the
amount which that Lender would be able to obtain by placing an amount equal to
the amount received by it on deposit with a leading bank in the appropriate
interbank market for a period starting on the Business Day following receipt
and ending on the last day of the applicable Term.

 

(c)                                  Each
Lender must supply to the Facility Agent for the relevant Borrower details of
the amount of any Break Costs claimed by it under this Subclause.

 

25.                               EXPENSES

 

25.1                        Initial
costs

 

Each Obligor must
pay to each Administrative Party the amount of all reasonable duly evidenced
costs and expenses (including legal fees any value added tax or similar tax and
any costs associated with perfecting any security under the Security Documents)
incurred by it in connection with the negotiation, preparation, printing, entry
into and syndication of the Finance Documents.

 

25.2                        Subsequent
costs

 

Each Obligor must
pay to an Agent the amount of all reasonable duly evidenced costs and expenses
(including legal fees any value added tax or similar tax and any costs
associated with perfecting any security under the Security Documents) incurred
by it in connection with:

 

(a)                                  the
negotiation, preparation, printing and entry into of any Finance Document
(other than a Transfer Certificate) executed after the date of this Agreement;
and

 

(b)                                 any
amendment, waiver or consent requested by or on behalf of an Obligor or
specifically allowed by this Agreement.

 

25.3                        Enforcement
costs

 

Each Obligor must
pay to each Finance Party the amount of all costs and expenses (including legal
fees) incurred by it in connection with:

 

(a)                                  the
enforcement of, or the preservation of any rights under, any Finance Documents;
or

 

96

 

(b)                                 any
proceedings instituted by or against an Agent as a consequence of it entering
into a Security Document.

 

26.                               AMENDMENTS AND WAIVERS

 

26.1                        Procedure

 

(a)                                  Except
as provided in this Clause, any term of the Finance Documents may be amended or
waived with the agreement of the Company and the Majority Lenders.  The Facility Agent may effect, on behalf of
any Finance Party, an amendment or waiver allowed under this Clause.

 

(b)                                 The
Facility Agent must promptly notify the other Parties of any amendment or
waiver effected by it under paragraph (a) above.  Any such amendment or waiver is binding on
all the Parties.

 

(c)                                  Each
Obligor agrees to any amendment or waiver allowed by this Clause or expressly
permitted elsewhere in this Agreement which is agreed to by the Company.  This includes any amendment or waiver which
would, but for this paragraph, require the consent of each Guarantor if the
guarantee under the Finance Documents is to remain in full force and effect.

 

26.2                        Exceptions

 

(a)                                  An
amendment or waiver which:

 

(i)                                     changes
the definition of Majority Lenders in Clause 1.1 (Definitions);

 

(ii)                                  changes
any term of Clause 2.9 (Nature of a Finance Party’s rights and obligations);

 

(iii)                               extends
the date of payment of any amount to a Lender under the Finance Documents;

 

(iv)                              reduces
the Margin or the amount of any payment of principal, interest, fee or other
amount payable to a Lender under the Finance Documents;

 

(v)                                 without
prejudice to the provisions of Clause 2.7 (Telenet Additional Facility) and the
ability of a Borrower to enter into a Telenet Additional Facility Accession
Agreement, increases or extends the availability of a Commitment or the Total
Commitments (other than pursuant to a Structural Adjustment or a Retranching
Adjustment);

 

(vi)                              releases
an Obligor (other than in order to effect a Permitted Transaction or a disposal
of all, but not part, of the share capital of that Obligor in accordance with
the terms of this Agreement);

 

(vii)                           relates
to the release of an asset from a Security Document (except as otherwise
expressly permitted herein or in any such Security Document and except in
furtherance of a disposal or any other transaction which is permitted by any
Finance Document);

 

(viii)                        changes
a term of a Finance Document which expressly requires the consent of each
Lender;

 

97

 

(ix)                               changes the right
of a Lender to assign or transfer its rights or obligations under the Finance
Documents; or

 

(x)                                  changes any term
of Clause 30 (Pro Rata Sharing); or

 

(xi)                               changes this
Clause,

 

may only be made
with the consent of all the Lenders.

 

(b)                                 An
amendment or waiver which relates to the rights or obligations of an
Administrative Party may only be made with the consent of that Administrative
Party.

 

(c)                                  A
Fee Letter may be amended or waived with the agreement of the Administrative
Party that is a party to that Fee Letter and the Company.

 

26.3                        Non
Consenting Lenders

 

(a)                                  In
this Clause:

 

Non
Consenting Lender means a Lender who does not
agree to a consent or amendment to, or a waiver of, a provision of a Finance
Document where:

 

(i)                                    the Company or
the Facility Agent has requested the Lenders to consent to a departure from or
waiver of any provision of any Finance Document or to agree to an amendment to
any Finance Document;

 

(ii)                                 the consent,
waiver or amendment in question requires the consent of all of the Lenders;

 

(iii)                              a period of not
less than 21 days has elapsed from the date the consent, waiver or amendment
was requested;

 

(iv)                             the Majority
Lenders have agreed to such consent, waiver or amendment; and

 

(v)                                the Company has
notified the Facility Agent that it will treat the Lender as a Non Consenting
Lender.

 

(b)                                 If
at any time any Lender becomes a Non Consenting Lender, then the Company may
within 90 days of the date that Lender became a Non Consenting Lender:

 

(i)                                    request that the
Lenders take a transfer in accordance with Clause 27 (Changes to the Parties)
of all of the rights and obligations under the Finance Documents of the Non
Consenting Lender for an aggregate purchase price equal to the outstanding
principal amount of such Non Consenting Lender’s participation in the
outstanding Loans and all accrued interest, fees and other amounts due and
unpaid on the transfer date to that Non Consenting Lender under the Finance
Documents; no Lender shall be obliged to accept such a transfer and any such
transfer may be made in such proportions and to such Lenders as the Lenders
agree.  The Non Consenting Lender shall
be required to transfer its rights and obligations under the Finance Documents
to Lenders who agree to accept such transfer as contemplated in this
sub-paragraph;

 

(ii)                                 require the Non
Consenting Lender to transfer, and the Non Consenting Lender must transfer, in
accordance with Clause 27 (Changes to the Parties) all of its rights and
obligations under the Finance Documents to another bank or financial
institution 

 

98

 

(including any
other Lender) which has agreed to acquire the Non Consenting Lenders rights and
obligations under the Finance Documents (as notified by the Company to the Non
Consenting Lender and in the proportions notified by the Company to the Non
Consenting Lender) for an aggregate purchase price equal to the outstanding
principal amount of such Non Consenting Lender’s participation in the
outstanding Loans and all accrued interest, fees and other amounts due and
unpaid on the transfer date to that Non Consenting Lender under the Finance
Documents; or

 

(iii)                             notwithstanding
any other provision of this Agreement, if the Majority Lenders agree, the
Company may prepay the Non Consenting Lender’s participation in each Loan in
full together with all accrued interest, fees and other amounts due and unpaid
on the transfer date under the Finance Documents (including any Break Costs).

 

(c)                                  The
replacement of a Lender pursuant to this Clause 26.3 shall be subject to the
following conditions:

 

(i)                                    the Company shall
have no right to replace the Facility Agent or Security Agent in its capacity
as an Agent;

 

(ii)                                 no Finance Party
shall have any obligation to any Obligor to find a Lender or replace the Non
Consenting Lender; and

 

(iii)                             in no event shall
the Lender replaced under this Clause 26.3 be required to pay or surrender to
any replacement Lender any of the fees received by such Lender pursuant to the
Finance Documents.

 

(d)                                 For the
avoidance of doubt, no Finance Party shall have any obligation to any Obligor
to find a Lender to replace the Non Consenting Lender.

 

26.4                        Change
of currency

 

If a change in
any currency of a country occurs (including where there is more than one currency
or currency unit recognised at the same time as the lawful currency of a
country), the Finance Documents will be amended to the extent the Facility
Agent (acting reasonably and after consultation with the Company) determines is
necessary to reflect the change.

 

26.5                        Waivers
and remedies cumulative

 

The rights of
each Finance Party under the Finance Documents:

 

(a)                                 may
be exercised as often as necessary;

 

(b)                                are
cumulative and not exclusive of its rights under the general law; and

 

(c)                                 may
be waived only in writing and specifically.

 

Delay in
exercising or non-exercise of any right is not a waiver of that right.

