Document:

Exhibit 10.1

 

Execution Version

 

AGREEMENT

 

This
Agreement dated January 20, 2010 (this “Agreement”), is by and
among the persons and entities listed on Schedule A (collectively, the “Icahn
Group”, and individually a “member” of the Icahn Group) and Take-Two
Interactive Software, Inc. (the “Company”).  In consideration of and reliance upon the
mutual covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.                                       Board
Nomination.  The Company
agrees:

 

(a)           to include Brett Icahn, James Nelson
and SungHwan Cho or their respective Replacements (as hereinafter defined)  (each, an “Icahn
Suggested Nominee”, and collectively, the “Icahn Suggested Nominees”)
in its slate of nominees for election as directors of the Company at the
Company’s 2010 annual meeting of stockholders (the “2010 Annual Meeting”);

 

(b)           that to the extent any of Brett
Icahn, James Nelson or SungHwan Cho (or their respective Replacements) is
unable to serve as a nominee for election as director or to serve as a
director, for any reason, the Icahn Group shall have the right to submit the
name of a replacement (the “Replacement”) to the Company for its
approval (such determination to be made in the sole discretion of the Company
acting in good faith) and who shall serve as the nominee for election as
director or serve as director.  If the
proposed Replacement is not approved by the Company, the Icahn Group shall have
the right to submit another proposed Replacement to the Company for its
approval (such determination to be made in the sole discretion of the Company
acting in good faith).  The Icahn Group
shall have the right to continue submitting the name of a proposed Replacement
to the Company for its approval until the Company approves that such
Replacement may serve as a nominee for election as director or to serve as a
director whereupon such person is appointed as the Replacement;

 

(c)           its slate of nominees for election as
directors of the Company at the 2010 Annual Meeting shall not include Ben
Feder, Grover C. Brown and John F. Levy; and

 

(d)           to use commercially reasonable
efforts to cause the election of the Icahn Suggested Nominees to the Company’s
board of directors (the “Board”) at the 2010 Annual Meeting (including
recommending that the Company’s stockholders vote in favor of the election of
the Icahn Suggested Nominees and otherwise supporting them for election in a
manner no less rigorous and favorable than the manner in which the Company
supports its other nominees in the aggregate).

 

 

2.                                       Board
Resignation.

 

(a)           If, at anytime after the date hereof,
the Icahn Group, together with all Affiliates (as hereinafter defined) of the
members of the Icahn Group, ceases collectively to beneficially own (as defined
in Rule 13d-3 promulgated by the Securities and Exchange Commission (the “SEC”)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
net of Short Interests (as defined below), at least 4,159,359 shares of common
stock, par value $0.01 per share, of the Company (the “Common Stock”)
(which beneficial ownership shall include the right to vote at least 4,159,359
shares of Common Stock) (the “Ownership Threshold”), the Icahn Group
shall cause each of the Icahn Suggested Nominees to promptly tender his
resignation from the Board and any committee of the Board on which he then
sits.  In furtherance of this Section 2,
each Icahn Suggested Nominee, upon his appointment to the Board, shall execute
an irrevocable resignation as director in the form attached hereto as Exhibit A.  “Short Interests” shall mean any agreement,
arrangement, understanding or relationship, including any repurchase or similar
so-called “stock borrowing” agreement or arrangement, engaged in, directly or
indirectly, by a member of the Icahn Group or an Affiliate of a member of the
Icahn Group, the purpose or effect of which is to short shares of Common Stock.

 

(b)           The Icahn Group hereby agrees to
provide prompt written notice to the Company if together with its Affiliates,
its beneficial ownership of Common Stock, net of Short Interests, no longer
meets or exceeds the Ownership Threshold.

 

3.                                       Proxy Contest
and Other Matters.

 

(a)           So long as the Company has complied
and is complying with its obligations set forth in this Agreement, including
those obligations set forth in Section 1 hereto, no member of the Icahn
Group shall, and each member of the Icahn Group shall cause each Affiliate or
Associate (as such terms are hereinafter defined) of any such members (such
Affiliates and Associates, collectively and individually, the “Icahn Affiliates”)
not to, (i) become a “participant” (as such term is defined in Instruction
3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in or actively
assist any third party in any “solicitation” of “proxies” (as such terms are
defined in Rule 14a-1 promulgated under the Exchange Act) for use at the
2010 Annual Meeting, (ii) encourage, advise or influence any other person
or assist any third party in so encouraging, assisting or influencing any
person with respect to the giving or withholding of any proxy vote at the 2010
Annual Meeting in opposition to the Company’s slate of nominees for election as
directors of the Company, (iii) present any proposal for consideration at
the 2010 Annual Meeting or (iv) grant any proxy with respect to the 2010
Annual Meeting (other than to the named proxies included in the Company’s proxy
card for the 2010 Annual Meeting, which shall include the Icahn Suggested
Nominees and no more than five other nominees) or deposit any of the Common
Stock held by the Icahn Group or the Icahn Affiliates in a voting trust or
subject them to a voting agreement or other arrangement of similar effect with
respect to the 2010 Annual Meeting.  For
purposes of this Agreement: the terms “Affiliate” and “Associate” shall have
the respective meanings set forth in Rule 12b-2 promulgated by the SEC
under the Exchange Act, provided that neither the term Affiliate nor Associate
shall include any person that is a publicly held company or whom is an officer
or director of such publicly held company; and the terms “person” or “persons”
shall mean any individual, corporation (including not-for-profit), general or
limited partnership, limited liability or unlimited liability company, joint
venture, estate, trust, association, organization or other entity of any kind
or nature.

 

2

 

(b)           So long as the Company has complied
and is complying with its obligations set forth in this Agreement, including
those obligations set forth in Section 1 hereto, each member of the Icahn
Group shall cause all shares of Common Stock owned of record and shall instruct
the record owner, in case of all shares of Common Stock beneficially owned (as
defined in Rule 13d-3 promulgated by the SEC under the Exchange Act) but
not owned of record, directly or indirectly, by it, or by any Icahn Affiliate,
as of the record date for the 2010 Annual Meeting, to be present for quorum purposes
and to be voted, at the 2010 Annual Meeting or at any adjournments or
postponements thereof, in favor of the directors nominated by the Board for
election at the 2010 Annual Meeting which shall include the Icahn Suggested
Nominees and no more than five other nominees.

