Document:

Indenture dated November 20, 2009

 Exhibit 4.2 
 Execution Version 
 UPC GERMANY
GMBH 
 9 5/8% Senior Notes due 2019 
  
  
 INDENTURE 
 Dated as of November 20, 2009 
  
  
  
  
 THE BANK OF NEW YORK MELLON 
 Trustee, Registrar, Transfer
Agent and 
 Principal Paying Agent 
 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A. 
 Luxembourg Transfer and Paying Agent

 CREDIT SUISSE, LONDON BRANCH 
 Security Trustee 
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE 1.
 DEFINITIONS AND INCORPORATION
 BY
REFERENCE

			
	Section 1.01	 	Definitions	  	1
	Section 1.02	 	Other Definitions	  	37
	Section 1.03	 	Incorporation by Reference of Trust Indenture Act	  	38
	Section 1.04	 	Rules of Construction	  	39
	
	 ARTICLE 2.
 THE NOTES

			
	Section 2.01	 	Form and Dating	  	39
	Section 2.02	 	Execution and Authentication	  	40
	Section 2.03	 	Registrar and Paying Agent	  	41
	Section 2.04	 	Holders to Be Treated as Owners; Payments of Interest	  	42
	Section 2.05	 	Paying Agent to Hold Money	  	43
	Section 2.06	 	Holder Lists	  	43
	Section 2.07	 	Transfer and Exchange	  	43
	Section 2.08	 	Replacement Notes	  	50
	Section 2.09	 	Outstanding Notes	  	50
	Section 2.10	 	Treasury Notes	  	50
	Section 2.11	 	Temporary Notes	  	51
	Section 2.12	 	Cancellation	  	51
	Section 2.13	 	Defaulted Interest	  	51
	Section 2.14	 	ISIN or Common Code Number	  	51
	Section 2.15	 	Deposit of Moneys	  	51
	
	 ARTICLE 3.
 REDEMPTION AND PREPAYMENT

			
	Section 3.01	 	Notices to Trustee	  	52
	Section 3.02	 	Selection of Notes to Be Redeemed or Purchased	  	52
	Section 3.03	 	Notice of Redemption	  	53
	Section 3.04	 	Effect of Notice of Redemption	  	53
	Section 3.05	 	Deposit of Redemption or Purchase Price	  	53
	Section 3.06	 	Notes Redeemed or Repurchased in Part	  	54
	Section 3.07	 	Optional Redemption	  	54
	Section 3.08	 	Special Mandatory Redemption	  	56
	Section 3.09	 	Mandatory Redemption	  	56
	Section 3.10	 	Redemption for Changes in Withholding Tax	  	57
	Section 3.11	 	Offer to Purchase by Application of Excess Proceeds	  	57
	
	 ARTICLE 4.
 COVENANTS

			
	Section 4.01	 	Payment of Notes	  	60
	Section 4.02	 	The Maintenance of Office or Agency	  	61
	Section 4.03	 	Reports	  	61
	Section 4.04	 	Compliance Certificate	  	62
	Section 4.05	 	Taxes	  	63
	Section 4.06	 	Stay, Extension and Usury Laws	  	63
	Section 4.07	 	Limitation on Restricted Payments	  	63
	Section 4.08	 	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	68

  

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	Section 4.09	 	Limitation on Indebtedness	  	70
	Section 4.10	 	Limitation on Sales of Assets and Subsidiary Stock	  	74
	Section 4.11	 	Limitation on Affiliate Transactions	  	75
	Section 4.12	 	Limitation on Liens	  	78
	Section 4.13	 	Corporate Existence	  	78
	Section 4.14	 	Change of Control	  	78
	Section 4.15	 	Limitation on Issuances of Guarantees of Indebtedness by Restricted Subsidiaries	  	80
	Section 4.16	 	Payments for Consents	  	82
	Section 4.17	 	Impairment of Security Interests	  	82
	Section 4.18	 	Additional Amounts	  	83
	Section 4.19	 	Suspension of Covenants on Achievement of Investment Grade Status	  	85
	Section 4.20	 	Further Instruments and Acts	  	85
	Section 4.21	 	Listing	  	85
	Section 4.22	 	[Reserved]	  	86
	Section 4.23	 	Additional Intercreditor Agreements	  	86
	Section 4.24	 	Completion of Debt Pushdown	  	86
	Section 4.25	 	Limitation on Activities of Bidco Prior to the Debt Pushdown	  	88
	Section 4.26	 	Limitation on Layering	  	89
	
	 ARTICLE 5.
 SUCCESSORS

			
	Section 5.01	 	Merger and Consolidation	  	89
	Section 5.02	 	Successor Corporation Substituted	  	90
	
	 ARTICLE 6.
 DEFAULTS AND REMEDIES

			
	Section 6.01	 	Events of Default	  	91
	Section 6.02	 	Acceleration	  	93
	Section 6.03	 	Other Remedies	  	94
	Section 6.04	 	Waiver of Past Defaults	  	94
	Section 6.05	 	Control by Majority	  	95
	Section 6.06	 	Limitation on Suits	  	95
	Section 6.07	 	Rights of Holders of Notes to Receive Payment	  	95
	Section 6.08	 	Collection Suit by Trustee	  	95
	Section 6.09	 	Trustee May File Proofs of Claim	  	96
	Section 6.10	 	Priorities	  	96
	Section 6.11	 	Undertaking for Costs	  	96
	
	 ARTICLE 7.
 TRUSTEE

			
	Section 7.01	 	Duties of Trustee	  	97
	Section 7.02	 	Rights of Trustee	  	98
	Section 7.03	 	Individual Rights of Trustee	  	100
	Section 7.04	 	Trustee’s Disclaimer	  	100
	Section 7.05	 	Notice of Defaults	  	100
	Section 7.06	 	Reports by Trustee to Holders of the Notes	  	100
	Section 7.07	 	Compensation and Indemnity	  	100
	Section 7.08	 	Replacement of Trustee	  	101
	Section 7.09	 	Successor Trustee by Merger, etc.	  	102
	Section 7.10	 	Eligibility; Disqualification	  	102
	Section 7.11	 	Preferential Collection of Claims Against Issuer	  	102
	Section 7.12	 	Parallel Debt	  	102

  

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	 ARTICLE 8.
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

			
	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	104
	Section 8.02	 	Legal Defeasance and Discharge	  	104
	Section 8.03	 	Covenant Defeasance	  	104
	Section 8.04	 	Conditions to Legal or Covenant Defeasance	  	105
	Section 8.05	 	Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	106
	Section 8.06	 	Repayment to Issuer	  	106
	Section 8.07	 	Reinstatement	  	106
	
	 ARTICLE 9.
 AMENDMENT, SUPPLEMENT AND WAIVER

			
	Section 9.01	 	Without Consent of Holders of Notes	  	107
	Section 9.02	 	With Consent of Holders of Notes	  	108
	Section 9.03	 	Revocation and Effect of Consents	  	109
	Section 9.04	 	Notation on or Exchange of Notes	  	109
	Section 9.05	 	Trustee to Sign Amendments, etc.	  	110
	
	 ARTICLE 10.
 NOTE GUARANTEES

			
	Section 10.01	 	Guarantee	  	110
	Section 10.02	 	Limitation on Guarantor Liability	  	111
	Section 10.03	 	German Guarantors	  	111
	Section 10.04	 	Execution and Delivery of Subsidiary Guarantee	  	113
	Section 10.05	 	Releases	  	114
	
	 ARTICLE 11.
 SUBORDINATION OF THE SUBSIDIARY GUARANTEES
  
 ARTICLE 12.
 SECURITY

			
	Section 12.01	 	Security Documents	  	115
	Section 12.02	 	Release of Security	  	115
	Section 12.03	 	Authorization of Actions to Be Taken by the Security Trustee	  	116
	Section 12.04	 	Authorization of Receipt of Funds by the Security Trustee Under the Security Documents	  	117
	Section 12.05	 	Waiver of subrogation	  	117
	Section 12.06	 	Termination of Security Interest	  	117
	
	 ARTICLE 13.
 SATISFACTION AND DISCHARGE

			
	Section 13.01	 	Satisfaction and Discharge	  	117
	Section 13.02	 	Application of Trust Money	  	118
	
	 ARTICLE 14.
 MISCELLANEOUS

			
	Section 14.01	 	Notices	  	118
	Section 14.02	 	Communication by Holders of Notes with Other Holders of Notes	  	120
	Section 14.03	 	Certificate and Opinion as to Conditions Precedent	  	120
	Section 14.04	 	Statements Required in Certificate or Opinion	  	120
	Section 14.05	 	Rules by Trustee and Agents	  	121
	Section 14.06	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	121
	Section 14.07	 	Currency Indemnity	  	121

  

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	Section 14.08	 	Governing Law	  	121
	Section 14.09	 	Submission to Jurisdiction; Appointment of Agent for Service	  	122
	Section 14.10	 	No Adverse Interpretation of Other Agreements	  	122
	Section 14.11	 	Successors	  	122
	Section 14.12	 	Severability	  	122
	Section 14.13	 	Counterpart Originals	  	122
	Section 14.14	 	Table of Contents, Headings, etc.	  	123
	
	 EXHIBITS
 (ATTACHED SEPARATELY HERETO)

			
	Exhibit A	 	FORM OF GLOBAL NOTE	  	
	Exhibit B	 	FORM OF DEFINITIVE REGISTERED NOTE	  	
	Exhibit C	 	FORM OF CERTIFICATE OF TRANSFER	  	
	Exhibit D	 	FORM OF CERTIFICATE OF EXCHANGE	  	
	Exhibit E	 	FORM OF SUPPLEMENTAL INDENTURE	  	
	Exhibit F	 	FORM OF ACCESSION AGREEMENT	  	
	Exhibit G	 	FORM OF NOTATION OF GUARANTEE	  	
	Exhibit H	 	FORM OF SHARE PLEDGE AGREEMENT	  	
	Exhibit I	 	FORM OF INTEREST PLEDGE AGREEMENT	  	
	Exhibit J	 	FORM OF AGREEMENT ON THE ASSIGNMENT OF CLAIMS UNDER A DOMINATION AND PROFIT AND LOSS ABSORPTION AGREEMENT	  	
	Exhibit K	 	FORM OF DEBT PUSHDOWN GERMAN LEGAL OPINION	  	
	Exhibit L	 	FORM OF DEBT PUSHDOWN NEW YORK LEGAL OPINION	  	

  

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 INDENTURE dated as of November 20, 2009 among UPC Germany GmbH, a company formed under
the laws of the Federal Republic of Germany, having its registered office in Hamburg and being registered with the Commercial Register of the Lower Court (Amtsgericht) of Hamburg under HRB 111352 (“Bidco”), The Bank of New York
Mellon, as trustee, registrar, transfer agent and principal paying agent, The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg transfer and paying agent, and Credit Suisse, London Branch, as security trustee (the “Security
Trustee”). 
 The Issuer and the Trustee agree as follows for the benefit of each other and for the
equal and ratable benefit of the Holders (as defined) of the 9 5/8% Senior Notes due 2019 (the “Notes”): 
 ARTICLE 1. 

 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01 Definitions 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and the
Private Placement Legend and deposited with and registered in the name of The Bank of New York Depository (Nominees) Limited as nominee for Euroclear and Clearstream that will be issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 144A. 
 “Accession Agreement” means the supplemental indenture or accession
agreement pursuant to which Unitymedia Hessen and Unitymedia NRW, as co-issuers, will assume, jointly and severally the obligations of Bidco under the Notes and this Indenture attached hereto as Exhibit F. 
 “Acquired Indebtedness” means Indebtedness (i) of a Person or any of its Subsidiaries existing at the time such Person
becomes a Restricted Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming
a Restricted Subsidiary or such acquisition. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (i) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause
(ii) of the preceding sentence, on the date of consummation of such acquisition of assets. 
 “Acquisition” has the meaning specified under the heading “The Transactions” in the Offering Memorandum. 
 “Acquisition Date” means the date on which the Acquisition has been consummated pursuant to the terms of the Share Purchase Agreement. 
 “Additional Assets” means: 
  

	 	(1)	any property or assets (other than Indebtedness and Capital Stock) to be used by the Issuer or a Restricted Subsidiary in a Related Business or are otherwise useful in
Related Business (it being understood that capital expenditure on property or assets already used in a Related Business or to replace any property or assets that are the subject of such Asset Disposition or any operating expenses Incurred in the
day-to-day operations of a Related Business shall be deemed an Investment in Additional Assets); 

  

	 	(2)	the Capital Stock of a Person that is engaged in a Related Business and becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the
Issuer or a Restricted Subsidiary of the Issuer; or 

  

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	 	(3)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Issuer. 

 “Additional Guarantor” means any Restricted Subsidiary other than a Subsidiary Guarantor that executes a supplemental
indenture in accordance with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Subsidiary Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 “Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in
accordance with Sections 2.01(e), 2.02 and 4.09, as part of the same series as the Initial Notes. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent” means
any Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Applicable Premium” means with
respect to a Note at any Redemption Date prior to December 1, 2014, the excess of (A) the present value at such Redemption Date of (1) the redemption price of such Note on December 1, 2014 (such redemption price being described
under Section 3.07(c) exclusive of any accrued and unpaid interest) plus (2) all required remaining scheduled interest payments due on such Note through December 1, 2014 (but excluding accrued and unpaid interest to the Redemption
Date), computed using a discount rate equal to the Bund Rate plus 50 basis points over (B) the principal amount of such Note on such Redemption Date. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such
transfer or exchange. 
 “Asset Disposition” means any direct or indirect sale, lease (other than an operating
lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales, leases (other than an operating lease entered into in the ordinary course of business), transfers, issuances or
dispositions that are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property or other assets (each referred to for the purposes of this definition as a “disposition”) by
the Issuer or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction. 
 Notwithstanding the preceding, the following items shall not be deemed to be Asset Dispositions: 
  

	 	(1)	a disposition by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary (other than a Receivables Entity) to a Restricted Subsidiary;

  

	 	(2)	the sale or disposition of cash or of Cash Equivalents or Investment Grade Securities in the ordinary course of business; 

  

	 	(3)	a disposition of inventory, trading stock, communications capacity or other assets in the ordinary course of business; 

  

 2 

	 	(4)	a disposition of obsolete or worn out equipment or equipment that is no longer useful in the conduct of the business of the Issuer and its Restricted Subsidiaries and
that is disposed of in each case in the ordinary course of business; 

  

	 	(5)	transactions permitted under Section 5.01; 

  

	 	(6)	an issuance of Capital Stock by a Restricted Subsidiary of the Issuer to the Issuer or to another Restricted Subsidiary; 

  

	 	(7)	for purposes Section 4.10 only, the making of a Permitted Investment or a disposition subject to Section 4.07; 

  

	 	(8)	dispositions of assets in a single transaction or series of related transactions with an aggregate fair market value in any calendar year of less than
€10.0 million (with unused amounts in any calendar year being carried over to the next succeeding year subject to a maximum of €10.0 million of carried over amounts for any calendar year); 

  

	 	(9)	dispositions in connection with Permitted Liens; 

  

	 	(10)	dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings and exclusive of factoring or similar arrangements; 

  

	 	(11)	the licensing or sublicensing of intellectual property or other general intangibles and licenses, sublicenses, leases or subleases of other property;

  

	 	(12)	foreclosure, condemnation or similar action with respect to any property or other assets; 

  

	 	(13)	the sale or discount (with or without recourse, and on customary or commercially reasonable terms) of accounts receivable or notes receivable arising in the ordinary
course of business, or the conversion or exchange of accounts receivable for notes receivable; 

  

	 	(14)	sales of accounts receivable and related assets or an interest therein of the type specified in the definition of “Qualified Receivables Transaction” to a
Receivables Entity; 

  

	 	(15)	any disposition of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary; 

  

	 	(16)	any surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind; 

  

	 	(17)	disposals of assets, rights or revenue not constituting part of the Distribution Business of the Issuer and its Restricted Subsidiaries; 

  

	 	(18)	disposals of other interests in other entities in an amount not to exceed €5.0 million; and 

  

	 	(19)	any other disposal of assets comprising in aggregate percentage value of 10% or less of the Total Assets of the Issuer and its Restricted Subsidiaries as set forth in
the consolidated financial statements of the Issuer as of September 30, 2009. 

  

 3 

 “Authenticating Agent” means each Person authorized pursuant to
Section 2.02 to authenticate Notes and any Person authorized pursuant to Section 2.02 to act on behalf of the Trustee to authenticate Notes. 
 “Authorized Person” means any person who is designated in writing by the Issuer from time to time to give Instructions to the Agents under the terms of this Indenture. 
 “Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient
obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such
Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments. 
 “Bank
Indebtedness” means any and all amounts, whether outstanding on the Issue Date or Incurred after the Issue Date, payable under or in respect of any Credit Facility (other than any refunding, replacement, restructuring or refinancing
thereof) and any related notes, collateral documents, letters of credit and guarantees and any Interest Rate Agreement entered into in connection with any Credit Facility, including principal, premium, if any, interest (including interest accruing
on or after the filing of any petition in bankruptcy or for reorganization at the rate specified therein whether or not a claim for post filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees
and all other amounts payable thereunder or in respect thereof. 
 “The Bank of New York Mellon Group” means
the group comprising The Bank of New York Mellon and its affiliates. 
 “Bankruptcy Law” means Title 11, United
States Bankruptcy Code of 1978, or any similar United States federal or state law or relevant law in any jurisdiction or organization or similar foreign law (including, without limitation, laws of the Federal Republic of Germany relating to
moratorium, bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors) or any amendment to, succession to or change in any such law. 
 “beneficial owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that
in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “beneficially owns” and “beneficially
owned” have a corresponding meaning. 
 “Bidco” means UPC Germany GmbH. 
 “Bidco Share Pledge” means the share pledge dated the Issue Date among UPC Germany Holding B.V. and the Security Trustee
and the other Original Pledgees named therein, as amended or supplemented from time to time. 
 “Board of
Directors” means, as to any Person, the board of directors of such Person or any duly authorized committee thereof; provided, any action required to be taken under this Indenture by the Board of Directors of the Issuer can, in the
alternative, at the option of the Issuer, be taken by the Board of Directors of the Ultimate Parent. 
 “Book-Entry
Interest” means a beneficial interest in a Global Note held by or through a Participant. 
 “Bund
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity as of such date of the Comparable German

  

 4 

 
Bund Issue, assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such Redemption Date, where:

  

	 	(1)	“Comparable German Bund Issue” means the German Bundesanleihe security selected by any Reference German Bund Dealer as having a fixed maturity most
nearly equal to the period from such Redemption Date to December 1, 2014 and that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt
securities in a principal amount approximately equal to the then outstanding principal amount of the Notes and of a maturity most nearly equal to December 1, 2014; provided, however, that, if the period from such Redemption Date to
December 1, 2014 is not equal to the fixed maturity of the German Bundesanleihe security selected by such Reference German Bund Dealer, the Bund Rate shall be determined by linear interpolation (calculated to the nearest one-twelfth of a year)
from the yields of German Bundesanleihe securities for which such yields are given, except that if the period from such Redemption Date to December 1, 2014, is less than one year, a fixed maturity of one year shall be used;

  

	 	(2)	“Comparable German Bund Price” means, with respect to any Redemption Date, the average of all Reference German Bund Dealer Quotations for such date
(which, in any event, must include at least two such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer obtains fewer than four such Reference German Bund Dealer Quotations, the average
of all such quotations; 

  

	 	(3)	“Reference German Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the Issuer in good faith; and 

 

	 	(4)	“Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any Redemption Date, the average as determined
by the Issuer in good faith of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference German Bund Dealer at 3.30 p.m.
Frankfurt, Germany, time on the third Business Day preceding the Redemption Date. 

 “Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in Luxembourg, Frankfurt, Germany, New York, New York or London, England are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participation or
other equivalents of interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 
 “Capitalized Lease Obligation” means an obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes in accordance with IFRS. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in
accordance with IFRS, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 
  

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 “Cash Equivalents” means: 
  

	 	(1)	securities issued or directly and fully guaranteed or insured by the United States Government or a member state of the European Union as of January 1, 2004 (each a
“Qualified Country”) or any agency or instrumentality thereof (provided that the full faith and credit of such Qualified Country is pledged in support thereof), having maturities of not more than one year from the date of acquisition;

  

	 	(2)	marketable general obligations issued by any political subdivision of any Qualified Country or any public instrumentality thereof maturing within one year from the date
of acquisition of the United States (provided that the full faith and credit of the Qualified Country is pledged in support thereof) and, at the time of acquisition, having a credit rating of “A2” or better from either Standard &
Poor’s Ratings Services or Moody’s Investors Service, Inc.; 

  

	 	(3)	certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from
the date of acquisition thereof issued by any lender party to any Credit Facility or by any bank or trust company (x) the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by
Standard & Poor’s Ratings Services, or “A” or the equivalent thereof by Moody’s Investors Service, Inc. (or if at the time neither is issuing comparable ratings, then a comparable rating of another nationally recognized
rating agency); 

  

	 	(4)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (1), (2) and (3) entered into with
any bank meeting the qualifications specified in clause (3) above; 

  

	 	(5)	commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by Standard & Poor’s Ratings Services or
“P-2” or the equivalent thereof by Moody’s Investors Service, Inc., or carrying an equivalent rating by an internationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and
in any case maturing within one year after the date of acquisition thereof; and 

  

	 	(6)	interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified in clauses (1) through
(5) above. 

 “Change of Control” means: 
  

	 	(1)	UGC (a) ceases to be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
total voting power of the Voting Stock of the Issuer and (b) ceases, by virtue of any powers conferred by the articles of association or other documents regulating the Issuer to, directly or indirectly, direct or cause the direction of
management and policies of the Issuer; 

  

	 	(2)	the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Issuer and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Holder; 

 

	 	(3)	the adoption by the stockholders of the Issuer of a plan or proposal for the liquidation or dissolution of the Issuer, other than a transaction complying with Section
5.01; or 

  

 6 

	 	(4)	either (a) the consummation of any transaction (including, without limitation, any merger, consolidation, scheme of arrangement or amalgamation), the result of
which is that Liberty Global Europe Financing B.V., UPC Holding and/or any of their Subsidiaries becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the Issuer, (b) the direct or indirect sale, lease,
transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole to Liberty Global Europe Financing B.V., UPC Holding
and/or any of their Subsidiaries or (c) the Issuer ceases to own, directly or indirectly, all of the Capital Stock of Unitymedia Hessen. 

 “Clearstream” means Clearstream Banking, S.A. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Collateral” means any assets in which a security interest has been or will be granted pursuant to any Security Document to secure the Obligations under this Indenture, the Notes or any Guarantee. 
 “Common Depositary” means The Bank of New York Mellon as Common Depositary until a successor replaces it and thereafter
means the successor serving hereunder. 
 “Common Stock” means, with respect to any Person, any and all shares,
interests or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and
classes of such common stock. 
 “Consolidated EBITDA” means, for any period, without duplication, the
Consolidated Net Income for such period, plus the following to the extent deducted in calculating such Consolidated Net Income: 
  

	 	(1)	Consolidated Interest Expense; 

  

	 	(2)	Consolidated Income Taxes; 

  

	 	(3)	consolidated depreciation expense; 

  

	 	(4)	consolidated amortization expense; 

  

	 	(5)	any reasonable expenses, charges or other costs related to any Equity Offering, Permitted Investment, acquisition, recapitalization or the Incurrence of any
Indebtedness permitted by this Indenture, in each case, as determined in good faith by an Officer of the Issuer and without duplication of any amounts excluded under clause (3) of the definition of “Consolidated Net Income”; and

  

	 	(6)	other non-cash charges reducing Consolidated Net Income (excluding any such non-cash charge to the extent it represents an accrual of or reserve for cash charges in any
future period) less other non-cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of cash payments in any future period). 

 Notwithstanding the foregoing, the provision for taxes and the depreciation, amortization and non-cash items of a Restricted Subsidiary
shall be added to Consolidated Net Income to compute Consolidated EBITDA only to the extent (and in the same proportion, including by reason of minority interests) that the net income or loss of such Restricted

  

 7 

 
Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be distributed to the Issuer by such
Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, governmental rules and regulations applicable to such Restricted
Subsidiary or its shareholders (other than any restriction specified in sub-clauses (a) through (e) of clause (2) of the definition of “Consolidated Net Income”). 
 “Consolidated Income Taxes” means taxes based on income, profits or capital of any of the Issuer and its Restricted
Subsidiaries whether or not paid, estimated, accrued or required to be remitted to any governmental authority taken into account in calculating Consolidated Net Income. 
 “Consolidated Interest Expense” means, for any period the consolidated net interest income/expense of the Issuer and its Restricted Subsidiaries (in each case, determined on the basis of
IFRS), whether paid or accrued, including any such interest and charges consisting of: 
  

	 	(1)	interest expense attributable to Capitalized Lease Obligations; 

  

	 	(2)	amortization of debt discount and debt issuance cost; 

  

	 	(3)	non-cash interest expense; 

  

	 	(4)	commissions, discounts and other fees and charges owed with respect to financings not included in clause (2) above; 

  

	 	(5)	costs associated with Hedging Obligations; 

  

	 	(6)	dividends on other distributions in respect of all Disqualified Stock of the Issuer and all Preferred Stock of any Restricted Subsidiary, to the extent held by Persons
other than the Issuer or a Subsidiary of the Issuer; 

  

	 	(7)	the consolidated interest expense that was capitalized during such period; and 

  

	 	(8)	interest actually paid by the Issuer on any Restricted Subsidiary, under any Guarantee of Indebtedness or other obligation of any other Person.

 “Consolidated Leverage Ratio”, as of any date of determination, means the ratio of:

  

	 	(1)	the outstanding Indebtedness (other than (x) Subordinated Shareholder Loans, (y) any Indebtedness which is a contingent obligation of the Issuer or a
Restricted Subsidiary and (z) for the purposes of determining the Consolidated Leverage Ratio under Section 4.09(a)(1), outstanding Indebtedness of the Issuer, including guarantees of such Indebtedness by any Restricted Subsidiary) of the
Issuer and its Restricted Subsidiaries on a Consolidated basis, to 

  

	 	(2)	the Pro forma EBITDA for the period of the most recent two consecutive fiscal quarters for which financial statements have previously been furnished to Holders of the
Notes pursuant to Section 4.03, multiplied by 2.0. 

  

 8 

 “Consolidated Net Income” means, for any period, net income (loss) of the
Issuer and its Restricted Subsidiaries determined on a consolidated basis on the basis of IFRS; provided, however, that there will not be included in such Consolidated Net Income: 
  

	 	(1)	(A) subject to the limitations contained in clause (3) below, any net income (loss) of any Person (other than the Issuer) if such Person is not a Restricted
Subsidiary, except that the Issuer’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during
such period to the Issuer or a Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend or other distribution or return on investment to a Restricted Subsidiary, to the limitations
contained in clause (2) below); and 

 (B) the Issuer’s equity in a net loss of any such Person (other
than an Unrestricted Subsidiary) for such period will be included in determining such Consolidated Net Income; 
  

	 	(2)	any net income (loss) of any Restricted Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of
distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or
regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released, (b) restrictions pursuant to the Notes or this Indenture, (c) restrictions in effect on
the Issue Date with respect to a Restricted Subsidiary (including pursuant to the Notes, the Revolving Credit Facility or the Senior Secured Notes) and other restrictions with respect to any Restricted Subsidiary that, taken as a whole, are not
materially less favorable to the Holders than restrictions in effect on the Issue Date and (d) restrictions as in effect on the Issue Date specified in Section 4.08(b)(8), or restrictions specified in Section 4.08(b)(10)), except that

  

	 	(x)	the Issuer’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount
of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a
dividend to another Restricted Subsidiary, to the limitation contained in this clause) and 

  

	 	(y)	the Issuer’s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated Net Income;

  

	 	(3)	any net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Issuer or any Restricted Subsidiaries which is not sold or
otherwise disposed of in the ordinary course of business (as determined in good faith by the Board of Directors of the Issuer); 

  

	 	(4)	the cumulative effect of a change in accounting principles; 

  

	 	(5)	any non-cash compensation charge arising from any grant of stock, stock options or other equity based awards; 

  

	 	(6)	all deferred financing costs written off and premiums paid in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or
forgiveness of Indebtedness; 

  

 9 

	 	(7)	any unrealized gains or losses in respect of Hedging Obligations; 

  

	 	(8)	any goodwill or other intangible asset impairment charge; 

  

	 	(9)	the impact of capitalized interest on Subordinated Shareholder Loan; and 

  

	 	(10)	any derivative instruments gains or losses, foreign exchange gains or losses, and gains or losses associated with fair value adjustment on financial instruments.

 “Consolidation” means the consolidation of the accounts of each of the Restricted Subsidiaries
with those of the Issuer in accordance with IFRS consistently applied; provided, however, that “Consolidation” will not include consolidation of the accounts of any Unrestricted Subsidiary, but the interest of the Issuer or any
Restricted Subsidiary in an Unrestricted Subsidiary will be accounted for as an investment. The term “Consolidated” has a correlative meaning. 
 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.01 or such other address as to which the Trustee may give notice to the Issuer.

 “Credit Facility” means, one or more debt facilities or arrangements (including, without limitation, the
Revolving Credit Facility) or commercial paper facilities with banks or other institutions or investors providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such institutions or to
special purpose entities formed to borrow from such institutions against such receivables), letters of credit or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid,
increased or extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another administrative agent or agents or other banks or institutions or investors
and whether provided under the Revolving Credit Facility or one or more other credit or other agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered
pursuant to or in connection with the foregoing (including but not limited to any notes and letters of credit issued pursuant thereto and any guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit
applications and other guarantees, pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (i) changing
the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder, (iii) increasing the amount of Indebtedness Incurred thereunder or
available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof. 
 “Currency
Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, option contract, derivative or other similar agreement as to which such Person is a party or a beneficiary. 
 “Custodian” means The Bank of New York Mellon, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
 “Debt Pushdown” means, collectively, the following transactions, among others: 

 

	 	(1)	the assumption by Unitymedia of all of Bidco’s obligations under the Notes and this Indenture pursuant to the Accession Agreement; 

  

	 	(2)	the registration with the appropriate authorities of a duly authorized and executed domination agreement between (i) Bidco and Unitymedia and (ii) Unitymedia
Management and Unitymedia Verwaltung; 

  

 10 

	 	(3)	the guarantee by each Guarantor of the Issuer’s obligations under the Notes and this Indenture pursuant to a supplemental indenture to this Indenture as described
in Section 4.24; 

  

	 	(4)	the granting of the security in respect of the Notes described in Section 4.24; 

  

	 	(5)	to the extent the Revolving Credit Facility was not acceded to by Unitymedia Hessen, Unitymedia NRW and the other borrowers and guarantors thereunder and the granting
of the security required thereby prior to the Debt Pushdown, then the accession to the Revolving Credit Facility by Unitymedia Hessen, Unitymedia NRW and the other borrowers and guarantors thereunder; 

  

	 	(6)	the assumption by Unitymedia Hessen and Unitymedia NRW of all of Bidco’s obligations under the Senior Secured Notes and the Senior Secured Indenture pursuant to a
supplemental indenture or accession agreement and the granting of guarantees and security required thereby; 

  

	 	(7)	the execution and delivery of the Intercreditor Agreement by the parties thereto; and 

  

	 	(8)	the repayment, redemption or satisfaction and discharge of all outstanding Indebtedness of Unitymedia and its Subsidiaries under the Existing Senior Secured Notes, the
Existing Senior Notes and the Existing Term Loan and the termination of the existing revolving credit facility and the corresponding release of all guarantees and security in respect thereof. 