 

26.6                        Structural
Adjustments

 

(a)                                  In
this Clause, a Structural Adjustment means:

 

(i)                                    the introduction
of any additional tranche or facility into the Finance Documents (other than a
Telenet Additional Facility Commitment);

 

99

 

(ii)                                 any increase in
or addition of any Commitment (other than a Telenet Additional Facility
Commitment), any extension of a Commitment’s availability (other than as
contemplated in paragraphs (b) and (c) of the definition of Availability Period) or the redenomination of a Commitment
into another currency; and

 

(iii)                            any material
changes to the Finance Documents which the Facility Agent agrees acting
reasonably are consequential on any of the foregoing,

 

but, for the
avoidance of doubt, does not include a Retranching Adjustment.

 

(b)                                 Structural
Adjustments may be approved with the consent of each of the following, subject
to the provisions of the Intercreditor Agreement:

 

(i)                                    the Majority
Lenders; and

 

(ii)                                each Lender that
is assuming a new Commitment (other than a Telenet Additional Facility
Commitment) or an increased Commitment or whose Commitment’s availability is
being extended or redenominated, or to whom any amount (including interest),
which is being redenominated is due.

 

26.7                        Retranching
Adjustments

 

(a)                                  In
this Clause, a Retranching Adjustment means:

 

(i)                                    the retranching
of all or any of the Term Loan A Facility, Term Loan B1 Facility, Term Loan B2A
Facility, Term Loan B2B Facility or Term Loan C Facility (including any
increase or reduction in the Total Commitments under any of those Facilities
and/or an increase, addition or reduction of the Commitments of individual Lenders
under any of those Facilities); and

 

(ii)                                 any material
changes to the Finance Documents which the Facility Agent agrees acting
reasonably are consequential on any of the foregoing,

 

provided that the
aggregate amount of the Commitments of Lenders under the Term Loan A Facility,
Term Loan B1 Facility, Term Loan B2A Facility, Term Loan B2B Facility and Term
Loan C Facility immediately after a proposed Retranching Adjustment must not
exceed the aggregate amount of the Commitments of Lenders under those
Facilities (on a combined basis) immediately prior to that Retranching
Adjustment.

 

(b)                                 Notwithstanding
any other provision of this Agreement, Retranching Adjustments may be approved
with the consent of each of the following:

 

(i)                                    the Company;

 

(ii)                                 each Lender that
will have an increased or reduced Commitment pursuant to the Retranching
Adjustment; and

 

(iii)                             any two of the
Mandated Lead Arrangers.

 

27.                               CHANGES TO THE PARTIES

 

27.1                        General

 

In this Clause:

 

100

 

Transfer
Certificate means a transfer certificate in the form of
Schedule 5 (Form of Transfer Certificate) with such amendments as the Facility
Agent may approve or reasonably require or, any other form agreed between the
Facility Agent and the Company; and

 

Transfer
Date means, for a Transfer Certificate the later of:

 

(a)                                 the proposed
Transfer Date specified in that Transfer Certificate; and

 

(b)                                the date on which
the Facility Agent executes that Transfer Certificate.

 

27.2                        Assignments
and transfers by Obligors

 

No Obligor may
assign or transfer any of its rights and obligations under the Finance
Documents without the prior consent of all the Lenders.

 

27.3                        Transfers
by Lenders

 

(a)                                  A
Lender (the Existing Lender) may, subject to
the following provisions of this Subclause, at any time transfer (by way of
novation) any of its rights and obligations under this Agreement to any person
(the New Lender).

 

(b)                                 Any
transfer under paragraph (a) above shall be for an amount of not less than
€2,000,000 (or if less, the aggregate of the Commitments of that Existing
Lender and any other Existing Lender that is managed or controlled by the same
investment manager subject to a threshold of €1,000,000).

 

(c)                                  The
consent of the Company is required for any assignment or transfer (other than
pursuant to Syndication) unless the New Lender is another Lender or an
Affiliate of a Lender or an Event of Default is outstanding.  The consent of the Company must not be unreasonably
withheld or delayed.  The Company will be
deemed to have given its consent ten Business Days after it is given notice of
the request unless it is expressly refused by the Company within that time;

 

(d)                                 The
Company may not withhold its consent solely because the assignment or transfer
might increase the Mandatory Cost.

 

(e)                                  A
transfer of obligations will be effective only if the obligations are novated
in accordance with the following provisions of this Clause.

 

(f)                                    Unless
the Facility Agent otherwise agrees, the New Lender must pay to the Facility
Agent for its own account, on or before the date any assignment or transfer
occurs, a fee of €2,500.

 

(g)                                 Any
reference in this Agreement to a Lender includes a New Lender but excludes a
Lender if no amount is or may be owed to or by it under this Agreement.

 

27.4                        Procedure
for transfer by way of novations

 

(a)                                  A
novation is effected if:

 

(i)                                    the Existing
Lender and the New Lender deliver to the Facility Agent a duly completed
Transfer Certificate;

 

(ii)                                 the Facility
Agent executes it; and

 

101

 

(iii)                            the Facility
Agent enters the name of the New Lender and the particulars concerning the
transferred interests in the register referred to in Clause 21.14(c) (Relationship
with Lenders).

 

(b)                                 The
Facility Agent must, as soon as reasonably practicable:

 

(i)                                    execute and
deliver a Transfer Certificate delivered to it and which appears on its face to
be in order; and

 

(ii)                                enter the name of
the New Lender and the details of the transferred interests in the register
referred to in Clause 21.14(c) (Relationship with Lenders).

 

(c)                                  Each
Party (other than the Existing Lender and the New Lender) irrevocably
authorises the Facility Agent to execute any duly completed Transfer
Certificate on its behalf.

 

(d)                                 On
the Transfer Date:

 

(i)                                   the New Lender
will assume the rights and obligations of the Existing Lender expressed to be
the subject of the novation in the Transfer Certificate in substitution for the
Existing Lender; and

 

(ii)                                the Existing
Lender will be released from those obligations and cease to have those rights.

 

(e)                                  For
the purposes of Article 1278 of the Belgian Civil Code, each Obligor, the
Lenders and the New Lenders agree that, upon any transfer in whole or in part
of any of its rights and obligations under this Agreement by way of novation or
upon the implementation of any amendment or granting of any waiver which takes
effect as a novation, the Security Interests created by the Security Documents
will be preserved for the benefit of the New Lender, the Existing Lenders and
the Security Agent.

 

27.5                        Limitation
of responsibility of Existing Lender

 

(a)                                  Unless
expressly agreed to the contrary, an Existing Lender is not responsible to a
New Lender for the legality, validity, adequacy, accuracy, completeness or
performance of:

 

(i)                                   any Finance
Document or any other document; or

 

(ii)                                any statement or
information (whether written or oral) made in or supplied in connection with
any Finance Document,

 

and any
representations or warranties implied by law are excluded.

 

(b)                                 Each
New Lender confirms to the Existing Lender and the other Finance Parties that
it:

 

(i)                                   has made, and
will continue to make, its own independent appraisal of the financial condition
and affairs of each Obligor and its related entities in connection with its
participation in this Agreement; and

 

(ii)                                has not relied
exclusively on any information supplied to it by the Existing Lender in
connection with any Finance Document.

 

(c)                                  Nothing
in any Finance Document requires an Existing Lender to:

 

102

 

(i)                                   accept a
re-transfer from a New Lender of any of the rights and obligations transferred
under this Clause; or

 

(ii)                                support any
losses incurred by the New Lender by reason of the non-performance by any
Obligor of its obligations under any Finance Document or otherwise.

 

27.6                        Costs
resulting from change of Lender or Facility Office

 

If:

 

(a)                                a
Lender transfers any of its rights and obligations under the Finance Documents
or changes its Facility Office; and

 

(b)                               as a
result of circumstances existing at the date the transfer or change occurs, an
Obligor would be obliged to pay a Tax Payment or an Increased Cost,

 

then, unless the
assignment, transfer or change is made by a Lender to mitigate any
circumstances giving rise to the Tax Payment, Increased Cost or a right to be
prepaid and/or cancelled by reason of illegality, the Obligor need only pay
that Tax Payment or Increased Cost to the same extent that it would have been
obliged to if no assignment, transfer or change had occurred.

 

27.7                        Additional
Borrowers

 

(a)                                  If
the Company wishes one of its wholly-owned Subsidiaries to become an Additional
Borrower, then it may (following consultation with the Facility Agent) deliver
to the Facility Agent the relevant documents and evidence listed in Part 2 of
Schedule 2 (Conditions Precedent Documents).

 

(b)                                 The
prior consent of all the Lenders is required if the Additional Borrower is
incorporated in a jurisdiction outside the Kingdom of Belgium, the Netherlands
or Luxembourg, unless that Additional Borrower is a U.S. Finance Vehicle.

 

(c)                                  A
wholly-owned Subsidiary may only become an Additional Borrower if it is already
a Guarantor.