 

4.                                       Public
Announcement.

 

(a)           The Company and the Icahn Group shall
announce this Agreement and the material terms hereof by means of a press
release in the form attached hereto as Exhibit B (the “Press
Release”) as soon as practicable on or after the date hereof.  Neither the Icahn Group nor any Icahn
Affiliate shall make or cause to be made, directly or indirectly, any public
announcement or statement regarding this Agreement or the subject matter
hereof, except as required by applicable law (in which case such statements
shall not be inconsistent with or contrary to the statements made in the Press
Release).  Neither the Company nor any
Company Affiliate shall make or cause to be made, directly or indirectly, any
public announcement or statement regarding this Agreement or the subject matter
hereof which is inconsistent with or contrary to the statements made in the
Press Release.

 

(b)           From the date hereof until the
adjournment of the 2010 Annual Meeting, neither the Company, on the one hand,
nor the members of the Icahn Group, on the other hand, shall disparage the
other party or its officers or directors; provided, however, that (i) the
obligations of the Company under this Section 4(b) shall terminate in
the event that any member of the Icahn Group or any Icahn Affiliate fails to
comply with its obligations under this Agreement and (ii) the obligations
of the members of the Icahn Group under this Section 4(b) shall
terminate in the event that the Company fails to comply with its obligations
under this Agreement.

 

3

 

5.                                       Confidentiality
Agreement.  The Company
hereby agrees that notwithstanding any policy of the Company, the Icahn
Suggested Nominees are permitted to and may provide confidential information in
accordance with the terms of the confidentiality agreement in the form attached
hereto as Exhibit C (the “Confidentiality Agreement”).

 

6.                                       Representations
and Warranties.  Each of the
parties hereto represents and warrants to the other party that:

 

(a)           such party has all requisite company
authority and power to execute and deliver this Agreement and to consummate the
transactions contemplated hereby;

 

(b)           the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have
been duly and validly authorized by all required company or other action on the
part of such party and no other proceedings on the part of such party are
necessary to authorize the execution and delivery of this Agreement or to consummate
the transactions contemplated hereby;

 

(c)           this Agreement has been duly and
validly executed and delivered by such party and constitutes the valid and
binding obligation of such party enforceable against such party in accordance
with its terms; and

 

(d)           this Agreement will not result in a
violation of any terms or provisions of any agreements to which such person is
a party or by which such party may otherwise be bound or of any law, rule,
license, regulation, judgment, order or decree governing or affecting such
party.

 

7.                                       Miscellaneous.  The parties hereto shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement exclusively in the
Court of Chancery or other federal or state courts of the State of Delaware, in
addition to any other remedy to which they are entitled at law or in
equity.  Furthermore, each of the parties
hereto (a) consents to submit itself to the personal jurisdiction of the
Court of Chancery or other federal or state courts of the State of Delaware in
the event any dispute arises out of this Agreement or the transactions
contemplated by this Agreement, (b) agrees that it shall not attempt to
deny or defeat such personal jurisdiction by motion or other request for leave
from any such court, (c) agrees that it shall not bring any action
relating to this Agreement or the transactions contemplated by this Agreement
in any court other than the Court of Chancery or other federal or state courts
of the State of Delaware, and each of the parties irrevocably waives the right
to trial by jury, (d) agrees to waive any bonding requirement under any
applicable law, in the case any other party seeks to enforce the terms by way
of equitable relief and (e) each of the parties irrevocably consents to
service of process by a reputable overnight mail delivery service, signature
requested, to the address of such parties’ principal place of business or as
otherwise provided by applicable law. 
THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING WITHOUT
LIMITATION VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE
THAT WOULD COMPEL THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

4

 

8.             Entire Agreement.  This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof and may
be amended only by an agreement in writing executed by the parties hereto.

 

9.             Notices.  All notices, consents, requests,
instructions, approvals and other communications provided for herein and all
legal process in regard hereto shall be in writing and shall be deemed validly
given, made or served, if (a) given by telecopy, when such telecopy is
transmitted to the telecopy number set forth below and the appropriate
confirmation is received or (b) if given by any other means, when actually
received during normal business hours at the address specified in this
subsection:

 

if to the Company:                                              Take-Two
Interactive Software, Inc.

622 Broadway 

New York, NY 10012

Attention: General Counsel

Facsimile: (646) 536-2926

 

with a copy to:                                                                 Willkie Farr &
Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Attention: Adam M. Turteltaub 

Facsimile: (212) 728-9129

 

if to the Icahn Group:                               Icahn Capital
LP

767 Fifth Avenue, 47th Floor

New York, NY 10153

Attention:  Marc Weitzen

Facsimile:  (212) 688-1158

 

10.           Severability.  If at any time subsequent to the date hereof,
any provision of this Agreement shall be held by any court of competent
jurisdiction to be illegal, void or unenforceable, such provision shall be of
no force and effect, but the illegality or unenforceability of such provision
shall have no effect upon the legality or enforceability of any other provision
of this Agreement.

 

11.           Counterparts.  This Agreement may be executed in two or more
counterparts (including by facsimile or PDF) which together shall constitute a
single agreement.

 

5

 

12.           Successors and Assigns.  This Agreement shall not be assignable by any
of the parties to this Agreement but shall be binding on successors of the
parties hereto.

 

13.           No Third Party Beneficiaries.  This Agreement is solely for the benefit of
the parties hereto and the Icahn Suggested Nominees and is not enforceable by
any other persons.

 

14.           Fees and Expenses.  Neither the Company, on the one hand, nor the
Icahn Group, on the other hand, will be responsible for any fees or expenses of
the other in connection with this Agreement.