 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.07, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form,
Euroclear and Clearstream, including any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision(s) of this Indenture. 
 “Designated Senior Indebtedness” means (1) any Senior Indebtedness permitted under this Indenture that has, at the
time of designation, an aggregate principal amount outstanding of at least €100.0 million (including the amount of all undrawn commitments and matured and contingent reimbursement obligations pursuant to letters of credit thereunder) and
that has been designated by the Issuer in an instrument evidencing such Senior Indebtedness and in an Officers’ Certificate delivered to the Trustee as “Designated Senior Indebtedness” for purposes of this Indenture, (2) all
Indebtedness arising under the Revolving Credit Facility and (3) all Indebtedness arising under the Senior Secured Indenture and the Senior Secured Notes. 
 “Disinterested Director” means, with respect to any transaction with an Affiliate, a member of the Board of Directors of a Parent of the Issuer having no material direct or indirect
financial interest in or with respect to such transaction with an Affiliate. A member of the Board of Directors of such Parent of the Issuer shall not be deemed to have such a financial interest by reason of such member’s holding Capital Stock
of the Issuer or any Parent or any options, warrants or other rights in respect of such Capital Stock. 
  

 11 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock
of such Person which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 
  

	 	(1)	matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

  

	 	(2)	is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Issuer
or a Restricted Subsidiary); or 

  

	 	(3)	is redeemable at the option of the holder of the Capital Stock in whole or in part, 

 in each case on or prior to the earlier of the date (a) of the Stated Maturity of the Notes or (b) on which there are no Notes outstanding, provided that only the portion of Capital Stock
which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further that any Capital Stock that
would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase such Capital Stock upon the occurrence of a change of control or asset sale (each defined in a substantially identical manner
to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable), provided that the
Issuer may not repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) pursuant to such provision prior to compliance by the Issuer with the provisions of Section
3.11 and Section 4.10 and Section 4.14 and such repurchase or redemption complies with Section 4.07. 
 “Distribution
Business” means: (1) the business of upgrading, constructing, creating, developing, acquiring, operating, owning, leasing and maintaining cable television networks (including for avoidance of doubt master antenna television, satellite
master antenna television, single and multi-channel microwave single or multi-point distribution systems and direct-to-home satellite systems) for the transmission, reception and/or delivery of multi-channel television and radio programming,
telephony and internet and/or data services to the residential markets; or (2) any business which is incidental to or related to and, in either case, material to such business. 
 “dollar” or “$” means the lawful currency of the United States of America. 
 “Enforcement Sale” means (1) any sale or disposition (including by way of public auction) of the Collateral pursuant
to an enforcement action taken by the Security Trustee in accordance with the provisions of the Intercreditor Agreement, including on behalf of the Senior Indebtedness Incurred under the Revolving Credit Facility, the holders of the Senior Secured
Notes or certain hedging counterparties, to the extent such sale or disposition is effected in compliance with the provisions of the Intercreditor Agreement, or (2) any sale or disposition of the Collateral pursuant to the enforcement of
security in favor of other Senior Indebtedness of the Issuer or its Restricted Subsidiaries which complies with the terms of an Additional Intercreditor Agreement (or if there is no such intercreditor agreement, would substantially comply with the
requirements of clause (1) hereof). 
 “Equity Offering” means a sale of (x) Capital Stock of the
Issuer (other than Disqualified Stock), or (y) Capital Stock of a Parent the proceeds of which are contributed as equity share capital to the Issuer or (z) Subordinated Shareholder Loans. 
 “Escrow Agent” means The Bank of New York Mellon. 
  

 12 

 “euro” or “€” means the currency introduced at the start of
the third stage of the European economic and monetary union pursuant to the Treaty establishing the European Community, as amended by the Treaty on European Union. 
 “Euro Equivalent” means, with respect to any monetary amount in a currency other than euro, at any time of determination thereof by the Issuer or the Trustee, the amount of euro obtained
by converting such currency other than euro involved in such computation into euro at the spot rate for the purchase of euro with the applicable currency other than euro as published in The Financial Times in the “Currency Rates” section
(or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Issuer) on the date of such determination. 
 “Euro MTF” means the Euro MTF, the alternative market of the Luxembourg Stock Exchange. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “European Government Obligations” means any security that is (1) a direct obligation of Ireland, Belgium, the
Netherlands, France, The Federal Republic of Germany or any other country that is a member of the European Monetary Union on the Issue, for the payment of which the full faith and credit of such country is pledged or (2) an obligation of a
person controlled or supervised by and acting as an agency or instrumentality of any such country the payment of which is unconditionally Guaranteed as a full faith and credit obligation by such country, which, in either case under the preceding
clause (1) or (2), is not callable or redeemable at the option of the issuer thereof. 
 “European Union”
means the European Union, including member states as of May 1, 2004 but excluding any country which became or becomes a member of the European Union after May 1, 2004. 
 “Euro-zone” means the region comprised of member states of the European Union that adopt the euro. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
 “Excluded Contribution” means Net Cash Proceeds or property or assets received by the Issuer as capital contributions to
the Issuer after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary) of Capital Stock (other than Disqualified Stock) of the Issuer, in each case to the extent designated as an Excluded Contribution pursuant to an
Officers’ Certificate of the Issuer. 
 “Existing Senior Notes” means (i) the
€215,000,000 aggregate principal amount of 8 3/4% Senior Notes due 2015 issued by Unitymedia issued pursuant to an indenture dated February 14, 2005 among, inter alia, Unitymedia, the Guarantors as defined therein and The Law Debenture Trust Company of New York as trustee, and
(ii) €235,000,000 aggregate principal amount of 10 1/8% Senior Notes due 2015 and the outstanding $151,000,000 aggregate principal amount of 10 3/8% Senior Notes due 2015 issued pursuant to an indenture dated July 19, 2005, among, inter alia, Unitymedia, the Guarantors as defined therein and The Law
Debenture Trust Company of New York, as trustee. 
 “Existing Senior Secured Notes” means
the Senior Secured Floating Rate Notes due 2013 of Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH issued under an indenture, dated as of April 5, 2006, by and among, inter alia, the issuer and the guarantors party thereto, Law
Debenture Trust Company of New York, as trustee and security trustee. 
  

 13 

 “Existing Term Loan” means the €100,000,000 term loan facility made
pursuant to a term loan facility agreement dated October 18, 2006 among, inter alia, Unitymedia Hessen, Unitymedia NRW, Arena Sport Rechte und Marketing GmbH as borrowers, Unitymedia (as an obligor), the original guarantors party thereto,
Goldman Sachs International, as mandated lead arranger and underwriter, Citibank International Plc, as agent, The Law Debenture Trust Company of New York, as security trustee, and the financial institutions party thereto. 
 “fair market value” unless otherwise specified, wherever such term is used in this Indenture (except as otherwise
specifically provided in this Indenture), may be conclusively established by means of an Officers’ Certificate or a resolution of the Board of Directors of the Issuer setting out such fair market value as determined by such Officer or such
Board of Directors in good faith. 
 “GAAP” means generally accepted accounting principles in the United States
as in effect on the Issue Date. 
 “Global Note Legend” means the legend set forth in Section 2.07(j)(2),
which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and
that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.07(c), 2.07(d), 2.07(f) or 2.07(h). 
 “Grantor” means any Guarantor and any other person that has pledged Collateral to secure the obligations under the Notes
and the Subsidiary Guarantees. 
 “guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  

	 	(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership
arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or 

  

	 	(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a
corresponding meaning. 

 “guarantor” means the obligor under a guarantee. 
 “Guarantor” means (1) each of Unitymedia Hessen, Unitymedia Hessen Verwaltung, Unitymedia NRW and Unitymedia
Management in its capacity as guarantor of the Notes and (2) each Additional Guarantor in its capacity as an additional guarantor of the Notes. 
 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement or Currency Agreement. 
 “Holder” means a Person in whose name a Note is registered on the Registrar’s books. 
  

 14 

 “Holding Company” means, in relation to a person, an entity of which that
person is a Subsidiary. 
 “IFRS” means the accounting standards issued by the International Accounting
Standards Board and its predecessors as in effect on the Issue Date. Except as otherwise expressly provided in this Indenture, all ratios and calculations based on IFRS contained in this Indenture shall be computed in conformity with IFRS. At any
time after the Issue Date, the Issuer may elect to apply for all purposes of this Indenture, in lieu of IFRS, GAAP and, upon such election, references to IFRS herein will be construed to mean GAAP as in effect at the Issue Date; provided that
(1) all financial statements and reports to be provided, after such election, pursuant to this Indenture shall be prepared on the basis of GAAP as in effect from time to time (including that, upon first reporting its fiscal year results under
GAAP, the Issuer shall restate its financial statements on the basis of GAAP for the fiscal year ending immediately prior to the first fiscal year for which financial statements have been prepared on the basis of GAAP), and (2) from and after
such election, all ratios, computations, and other determinations based on IFRS contained in this Indenture shall still be required to be computed in conformity with IFRS. Thereafter, the Issuer may re-elect to apply for all purposes of this
Indenture, in lieu of GAAP, IFRS, subject to the foregoing. 
 “Incur” means issue, create, assume, guarantee,
incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed
to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication): 
  

	 	(1)	money borrowed or raised and debit balances at banks; 

  

	 	(2)	any bond, note, loan stock, debenture or similar debt instrument; 

  

	 	(3)	acceptance or documentary credit facilities; 

  

	 	(4)	receivables sold or discounted (otherwise than on a non-recourse basis and other than in the normal course of business for collections); 

  

	 	(5)	payments for assets acquired or services supplied deferred for a period of over 180 days (or 360 days if such deferral is in accordance with the terms pursuant to which
the relevant assets were or are to be acquired or services were or are to be supplied) after the relevant assets were or are to be acquired or the relevant services were or are to be supplied to the principal of and premium (if any) in respect of
indebtedness of such Person for borrowed money; 

  

	 	(6)	Capitalized Lease Obligations (excluding network and duct leases) of such Person; 

  

	 	(7)	any other transaction (including without limitation forward sale or purchase agreements) having the commercial effect of a borrowing or raising of money or any of
(2) to (6) above; 

  

	 	(8)	the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified
Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends); and 

  

 15 

	 	(9)	the principal component of Indebtedness of other Persons to the extent guaranteed by such Person, 

 provided that Indebtedness which has been cash-collateralized shall not be included in any calculation of Indebtedness to the extent so
cash-collateralized. 
 Notwithstanding the foregoing, “Indebtedness” shall not include any deposits or prepayments
received by the Issuer or a Restricted Subsidiary from a customer or subscriber for its service. The amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above
and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm of nationally recognized standing that is, in the good faith judgment of the Issuer,
qualified to perform the task for which it has been engaged. 
 “Indirect Participant” means a Person
who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the first
€665,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date. 
 “Instructions” means Oral Instructions and Written Instructions. 
 “Intercreditor
Agreement” means the Intercreditor Agreement among, inter alia, the Issuer, the Security Trustee and the Trustee, dated the Issue Date, as further amended, restated, otherwise modified or replaced from time to time. 
 “Interest Payment Date” has the meaning given to it in the Notes. 
 “Interest Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a
beneficiary. 
 “Investment” means, with respect to any Person, all investments by such Person in other Persons
(including Affiliates) in the form of any direct or indirect advance, loan (other than advances or extensions of credit to customers in the ordinary course of business) or other extensions of credit (including by way of guarantee or similar
arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for
the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified as investments on a balance sheet prepared in
accordance with IFRS; provided that none of the following will be deemed to be an Investment: 
  

	 	(1)	Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture; 

  

	 	(2)	endorsements of negotiable instruments and documents in the ordinary course of business; and 

  

 16 

	 	(3)	an acquisition of assets, Capital Stock or other securities by the Issuer or a Subsidiary for consideration to the extent such consideration consists of Common Stock of
the Issuer. 

 For purposes of the definition of “Unrestricted Subsidiary” and Section 4.07,

  

	 	(a)	“Investment” will include the portion (proportionate to the Issuer’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted
Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary of the Issuer at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, the Issuer will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Issuer’s “Investment” in such Subsidiary at
the time of such redesignation less (b) the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of the net assets (as conclusively determined by the Board of Directors of the Issuer in good
faith) of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary; and 

  

	 	(b)	any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer, in each case as determined in good
faith by the Board of Directors of the Issuer. 

 If the Issuer or a Restricted Subsidiary transfers, conveys,
sells, leases or otherwise disposes of Voting Stock of a Restricted Subsidiary such that such Subsidiary is no longer a Restricted Subsidiary, then the Investment of the Issuer in such Person shall be deemed to have been made as of the date of such
transfer or other disposition in an amount equal to the fair market value (as determined by the Board of Directors of the Issuer in good faith). 
 “Investment Grade Securities” means: 
  

	 	(1)	securities issued by the U.S. government or by any agency or instrumentality thereof (other than Cash Equivalents) or directly and fully guaranteed or insured by the
U.S. government and in each case with maturities not exceeding two years from the date of the acquisition; 

  

	 	(2)	securities issued by or a member of the European Union as of January 1, 2004, or any agency or instrumentality thereof (other than Cash Equivalents) or directly
and fully guaranteed or insured by a member of the European Union as of January 1, 2004, and in each case with maturities not exceeding two years from the date of the acquisition; 

  

	 	(3)	debt securities or debt instruments with a rating of A or higher by Standard & Poor’s Ratings Services or A-2 or higher by Moody’s Investors Service,
Inc. or the equivalent of such rating by such rating organization, or if no rating of Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc. then exists, the equivalent of such rating by any other nationally
recognized securities ratings agency, by excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; 

  

	 	(4)	investments in any fund that invests exclusively in investments of the type described in clauses (1) through (3) which fund may also hold immaterial amounts
of cash and Cash Equivalents pending investment and/or distribution; and 

  

 17 

	 	(5)	corresponding instruments in countries other than those identified in clauses (1) and (2) above customarily utilized for high quality investments and, in each
case, with maturities not exceeding two years from the date of the acquisition. 

 “Investment Grade
Status” shall occur when the Notes receive both of the following: 
  

	 	(1)	a rating of “Baa3” (or the equivalent) or higher from Moody’s Investors Service, Inc. or any of its successors or assigns; and 

 

	 	(2)	a rating of “BBB-“ (or the equivalent) or higher from Standard & Poor’s Ratings Services, or any of its successors or assigns,

 in each case, with a “stable outlook” from such rating agency. 
 “Issue Date” means November 20, 2009. 
 “Issuer” means, prior to the completion of the Debt Pushdown, Bidco only (not including any of its Subsidiaries) and after the consummation of the Debt Pushdown,
Unitymedia (not including any Subsidiary of Unitymedia), and in each case any and all successors thereto. 
 “Liberty” means Liberty Global, Inc., a Delaware corporation, and any successor (by merger, consolidation, transfer, conversion of legal form or otherwise) to all or substantially all of its assets. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional
sale or other title retention agreement or lease in the nature thereof). 
 “Losses” means any and all claims,
losses, liabilities, damages, costs, expenses and judgments (including legal fees and expenses) sustained by either party. 
 “Luxembourg Paying Agent and Transfer Agent” means The Bank of New York Mellon (Luxembourg) S.A. 
 “Management Fees” means any management, consultancy or similar fees payable by the Issuer or any Restricted Subsidiary. 
 “Net Available Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or otherwise and net proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person
of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 
  

	 	(1)	all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and all federal, state, provincial,
foreign and local taxes required to be paid or accrued as a liability under IFRS (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition;

  

	 	(2)	all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or
which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of the proceeds from such Asset Disposition; 

  

 18 

	 	(3)	all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition; and

  

	 	(4)	the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with IFRS, against any liabilities associated with the assets disposed of
in such Asset Disposition and retained by the Issuer or any Restricted Subsidiary after such Asset Disposition. 

 “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’
fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into
account any available tax credit or deductions and any tax sharing arrangements). 
 “Non-Recourse Debt” means
Indebtedness of a Person: 
  

	 	(1)	as to which neither the Issuer nor any Restricted Subsidiary (a) provides any guarantee or credit support of any kind (including any undertaking, guarantee,
indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 

  

	 	(2)	no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit
(upon notice, lapse of time or both) any holder of any other Indebtedness of the Issuer or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated
maturity; and 

  

	 	(3)	the explicit terms of which provide there is no recourse against any of the assets of the Issuer or its Restricted Subsidiaries. 

 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall
be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the
final Offering Memorandum, dated November 17, 2009, relating to the offer of the Initial Notes. 
 “Officer” of any Person means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, any Managing Director, the Treasurer or the Secretary or an authorized signatory of such
Person. 
 “Officers’ Certificate” means a certificate signed by two Officers or by an Officer and either
an Assistant Treasurer or an Assistant Secretary of the Issuer. 
  

 19 

 “Opinion of Counsel” means a written opinion from legal counsel who is
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee. 
 “Oral Instructions” means verbal instructions or directions received by the Agents from an Authorized Person or a person reasonably believed by the Agents to be an Authorized Person. 
 “Parent” means the Ultimate Parent, any Subsidiary of the Ultimate Parent of which the Issuer is a Subsidiary on the Issue
Date and any other Person of which the Issuer at any time is or becomes a Subsidiary after the Issue Date. 
 “Parent
Expenses” means: 
  

	 	(1)	costs (including all professional fees and expenses) Incurred by any Parent in connection with reporting obligations under or otherwise Incurred in connection with
compliance with applicable laws, applicable rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to Indebtedness of the Issuer or any Restricted
Subsidiary; 

  

	 	(2)	indemnification obligations of any Parent owing to directors, officers, employees or other Persons under its charter or by-laws or pursuant to written agreements with
any such Person with respect to its ownership or the Issuer or the conduct of the business of the Issuer and its Restricted Subsidiaries; 

  

	 	(3)	obligations of any Parent in respect of director and officer insurance (including premiums therefor) with respect to its ownership or the Issuer or the conduct of the
business of the Issuer and its Restricted Subsidiaries; and 

  

	 	(4)	general corporate overhead expenses, including professional fees and expenses and other operational expenses of any Parent related to the ownership or operation of the
business of the Issuer or any of its Restricted Subsidiaries, including acquisitions by the Issuer or its Subsidiaries permitted hereunder (whether or not successful), 

 in each case, to the extent such costs, obligations and/or expenses are not paid by another Subsidiary of such Parent. 
 “Pari Passu Indebtedness” means Indebtedness of the Issuer that ranks equally or junior in right of payment with the Notes. 
 “Parent Guarantor” means Unitymedia, Unitymedia Management and Unitymedia Verwaltung. 
 “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 
 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of related business assets or a combination of
related business, cash and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person. 
 “Permitted Business” means any business: 
  

	 	(1)	 that consists of the upgrade, construction, creation, development, marketing, acquisition (to the extent permitted under this Indenture), operation,
utilization and maintenance of networks that use existing or future technology for the

  

 20 

	 	 
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 

  

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

  

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

 “Permitted Collateral Liens” means (1) Liens on the Collateral arising by operation of law that are described in one or
more of clauses (4), (5) and (10) of the definition of “Permitted Liens” and that, in each case, would not materially interfere with the ability of the Security Trustee to enforce the Security Interest in the Collateral and (2)
Liens on the Collateral to secure (a) any Additional Notes, (b) Indebtedness of the Issuer or a Guarantor that is permitted to be Incurred under the first paragraph of the covenant described Section 4.09(a) or Section 4.09(b)(1), (3), or (12) (in
the case of (12), to the extent such Guarantee is in respect of Indebtedness otherwise permitted to be secured and specified in this definition of Permitted Collateral Liens); (c) Hedging Obligations Incurred by the Issuer or any Subsidiary
Guarantor for bona fide hedging purposes (as determined in good faith by the Board of Directors or senior management of the Issuer) in respect of the Notes, the Senior Secured Notes, other Indebtedness (provided that, in each case such Indebtedness
could be secured by a Permitted Collateral Lien pursuant to clause (2) of this definition of Permitted Collateral Liens) or Indebtedness incurred under Section 4.09(b)(16) and in the case of each of the foregoing substantially correspond in terms of
notional amount, currencies and interest rates, as applicable, to such Notes, Senior Secured Notes and such other Indebtedness and (d) any Refinancing Indebtedness in respect of Indebtedness referred to in the foregoing clauses (a), (b) or (c);
provided, however, that such Lien ranks (a) equal to all other Liens on such Collateral securing Senior Indebtedness of the Issuer or such Guarantor, as applicable, if such Indebtedness is Senior Indebtedness of the Issuer or such
Guarantor, as applicable (except that any creditors with respect to the foregoing may provide for an ordering of payments with respect to any proceeds received upon enforcement of such Lien), (b) equal to all other Liens on such Collateral securing
Senior Subordinated Indebtedness, if such Indebtedness is Senior Subordinated Indebtedness or (c) junior to the Liens securing the Notes or the Subsidiary Guarantees, provided, further, however, that only Indebtedness
represented by obligations under the Notes (including any Additional Notes), this Indenture and any other Pari Passu Indebtedness of the Issuer may be secured by a Lien on the shares of the Issuer. 
 “Permitted Holders” means, collectively, (1) Liberty, (2) any Affiliate or Related Person of a Permitted Holder
described in clause (1) above, and any successor to such Permitted Holder, Affiliate, or Related Person and (3) any Person who is acting as an underwriter in connection with any public or private offering of Capital Stock of the Issuer,
acting in such capacity. 
 “Permitted Investment” means an Investment by the Issuer or any Restricted
Subsidiary in: 
  

	 	(1)	the Issuer or a Restricted Subsidiary (other than a Receivables Entity) or a Person which will, upon the making of such Investment, become a Restricted Subsidiary
(other than a Receivables Entity); 

  

	 	(2)	another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets
to, the Issuer or a Restricted Subsidiary (other than a Receivables Entity); 

  

 21 

	 	(3)	cash and Cash Equivalents or Investment Grade Securities; 

  

	 	(4)	receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Issuer or any such Restricted Subsidiary deems reasonable under the circumstances; 

  

	 	(5)	payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and
that are made in the ordinary course of business; 

  

	 	(6)	loans or advances to employees made in the ordinary course of business consistent with past practices of the Issuer or such Restricted Subsidiary;

  

	 	(7)	Capital Stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Issuer or any Restricted
Subsidiary, or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor;

  

	 	(8)	Investments made as a result of the receipt of non-cash consideration from a sale or other disposition of property or assets, including without limitation an Asset
Disposition, in each case, that was made in compliance with Section 4.10; 

  

	 	(9)	Investments in existence on, or made pursuant to legally binding commitments in existence on, the Issue Date; 

  

	 	(10)	Currency Agreements and Interest Rate Agreements and related Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 4.09;

  

	 	(11)	Investments by the Issuer or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (11), in an aggregate amount at the time of
such Investment not to exceed 2.0% of Total Assets at any one time, provided that, if an Investment is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted Subsidiary
or is subsequently designated a Restricted Subsidiary in compliance with Section 4.07,” such Investment shall thereafter be deemed to have been made pursuant to clause (1) or (2) of the definition of “Permitted
Investments” and not this clause; 

  

	 	(12)	Investments by the Issuer or a Restricted Subsidiary in a Receivables Entity or any Investment by a Receivables Entity in any other Person, in each case, in connection
with a Qualified Receivables Transaction, provided, however, that any Investment in any such Person is in the form of a Purchase Money Note, or any equity interest or interests in Receivables and related assets generated by the Issuer or a
Restricted Subsidiary and transferred to any Person in connection with a Qualified Receivables Transaction or any such Person owning such Receivables; 

  

	 	(13)	guarantees issued in accordance with Section 4.09; 

  

	 	(14)	pledges or deposits (x) with respect to leases or utilities provided to third parties in the ordinary course of business or (y) otherwise described in the definition of
“Permitted Liens” or made in connection with Liens permitted under Section 4.12; 

  

 22 

	 	(15)	the Notes and the Senior Secured Notes; 

  

	 	(16)	so long as no Default or Event of Default of the type specified in Section 6.01(a)(1) or Section 6.01(a)(2) has occurred and is continuing, (a) minority Investments in
any Person engaged in a Permitted Business and (b) Investments in joint ventures that conduct a Permitted Business to the extent that, after giving pro forma effect to any such Investment, the Consolidated Leverage Ratio for the Issuer and its
Restricted Subsidiaries would not exceed 5.00 to 1.00; 

  

	 	(17)	any Investment to the extent made using as consideration Capital Stock of the Issuer (other than Disqualified Stock), Subordinated Shareholder Loans or Capital Stock of
any Parent; and 

  

	 	(18)	Investments made after the Issue Date and prior to the Acquisition Date to the extent such Investments are not prohibited under the Share Purchase Agreement; provided,
that such Investments were not made at the request of, or consented to by, the Ultimate Parent or any of its Affiliates. 

 “Permitted Liens” means: 
  

	 	(A)	with respect to any Restricted Subsidiary: 

  

	 	(1)	Liens securing Indebtedness Incurred under Credit Facilities, to the extent Incurred in compliance with Section 4.09(a) or Section 4.09(b)(1); 

 

	 	(2)	Liens on Receivables and related assets of the type described in the definition of “Qualified Receivables Transaction” Incurred in connection with a Qualified
Receivables Transaction; 

  

	 	(3)	pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with
bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure
surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business; 

  

	 	(4)	Liens imposed by law, including carriers’, warehousemen’s, mechanics’ landlords’, materialmen’s and repairmen’s or other like Liens, in
each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by IFRS, shall have been made in respect thereof; 

  

	 	(5)	Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested in good faith by appropriate
proceedings provided appropriate reserves required pursuant to IFRS have been made in respect thereof; 

  

 23 

	 	(6)	Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of and for the account of such
Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 

  

	 	(7)	encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the
business of the Issuer and its Restricted Subsidiaries or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of
the Issuer and its Restricted Subsidiaries; 

  

	 	(8)	Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing
such Hedging Obligation; 

  

	 	(9)	leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere
with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries; 

  

	 	(10)	Liens arising out of judgments, decrees, orders or awards not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment, decree, order or award have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

  

	 	(11)	Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, purchase money obligations or other payments
Incurred to finance the acquisition, improvement or construction of, assets or property acquired or constructed in the ordinary course of business provided that: 

  

	 	(a)	the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture and does not exceed the cost of the
assets or property so acquired or constructed; and 

  

	 	(b)	such Liens are created within 180 days of construction or acquisition of such assets or property and do not encumber any other assets or property of the Issuer or any
Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 

  

	 	(12)	Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit
accounts or other funds maintained with a depositary institution; provided that such deposit account is not intended by the Issuer or any Restricted Subsidiary to provide collateral to the depository institution; 

  

 24 

	 	(13)	Liens arising from United States Uniform Commercial Code financing statement filings (or similar filings in other applicable jurisdictions) regarding operating leases
entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 

  

	 	(14)	Liens existing on, or provided for under written arrangements existing on, the Issue Date; 

  

	 	(15)	Liens on property, other assets or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not
created, Incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided further, however, that any such Lien may not extend to any other property owned by any other Restricted Subsidiary;

  

	 	(16)	Liens on property at the time a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into any Restricted
Subsidiary; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided further, however, that such Liens may not extend to any other property owned by any other
Restricted Subsidiary; 

  

	 	(17)	Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary; 

  

	 	(18)	Permitted Collateral Liens; 

  

	 	(19)	Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced
or is in respect of property that is the security for a Permitted Lien hereunder; 

  

	 	(20)	Liens securing the Notes or the Subsidiary Guarantees; 

  

	 	(21)	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease; 

  

	 	(22)	Liens on Capital Stock or other securities of any Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;

  

	 	(23)	any encumbrance or restriction (including, but not limited to, put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement
pursuant to any joint venture or similar agreement; 

  

	 	(24)	Liens over rights under loan agreements relating to, or over notes or similar instruments evidencing, the on-loan of proceeds received by a Restricted Subsidiary from
the issuance of Indebtedness, which Liens are created to secure payment of such Indebtedness; 

  

 25 

	 	(25)	Liens Incurred with respect to obligations that do not exceed €30.0 million at any time outstanding; 

  

	 	(26)	Liens securing obligations under the Senior Secured Indenture, the Senior Secured Notes and any Additional Notes (as defined under the Senior Secured Indenture) and
guarantees thereof, and 

  

	 	(B)	with respect to the Issuer: 

  

	 	(1)	Liens securing the Notes; 

  

	 	(2)	Permitted Collateral Liens; 

  

	 	(3)	Liens securing guarantees of Indebtedness Incurred under Credit Facilities, to the extent the underlying Indebtedness was Incurred in compliance with Section 4.09(a) or
Section 4.09(b)(1); 

  

	 	(4)	Liens on property at the time the Issuer acquired the property, including any acquisition by means of a merger or consolidation with or into the Issuer; provided,
however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided further, however, that such Liens may not extend to any other property owned by the Issuer; and

  

	 	(5)	Liens of the type described in clauses (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (17), (19) and, (20), (21), (22) and (24) of clause
(A) of this definition of “Permitted Liens”. 

 “Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company, government or any agency or political subdivision hereof or any other entity. 
 “Preferred Stock”, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation.

 “Private Placement Legend” means the legend set forth in Section 2.07(j)(1) to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Pro forma
EBITDA” means, for any period, the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries, provided, however, that for the purposes of calculating Pro forma EBITDA for such period, if, as of such date of determination:

  

	 	(1)	since the beginning of such period the Issuer or any Restricted Subsidiary will have made any Asset Disposition or disposed of any company, any business, or any group
of assets constituting an operating unit of a business (any such disposition, a “Sale”) or if the transaction giving rise to the need to calculate the Consolidated Leverage Ratio is such a Sale, Pro forma EBITDA for such period will be
reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such
period; 

  

	 	(2)	 since the beginning of such period the Issuer or any Restricted Subsidiary (by merger or otherwise) will have made an Investment in any Person that

  

 26 

	 	 
thereby becomes a Restricted Subsidiary, or otherwise acquires any company, any business, or any group of assets constituting an operating unit of a business (any such Investment or acquisition,
a “Purchase”) including any such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, Consolidated EBITDA for such period will be calculated after giving pro forma effect thereto as if such
Purchase occurred on the first day of such period; and 

  

	 	(3)	since the beginning of such period any Person (that became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the
beginning of such period) will have made any Sale or any Purchase that would have required an adjustment pursuant to clause (1) or (2) above if made by the Issuer or a Restricted Subsidiary since the beginning of such period, Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto as if such Sale or Purchase occurred on the first day of such period. 