 

(d)                                 The
relevant Subsidiary will become an Additional Borrower when the Facility Agent
notifies the other Finance Parties and the Company that it has received all of
the documents and evidence referred to in paragraphs (a), (b) and (c) above (as
applicable) in form and substance satisfactory to it.  The Facility Agent must give this
notification as soon as reasonably practicable.

 

(e)                                  Delivery
of an Accession Agreement executed by the relevant Subsidiary and the Company
to the Facility Agent constitutes confirmation by that Subsidiary and the
Company that the Repeating Representations are then correct.

 

27.8                        Additional
Guarantors

 

(a)                                  Upon
delivery of a duly completed Accession Agreement specifying that the relevant
person is to be an Additional Guarantor, executed by the relevant Subsidiary,
the relevant person will become an Additional Guarantor.

 

(b)                                 The
Company shall procure that, at the same time as an Accession Agreement is
delivered to the Facility Agent, there is also delivered to the Facility Agent
all those other documents 

 

103

 

listed in Part 2
of Schedule 2 (Conditions Precedent Documents), in each case in form and
substance satisfactory to the Facility Agent.

 

(c)                                  The
execution of an Accession Agreement constitutes confirmation by the Additional
Guarantor concerned that the representations and warranties set out in Clause
16 (Representations and Warranties) to be made by it on the date of the
Accession Agreement are correct, as if made with reference to the facts and
circumstances then existing.

 

27.9                        Resignation
of an Obligor (other than the Company)

 

(a)                                  The
Company may request that an Obligor (other than the Company) ceases to be an Obligor
by giving to the Facility Agent a duly completed Resignation Request.

 

(b)                                 The
Facility Agent must accept a Resignation Request and notify the Company and the
Lenders of its acceptance if:

 

(i)                                    all of the shares
in that Obligor are being disposed of and such disposal is permitted under the
terms of this Agreement;

 

(ii)                                it is not aware
that a Default is outstanding or would result from the acceptance of the
Resignation Request; and

 

(iii)                             no amount owed by
that Obligor under this Agreement is still outstanding.

 

(c)                                  The
Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when
the Facility Agent gives the notification referred to in paragraph (b) above.

 

27.10                 Changes to the
Reference Banks

 

If a Reference
Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with
the Company) appoint another Lender or an Affiliate of a Lender to replace that
Reference Bank.

 

28.                               DISCLOSURE OF INFORMATION

 

(a)                                  Each
Finance Party must keep confidential any information supplied to it by or on
behalf of any Obligor in connection with the Finance Documents.  However, a Finance Party is entitled to
disclose information:

 

(i)                                    which is publicly
available, other than as a result of a breach by that Finance Party of this
Clause;

 

(ii)                                 in connection
with any legal or arbitration proceedings;

 

(iii)                             if required to do
so under any law or regulation;

 

(iv)                             to a
governmental, banking, taxation or other regulatory authority;

 

(v)                                to its
professional advisers;

 

(vi)                             to the extent
allowed under paragraph (b) below; or

 

(vii)                         with the agreement of the
relevant Obligor.

 

104

 

(b)                                 A
Finance Party may disclose to an Affiliate or any person with whom it may
enter, or has entered into, any kind of transfer, participation or other
agreement in relation to this Agreement (a participant):

 

(i)                                    a copy of any
Finance Document; and

 

(ii)                                any information
which that Finance Party has acquired under or in connection with any Finance
Document.

 

However, before a
participant may receive any confidential information, it must agree with the
relevant Finance Party to keep that information confidential on the terms of
paragraph (a) above.

 

(c)                                  Notwithstanding
any other provision of this Agreement, any Party to this Agreement (and any of
its affiliates, officers, directors, employees, representatives, professional
advisers, or other agents) may disclose to any and all persons, without
limitation of any kind:

 

(i)                                    the U.S. tax treatment and U.S.  tax structure (each as defined below) of the Facilities; and

 

(ii)                                all material of
any kind (including opinions and other tax analyses) that are provided to such
party relating to such U.S. tax treatment or U.S. tax structure,

 

except to the
extent reasonably necessary to comply with applicable federal or state
securities laws.

 

For the purposes
of this subsection, the U.S.  tax treatment of the Facilities is the purported or claimed
U.S. federal, state and local income tax treatment of the Facilities, and the U.S.  tax structure
of the Facilities is any fact that may be relevant to understanding the
purported or claimed U.S. federal, state and local income tax treatment of the
Facilities.  This authorisation is not intended
to permit disclosure of any information (other than information relating to the
U.S. tax treatment or U.S. tax structure of the Facilities) including (without
limitation) (i) any portion of any materials to the extent not related to the
U.S. tax treatment or U.S. tax structure of the Facilities, (ii) the identities
of participants or potential participants in the Facilities (except to the
extent such identities are related to the U.S. tax treatment or the U.S. tax
structure of the Facility), (iii) the existence or status of any negotiations, (iv)
any pricing or financial information (except to the extent such pricing or
financial information is related to the U.S. tax treatment or the U.S. tax
structure of the Facilities), or (v) any other term or detail not relevant to
the U.S. tax treatment or the U.S. tax structure of the Facilities.

 

(d)                                 This
Clause supersedes any previous confidentiality given by a Finance Party in
connection with this Agreement prior to it becoming a Party.

 

29.                               SET-OFF

 

(a)                                  A Finance
Party may, at any time when an Event of Default is outstanding, set off any
matured obligation owed to it by an Obligor under the Finance Documents (to the
extent beneficially owned by that Finance Party) against any obligation
(whether or not matured) owed by that Finance Party to that Obligor, regardless
of the place of payment, booking branch or currency of either obligation.  If the obligations are in different
currencies, the Finance Party may convert either obligation at a market rate of
exchange in its usual course of business for the purpose of the set-off.

 

(b)                                 This
Clause is a netting arrangement for the purposes of the Belgian Financial
Collateral Law.

 

105

 

30.                               PRO RATA SHARING

 

30.1                        Redistribution

 

If any amount
owing by an Obligor under this Agreement to a Finance Party (the recovering
Finance Party) is discharged by payment, set-off or any other manner other than
in accordance with this Agreement (a recovery), then:

 

(a)                                 the
recovering Finance Party must, within three Business Days, supply details of
the recovery to the Facility Agent;

 

(b)                                the
Facility Agent must calculate whether the recovery is in excess of the amount
which the recovering Finance Party would have received if the recovery had been
received and distributed by the Facility Agent under this Agreement; and

 

(c)                                 the
recovering Finance Party must pay to the Facility Agent an amount equal to the
excess (the redistribution).

 

30.2                        Effect
of redistribution

 

(a)                                  The
Facility Agent must treat a redistribution as if it were a payment by the
relevant Obligor under this Agreement and distribute it among the Finance
Parties, other than the recovering Finance Party, accordingly.

 

(b)                                 When
the Facility Agent makes a distribution under paragraph (a) above, the
recovering Finance Party will be subrogated to the rights of the Finance
Parties which have shared in that redistribution.

 

(c)                                  If
and to the extent that the recovering Finance Party is not able to rely on any
rights of subrogation under paragraph (b) above, the relevant Obligor will owe
the recovering Finance Party a debt which is equal to the redistribution,
immediately payable and of the type originally discharged.

 

(d)                                 If:

 

(i)                                    a recovering
Finance Party must subsequently return a recovery, or an amount measured by
reference to a recovery, to an Obligor; and

 

(ii)                                the recovering
Finance Party has paid a redistribution in relation to that recovery,

 

each Finance
Party must reimburse the recovering Finance Party all or the appropriate portion
of the redistribution paid to that Finance Party, together with interest for
the period while it held the redistribution. 
In this event, the subrogation in paragraph (b) above will operate in
reverse to the extent of the reimbursement.

 

30.3                        Exceptions

 

Notwithstanding
any other term of this Clause, a recovering Finance Party need not pay a
redistribution to the extent that:

 

(a)                                 it
would not, after the payment, have a valid claim against the relevant Obligor
in the amount of the redistribution; or

 

106

 

(b)                                it
would be sharing with another Finance Party any amount which the recovering
Finance Party has received or recovered as a result of legal or arbitration
proceedings, where:

 

(i)                                    the
recovering Finance Party notified the Facility Agent of those proceedings; and

 

(ii)                                the
other Finance Party had an opportunity to participate in those proceedings but
did not do so or did not take separate legal or arbitration proceedings as soon
as reasonably practicable after receiving notice of them.