 

15.           Interpretation and Construction.  Each of the parties hereto acknowledges that
it has been represented by counsel of its choice throughout all negotiations
that have preceded the execution of this Agreement, and that it has executed
the same with the advice of said independent counsel.  Each party and its counsel cooperated and
participated in the drafting and preparation of this Agreement and the
documents referred to herein, and any and all drafts relating thereto exchanged
among the parties shall be deemed the work product of all of the parties and
may not be construed against any party by reason of its drafting or
preparation.  Accordingly, any rule of
law or any legal decision that would require interpretation of any ambiguities
in this Agreement against any party that drafted or prepared it is of no
application and is hereby expressly waived by each of the parties hereto, and
any controversy over interpretations of this Agreement shall be decided without
regards to events of drafting or preparation.

 

[Signature Pages Follow]

 

6

 

IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or
caused the same to be executed by its duly authorized representative as of the
date first above written.

 

 

	
   

  	
  TAKE-TWO
  INTERACTIVE SOFTWARE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Seth D. Krauss

  
	
   

  	
   

  	
  Name:
  Seth D. Krauss

  
	
   

  	
   

  	
  Title:
  Executive Vice President and General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ICAHN
  PARTNERS MASTER FUND LP

  
	
   

  	
  ICAHN
  PARTNERS MASTER FUND II LP

  
	
   

  	
  ICAHN
  PARTNERS MASTER FUND III LP

  
	
   

  	
  ICAHN
  OFFSHORE LP

  
	
   

  	
  ICAHN
  PARTNERS LP

  
	
   

  	
  ICAHN
  ONSHORE LP

  
	
   

  	
  ICAHN
  CAPITAL LP

  
	
   

  	
  IPH
  GP LLC

  
	
   

  	
  ICAHN ENTERPRISES G.P. INC.

  
	
   

  	
  ICAHN
  ENTERPRISES HOLDINGS L.P.

  
	
   

  	
   

  	
  By:
  Icahn Enterprises G.P. Inc., general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Vincent Intrieri

  
	
   

  	
   

  	
  Name:
  Vincent Intrieri

  
	
   

  	
   

  	
  Title:
  Authorized Signatory

  

 

 

	
   

  	
  BECKTON
  CORP.

  
	
   

  	
  BARBERRY
  CORP.

  
	
   

  	
  HIGH
  RIVER LIMITED PARTNERSHIP

  
	
   

  	
   

  	
  By:
  Hopper Investments LLC, general partner

  
	
   

  	
   

  	
  By:
  Barberry Corp., its sole member

  
	
   

  	
  HOPPER
  INVESTMENTS LLC

  
	
   

  	
   

  	
  By:
  Barberry Corp, its sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Keith Cozza

  
	
   

  	
  Name:
  Keith Cozza

  
	
   

  	
  Title:
  Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CARL
  C. ICAHN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Carl C. Icahn

  

 

[Signature
Page to Agreement]

 

 

Schedule A

 

High River Limited Partnership

 

Hopper Investments LLC

 

Barberry Corp.

 

Icahn Partners Master Fund LP

 

Icahn Partners Master Fund II LP

 

Icahn Partners Master Fund III LP

 

Icahn Offshore LP

 

Icahn Partners LP

 

Ichan Onshore LP

 

Icahn Capital LP

 

IPH GP LLC

 

Icahn Enterprises Holdings L.P.

 

Icahn
Enterprises G.P. Inc.

 

Beckton Corp.

 

Carl C. Icahn

 

 

Exhibit A

 

[Form of
Irrevocable Resignation]

 

[Date]

 

Attention:
Chairman of the Board of Directors

 

Reference
is made to the Agreement, dated as of January 20, 2010 (the “Agreement”),
by and among Take-Two Interactive Software, Inc. (the “Company”) and the
Icahn Group (as defined therein). 
Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Agreement.

 

In
accordance with Section 2 of the Agreement I hereby irrevocably tender my
resignation (the “Resignation”) as a director of the Board effective as of the
occurrence of a Resignation Event (as defined below), the acceptance, by
executing below, of this resignation by the Board (excluding me and the other
Icahn Suggested Nominees) and the delivery of this fully executed Resignation
to the Icahn Group .  For purposes
hereof, a “Resignation Event” shall occur in the event that at any time the
Icahn Group, together with all Icahn Affiliates, cease to collectively
beneficially own (as defined in Rule 13d-3 promulgated by the SEC under
the Exchange Act), net of Short Interests, at least 4,159,359 shares of Common
Stock.  I hereby acknowledge that this
resignation as a director of the Board is as a result of the terms and
conditions of the Agreement.  Upon the
effectiveness of this resignation and the acceptance of this resignation by the
Board, I will immediately cease to be a member of the Board and all committees
thereof.

 

This
resignation is irrevocable and may not be withdrawn by me at any time.

 

	
   

  	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Director]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACCEPTED
  BY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:
  [Name]

  	
   

  	
   

  
	
  Title:
  Chairman of the Board

  	
   

  	
   

  

 

 

Exhibit B

 

[Form of
Press Release]

 

FINAL

 

FOR IMMEDIATE RELEASE

 

CONTACT:

 

Meg
Maise (Corporate Press/Investor Relations)

Take-Two Interactive Software, Inc.

(646)
536-2932

meg.maise@take2games.com

 

Brunswick
Group

Steve Lipin/Christina
Stenson

(212)
333-3810

taketwo@brunswickgroup.com

 

Take-Two Interactive Software, Inc. to Nominate Three New
Directors at 2010 Annual Meeting

 

New York, NY — January 21,
2010 — Take-Two Interactive Software, Inc.
(NASDAQ:TTWO) today announced that the Board of Directors will nominate for
election at the 2010 Annual Stockholder Meeting, three new board members to
replace Ben Feder, Grover C. Brown, Esq., and John F. Levy, who will not
stand for re-election. Take-Two is proposing this change in board
representation at the request of certain stockholders, including Carl Icahn,
holder of approximately 11.3 percent of Take-Two shares.  Ben Feder will continue to serve as Chief
Executive Officer of Take-Two.