 For purposes of this definition and the definition of Consolidated Leverage Ratio, (i) whenever pro forma effect is to be given to any transaction or calculation under this definition, the
pro forma calculations will be as determined in good faith by a responsible financial or accounting officer of the Issuer (including without limitation in respect of anticipated expense and cost reductions) and (ii) in determining the
amount of Indebtedness outstanding on any date of determination, pro forma effect shall be given to any Incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness on such date. 
 “Public Debt” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in
(1) a public offering registered under the Securities Act or (2) a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it
includes registration rights entitling the holders of such debt securities to registration thereof with the SEC for public resale. The term “Public Debt” (a) shall not include the Notes (or any Additional Notes) and (b) for the
avoidance of doubt, shall not be construed to include any Indebtedness issued to institutional investors in a direct placement of such Indebtedness that is not underwritten by an intermediary (it being understood that, without limiting the
foregoing, a financing that is distributed to not more than ten Persons (provided that multiple managed accounts and affiliates of any such Persons shall be treated as one Person for the purposes of this definition) shall be deemed not to be
underwritten), or any Indebtedness under the Revolving Credit Facility, commercial bank or similar Indebtedness, Capitalized Lease Obligation or recourse transfer of any financial asset or any other type of Indebtedness incurred in a manner not
customarily viewed as a “securities offering”. 
 “Public Offering Expenses” means expenses Incurred
by any Parent in connection with any public offering of Capital Stock or Indebtedness (whether or not successful): 
  

	 	(1)	where the net proceeds of such offering are intended to be received by or contributed or loaned to the Issuer or a Restricted Subsidiary; or 

 

	 	(2)	in a prorated amount of such expenses in proportion to the amount of such net proceeds intended to be so received, contributed or loaned; or 

 

	 	(3)	otherwise on an interim basis prior to completion of such offering so long as any Parent shall cause the amount of such expenses to be repaid to the Issuer or the
relevant Restricted Subsidiary out of the proceeds of such offering promptly if completed, 

 in each case, to the extent such
expenses are not paid by another Subsidiary such Parent. 
  

 27 

 “Purchase Money Note” means a promissory note of a Receivables Entity
evidencing the deferred purchase price of Receivables (and related assets) and/or a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection with a Qualified Receivables Transaction with a Receivables
Entity, which deferred purchase price or line is repayable from cash available to the Receivables Entity, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in respect of interest, principal
and other amounts owing to such investors and amounts owing to such investors and amounts paid in connection with the purchase of newly generated Receivables. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Issuer or any of its Restricted Subsidiaries pursuant to which the
Issuer or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to (1) a Receivables Entity (in the case of a transfer by the Issuer or any of its Restricted Subsidiaries) and (2) any other Person (in the case of a
transfer by a Receivables Entity), or may grant a security interest in, any Receivables (whether now existing or arising in the future) of the Issuer or any of its Restricted Subsidiaries, and any assets related thereto including, without
limitation, all collateral securing such Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of such Receivables and other assets which are customarily transferred, or in respect of
which security interests are customarily granted, in connection with asset securitization involving Receivables. 
 “Receivable” means a right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant to an arrangement with another Person pursuant to which such other Person is obligated
to pay for goods or services under terms that permit the purchase of such goods and services on credit and shall include, in any event, any items of property that would be classified as an “account”, “chattel paper”,
“payment intangible” or “instrument” under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined. 
 “Receivables Entity” means a Wholly Owned Subsidiary (or another Person in which the Issuer or any Restricted Subsidiary
makes an Investment and to which the Issuer or any Restricted Subsidiary transfers Receivables and related assets) which engages in no activities other than in connection with the financing of Receivables and which is designated by the Board of
Directors of the Issuer (as provided below) as a Receivables Entity: 
  

	 	(1)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which: 

  

	 	(a)	is guaranteed by the Issuer or any Restricted Subsidiary (excluding guarantees of Obligations (other than the principal of, and interest on, Indebtedness) pursuant to
Standard Securitization Undertakings); 

  

	 	(b)	is recourse to or obligates the Issuer or any Restricted Subsidiary of the Issuer in any way other than pursuant to Standard Securitization Undertakings; or

  

	 	(c)	subjects any property or asset of the Issuer or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings; 

  

	 	(2)	with which neither the Issuer nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding (except in connection with a Purchase
Money Note or Qualified Receivables Transaction) other than on terms no less favorable to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Issuer, other than fees
payable in the ordinary course of business in connection with servicing Receivables; and 

  

 28 

	 	(3)	to which neither the Issuer nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to
achieve certain levels of operating results. 

 Any such designation by the Board of Directors of the Issuer shall
be evidenced to the Trustee by promptly filing with the Trustee a certified copy of the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied
with the foregoing conditions. 
 “Redemption Date” means, when used with respect to any Note to be redeemed
pursuant to this Indenture, the date fixed for such redemption. 
 “Refinancing Indebtedness” means
Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) (collectively, “refinance”, “refinances”, and “refinanced”
shall have a correlative meaning) any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture (including Indebtedness of the Issuer that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any
Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness, provided, however, that: 
  

	 	(1)	(a) if the Stated Maturity of the Indebtedness being refinanced is earlier than the Stated Maturity of the Notes, the Refinancing Indebtedness has a Stated Maturity no
earlier than the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated Maturity of the Indebtedness being refinanced is later than the Stated Maturity of the Notes, the Refinancing Indebtedness has a Stated Maturity later
than the Stated Maturity of the Notes; 

  

	 	(2)	the Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the
Indebtedness being refinanced; 

  

	 	(3)	such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or
less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to
pay interest or premiums required by the instruments governing such existing Indebtedness and costs, expenses and fees Incurred in connection therewith); and 

  

	 	(4)	in the case of the refinancing of any Subordinated Obligation, such Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as
favorable to the Holders as those contained in the documentation governing the Subordinated Obligation being extended, refinanced, renewed, replaced, defeased or refunded. 

 “Regulation S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of and registered in the name of The Bank of New York Depository (Nominees) Limited as nominee for Euroclear and Clearstream issued in a denomination equal to the outstanding principal
amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  

 29 

 “Related Business” means any business that is the same as or related,
ancillary or complementary to any of the businesses of the Issuer and its Restricted Subsidiaries on the Issue Date. 
 “Related Person” with respect to any Permitted Holder, means: 
  

	 	(1)	any controlling equity holder or majority (or more) owned Subsidiary of such Permitted Holder; or 

  

	 	(2)	in the case of an individual, any spouse, family member or relative of such individual, any trust or partnership for the benefit of one or more of such individual and
any such spouse, family member or relative, or the estate, executor, administrator, committee or beneficiaries of any thereof; or 

  

	 	(3)	any trust, corporation, partnership or other Person for which one or more of the Permitted Holders and other Related Persons of any thereof constitute the
beneficiaries, stockholders, partners or owners thereof, or Persons beneficially holding in the aggregate a majority (or more) controlling interest therein. 

 “Related Taxes” means: 
  

	 	(1)	any taxes, including but not limited to sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption, franchise, license, capital, registration,
business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar taxes (other than (x) taxes measured by income and (y) withholding imposed on payments made by any Parent), required to be paid by any Parent by virtue
of its: 

  

	 	(a)	being organized or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any corporation or other entity other than the
Issuer or any of the Issuer’s Subsidiaries), or 

  

	 	(b)	being a holding company parent of the Issuer or any of the Issuer’s Subsidiaries, or 

  

	 	(c)	receiving dividends from or other distributions in respect of the Capital Stock of the Issuer, or any of the Issuer’s Subsidiaries, or 

  

	 	(d)	having guaranteed any obligations of the Issuer or any Subsidiary of the Issuer, or 

  

	 	(e)	having made any payment in respect to any of the items for which the Issuer is permitted to make payments to any Parent pursuant to Section 4.07,

 in each case, to the extent such taxes are not paid by another Subsidiary such Parent; or

  

	 	(2)	 any taxes measured by income for which any Parent is liable up to an amount not to exceed with respect to such taxes the amount of any such taxes that
the Issuer and its Subsidiaries would have been required to pay on a separate company basis or on a consolidated basis if the Issuer and its Subsidiaries had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an
affiliated group consisting only of the Issuer and

  

 30 

	 	 
its Subsidiaries and any taxes imposed by way of withholding on payments made by one Parent to another Parent on any financing that is provided, directly or indirectly in relation to the Issuer
and its Subsidiaries (reduced by any taxes measured by income actually paid by the Issuer and its Subsidiaries). 

 “Related Transactions” means (1) any payment by Bidco pursuant to the Share Purchase Agreement on the Acquisition Date, as amended or waived (other than any amendment or waiver materially adverse to the Holders of the
Notes), (2) any intercompany Indebtedness by the Issuer to any member of the Unitymedia Group as part of the Debt Pushdown in order to refinance in full each of the Existing Senior Secured, the Existing Senior Notes and the Existing Term Loan
(provided that such intercompany Indebtedness is extinguished upon completion of the Debt Pushdown), (3) the assumption by Unitymedia of all of Bidco’s obligations under the Notes and the assumption by Unitymedia Hessen and Unitymedia NRW
of all of Bidco’s obligations under the Senior Secured Notes (which assumptions may be in repayment of any loans or advances or return of any Investment contemplated in clause (2) above), (4) the other transactions contemplated by the
Debt Pushdown as described in the Offering Memorandum, and (5) payment of fees, costs and expenses in connection with the Acquisition and the Debt Pushdown as set forth under the caption “The Transactions”. 
 “Representative” means any trustee, agent or representative (if any) for an issue of Senior Indebtedness or the provider of
Senior Indebtedness (if provided on a bilateral basis), as the case may be. 
 “Responsible Officer,” when used
with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) including any vice president, assistant vice president, assistant treasurer, or any other officer of the
Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject. 
 “Restricted Definitive Note” means a Definitive
Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private
Placement Legend. 
 “Restricted Investment” means any Investment other than a Permitted Investment.

 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “Revolving Credit Facility” means the senior secured revolving credit facility agreement for an amount of
€80.0 million to be entered into on or before December 31, 2009 among Bidco, as borrower, the mandated lead arranger(s), agent and certain financial institutions to be listed therein as lenders, as amended or supplemented from time to
time. 
  

 31 

 “Sale/Leaseback Transaction” means an arrangement relating to property now
owned or hereafter acquired whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or a Restricted Subsidiary leases it from such Person. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Security Documents” means, prior to the Debt Pushdown, the junior-ranking Share Pledge of the Capital Stock of Bidco and
the Senior Secured Notes Escrow and Security Agreement, and, upon consummation of the Debt Pushdown, Share Pledges or Interest Pledges of Capital Stock of Unitymedia, Unitymedia Management, Unitymedia Hessen and Unitymedia Verwaltung, and any other
agreement or document that provides for a Lien over any Collateral for the benefit of the Holders of the Note in each case as amended or supplemented from time to time. 
 “Security Interest” means the rights and assets over which security is granted to secure the obligations under the Notes or the Subsidiary Guarantees and this Indenture pursuant to the
Security Documents. 
 “Security Trustee” means Credit Suisse, London Branch or any successor or replacement
Security Trustee, acting in such capacity. 
 “Senior Indebtedness” means, whether outstanding on the Issue
Date or thereafter Incurred, all amounts payable under or in respect of all other Indebtedness of the Issuer or any Guarantor, including premiums and accrued and unpaid interest (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Issuer or such Guarantor at the rate specified in the documentation with respect thereto whether or not a claim for post filing interest is allowed in such proceeding) and fees relating thereto;
provided, however, that Senior Indebtedness will not include: 
  

	 	(1)	any Indebtedness Incurred in violation of this Indenture 

  

	 	(2)	any obligation of the Issuer to any Restricted Subsidiary or any obligation of any Guarantor to the Issuer or any Restricted Subsidiary; 

  

	 	(3)	any liability for taxes owed or owing by the Issuer or any Restricted Subsidiary; 

  

	 	(4)	any accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or instruments evidencing such
liabilities); 

  

	 	(5)	any Indebtedness, guarantee or obligation of the Issuer or any Guarantor that is expressly subordinate or junior in right of payment to any other Indebtedness,
guarantee or obligation of the Issuer or such Guarantor, including, without limitation, any Subordinated Obligation; or 

  

	 	(6)	any Capital Stock. 

 “Senior Secured Indenture” means the indenture governing the Senior Secured Notes to be dated as of the Issue Date among, inter alia, Bidco, and The Bank of New York Mellon, as trustee, as amended or supplemented from time
to time. 
  

 32 

 “Senior Secured Notes” means the
€1,430 million aggregate principal amount of Euro denominated 8 1/8% Senior Secured Notes due 2017 and $845 million aggregate principal amount of U.S. dollar-denominated 8 1
/8% Senior Secured Notes due 2017 issued on the Issue Date. 
 “Senior Notes Escrow Account” means the account with the Escrow Agent into which the net proceeds of the issuance of the
Notes issued on the Issue Date will be deposited. 
 “Senior Notes Escrow Agreement” means the Escrow and
Security Agreement between the Issuer, the Trustee and the Escrow Agent entered into on the Issue Date in respect of the deposit of the proceeds of the Notes in the accounts described therein. 
 “Senior Notes Escrow Release Dates” means any date on which the Senior Notes Escrowed Property is released to the Issuer in
accordance with Section 1.4(c) or 1.4(d) of the Senior Notes Escrow Agreement. 
 “Senior Notes Escrowed
Property” means the initial funds deposited in the Senior Notes Escrow Account, and all other funds, securities, interest, dividends, distributions and other property and payments credited to the Senior Notes Escrow Account (less any
property and/or funds paid in accordance with the Senior Notes Escrow Agreement). 
 “Senior Subordinated
Indebtedness” means, with respect to a Guarantor, the Subsidiary Guarantee issued by such Guarantor and any other Indebtedness of such Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that specifically provides that
such Indebtedness is to rank equally with such Subsidiary Guarantee in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of such Guarantor which is not Guarantor Senior Indebtedness.

 “Share Purchase Agreement” refers to that certain share purchase agreement dated as of November 13,
2009 by and between Unity Media S.C.A., BidCo and Liberty Global, Inc., as amended or supplemented from time to time as permitted hereunder. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated
by the SEC. 
 “SLA Agreements” or “SLAs” means the service level agreements (including the
term sheets attached thereto and included therein) with Deutsche Telekom AG and its Affiliates and with Nortel GmbH and its Affiliates in effect on the Issue Date (each, an “Existing Service Level Agreement”), including agreements for the
lease of cable duct and tower space and other premises, the use of fiber optic transmission systems and other infrastructure components and services and the supply of electrical power, as well as any additional or other service level agreements or
any replacement, amendment, supplement or waiver of any such service level agreement; provided, however, that any additional or other service level agreement shall be of a type similar to one or more Existing Service Level Agreements and any such
service level agreement as replaced, amended, supplemented or waived shall have terms that are similar to an Existing Service Level Agreement or any such additional or other service level agreement. 
 “Special Mandatory Redemption Price” means a price equal to 101% of the initial issue price of the Initial Notes plus
accrued and unpaid interest and Additional Amounts, if any from the Issue Date to the Redemption Date. 
 “Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Issuer or any Restricted Subsidiary of the Issuer which are reasonably customary in securitization of Receivables transactions.

  

 33 

 “Stated Maturity” means, with respect to any security, the date specified
in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any
such principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated Obligation”
means, in the case of the Issuer, any Indebtedness of the Issuer (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate or junior in right of payment to the Notes pursuant to a written agreement and, in the
case of a Guarantor, any Indebtedness of such Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate or junior in right of payment to the Subsidiary Guarantee of such Guarantor pursuant to a written
agreement. 
 “Subordinated Shareholder Loans” means Indebtedness of the Issuer (and any security into which
such Indebtedness is convertible or for which it is exchangeable at the option of the holder) issued to and held by any Parent that (either pursuant to its terms or pursuant to an agreement with respect thereto): 
  

	 	(1)	does not mature or require any amortization, redemption or other repayment of principal or any sinking fund payment prior to the first anniversary of the Stated
Maturity of the Notes (other than through conversion or exchange of such Indebtedness into Capital Stock (other than Disqualified Stock) of the Issuer or any Indebtedness meeting the requirements of this definition); 

  

	 	(2)	does not require, prior to the first anniversary of the Stated Maturity of the Notes, payment of cash interest, cash withholding amounts or other cash gross-ups, or any
similar cash amounts; 

  

	 	(3)	contains no change of control or similar provisions that are effective, and does not accelerate and has no right to declare a default or event of default or take any
enforcement action or otherwise require any cash payment prior to the first anniversary of the Stated Maturity or the Notes; 

  

	 	(4)	does not provide for or require any security interest or encumbrance over any asset of the Issuer or any of its Restricted Subsidiaries; 

  

	 	(5)	is subordinated in right of payment to the prior payment in full of the Notes in the event of (a) a total or partial liquidation, dissolution or winding up of the
Issuer, (b) a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Issuer or its property, (c) an assignment for the benefit of creditors or (d) any marshalling of the Issuer’s assets and
liabilities; 

  

	 	(6)	under which the Issuer may not make any payment or distribution of any kind or character with respect to any obligations on, or relating to, such Subordinated
Shareholder Loans if (x) a payment Default on the Notes occurs and is continuing or (y) any other Default under this Indenture occurs and is continuing on the Notes that permits the Holders to accelerate their maturity and the Issuer
receives notice of such Default from the requisite Holders, until in each case the earliest of (a) the date on which such Default is cured or waived or (b) 180 days from the date such Default occurs (and only once such notice may be given
during any 360 day period); and 

  

	 	(7)	 under which, if the holder of such Subordinated Shareholder Loans receives a payment or distribution with respect to such Subordinated Shareholder Loan
(a) other than in accordance with this Indenture or as a result of a mandatory requirement of applicable law or (b) under circumstances described under clauses (5)(a) through (d) above, such Holder will forthwith pay all such

  

 34 

	 	 
amounts to the Trustee to be held in trust for application in accordance with this Indenture. 

 “Subsidiary” of any Person means (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of
which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or persons performing similar
functions) or (b) any partnership, joint venture limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as
applicable, is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such
Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Issuer. 
 “Subsidiary Guarantee” means the guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to the provisions of this Indenture. 
 “Subsidiary Guarantor” means any Subsidiary of the Issuer that accedes to this Indenture as a Guarantor, and their
respective successors and assigns, in each case, until the Subsidiary Guarantee of such Person has been released in accordance with the provisions of this Indenture. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Total Assets” means the consolidated total assets of the Issuer and its Restricted Subsidiaries as shown on the most recent balance sheet (excluding the footnotes thereto) of the Issuer.

 “Trustee” means The Bank of New York Mellon until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “UGC” means
UnitedGlobalCom, Inc., a Delaware corporation, and any successor (by merger, consolidation, transfer, conversion of legal form or otherwise) to all or substantially all of its assets. 
 “Ultimate Parent” means Liberty. 
 “Unitymedia” means Unitymedia GmbH. 
 “Unitymedia
Group” means Unitymedia GmbH and its Subsidiaries. 
 “Unitymedia Hessen” means Unitymedia Hessen
GmbH & Co. KG. 
 “Unitymedia Management” means Unitymedia Management GmbH. 
 “Unitymedia NRW “ means Unitymedia NRW GmbH. 
 “Unitymedia Verwaltung” means Unitymedia Hessen Verwaltung GmbH. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means: 
  

	 	(1)	any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Issuer in the manner
provided below; and 

  

 35 

	 	(2)	any Subsidiary of an Unrestricted Subsidiary. 

 The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger or consolidation
or Investment therein) to be an Unrestricted Subsidiary only if: 
  

	 	(a)	such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any
other Subsidiary of the Issuer which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; 

  

	 	(b)	all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will at all times thereafter, consist of Non-Recourse Debt;

  

	 	(c)	such designation and the Investment of the Issuer in such Subsidiary complies with Section 4.07; and 

  

	 	(d)	on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the
Issuer or any Restricted Subsidiary with terms substantially and materially less favorable to the Issuer than those that might have been obtained from Persons who are not Affiliates of the Issuer. 

 Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a
resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail
to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date.

 The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and either (x) the Issuer could Incur at least €1.00 of additional
Indebtedness under Section 4.09(a). or (y) the Consolidated Leverage Ratio would be lower than it was immediately prior to giving effect to such designation, in each case, on a pro forma basis taking into account such designation.

 “UPC Broadband” means UPC Broadband Holding B.V., together with its successors. 
 “UPC Exchange Transaction” means an exchange offer by UPC Holding pursuant to which one or more series of UPC Qualified
Notes are offered in exchange for all outstanding Notes issued under this Indenture; provided, that (i) no Default or Event of Default has occurred and is continuing at the time any such exchange offer is made or would result therefrom,
(ii) Holders of a majority in aggregate principal amount of the outstanding Notes have elected to participate in such offer, (iii) for each €1,000 in principal amount of Notes tendered and accepted, each Holder tendering such Notes
will receive €1,000 in principal amount of UPC Qualified Notes, (iv) the exchange offer complies with Rule 14e-1 under the

  

 36 

 
Exchange Act and any other applicable securities law or regulation, (v) UPC Holding accepts for exchange all Notes tendered in such exchange offer and issues the relevant UPC Qualified Notes
in exchange therefor, (vi) the exchange offer is open to all Holders of the Notes on substantially similar terms, (vii) the exchange offer is not conditioned upon Holders of the Notes consenting to any amendments to the terms of the notes
or this Indenture and (ix) in connection therewith, the Issuer and its Restricted Subsidiaries will become direct or indirect Subsidiaries of UPC Broadband. 
 “UPC Holding” means UPC Holding B.V, together with its successors. 
 “UPC Qualified Notes” means senior notes issued by UPC Holding; provided, that (i) such senior notes will be guaranteed and secured to the same extent that other senior notes of UPC Holding existing on the date of the
UPC Exchange Transaction are guaranteed and secured; provided that in any event such senior notes will be secured to the same extent as UPC Holding’s senior Indebtedness existing on the Issue Date, (ii) the Indebtedness incurred under such
senior notes is permitted to be Incurred pursuant to the terms and conditions of any other Indebtedness of UPC Holding and its Subsidiaries outstanding upon consummation of the UPC Exchange Transaction, (iii) the terms and conditions of such
senior notes and the indenture governing such senior notes (other than with respect to pricing and redemption) shall be substantially similar to, and in any event no less favorable to the Holders of Notes than, the terms and conditions contained in
the indentures governing the senior notes of UPC Holding outstanding on the date of the UPC Exchange Transaction, (iv) the interest rate applicable to each series of such senior notes shall not be less than the interest rate applicable to the
series of Notes for which they are exchanged, (v) all amounts due and owing on such senior notes will be payable in the same currency as the Notes for which they are exchanged, (vi) the redemption provisions of such senior notes will have
at least the remaining call protection applicable to the Notes for which they are exchanged and (vii) the Stated Maturity of such senior notes will be no later than the Stated Maturity of the Notes. 
 “U.S. Government Obligations” means direct obligations of, or obligations guaranteed by, the United States of America, and
the payment for which the United States pledges its full faith and credit. 
 “U.S. Person” means a U.S. Person
as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock” of a corporation means all
classes of Capital Stock of such corporation then outstanding and normally entitled to vote in the election of directors. 
 “Wholly Owned Subsidiary” means a Restricted Subsidiary of the Issuer, all of the Capital Stock of which (other than directors’ qualifying shares or shares required by any applicable law or regulation to be held by a
Person other than the Issuer or another Wholly Owned Subsidiary) is owned by the Issuer or another Wholly Owned Subsidiary. 
 “Written Instructions” means any written notices, directions or instructions received by the Agents from an Authorized Person or from a person reasonably believed by the Agents to be an Authorized Person. 
 Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
		
	 “Additional Amounts”
	  	4.19
	 “Additional Intercreditor Agreement”
	  	4.23
	 “Affiliate Transaction”
	  	4.11
	 “Asset Disposition Offer”
	  	3.11

  

 37 

			
	 Term
	  	Defined in
Section
		
	“Asset Disposition Offer Amount”	  	3.11
	“Asset Disposition Offer Period” 	  	3.11
	“Asset Disposition Purchase Date” 	  	3.11
	“Authentication Order”	  	2.02
	“Change in Tax Law”	  	3.09
	“Change of Control Offer”	  	4.14
	“Change of Control Purchase Price”	  	4.14
	“Change of Control Purchase Date”	  	4.14
	“Covenant Defeasance”	  	8.03
	“cross acceleration provision”	  	6.01
	“defeasance trust”	  	8.03
	“Escrow Termination Date”	  	3.08
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“Initial Lien” 	  	4.12
	“Investment Grade Status Period”	  	4.20
	“Judgment Currency” 	  	12.07
	“Legal Defeasance”	  	8.02
	“Other Asset Disposition Indebtedness”	  	3.11
	“Parallel Debt”	  	7.12
	“Paying Agent”	  	2.03
	“payment default”	  	6.01
	“Payor”	  	4.19
	“Principal Obligations”	  	7.12
	“Principal Paying Agent”	  	2.03
	“Priority Representative”	  	4.19
	“Register”	  	2.03
	“Registered Agent”	  	12.09
	“Registrar”	  	2.03
	“Regular Record Date”	  	2.04
	“Release”	  	3.08
	“Relevant Taxing Jurisdiction”	  	4.19
	“Required Currency” 	  	12.07
	“Restricted Payments”	  	4.07
	“Special Mandatory Redemption”	  	3.08
	“Special Mandatory Redemption Date”	  	3.08
	“Successor Company”	  	5.01
	“Taxes”	  	4.19
	“Tax Redemption Date”	  	3.09

 Section 1.03 Incorporation by Reference of Trust Indenture Act 
 Whenever this Indenture refers to a provision of the TIA, the provision (but only such provision) is incorporated by reference in and made a
part of this Indenture as if this Indenture was required to be qualified under the TIA, and the mandatory provisions of the TIA that are required to govern indentures qualified under the TIA shall not be incorporated by reference herein unless
specifically referred to herein. 
 The following TIA terms used in this Indenture have the following meanings: 
  

	 	(1)	“indenture securities” means the Notes; 

  

	 	(2)	“indenture security Holder” means a Holder of a Note; 

  

	 	(3)	“indenture to be qualified” means this Indenture; 

  

 38 

	 	(4)	“indenture trustee” or “institutional trustee” means the Trustee; and 

  

	 	(5)	“obligor” on the Notes means the Issuer and any successor obligor upon the Notes. 

 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them in this Indenture. 
 Section 1.04 Rules of Construction 
 Unless the context otherwise requires: 
  

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

  

	 	(3)	“or” is not exclusive; 

  

	 	(4)	words in the singular include the plural, and in the plural include the singular; 

  

	 	(5)	“will” shall be interpreted to express a command; 

  

	 	(6)	provisions apply to successive events and transactions; and 

  

	 	(7)	references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from
time to time. 

 ARTICLE 2.  
 THE NOTES 
 Section 2.01 Form and Dating 
 (a) Global Notes. Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of a 144A Global Note, duly
executed by the Issuer, and authenticated by the Trustee as hereinafter provided. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Global Note, duly executed by the Issuer and authenticated
by the Trustee as hereinafter provided. Each Global Note shall represent such aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, by the Registrar or the Principal Paying Agent to
reflect exchanges, repurchases, redemptions and transfers of interests therein, in accordance with the terms of this Indenture. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 Ownership of interests in the Global Notes will be limited to Participants and Indirect Participants. Book-Entry Interests in the Global
Notes will be shown on, and transfers thereof will be effected only through, records maintained in book-entry form by the Depositary and its Participants. The Applicable Procedures shall be applicable to Book-Entry Interests in Global Notes.

  

 39 

 Except as set forth in Section 2.07(a), the Global Notes may be transferred, in whole
and not in part, only to a nominee or a successor of the Depositary. 
 (b) Definitive Registered Notes. Definitive
Registered Notes issued upon transfer of a Book-Entry Interest or a Definitive Registered Note, or in exchange for a Book-Entry Interest or a Definitive Registered Note, shall be issued in accordance with this Indenture. 
 (c) Book-Entry Provisions. Neither Participants nor Indirect Participants shall have any rights either under this Indenture or under
any Global Note held on their behalf by the Depositary. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any Agent from giving effect to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in any Global Note. 
 (d) Note Forms. The Global Notes and the Definitive Registered Notes shall be issuable only in registered form, substantially in the
forms set forth as Exhibit A and Exhibit B hereto, respectively. The Notes shall be issued without coupons and only in denominations of at least €50,000 and in integral multiples of €1,000 in excess thereof. 
 (e) Additional Notes. Subject to the restrictions contained in Section 4.09, from time to time after the Issue Date the Issuer
may issue Additional Notes under this Indenture. Any Additional Notes issued as provided for herein will be treated as a single class and as part of the same series as the Initial Notes for all purposes (including voting) under this Indenture.

 (f) Dating. Each Note shall be dated the date of its authentication. 
 Section 2.02 Execution and Authentication 
 At least one Officer of the Issuer must sign the Notes for the Issuer by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated or at any time thereafter, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual signature of the Authenticating Agent. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Authenticating Agent shall authenticate Notes on the Issue
Date in an aggregate principal amount of €665,000,000 upon receipt of an authentication order signed by at least one Officer of the Issuer directing the Authenticating Agent to authenticate the Notes and certifying that all conditions precedent
to the issuance of the Notes contained herein have been complied with (an “Authentication Order”). The Authenticating Agent shall authenticate Additional Notes upon receipt of an Authentication Order relating thereto. Each Note
shall be dated the date of its authentication. 
 The Trustee may authenticate Notes as the Issuer’s Authenticating Agent.
The Trustee may appoint an additional Authenticating Agent or Agents acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent. Such Authenticating Agent shall have the same rights as the Trustee in any dealings hereunder with any of the Issuer’s
Affiliates. 
  