 

30.4                        Litigation

 

(a)                                  No
Lender shall commence any action or proceeding in any court to enforce its
rights under any Finance Document without prior consultation with the other
Lenders and without the consent of Majority Lenders;

 

(b)                                 If
in accordance with paragraph (a) above any Lender does take action to enforce
its rights under any Finance Document and, as a result thereof or in connection
therewith, shall receive a recovery then such Lender shall not be required to
share any portion of such recovery with any Lender which has the legal right
to, but does not, join in such action or proceeding or commence and diligently
prosecute a separate action or proceeding to enforce its rights in another
court.

 

31.                               SEVERABILITY

 

If a term of a
Finance Document 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
the Finance Documents; or

 

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

 

32.                               COUNTERPARTS

 

Each Finance
Document may be executed in any number of counterparts.  This has the same effect as if the signatures
on the counterparts were on a single copy of the Finance Document.

 

33.                               NOTICES

 

33.1                        In
writing

 

(a)                                  Any
formal communication in connection with a Finance Document must be in writing
and, unless otherwise stated, may be given:

 

(i)                                    in person, by
post or fax; or

 

(ii)                                to the extent
agreed by the Parties making and receiving communication, by e-mail or other
electronic communication.

 

(b)                                 For
the purpose of the Finance Documents, an electronic communication will be
treated as being in writing.

 

107

 

(c)                                  Unless
it is agreed to the contrary, any consent or agreement required under a Finance
Document must be given in writing.

 

33.2                        Contact
details

 

(a)                                  Except
as provided below, the contact details of each Party for all communications in
connection with the Finance Documents are those notified by that Party for this
purpose to the Facility Agent on or before the date it becomes a Party.

 

(b)                                 The
contact details of each Obligor for this purpose are:

 

	
  Address:

  	
   

  	
  Liersesteenweg
  4

  
	
   

  	
   

  	
  2800
  Mechelen

  
	
   

  	
   

  	
   

  
	
  Fax number:

  	
   

  	
  +32 (15) 33
  3716

  
	
  Attention:

  	
   

  	
  Group
  Treasurer / Chief Financial Officer

  
	
  Telephone:

  	
   

  	
  +32 (15) 33
  3564 / +32 (15) 33 3557

  
	
  Email:

  	
   

  	
  didier.zeghers@staff.telenet.be / renaat.berckmoes@staff.telenet.be

  

 

(c)                                  The
contact details of the Facility Agent for this purpose are:

 

	
  Address:

  	
   

  	
  77 King
  Street West

  
	
   

  	
   

  	
  18th Floor,

  
	
   

  	
   

  	
  Toronto

  
	
   

  	
   

  	
  Ontario, M5K
  1A2

  
	
   

  	
   

  	
  Canada

  
	
  Fax number:

  	
   

  	
  +416 307
  3826 / +416 982 5535

  
	
  Attention:

  	
   

  	
  Agency
  Administration

  

 

(d)                                 Any
Party may change its contact details by giving five Business Days’ notice to
the Facility Agent or (in the case of the Facility Agent) to the other Parties.

 

(e)                                  Where
a Party nominates a particular department or officer to receive a
communication, a communication will not be effective if it fails to specify
that department or officer.

 

33.3                        Effectiveness

 

(a)                                  Except as
provided below, any communication in connection with a Finance Document will be
deemed to be given as follows:

 

(i)                                     if
delivered in person, at the time of delivery;

 

(ii)                                  if
posted, five days after being deposited in the post, postage prepaid, in a
correctly addressed envelope;

 

(iii)                               if
by fax, when received in legible form; and

 

(iv)                              if
by e-mail or any other electronic communication, when received in legible form.

 

(b)                                 A
communication given under paragraph (a) below but received on a non-working day
or after business hours in the place of receipt will only be deemed to be given
on the next working day in that place.

 

(c)                                  A
communication to the Facility Agent will only be effective on actual receipt by
it.

 

108

 

33.4                        Obligors

 

(a)                                  All
formal communications under the Finance Documents to or from an Obligor must be
sent through the Facility Agent.

 

(b)                                 All
formal communications under the Finance Documents to or from an Obligor (other
than the Company) must be sent through the Company.

 

(c)                                  Each
Obligor (other than the Company) irrevocably appoints the Company to act as its
agent:

 

(i)                                     to
give and receive all communications under the Finance Documents;

 

(ii)                                 to supply all
information concerning itself to any Finance Party; and

 

(iii)                              to sign all
documents under or in connection with the Finance Documents.

 

(d)                                 Any
communication given to the Company in connection with a Finance Document will
be deemed to have been given also to the other Obligors.

 

(e)                                  Each
Finance Party may assume that any communication made by the Company is made
with the consent of each other Obligor.

 

34.                               LANGUAGE

 

(a)                                  Any
notice given in connection with a Finance Document must be in English.

 

(b)                                 Any
other document provided in connection with a Finance Document must be:

 

(i)                                     in
English; or

 

(ii)                                 (unless the
Facility Agent otherwise agrees) accompanied by a certified English
translation.  In this case, the English
translation prevails unless the document is a statutory or other official
document.

 

35.                               GOVERNING LAW

 

This Agreement is
governed by English law.

 

36.                               ENFORCEMENT

 

36.1                        Jurisdiction

 

(a)                                  Unless
a Finance Document specifically provides otherwise, the English courts have
non-exclusive jurisdiction to settle any dispute in connection with any Finance
Document.

 

(b)                                 The
English courts are the most appropriate and convenient courts to settle any
such dispute.  Each Obligor agrees not to
argue to the contrary and waives objection to those courts on the grounds of
inconvenient forum or otherwise in relation to proceedings in connection with
any Finance Document.

 

(c)                                  This
Clause is for the benefit of the Finance Parties only.  To the extent allowed by law, a Finance Party
may take:

 

(i)                                     proceedings
in any other court; and

 

109

 

(ii)                                  concurrent
proceedings in any number of jurisdictions.

 

(d)                                 References
in this Clause to a dispute in connection with a Finance Document includes any
dispute as to the existence, validity or termination of that Finance Document.

 

36.2                        Service
of process

 

(a)                                  Each
Obligor irrevocably appoints Law Debenture Trustee Company as its agent under
the Finance Documents and the mandate letter dated 16 July 2007 (as amended)
between, among others, the Original Borrower and the Mandated Lead Arrangers
(the Mandate Letter) for service of process
in any proceedings before the English courts in connection with any Finance
Document and the Mandate Letter.

 

(b)                                 If
any person appointed as process agent is unable under this Clause for any
reason to so act, the Company (on behalf of all the Obligors) must immediately
appoint another agent on terms acceptable to the Facility Agent.  Failing this, the Facility Agent may appoint
another process agent for this purpose.

 

(c)                                  Each
Obligor agrees that failure by a process agent to notify it of any process will
not invalidate the relevant proceedings.

 

(d)                                 This
Clause does not affect any other method of service allowed by law.

 

36.3                        Waiver
of immunity

 

Each Obligor
irrevocably and unconditionally:

 

(a)                                  agrees
not to claim any immunity from proceedings brought by a Finance Party against
it in relation to a Finance Document and to ensure that no such claim is made
on its behalf;

 

(b)                                 consents
generally to the giving of any relief or the issue of any process in connection
with those proceedings; and

 

(c)                                  waives
all rights of immunity in respect of it or its assets.

 

This Agreement
has been entered into on the date stated at the beginning of this Agreement.

 

37.                               WAIVER OF TRIAL BY JURY

 

EACH PARTY WAIVES
ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN
CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION CONTEMPLATED BY ANY
FINANCE DOCUMENT.  THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT.

 

110

 

SCHEDULE 1

 

ORIGINAL PARTIES

 

PART 1

 

GUARANTORS

 

	
  Name of Original
  Guarantors

  	
   

  	
  Registration number (or equivalent, if any)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  HR Mechelen
  89835, Enterprise No. 0473.416.418

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Telenet NV

  	
   

  	
  HR Mechelen
  82218, Enterprise No. 0439.840.857

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  UPC Belgium NV

  	
   

  	
  HR Brussel
  69463, Enterprise No. 0455.620.381

  	
   

  

 

PART 2

 

COMMITMENTS

 

	
  Name of

  Initial

  Original

  Lenders

  	
   

  	
  Term Loan A

  Facility

  Commitments

  	
   

  	
  Term Loan B1

  Facility

  Commitments

  	
   

  	
  Term Loan

  B2A Facility

  Commitment

  	
   

  	
  Term Loan

  B2B Facility

  Commitments

  	
   

  	
  Term Loan C

  Facility

  Commitments

  	
   

  	
  Revolving

  Facility

  Commitments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ABN
  AMRO BANK N.V.

  	
   

  	
  €

  	
  106,000,000

  	
   

  	
  €

  	
  61,500,000

  	
   

  	
  €

  	
  45,000,000

  	
   

  	
  —

  	
   

  	
  €

  	
  212,500,000

  	
   

  	
  €

  	
  35,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BNP
  PARIBAS S.A.