 

As part of an agreement reached with Mr. Icahn,
Take-Two will nominate for election by stockholders Mr. Icahn’s nominees,
SungHwan Cho, Brett Icahn and James L. Nelson. 
Mr. Icahn has agreed that he will vote his shares at the annual
meeting for Take-Two’s full slate of nominees, which will also include
incumbent directors Strauss Zelnick, Michael Dornemann, Robert Bowman, J Moses
and Michael Sheresky. If the nominees are elected to the Company’s Board and Mr. Icahn’s
holdings in Take-Two subsequently fall below 5 percent, his nominees will
resign from the Board immediately.

 

Strauss Zelnick, Chairman of Take-Two commented, “I
want to express my gratitude to Ben, Grover and John not only for their
dedicated service to Take-Two stockholders but also for their very gracious
decision not to stand for re-election so that we can facilitate a change in
Board composition. It’s important to note that Mr. Icahn
did not request that these directors in particular step down; they were willing
to continue in their role but agreed not to stand for re-election in keeping
with their commitment to the Company and desire to put the best interests of
stockholders first, as they have done throughout their tenure on the Board.”

 

The Board concluded a director selection process
that included a vetting and nominating process for Mr. Icahn’s candidates
and also the consideration of other independent qualified directors.

 

“Take-Two has industry-leading development talent
and intellectual property,” said Carl Icahn. 
“I’m a firm believer in the long-term potential of the Company, and from
a corporate governance point of view I applaud the current board for its
responsiveness.”

 

Mr. Zelnick continued, “Advancing our
stockholders’ interests is the Board’s guiding principle, and it’s in that
spirit that we’ve undertaken a change in board representation. We have much to
accomplish at Take-Two in the year ahead, and we welcome the new directors who
each have experience in the entertainment industry and will help us achieve our
objectives.”

 

1

 

About Take-Two Interactive Software

 

Headquartered in New York City, Take-Two
Interactive Software, Inc. is a global developer, marketer, distributor
and publisher of interactive entertainment software games for the PC,
PlayStation®3 and PlayStation®2 computer entertainment systems, PSP®
(PlayStation®Portable) system, Xbox 360® video game and entertainment system from
Microsoft, WiiTM, Nintendo DSTM, iPhoneTM and iPod® touch. The Company publishes
and develops products through its wholly owned labels Rockstar Games and 2K,
which publishes its titles under 2K Games, 2K Sports and 2K Play. Take-Two also
distributes software, hardware and accessories in North America through its
Jack of All Games subsidiary. The Company’s common stock is publicly traded on
NASDAQ under the symbol TTWO. For more corporate and product information please
visit our website at www.take2games.com.

 

All trademarks and copyrights contained herein are the property of their
respective holders.

 

Cautionary Note Regarding Forward-Looking Statements

 

The statements contained herein which are not historical facts are
considered forward-looking statements under federal securities laws and may be
identified by words such as “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “will,” or
words of similar meaning and include, but are not limited to, statements
regarding the outlook for the Company’s future business and financial
performance. Such forward-looking statements are based on the current beliefs
of our management as well as assumptions made by and information currently
available to them, which are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Actual outcomes and
results may vary materially from these forward-looking statements based on a
variety of risks and uncertainties including: our dependence on key management
and product development personnel, our dependence on our Grand Theft Auto
products and our ability to develop other hit titles for current generation
platforms, the timely release and significant market acceptance of our games,
the ability to maintain acceptable pricing levels on our games, our reliance on
a primary distribution service provider for a significant portion of our
products, our ability to raise capital if needed, risks associated with
international operations, and the matters relating to the investigation by a
special committee of our board of directors of the Company’s stock option
grants and the claims and proceedings relating thereto (including stockholder
and derivative litigation and negative tax or other implications for the
Company resulting from any accounting adjustments or other factors). Other
important factors and information are contained in the Company’s Annual Report
on Form 10-K for the fiscal year ended October 31, 2009, in the
section entitled “Risk Factors,” and the Company’s other periodic filings with
the SEC, which can be accessed at www.take2games.com. All forward-looking
statements are qualified by these cautionary statements and apply only as of
the date they are made. The Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information, future
events or otherwise.

 

Additional
Information and Where to Find It

 

In connection with the solicitation of proxies, Take-Two will file a
definitive proxy statement and other relevant documents with the SEC concerning
the proposals to be presented at the 2010 Annual Meeting of Stockholders. 
THE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT TAKE-TWO AND THE
2010 ANNUAL MEETING OF STOCKHOLDERS.  When filed, the definitive proxy
statement will be available free of charge at the SEC’s web site at www.sec.gov
or from Take-Take at www.take2games.com.  The contents of the websites
referenced herein are not deemed to be incorporated by reference into the proxy
statement.

 

Take-Two and its directors and executive officers and the director
nominees may be deemed to be participants in the solicitation of proxies in
connection with the 2010 Annual Meeting of Stockholders.  Information
regarding Take-Two directors and executive officers and the director nominees
will be included in the proxy statement.

 

###

 

2

 

Exhibit C

 

[Form of
Confidentiality Agreement]

 

TAKE-TWO INTERACTIVE
SOFTWARE, INC.

622 Broadway

New York, New York 10012

 

To: [Insert Icahn Group member]

 

Ladies and Gentlemen:

 

This letter agreement shall become effective upon the election to the
Board of Directors of the Company of the Icahn Suggested Nominees.  It results from an Agreement, dated as of January 20,
2010 (the “Agreement”), by and among Take-Two Interactive Software, Inc.
(the “Company”) and the Icahn Group (as defined therein).  Capitalized terms used in this letter
agreement not otherwise defined herein shall have the meanings ascribed to such
terms in the Agreement.