 40 

 Notes authenticated by an Authenticating Agent shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated hereunder by the Trustee, and every reference in this Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of
authentication shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be subject to acceptance by the Issuer and shall at all times be a corporation organized and
doing business under, or licensed to do business pursuant to, the laws of the United States of America (including any State thereof or the District of Columbia) or a jurisdiction in the European Union and authorized under such laws to act as
Authenticating Agent, subject to supervision or examination by governmental authorities, if applicable. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 2.02, such
Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 2.02. 
 Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any
corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent; provided that such corporation shall be otherwise eligible under this Section 2.02, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice of resignation to the Trustee
and the Issuer. Each of the Trustee and the Issuer may at any time terminate the agency of an Authenticating Agent by giving written notice of the termination to that Authenticating Agent and the Issuer or the Trustee, as the case may be. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent ceases to be eligible in accordance with the provisions of this Section 2.02, the Trustee may appoint a successor Authenticating
Agent acceptable to the Issuer. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all of the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 2.02. 
 The Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 2.02. 
 If an Authenticating Agent is appointed with respect to the Notes pursuant to this Section 2.02, the Notes may have endorsed thereon,
in addition to or in lieu of the Trustee’s certification of authentication, an alternative certificate of authentication in the following form: 
 “This is one of the Notes referred to in the within-mentioned Indenture. 
  

			
	 [NAME OF AUTHENTICATING AGENT],

	 as Authenticating Agent

		
	 By:
	 	  

		 	Authorized Signatory”

 Section 2.03 Registrar and Paying Agent 
 The Issuer will maintain one or more paying agents (each, a “Paying Agent”) for the Notes in each of (i) the City of
London (the “Principal Paying Agent”), (ii) the Borough of Manhattan, City of New York, and (iii) Luxembourg, for so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted for
trading on the Euro MTF market and the rules of the Luxembourg Stock Exchange so require. If, after the Issue

  

 41 

 
Date, the Principal Paying Agent becomes obliged to withhold or deduct tax in connection with any payment made by it in relation to the Notes, the Issuer will also maintain such office or agency
in another member state of the European Union (including any country which becomes a member state of the European Union after the Issue Date) that is not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any
other Directive implementing the conclusions of the European Council of Economics and Finance Ministers (“ECOFIN”) meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such
Directive. 
 The Issuer will also maintain a registrar (the “Registrar”) and one or more transfer agents. For
so long as the notes are admitted to the official list of the Luxembourg Stock Exchange and its rules so require, the Issuer will maintain a transfer agent in Luxembourg. The Registrar and the transfer agents will maintain a register (the
“Register”) reflecting ownership of Notes outstanding from time to time and will make payments on and facilitate transfers of Definitive Registered Notes on behalf of the Issuer. Each transfer agent shall perform the functions of a
transfer agent. 
 The parties hereto acknowledge that the Issuer has appointed The Bank of New York Mellon, at One Canada
Square, London E14 5AL, United Kingdom, as the Principal Paying Agent, Registrar and Transfer Agent with respect to the Notes. The Issuer acknowledges that The Bank of New York Mellon has accepted such appointment. In addition, the Issuer has
appointed The Bank of New York Mellon (Luxembourg) S.A., at Aerogolf Centre, 1A, Hoehenhof, L-1736 Senningerberg Luxembourg, as the Luxembourg Paying Agent and Transfer Agent and acknowledges that The Bank of New York Mellon (Luxembourg) S.A. has
accepted such appointment. Furthermore, the Issuer has appointed The Bank of New York Mellon as New York Paying Agent, Transfer Agent and Registrar and acknowledges that The Bank of New York Mellon has accepted such appointment. So long as The Bank
of New York Mellon and The Bank of New York Mellon (Luxembourg) S.A. serve in such capacities, Section 7.07 shall apply to them as if they were Trustee hereunder. 
 The Issuer may appoint one or more additional Paying Agents and the term “Paying Agent” shall include any such additional Paying Agent, as applicable. Upon notice to the Trustee, the
Issuer may change any Paying Agent, Registrar or transfer agent and the Issuer may act as the Paying Agent; provided, however, that in no event may the Issuer act as Principal Paying Agent or appoint a Principal Paying Agent in any member
state of the European Union where the Principal Paying Agent would be obliged to withhold or deduct tax in connection with any payment made by it in relation to the Notes unless the Principal Paying Agent would be so obliged if it were located in
all other member states. 
 The Issuer shall notify the Trustee of the name and address of any Agent appointed after the Issue
Date. If the Issuer fails to maintain a Registrar or a Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled to appropriate compensation in accordance with Section 7.07. 
 Any Notice to be given under this Indenture or under the Notes by the Trustee or the Issuer to the Holders shall be mailed by first-class
mail to each Holder of Notes at their address as it appears at the time of such mailing in the Register. 
 Section 2.04 Holders to Be
Treated as Owners; Payments of Interest 
 (a) Except as otherwise ordered by a court of competent jurisdiction or required
by applicable law, the Issuer, the Paying Agents, the Registrar, the Trustee and any agent of the Issuer, any Paying Agent, the Registrar or the Trustee may deem and treat the Holder of a Note as the absolute owner of such Note for the purpose of
receiving payment of or on account of the principal, premium or interest on such Note and for all other purposes (including voting and consents and enforcement of the Security Documents); and neither the Issuer, any Paying Agent, the Registrar, the
Trustee nor any agent of the Issuer, any Paying

  

 42 

 
Agent, the Registrar or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum
or sums so paid, effective to satisfy and discharge the liability for moneys payable upon any Note. 
 (b) Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Trustee or the Agents from giving effect to any written certification, proxy or other authorization furnished to the Depositary or impair, as between the Depositary, its nominees, the
Participants or any other person, the operation of customary practices of such persons governing the exercise of the rights of a Holder. 
 (c) A Holder of a Note at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date
notwithstanding any transfer or exchange of such Note subsequent to the Regular Record Date and prior to such Interest Payment Date, except if and to the extent the Issuer shall default in the payment of the interest due on such Interest Payment
Date, in which case such defaulted interest shall be paid in accordance with Section 2.13. The term “Regular Record Date” as used with respect to any Interest Payment Date for the Notes shall mean the date specified as such in
the Notes. 
 Section 2.05 Paying Agent to Hold Money 
 Each Paying Agent shall hold for the benefit of the Holders or the Trustee all money received by the Paying Agent for the payment of principal, premium, interest or Additional Amounts on the Notes
(whether such money has been paid to it by the Issuer or any other obligor on the Notes), and the Issuer and the Paying Agent shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment. Money
held in trust by a Paying Agent need not be segregated (other than when the Issuer acts as a Paying Agent), except as required by law, and in no event shall any Paying Agent be liable for any interest on any money received by it hereunder. The
Issuer at any time may require each Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may, if such a Default has occurred and is continuing, require any Paying Agent to pay forthwith all
money so held by it to the Trustee and to account for any funds disbursed. Upon making such payment, the relevant Paying Agent shall have no further liability for the money delivered to the Trustee. 
 Section 2.06 Holder Lists 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least
seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

Section 2.07 Transfer and Exchange 
  

	 	(a)	Transfer and Exchange of Global Notes. 

 (1) The Global Notes cannot be transferred to any Person other than to another nominee or Common Depositary or to a successor clearing agency or its nominee approved by the Issuer and the Trustee and in accordance with procedures of the
clearing systems. 
 (2) Global Notes will be exchanged by the Issuer for Definitive Registered Notes (A) if the Depositary
notifies the Issuer that it is unwilling or unable to continue to act as a depositary and a successor depositary is not appointed by the Issuer within 120 days;

  

 43 

 
(B) in whole, but not in part, if the Issuer or the Depositary so requests following an Event of Default; (C) in whole, but not in part, at any time if the Issuer in its sole discretion
determines that the Global Notes should be exchanged for Definitive Registered Notes; or (D) if the owner of a Book-Entry Interest requests such exchange in writing delivered through the Depositary following an Event of Default. Upon the
occurrence of any of the preceding events in clauses (A) through (C) above, the Issuer shall issue or cause to be issued Definitive Registered Notes in such names as the Depositary shall instruct the Trustee. 
 (3) Global Notes may also be exchanged or replaced, in whole or in part, as provided in Section 2.08 and Section 2.11. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section 2.08 or Section 2.11, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may
not be exchanged for another Note (including a Definitive Registered Note), other than as provided in this Section 2.07(a). 
 (b) General Provisions Applicable to Transfers and Exchanges of the Notes. Transfers of Book-Entry Interests in the Global Notes (other than transfers of Book-Entry Interests in connection with which the transferor takes
delivery thereof in the form of a Book-Entry Interest in the same Global Note) shall require compliance with this Section 2.07(b), as well as one or more of the other following subparagraphs of this Section 2.07, as applicable. 

 In connection with all transfers and exchanges of Book-Entry Interests (other than transfers of Book-Entry Interests in
connection with which the transferor takes delivery thereof in the form of a Book-Entry Interest in the same Global Note), the Trustee and the Principal Paying Agent must receive: (i) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to debit from the transferor a Book-Entry Interest in an amount equal to the Book-Entry Interest to be transferred or exchanged; (ii) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount
equal to the Book-Entry Interest to be transferred or exchanged; and (iii) instructions given in accordance with the Applicable Procedures containing information regarding the Participants’ accounts to be debited with such decrease and
credited with such increase, as applicable. 
 In connection with a transfer or exchange of a Book-Entry Interest for a
Definitive Registered Note, the Principal Paying Agent and the Registrar must receive: (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to debit from the transferor a Book-Entry Interest in an amount equal to the Book-Entry Interest to be transferred or exchanged; (ii) a written order from a Participant directing the Depositary to cause to be issued a Definitive
Registered Note in an amount equal to the Book-Entry Interest to be transferred or exchanged; and (iii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Registered
Note shall be registered to effect the transfer or exchange referred to above. 
 In connection with any transfer or exchange of
Definitive Registered Notes, the Holder of such Notes shall present or surrender to the Registrar the Definitive Registered Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. In addition, in connection with a transfer or exchange of a Definitive Registered Note for a Book-Entry Interest, the Trustee and the Principal Paying Agent must receive (i) a
written order directing the Depositary to credit the account of the transferee in an amount equal to the Book-Entry Interest to be transferred or exchanged and (ii) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant’s account to be credited with such increase. 
  

 44 

 Upon satisfaction of all of the requirements for transfer or exchange of Book-Entry
Interests in Global Notes contained in this Indenture, the Principal Paying Agent or the Registrar, as specified in this Section 2.07, shall endorse the relevant Global Note(s) with any increase or decrease and instruct the Depositary to
reflect such increase or decrease in its systems. 
 (c) Transfer of Book-Entry Interests in a Regulation S Global Note to
Book-Entry Interests in a 144A Global Note. A Book-Entry Interest in a Regulation S Global Note may be transferred to a Person who takes delivery thereof in the form of a Book-Entry Interest in a 144A Global Note, only if the transfer complies
with the requirements of Section 2.07(b) above and the Trustee receives a certificate to the effect set forth in Exhibit C hereto, including the certification in item (1) thereof. 
 Upon the receipt of such certificate and the orders and instructions required by Section 2.07(b), the Trustee shall (i) instruct
the Common Depositary to deliver, or cause to be delivered, the Global Notes to the Trustee for endorsement and upon receipt thereof, decrease Schedule A to such Regulation S Global Note and increase Schedule A to such 144A Global Note
by the principal amount of such transfer, and (ii) thereafter, return the Global Notes to the Common Depositary, together with all information regarding the Participant accounts to be credited and debited in connection with such transfer.

 (d) Transfer of Book-Entry Interests in a 144A Global Note to Book-Entry Interests in a Regulation S Global Note. A
Book-Entry Interest in a 144A Global Note may be transferred to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Regulation S Global Note only if the transfer complies with the requirements of Section 2.07(b) above
and the Trustee receives a certificate from the holder of such Book-Entry Interest in the form of Exhibit C hereto, including the certifications in item (2) thereof. 
 Upon receipt of such certificates and the orders and instructions required by Section 2.07(b), the Trustee shall (i) instruct the
Common Depositary to deliver, or cause to be delivered, the Global Notes to the Trustee for endorsement and, upon receipt thereof, increase Schedule A to such Regulation S Global Note and decrease Schedule A to such 144A Global Note by
the principal amount of such transfer, and (ii) thereafter, return the Global Notes to the Common Depositary, together with all information regarding the Participant accounts to be credited and debited in connection with such transfer.

 (e) Transfer of Book-Entry Interests in Global Notes to Definitive Registered Notes. A holder of a Book-Entry Interest
in a Global Note may transfer such Book-Entry Interest to a Person who takes delivery thereof in the form of a Definitive Registered Note if the transfer complies with the requirements of Section 2.07(a) and Section 2.07(b) above and:

 (1) in the case of a transfer by a holder of a Book-Entry Interest in a Global Note to a QIB in reliance on
Rule 144A, the Trustee shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; or 
 (2) in the case of a transfer by a holder of a Book-Entry Interest in a Global Note in reliance on Regulation S, the Trustee
shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof. 
 Upon receipt of such certificates and the orders and instructions required by Section 2.07(b), the Trustee shall (i) instruct the Common Depositary to deliver, or cause to be delivered, the
relevant Global Note to the Trustee for endorsement and upon receipt thereof, decrease Schedule A to the relevant Global Note by the principal amount of such transfer; (ii) thereafter, return the Global Note to the Common Depositary,
together with all information

  

 45 

 
regarding the Participant accounts to be debited in connection with such transfer; and (iii) deliver to the Registrar the instructions received by it that contain information regarding the
Person in whose name Definitive Registered Notes shall be registered to effect such transfer. The Registrar shall cause all Definitive Registered Notes issued in connection with a transfer pursuant to this Section 2.07(e) to bear the Private
Placement Legend. 
 The Issuer shall issue and, upon receipt of an Authentication Order from the Issuer in accordance with
Section 2.02, the Authenticating Agent shall authenticate, one or more Definitive Registered Notes in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests so transferred and registered and in the names
set forth in the instructions received by the Registrar. 
 (f) Transfer of Definitive Registered Notes to Book-Entry
Interests in Global Notes. Any Holder of a Definitive Registered Note may transfer such Definitive Registered Note to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Global Note only if: 
 (1) in the case of a transfer by a holder of Definitive Registered Note to a person who takes delivery thereof in the form of
a Book-Entry Interest in a Regulation S Global Note, the Registrar shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; 
 (2) in the case of a transfer by a holder of Definitive Registered Notes to a QIB in reliance on Rule 144A who takes delivery
thereof in the form of a Book-Entry Interest in a Rule 144A Global Note, the Registrar shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 Upon satisfaction of the foregoing conditions, the Registrar shall (i) deliver the Definitive Registered Notes to the Trustee for
cancellation pursuant to Section 2.12; (ii) record such transfer on the Register; (iii) instruct the Common Depositary to deliver (A) in the case of a transfer pursuant to Section 2.07(f)(1), a Regulation S Global Note and
(B) in the case of a transfer pursuant to Section 2.07(f)(2), a 144A Global Note; (iv) endorse Schedule A to such Global Note to reflect the increase in principal amount resulting from such transfer; and (v) thereafter,
return the Global Notes to the Common Depositary, together with all information regarding the Participant accounts to be credited in connection with such transfer. 
 (g) Exchanges of Book-Entry Interests in Global Notes for Definitive Registered Notes. A holder of a Book-Entry Interest in a Global Note may exchange such Book-Entry Interest for a Definitive
Registered Note if the exchange complies with the requirements of Section 2.07(a) and Section 2.07(b) above and the Trustee receives the following: 
 (1) if the holder of such Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a Regulation
S Definitive Registered Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in items (a) thereof; 
 (2) if the holder of such Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a 144A
Definitive Registered Note, a certificate from such holder in the form of Exhibit D hereto including the certifications in item (a) thereof. 
 Upon receipt of such certificates and the orders and instructions required by Section 2.07(b), the Trustee shall (i) instruct the Common Depositary to deliver, or cause to be delivered, the
relevant Global Note to the Trustee for endorsement and upon receipt thereof, decrease Schedule A to the relevant Global Note by the principal amount of such exchange; (ii) thereafter, return the Global Note to the Common Depositary,
together with all information

  

 46 

 
regarding the Participant accounts to be debited in connection with such exchange; and (iii) deliver to the Registrar instructions received by it that contain information regarding the
Person in whose name Definitive Registered Notes shall be registered to effect such exchange. The Registrar shall cause all Definitive Registered Notes issued in exchange for a Book-Entry Interest in a Global Note pursuant to this
Section 2.07(g) to bear the Private Placement Legend. 
 The Issuer shall issue and, upon receipt of an Authentication
Order from the Issuer in accordance with Section 2.02, the Authenticating Agent shall authenticate, one or more Definitive Registered Notes in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests so
exchanged and registered and in the names set forth in the instructions received by the Registrar. 
 (h) Exchanges of
Definitive Registered Notes for Book-Entry Interests in Global Notes. Any Holder of a Definitive Registered Note may exchange such Note for a Book-Entry Interest in a Global Note if such exchange complies with Section 2.07(b) above and the
Registrar receives the following documentation: 
 (1) if the Holder of a 144A Definitive Registered Note
proposes to exchange such Note for a Book-Entry Interest in a 144A Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (b) thereof; or 
 (2) if the Holder of a Regulation S Definitive Registered Notes proposes to exchange such Notes for a Book-Entry Interest in
a Regulation S Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (b) thereof. 
 Upon satisfaction of the foregoing conditions, the Trustee shall (i) cancel such Note pursuant to Section 2.12; (ii) record such exchange on the Register; (iii) endorse Schedule
A to such Global Note to reflect the increase in principal amount resulting from such exchange; and (iv) thereafter, return the Global Note to the Common Depositary, together with all information regarding the Participant accounts to be
credited in connection with such exchange. 
 (i) Transfer of Definitive Registered Notes for Definitive Registered Notes.
Any Holder of a Definitive Registered Note may transfer such Note to a Person who takes delivery thereof in the form of Definitive Registered Notes if the transfer complies with Section 2.07(b) above and the Registrar receives the following
additional documentation: 
 (1) in the case of a transfer by a Holder pursuant to Regulation S, the Registrar
shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; or 
 (2) in the case of a transfer by a Holder of Definitive Registered Notes to a QIB in reliance on Rule 144A, the Registrar shall have received a certificate to the effect set forth in Exhibit C
hereto, including the certifications in item (1) thereof. 
 Upon the receipt of any Definitive Registered Note, the
Trustee shall cancel such Note pursuant to Section 2.12 and complete and deliver to the Issuer (i) in the case of a transfer pursuant to Section 2.07(i)(1), a Regulation S Definitive Registered Note and (ii) in the case of a
transfer pursuant to Section 2.07(i)(2), a 144A Definitive Registered Note. The Registrar shall cause all Definitive Registered Notes issued in exchange in connection with a transfer pursuant to this Section 2.07(i) to bear the Private
Placement Legend. 
 The Issuer shall issue and, upon receipt of an Authentication Order from the Issuer in accordance with
Section 2.02, the Authenticating Agent shall authenticate, one or more

  

 47 

 
Definitive Registered Notes in an aggregate principal amount equal to the aggregate principal amount of Definitive Registered Notes so transferred and registered in the names set forth in the
instructions received by the Registrar. 
 (j) Legends. 
 (1) Private Placement Legend. The following legend shall appear on the face of all Notes issued under this Indenture,
unless the Issuer determines otherwise in compliance with applicable law: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR OTHER SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS
NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR AND IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE
SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO COMPLIANCE WITH APPLICABLE STATE AND OTHER SECURITIES LAWS AND SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.” 
  

 48 

 (2) Global Note Legend. Each Global Note shall bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE; (II) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE; AND (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.12 OF THE INDENTURE.” 
 (k) Cancellation. At such time as all Book-Entry Interests have been exchanged
for Definitive Registered Notes or all Global Notes have been redeemed or repurchased, the Global Notes shall be returned to the Trustee for cancellation in accordance with Section 2.12. 
 (l) General Provisions Relating to Registration of Transfers and Exchanges. To permit registration of transfers and exchanges, the
Issuer shall execute and the Authentication Agent shall authenticate Global Notes and Definitive Registered Notes upon the Issuer’s order in accordance with the provisions of Section 2.02. 
 (1) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any taxes, duties or governmental charge payable in connection therewith (other than any such taxes, duties or governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 4.10, 4.14 and
9.05). 
 (2) All Global Notes and Definitive Registered Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Registered Notes shall be the valid obligations of the Issuer and the Guarantors, evidencing the same debt and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Registered
Notes surrendered upon such registration of transfer or exchange. 
 (3) The Issuer shall not be required to
register the transfer of or, to exchange, Definitive Registered Notes (A) for a period beginning at the opening of business 15 calendar days before any Redemption Date and ending at the close of business on the Redemption Date; (B) for a
period beginning at the opening of business 15 calendar days immediately prior to the date fixed for selection of Notes to be redeemed in part, and ending at the close of business on the date on which such Notes are selected; (C) for a period
of 15 calendar days before any Regular Record Date with respect to any Interest Payment Date; or (D) which the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Disposition Offer.

 (4) As soon as practicable after delivering any Global Note or Definitive Registered Note, the Registrar shall
supply to the Trustee and the Agents all relevant details of the Notes delivered. 
 (5) The Issuer shall not be
required to register the transfer or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  

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 The Trustee shall have no responsibility for any actions or omissions of the Depositary.

 Section 2.08 Replacement Notes 
 (a) If any mutilated Note is surrendered to a Paying Agent, the Registrar or the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note,
the Issuer will issue and the Authenticating Agent, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s and/or the Authenticating Agent’s requirements are met. If required by the Trustee or the
Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any Authenticating Agent from any loss that any of them may suffer if a Note
is replaced. The Issuer and the Trustee may charge for their expenses in replacing a Note, including reasonable fees and expenses of counsel. In the event any such mutilated, lost, destroyed or stolen Note has become or is about to become due and
payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 
 (b) The
provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or stolen Notes. 
 (c) Every replacement Note issued pursuant to this Section 2.08 is an additional obligation of the Issuer and will be entitled to all of the
benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.09 Outstanding Notes

 The Notes outstanding at any time are all the Notes authenticated by the Authenticating Agent except for those canceled by it,
those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.09 as not outstanding. Except as set forth in Section
2.10, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding for purposes of Section 3.07(a).

 If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuer, a
Subsidiary or an Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue
interest. 
 A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section
2.08. 
 Section 2.10 Treasury Notes 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Issuer, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 
  

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 Section 2.11 Temporary Notes 
 Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Authenticating Agent, upon receipt of an
Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to
the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.12 Cancellation 
 The Issuer at any time may deliver Notes to the Trustee for cancellation. The
Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and will destroy canceled Notes. Certification of the destruction of all canceled Notes will be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to
the Trustee for cancellation. 
 Section 2.13 Defaulted Interest 
 If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Issuer will notify the Trustee in writing of the
amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less
than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail
or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 Section 2.14 ISIN or Common Code Number 
 The Issuer in issuing the Notes may use a “ISIN” or
“Common Code” number and, if so, such ISIN or Common Code number shall be included in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the
correctness or accuracy of the ISIN or Common Code number printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. 
 Section 2.15 Deposit of Moneys 
 Prior to 11:00 a.m. (London time) on the Business Day prior to each Interest Payment Date, the maturity date of the Notes, each Redemption Date and each payment date relating to an Asset Disposition Offer or a Change of Control Offer, and
on the Business Day immediately following any acceleration of the Notes pursuant to Section 6.02, the Issuer shall deposit with the Principal Paying Agent in immediately available funds money in euros sufficient to make cash payments, if any,
due on such Interest Payment Date, maturity date, Redemption Date, the payment date relating to an Asset Disposition or a Change of Control Offer, or Business Day, as the case may be. All such payments so made to the Principal

  

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Paying Agent, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effective to satisfy and discharge the liability for moneys payable upon any Note. Subject to
receipt of such funds by such time, the Principal Paying Agent and each Paying Agent shall remit such payment in a timely manner to the Holders on such Interest Payment Date, maturity date, Redemption Date, the payment date relating to an Asset
Disposition or a Change of Control Offer, or Business Day, as the case may be, to the Persons and in the manner set forth in paragraph 2 of the Notes. 
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to Trustee 
 If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it must furnish to the Trustee, at least 30 days but not more than 60 days before a Redemption
Date, an Officers’ Certificate setting forth: 
 (1) the clause of this Indenture pursuant to which the
redemption shall occur; 
 (2) the Redemption Date and the record date; 
 (3) the principal amount of Notes to be redeemed; 
 (4) the redemption price; and 
 (5) the ISIN or Common Code numbers, as applicable. 
 Section 3.02 Selection of Notes to
Be Redeemed or Purchased 
 If less than all of the Notes may be, are to be redeemed or purchased in an offer to purchase at
any time, the Trustee will select Notes for redemption or purchase on a pro rata basis except: 
 (1) if
the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, as provided to it by the Issuer; or 
 (2) if otherwise required by law. 
 In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal securities exchange, if any, on which the
Notes are listed or, if the Notes are not listed, then on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion will deem to be fair and appropriate, although no Note of €50,000 in original principal
amount or less will be redeemed in part. The Trustee will not be liable for selections made by it in accordance with this paragraph. If any Note is to be redeemed in part only, the notice of redemption relating to such Note will state the portion of
the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. 
 For Global Notes which are held on behalf of Euroclear or Clearstream, notices may be given by delivery of the relevant notices to Euroclear
or Clearstream for communication to entitled account holders in substitution for the aforesaid mailing. So long as any Notes are admitted to trading on the Euro MTF and listed on the Official List of the Luxembourg Stock Exchange and the rules and
regulations of the Luxembourg Stock Exchange so require, any such notice to the Holders of the relevant Notes shall also be published by the Issuer in a newspaper having a general circulation in Luxembourg (which is expected to be
d’Wort). 
  

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 Section 3.03 Notice of Redemption 
 Subject to the provisions of Section 3.07, at least 30 days but not more than 60 days before a Redemption Date, the Issuer will mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12. 
 The notice will identify the Notes to be redeemed and will state: 
  

	 	(1)	the Redemption Date and the record date; 

  

	 	(2)	the redemption price; 

  

	 	(3)	the ISIN and/or Common Code number(s), if any; 

  

	 	(4)	if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date upon surrender of such Note,
a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

  

	 	(5)	the name and address of the Paying Agent; 

  

	 	(6)	that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  

	 	(7)	that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date;

  

	 	(8)	the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

  

	 	(9)	that no representation is made as to the correctness or accuracy of the ISIN and/or Common Code, if any, listed in such notice or printed on the Notes.

 At the Issuer’s request, the Trustee will give the notice of redemption in the Issuer’s name and at
its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days prior to the Redemption Date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of Redemption 
 Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on
the Redemption Date at the redemption price; provided, however, that a notice of redemption may be conditional except as otherwise set forth in this Article 3. 
 Section 3.05 Deposit of Redemption or Purchase Price 
 One Business Day
prior to the Redemption Date or repurchase date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or repurchased on that
date. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on,
all Notes to be redeemed or purchased. 
  

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 If the Issuer complies with the provisions of the preceding paragraph, on and after the
Redemption Date or repurchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or repurchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related
Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or repurchase is not so paid upon
surrender for redemption or repurchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the Redemption Date or repurchase date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 
 Section 3.06 Notes Redeemed or Repurchased in Part 
 Upon surrender of a Note that is redeemed in part, the
Issuer will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered;
provided that any Definitive Registered Note shall be in a principal amount of €50,000 or an integral multiple of €1,000 above €50,000. 
 Section 3.07 Optional Redemption 
 (a) Except as set forth in
Section 3.07(b), Section 3.07(d), Section 3.07(e), Section 3.08 and Section 3.10, the Notes are not redeemable until December 1, 2014. 
 (b) At any time prior to December 1, 2014, the Issuer may redeem all or, from time to time, part of the Notes upon not less than 30 nor more than 60 days’ notice in amounts of €50,000 and
in integral multiples of €1,000 in excess thereof, at a price equal to 100% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest and Additional Amounts, if any, to, the applicable Redemption Date
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 Any such redemption and notice may, in the Issuer’s discretion, be subject to satisfaction of one or more conditions precedent. 
 If the optional Redemption Date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name
the Note is registered at the close of business on such record date and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Issuer. 
 (c) On or after December 1, 2014, the Issuer may redeem all or, from time to time, a part of the Notes upon not less than 30 nor more
than 60 days’ notice in amounts of €50,000 and in integral multiples of €1,000 in excess thereof, at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and Additional
Amounts, if any, to the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period commencing on
December 1 of the years set out below: 
  

				
	 Year
	  	Percentage	 
	 2014
	  	104.813	% 
	 2015
	  	103.208	% 
	 2016
	  	101.604	% 
	 2017 and thereafter
	  	100.000	% 

  

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 Unless the Issuer defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 Any such redemption and
notice may, in the Issuer’s discretion, be subject to satisfaction of one or more conditions precedent. 
 (d) At any time,
or from time to time, prior to December 1, 2012, the Issuer may, at its option, use the Net Cash Proceeds of one or more Equity Offerings (except for sales of Capital Stock of a Parent the proceeds of which are contributed as Subordinated
Shareholder Loans) to redeem, upon not less than 30 nor more than 60 days’ notice in amounts of €50,000 and in integral multiples of €1,000 in excess thereof, up to 35% of the principal amount of the Notes issued under this Indenture
(including the principal amount of any Additional Notes) at a redemption price of 109.625% of the principal amount thereof plus accrued and unpaid interest and Additional Amounts, if any, to the Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided that: 
 (1) at least 65% of the principal amount of Notes (which includes Additional Notes, if any) issued under this Indenture remains outstanding immediately after any such redemption; and 
 (2) the Issuer makes such redemption not more than 90 days after the consummation of any such Equity Offering. 
 Any such redemption and notice may, in the Issuer’s discretion, be subject to satisfaction of one or more conditions precedent.

 If the optional Redemption Date is on or after an interest record date and on or before the related Interest Payment Date,
the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such record date and no additional interest will be payable to Holders whose Notes will be subject to redemption by
the Issuer. 
 (e) At any time on or after the 12-month anniversary of the Issue Date but on or prior to the 36-month
anniversary of the Issue Date, the Issuer may, at its option, following completion of a UPC Exchange Transaction, redeem all, but not less than all, of the Notes issued under this Indenture upon not less than 30 nor more than 60 days’ notice
(which notice of redemption shall be given no later than 10 Business Days following the completion of such UPC Exchange Transaction), at a redemption price (expressed as a percentage of the principal amount thereof) of: 
 (1) 101% (if such redemption is on or before the 24-month anniversary of the Issue Date); or 
 (2) 102% (if such redemption is after the 24-month anniversary of the Issue Date), 
 in each case, plus accrued and unpaid interest and Additional Amounts, if any, to the Redemption Date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment date). 
 In each case above, any such redemption
and notice may, in the Issuer’s discretion, be subject to satisfaction of one or more conditions precedent. 
  