  	
   

  	
  €

  	
  212,000,000

  	
   

  	
  €

  	
  123,000,000

  	
   

  	
  €

  	
  90,000,000

  	
   

  	
  —

  	
   

  	
  €

  	
  425,000,000

  	
   

  	
  €

  	
  70,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMORGAN
  CHASE BANK, N.A.

  	
   

  	
  €

  	
  212,000,000

  	
   

  	
  €

  	
  123,000,000

  	
   

  	
  —

  	
   

  	
  €

  	
  90,000,000

  	
   

  	
  €

  	
  425,000,000

  	
   

  	
  €

  	
  70,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
  €

  	
  530,000,000

  	
   

  	
  €

  	
  307,500,000

  	
   

  	
  €

  	
  135,000,000

  	
   

  	
  €

  	
  90,000,000

  	
   

  	
  €

  	
  1,062,500,000

  	
   

  	
  €

  	
  175,000,000

  	
   

  

 

111

 

SCHEDULE 2

 

CONDITIONS PRECEDENT DOCUMENTS

 

PART 1

 

TO BE DELIVERED BEFORE THE FIRST LOAN

 

Original Obligors / Existing Security Providers

 

1.                                       A copy of the
articles of association of each Existing Security Provider.

 

2.                                       A copy of a
resolution of the board of directors of each Existing Security Provider
approving the terms of, and the transactions contemplated by, the Finance
Documents(1).

 

3.                                       A specimen of the
signature of each person authorised on behalf of an Existing Security Provider
to execute or witness the execution of any Finance Document or to sign or send
any document or notice in connection with any Finance Document.

 

4.                                       A copy of the
minutes of the shareholders’ meeting of each Obligor:

 

(a)                                  approving for the
purposes of article 556 of the Belgian Companies Act, the terms of and
transactions contemplated by the Finance Documents, and in particular, the
provisions having the effect that an event of default will be triggered and/or
that may require an early repayment if there is a change of control; and

 

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

 

5.                                       A certificate of
an authorised signatory of the Original Borrower:

 

(a)                                  confirming that
utilising the Total Commitments in full would not breach any limit binding on
any Original Obligor; and

 

(b)                                 certifying that
each copy document specified in Part 1 of this Schedule is correct, complete
and in full force and effect as at a date no earlier than the date of the
Supplemental Agreement.

 

6.                                       Evidence required
by the Finance Parties for the purpose of any applicable money laundering
regulations.

 

7.                                       Evidence that the
agent of the Existing Security Providers under the Finance Documents for
service of process in England has accepted its appointment.

 

Security Document(s)

 

1.                                       Each Fee Letter.

 

2.                                       The Intercreditor
Agreement.

 

(1)                                  Resolutions to include
detailed analyses of corporate benefit in respect of upstream guarantees, and
approvals of supplemental agreements and continuation of security under
Existing Security Documents.

 

112

 

3.                                       The Company Share
Pledge.

 

4.                                       The Telenet Share
Pledge.

 

5.                                       The UPC Belgium
Share Pledge.

 

6.                                       Pledges of
Subordinated Shareholder Loans in respect of all relevant loans in place at the
first Utilisation Date.

 

7.                                       Each duly
executed Existing Security Document.

 

Miscellaneous

 

1.                                       The Syndication
Letter.

 

2.                                       The most recent
audited financial statements of each Obligor.

 

3.                                       A copy of the
Funds Flow Statement detailing the proposed movement of funds on or before the
Closing Date.

 

4.                                       Written
confirmation signed by a director of the Company confirming that all fees and
expenses then due and payable including all legal fees from the Company under
the Finance Documents have been or will be paid within 5 Business Days of the
first Utilisation Date.

 

5.                                       Evidence that the
Existing Senior Facility will be prepaid and cancelled in full on or by the
first Utilisation Date.

 

6.                                       An effective
discharge of all Existing Share Pledges and all Existing Notes Security, in
each case on or before the first Utilisation Date.  The Obligors undertake, and shall procure the
Restricted Persons to undertake, reasonable endeavours to de-register any registered
Existing Notes Security as soon as practical following the first Utilisation
Date, at their own or at the Company’s cost.

 

7.                                       Evidence that the
Senior Discount Notes and the Senior Notes have been called and will be
redeemed and cancelled in full on or before the first Utilisation Date.

 

8.                                       An initialled
copy of the budget for 2007.

 

9.                                       A letter from the
Company in a form to be mutually agreed describing hedging arrangements to be
entered into in respect of hedging interest rate liabilities (the Hedging Letter).

 

Legal opinions

 

1.                                       A legal opinion
of legal advisers to the Mandated Lead Arrangers and each Agent, addressed to
the Finance Parties as to English law.

 

2.                                       A legal opinion
of legal advisers to the Mandated Lead Arrangers and each Agent, addressed to
the Finance Parties as to Belgian law.

 

113

 

PART 2

 

FOR AN ADDITIONAL OBLIGOR

 

Additional Obligors

 

1.                                       An Accession
Agreement duly executed by (amongst others) the Company and the Additional
Obligor.

 

2.                                       A copy of the
constitutional documents of the Additional Obligor.

 

3.                                       A copy of a
resolution of the board of directors of the Additional Obligor approving the
terms of, and the transactions contemplated by, the relevant Finance Documents.

 

4.                                       A specimen of the
signature of each person authorised on behalf of the Additional Obligor to
execute or witness the execution of any Finance Document or to sign or send any
document or notice in connection with any Finance Document.

 

5.                                       A copy of a
resolution, signed by all (or any lower percentage agreed by the Facility
Agent) of the holders of its issued or allotted shares, approving the terms of,
and the transactions contemplated by, the relevant Accession Agreement.

 

6.                                       If applicable, a
copy of a resolution of the board of directors of each corporate shareholder in
the Additional Guarantor approving any resolution referred to in paragraph 5
above.

 

7.                                       A certificate of
an authorised signatory of the Additional Obligor:

 

(a)                                  confirming that
utilising the Total Commitments in full would not breach any limit binding on
it; and

 

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

 

8.                                       If available, a
copy of the latest audited accounts of the Additional Obligor.

 

9.                                       Evidence that the
agent of the Additional Obligor under the Finance Documents for service of
process in England has accepted its appointment.

 

10.                                 Evidence required
by the Finance Parties for the purpose of any applicable money laundering
regulations.

 

Legal Opinions

 

1.                                       A legal opinion
of Allen & Overy, London, legal advisers to the Facility Agent, addressed
to the Finance Parties in scope and substance similar to the legal opinion of
Allen & Overy, London, delivered under Part 1 of this Schedule 2.

 

2.                                       If the Additional
Obligor is incorporated in a jurisdiction other than England, a legal opinion
from legal advisers in that jurisdiction acceptable to the Facility Agent,
addressed to the Finance Parties.

 

114

 

Other documents and evidence

 

1.                                       Evidence that all
expenses due and payable from an Obligor under this Agreement in respect of the
Accession Agreement have been paid.

 

2.                                       Such duly
executed Security Documents that the Facility Agent (acting on the instructions
of the Majority Lenders) may require which (in the case of any U.S. Borrower
only) shall include a share pledge over the shares of any Additional Obligor
and Security Documents which are consistent with the Security Documents
delivered under Part 1 of this Schedule 2.

 

3.                                       A copy of any
other authorisation or other document, opinion or assurance which the Facility
Agent has notified the Company is necessary or desirable in connection with the
entry into and performance of, and the transactions contemplated by, the
Accession Agreement or for the validity and enforceability of any Finance
Document.

 

115

 

SCHEDULE 3

 

FORM OF REQUEST

 

	
  To:

  	
  [FACILITY
  AGENT] as Facility Agent

  
	
   

  	
   

  
	
  From:

  	
  [                               ]

  
	
   

  	
   

  
	
  Date:

  	
  [                               ]

  

 

Telenet
BidCo NV (and others) €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Agreement)

 

1.                                       We refer to the
Agreement.  This is a Request.

 

2.                                       We wish to borrow
a [Term Loan A Facility]/[Term Loan B1 Facility]/[Term Loan B2A Facility]/[Term
Loan B2B Facility]/[Term Loan C Facility]/[Revolving] Loan on the following
terms:

 

(a)                                  Utilisation Date:
[                               ]

 

(b)                                 Amount/currency:
[                                         ]

 

(c)                                  Term:
[                                         ]

 

(d)                                 Purpose:
[                                         ]

 

3.                                       Our payment
instructions are:
[                                    ].

 

4.                                       We confirm that
each condition precedent under the Agreement which must be satisfied on the
date of this Request is so satisfied.