 

Among other things, pursuant to the terms of the Agreement, the Icahn
Suggested Nominees will be included on the Company’s slate of nominees for
election as directors of the Company at the Company’s 2010 annual meeting of stockholders.  The Company understands and agrees that,
subject to the terms of, and in accordance with, this letter agreement, each
Icahn Suggested Nominee may, if and to the extent he desires to do so, disclose
information he obtains while serving as a member of the Board to you and your
Representatives (as hereinafter defined) and may discuss such information with
such persons, subject to the terms and conditions of this letter
agreement.  As a result, you may receive
certain non-public information regarding the Company.  You acknowledge that this information is
proprietary to the Company and may include trade secrets or other business
information the disclosure of which could harm the Company.  In consideration for, and as a condition of,
non-public information being furnished to you (and, subject to the restrictions
in paragraph 2 below, your agents, representatives, attorneys, advisors,
directors, officers, members, partners and employees, collectively, “Representatives”),
you agree to treat any and all information concerning or relating to the
Company or any of its subsidiaries or affiliates that is furnished to you or
your Representatives (regardless of the manner in which it is furnished,
including without limitation in written or electronic format or orally,
gathered by visual inspection or otherwise) by any Icahn Suggested Nominee, or
by or on behalf of the Company, together with any notes, analyses, reports,
models, compilations, studies, interpretations, documents or records
containing, referring, relating to, based upon or derived from such
information, in whole or in part (collectively, “Confidential Information”),
in accordance with the provisions of this letter agreement, and to take or
abstain from taking the other actions hereinafter set forth.

 

1.     The term “Confidential
Information” does not include information that (i) is or has become
generally available to the public other than as a result of a direct or
indirect disclosure by you or your Representatives in violation of this letter
agreement or by any Icahn Suggested Nominee in violation of any contractual,
legal or fiduciary obligation to or of the Company, (ii) was within your
or any of your Representatives’ possession on a non-confidential basis prior to
its being furnished to any Icahn Suggested Nominee by or on behalf of the
Company or its Representative or to you by any Icahn Suggested Nominee, or by
or on behalf of the Company or its Representatives or (iii) is received
from a source other than any Icahn Suggested Nominee, the Company or any of its
Representatives; provided, that in the case of each of (ii) and (iii) above,
the source of such information was not known to you to be bound by a
confidentiality agreement with or other contractual, legal or fiduciary
obligation of confidentiality to the Company or any of its subsidiaries with
respect to such information at the time the same was disclosed.

 

 

2.     You hereby agree that you
and your Representatives will (a) keep the Confidential Information
strictly confidential and (b) not disclose any of the Confidential
Information in any manner whatsoever without the prior written consent of the
Company; provided, however, that you may disclose any of such information to
your Representatives (i) who need to know such information for the sole purpose
of advising you on your investment in the Company and (ii) who are
informed by you in advance of the confidential nature of such information and
who agree to comply with the use and confidentiality obligations contained in
this letter agreement as if they are a party hereto; provided, further, that
you will be responsible for any violation of this letter agreement by your
Representatives as if they were parties hereto. 
It is understood and agreed that the Icahn Suggested Nominees shall not
take any action or fail to take any action with the purpose or effect of
waiving attorney client privilege, disclose to you any Legal Advice (as defined
below) that may be included in the Confidential Information with respect to
which such disclosure would constitute waiver of the Company’s attorney client
privilege or attorney work-product; provided, however, that the Icahn Suggested
Nominees may provide such disclosure if any such Icahn Suggested Nominee has
not taken any action or failed to take any action that has the purpose or
effect of waiving attorney client privilege with respect to any portion of such
Legal Advice and if reputable outside legal counsel experienced in the area and
reasonably acceptable to the Company provides the Company with a written opinion
that such disclosure will not waive the Company’s attorney client privilege
with respect to such Legal Advice.  “Legal
Advice” as used herein shall be solely and exclusively limited to the legal
advice provided by internal or outside legal counsel and shall not include
factual information or the formulation or analysis of business strategy.

 

3.     In the event that you or
any of your Representatives are required by applicable subpoena, legal process
or other legal requirement to disclose any of the Confidential Information, you
will promptly notify (except where such notice would be legally prohibited) the
Company in writing and provide reasonable cooperation, at the Company’s
expense, so that the Company may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Confidentiality
Agreement.  If, in the absence of a
protective order or other remedy or the receipt of a waiver from the Company,
you or any of your Representatives are nonetheless, in the opinion of your
counsel, legally compelled to disclose Confidential Information, you may,
without liability hereunder, disclose to such tribunal only that portion of the
Confidential Information which such counsel advises you is legally required to
be disclosed, provided that you notify the recipient of the existence of this
Confidentiality Agreement and your obligations hereunder to maintain the
confidentiality of the Confidential Information.  In no event will you oppose any action by the
Company to obtain a protective order, motion to quash or other relief to
prevent the disclosure of the Confidential Information or to obtain reliable
assurance that confidential treatment will be afforded the Confidential
Information.  It is understood that there
shall be no “legal requirement” requiring you to disclose any Confidential
Information solely by virtue of the fact that, absent such disclosure, you
would be prohibited from purchasing, selling, or engaging in derivative or
other transactions with respect to, the Common Stock of the Company (including,
for the avoidance of doubt, any agreement or understanding with respect to the
voting or the granting or withholding of consent with respect to the Common
Stock of the Company or otherwise proposing or making an offer to do any of the
foregoing).

 

C-2

 

4.     You acknowledge that (a) none
of the Company or any of its Representatives makes any representation or
warranty, express or implied, as to the accuracy or completeness of any Confidential
Information, and (b) none of the Company or any of its Representatives
shall have any liability to you or to any of your Representatives relating to
or resulting from the use of the Confidential Information or any errors therein
or omissions therefrom.  You and your
Representatives shall not directly or indirectly initiate contact or
communication with any executive or employee of the Company other than the
Executive Chairman, Chief Executive Officer or General Counsel of the Company
concerning Confidential Information, or to seek any information in connection
therewith from any such person other than the Executive Chairman, Chief
Executive Officer or General Counsel of the Company without the prior written
consent of the Company.