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 If the optional redemption date is on or after an interest record date and on or before the
related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such record date and no additional interest will be payable to Holders whose Notes
will be subject to redemption by the Issuer. 
 (f) Any redemption pursuant to this Section 3.07 shall be made pursuant to
the provisions of Sections 3.01 through 3.06. 
 Section 3.08 Special Mandatory Redemption 
 (a) Upon the earlier of (1) the date on which UGC ceases to beneficially own and control 100% of the issued and outstanding Capital
Stock of Bidco, (2) the date on which there first occurs a repudiation by Bidco of any of its obligations under the Senior Notes Escrow Agreement or the unenforceability of the Senior Notes Escrow Agreement against Bidco or any of its other
creditors for any reason, (3) the date on which any conditions to the Release of the proceeds could not reasonably be deemed to be capable of being satisfied, (4) the date the Share Purchase Agreement terminates and (5) if the
Acquisition has not been completed, October 31, 2010 (such date, the “Escrow Termination Date”), the Issuer will redeem all of the Notes (the “Special Mandatory Redemption”) at the Special Mandatory Redemption
Price, plus accrued but unpaid interest and Additional Amounts, if any, to the Special Mandatory Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

 (b) Notice of the Special Mandatory Redemption will be mailed by the Issuer, no later than the second Business Day following
the Escrow Termination Date, to the Trustee (with an instruction to the Trustee to deliver the same to each Holder of the Notes) and the Escrow Agent and will provide that the Notes shall be redeemed on a date that is no later than the fifth
Business Day after such notice is mailed (the “Special Mandatory Redemption Date”). 
 (c) If the Special
Mandatory Redemption Date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on
such record date and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Issuer. 
 (d) For Global Notes which are held on behalf of Euroclear or Clearstream, notices may be given by delivery of the relevant notices to Euroclear or Clearstream for communication to entitled account holders in substitution for the aforesaid
mailing. So long as any Notes are admitted to trading on the Euro MTF and listed on the Official List of the Luxembourg Stock Exchange and the rules and regulations of the Luxembourg Stock Exchange so require, any such notice to the Holders of the
relevant Notes shall also be published by the Issuer in a newspaper having a general circulation in Luxembourg (which is expected to be d’Wort). Notices of redemption made pursuant to this Section 3.08 may not be conditional.

 (e) The other provisions of this Article 3 (other than Section 3.04) do not apply to this Section 3.08. 

Section 3.09 Mandatory Redemption 
 The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes other than as described in Section 3.08. 
  

 56 

 Section 3.10 Redemption for Changes in Withholding Tax 
 The Issuer may redeem the Notes in whole, but not in part, at any time upon giving not less than 30 nor more than 60 days’ notice to the
Holders (which notice will be irrevocable) at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed for redemption (a “Tax Redemption Date”) (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), and Additional Amounts, if any, then due and which will become due on the Tax Redemption Date as a result of the redemption
or otherwise, if the Issuer determines that, as a result of: 
 (1) any change in, or amendment to, the law or
treaties (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction affecting taxation; or 
 (2) any change in position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction) (each of the foregoing in clauses (1) and (2), a “Change in Tax Law”), 
 the Issuer is, or on the next
interest payment date in respect of the Notes would be, required to pay more than de minimis Additional Amounts, and such obligation cannot be avoided by taking reasonable measures available to it (including, without limitation, by appointing
a new or additional paying agent in another jurisdiction). The Change in Tax Law must become effective on or after the date of the Offering Memorandum. In the case of a successor to the Issuer, the Change in Tax Law must become effective after the
date that such entity first makes payment on the Notes. Notice of redemption for taxation reasons will be published in accordance with Section 3.03. Notwithstanding the foregoing, no such notice of redemption will be given (a) earlier than 90
days prior to the earliest date on which the Payor would be obliged to make such payment of Additional Amounts and (b) unless at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. Prior to the
publication or mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (a) an Officers’ Certificate stating that the Issuer is entitled to effect such redemption and setting forth
a statement of facts showing that the conditions precedent to its right so to redeem have been satisfied and that it cannot avoid the obligations to pay Additional Amounts by taking reasonable measures available to it; and (b) an opinion of an
independent tax counsel reasonably satisfactory to the Trustee to the effect that the circumstances referred to above exist. The Trustee will accept such Officers’ Certificate and opinion as sufficient evidence of the existence of satisfaction
of the conditions precedent as described above, in which event it will be conclusive and binding on the Holders. 
 The
foregoing provisions will apply mutatis mutandis to any successor to the Issuer after such successor person becomes a party to this Indenture. 
 Section 3.11 Offer to Purchase by Application of Excess Proceeds 
 In the event that, pursuant to Section
4.10, the Issuer is required to make an offer to all Holders to purchase Notes (an “Asset Disposition Offer”), it will follow the procedures specified below. 
 The Asset Disposition Offer shall be made to all Holders of Notes and to the extent required by the terms of other Indebtedness of the
Issuer or any Guarantor that does not constitute Subordinated Obligations, to all holders of such other Indebtedness outstanding with similar provisions requiring the Issuer or such Guarantor to make an offer to purchase such Indebtedness with the
proceeds from any Asset Disposition (“Other Asset Disposition Indebtedness”), to purchase the maximum principal amount of Notes and any such Other

  

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Asset Disposition Indebtedness to which the Asset Disposition Offer applies that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal
amount of the Notes and Other Asset Disposition Indebtedness plus accrued and unpaid interest to the date of purchase, in accordance with the procedures set forth in this Section 3.11 or the agreements governing the Other Asset Disposition
Indebtedness, as applicable, in each case in a principal amount of €50,000 and in integral multiples of €1,000 in excess thereof. To the extent that the aggregate amount of Notes and Other Asset Disposition Indebtedness so validly tendered
and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to the terms of this Indenture. If the aggregate principal
amount of Notes surrendered by Holders thereof and Other Asset Disposition Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and Other Asset Disposition
Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Other Asset Disposition Indebtedness. For the purposes of calculating the principal amount of any such Indebtedness not
denominated in euro, such Indebtedness shall be calculated by converting any such principal amounts into their Euro Equivalent determined as of a date selected by the Issuer that is within the Asset Disposition Offer Period. Upon completion of such
Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
 The Asset Disposition Offer, insofar as it
relates to the Notes, will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset Disposition Offer Period”). No later than five
Business Days after the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”), the Issuer will purchase the principal amount of Notes and Other Asset Disposition Indebtedness required to be
purchased pursuant to this covenant (the “Asset Disposition Offer Amount”) or, if less than the Asset Disposition Offer Amount has been so validly tendered, all Notes and Other Asset Disposition Indebtedness validly tendered in
response to the Asset Disposition Offer. 
 To the extent that any portion of Net Available Cash payable in respect of the Notes
is denominated in a currency other than the currency in which the relevant Notes are denominated, the amount thereof payable in respect of such Notes shall not exceed the net amount of funds in the currency in which such Notes are denominated that
is actually received by the Issuer upon converting such portion into such currency. 
 If the Asset Disposition Purchase Date is
on or after an interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender Notes pursuant to the Asset Disposition Offer. 
 Upon the commencement of an
Asset Disposition Offer, the Issuer will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Asset Disposition Offer. The notice, which will govern the terms of the Asset Disposition Offer, will state: 
  

	 	(1)	that the Asset Disposition Offer is being made pursuant to this Section 3.11 and Section 4.10 and the length of time the Asset Disposition Offer will remain
open; 

  

	 	(2)	the Asset Disposition Offer Amount, the purchase price and the Asset Disposition Purchase Date; 

  

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	 	(3)	that any Note not tendered or accepted for payment will continue to accrue interest; 

  

	 	(4)	that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Disposition Offer will cease to accrue interest after the
Asset Disposition Purchase Date; 

  

	 	(5)	that Holders electing to have a Note purchased pursuant to an Asset Disposition Offer may elect to have Notes purchased in denominations of €50,000 and in integral
multiples of €1,000 in excess thereof; 

  

	 	(6)	that Holders electing to have Notes purchased pursuant to any Asset Disposition Offer will be required to surrender the Note, with the form entitled “Option of
Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Issuer, a Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at least three days before the
Asset Disposition Purchase Date; 

  

	 	(7)	that Holders will be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Asset Disposition Offer Period, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have
such Note purchased; 

  

	 	(8)	that, if the aggregate principal amount of Notes and Other Asset Disposition Indebtedness surrendered by Holders thereof exceeds the Asset Disposition Offer Amount, the
Issuer will select the Notes and Other Asset Disposition Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such Other Asset Disposition Indebtedness surrendered (with such adjustments as may be deemed
appropriate by the Issuer so that only Notes in denominations of €50,000 and in integral multiples of €1,000 in excess thereof); and 

  

	 	(9)	that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer). 

 On or before the Asset Disposition Purchase Date, the Issuer will, to the
extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Other Asset Disposition Indebtedness or portions of Notes and Other Asset Disposition Indebtedness so validly
tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes and Other Asset Disposition Indebtedness so validly
tendered and not properly withdrawn, in each case in a principal amount of €50,000 and in integral multiples of €1,000 in excess thereof. The Issuer will deliver to the Trustee an Officers’ Certificate stating that such Notes or
portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.11. The Issuer or the Paying Agent, as the case may be, will promptly (but in any case not later than five Business Days after termination of the
Asset Disposition Offer Period) mail or deliver to each tendering Holder of Notes or holder or lender of Other Asset Disposition Indebtedness, as the case may be, an amount equal to the purchase price of the Notes or Other Asset Disposition
Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as the case may be, and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note, and the Trustee, upon delivery of an Officers’
Certificate from the Issuer will authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such

  

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new Note will be in a principal amount of €50,000 and in integral multiples of €1,000 in excess thereof. In addition, the Issuer will take any and all other actions required by the
agreements governing the Other Asset Disposition Indebtedness. Any Note not so accepted will be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of the Asset Disposition Offer on the
Asset Disposition Purchase Date. 
 The Issuer will comply with the requirements of Section 14(e) of the Exchange Act and
any other securities laws or regulations to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Disposition Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 3.11 or Section 4.10, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by
virtue of any conflict. 
 Other than as specifically provided in this Section 3.11, any purchase pursuant to this
Section 3.11 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 
 ARTICLE 4. 
 COVENANTS 
 Other
than Sections 4.01, 4.02, 4.03(a) and 4.25, the following covenants will not be applicable until the Acquisition Date: 
 Section 4.01
Payment of Notes 
 (a) The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest and
Additional Amounts, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Principal Paying Agent, if other than the Issuer, holds on the
Business Day prior to the due date, money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium and Additional Amounts, if any, and interest then due. 
 Principal of, interest, premium and Additional Amounts, if any, on Global Notes will be payable at the corporate trust office or agency of
the Principal Paying Agent maintained in the City of London for such purposes, at the corporate trust office or agency of the Paying Agent maintained in the Borough of Manhattan, City of New York, for such purposes and, for as long as any Notes are
admitted to trading on the Euro MTF and listed on the official list of the Luxembourg Stock Exchange, at the office of the Paying Agent appointed in Luxembourg. All payments on the Global Notes will be made by transfer of immediately available funds
to an account of the Holder of the Global Notes in accordance with instructions given by that Holder. 
 Principal of, interest,
premium and Additional Amounts, if any, on any Definitive Registered Notes will be payable at the corporate trust office or agency of any Paying Agent in any location required to be maintained for such purposes pursuant to Section 2.03. In
addition, interest on Definitive Registered Notes may be paid by check mailed to the person entitled thereto as shown on the Register for such Definitive Registered Notes. 
 (b) The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Amounts (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

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 Section 4.02 The Maintenance of Office or Agency 
 The Issuer shall maintain the offices and agencies specified in Section 2.03. The Issuer shall give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the corporate trust office of the Trustee. 
 The Issuer may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Issuer of its obligations to maintain an office or agency in Luxembourg for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency. 
 The Issuer hereby designates the Corporate Trust Office of the Trustee as
one such office or agency of the Issuer in accordance with Section 2.03. 
 Section 4.03 Reports 
 (a) Prior to consummation of the Acquisition, pursuant to the terms of the Share Purchase Agreement, the Issuer shall cause all publicly
available annual and interim period financial reporting that is posted on Unitymedia’s website to be delivered to the Trustee (which includes all reports that Unitymedia or any of its Subsidiaries are required to post on its website under the
indentures governing the Existing Senior Secured Notes and the Existing Senior Notes). 
 (b) Following the consummation of the
Acquisition, the Issuer will provide to the Trustee and will post on its website (or make similar disclosure) and shall make available to potential investors: 
 (1) for so long as the Ultimate Parent files an Annual Report on Form 10-K with the SEC, a copy of such Annual Report within
120 days after the end of the Ultimate Parent’s year end; 
 (2) within 150 days after the end of each
fiscal year ending subsequent to the Issue Date, an annual report of the Issuer, containing the following information: (a) audited combined or consolidated balance sheets of the Issuer as of the end of the two most recent fiscal years and
audited combined or consolidated income statements and statements of cash flow of the Issuer for the three most recent fiscal years, in each case prepared in accordance with IFRS, including appropriate footnotes to such financial statements, and a
report of the independent public accountants on the financial statements; (b) to the extent relating to such annual periods, an operating and financial review of the audited financial statements, including a discussion of the results of
operations, financial condition, and liquidity and capital resources, and a discussion of material commitments and contingencies and critical accounting policies; and (c) a description of the business, management and shareholders of the Issuer,
all material affiliate transactions and a description of all material contractual arrangements, including material debt instruments; provided, however, that such reports need not (i) contain any segment data other than as required under IFRS or
as provided by the Ultimate Parent in its financial reports with respect to the period presented, (ii) include any exhibits, or (iii) include separate financial statements for any Affiliates of the Issuer or any acquired businesses;

  

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 (3) within 60 days after each of the first three fiscal quarters in each
fiscal year, a quarterly report of the Issuer containing the following information: (a) unaudited consolidated income statements of the Issuer for such period, prepared in accordance with IFRS, and (b) a financial review of such period
(including a comparison against the prior year’s comparable period), consisting of a discussion of (i) the financial condition and results of operations of the Issuer on a consolidated basis, and material changes between the current period
and the period of the prior year, (ii) material developments in the business of the Issuer and its Restricted Subsidiaries, (c) financial developments and trends in the business in which the Issuer and its Restricted Subsidiaries is
engaged and (d) information with respect to any material acquisition or disposal during the period provided, however, that such reports need not (i) contain any segment data other than as required under IFRS or as provided by the Ultimate
Parent in its financial reports with respect to the period presented, (ii) include any exhibits, or (iii) include separate financial statements for any Affiliates of the Issuer or any acquired businesses; and 
 (4) within 10 days after the occurrence of such event, information with respect to (a) any change in the independent
public accountants of the Issuer or any of its Restricted Subsidiaries, (b) any material acquisition or disposal, and (c) any material development in the business of the Issuer and its Restricted Subsidiaries. 
 (c) If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries and any such Unrestricted Subsidiary or group of
Unrestricted Subsidiaries constitute Significant Subsidiaries of the Issuer, then the annual and quarterly information required by Section 4.03(b)(1) and Section 4.03(b)(2) shall include a reasonably detailed presentation, either on the
face of the financial statements, in the footnotes thereto or in a separate report delivered therewith, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and
results of operations of such Unrestricted Subsidiaries. 
 (d) If the Issuer elects to apply for all purposes of this
Indenture, in lieu of IFRS, GAAP pursuant to the definition of IFRS set forth in Section 1.01, then the annual and quarterly information required by Section 4.03(b)(1) and Section 4.03(b)(2) shall include a reconciliation, either in
the footnotes thereto or in a separate report delivered therewith, of such GAAP presentation to the corresponding IFRS presentation of such financial information. 
 (e) Contemporaneously with the furnishing of each such report discussed above, a press release with the appropriate internationally recognized wire services in connection with such report will also be
filed. The Issuer will also make available copies of all reports required by clauses Section 4.03(b)(1) through Section 4.03(b)(4), if and so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted
for trading on the Euro MTF and the rules of the Luxembourg Stock Exchange so require, at the offices of the Paying Agent in Luxembourg or, to the extent and in the manner permitted by such rules, post such reports on the official website of the
Luxembourg Stock Exchange. 
 (f) In addition, so long as the Notes remain outstanding and during any period during which the
Issuer is not subject to Section 13 or 15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b) of the Exchange Act, the Issuer shall furnish to the Holders and to prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Section 4.04 Compliance Certificate 
 (a) The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that, in
the course of the performance by the signers of their duties as officers of the Issuer they would normally have knowledge of any Default, and further stating whether or not the signers know of any Default that occurred during such period.

  

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 (b) The Issuer shall, so long as any of the Notes are outstanding, deliver to the Trustee
within 30 days after the occurrence of any Default or Event of Default an Officers’ Certificate specifying such Default or Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

Section 4.05 Taxes 
 The Issuer will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06 Stay, Extension and
Usury Laws 
 Each of the Issuer and the Guarantors agrees (to the extent that it may lawfully do so) that it will not at any
time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and each of the Issuer and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and agrees that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07 Limitation on Restricted Payments 
 (a) The Issuer will
not, and will not permit any of its Restricted Subsidiaries, directly or indirectly: 
 (1) to declare or pay any
dividend or make any distribution on or in respect of its Capital Stock (including any payment in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) except: 
 (A) dividends or distributions payable in Capital Stock of the Issuer (other than Disqualified Stock) or Subordinated
Shareholder Loans; and 
 (B) dividends or distributions payable to the Issuer or a Restricted Subsidiary of the
Issuer (and if such Restricted Subsidiary is not a Wholly Owned Subsidiary, to its other holders of common Capital Stock on a pro rata basis); 
 (2) to purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Issuer or any Parent of the Issuer held by Persons other than the Issuer or a Restricted Subsidiary of the Issuer;

 (3) to purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Obligations (other than (x) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations purchased in
anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement or (y) Indebtedness
permitted under Section 4.09(b)(2)); or 
 (4) to make any Restricted Investment in any Person; 

 

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 (any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition,
retirement or Restricted Investment referred to in clauses (1) through (4) are referred to herein as a “Restricted Payment”), if at the time the Issuer or such Restricted Subsidiary makes such Restricted Payment: 
 (A) a Default shall have occurred and be continuing (or would result therefrom); or 
 (B) the Issuer is not able to Incur an additional €1.00 of Indebtedness pursuant to Section 4.09(a) after giving
effect, on a pro forma basis, to such Restricted Payment; or 
 (C) the aggregate amount of such
Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue Date and not returned or rescinded would exceed the sum of: 
  

	 	(i)	50% of Consolidated Net Income for the period (treated as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the
end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which financial statements are available (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit); 

  

	 	(ii)	100% of the aggregate Net Cash Proceeds and the fair market value, as determined in good faith by the Board of Directors of the Issuer, of marketable securities
received by the Issuer from the issue or sale of its Capital Stock (other than Disqualified Stock) or Subordinated Shareholder Loans or other capital contributions subsequent to the Issue Date (other than (x) Net Cash Proceeds received from an
issuance or sale of such Capital Stock to a Restricted Subsidiary of the Issuer or an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from
or guaranteed by the Issuer or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination or (y) Excluded Contributions); 

  

	 	(iii)	100% of the aggregate Net Cash Proceeds and the fair market value, as determined in good faith by the Board of Directors of the Issuer, of marketable securities
received by the Issuer or any Restricted Subsidiary from the issuance or sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) by the Issuer or any Restricted Subsidiary subsequent to the Issue Date of any Indebtedness that has
been converted into or exchanged for Capital Stock of the Issuer (other than Disqualified Stock) or Subordinated Shareholder Loans; and 

  

	 	(iv)	the amount equal to the net reduction in Restricted Investments made by the Issuer or any of its Restricted Subsidiaries resulting from: 

  

	 	(A)	repurchases, redemptions or other acquisitions or retirements of any such Restricted Investment, proceeds realized upon the sale or other disposition to a Person other
than the Issuer or a Restricted Subsidiary of any such Restricted Investment, repayments of loans or advances or other transfers of assets (including by way of dividend, distribution, interest payments or returns of capital) to the Issuer or any
Restricted Subsidiary; or 

  

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	 	(B)	the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries (valued, in each case, as provided in the definition of “Investment”) not to exceed,
in the case of any Unrestricted Subsidiary, the amount of Investments previously made by the Issuer or any Restricted Subsidiary in such Unrestricted Subsidiary, 

 which amount in each case under this clause (iv) was included in the calculation of the amount of Restricted Payments; provided,
however, that no amount will be included under this clause (iv) to the extent it is already included in Consolidated Net Income. 
 Fair market value of property or assets other than cash covered by the preceding sentence shall be the fair market value thereof as determined in good faith by the Issuer. 
 (b) Section 4.07(a) will not prohibit: 
 (1) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock, Subordinated Shareholder Loans or Subordinated Obligations of the Issuer made
by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the proceeds of the substantially concurrent sale
of, Capital Stock of the Issuer (other than Disqualified Stock, Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is
financed by loans from or guaranteed by the Issuer or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination), Subordinated Shareholder Loans or a substantially concurrent capital contribution
to the Issuer; provided, however, that (a) such purchase, repurchase, redemption, defeasance, acquisition or retirement will be excluded in subsequent calculations of the amount of Restricted Payments and (b) the Net Cash Proceeds from
such sale or issuance of Capital Stock or Subordinated Shareholder Loans or from such capital contribution will be excluded from clause (C)(ii) of Section 4.07(a); 
 (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the
Issuer or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Issuer or such Restricted Subsidiary that is permitted to be Incurred pursuant to
Section 4.09 and that in each case constitutes Refinancing Indebtedness; provided, however, that such purchase, repurchase, redemption, defeasance, acquisition or retirement will be excluded in subsequent calculations of the amount of
Restricted Payments; 
 (3) any purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Disqualified Stock of the Issuer or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Issuer or such Restricted Subsidiary, as the case may be, that, in each
case, is permitted to be Incurred pursuant to Section 4.09 and that in each case constitutes Refinancing Indebtedness; provided, however, that such purchase, repurchase, redemption, defeasance, acquisition or retirement will be excluded
in subsequent calculations of the amount of Restricted Payments; 
 (4) dividends paid within 60 days after the
date of declaration if at such date of declaration such dividend would have complied with this provision; provided, however, that such dividends will be included in subsequent calculations of the amount of Restricted Payments; 
  

 65 

 (5) the purchase, repurchase, defeasance, redemption or other acquisition,
cancellation or retirement for value of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock of the Issuer or any Restricted Subsidiary of the Issuer or any parent of the Issuer held by
any existing or former employees or management of the Issuer or any Subsidiary of the Issuer or their assigns, estates or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase agreements or
other agreements to compensate management employees; provided that such redemptions or repurchases pursuant to this clause will not exceed an amount equal to €3.0 million in the aggregate during any calendar year (with any unused amounts
in any preceding calendar year being carried over to the succeeding calendar year); provided, however, that the amount of any such repurchase or redemption will be included in subsequent calculations of the amount of Restricted
Payments; 
 (6) the declaration and payment of dividends to holders of any class or series of Disqualified
Stock, or of any Preferred Stock of a Restricted Subsidiary, Incurred in accordance with the terms of Section 4.09. 
 (7) purchases, repurchases, redemptions, defeasance or other acquisitions or retirements of Capital Stock deemed to occur upon the exercise of stock options, warrants or other convertible securities if such Capital Stock represents a
portion of the exercise price thereof; provided, however, that such repurchases will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (8) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated
Obligation (i) at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in the event of a Change of Control in accordance with provisions similar to Section 4.14 or (ii) at a purchase price not
greater than 100% of the principal amount thereof in accordance with provisions similar to Section 3.11 and Section 4.10; provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other
acquisition or retirement, the Issuer has made the Change of Control Offer or Asset Disposition Offer, as applicable, as provided in Section 3.11, Section 4.10 or Section 4.14, as the case may be, with respect to the Notes and has
completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Disposition Offer; and provided, further, that such purchase, redemption or other acquisition
will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (9) dividends, loans,
advances or distributions to any Parent or other payments by the Issuer or any Restricted Subsidiary in amounts equal to: 
 (A) the amounts required for any Parent to pay Parent Expenses; 
 (B) the amounts required for any Parent to pay Public Offering Expenses; 
 (C) the amounts required for
any Parent to pay Related Taxes; and 
 (D) amounts constituting payments satisfying the requirements of clauses
(11) and (12) of Section 4.11(b); 
 provided, that the Issuer or any Restricted Subsidiary receives a
corporate benefit as the result of any such dividend, loan, advance or distribution or other payment; and provided further, that such dividends, loans, advances, distributions or other payments will be excluded from subsequent calculations of
the amount of Restricted Payments; 
  

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 (10) Investments in an aggregate amount outstanding at any time not to
exceed the aggregate cash amount of Excluded Contributions, or consisting of non-cash Excluded Contributions, or Investments in exchange for or using as consideration Investments previously made under this clause, provided that the amount of
such Investments will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (11)
payments by the Issuer, or loans, advances, dividends or distributions to any parent company of the Issuer to make payments to holders of Capital Stock of the Issuer or any parent company of the Issuer in lieu of the issuance of fractional shares of
such Capital Stock; provided that the net amount of such payments will be excluded from subsequent calculations of the amount of Restricted Payments; 
 (12) so long as no Default or Event of Default of the type specified in clauses (1) or (2) under Section 6.01(a)
has occurred and is continuing, Restricted Payments to be applied to scheduled cash interest payments on Indebtedness of any Parent to the extent that such Indebtedness is guaranteed by the Issuer pursuant to a guarantee otherwise permitted to be
Incurred under this Indenture; provided, however, that the amount of such payments will be included in subsequent calculations of the amount of Restricted Payments; 
 (13) so long as no Default or Event of Default of the type specified in clauses (1) or (2) under Section 6.01(a)
has occurred and is continuing , the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Capital Stock or Subordinated Shareholder Loans held by, or the making of any dividends, loans, advances or
distributions to, any Parent to the extent that, after giving pro forma effect to any such purchase, repurchase, redemption, defeasance, other acquisition or retirement, dividend, loan, advance or distribution, the Consolidated Leverage Ratio for
the Issuer and its Restricted Subsidiaries would not exceed 5.00 to 1.00, provided that the net amount of such payments will be included in subsequent calculations of the amount of Restricted Payments; 
 (14) Restricted Payments in an aggregate amount at any time outstanding, when taken together with all other Restricted
Payments made pursuant to this clause (14), not to exceed €25.0 million in the aggregate in any calendar year (with any unused amounts in any preceding calendar year being carried over to the succeeding calendar year); provided that the
amount of such Restricted Payments will be included in subsequent calculations of the amount of Restricted Payments; 
 (15) payments by the Issuer to a Parent in an amount not to exceed (a) the sum of the amount of the net proceeds of the Senior Notes Offering, the Senior Secured Notes Offering and the Equity Contribution minus (b) the aggregate
amount of all outstanding Indebtedness under the Existing Senior Secured Notes, the Existing Notes and the Existing Term Loan (net of cash and Cash Equivalents) of Unitymedia and its subsidiaries refinanced in connection with the Debt Pushdown minus
(c) the aggregate amount of cash paid to the seller under the Share Purchase Agreement in consideration of the Acquisition; provided, that, in no event shall the amount of payments made pursuant to this clause (15) exceed the amount of
cash on the consolidated balance sheet of Unitymedia at the time of the consummation of the Acquisition; and 
 (16) Restricted Payments made in connection with any Related Transaction. 
  