 

5.                                       We confirm that
the Repeating Representations are correct in all material respects and no Event
of Default is outstanding or will result from the Loan.

 

6.                                       This Request is
irrevocable.

 

By:

 

[                               ]

 

116

 

SCHEDULE 4

 

CALCULATION OF THE MANDATORY COST

 

1.             General

 

1.1           The
Mandatory Cost is to compensate a Lender for the cost of compliance with:

 

(a)                                  the requirements
of the Bank of England and/or the Financial Services Authority (or, in either
case, any other authority which replaces any of its functions); or

 

(b)                                 the requirements
of the European Central Bank.

 

1.2           The
Mandatory Cost is expressed as a percentage rate per annum.

 

1.3           The
Mandatory Cost is the weighted average (weighted in proportion to the
percentage share of each Lender in the relevant Loan) of the rates for the
Lenders calculated by the Facility Agent in accordance with this Schedule on
the first day of a Term (or as soon as possible after then).

 

1.4           The
Facility Agent must distribute each amount of Mandatory Cost among the Lenders
on the basis of the rate for each Lender.

 

1.5           Any
determination by the Facility Agent pursuant to this Schedule will be, in the
absence of manifest error, conclusive and binding on all the Parties.

 

2.             For a Lender lending from a
Facility Office in the U.K.

 

2.1           The
relevant rate for a Lender lending from a Facility Office in the U.K. is
calculated in accordance with the following formula:

 

	
   

  	
  E x 0.01

  	
   per cent. per annum

  	
   

  
	
   

  	
  300

  	
   

  

 

where on the day
of application of the formula, E is calculated by the Facility Agent as being
the average of the rates of charge under the fees rules supplied by the
Reference Banks to the Facility Agent under paragraph 2.4 below (and expressed
in pounds per £1 million).

 

2.2           For
the purposes of this paragraph 2:

 

(a)                                  fees rules means
the then current rules on periodic fees in the Supervision Manual of the FSA
Handbook or any other law or regulation as may then be in force for the payment
of fees for the acceptance of deposits;

 

(b)                                 fee tariffs means
the fee tariffs specified in the fees rules under fee-block Category A1
(Deposit acceptors) (ignoring any minimum fee or zero rated fee required
pursuant to the fees rules but applying any applicable discount rate); and

 

(c)                                  tariff base has
the meaning given to it in, and will be calculated in accordance with, the fees
rules.

 

2.3           Each
rate calculated in accordance with the formula is, if necessary, rounded upward
to four decimal places.

 

117

 

2.4           If requested by the Facility
Agent, each Reference Bank must, as soon as practicable after publication by
the Financial Services Authority, supply to the Facility Agent the rate of
charge payable by that Reference Bank to the Financial Services Authority under
the fees rules for that financial year of the Financial Services Authority
(calculated by that Reference Bank as being the average of the fee tariffs
applicable to that Reference Bank for that financial year) and expressed in
pounds per £1 million of the tariff base of that Reference Bank.

 

2.5           Each Lender must supply to
the Facility Agent the information required by it to make a calculation of the
rate for that Lender.  In particular,
each Lender must supply the following information on or prior to the date on
which it becomes a Lender:

 

(a)           the
jurisdiction of its Facility Office; and

 

(b)           any
other information that the Facility Agent reasonably requires for that purpose.

 

(c)           Each
Lender must promptly notify the Facility Agent of any change to the information
supplied to it under this paragraph.

 

2.6           The rates of charge of each
Reference Bank for the purpose of E above are determined by the Facility Agent
based upon the information supplied to it under paragraphs 2.4 and 2.5
above.  Unless a Lender notifies the
Facility Agent to the contrary, the Facility Agent may assume that the Lender’s
obligations in respect of cash ratio deposits and special deposits are the same
as those of a typical bank from its jurisdiction of incorporation with a
Facility Office in the U.K.

 

2.7           The Facility Agent has no
liability to any Party if its calculation over or under compensates any
Lender.  The Facility Agent is entitled
to assume that the information provided by any Lender or Reference Bank under this
Schedule is true and correct in all respects.

 

3.             For
a Lender lending from a Facility Office in a Participating Member State

 

3.1           The relevant rate for a
Lender lending from a Facility Office in a Participating Member State is the
percentage rate per annum notified by that Lender to the Facility Agent.  This percentage rate per annum must be
certified by that Lender in its notice to the Facility Agent as its reasonable
determination of the cost (expressed as a percentage of that Lender’s share in
all Loans made from that Facility Office) of complying with the minimum reserve
requirements of the European Central Bank in respect of Loans made from that
Facility Office.

 

3.2           If a Lender fails to specify
a rate under paragraph 3.1 above, the Facility Agent will assume that the
Lender has not incurred any such cost.

 

4.             Changes

 

4.1           The Facility Agent may,
after consultation with the Company and the Lenders, determine and notify all
the Parties of any amendment to this Schedule which is required to reflect:

 

(a)           any
change in law or regulation; or

 

(b)           any
requirement imposed by the Bank of England, the Financial Services Authority or
the European Central Bank (or, in any case, any successor authority).

 

118

 

4.2           If the Facility Agent, after
consultation with the Company, determines that the Mandatory Cost for a Lender
lending from a Facility Office in the U.K. can be calculated by reference to a
screen, the Facility Agent may notify all the Parties of any amendment to this
Agreement which is required to reflect this.

 

119

 

SCHEDULE 5

 

FORM OF TRANSFER CERTIFICATE

 

	
  To:

  	
  [FACILITY
  AGENT] as Facility Agent

  
	
   

  	
   

  
	
  From:

  	
  [THE
  EXISTING LENDER] (the Existing Lender)
  and [THE NEW LENDER] (the New Lender)

  
	
   

  	
   

  
	
  Date:

  	
  [                         ]

  

 

Telenet
BidCo NV (and others) €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Agreement)

 

We refer to the
Agreement.  This is a Transfer
Certificate.

 

	
  1.

  	
  The Existing
  Lender transfers by novation to the New Lender the Existing Lender’s rights
  and obligations referred to in the Schedule below in accordance with the
  terms of the Agreement.

  
	
   

  	
   

  
	
  2.

  	
  The proposed
  Transfer Date is [     ].

  
	
   

  	
   

  
	
  3.

  	
  The
  administrative details of the New Lender for the purposes of the Agreement
  are set out in the Schedule.

  
	
   

  	
   

  
	
  4.

  	
  This
  Transfer Certificate is governed by English law.

  
	
   

  	
   

  
	
  5.

  	
  For the
  purposes of Article 1278 of the Belgium Civil Code, the Existing Lender,
  the Facility Agent and the New Lender agree that the Security Documents will
  be for the benefit of the New Lender in accordance with Clause 27.4
  (Procedure for transfer by way of novations) of the Agreement.

  
	
   

  	
   

  
	
  6.

  	
  The New Lender represents on the date of this
  Transfer Certificate that it is a Qualifying Lender.

  

 

120

 

THE SCHEDULE

 

Rights and
obligations to be transferred by novation

[insert relevant details, including applicable Commitment (or part)]

 

Administrative
details of the New Lender

[insert details of Facility Office, address for notices and payment details
etc.]

 

	
  [EXISTING
  LENDER]

  	
  [NEW LENDER]

  
	
   

  	
   

  
	
  By:

  	
  By:

  
	
   

  	
   

  
	
  The Transfer
  Date is confirmed by the Facility Agent as
  [                  ].