 

5.     All Confidential
Information shall remain the property of the Company.  Neither you nor any of your Representatives
shall by virtue of any disclosure of and/or your use of any Confidential
Information acquire any rights with respect thereto, all of which rights (including
all intellectual property rights) shall remain exclusively with the
Company.  At any time upon the request of
the Company for any reason, you will promptly return to the Company, or
destroy, all hard copies of the Confidential Information and permanently erase
or delete all electronic copies of the Confidential Information in your or any
of your Representative’s possession or control (and, upon the request of the
Company, shall certify to the Company that such Confidential Information has
been erased or deleted, as the case may be; provided that nothing herein shall
require you to return or destroy automatically created electronic copies stored
on system back-up tapes or disks. 
Notwithstanding the return, destruction or erasure or deletion of
Confidential Information, you will continue to be bound by the obligations
contained herein.

 

6.     You acknowledge, and will
advise your Representatives, that the Confidential Information may constitute
material non-public information under applicable federal and state securities
laws.

 

C-3

 

7.     You hereby represent and
warrant to the Company that this letter agreement has been duly authorized,
executed and delivered by you, and is a valid and binding obligation, enforceable
against you in accordance with its terms.

 

8.     It is understood and agreed
that no failure or delay by the Company in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or future exercise thereof or the
exercise of any other right, power or privilege hereunder.

 

9.     You acknowledge that the
value of the Confidential Information to the Company is unique and substantial,
but may be impractical or difficult to assess in monetary terms.  In the event of an actual or threatened
violation of this letter agreement, in addition to any and all other remedies
which may be available to the Company, you expressly consent to the Company’s
obtaining the enforcement of this letter agreement by injunctive relief or
specific performance, without proof of actual damages or posting of a bond.

 

10.       You hereby agree to
indemnify and hold harmless the Company and its Affiliates and their respective
officers, directors, employees, Affiliates, advisors, agents and controlling
persons, from and against any and all out-of-pocket reasonable expenses, joint
and several, incurred by the Company in defending any inquiry or investigation,
whether made, instituted or conducted by any Governmental or Regulatory
Authority (as defined below), related to or based upon any acquisitions or
dispositions of any Common Stock or other securities of the Company by you or
any of your Affiliates, Associates or representatives, or any alleged “tippee” thereof,
which inquiry or investigation has resulted in a final non-appealable
determination that you or your Affiliates have violated any applicable law
related to trading on the Confidential Information covered by this Agreement.  “Governmental or Regulatory Authority”
means any court, tribunal, arbitrator, authority, agency, bureau, board,
commission, department, official or other instrumentality of the United States,
any foreign country or any domestic or foreign state, county, city or other
political subdivision, and shall include any stock exchange and quotation
service.

 

11.           Each of the parties hereto (a) consents to submit
itself to the personal jurisdiction of the Court of Chancery or other federal
or state courts of the State of Delaware in the event any dispute arises out of
this Agreement or the transactions contemplated by this Agreement, (b) agrees
that it shall not attempt to deny or defeat such personal jurisdiction by
motion or other request for leave from any such court, (c) agrees that it
shall not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other than the Court of Chancery or
other federal or state courts of the State of Delaware, and each of the parties
irrevocably waives the right to trial by jury and (d) each of the parties
irrevocably consents to service of process by a reputable overnight mail
delivery service, signature requested, to the address of such parties’
principal place of business or as otherwise provided by applicable law.  THIS AGREEMENT SHALL BE GOVERNED IN ALL
RESPECTS, INCLUDING WITHOUT LIMITATION VALIDITY, INTERPRETATION AND EFFECT, BY
THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES
OF SUCH STATE THAT WOULD COMPEL THE APPLICATION OF THE LAW OF ANOTHER
JURISDICTION.

 

C-4

 

12.       This letter agreement
contains the entire understanding of the parties with respect to the subject
matter hereof and thereof and may be amended only by an agreement in writing
executed by the parties hereto.

 

13.       All notices, consents,
requests, instructions, approvals and other communications provided for herein
and all legal process in regard hereto shall be in writing and shall be deemed
validly given, made or served, if (a) given by telecopy, when such
telecopy is transmitted to the telecopy number set forth below and the
appropriate confirmation is received or (b) if given by any other means,
when actually received during normal business hours at the address specified in
this subsection:

 

if to the Company:                                              Take-Two
Interactive Software, Inc.

622 Broadway 

New York, NY 10012

Attention: General Counsel

Facsimile: (646) 536-2926

 

with a copy to:                                                                 Willkie Farr &
Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Attention: Adam M. Turteltaub 

Facsimile: (212) 728-9129

 

if to the [Icahn Group
member]:

 

Icahn Capital LP

767 Fifth Avenue, 47th Floor

New York, NY 10153

Attention:  Marc Weitzen

Facsimile:  (212) 688-1158

 

14.       If at any time
subsequent to the date hereof, any provision of this letter agreement shall be
held by any court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall be of no force and effect, but the
illegality or unenforceability of such provision shall have no effect upon the
legality or enforceability of any other provision of this letter agreement.

 

15.       This letter agreement
may be executed (including by facsimile or PDF) in two or more counterparts
which together shall constitute a single agreement.

 

16.       This letter agreement
and the rights and obligations herein may not be assigned or otherwise
transferred, in whole or in part, by you without the express written consent of
the Company.

 

C-5

 

17.       This Confidentiality
Agreement shall expire two years from the date on which each Icahn Suggested
Nominee ceases to be a director of the Company.

 

18.       No licenses or rights
under any patent, copyright, trademark, or trade secret are granted or are to
be implied by this letter agreements.

 

19.       Each of the parties
hereto acknowledges that it has been represented by counsel of its choice
throughout all negotiations that have preceded the execution of this agreement,
and that it has executed the same with the advice of said counsel.  Each party and its counsel cooperated and
participated in the drafting and preparation of this agreement and the
documents referred to herein, and any and all drafts relating thereto exchanged
among the parties shall be deemed the work product of all of the parties and
may not be construed against any party by reason of its drafting or
preparation.  Accordingly, any rule of
law or any legal decision that would require interpretation of any ambiguities
in this agreement against any party that drafted or prepared it is of no
application and is hereby expressly waived by each of the parties hereto, and
any controversy over interpretations of this agreement shall be decided without
regards to events of drafting or preparation. 
The section headings contained in this agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this agreement.