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 (c) The amount of all Restricted Payments (other than cash) shall be the fair market value
on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash
Restricted Payment shall be its face amount and any non-cash Restricted Payment shall be determined conclusively by the Board of Directors of the Issuer acting in good faith. 
 Section 4.08 Limitation on Restrictions on Distributions from Restricted Subsidiaries 
 (a) The Issuer will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the
ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital
Stock or pay any Indebtedness or other obligations owed to the Issuer or any Restricted Subsidiary; 
 (2) make
any loans or advances to the Issuer or any Restricted Subsidiary; or 
 (3) transfer any of its property or
assets to the Issuer or any Restricted Subsidiary; 
 provided that (x) the priority of any Preferred Stock in receiving dividends
or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock and (y) the subordination of (including but not limited to, the application of any standstill requirements to) loans or advances made to the
Issuer or any Restricted Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary, shall not be deemed to constitute such an encumbrance or restriction. 
 (b) Section 4.08(a) will not prohibit: 
 (1) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date, including, without limitation, this Indenture, the Senior Secured Indenture, the Intercreditor
Agreement and the Security Documents, in each case, as in effect on the Issue Date, and any Revolving Credit Facility, as in effect on the date of completion of the Debt Pushdown; 
 (2) any encumbrance or restriction pursuant to an agreement or instrument of a Person relating to any Capital Stock or
Indebtedness of a Person, Incurred on or before the date on which such Person was acquired by or merged or consolidated with or into the Issuer or any Restricted Subsidiary, or on which such agreement or instrument is assumed by the Issuer or any
Restricted Subsidiary in connection with an acquisition of assets (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction or series of related
transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by the Issuer or was merged or consolidated with or into the Issuer or any Restricted Subsidiary or in contemplation of such transaction) and outstanding on
such date, provided, that any such encumbrance or restriction shall not extend to any assets or property of the Issuer or any other Restricted Subsidiary other than the assets and property so acquired and provided, further, that for the purposes of
this clause, if another Person is the Successor Company, any Subsidiary thereof or agreement or instrument of such person or any such Subsidiary shall be deemed acquired or assumed by the Issuer or any Restricted Subsidiary when such Person becomes
the Successor Company; 
  

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 (3) any encumbrance or restriction pursuant to an agreement or instrument
effecting a refunding, replacement or refinancing of Indebtedness Incurred pursuant to, or that otherwise extends, renews, refunds, refinances or replaces, an agreement referred to in clause (1) or (2) of this Section 4.08(b) or this
clause (3) or contained in any amendment, supplement or other modification to an agreement referred to in clause (1) or (2) of this Section 4.08(b) or this clause (3); provided, however, that the encumbrances and
restrictions with respect to such Restricted Subsidiary contained in any such agreement are no less favorable in any material respect to the Holders of the Notes than the encumbrances and restrictions contained in such agreements referred to in
clauses (1) or (2) of this Section 4.08(b) (as determined in good faith by the Issuer); 
 (4) in
the case of Section 4.08(a)(3), any encumbrance or restriction: 
 (A) that restricts in a customary manner
the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license or other contract; 
 (B) contained in Liens permitted under this Indenture securing Indebtedness of the Issuer or a Restricted Subsidiary to the
extent such encumbrances or restrictions restrict the transfer of the property subject to such mortgages, pledges or other security agreements; or 
 (C) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Issuer or any Restricted Subsidiary; 
 (5) any encumbrance or restriction pursuant to (A) purchase money obligations for property acquired in the ordinary
course of business and (B) Capitalized Lease Obligations permitted under this Indenture, in each case that impose encumbrances or restrictions of the nature described in Section 4.08(a)(3) on the property so acquired; 
 (6) any Purchase Money Note or other Indebtedness or contractual requirements Incurred with respect to a Qualified
Receivables Transaction relating exclusively to a Receivables Entity that, in the good faith determination of the Board of Directors, are necessary to effect such Qualified Receivables Transaction; 
 (7) any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed
pursuant to an agreement entered into for the direct or indirect sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the
closing of such sale or disposition; 
 (8) customary provisions in leases, joint venture agreements and other
agreements and instruments entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 
 (9) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order, or required by any regulatory authority; 
 (10) any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business; 
  

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 (11) any encumbrance or restriction pursuant to Currency Agreements or
Interest Rate Agreements; and 
 (12) any encumbrance or restriction arising pursuant to an agreement or
instrument relating to any Indebtedness permitted to be Incurred subsequent to the Issue Date pursuant to the provisions of Section 4.09 if (a) the encumbrances and restrictions taken as a whole are not materially less favorable to the
Holders of the Notes than the encumbrances and restrictions contained in the Revolving Credit Facility and the Intercreditor Agreement, in each case, as in effect on the Issue Date or on the date of completion of the Debt Pushdown (as determined in
good faith by the Issuer) or (b) such encumbrances and restrictions taken as a whole are not materially more disadvantageous to the Holders of the Notes than is customary in comparable financings (as determined in good faith by the Issuer) and,
in each case, either (x) the Issuer reasonably believes that such encumbrances and restrictions will not materially affect the Issuer’s ability to make principal or interest payments on the Notes as and when they come due or (y) such
encumbrances and restrictions apply only if a default occurs in respect of a payment or financial covenant relating to such Indebtedness. 
 Section 4.09 Limitation on Indebtedness 
 (a) The Issuer will not, and will not permit any of its
Restricted Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that: 
 (1) any Guarantor may Incur Indebtedness (including Acquired Indebtedness) if on the date of such Incurrence and after giving effect thereto on a pro forma basis the Consolidated Leverage Ratio for the Restricted Subsidiaries would not
exceed 4.00 to 1.00; and 
 (2) the Issuer may Incur Pari Passu Indebtedness (including Acquired Indebtedness
constituting Pari Passu Indebtedness) if on the date of such Incurrence and after giving effect thereto on a pro forma basis the Consolidated Leverage Ratio for the Issuer and its Restricted Subsidiaries would not exceed 5.00 to 1.00. 
 (b) Section 4.09(a) will not prohibit the Incurrence of the following Indebtedness: 
 (1) Indebtedness of the Issuer and any of its Restricted Subsidiaries under Credit Facilities in the aggregate principal
amount at any one time outstanding not to exceed an amount equal to €80 million; 
 (2) Indebtedness of the
Issuer owing to and held by any Restricted Subsidiary (other than a Receivables Entity) or Indebtedness of a Restricted Subsidiary owing to and held by the Issuer or any other Restricted Subsidiary (other than a Receivables Entity); provided,
however, that: 
 (A) any subsequent issuance or transfer of Capital Stock or any other event which results
in any such Indebtedness being beneficially held by a Person other than the Issuer or a Restricted Subsidiary (other than a Receivables Entity) of the Issuer; and 
 (B) any sale or other transfer of any such Indebtedness to a Person other than the Issuer or a Restricted Subsidiary (other
than a Receivables Entity) of the Issuer, 
 shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by
the Issuer or such Restricted Subsidiary, as the case may be; provided, further, that, if a Restricted Subsidiary that is not a Guarantor

  

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owns or holds such Indebtedness and the Issuer or any Guarantor is the obligor on such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full in cash of all
obligations of the Issuer with respect to the Notes or such Guarantor with respect to its Subsidiary Guarantee, as the case may be; 
 (3) (a) Indebtedness of the Issuer represented by the Notes (other than any Additional Notes issued after the Issue Date), (b) Indebtedness of the Guarantors represented by the Subsidiary
Guarantees, (c) Indebtedness of the Restricted Subsidiaries represented by the Senior Secured Notes issued on the Issue Date and the guarantees of the Senior Secured Notes and (d) Indebtedness represented by the Security Documents,
including, with respect to each such Indebtedness “parallel debt” obligations created under the Intercreditor Agreement and the Security Documents; 
 (4) any Indebtedness (other than the Indebtedness described in clauses (1), (2), (3), (6), (8), (9), (10) and
(11) of this Section 4.09(b)) outstanding on the Issue Date, provided that any Indebtedness outstanding on the Issue Date under the Existing Senior Secured Notes, the Existing Senior Notes and the Existing Term Loan will be repaid
in full upon completion of the Debt Pushdown; 
 (5) any Refinancing Indebtedness Incurred in respect of any
Indebtedness described in clauses (3), (4), (5), (6), (8) or (15) of this Section 4.09(b) or Incurred pursuant to Section 4.09(a); 
 (6) Indebtedness of a Restricted Subsidiary Incurred and outstanding on the date on which such Restricted Subsidiary was acquired by the Issuer (other than Indebtedness Incurred (a) to provide all or
any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by the Issuer or (b) otherwise in connection
with, or in contemplation of, such acquisition); provided, however, that immediately following the consummation of the acquisition of such Restricted Subsidiary by the Issuer, the Consolidated Leverage Ratio of the Issuer would not be greater
than immediately prior to such acquisition; 
 (7) Indebtedness under Currency Agreements and Interest Rate
Agreements; provided, that in the case of Currency Agreements, such Currency Agreements are related to business transactions of the Issuer or its Restricted Subsidiaries entered into in the ordinary course of business or in the case of Currency
Agreements and Interest Rate Agreements, such Currency Agreements and Interest Rate Agreements are entered into for bona fide hedging purposes of the Issuer or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or
senior management of the Issuer) and substantially correspond in terms of notional amount, currencies and interest rates, as applicable, to Indebtedness of the Issuer or its Restricted Subsidiaries; 
 (8) Indebtedness represented by Capitalized Lease Obligations, mortgage financings or purchase money obligations with respect
to assets other than Capital Stock or other Investments, in each case Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvements of property used in the business of the Issuer or such
Restricted Subsidiary, in an aggregate principal amount not to exceed €50.0 million at any time outstanding; 
 (9) Indebtedness Incurred in respect of (a) workers’ compensation claims, self-insurance obligations, performance, bid, surety, tax guarantors or other similar bonds and completion guarantees and warranties provided by a
Restricted Subsidiary Incurred in the ordinary course of business and (b) letters of credit, bankers’ acceptances or other similar instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary course
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 (10) Indebtedness arising from agreements of the Issuer or a Restricted
Subsidiary providing for indemnification, obligations in respect of earnouts or adjustment of purchase price or similar obligations, in each case, Incurred or assumed in connection with the disposition of any business, assets or Capital Stock of a
Restricted Subsidiary, provided that the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds (including the fair market value of non-cash proceeds) actually received by the Issuer and its
Restricted Subsidiaries in connection with such disposition; 
 (11) Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business, provided, however, that such Indebtedness is
extinguished within five Business Days of Incurrence; 
 (12) guarantees by the Issuer or any Guarantor of
Indebtedness or any other obligation or liability of the Issuer or any Restricted Subsidiary (other than of any Indebtedness Incurred by such Restricted Subsidiary in violation of this Section 4.09); provided, however, that if the
Indebtedness being guaranteed is subordinated in right of payment to the Notes or any Subsidiary Guarantee, then such guarantee shall be subordinated substantially to the same extent as the relevant Indebtedness guaranteed; 
 (13) Indebtedness of the Issuer and its Restricted Subsidiaries in any Qualified Receivables Transaction; 
 (14) Subordinated Shareholder Loans Incurred by the Issuer; 
 (15) any Indebtedness of the Issuer and any Restricted Subsidiary Incurred after the Issue Date and before the Acquisition
Date to the extent such Indebtedness is permitted under the Share Purchase Agreement in effect as of the Issue Date; provided that such Indebtedness could not have been Incurred under the first paragraph of this covenant or another clause of
this second paragraph of this covenant had this covenant been in effect as of the Issue Date; and 
 (16) in
addition to the items referred to in clauses (1) through (15) of this Section 4.09(b), Indebtedness of the Issuer and any of its Restricted Subsidiaries in an aggregate outstanding principal amount which, when taken together with the
principal amount of all other Indebtedness Incurred pursuant to this clause (16) and then outstanding, will not exceed €50.0 million at any time outstanding. 
 (c) For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to
and in compliance with, this Section 4.09: 
 (1) in the event that Indebtedness meets the criteria of more
than one of the types of Indebtedness described in Section 4.09(a) and Section 4.09(b), the Issuer, in its sole discretion, will classify and, from time to time, may reclassify such Indebtedness, in any manner that complies with this
Section 4.09 and such item of Indebtedness will be treated as having been Incurred pursuant to only one of such clauses of Section 4.09(b) or pursuant to Section 4.09(a); 
  

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 (2) any borrowings under the Revolving Credit Facility may only be Incurred
under Section 4.09(b)(1) and not Section 4.09(a) or Section 4.09(b)(4) and may not be reclassified; 
 (3) guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 
 (4) if obligations in respect of letters of credit are Incurred pursuant to any Credit Facility and are being treated as
Incurred pursuant to Section 4.09(b)(1) and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not be included; 
 (5) the principal amount of any Disqualified Stock of the Issuer, or Preferred Stock of a Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not
including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; 
 (6)
Indebtedness permitted by this Section 4.09 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this
Section 4.09 permitting such Indebtedness; and 
 (7) the amount of Indebtedness issued at a price that is
less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with IFRS. 
 Accrual of interest, accrual of dividends, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and the payment of dividends in the form of additional shares of
Preferred Stock or Disqualified Stock and increases in the amount of Indebtedness due to a change in accounting principles will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.09. The amount of any Indebtedness
outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (ii) the principal amount or liquidation preference thereof, together with any interest thereon that
is more than 30 days past due, in the case of any other Indebtedness. 
 In addition, the Issuer will not permit any of its
Unrestricted Subsidiaries to Incur any Indebtedness or issue any shares of Disqualified Stock, other than Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be
deemed to be Incurred by a Restricted Subsidiary of the Issuer as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 4.09, the Issuer shall be in Default of this Section 4.09). 
 For purposes of determining compliance with any euro-denominated restriction on the Incurrence of Indebtedness, the Euro Equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the
case of revolving credit Indebtedness; provided that (1) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable euro-dominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such euro-dominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does
not exceed the principal amount of such Indebtedness being refinanced and (2) if and for so long as any such Indebtedness is subject to an agreement intended to protect against fluctuations in currency exchange rates with respect to the
currency in which such

  

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Indebtedness is denominated covering principal and interest on such Indebtedness, the swapped rate of such Indebtedness as of the date of the applicable swap. Notwithstanding any other provision
of this Section 4.09, the maximum amount of Indebtedness that the Issuer may Incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount
of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing
Indebtedness is denominated that is in effect on the date of such refinancing. 
 Section 4.10 Limitation on Sales of Assets and
Subsidiary Stock 
 (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any Asset
Disposition unless: 
 (1) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration
(including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to
such Asset Disposition), as determined in good faith by the Board of Directors of the Issuer (including as to the value of all non-cash consideration), of the shares and assets subject to such Asset Disposition; 
 (2) unless the Asset Disposition is a Permitted Asset Swap, at least 75% of the consideration from such Asset Disposition
(excluding any consideration by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise, other than Indebtedness) received by the Issuer or such Restricted Subsidiary, as the case may be, is
in the form of cash or Cash Equivalents; and 
 (3) an amount equal to 100% of the Net Available Cash from such
Asset Disposition is applied by the Issuer or such Restricted Subsidiary, as the case may be: 
 (A) to the
extent the Issuer or any Restricted Subsidiary, as the case may be, elects (or is required by the terms of any Indebtedness), to prepay, repay or purchase Senior Indebtedness of the Issuer (including the Notes) or any Guarantor or Indebtedness of a
Restricted Subsidiary that is not a Guarantor (in each case other than Indebtedness owed to the Issuer or an Affiliate of the Issuer) within 365 days from the later of the date of such Asset Disposition or the receipt of such Net Available Cash;
provided, however, that, in connection with any prepayment, repayment or purchase of Bank Indebtedness pursuant to this clause (a), the Issuer or such Restricted Subsidiary will retire such Bank Indebtedness and will cause the related
commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased; or 
 (B) to the extent the Issuer or such Restricted Subsidiary elects to invest in or commit to invest in Additional Assets within 365 days from the later of the date of such Asset Disposition or the receipt
of such Net Available Cash; provided, however, that any such reinvestment in Additional Assets made pursuant to a definitive agreement or a commitment approved by the Board of Directors of the Issuer that is executed or approved within such time
will satisfy this requirement, so long as such investment is consummated within 6 months of such 365th day; 
  

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 provided that pending the final application of any such Net Available Cash in accordance with clause
(A) or clause (B) of this Section 4.10(a)(3), the Issuer and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture. 
 (b) Any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied as provided in
Section 4.10(a) will be deemed to constitute “Excess Proceeds”. On the 366th day after an Asset Disposition, if the aggregate amount of Excess Proceeds exceeds €50.0 million, the Issuer will be required to make an
Asset Disposition Offer in accordance with Section 3.11. 
 For the purposes of this Section 4.10, the following will
be deemed to be cash: 
 (1) the assumption by the transferee of Indebtedness (other than Subordinated
Obligations) of the Issuer or any Guarantor or Indebtedness of a Restricted Subsidiary that is not a Guarantor and the release of the Issuer, such Guarantor or such Restricted Subsidiary from all liability on such Indebtedness in connection with
such Asset Disposition (in which case the Issuer will, without further action, be deemed to have applied such deemed cash to Indebtedness in accordance with Section 4.10(a)(3))(A); 
 (2) securities, notes or other obligations received by the Issuer or any Restricted Subsidiary of the Issuer from the
transferee that are promptly converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents; 
 (3) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition, to the extent that the Issuer and each other Restricted Subsidiary are released from any guarantee of payment of
the principal amount of such Indebtedness in connection with such Asset Disposition; and 
 (4) consideration
consisting of Indebtedness of the Issuer or any Restricted Subsidiary. 
 (c) The Issuer will comply, to the extent applicable,
with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Indenture. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this covenant, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of any conflict. 
 Section 4.11 Limitation on Affiliate Transactions 
 (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction (including the purchase, sale, lease or exchange of any
property or the rendering of any service) with any Affiliate of the Issuer (an “Affiliate Transaction”) involving aggregate consideration in excess of €5.0 million for such Affiliate Transactions in any fiscal year,
unless: 
 (1) the terms of such Affiliate Transaction are no less favorable, taken as a whole, to the
Issuer or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction in arm’s-length dealings with a Person who is not such an Affiliate; 
 (2) in the event such Affiliate Transaction involves an aggregate consideration in excess of €10.0 million, the
terms of such transaction have been approved by a majority of the members of the Board of Directors of the Issuer; and 
  

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 (3) in the event such Affiliate Transaction involves an aggregate
consideration in excess of €30.0 million, the Issuer has received a written opinion from an independent investment banking, accounting or appraisal firm of internationally recognized standing (as determined by the Issuer in good faith, who
shall deliver a copy of the same to the Trustee) that such Affiliate Transaction either is fair, from a financial standpoint, to the Issuer and its Restricted Subsidiaries or is not materially less favorable than those that might reasonably have
been obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate. 
 (b) Section 4.11(a) will not apply to: 
 (1) any Restricted Payment permitted to be made pursuant
to Section 4.07 or any Permitted Investment (except with respect to clause (16)(b) of the definition of “Permitted Investment”, which will be subject to clause (6) of this Section 4.11(b)); 
 (2) any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments,
awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other
similar agreement and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Issuer or any Parent, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans
or similar employee benefits or consultant plans (including, without limitation, valuation, health, insurance, deferred compensation, severance, retirement, savings or similar plans, programs or arrangements) and/or indemnities provided on behalf of
officers, employees or directors or consultants approved by the Board of Directors of the Issuer, in each case in the ordinary course of business; 
 (3) loans or advances to employees, officers or directors in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries but in any event not to exceed €10.0 million in
the aggregate outstanding at any one time with respect to all loans or advances made since the Issue Date; 
 (4)
any transaction between or among the Issuer and a Restricted Subsidiary or between or among Restricted Subsidiaries and any guarantees issued by the Issuer or a Restricted Subsidiary for the benefit of the Issuer or a Restricted Subsidiary, as the
case may be, in accordance with Section 4.09; 
 (5) transactions with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer or the relevant Restricted Subsidiary in the reasonable
determination of the Board of Directors of the Issuer or the senior management of the Issuer or the relevant Restricted Subsidiary, as applicable, or are on terms no less favorable than those that could reasonably have been obtained at such time
from an unaffiliated party; 
 (6) any transaction in the ordinary course of business between the Issuer or any
Restricted Subsidiary and any Affiliate of the Issuer controlled by the Issuer that is a joint venture or similar entity; provided, any transaction described in this clause (6) will both: 
 (A) be subject to the requirements of Section 4.11(a)(1) and Section 4.11(a)(2); and 
  

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 (B) either (i) comply with the provisions of Section 4.11(a)(3)
(substituting €50.0 million for €30.0 million) or (ii) be substantially identical to a transaction between such Affiliate and a non-Affiliated third party which involves aggregate consideration in an amount substantially
identical to the aggregate consideration involved in such substantially identical transaction; 
 (7) the payment
of reasonable and customary fees paid to, and indemnity provided on behalf of, directors of the Issuer or any Restricted Subsidiary of the Issuer; 
 (8) the performance of obligations of the Issuer or any of its Restricted Subsidiaries under the terms of any agreement to which the Issuer or any of its Restricted Subsidiaries is a party as of or on the
Issue Date, as these agreements may be amended, modified, supplemented, extended or renewed from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date will be
permitted to the extent that its terms are not more disadvantageous to the Holders of the Notes than the terms of the agreements in effect on the Issue Date; 
 (9) sales or other transfers or dispositions of accounts receivable and other related assets customarily transferred in an
asset securitization transaction involving accounts receivable to a Receivables Entity in a Qualified Receivables Transaction, and acquisitions of Permitted Investments in connection with a Qualified Receivables Transaction; 
 (10) the issuance of Capital Stock or any options, warrants or other rights to acquire Capital Stock (other than Disqualified
Stock) of the Issuer to any Affiliate; 
 (11) the payment to any Permitted Holder of all reasonable
out-of-pocket expenses Incurred by any Permitted Holder in connection with its direct or indirect investment in the Issuer and its Subsidiaries and unpaid amounts accrued for prior periods (but after the Issue Date); 
 (12) the payment to any Parent or Permitted Holder (1) of Management Fees (a) on a bona fide arm’s-length
basis in the ordinary course of business or (b) of up to €5.0 million in any calendar year or (2) for financial advisory, financing, underwriting or placement services or in respect of other investment banking activities,
including without limitation in connection with acquisitions or divestitures, which payments are approved by a majority of Disinterested Directors; 
 (13) guarantees issued in accordance with Section 4.09; and 
 (14) if otherwise permitted under this Indenture, the issuance of Capital Stock (other than Disqualified Stock) or Subordinated Shareholder Loans (including the payment of cash interest thereon; provided that, after giving pro
forma effect to any such cash interest payment, the Consolidated Leverage Ratio for the Issuer and its Restricted Subsidiaries would not exceed 5.00 to 1.00) of the Issuer to any direct Parent of the Issuer or any Permitted Holder for cash or
marketable securities; 
 (15) any Related Transaction; and 
 (16) arrangements with customers, suppliers, contractors, lessors or sellers of goods or services that are negotiated with an
Affiliate, in each case, which are otherwise in compliance with the terms of this Indenture; provided that the terms and conditions of any such transaction or agreement as applicable to the Issuer and its Restricted Subsidiaries, taken as a whole
(a) are fair to the Issuer and its Restricted Subsidiaries and are on terms not materially less favorable to the Issuer

  

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and its Restricted Subsidiaries than those that could have reasonably been obtained in respect of an analogous transaction or agreement that would not constitute an Affiliate Transaction (in each
case, as determined in good faith by the Board of Directors of the Issuer or the senior management of the Issuer), (b) the performance by the Issuer and any of its Restricted Subsidiaries in respect of any such arrangements are for its own
behalf and in its own name and (c) the Issuer and its Restricted Subsidiaries do not assume, and are otherwise not liable for any performance or breach in respect of, any such arrangements by the relevant Affiliate. 
 Section 4.12 Limitation on Liens 
 The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien (other than Permitted Liens) upon any of its property or
assets (including Capital Stock of Restricted Subsidiaries of the Issuer), whether owned on the date of this Indenture or acquired after that date, which Lien is securing any Indebtedness (such Lien, the “Initial Lien”), unless
contemporaneously with the Incurrence of such Initial Lien effective provision is made to secure the Indebtedness due under this Indenture and the Notes or, in respect of Liens on any Guarantor’s property or assets, such Guarantor’s
Subsidiary Guarantee, equally and ratably with (or (a) on a junior priority basis if such Indebtedness is Senior Indebtedness of a Guarantor or (b) prior to, in the case of Liens with respect to Subordinated Obligations of a Guarantor, as
the case may be) the Indebtedness secured by such Initial Lien for so long as such Indebtedness is so secured. 
 Any such Lien
thereby created in favor of the Notes will be automatically and unconditionally released and discharged upon (i) the release and discharge of the Initial Lien to which it relates, (ii) any sale, exchange or transfer to any Person other
than the Issuer or any Restricted Subsidiary of the property or assets secured by such Initial Lien, (iii) the full and final payment of all amounts payable by the Issuer under the Notes and this Indenture, or (iv) the defeasance or
discharge of the Notes in accordance with Article 8. 
 Notwithstanding the foregoing, the Issuer will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien on any Collateral (other than Permitted Collateral Liens). 
 Section 4.13 Corporate Existence 
 Subject to Article 5, the Issuer
shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
  

	 	(1)	its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as
the same may be amended from time to time) of the Issuer or any such Subsidiary; and 

  

	 	(2)	the rights (charter and statutory), licenses and franchises of the Issuer and its Subsidiaries; provided, however, that the Issuer shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 

 Section 4.14 Change of Control 
 (a) Upon the occurrence of a Change of
Control at any time after consummation of the Acquisition and the Debt Pushdown, the Issuer shall, pursuant to the procedures

  

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described in this Section 4.14, offer (the “Change of Control Offer”) to purchase all Notes in whole or in part in denominations of €50,000 and in integral multiples of
€1,000 in excess thereof, at a purchase price (the “Change of Control Purchase Price”) in cash in an amount equal to 101% of the principal amount of such Notes, plus any Additional Amounts and accrued and unpaid interest, if
any, to the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of Holders of record on relevant record dates to receive interest due on an interest payment date); provided, however, that the
Issuer shall not be obliged to repurchase Notes as described in this Section 4.14 in the event and to the extent that they have unconditionally exercised their right to redeem all the Notes pursuant to Section 3.07 or all conditions to
such redemption have been satisfied or waived. No such purchase in part shall reduce the principal amount at maturity of the Notes held by any Holder to below €50,000. 
 Unless, the Issuer has unconditionally exercised its right to redeem all the Notes as described under Section 3.07 or all conditions to
such redemption have been satisfied or waived, within 30 days of any Change of Control, the Issuer shall notify the Trustee thereof and give written notice of such Change of Control to each Holder of Notes by first-class mail, postage prepaid, at
such Holder’s address appearing in the security register, stating, among other things: 
 (1) that a Change
of Control has occurred and the date of such event; 
 (2) the circumstances and relevant facts regarding such
Change of Control (including, but not limited to, applicable information with respect to pro forma historical income, cash flow and capitalization after giving effect to the Change of Control); 
 (3) the purchase price and the purchase date which shall be fixed by the Issuer on a Business Day no earlier than 30 days nor
later than 60 days from the date such notice is mailed, or such later date as is necessary to comply with requirements under the Exchange Act; 
 (4) that any Note not tendered will continue to accrue interest and unless the Issuer default in payment of the Change of Control Purchase Price, any Notes accepted for payment pursuant to the Change of
Control Offer shall cease to accrue interest after the Change of Control Purchase Date; and 
 (5) certain other
procedures that a Holder of Notes must follow to accept a Change of Control Offer or to withdraw such acceptance. 
 The Issuer
shall cause to be published in a leading newspaper having a general circulation in London (which is expected to be the Financial Times) or through the newswire service of Bloomberg (or if Bloomberg does not then operate, any similar agency)
and, so long as the Notes are listed on the Luxembourg Stock Exchange and the guidelines of such stock exchange so require, in Luxembourg, the notice described above. 
 If and for so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF and the rules of the Luxembourg Stock Exchange so require, the
Issuer will publish notices relating to the Change of Control Offer in a newspaper having general circulation in Luxembourg (which is expected to be d’Wort) or, to the extent and in the manner permitted by such rules, post such notices
on the official website of the Luxembourg Stock Exchange. 
 The Issuer will comply with the applicable tender offer rules,
including Rule 14e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the
provisions of this Section 4.14

  

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(other than the obligation to make an offer pursuant to this covenant), the Issuer will comply with the securities laws and regulations and will not be deemed to have breached its obligations
described in this Section 4.14 by virtue thereof. 
 (b) On the Change of Control Purchase Date, the Issuer shall, to the
extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change
of Control Offer; 
 (2) deposit with the Paying Agent, prior to 10:00a.m. London time an amount equal to the
Change of Control Purchase Price in respect of all Notes or portions of Notes properly tendered; and 
 (3)
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 The Paying Agent will promptly mail (but in any case not later than five days after the Change of Control Purchase Date) to each Holder of
Notes properly tendered the Change of Control Purchase Price for such Notes, and the Authenticating Agent will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any. The Issuer will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date. 
 (c) Notwithstanding anything to the contrary in this Section 4.14, the Issuer shall not be required to make a Change of Control Offer
upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 and purchases all Notes properly tendered and not
withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary
herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 Section 4.15 Limitation on Issuances of Guarantees of Indebtedness by Restricted Subsidiaries 
 (a) No Restricted Subsidiary (other than a Guarantor) shall guarantee or otherwise become obligated under any Indebtedness under the
Revolving Credit Facility, the Senior Secured Notes, the Senior Secured Indenture or any other Designated Senior Indebtedness or guarantee any other Indebtedness of the Issuer or a Guarantor in an amount in excess of €5.0 million unless
such Restricted Subsidiary is or becomes an Additional Guarantor on the date on which such other guarantee or Indebtedness is Incurred (or as soon as reasonably practicable thereafter) and, if applicable, executes and delivers to the Trustee a
supplemental Indenture in the form set forth in Exhibit E hereto pursuant to which such Restricted Subsidiary will provide an Additional Subsidiary Guarantee (which Additional Subsidiary Guarantee shall be subordinated to Senior Indebtedness of such
Additional Guarantor and senior to or pari passu with such Restricted Subsidiary’s guarantee of such other Indebtedness); provided that: 
 (1) if such Restricted Subsidiary is not a Significant Subsidiary, such Restricted Subsidiary shall only be obligated to become an Additional Guarantor if such Indebtedness is Indebtedness of the Issuer
or Public Debt of a Guarantor or if such Restricted Subsidiary is a direct or indirect holder of any Capital Stock of Unitymedia Hessen; 
  

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 (2) an Additional Guarantor’s Additional Subsidiary Guarantee may be
limited in amount to the extent required by fraudulent conveyance, thin capitalization, corporate benefit, financial assistance or other similar laws (but, in such a case (A) each of the Issuer and its Restricted Subsidiaries will use their
reasonable best efforts to overcome the relevant legal limit and will procure that the relevant Restricted Subsidiary undertakes all whitewash or similar procedures which are legally available to eliminate the relevant limit and (B) the
relevant guarantee shall be given on an equal and ratable basis with the guarantee of any other Indebtedness giving rise to the obligation to guarantee the Notes); and 
 (3) for so long as it is not permissible under applicable law for a Restricted Subsidiary to become an Additional Guarantor,
such Restricted Subsidiary need not become an Additional Guarantor (but, in such a case, each of the Issuer and its Restricted Subsidiaries will use their reasonable best efforts to overcome the relevant legal prohibition precluding the giving of
the guarantee and will procure that the relevant Restricted Subsidiary undertakes all whitewash or similar procedures which are legally available to eliminate the relevant legal prohibition, and shall give such guarantee at such time (and to the
extent) that it thereafter becomes permissible). 
 (b) Section 4.15(a) shall not apply to: (1) the granting by such
Restricted Subsidiary of a Permitted Lien under circumstances which do not otherwise constitute the guarantee of Indebtedness of the Issuer; or (2) the guarantee by any Restricted Subsidiary of Indebtedness that refinances Indebtedness which
benefited from a guarantee by any Restricted Subsidiary Incurred in compliance with this covenant immediately prior to such refinancing. 
 (c) Notwithstanding the foregoing, any guarantee of the Notes created pursuant to the provisions described in Section 4.15(a) shall provide by its terms that it shall be automatically and
unconditionally released and discharged upon: 
 (1) upon the sale of all or substantially all the Capital Stock
of the relevant Guarantor pursuant to an Enforcement Sale as provided for in the Intercreditor Agreement; 
 (2)
upon the sale or other disposition (including through merger or consolidation but other than pursuant to an Enforcement Sale) in compliance with this Indenture of the Capital Stock of the relevant Guarantor (whether directly or through the
disposition of a parent thereof), following which such Guarantor is no longer a Restricted Subsidiary (other than a sale or other disposition to the Issuer or any of its Restricted Subsidiaries); 
 (3) the defeasance or discharge of the Notes as provided Article 8 and Article 12, in each case in accordance with the terms
and conditions of this Indenture; or 
 (4) with respect to an Additional Subsidiary Guarantee given under
Section 4.15, upon release of the guarantee that gave rise to the requirement to issue such Additional Subsidiary Guarantee so long as no Event of Default would arise as a result and no other Indebtedness that would give rise to an obligation to
give an Additional Subsidiary Guarantee is at that time guaranteed by the relevant Guarantor. 
  