  
	
   

  	
   

  
	
  [FACILITY
  AGENT]

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  

 

121

 

SCHEDULE 6

 

EXISTING SECURITY

 

	
  Member of the Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Group Holding NV

  	
   

  	
  Pledge with respect to the shares of Telenet Vlaanderen NV (16,100
  shares), pursuant to accession agreement dated February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over receivables, pursuant to receivables and
  securities pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Communications NV

  	
   

  	
  First rank pledge over receivables, pursuant to receivables and
  securities pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  Mortgage mandate, dated August 9, 2002

  	
   

  	
  €650,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, pursuant to partial exercise of floating charge mandate
  dated August 9, 2002

  	
   

  	
  €250,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares of Telenet Vlaanderen NV (4,605,979
  shares), pursuant to share pledge agreement dated December 22, 2003 and
  supplemental agreement dated February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over receivables, pursuant to a receivables and
  securities pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet NV

  	
   

  	
  Mortgage (former Telenet Operaties NV), pursuant to a mortgage deed dated
  March 27, 2002, a mortgage deed dated August 9, 2002 and a mortgage
  deed dated September 30, 2002

  	
   

  	
  €800,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage (former MixtICS NV), pursuant to a mortgage deed dated
  September 30, 2002

  	
   

  	
  €625,000,000

  

 

122

 

	
  Member of the Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
  and a mortgage deed dated August 9, 2002

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage (former Telenet Solutions NV), pursuant to a mortgage deed dated
  May 14, 2004

  	
   

  	
  €50,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate (former Telenet Operaties NV), dated August 9, 2002
  (minus exercise of €200,000,000)

  	
   

  	
  €450,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate (former MixtICS NV), dated August 9, 2002 (minus
  exercise of €200,000,000)

  	
   

  	
  €450,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, dated June 9, 2006, effective May 12, 2006

  	
   

  	
  €135,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge mandate, dated May 12, 2006

  	
   

  	
  €865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former Telenet Operaties NV), pursuant to a floating
  charge agreement dated March 29, 2001, two floating charge agreements
  dated August 9, 2002 and a partial exercise of a floating charge
  mandated dated March 29, 2001

  	
   

  	
  €1,250,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former MixtICS NV), pursuant to two floating charge
  agreements dated August 9, 2002

  	
   

  	
  €865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former PayTVCo NV), pursuant to a floating charge
  agreement dated February 27, 2004

  	
   

  	
  €75,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former Telenet Solutions NV), pursuant to a floating
  charge agreement dated February 27, 2004

  	
   

  	
  €75,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over receivables, pursuant to a receivables and
  securities pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Vlaanderen NV

  	
   

  	
  Mortgage, pursuant to a mortgage deed dated August 9, 2002 and a
  mortgage deed dated September 30, 2002

  	
   

  	
  €625,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate, dated August 9, 2002

  	
   

  	
  €450,000,000

  

 

123

 

	
  Member of the Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
  (minus exercise of €200,000,000)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, pursuant to a floating charge agreement dated
  August 9, 2002 and exercise of the floating charge mandate dated
  August 9, 2002

  	
   

  	
  €865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge over receivables, pursuant to a receivables and securities pledge
  agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  UPC Belgium NV

  	
   

  	
  Pledge over receivables and securities, dated April 17, 2007

  	
   

  	
  Secured Liabilities

  

 

124

 

SCHEDULE 7

 

EXISTING SHARE PLEDGES

 

	
  Member of the Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Group Holding NV

  	
   

  	
  First rank pledge with respect to the shares of Telenet BidCo NV (one
  share), pursuant to share pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares of Telenet NV (4,250
  shares), pursuant to accession agreement dated February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Communications NV

  	
   

  	
  First rank pledge with respect to the shares of Telenet BidCo NV (28,379,617
  shares), pursuant to share pledge agreement dated August 9,
  2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  First rank pledge with respect to the shares of Telenet NV (2,534,814
  shares), pursuant to a share pledge agreement dated May 13, 2003, a
  supplemental agreement dated December 22, 2003, a supplemental agreement
  dated August 12, 2005 and two supplemental agreements dated
  February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares of UPC Belgium NV (807,017 shares),
  dated April 17, 2007

  	
   

  	
  Secured Liabilities

  

 

125

 

SCHEDULE 8

 

EXISTING NOTES SECURITY

 

	
  Member of the Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Group Holding NV

  	
   

  	
  Second rank pledge with respect to the shares of Telenet BidCo NV (one
  share), pursuant to a second rank share pledge agreement dated December 22,
  2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over receivables, pursuant to a second rank
  receivables pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Communications NV

  	
   

  	
  Second rank pledge with respect to the shares of Telenet BidCo NV
  (28,379,617 shares), pursuant to a second rank share pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over receivables, pursuant to a second rank
  receivables pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  Second rank pledge with respect to the shares of Telenet NV (1,315,448
  shares), pursuant to a second rank share pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over receivables, pursuant to a second rank
  receivables pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet NV

  	
   

  	
  Second rank pledge over receivables, pursuant to a second rank
  receivables pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  

 

126

 

SCHEDULE 9

 

FORM OF COMPLIANCE CERTIFICATE

 

	
  To:

  	
  [FACILITY
  AGENT] as Facility Agent

  
	
   

  	
   

  
	
  From:

  	
  TELENET
  BIDCO NV

  
	
   

  	
   

  
	
  Date:

  	
  [                              
  ]

  

 

 

TELENET
BIDCO NV – €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Agreement)

 

	
  1.

  	
  We refer to
  the Agreement. This is a Compliance Certificate.

  
	
   

  	
   

  
	
  2.

  	
  We confirm
  that as at [relevant testing date]:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  Net Total
  Debt is [·] and Consolidated Annualised EBITDA is [·]; therefore, the ratio of
  Net Total Debt to Consolidated Annualised EBITDA is [·] to 1; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Consolidated
  EBITDA is [l]
  and Total Cash Interest is [l];
  therefore the ratio of Consolidated EBITDA to Total Cash Interest is [l]
  to 1.

  
	
   

  	
   

  
	
  3.

  	
  We set out
  below calculations establishing the figures in paragraph 2:

  
	
   

  	
  [                        ].

  
	
   

  	
   

  
	
  4.

  	
  [We confirm
  that no Default is outstanding as at [relevant testing date].(2)

  
	
   

  	
   

  
	
  5.

  	
  We confirm that
  as at [relevant testing date], the Material Subsidiaries are:

  

 

TELENET BIDCO NV

 

By:

 

[insert
applicable certification language]

 

for

 

[auditors of the
Company](3)

 

	
  (2)

  	
  If this
  statement cannot be made, the certificate should identify any Default that is
  outstanding and the steps, if any, being taken to remedy it.

  
	
   

  	
   

  
	
  (3)

  	
  If tested
  annually, only include in certificate with annual accounts.

  

 

127

 

SCHEDULE 10

 

FORM OF ACCESSION AGREEMENT

 

To:          [FACILITY AGENT] as Facility
Agent

 

From:      TELENET BIDCO NV and [Proposed
Borrower/Proposed Guarantor]

 

Date:       [                         ]

 

Telenet
BidCo NV — €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Agreement)

 

We refer to the
Agreement.  This is an Accession
Agreement.

 

[Name of company]
of [address/registered office] agrees to become an Additional
Borrower/Guarantor and to be bound by the terms of the Agreement as an
Additional Borrower/Guarantor.

 

This Accession
Agreement is governed by English law.

 

TELENET BIDCO NV

 

By:

 

 

[PROPOSED
BORROWER/GUARANTOR](1)

 

By:

 

128

 

SCHEDULE 11

 

FORM OF TELENET ADDITIONAL FACILITY ACCESSION AGREEMENT

 

To:          [FACILITY AGENT] as Facility
Agent

 

[SECURITY AGENT] as Security
Agent

 

From:      [Proposed Additional Facility Lender(s)]

 

Date:       [·]

 

TELENET
BIDCO NV - €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Credit Agreement)

 

1.             Terms
defined in the Credit Agreement shall have the same meaning in this Deed.

 

2.             We
refer to Clause 2.7 (Telenet Additional Facility) of the Credit Agreement.

 

3.             We,
[Name of Lender(s)] agree to become party to and to be bound by the terms of
the Credit Agreement as [a] Lender(s) in accordance with Clause 2.7
(Telenet Additional Facility).

 

4.             Our
Telenet Additional Facility Commitment is EUR/US$ [            ].

 

5.             The
final maturity date in respect of our Telenet Additional Facility Commitment is
[           ].

 

6.             The
Telenet Additional Facility Availability Period in relation to this Telenet
Additional Facility is [       ].

 

7.             The
Margin in relation to this Telenet Additional Facility is [   ] per annum. 
[If applicable set out how the Margin will be adjusted].

 

8.             Advances
under this Telenet Additional Facility will be applied [                           ].

 

9.             We
confirm to each Finance Party that:

 

(a)           we
have made our 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 have not relied on any
information provided to us by a Finance Party in connection with any Finance
Document; and

 

(b)           we
will continue to make our 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.

 

10.           The
Facility Office and address for notices of the Lender is:

 

[                 ]

 

11.           This
Agreement is governed by English law.

 

[LENDER(S)]

 

By:

 

129

 

[FACILITY AGENT]
as Facility Agent

 

By:

 

TELENET BIDCO NV

 

By:

 

130

 

SCHEDULE 12

 

FORM OF RESIGNATION REQUEST

 

To:          [FACILITY AGENT] as Facility
Agent

 

From:      TELENET BIDCO NV

 

Date:       [       ]

 

TELENET
BIDCO NV - €2,300,000,000 Credit Agreement

dated 1 August 2007 (the Agreement)

 

1.             We
refer to the Agreement. This is a Resignation Request.

 

2.             We
request that [resigning Obligor] be released from its obligations as [a/an](4) [Obligor/Borrower/Guarantor](5) under
the Agreement.