 

[Signature Page Follows]

 

C-6

 

Please confirm your agreement with the foregoing by signing and
returning one copy of this letter to the undersigned, whereupon this letter
agreement shall become a binding agreement between you and the Company.

 

	
   

  	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TAKE-TWO
  INTERACTIVE SOFTWARE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and agreed as of the date first written above:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

C-7Exhibit 4.1

 

EXECUTION VERSION

 

€40,000,000 ADDITIONAL
FACILITY S ACCESSION AGREEMENT

 

	
  To:

  	
  Toronto
  Dominion (Texas) LLC as Facility Agent and TD Bank Europe Limited as Security
  Agent

  
	
   

  	
   

  
	
  From:

  	
  The persons listed in Schedule 1 to this
  Agreement (the Additional Facility S Lenders)

  

 

Date:   19 January 2010

 

UPC Broadband Holding B.V.
(formerly known as UPC Distribution Holding B.V) - €1,072,000,000 Term Credit
Agreement dated 16 January 2004 as amended from time to time (the Credit
Agreement)

 

1.             In this Agreement:

 

Existing Facility S means the €1,700,000,000 term
loan facility made available under the Additional Facility Accession Agreements
dated 6 May 2009 and 22 May 2009 respectively.

 

Existing Facility S Advance means the outstanding Advance
under the Existing Facility S as at the date of this Agreement, being €1,700,000,000.

 

Facility S Interest Period means the Interest Period which
is current, at the Effective Date, in respect of the outstanding Advance under
Facility S.

 

Facility S means the €40,000,000 term
loan facility made available under this Agreement.

 

Facility S Advance means a euro denominated
advance made to UPC Financing by the Additional Facility S Lenders under Facility
S.

 

Facility S Commitment means, in relation to an
Additional Facility S Lender, the amount in euros set opposite its name under
the heading “Facility S Commitment” in Schedule 1 to the counterpart of this
Agreement executed by that Additional Facility S Lender, to the extent not
cancelled, transferred, or reduced under the Credit Agreement.

 

Majority Facility S Lenders means Additional Facility S
Lenders the aggregate of whose Facility S Commitments exceeds 662/3 per
cent. of the aggregate of Facility S Commitments of all Additional Facility S
Lenders.

 

2.             Unless otherwise defined in this Agreement,
terms defined in the Credit Agreement shall have the same meaning in this
Agreement and a reference to a Clause is a reference to a Clause of the Credit
Agreement. The principles of construction set out in Clause 1.2 (Construction)
of the Credit Agreement apply to this Agreement as though they were set out in
full in this Agreement.

 

3.             We refer to Clause 2.2 (Additional
Facilities) of the Credit Agreement.

 

4.             This Agreement will take effect on the date
on which the Facility Agent notifies UPC Broadband and the Additional Facility S
Lenders that it has received the documents and evidence set out in Schedule 2
to this Agreement, in each case in form and substance satisfactory to it or, as
the case may be, the requirement to provide any of such documents or evidence
has been waived by the Facility Agent on behalf of the Additional Facility S
Lenders (the Effective Date).

 

 

5.             We, the Additional Facility S Lenders,
agree:

 

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

 

(b)           to become party to the Security Deed as
Lenders and to observe, perform and be bound by the terms and provisions of the
Security Deed in the capacity of Lenders in accordance with Clause 9.3
(Transfers by Lenders) of the Security Deed.

 

6.             The Additional Facility Commitment in
relation to an Additional Facility S Lender (for the purpose of the definition
of Additional Facility Commitment in Clause 1.1 (Definitions) of the Credit
Agreement) is its Facility S Commitment.

 

7.             Any interest due in relation to Facility S
will be payable on the last day of each Interest Period in accordance with
Clause 8 (Interest) of the Credit Agreement.

 

8.             The Availability Period for Facility S
shall be the Effective Date.

 

9.             Facility S may be drawn by one Advance and
no more than one Request may be made in respect of Facility S under the Credit
Agreement.

 

10.           (a)           The first Interest Period to
apply to the Facility S Advance will be a period equal to the period running
from the Effective Date up to and including the last day of the Facility S Interest
Period.

 

(b)           In respect of the first Interest Period
only, EURIBOR shall mean the EURIBOR rate as determined
in respect of the Facility S Interest Period.

 

11.           The Facility S Advances will be used for
general corporate purposes and working capital purposes, including the
repayment or prepayment of existing indebtedness.

 

12.           The Final Maturity Date in respect of this Facility
S will be the earlier of:

 

(a)           31 December 2016; and

 

(b)           17 October 2013 (the Relevant Date) being the date falling 90 days prior to the
date on which the UPC Holding B.V. issued bonds due 2014 (the Bonds) are currently scheduled to fall due, if on the
Relevant Date, Bonds are outstanding in an aggregate amount equal to or greater
than €250,000,000.

 

13.           The outstanding Facility S Advances will be
repaid in full on the Final Maturity Date.

 

14.           The Margin in relation to Facility S is 3.75
per cent. per annum.

 

15.           The Borrower in relation to Facility S is
UPC Financing.

 

16.           (a)           It is the intention of the parties that the
Existing Facility S be upsized by the amount of this Facility S in accordance
with the relevant terms of each Existing Facility S Accession Agreement and
that from the date the Facility S Advance under this Agreement is consolidated
with the Existing Facility S Advance, this Facility S and the Existing Facility
S shall constitute one single Additional Facility for all purposes under the
Credit Agreement. Provided that any upsizing of Facility S permitted under this
paragraph will not breach any term of the Credit Agreement, Facility S may be
upsized by any amount, by the signing of one or more further Additional
Facility S 

 

 

Accession
Agreements, that specify (along with the other terms specified therein) UPC
Financing as the sole Borrower and which specify Additional Facility S
Commitments denominated in euros, to be drawn in euros, with the same Final
Maturity Date and Margin as specified in this Additional Facility S Accession
Agreement.

 

(b)           For the purposes of this paragraph 16, (unless
otherwise specified), references to Additional Facility S Lenders and Facility S
Advances shall include Lenders and Advances made under any such further or
previous Additional Facility S Accession Agreement.