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 (d) In addition, if a Guarantor is redesignated as an Unrestricted Subsidiary in compliance
with Section 4.07, the relevant Guarantor will be released from all its obligations under its Subsidiary Guarantee. 
 (e)
Notwithstanding any of the foregoing, in all circumstances a Subsidiary Guarantee shall only be released if (a) the relevant Guarantor has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied with and (b) such Guarantor is released from its guarantees of the Revolving Credit Facility and the Senior Secured Notes. 
 Section 4.16 Payments for Consents 
 The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes, the Intercreditor Agreement, the Senior Notes Escrow Agreement or any Security Document unless such consideration is offered to be paid
and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.17 Impairment of Security Interests 
 Issuer shall not, and
shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the Security Interest with respect to the Collateral (it being understood, subject to the proviso below, that the
Incurrence of Permitted Collateral Liens shall under no circumstances be deemed to materially impair the Security Interest with respect to the Collateral) for the benefit of the Trustee and the Holders, and the Issuer shall not, and shall not permit
any Restricted Subsidiary to, grant to any Person other than the Security Trustee, for the benefit of the Trustee and the Holders and the other beneficiaries described in the Security Documents, any interest whatsoever in any of the Collateral,
except that the Issuer or its Restricted Subsidiaries may Incur Permitted Collateral Liens and the Collateral may be discharged and released in accordance with this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement;
provided, however, that, except with respect to any discharge or release of Collateral in accordance with the Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement or in connection with the Incurrence of Liens for
the benefit of the Trustee and Holders or otherwise as described in the second to last paragraph under “Description of Certain Financing Arrangements — Intercreditor Agreement — Release of the Security and the Subsidiary
Guarantees” in the Offering Memorandum, no Security Document may be amended, extended, renewed, restated, supplemented or otherwise modified or replaced, unless contemporaneously with any such action, the Issuer delivers to the Trustee, either
(1) a solvency opinion, in form and substance reasonably satisfactory to the Trustee from an Independent Financial Advisor confirming the solvency of the Issuer and its Subsidiaries, taken as a whole, after giving effect to any transactions
related to such amendment, extension, renewal, restatement, supplement, modification or replacement, or (2) an Opinion of Counsel, in form and substance reasonably satisfactory to the Trustee, confirming that, after giving effect to any
transactions related to such amendment, extension, renewal, restatement, supplement, modification or replacement, the Lien or Liens created under the Security Documents, as applicable, so amended, extended, renewed, restated, supplemented, modified
or replaced, are valid Liens not otherwise subject to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal,
restatement, supplement, modification or replacement. In the event that the Issuer complies with the requirements of this covenant, the Trustee shall (subject to customary protections and indemnifications from the Issuer) consent to such amendments
without the need for instructions from the Holders. 
  

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 Section 4.18 Additional Amounts 
 All payments made by the Issuer or any successors thereto (a “Payor”) on the Notes will be made without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or
administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of: 
  

	 	(1)	The Federal Republic of Germany or any political subdivision or governmental authority thereof or therein having power to tax; 

  

	 	(2)	any jurisdiction from or through which payment on the Notes is made, or any political subdivision or governmental authority thereof or therein having the power to tax;
or 

  

	 	(3)	any other jurisdiction in which a Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority
thereof or therein having the power to tax (each of clause (1), (2) and (3), a “Relevant Taxing Jurisdiction”), 

 will at any time be required from any payments made with respect to the Notes, including payments of principal, redemption price, interest or premium, the Payor will pay (together with such payments) such additional amounts (the
“Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder of the Notes, as the case may be, after such withholding or deduction (including any such deduction or withholding
from such Additional Amounts) equal the amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable with respect to:

  

	 	(a)	any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner and the Relevant
Taxing Jurisdiction imposing such Taxes (other than the mere ownership or holding of such Note or enforcement of rights thereunder or under this Indenture or the receipt of payments in respect thereof); 

  

	 	(b)	any Taxes that would not have been so imposed if the Holder had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled
(provided that (x) such declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold all or a
part of any such Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Relevant Taxing
Jurisdiction, the relevant Holder at that time has been notified (in accordance with the procedures set forth in this Indenture) by the Payor or any other person through whom payment may be made that a declaration of non-residence or other claim or
filing for exemption is required to be made); 

  

	 	(c)	any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except
to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented during such 30-day period); 

  

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	 	(d)	any Taxes that are payable otherwise than by withholding from a payment of the principal of, premium, if any, or interest on the Notes; 

  

	 	(e)	any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

  

	 	(f)	any withholding or deduction imposed on a payment to an individual and required to be made pursuant to the European Council Directive 2003/48/EC or any other directive
implementing the conclusions of the ECOFIN meeting of November 26-27, 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such directive; or 

  

	 	(g)	any Taxes which could have been avoided by the presentation (where presentation is required) of the relevant Note to another Paying Agent in a member state of the
European Union. 

 Such Additional Amounts will also not be payable where, had the beneficial owner of the Note
been the Holder of the Note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (a) to (g) inclusive of this Section 4.18. 
 The Payor will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant
Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing
such Taxes and will provide such certified copies (or, if certified copies are not available despite reasonable efforts of the Payor, other evidence of payment reasonably satisfactory to the Trustee) to each Holder. The Payor will attach to each
certified copy (or other evidence) a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with payments in respect of the principal amount of Notes then outstanding and (y) the
amount of such withholding Taxes paid per €1,000 principal amount of the Notes. Copies of such documentation will be available for inspection during ordinary business hours at the office of the Trustee by the Holders of the Notes upon request
and will be made available at the offices of the Luxembourg Paying Agent if the Notes are then listed on the Luxembourg Stock Exchange. 
 At least 30 days prior to each date on which any payment under or with respect to the Notes is due and payable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day
prior to such date, in which case it shall be promptly thereafter), if the Payor will be obligated to pay Additional Amounts with respect to such payment, the Payor will deliver to the Trustee an Officers’ Certificate stating the fact that such
Additional Amounts will be payable, the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. Each such Officers’ Certificate shall be relied
upon until receipt of a further Officers’ Certificate addressing such matters. The Trustee shall be entitled to rely solely on each such Officers’ Certificate as conclusive proof that such payments are necessary. 
 Wherever mentioned in this Indenture or the Notes, in any context: (1) the payment of principal, (2) purchase prices in connection
with a purchase of Notes, (3) interest, or (4) any other amount payable on or with respect to the Notes, such reference shall be deemed to include payment of Additional Amounts as described under this heading to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof. 
  

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 The Payor will pay any present or future stamp, court or documentary taxes or any other
excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of any Notes or any other document or instrument referred to therein (other than a transfer of the Notes), or the
receipt of any payments with respect to the Notes, excluding any such taxes, charges or similar levies imposed by any jurisdiction outside the United Kingdom, Luxembourg, the Federal Republic of Germany or any jurisdiction in which a Paying Agent is
located, other than those resulting from, or required to be paid in connection with, the enforcement of the Notes, the Security or any other such document or instrument following the occurrence of any Event of Default with respect to the Notes.

 The obligations of this Section 4.18 will survive any termination, defeasance or discharge of this Indenture and will
apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized or any political subdivision or taxing authority or agency thereof or therein. 
 Section 4.19 Suspension of Covenants on Achievement of Investment Grade Status 
 If, during any period after the Issue Date, the Notes have achieved and continue to maintain Investment Grade Status and no Event of Default has occurred and is continuing (such period hereinafter referred to as an “Investment Grade
Status Period”), then the provisions of Sections 3.11, 4.07, 4.08, 4.09, 4.10, 4.11 and 4.14 and Section 5.01(a)(3) and any related default provisions of this Indenture will be suspended and will not, during such Investment Grade
Status Period, be applicable to the Issuer and its Restricted Subsidiaries. As a result, during any such Investment Grade Status Period, the Notes will lose the covenant protection initially provided under this Indenture. No action taken during an
Investment Grade Status Period or prior to an Investment Grade Status Period in compliance with the covenants then applicable will require reversal or constitute a default under the Notes in the event that suspended covenants are subsequently
reinstated or suspended, as the case may be. An Investment Grade Status Period will terminate immediately upon the failure of the Notes to maintain Investment Grade Status. The Issuer will promptly notify the Trustee in writing of any failure of the
Notes to maintain Investment Grade Status. 
 Section 4.20 Further Instruments and Acts 
 Upon request of the Trustee, but without an affirmative duty on the Trustee to do so, the Issuer shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 Section 4.21 Listing 
 The Issuer will use all reasonable efforts to have the Notes admitted to trading on
the Luxembourg Stock Exchange within a reasonable period after the Issue Date and will maintain such listing as long as the Notes are outstanding; provided, however, that if the Issuer can no longer maintain such listing or it becomes unduly
burdensome to make or maintain such listing, the Issuer may cease to make or maintain such listing on the Luxembourg Stock Exchange provided that the Issuer will use its reasonable best efforts to obtain and maintain the listing of the Notes on
another recognized listing exchange for high yield issuers (which may be a stock exchange that is not regulated by the European Union). 
  

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 Section 4.22 [Reserved] 
 Section 4.23 Additional Intercreditor Agreements 
 At the request of
the Issuer, in connection with the Incurrence by the Issuer or any Guarantor of any: 
 (a) Indebtedness permitted pursuant to
Section 4.09(a) or clause (1), (7) (in the case of clause (7), to the extent such Indebtedness is Incurred under an Interest Rate Agreement or Currency Agreement in respect of Indebtedness Incurred under any such other paragraph or clause
referred to in the preceding part of this clause (a)), or (16) of Section 4.09(b) (to the extent such Indebtedness is permitted Public Debt or Bank Indebtedness); and 
 (b) any Refinancing Indebtedness in respect of Indebtedness referred to in the foregoing clause (a) (and, in each case, any such
Indebtedness shall be Senior Indebtedness, Senior Subordinated Indebtedness or Indebtedness of the Issuer), 
 the Issuer, the relevant
Guarantors and the Trustee shall enter into with the Holders of such Indebtedness (or their duly authorized Representatives) an intercreditor agreement, including a restatement, amendment or other modification of an existing intercreditor agreement
(an “Additional Intercreditor Agreement”), on substantially the same terms as the Intercreditor Agreement (or terms not materially less favorable to the Holders), including containing substantially the same terms with respect to the
subordination, payment blockage, limitation on enforcement and release of Guarantees, priority and release of the Security Interest or other terms which become customary for similar agreements; provided that only one Stop Notice can be given by
Designated Senior Indebtedness in any 365-day period or in respect of the same event or circumstances regardless of the number of Credit Facilities or other instruments constituting “Designated Senior Indebtedness” of a Guarantor or the
number of intercreditor agreements; provided further that in no event may the total number of days for which a Stop Notice is in effect exceed 179 days in the aggregate during any consecutive 365-day period; provided, further, that such Additional
Intercreditor Agreement will not impose any personal obligations on the Trustee or adversely affect the personal rights, duties, liabilities or immunities of the Trustee under this Indenture or the Intercreditor Agreement; provided, further, that
only Designated Senior Indebtedness shall be entitled to instruct the Security Agent to enforce the Collateral or initiate a payment blockage. 
 In relation to the Intercreditor Agreement or an Additional Intercreditor Agreement, the Trustee shall consent on behalf of the Holders to the payment, repayment, purchase, repurchase, defeasance,
acquisition, retirement or redemption of any obligations subordinated to the Notes thereby; provided, however, that such transaction would comply with Section 4.07. 
 Section 4.24 Completion of Debt Pushdown 
 (a) To the extent the Debt
Pushdown has not been completed upon consummation of the Acquisition, each of Bidco, the Issuer and the Guarantors shall take all necessary actions so that the Debt Pushdown shall be fully completed as soon as reasonably practicable after
consummation of the Acquisition and in any event within 35 days of completion of the Acquisition. 
 (b) Contemporaneously with
the completion of the Debt Pushdown, each Grantor shall take all necessary actions so that a Lien over the Collateral in respect of the Notes as described under the heading “Description of the Senior Notes—Ranking of the Notes,
Guarantees and Security upon Completion of the Debt Pushdown—Security” in the Offering Memorandum has been granted to the Security Trustee on behalf of, and for the benefit of,

  

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the Holders of the Notes pursuant to the form of Security Documents attached as Exhibit H hereto and shall (to the extent not already done) execute and deliver, or shall cause the
execution and delivery, to the Security Trustee of the relevant assignment and such further or additional Security Documents in such form as the Security Trustee shall reasonably require creating an effective security interest over such Collateral
on behalf of the Holders of the Notes. 
 (c) Upon completion of the Debt Pushdown, the Issuer shall provide the Trustee legal
opinions from legal counsel as to such matters with respect to the Debt Pushdown as provided for in a form of opinion attached as Exhibits K and L hereto. 
 (d) Each Grantor shall, and shall procure that each of its respective Subsidiaries shall, at its own expense, execute and do all such acts and things and provide such assurances as the Security Trustee
may reasonably require (i) for perfecting or protecting the security intended to be afforded by any Security Documents relating to the Collateral; and (ii) if such Security Documents have become enforceable, for facilitating the exercise
of all powers, authorities and discretions vested in the Security Trustee or in any receiver of all or any part of the Collateral. Each Grantor shall, and shall procure that each of its respective Subsidiaries shall, execute all transfers,
conveyances, assignments and releases of that property whether to the Security Trustee or to its nominees and give all notices, orders and directions which the Security Trustee may reasonably request. 
 (e) In connection with the Debt Pushdown, the Issuer, Unitymedia and the Trustee will execute and deliver an accession agreement (an
“Accession Agreement”) in form and substance substantially similar to Exhibit F pursuant to which Unitymedia will accede to this Indenture, as issuer, and assume (on the date of such Accession Agreement) all of the
obligations of Unitymedia under the Notes and this Indenture. Upon the effectiveness of the Accession Agreement, Bidco shall be fully released from all of its obligations under the Notes and this Indenture, including release of the Bidco Share
Pledge. 
 (f) In connection with the Debt Pushdown, Unitymedia, as issuer, will succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture, and upon such substitution, the predecessor Issuer will be released from its obligations under this Indenture and the Notes. Each Holder by accepting a Note agrees to Unitymedia
succeeding to the obligations of UPC Germany. 
 (g) The Trustee will sign any Accession Agreement authorized pursuant to this
Section 4.24. In executing an Accession Agreement, the Trustee will be entitled to receive and (subject to Section 7.01) will be fully protected in relying upon, in addition to the documents required by Section 14.04, an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such Accession Agreement is authorized or permitted by or not in breach of this Indenture and that such Accession Agreement is the legal, valid and binding obligation
of Unitymedia enforceable against it in accordance with its terms, subject to customary exceptions. 
 (h) In connection with
the Debt Pushdown and on the date of such Accession Agreement, each Guarantor shall execute and deliver to the Trustee a supplemental Indenture in the form set forth in Exhibit E hereto and a notation of guarantee in the form set forth in
Exhibit G hereto pursuant to which such Guarantor will provide a Subsidiary Guarantee. 
  

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 Section 4.25 Limitation on Activities of Bidco Prior to the Debt Pushdown 
 Notwithstanding any other provision of this Indenture, prior to the consummation of the Debt Pushdown: 
  

	 	(1)	Bidco will not engage in any business activity or undertake any other activity, except any activity: (a) relating to the offering, sale, or issuance of the Notes
and the Senior Secured Notes issued on the Issue Date, the Incurrence of Indebtedness represented by the Revolving Credit Facility, the Notes and the Senior Secured Notes issued on the Issue Date, lending or otherwise advancing the proceeds thereof
to Unitymedia in connection with the Debt Pushdown, the Related Transactions, and any other activities in connection with the foregoing, (b) undertaken with the purpose of, and directly related to, fulfilling any other obligations under this
Indenture (including for the avoidance of doubt, any repurchase or purchase, repayment, redemption, prepayment of such Debt, in each case, as permitted by this Indenture), the Revolving Credit Facility, the Senior Secured Notes and related escrow
and security agreement, the Senior Secured Indenture, the Senior Escrow Agreement, any other document relating to the Notes and the Senior Secured Notes issued on the Issue Date or relating to the Share Purchase Agreement, (c) undertaken with
the purpose of, and directly related to, fulfilling any obligation under the Share Purchase Agreement or facilitating the transactions contemplated thereby or (d) directly related or reasonably incidental to the establishment and/or maintenance
of Bidco’s corporate existence; 

  

	 	(2)	Bidco shall not Incur any liabilities other than liabilities related to the Notes issued on the Issue Date, and the Senior Secured Notes issued on the Issue Date and
the related escrow and security agreement, this Indenture or the Senior Secured Indenture, the Senior Notes Escrow Agreement, the Revolving Credit Facility, the Share Purchase Agreement, Hedging Obligations and Indebtedness in respect of any
Subordinated Shareholder Loan issued to Holdco as part of the Equity Contribution; 

  

	 	(4)	Bidco shall not (a) transfer or assign any of its assets except pursuant to the Senior Notes Escrow Agreement, the escrow and security agreement related to the
Senior Secured Notes issued on the Issue Date or the granting of shareholder loans pursuant to the Debt Pushdown or (b) issue any Capital Stock other than to Holdco; 

  

	 	(5)	Bidco shall not create, Incur or suffer to exist any Lien on any of its assets except pursuant to the Senior Notes Escrow Agreement and the escrow and security
agreement related to the Senior Secured Notes issued on the Issue Date, the Revolving Credit Facility and any commitments with respect to the Hedging Obligations in respect of the Notes, the Senior Notes or the Revolving Credit Facility or the Debt
Pushdown; 

  

	 	(6)	Bidco shall not take or omit to take any action that would have the result of impairing the Liens created by the Bidco Share Pledge and the Senior Notes Escrow
Agreement; 

  

	 	(7)	Bidco shall not make any amendment or waiver of the Share Purchase Agreement in any manner which would be materially adverse to the Holders of the Notes (and for the
purposes hereof and for the avoidance of doubt, any material amendment or waiver of clauses (iii), (iv) and (vii) of Section 9.2.1 of the Share Purchase Agreement would be deemed to be materially adverse to the Holders of the Notes)
without the consent of the Holders of a majority in principal amount of the Notes outstanding; and 

  

	 	(8)	for so long as any Notes are outstanding, Bidco shall not commence or take any action or facilitate a winding-up, liquidation or other analogous proceeding in respect
of Bidco. 

  

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 For the avoidance of doubt, following consummation of the Debt Pushdown, this
Section 4.25 will be of no further force or effect. 
 Section 4.26 Limitation on Layering 
 (a) The Issuer will not, directly or indirectly, Incur any Indebtedness that is or purports to be by its terms (or by the terms of any
agreement governing such Indebtedness) to be subordinated in right of payment to any other Indebtedness of the Issuer which ranks pari passu with the Notes unless such Indebtedness is also by its terms (or by the terms of any agreement governing
such Indebtedness) made expressly subordinate to the Notes to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Issuer. 
 (b) The Issuer will not permit any Guarantor to, and no Guarantor shall, Incur any Indebtedness that is or purports to be by its terms (or
by the terms of any agreement governing such Indebtedness) to be subordinated in right of payment to any Senior Indebtedness unless such Indebtedness is pari passu with the Subsidiary Guarantee of such Guarantor or is also by its terms (or by the
terms of any agreement governing such Indebtedness) made subordinated in right of payment to the Subsidiary Guarantee of such Guarantor to the same extent and in the same manner as such Indebtedness; provided that the foregoing limitation shall not
apply to distinctions between categories of Senior Indebtedness that exist by reason of any Liens or guarantees arising or created in respect of some but not all such Senior Indebtedness; provided, further, that Indebtedness under Credit Facilities
that are Senior Indebtedness of a Guarantor may provide for an ordering of payments among the tranches of such Credit Facility. 
 ARTICLE 5. 
 SUCCESSORS 
 Section 5.01 Merger and Consolidation 
 (a) The Issuer will not
consolidate with, or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, unless: 
 (1) the resulting, surviving or transferee Person (the “Successor Company”) will be Bidco or a corporation, partnership, trust or limited liability company organized and existing under the laws
of any member of the state of the European Union that is a member of the European Union on the date of this Indenture, or the United States of America, any State of the United States or the District of Columbia and the Successor Company (if not the
Issuer) will expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee and as set forth in Exhibit E hereto, all the obligations of the Issuer under the Notes and this Indenture
and expressly assumes all obligations of the Issuer under the Security Documents to which it is a party and the Intercreditor Agreement pursuant to agreements reasonably satisfactory to the Trustee; 
 (2) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and
be continuing; 
 (3) either (a) immediately after giving effect to such transaction, the Successor Company
would be able to Incur at least an additional €1.00 of Indebtedness pursuant to Section 4.09(a) or (b) such Person is Bidco; and 
  

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 (4) the Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and that the supplemental indenture, this Indenture and the Notes are legal, valid
and binding obligations of the Successor Company, enforceable (subject to customary exceptions and exclusions) in accordance with their terms. 
 (b) A Guarantor will not consolidate with, or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, other than the Issuer or another Guarantor (other than in
connection with a transaction that does not constitute an Asset Disposition or a transaction that is permitted under Section 4.10), unless: 
 (1) immediately after giving effect to that transaction, no Default or Event of Default shall have occurred and be continuing; and 
 (2) either: 
 (A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under its
Subsidiary Guarantee, this Indenture, the Intercreditor Agreement and the Security Documents to which such Guarantor is a party pursuant to agreements reasonably satisfactory to the Trustee; or 
 (B) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this
Indenture 
 (c) For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer, or other disposition
of all or substantially all of the properties and assets of one or more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the properties and
assets of the Issuer on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer. 
 (d) The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture, and upon such substitution, the predecessor Issuer will be
released from its obligations under this Indenture and the Notes, but, in the case of a lease of all or substantially all its assets, the predecessor Issuer will not be released from the obligation to pay the principal of and interest on the Notes.

 (e) Notwithstanding Section 5.01(a)(3) (which does not apply to transactions referred to in this Section 5.01(f)),
(x) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Issuer or another Restricted Subsidiary and (y) the Issuer may merge with an Affiliate incorporated solely for the
purpose of reincorporating the Issuer in another jurisdiction to realize tax benefits; provided that, in the case of a Restricted Subsidiary that merges into the Issuer, the Issuer will not be required to comply with Section 5.01(a)(4).

 Section 5.02 Successor Corporation Substituted 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Issuer in a transaction that is
subject to, and that complies with the provisions of, Section 5.01, the successor Person formed by such consolidation or into or with which the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition
is made shall succeed to, and be substituted for (so that from and after the date of such

  

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consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Issuer” shall refer instead to the
successor Person and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein; provided, however, that the predecessor
Issuer shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the Issuer’s assets in a transaction that is subject to, and that complies with the provisions of,
Section 5.01. 
 ARTICLE 6. 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default 
 (a) Each of the following is an “Event of Default”: 
 (1) default in any payment of interest or Additional Amounts on any Note when due, which has continued for 30 days;

 (2) default in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity,
upon optional redemption, upon required repurchase, upon a mandatory redemption as set forth under Section 3.09 or otherwise; 
 (3) failure by the Issuer or any Guarantor to comply with its obligations under Section 5.01; 
 (4) failure by the Issuer or any Guarantor to comply for 30 days after notice with any of its obligations under Section 3.11 or Article 4 (in each case, other than a failure to purchase Notes which
will constitute an Event of Default under Section 6.01(a)(2) and other than a failure to comply with Section 5.01, which is covered by Section 6.01(a)(3) or a failure to comply with Section 3.09 which is covered by
Section 6.01(a)(2)); 
 (5) failure by the Issuer or any Guarantor to comply for 60 days after notice with
its other agreements contained in the Notes or this Indenture; 
 (6) default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Issuer or any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or any of the
Restricted Subsidiaries), other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default: 
 (A) is caused by a failure to pay principal of such Indebtedness at its Stated Maturity prior to the expiration of the grace
period provided in such Indebtedness (“payment default”); or 
 (B) results in the acceleration of such
Indebtedness prior to its maturity (the “cross acceleration provision”); 
 and, in each case, the principal amount of
any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates €25.0 million or more; 
  

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 (7) 
 (A) there shall have been the entry by a court of competent jurisdiction of (a) a decree or order for relief in respect
of the Issuer, a Guarantor or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a
Significant Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (b) a decree or order adjudging the Issuer, a Guarantor or any such Significant Subsidiary or group of Restricted Subsidiaries bankrupt or
insolvent, or seeking moratorium, reorganization, arrangement, adjustment or composition of or in respect of the Issuer, a Guarantor or any such Significant Subsidiary or group of Restricted Subsidiaries under any applicable Bankruptcy Law, or
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer, a Guarantor or any such Significant Subsidiary or group of Restricted Subsidiaries or of any substantial part of their
respective properties, or ordering the winding up or liquidation of their affairs, and any such decree or order for relief shall continue to be in effect, or any such other decree or order shall be unstayed and in effect, for a period of 60
consecutive days; 
 (B) the Issuer, a Guarantor or any Significant Subsidiary or group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary commences a voluntary case or proceeding under any applicable
Bankruptcy Law or any other case or proceeding to be adjudicated bankrupt or insolvent, or files for or has been granted a moratorium on payment of its debts or files for bankruptcy (in German: Insolvenzantrag) or is declared bankrupt (in
German: ueberschuldet or zahlungsunfaehig), 
 (C) the Issuer, a Guarantor or any Significant Subsidiary
or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary consents to the entry of a decree or
order for relief in respect of the Issuer, Guarantor or such Significant Subsidiary or group of Restricted Subsidiaries in an involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency
or proceeding against it, 
 (D) the Issuer, a Guarantor or any Significant Subsidiary or group of Restricted
Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary files a petition or answer or consent seeking reorganization or
relief under any applicable Bankruptcy Law (other than a solvent reorganization for purposes of transferring assets among the Issuer and its Restricted Subsidiaries), 
 (E) the Issuer, a Guarantor or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary (i) consents to the filing of such petition or the appointment of, or taking possession by, a
administrator, custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Issuer, such Guarantor or such Significant Subsidiary or group of Restricted Subsidiaries or of any substantial part of their respective
properties, (ii) makes an assignment for the benefit of creditors or (iii) admits in writing its inability to pay its debts generally as they become due, 
  

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 (F) the whole or any substantial part of the assets of the Issuer, a
Guarantor or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary
have been placed under administration, or 
 (G) the Issuer, a Guarantor or any Significant Subsidiary or group
of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary takes any corporate action in furtherance or any
such actions in sub-clauses (B) through (F) of Section 6.01(a); or 
 (8) failure by the Issuer, a
Guarantor or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary,
to pay final judgments aggregating in excess of €25.0 million (net of any amounts that a solvent insurance company has acknowledged liability for), which judgments are not paid, discharged or stayed for a period of 60 days (the
“judgment default provision”); 
 (9) any Subsidiary Guarantee of a Significant Subsidiary ceases to be
in full force and effect (except in accordance with the terms of this Indenture) or is declared invalid or unenforceable in a judicial proceeding and such Default continues for ten days after the notice specified in this Indenture; 
 (10) any Collateral having a fair market value of in excess of €20.0 million shall, at any time, cease to be in
full force and effect other than as a result of its release in accordance with this Indenture and the Security Documents or any security interest created thereunder shall be declared invalid or unenforceable in a judicial proceeding and such Default
continues for ten days after the notice specified in this Indenture; 
 (11) failure (a) by Bidco to comply
with any term of the Senior Notes Escrow Agreement that is not cured within 10 days to the extent such non-compliance would reasonably be expected to materially and adversely impact the Holders of the Notes or (b) to complete the Debt Pushdown
within 35 days of the Acquisition Date; or 
 (12) the Senior Notes Escrow Agreement or any other security
document or any Lien purported to be granted thereby on the escrow account or the cash or Investments permitted under the Senior Notes Escrow Agreement therein is held in any judicial proceeding to be unenforceable or invalid, in whole or in part,
or ceases for any reason (other than pursuant to a release that is delivered or becomes effective as set forth in this Indenture) to be fully enforceable and which creates a valid and enforceable Lien. 
 (b) A default under clause (4), (5), (9), (10) or (11) of Section 6.01(a) will not constitute an Event of Default until the
Trustee or the Holders of 25% in principal amount of the outstanding Notes notify the Issuer of the default and the Issuer does not cure such default within the time specified in such clause (4), (5), (9) (10) or (11) of
Section 6.01(a) after receipt of such notice. 
 Section 6.02 Acceleration 
 If an Event of Default (other than an Event of Default described in Section 6.01(a)(7)) occurs and is continuing, the Trustee by notice
to the Issuer, or the Holders of at least 25%

  

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in principal amount of the outstanding Notes by notice to the Issuer and the Trustee, may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, if any, and Additional Amounts, if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest and Additional Amounts, if any, will be due and payable
immediately. In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(a)(6) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if
the event of default or payment default triggering such Event of Default pursuant to Section 6.01(a)(6) shall be remedied or cured by the Issuer or a Restricted Subsidiary of the Issuer or waived by the Holders of the relevant Indebtedness
within 20 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing
Events of Default, except nonpayment of principal, premium or interest and Additional Amounts, if any, on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. If an Event of Default described in
Section 6.01(a)(7) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest and Additional Amounts, if any, on all the Notes will become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the outstanding Notes may waive all past defaults (except with respect to nonpayment of principal, premium, interest or Additional Amounts) and rescind any
such acceleration with respect to the Notes and its consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the
principal of, premium, if any, interest and Additional Amounts, if any, on the Notes that have become due solely by such declaration of acceleration, have been cured or waived; and (3) the Issuer has paid the Trustee its reasonable compensation
and reimbursed the Trustee for its reasonable expenses, disbursements and advances. 
 Section 6.03 Other Remedies 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may
maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults 
 Holders of not less than a
majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default
or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the
then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

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 Prior to taking any action hereunder, the Trustee shall be entitled to indemnification or
other security satisfactory to it in its sole discretion against all losses, liabilities and expenses caused by taking or not taking such action. 
 Section 6.05 Control by Majority 
 Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits 
 A Holder may pursue a remedy with
respect to this Indenture or the Notes only if: 
  

	 	(1)	such Holder of Notes has previously given the Trustee written notice that an Event of Default is continuing; 

  

	 	(2)	Holders of at least 50% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy; 

  

	 	(3)	such Holders have offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 

  

	 	(4)	the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity; and 

  

	 	(5)	the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction that, in the opinion of the Trustee, is inconsistent with
such request within such 60-day period. 

 A Holder of a Note may not use this Indenture to prejudice the rights
of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of
Notes to Receive Payment 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of the Holders of not less than 90% in aggregate principal amount of the Notes. 
 Section 6.08 Collection Suit by Trustee 
 If an Event of Default
specified in Section 6.01(a)(1) or Section 6.01(a)(2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium,
if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

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 Section 6.09 Trustee May File Proofs of Claim 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities 

Subject to the terms of the Intercreditor Agreement, if the Trustee collects any money pursuant to this Article 6, it shall pay out the
money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 
 Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than
10% in aggregate principal amount of the then outstanding Notes. 
  

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 ARTICLE 7. 
 TRUSTEE 
 Section 7.01 Duties of Trustee 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy or mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this Section 7.01(c) does not limit the effect of Section 7.01(b); 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.02 or Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b), and (c) of this Section 7.01.

 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The
Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or
expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) In no event shall the Trustee or any other entity of The Bank of New York Mellon Group be liable for any Losses arising to the Trustee or any other entity of The Bank of New York Mellon Group
receiving or transmitting any data from the Issuer, any Authorized Person or any party to the transaction via any non-secure method of transmission or communication, such as, but without limitation, by facsimile or e-mail. 
  

