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Exhibit 4.33    
    

DATED 5 NOVEMBER 2002  

 BARFAIR LIMITED  

 VIRGIN EXPRESS HOLDINGS PLC  

 THIRD VARIATION AGREEMENT

RELATING TO A FACILITY AGREEMENT  

 
  
 

    THIRD VARIATION AGREEMENT    
    

DATE: 5 NOVEMBER 2002 

PARTIES: 

	1
	BARFAIR LIMITED whose registered office is at 120 Campden Hill Road, London W8 7AR (the "Lender")

	2
	VIRGIN EXPRESS HOLDINGS PLC (company number 2743543) whose registered office is at 120 Campden Hill Road, London W8 7AR (the "Borrower") 

BACKGROUND:

	A.
	Pursuant
to a facility agreement dated 27 September 2000 made between the Borrower and the Lender as amended by a Variation Agreement dated 29 March 2001 and further
amended on 23 April 2002 (as so amended, the "Facility Agreement"), the parties have agreed the terms of an uncommitted loan facility of up to an aggregate principal amount of US$32,500,000.

	B.
	By
this Variation Agreement the parties wish to further amend the Facility Agreement. 

AGREEMENT:

	1
	Interpretation

	1.1
	Unless
the contrary intention appears, terms defined in the Facility Agreement shall have the same meanings when used in this Variation Agreement.

	1.2
	The
provisions of Clauses 1.2 and 19 of the Facility Agreement shall also apply to this Variation Agreement as if set out in this Variation Agreement but with all necessary
modifications.

	2
	Conditions Precedent

The
provisions of Clauses 3 and 4 below shall take effect on and from the date (the "Effective Date") on which the Lender receives (in form and substance satisfactory to the Lender) a copy of a
resolution of the board of directors of the Borrower certified as a true copy by an officer of the Borrower approving the terms of this Variation Agreement and authorising a named individual or
individuals to sign this Variation Agreement on behalf of the Borrower. 

	3
	Amendment and Increase

On
and from the Effective Date the Facility Agreement shall be amended so that it shall be in the form set out in the Appendix to this Agreement. 

	4
	Currency Conversion

With
effect from close of business on 31 August 2002 the currency of the Facility is changed from US Dollars to euro and: 

	4.1
	the
principal amount of Outstanding Drawings at that time, being US$27,999,500.00, is hereby converted to a sum in euro of EUR 28,425,888.32;

	4.2
	the
accrued interest at that time, being US$3,288,108.58, is hereby converted to a sum in euro of EUR 3,338,181.30; and

	4.3
	after
31 August 2002 interest shall be deemed to have accrued in euro at the rate specified in the form of amended Facility Agreement in the Appendix hereto. 

2

 
	5
	Costs and Expenses

The
Borrower shall (whether or not the Effective Date occurs) on demand pay to the Lender the amount of all reasonable and proper costs and expenses (including, without limitation, the fees and
expenses of the Lender's legal advisers) incurred by the Lender in connection with the preparation, negotiation and execution of this Variation Agreement and any other document referred to in this
Variation Agreement or in connection with the variations to the Facility to be made hereby, together with value added tax or any similar tax thereon. 

	6
	Miscellaneous

The
provisions of Clauses 15 (Assignment), 16 (Severability and Partial Invalidity), 17 (No Waivers; Remedies Cumulative) and 20 (Notices) of the Facility Agreement shall apply to this Variation
Agreement as if set out in this Variation Agreement, but as if references in those clauses to the Facility Agreement were references to this Variation Agreement. 

	7
	Continuing References

	7.1
	Except
insofar as amended or supplemented hereby, the Facility Agreement will remain in full force and effect.

	7.2
	References
in the Facility Agreement to "this Agreement", "hereof", "hereunder" and expressions of similar import shall, from the Effective Date, be deemed to be references to the
Facility Agreement as amended by this Variation Agreement.

	8
	Security

The
Borrower acknowledges that the Debenture will after the Effective Date continue to secure all of its present and future obligations and liabilities, whether actual or contingent and whether owed
jointly or severally or in any other capacity whatsoever, to the Lender under the Facility Agreement as amended by this Variation Agreement. 

	9
	Governing Law and Jurisdiction

	9.1
	This
Variation Agreement shall be governed by and construed in accordance with English law.

	9.2
	The
parties hereto irrevocably agree for the benefit of the Lender that the courts of England shall have jurisdiction to hear and determine any suit, action or proceedings and to
settle any disputes which may arise out of or in connection with this Variation Agreement and for such purpose irrevocably submit to the jurisdiction of such courts.