 

(c)           If the Borrower so requests, an Interest
Period for a Facility S Advance under any other Additional Facility S Accession
Agreement will end on the same day as the current Interest Period for any other
Facility S Advance denominated in the same currency as that Facility S Advance.

 

(d)           On the last day of any Interest Period for
any Facility S Advance, that Facility S Advance will be consolidated with any
other Facility S Advance which has an Interest Period ending on the same day as
that Facility S Advance, and all such Facility S Advances will then be treated
as one Advance.

 

17.           Each of UPC Broadband and UPC Financing
confirms, on behalf of themselves and each other Obligor that the representations
and warranties set out in Clause 15 (Representations and Warranties) of the
Credit Agreement (with the exception of Clauses 15.6(a) (Consents), 15.10
(Financial condition), 15.12 (Security Interests), 15.13(b) (Litigation
and insolvency proceedings), 15.14 (Business Plan), 15.15 (Tax liabilities),
15.16 (Ownership of assets), 15.18 (Works Council), 15.19 (Borrower Group
Structure), 15.20 (ERISA), 15.24 (UPC Financing) and 15.25 (Dutch Banking Act))
are true and correct as if made at the Effective Date with reference to the
facts and circumstances then existing, and as if each reference to the Finance
Documents includes a reference to this Agreement.

 

18.           UPC Broadband further represents and
warrants on the Effective Date that the execution and delivery by it of this
Agreement and the performance of the transactions contemplated by this
Agreement will not violate any agreement or instrument to which UPC Holding is
a party or binding upon UPC Holding or any member of the Borrower Group or any
assets of UPC Holding or any member of the Borrower Group’s assets, where such
violation would or is reasonably likely to have a Material Adverse Effect.

 

19.           Each Additional Facility S Lender confirms
to each Finance Party that:

 

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

 

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

 

20.           Each Additional Facility S Lender agrees to
waive the notice period in respect of drawdown requests under Clause 5.1
(Delivery of Request) of the Credit Agreement in respect of this Facility S.

 

 

21.           The Facility Office and address for notices
of each Additional Facility S Lender for the purposes of Clause 32.2
(Addresses for notices) of the Credit Agreement will be that notified by each
Additional Facility S Lender to the Facility Agent.

 

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

 

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

 

 

SCHEDULE 1

 

ADDITIONAL FACILITY S
LENDERS AND COMMITMENTS

 

	
  Additional Facility S Lender

  	
   

  	
  Facility S Commitment

  	
   

  
	
   

  	
   

  	
  (€)

  	
   

  
	
  UPC
  Broadband Operations B.V.

  	
   

  	
  40,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  40,000,000

  	
   

  

 

 

SCHEDULE 2

 

CONDITIONS PRECEDENT
DOCUMENTS

 

1.             Constitutional Documents

 

(a)           A copy of the constitutional documents of
each Obligor (other than UPC Financing) and the partnership agreement of UPC
Financing 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.

 

(b)           An extract of the registration of each
Obligor established in the Netherlands in the trade register of the Dutch Chamber
of Commerce.

 

2.             Authorisations

 

(a)           A copy of a resolution of the board of
managing and, to the extent applicable, board of supervisory directors (or
equivalent) and, to the extent that a shareholders’ resolution is required, a
copy of the shareholders’ resolution of each Obligor:

 

(i)            approving the terms of and the transactions
contemplated by this Agreement and (in the case of UPC Broadband and UPC
Financing) resolving that it execute the same (and, in the case of the
Guarantors and the Charging Entities (as defined in the Security Deed)
resolving that it execute the confirmation described at paragraph 4(a) below;
and

 

(ii)           (in the case of UPC Broadband and UPC
Financing) authorising the issuance of a power of attorney to a specified
person or persons to execute this Agreement on its behalf and (in the case of
the Guarantors and the Charging Entities (as defined in the Security Deed))
authorising the issuance of a power of attorney to a specified person or
persons to execute the confirmation described in paragraph 4(a) below.

 

(b)           A specimen of the signature of each person
authorised pursuant to its constitutional documents or to the power of attorney
referred to in paragraph (a) above to sign this Agreement or the confirmation
described in paragraph 4 below (as appropriate).

 

(c)           A certificate of an authorised signatory of
UPC Broadband, each Guarantor and each Charging Entity certifying that each
copy document specified in this Schedule and supplied by UPC Broadband, each
Guarantor and each Charging Entity is correct, complete and in full force and
effect as at a date no earlier than the date of this Agreement.

 

(d)           A copy of any other authorisation or other
document, opinion or assurance which the Facility Agent has notified UPC Broadband
is necessary in connection with the entry into and performance of, and the
transactions contemplated by, this Agreement or for the validity and
enforceability of this Agreement.

 

3.             Legal opinions

 

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

 

 

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

 

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

 

4.             Other documents

 

Confirmation (in writing) from (i) each of the
Guarantors that its obligations under Clause 14 (Guarantee) of the Credit
Agreement and (ii) each of the Charging Entities (as defined in the
Security Deed) that the Security Interests granted to the Beneficiaries
pursuant to the Security Documents and its obligations under the Finance
Documents, shall continue unaffected and that such obligations extend to the
Total Commitments as increased by the addition of Facility S and that such
obligations shall be owed to each Finance Party including the Additional
Facility S Lenders.

 

 

SIGNATORIES

 

TORONTO DOMINION (TEXAS) LLC as Facility
Agent

 

By:          Authorized Signatory

 

 

TD BANK EUROPE LIMITED as Security Agent

 

By:          Authorized Signatory

 

 

UPC BROADBAND HOLDING B.V.

 

By:          Authorized Signatory

 

By:          Authorized Signatory

 

 

UPC FINANCING PARTNERSHIP

 

By:          Authorized Signatory

 

By:          Authorized Signatory

 

 

ADDITIONAL FACILITY
S LENDERS

 

UPC BROADBAND OPERATIONS B.V.

 

 

By: Authorized Signatory

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