 

3.             We
confirm that no Default is outstanding or would result from the acceptance of
this Resignation Request.

 

4.             We
confirm that as at the date of this Resignation Request no amount owed by
[resigning Obligor] under the Agreement is outstanding.

 

5.             This
Resignation Request is governed by English law.

 

 

	
  TELENET BIDCO
  NV

  	
   

  	
  [Relevant
  Obligor]

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  By:

  

 

The Facility
Agent confirms that this resignation takes effect on
[          ].

 

[FACILITY AGENT]

 

By:

 

(4)           Delete
as applicable.

(5)           Delete
as applicable.

 

131

 

SIGNATORIES

 

[This section not
restated]

 

132EXHIBIT 4.2

 

CONFORMED COPY

 

SUPPLEMENTAL AGREEMENT

 

DATED 23 JUNE 2009

 

BETWEEN

 

TELENET
BIDCO NV

 

AND

 

TORONTO DOMINION (TEXAS) LLC

 

as
Facility Agent

 

relating
to a €2,300,000,000 Credit
Agreement

 

originally
dated 1 August 2007

 

and as
amended and restated by supplemental agreements dated 22 August 2007, 11 September 2007,
8 October 2007

 

 

Allen &
Overy LLP

 

 

CONTENTS

 

	
   

  	
  Page

  
	
  Clause

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Interpretation

  	
  1

  
	
  2.

  	
  Amendments

  	
  1

  
	
  3.

  	
  Representations

  	
  2

  
	
  4.

  	
  Consents

  	
  2

  
	
  5.

  	
  conditions subsequent

  	
  3

  
	
  6.

  	
  Miscellaneous

  	
  3

  
	
  7.

  	
  Governing law

  	
  3

  
	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Conditions precedent documents

  	
  4

  
	
  2.

  	
  Restated Credit Agreement

  	
  5

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
  6

  

 

 

THIS AGREEMENT is
dated 23 June 2009

 

BETWEEN:

 

(1)                                  TELENET BIDCO NV (RPR Mechelen 89835,
Enterprise No. 0473.416.418) (the Company);

 

(2)                                  THE ORIGINAL GUARANTORS under and as
defined in the Credit Agreement (defined below); and

 

(3)                                  TORONTO
DOMINION (TEXAS) LLC as agent (in this capacity
the Facility Agent).

 

BACKGROUND

 

(A)                             This
Agreement is supplemental to and amends a credit agreement originally dated 1 August 2007
and as amended and restated by supplemental agreements dated 22 August 2007,
11 September 2007 and 8 October 2007 between, among others, the
Company and the Facility Agent (the Credit Agreement).

 

(B)                               The Majority
Lenders (as defined in the Credit Agreement) have consented to the amendments
to the Credit Agreement contemplated by this Agreement.  Accordingly, the Facility Agent is authorised
to execute this Agreement on behalf of the Finance Parties.

 

IT IS AGREED as
follows:

 

1.                                      INTERPRETATION

 

1.1                               Definitions

 

(a)                                  In
this Agreement:

 

First Effective
Date means 30 June 2009 or such other date as the
Company and the Facility Agent may agree.

 

Second
Effective Date means 31 August 2009 or
such other date as the Company and the Facility Agent may agree.

 

(b)                                 Capitalised
terms defined in the Credit Agreement have, unless expressly defined in this
Agreement, the same meaning in this Agreement.

 

1.2                               Construction

 

The principles of
construction set out in the Credit Agreement will have effect as if set out in
this Agreement.

 

2.                                      AMENDMENTS

 

(a)                                 Subject as set
out below, the Credit Agreement will be amended from the First Effective Date so
that it reads as if it were restated in the form set out in Schedule 2 (Restated
Credit Agreement).

 

(b)                                The Credit
Agreement will not be amended by this Agreement unless the Facility Agent
notifies the Company and the Lenders that it has received all of the documents
set out in Schedule 1 (Conditions precedent documents) in form and substance
satisfactory to the 

 

1

 

Facility Agent on
or prior to the First Effective Date. 
The Facility Agent must give this notification as soon as reasonably
practicable.

 

(c)                                  If
the Facility Agent fails to give the notification under paragraph (b) above
by the First Effective Date, the Credit Agreement will not be amended in the
manner contemplated by this Agreement.

 

3.                                      REPRESENTATIONS

 

3.1                               Representations

 

The
representations set out in this Clause are made by each Obligor on the date of
this Agreement to each Finance Party.

 

3.2                               Powers
and authority

 

It has the power
to enter into and perform, and has taken all necessary action to authorise the
entry into and performance of, this Agreement and the transactions contemplated
by this Agreement.

 

3.3                               Legal
validity

 

Subject to any general principles of law limiting its obligations and
referred to in any legal opinion delivered under Schedule 1 (Conditions
precedent documents), this Agreement constitutes its legally binding, valid and
enforceable obligation.

 

3.4                               Non-conflict

 

The entry into
and performance by it of, and the transactions contemplated by, this Agreement
do not and will not conflict with:

 

(a)                                  in
any material respect, any law or regulation or official judgment or decree
applicable to it;

 

(b)                                 in
any material respect, its constitutional documents; or

 

(c)                                 any
agreement or instrument to which it is a party or is binding on any of its
assets or binding upon any other member of the Group or any other member of the
Group’s assets, where such conflict would or is reasonably likely to have a
Material Adverse Effect.

 

3.5                               Authorisations

 

All material and
necessary authorisations required by it in connection with the entry into,
performance, validity and enforceability of, and the transactions contemplated
by, this Agreement have been obtained or effected (as appropriate) and are in
full force and effect.

 

4.                                      CONSENTS

 

Each Obligor:

 

(a)                                  agrees
to the amendment and restatement of the Credit Agreement as contemplated by
this Agreement; and

 

2

 

(b)                                 with
effect from the First Effective Date, confirms that any guarantee or security
given by it or created under a Finance Document will:

 

(i)                                    continue
in full force and effect; and

 

(ii)                                 extend
to the liabilities and obligations of the Obligors to the Finance Parties under
the Finance Documents as amended by this Agreement.

 

5.                                      CONDITIONS SUBSEQUENT

 

(a)                                  The
Company will provide the Facility Agent with the following documents in form
and substance satisfactory to the Facility Agent on or prior to the Second Effective
Date:

 

(i)                                    a copy of a
resolution of the board of directors of each Obligor ratifying the entry into,
and the performance of the transactions contemplated by, this Agreement; and

 

(ii)                                 a certificate of
an authorised signatory of each Obligor certifying that the copy document
specified in sub-paragraph (i) above is correct, complete and in full
force and effect as at a date no earlier than the Second Effective Date,

 

(together the Conditions Subsequent
Documents).

 

(b)                                 Failure
by the Company to provide the Conditions Subsequent Documents by the Second
Effective Date will be an immediate Event of Default.

 

6.                                      MISCELLANEOUS

 

(a)                                  Each
of this Agreement and the Credit Agreement, as amended and restated by this
Agreement is a Finance Document.

 

(b)                                 Subject
to the terms of this Agreement, the Credit Agreement will remain in full force
and effect and, from the First Effective Date, the Credit Agreement and this
Agreement will be read and construed as one document.

 

7.                                      GOVERNING LAW

 

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

 

This Agreement
has been entered into on the date stated at the beginning of this Agreement.

 

3

 

SCHEDULE 1

 

CONDITIONS PRECEDENT DOCUMENTS

 

1.                                       A copy of the
constitutional documents of each Obligor or, if the Facility Agent already has
a copy, a certificate of an authorised signatory of the relevant Obligor
confirming that the copy in the Facility Agent’s possession is still correct,
complete and in full force and effect as at a date no earlier than the date of
this Agreement.

 

2.                                       A specimen of the
signature of each person authorised on behalf of each Obligor to sign this
Agreement.

 

3.                                       A certificate of
an authorised signatory of each Obligor certifying that each copy document
specified in this Schedule is correct, complete and in full force and effect as
at a date no earlier than the date of this Agreement.

 

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

 

5.                                       Evidence that all
fees and expenses then due and payable from the Company in respect of this Agreement
have been paid.

 

4

 

SCHEDULE 2

 

RESTATED CREDIT AGREEMENT

 

[insert restated credit agreement ]

 

5

 

SIGNATORIES

 

Company

 

TELENET BIDCO NV

 

By:                              Authorized
signatory

 

 

Original Guarantors

 

TELENET BIDCO NV

 

By:                              Authorized
signatory

 

 

TELENET NV

 

By:                              Authorized
signatory

 

 

Facility Agent

 

TORONTO DOMINION (TEXAS)
LLC

 

By:                              Authorized
signatory

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]