	9.3
	The
submission to the jurisdiction of the courts of England shall not (and shall not be construed so as to) limit the right of the Lender to take proceedings against the Borrower in
any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not. 

This
Variation Agreement has been entered into on the date stated at the beginning of this Variation Agreement. 

3

 

	SIGNED by	)	 	 
	for and on behalf of BARFAIR	)	 	 
	LIMITED	)	 	 
	

                Director	

[ILLEGIBLE]	
 	

 
	

SIGNED by	

)	
 	

 
	for and on behalf of	)	 	 
	VIRGIN EXPRESS HOLDINGS PLC	)	 	 
	

                Director	

[ILLEGIBLE]	
 	

 

4

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Exhibit 4.33

THIRD VARIATION AGREEMENTQuickLinks
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Exhibit 4.34    
    

 
 

BARFAIR LIMITED    
    

 
 

Notice of Assignment  
    

17
March 2003 

To:
Virgin Express Holdings plc ("VEX") 

From:
Barfair Limited ("Barfair") 

Dear
Sirs 

€35,590,457.97 Receivable  

We
refer to the aggregate amount outstanding under a facility agreement dated 27 September 2000 as amended by agreement on 29 March 2001, 23 April 2002 and 5 November 2002
(as so amended, the
"Facility Agreement") being, as at 17 March 2003, €35,590,457.97, which includes accrued but unpaid interest of
€4,664,569.97 (the "Debt"). 

We
further refer to the security granted to us by you under a debenture dated 27 September 2002 (the "Debenture"). 

We
give notice to you that, pursuant to the terms of an Assignment of even date, we have assigned to Virgin Sky Investments (BVI) Limited ("VSIL") all
our right, title and interest in the Facility Agreement, in the Debt and under the Debenture. 

Please
treat this notice as confirmation that the charge registered against you in our favour can be released pursuant to the creation of a substitute charge in VSIL's favour. 

Please
acknowledge receipt of this Notice of Assignment by signing and returning to us and VSIL at 120 Campden Hill Road, London, W8 7AR, an acknowledgement in the form attached hereto. 

Yours
faithfully 

[Illegible] 

For
and on behalf of
 Barfair Limited

Registered
Office: 120 Campden Hill Road, London, W8 7AR. Registered in England No. 3552508 

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Exhibit 4.34

BARFAIR LIMITED

Notice of AssignmentQuickLinks
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Exhibit 4.35    
    

VIRGIN SKY INVESTMENTS LIMITED
  La Motte Chambers

St Helier

Jersey

JE1 1BJ
 Telephone +44 (0) 1534 602000

Facsimile +44 (0) 1534 602002  

13 June 2003 

The
Directors

Virgin Express Holdings PLC

120 Campden Hill Road

London

W8 7AR 

Dear
Sirs 

We,
Virgin Sky Investments Limited ("VSIL"), in our capacity as the majority shareholder of Virgin Express Holdings PLC ("VEHPLC"), have been asked to provide a formal letter of support
in connection with the finalisation of the financial statements of VEHPLC for the year ended 31 December 2002. 

This
letter of support is to confirm that VSIL intends to provide such financial support as is necessary to enable the Company to meet its ongoing financial obligations as and when they fall due for
the foreseeable future and in any event, for the period ending on 30 June 2004. 

In
providing this letter, the directors of VSIL have considered the cash flow projections of the VEHPLC Group for the period ending 30 June 2004 (as attached). Based on our assessment of these
projections, the directors are comfortable that VSIL will have the resources to provide such financial support as may be necessary. 

We
understand that, on the basis of this representation, the following disclosures will be included in the financial statements of the VEHPLC: 

"The
consolidated financial statements have been prepared on a going concern basis in view of the fact that Virgin Group Investments Limited ("VGIL") the ultimate holding company of the
company's principal shareholder, has provided or procured that Virgin Sky Investment Limited ("VSIL"), a wholly owned subsidiary of VGIL, will provide sufficient funding to the company
to enable it to meet its liabilities as they fall due, for at least the next twelve months. As part of this undertaking, VSIL has also indicated that it will convert to capital loans (together with
the associated interest) to the company outstanding as at 31 December 2002 made by Barfair Limited (a wholly owned subsidiary of VGIL) which have subsequently been transferred from Barfair
Limited to VSIL. 

The
directors have no reason to believe that VSIL will not be in a position to provide the support referred to above and, accordingly, they have prepared the financial statements on the going concern
basis." 

Nothing
in this letter is intended to be legally binding on us nor does it create any legally enforceable obligations on us. 

Yours
faithfully 

[Illegible]

For
and on behalf of

Virgin Sky Investments Limited

As authorised by the Board 

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Exhibit 4.35

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