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 Section 7.02 Rights of Trustee 
 (a) The Trustee and each agent acting on its instructions may conclusively rely upon any document believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document (regardless of whether any such document is subject to any monetary or other limit). 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of
Counsel will be full and complete protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 
 (f) The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the
losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) The Trustee
shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries in Article 4. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except:
(i) any Event of Default occurring pursuant to Section 6.01(a)(1) or Section 6.01(a)(2) (provided it is acting as Paying Agent); and (ii) any Default or Event of Default of which a Responsible Officer shall have received written
notification. Delivery of reports, information and documents to the Trustee under Section 4.03 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuer’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(h) The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or
liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange,
redemption, purchase or repurchase, as applicable, of any interest in any Notes. 
 (i) The rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by The Bank of New York Mellon in each of its capacities hereunder and by The Bank of New York Mellon (Luxembourg) S.A.
and each agent, custodian and other person employed to act hereunder. Absent willful misconduct or negligence, each Paying Agent and Transfer Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and from
the proper party. 
  

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 (j) The Trustee will not be liable to any person if prevented or delayed in performing any
of its obligations or discretionary functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control. 
 (k) The Trustee shall not be liable for any consequential loss (being loss of business, goodwill, opportunity or profit of any kind) of the
Issuer, Successor Company, the Ultimate Parent or any Restricted Subsidiary. 
 (l) The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuer personally or by agent or attorney. 
 (m) In the event the Trustee receives
inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in
its sole discretion, may determine what action, if any, will be taken and shall not incur any liability for its failure to act until such inconsistency or conflict is, in its reasonable opinion, resolved. 
 (n) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of the individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded. 
 (o) In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by acts of war or terrorism involving the United States, the United Kingdom or any member state of the European Monetary Union or any other national or
international calamity or emergency (including natural disasters or acts of God), it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 
 (p) The Trustee is not required to give any bond or surety with respect to the
performance or its duties or the exercise of its powers under this Indenture or the Notes. 
 (q) The permissive right of the
Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 
 (r) The
parties hereto accept that some methods of communication are not secure and the Trustee or any other entity of The Bank of New York Mellon Group shall incur no liability for receiving instructions via any such non-secure method. The Trustee or any
other entity of The Bank of New York Mellon Group is authorized to comply with and rely upon any such notice, instructions or other communications believed by it to have been sent or given by an Authorized Person or an appropriate party to the
transaction (or authorized representative thereof). The Issuer or authorized officer of the Issuer shall use all reasonable efforts to ensure that instructions transmitted to the Trustee or any other entity of The Bank of New York Mellon Group
pursuant to this Indenture are complete and correct. Any instructions shall be conclusively deemed to be valid instructions from the Issuer or authorized officer of the Issuer to the Trustee or any other entity of The Bank of New York Mellon Group
for the purposes of this Indenture. 
  

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 Section 7.03 Individual Rights of Trustee 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days or resign as Trustee hereunder. Any Agent may
do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.04 Trustee’s
Disclaimer 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this
Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes
or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults 
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes 
 Within 60 days after it becomes aware of the
occurrence of an event described in TIA § 313(a), and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that would comply with TIA § 313(a) as if this
Indenture were required to be qualified under the TIA (but if no event described in TIA § 313(a) has occurred, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2) as if this Indenture were required to be
qualified under the TIA. 
 Section 7.07 Compensation and Indemnity 
 (a) The Issuer will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Issuer will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, any Supplemental Indenture or Accession Agreement, the Notes, the Senior Secured Escrow Agreement, any Intercreditor Agreement, any Security Document or in any other role
performed by The Bank of New York Mellon under said documents, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer,
any Holder or any other Person) or liability in connection with the exercise or

  

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performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the
Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer of its obligations hereunder. The Issuer will defend the claim and the Trustee will cooperate in the defense.
The Trustee may have separate counsel and the Issuer will pay the reasonable fees and expenses of such counsel. The Issuer need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Issuer under this Section 7.07 and any claim arising hereunder shall survive the resignation or removal of
any Trustee, the satisfaction and discharge of the Issuer’s obligations pursuant to Article Eight and any rejection or termination under any Bankruptcy Law, and the satisfaction and discharge of this Indenture 
 (d) To secure the Issuer’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money
or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(7) occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any applicable Bankruptcy Law. 
 For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given, to the Trustee in Section 7.07,
including its right to be indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder, and by each agent (including The Bank of New York Mellon (Luxembourg) S.A.), custodian and other Person employed by
the Trustee to act hereunder. 
 Section 7.08 Replacement of Trustee 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The
Issuer may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
  

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 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, (i) the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee;
or (ii) the retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment shall be reasonably satisfactory to the Issuer. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee will become effective,
and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as
Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Issuer’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 Section 7.09 Successor
Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification 
 There will at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of America or of any state thereof or a jurisdiction in the European Union that is authorized under such laws to exercise corporate trustee power, that is subject to
supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50.0 million equivalent as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5) as if this Indenture
were required to be qualified under the TIA. For purposes of this Indenture, the Trustee will be deemed to be subject to TIA § 310(b); provided, however that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities of, or certificates of interest or participation in other securities of, the Issuer are outstanding if the requirements for such exclusion as set forth in TIA § 310(b)(1) are met. 

Section 7.11 Preferential Collection of Claims Against Issuer 
 The Trustee will be deemed to be subject to TIA § 311(a) on the same basis as if this Indenture were required to be qualified under the TIA, excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been removed shall be deemed to be subject to TIA § 311(a) to the extent indicated therein. 
 Section 7.12 Parallel Debt 
 (a) For purposes of (x) creating a Lien in or subject to the laws of
Germany and any other jurisdiction whose laws permit Liens to be granted to the Trustee or the Security Trustee only to secure obligations directly owing to the Trustee or the Security Trustee and (y) ensuring the initial and continuing
validity of each such Lien, the Issuer, the Trustee and

  

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the Security Trustee and each Holder by acceptance of the Notes, agrees that notwithstanding anything to the contrary contained in this Indenture, any Note, the Intercreditor Agreement or any
Security Document: 
 (1) for purposes of this Section 7.12, “Principal Obligations” shall mean
all Obligations of the Issuer owing by it to the Holders and the Trustee under this Indenture, the Notes, the Intercreditor Agreement or any Security Document; 
 (2) the Issuer shall irrevocably and unconditionally be obligated to the Security Trustee in an amount equal to, and in the
same currency of, its Principal Obligations as and when the same become due and payable under this Indenture, the Notes, the Intercreditor Agreement or the relevant Security Document (the “Parallel Debt”); provided that the
total amount of the Parallel Debt of the Issuer shall never exceed the total amount of the Principal Obligations of the Issuer; 
 (3) the rights of the Holders to receive payment of the Principal Obligations are several (separate and independent from) from the rights of the Security Trustee to receive payment of the Parallel Debt;

 (4) the Security Trustee shall have an independent right, in its own name and stead, to demand payment of the
Parallel Debt by the Issuer; 
 (5) the (separate and independent from) payment by the Issuer of (i) its
Parallel Debt to the Security Trustee in accordance with this Section 7.12 or (ii) any “parallel debt” in accordance with Clause 18 of Schedule 6 of the Intercreditor Agreement (in each case whether through direct payment by the
Issuer or enforcement of any Lien held by the Security Trustee securing the Parallel Debt or any “parallel debt” created under the Intercreditor Agreement or otherwise) shall discharge the corresponding Principal Obligations of the Issuer
and, similarly, the payment by the Issuer of its Principal Obligations (whether through direct payment by the Issuer or enforcement of any Lien held by the Security Trustee securing the Principal Obligations or otherwise) shall discharge its
corresponding Parallel Debt owed to the Security Trustee under this Section 7.12 and any corresponding “parallel debt” owed to the Security Trustee under Clause 18 Schedule 6 of the Intercreditor Agreement; and 
 (6) nothing in this Section 7.12 shall in any way limit the Security Trustee’s right to act in the protection or
preservation of, the rights under, or to enforce, any Security Document as contemplated by this Indenture or any Security Document. 
 (b) Nothing in this Section 7.12 shall in any way negate or affect the obligations of the Issuer to the Holders under this Indenture, the Notes or the Security Document. 
 For purposes of this Section 7.12, the Security Trustee acts in its own name and stead and not as agent or trustee of any Holder and the
security granted under any Security Document to the Security Trustee to secure the Parallel Debt is granted to the Security Trustee in its capacity as a direct creditor in respect of the Parallel Debt, and not as a trustee or agent for the Holders.
The Security Trustee undertakes to pay to the Holders an amount equal to any amount collected or received by it which it has applied in reduction of the Parallel Debt as if the corresponding Principal Obligations had not been discharged pursuant to
Section 7.12(a)(5). 
  

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 ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to
Effect Legal Defeasance or Covenant Defeasance 
 The Issuer may at any time, at the option of their Boards of Directors
evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge 
 (a) Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer will, subject to the satisfaction of the conditions set forth in
Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that the Issuer will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and
the other Sections of this Indenture referred to in clauses (1) and (2) of this Section 8.02(a), and to have satisfied all their other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
  

	 	(1)	the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due
from the trust referred to in Section 8.04; 

  

	 	(2)	the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02; 

  

	 	(3)	the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith; and 

  

	 	(4)	this Article 8. 

 (b) Subject to
compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 
 Section 8.03 Covenant Defeasance 
 Upon the Issuer’s exercise
under Section 8.01 of the option applicable to this Section 8.03, the Issuer will, subject to the satisfaction of the conditions set forth in Section 8.04, be released from its, the Issuer’s and each Guarantor’s obligations under
Sections 3.11, 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 4.17, 4.19, 4.21 and 4.26 and clauses (3) and (4) of Sections 5.01(a) and (b) with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a
Default or an Event of Default under Section 6.01(a), but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Issuer’s exercise

  

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under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Section 6.01(a)(4) through 6.01(a)(7)
(with respect only to Significant Subsidiaries), 6.10(8) and 6.10(9) will not constitute Events of Default. 
 Section 8.04 Conditions
to Legal or Covenant Defeasance 
 (a) In order to exercise either Legal Defeasance or Covenant Defeasance under either
Section 8.02 or 8.03: 
  

	 	(1)	the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in euro, euro-denominated European Government Obligations or a
combination thereof, in such amounts as will be sufficient, in the opinion of an Independent Financial Advisor, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the
applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date; 

  

	 	(2)	in the case of an election under Section 8.02, the Issuer must deliver to the Trustee an Opinion of Counsel (subject to customary exceptions and exclusions)
confirming that: 

  

	 	(A)	the Issuer have received from, or there has been published by, the Internal Revenue Service a ruling; or 

  

	 	(B)	since the Issue Date, there has been a change in the applicable federal income tax law, 

 in either case to the effect that, and based thereon such Opinion of Counsel (subject to customary exceptions and exclusions) shall confirm
that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred; 
  

	 	(3)	in the case of an election under Section 8.03, the Issuer must deliver to the Trustee an Opinion of Counsel (subject to customary exceptions and exclusions)
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  

	 	(4)	no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer is a party or by which the Issuer is bound; 

  

	 	(5)	such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other
than this Indenture) to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

  

	 	(6)	the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of
Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others; and 

  

 105 

	 	(7)	the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal
Defeasance or the Covenant Defeasance have been complied with. 

 Section 8.05 Deposited Money and Government Obligations
to be Held in Trust; Other Miscellaneous Provisions 
 (a) Subject to Section 8.06, all money, all European Government
Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding
Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 (b) The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash in euro or
against the European Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 (c) Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the
Issuer from time to time upon the request of the Issuer any money, non-callable euro-denominated European Government Obligations held by it as provided in Section 8.04 which, in the opinion of an Independent Financial Advisor expressed in a
written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 
 Section 8.06 Repayment to Issuer 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium,
if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from
such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee
thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may (without an obligation to do so) at the expense of the Issuer cause to be published once, in a
leading newspaper having general circulation in London, notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance
of such money then remaining will be repaid to the Issuer. 
 Section 8.07 Reinstatement 
 If the Trustee or Paying Agent is unable to apply any euro or euro-denominated non-callable European Government Obligations in accordance
with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’ obligations

  

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under this Indenture and the Notes will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Issuer make any payment of principal of, premium, if any, or interest on, any Note following the reinstatement
of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes 
 (a) Notwithstanding Section 9.02 of this Indenture, the Issuer and the Trustee may amend or supplement this Indenture, the Notes, the Intercreditor Agreement or the Security Documents without the
consent of any Holder of Note to: 
  

	 	(1)	cure any ambiguity, omission, defect or inconsistency; 

  

	 	(2)	provide for the assumption by a Successor Company of the obligations of the Issuer under this Indenture, the Notes, the Intercreditor Agreement and the Security
Documents; 

  

	 	(3)	provide for uncertificated Notes in addition to or in place of certificated Notes; 

  

	 	(4)	add guarantees with respect to the Notes; 

  

	 	(5)	secure the Notes; 

  

	 	(6)	add to the covenants of the Issuer for the benefit of the Holders or surrender any right or power conferred upon the Issuer; 

  

	 	(7)	in the case of this Indenture or the Intercreditor Agreement, make any change that does not adversely affect the rights of any Holder; 

  

	 	(8)	release the Security as provided by the terms of this Indenture; 

  

	 	(9)	issue Additional Notes; 

  

	 	(10)	give effect to Permitted Collateral Liens; 

  

	 	(11)	evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements thereof; or 

 

	 	(12)	to the extent necessary to grant a security interest for the benefit of any Person; provided that the granting of such security interest is permitted by this
Indenture and the Security Documents. 

 (b) In formulating its opinion on such matters, the Trustee shall be
entitled to require and rely on such evidence as it deems appropriate, including an Opinion of Counsel and an Officers’ Certificate. 
 (c) The consent of the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed
amendment. A consent to any amendment or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. After an amendment under this Indenture becomes
effective, the Issuer is required to mail to the Holders a notice briefly describing

  

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such amendment. For so long as the Notes are listed on the Luxembourg Stock Exchange and the guidelines of such exchange so require, the Issuer will notify the Luxembourg Stock Exchange of any
such amendment, supplement and waiver. 
 (d) Upon the request of the Issuer accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee will join with the Issuer in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental
indenture that adversely affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of
Holders of Notes 
 Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or supplement
this Indenture (including, without limitation, Section 3.11, 4.10 and 4.14), the Notes, the Intercreditor Agreement and the Security Documents with the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject
to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes. 
 Upon the request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee
will join with the Issuer in the execution of such amended or supplemental Indenture unless such amended or supplemental indenture directly adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof.

 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders
of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. The Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Issuer with any provision of this Indenture or the
Notes. However, without the consent of the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes, an amendment, supplement or waiver under this Section 9.02 may not: 
  

	 	(1)	reduce the principal amount of Notes whose Holders must consent to an amendment or waiver; 

  

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	 	(2)	reduce the stated rate of or extend the stated time for payment of interest or Additional Amounts on any Note; 

  

	 	(3)	reduce the principal of or extend the Stated Maturity of any Note; 

  

	 	(4)	whether through an amendment or waiver of provisions in the covenants, definitions or otherwise (i) reduce the premium payable upon the redemption of any Note or
change the time at which any Note may be redeemed under Section 3.07, (ii) reduce the premium payable upon repurchase of any Note or change the time at which any Note is to be repurchased pursuant to Section 3.11, Section 4.10 or
Section 4.14, at any time after the obligation to repurchase has arisen or (iii) change any provision relating to the redemption of the Notes in Section 3.08; 

  

	 	(5)	make any Note payable in money other than that stated in the Note; 

  

	 	(6)	impair the right of any Holder to receive payment of, premium, if any, principal of or interest or Additional Amounts, if any, on such Holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 

  

	 	(7)	release any Guarantor that is a Significant Subsidiary from any of its obligations (or modify such obligations in any manner adverse to the Holders) under any
Subsidiary Guarantee or this Indenture, as applicable, except in accordance with the terms of this Indenture and the Intercreditor Agreement; 

  

	 	(8)	release the security interest granted for the benefit of the Holders in any Collateral (to the extent any Collateral so released in any transaction or series of
transactions has a fair market value in excess of €20.0 million) other than pursuant to the terms of the Security Documents, the Intercreditor Agreement, any applicable Additional Intercreditor Agreement or as otherwise permitted by this
Indenture; 

  

	 	(9)	amend the Senior Notes Escrow Agreement in any manner materially adverse to the Holders of the Notes; or 

  

	 	(10)	make any change to this Section 9.02. 

 Section 9.03 Revocation and Effect of Consents 
 Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the
consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.04 Notation on or Exchange of Notes 
 The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Authenticating Agent shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of
such amendment, supplement or waiver. 
  

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 Section 9.05 Trustee to Sign Amendments, etc. 
 The Trustee will sign any amended or supplemental Indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental Indenture until the Board of Directors of the Issuer approves it. In executing any amended or supplemental Indenture,
the Trustee will be entitled to receive and (subject to Section 7.01) will be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental Indenture is authorized or permitted by or not in breach of this Indenture and that such amendment is the legal, valid and binding obligation of the Issuer (and any guarantor) enforceable against it in
accordance with its terms, subject to customary exceptions, and complies with the provisions of this Indenture. 
 ARTICLE 10.

 NOTE GUARANTEES 
 Section 10.01 Guarantee 
 (a) Subject to this Article 10, each of the Guarantors hereby, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that: 
 (i) the principal of, premium, if any, and interest on, or
Additional Amounts, if any, in respect to the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest and Additional Amounts on the Notes, if
any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each
Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) Each Guarantor hereby agrees that
its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, general settlement with creditors, reorganization or similar laws affecting the rights of creditors
generally), any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in the
Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, any
Guarantor or any custodian, trustee, liquidator or other similar official acting

  

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in relation to either the Issuer or any Guarantor, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, will be reinstated in
full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,

 (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this
Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and 
 (ii) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors
for the purpose of this Subsidiary Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantee.

 Section 10.02 Limitation on Guarantor Liability. 
 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar national, federal, local or state law to the extent applicable to any Subsidiary Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other
contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 10.03 German Guarantors 
 (a) Each of the Holders, the Trustee and the Security Trustee agrees not to enforce any Subsidiary Guarantee (and not to request the Security Trustee to enforce any Subsidiary Guarantee) given by a German
Guarantor, if and to the extent that such Subsidiary Guarantee guarantees obligations or the payment is to be applied in satisfaction of any liability of a Guaranteed Obligor and if and to the extent that such enforcement would cause such German
Guarantor’s (or, in the case of a German GmbH & Co. KG Guarantor, its general partners’) Net Assets to be reduced below zero or further reduced if already below zero. 
 (b) For the purposes of the calculation of the Net Assets the following balance sheet items shall be adjusted as follows: 
 (1) the amount of any increase of the stated share capital (Erhöhungen des Stammkapitals) after the date hereof
(excluding any such increase of stated share capital permitted pursuant to this Indenture) (i) that has been effected without the prior written consent of the Trustee, or (i) to the extent that it is not fully paid up, shall be deducted
from the stated share capital; and 
  

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 (2) loans provided to the relevant German Guarantor in violation of the this
Indenture shall be disregarded. 
 (c) The relevant German Guarantor shall deliver to the Security Trustee, within fifteen
(15) Business Days after receipt of a German Enforcement Notice, an up-to-date balance sheet of a German GmbH Guarantor, or in the case of a German GmbH & Co. KG Guarantor of its partnership and its general partner, together with a
detailed calculation (satisfactory to the Security Trustee (acting reasonably)) of the amount of its Net Assets taking into account the adjustments set forth in clause (b) above (the “Management Determination”). 
 (d) Following the Security Trustee’s receipt of the Management Determination, upon request by the Security Trustee (acting reasonably),
the relevant German Guarantor shall deliver to the Security Trustee within twenty-five (25) Business Days of such request an up-to-date balance sheet of a German GmbH Guarantor, or in the case of a German GmbH & Co. KG Guarantor of
that partnership and its general partner, drawn-up by one of the Auditors together with a detailed calculation (satisfactory to the Security Trustee (acting reasonably)) of the amount of the Net Assets taking into account the adjustments set forth
in clause (b) above. (the “Auditors’ Determination”). Such balance sheet and Auditors’ Determination shall be prepared in accordance with the IFRS as consistently applied. The Auditors’ Determination shall have
been prepared as of the date of receipt of the German Enforcement Notice (as defined in the Intercreditor Agreement). 
 (e) The
Security Trustee shall be entitled to enforce the Subsidiary Guarantee of such German Guarantor in an amount which would, in accordance with the Management Determination or, if applicable and taking into account any previous enforcement in
accordance with the Management Determination, the Auditor’s Determination, not cause such German Guarantor’s Net Assets, or in the case of a German GmbH & Co. KG Guarantor, its general partner’s Net Assets, to be reduced
below zero or further reduced if already below zero. If and to the extent the Net Assets as determined by the Auditors’ Determination are lower than the amount enforced in accordance with the Management Determination, the Security Trustee shall
release to the relevant German Chargor (or in case of a German GmbH & Co. KG Chargor to its general partner) such exceeding enforcement proceeds. The Security Trustee may withhold any amount received under such Subsidiary Guarantee until
final determination of the amount of the Net Assets pursuant to the Auditors Determination. 
 (f) In addition, any German
Guarantor shall without undue delay and in any event within two (2) months after the German Enforcement Notice enforce, to the extent legally permitted, in a situation where after enforcement of the Subsidiary Guarantee the German GmbH
Guarantor, or in the case of a German GmbH & Co. KG Guarantor, its general partner, would not have Net Assets in excess of zero, any and all of its assets that are shown in the balance sheet with a book value (Buchwert) that is
significantly lower than the market value of the asset if such asset is not necessary for the relevant German Guarantor’s business (betriebsnotwendig). The relevant German Guarantor shall ensure that the person realising the asset will,
to the extent permitted under applicable law, prior to such realisation, assign its claim for the purchase price or other proceeds from the realisation to the Security Trustee for security purposes (Sicherungsabtretung) (subject to the same
limitations as set out in this Section 10.03). After the realization the German Guarantor shall, within three (3) Business Days, notify the Security Trustee of the amount of the proceeds from the sale and submit a statement with a new
calculation of the amount of the Net Assets of the German GmbH Guarantor or, in case of a German GmbH & Co. KG Guarantor, of its general partner, taking into account such proceeds. Such calculation shall, upon the Security Trustee’s
request, be confirmed by an Auditor within a period of twenty-five (25) Business Days following the respective request. 
 (g) The restriction under Section 10.03(a) above shall not apply: 
 (1) to the extent that the
Subsidiary Guarantee guarantees any claims under the Senior Secured Notes, the Senior Notes or Indebtedness under the Revolving Credit Facility that have been on-lent or otherwise made available to the relevant German Guarantor, that have not been
repaid and are still outstanding on the date of enforcement of such Subsidiary Guarantee; 
  

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 (2) for so long as the relevant German Guarantor has not complied with its
obligations pursuant to clauses (c), (d), (e) and (f) above; 
 (3) if the German Guarantor (as
dominated entity) is subject to a domination and/or profit and loss pooling agreement (“Beherrschungs – und/oder Gewinnabführungsvertrag”) (a “DPLPA”) with the Guaranteed Obligor, whether directly
or indirectly through a chain of DPLPAs between each company and its shareholder (or in case of a German GmbH & Co. KG Guarantor between its general partner and its shareholder) on the date of the enforcement of such Subsidiary Guarantee;
or 
 (4) if and to extent the German Guarantor holds on the date of enforcement of such Subsidiary Guarantee a
fully recoverable indemnity or claim for refund (“vollwertiger Gegenleistungs – oder Rückgewähranspruch”) against its shareholder. 
 (h) For purposes of this Section 10.03, the following terms have the meanings ascribed to them below: 
 “German Enforcement Notice” means a notice from the Security Trustee stating that the Security Trustee intends to enforce any guarantee against a German Guarantor. 
 “German Guarantor” means any German GmbH Guarantor or German GmbH & Co. KG Guarantor. 
 “German GmbH Guarantor” means any Subsidiary Guarantor incorporated in Germany as limited liability company
(Gesellschaft mit beschränkter Haftung – GmbH). 
 “German GmbH & Co. KG
Guarantor” means any Guarantor incorporated in Germany as a limited partnership (Kommanditgesellschaft) with a limited liability company as sole general partner. 
 “Guaranteed Obligor” means an Obligor which is an affiliate of a German Guarantor (other than the German Guarantor’s
Subsidiaries). 
 “Net Assets” means, for the purposes of this Section 10.03, the relevant company’s
assets (Section 266 sub-section (2) A, B, C, D and E of the Commercial Code (Handelsgesetzbuch) less the aggregate of its liabilities (Section 266 sub-section (3) B, C (but disregarding, for the avoidance of doubt, any provisions in
respect of the Guarantee), D and E of the Commercial Code) and its stated share capital (Stammkapital). 
 Section 10.04
Execution and Delivery of Subsidiary Guarantee. 
 To evidence its Subsidiary Guarantee set forth in Section 10.01,
each Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the form attached as Exhibit G hereto will be endorsed by an Officer or a Director of such Guarantor on each Note authenticated and delivered by the
Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers or directors. 
 Each
Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
  

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 If an Officer or director whose signature is on this Indenture or on the Subsidiary
Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Subsidiary
Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The Issuer shall cause any Restricted Subsidiary so
required by Section 4.15, to execute a Supplemental Indenture in the form of Exhibit E to this Indenture and a notation of Subsidiary Guarantees in the form of Exhibit G to this Indenture in accordance with Section 4.15 and
this Article 10. 
 Section 10.05 Releases 
 The Subsidiary Guarantee of a Guarantor shall be released: 
 (i) upon the sale of
all or substantially all the Capital Stock of the relevant Subsidiary Guarantor pursuant to an Enforcement Sale as provided for in the Intercreditor Agreement; 
 (ii) upon the sale or other disposition (including through merger or consolidation but other than pursuant to an Enforcement Sale) in compliance with this Indenture of the Capital Stock of the relevant
Subsidiary Guarantor (whether directly or through the disposition of a parent thereof), following which such Subsidiary Guarantor is no longer a Restricted Subsidiary (other than a sale or other disposition to the Issuer or any of its Restricted
Subsidiaries); 
 (iii) pursuant to an Enforcement Sale as provided for in the Intercreditor Agreement; 
 (iv) upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture as provided in Articles 8 or 13,
respectively; 
 (v) with respect to an Additional Subsidiary Guarantee given pursuant to Section 4.15, upon the release of
the guarantee that gave rise to the requirement to issue such Additional Subsidiary Guarantee so long as no Event of Default would arise as a result and no other Indebtedness that would give rise to an obligation to give an Additional Subsidiary
Guarantee is at that time guaranteed by the relevant Subsidiary Guarantor; or 
 (vi) upon the full and final payment of all
Obligations of the Issuer under this Indenture and the Notes. 
 In addition, if a Guarantor is redesignated as an Unrestricted
Subsidiary in compliance with Section 4.07, the relevant Guarantor will be released from all its obligations under its Subsidiary Guarantee. 
 Notwithstanding any of the foregoing, in all circumstances a Subsidiary Guarantee shall only be released if (a) the relevant Guarantor has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with and (b) such Guarantor is released from its guarantees of the Revolving Credit Facility and
the Senior Notes. Subject to Section 7.02, the Trustee shall take all necessary actions, including the granting of releases or waivers under the Intercreditor Agreement, to effectuate any release in accordance with these provisions. 

 

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 ARTICLE 11. 
 SUBORDINATION OF THE SUBSIDIARY GUARANTEES 
 Each of the
Guarantors agrees, and each Holder by accepting a Note and related Subsidiary Guarantees agrees, that the obligations of such Guarantor hereunder are subordinated in right of payment, to the extent and in the manner provided in the Intercreditor
Agreement and, to the extent applicable, each Additional Intercreditor Agreement entered into in compliance with Section 4.23, to the prior payment in full of all Senior Indebtedness of such Guarantor and that the subordination is for the benefit of
and enforceable by the holders of such Senior Indebtedness against such Guarantor. Each Holder, by accepting a Note, shall be deemed to have agreed to and accepted the terms and conditions of the Intercreditor Agreement and, to the extent
applicable, each Additional Intercreditor Agreement entered into in compliance with Section 4.23 (including the limitations on enforcement and the obligations to turnover contained therein). A copy of the Intercreditor Agreement and, to the extent
applicable, each Additional Intercreditor Agreement entered into in compliance with Section 4.23 shall be available on any Business Day upon prior written request at the offices of the Trustee. The obligations hereunder with respect to a Guarantor
shall in all respects rank pari passu with all other Senior Subordinated Indebtedness of such Guarantor and shall rank senior to all existing and future Subordinated Obligations of such Note Guarantor. 
 ARTICLE 12. 
 SECURITY 
 Section 12.01 Security Documents 
 The due and punctual payment of the principal of and premium, interest and Additional Amounts, if any, on the Notes and the Subsidiary Guarantees when and as the same shall be due and payable, and of the
Parallel Debt, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest and Additional Amounts (to the extent permitted by law), if any, on the
Notes, the Subsidiary Guarantees and the Parallel Debt, and performance of all other monetary obligations of the Issuer and the Guarantors to the Holders of Notes or the Trustee under this Indenture, the Notes or the Subsidiary Guarantees, according
to the terms hereunder or thereunder, are secured as provided in the Security Documents and the Intercreditor Agreement. Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents and the
Intercreditor Agreement as the same may be in effect or may be amended from time to time in accordance with their terms, and authorizes and directs the Trustee and the Security Trustee to enter into the Security Documents and the Intercreditor
Agreement and to perform their respective obligations and exercise their respective rights thereunder in accordance therewith. The Issuer will deliver to the Trustee copies of all documents delivered to the Security Trustee pursuant to the Security
Documents and the Intercreditor Agreement. Each of the Issuer and the Guarantors will take, and will cause its respective Subsidiaries to take, upon request of the Trustee or the Security Trustee, any and all actions reasonably required to cause the
Security Documents and the Intercreditor Agreement to create and maintain, as security for the Obligations of the Issuer and the Guarantors hereunder, a valid and enforceable perfected Lien in and on the relevant Collateral in favor of the Security
Trustee. 
 Section 12.02 Release of Security 
 The Liens created by the Security Documents will be released: 
 (a) so long as
there is no Default outstanding under this Indenture or a default outstanding under any other Indebtedness secured by the Collateral, if (i) upon the sale or disposition (including through merger or consolidation but other than pursuant to an
Enforcement Sale) in compliance with this Indenture of the Capital Stock subject the Share

  

 115 

 
Pledge following which the Restricted Subsidiary is the subject of such Share Pledge is no longer a Restricted Subsidiary or (ii) the Restricted Subsidiary whose Capital Stock is the subject
of such Share Pledge is redesignated as an Unrestricted Subsidiary in accordance with this Indenture; or 
 (b) following a
Default under this Indenture or a default under any other Indebtedness secured by the Collateral, pursuant to an Enforcement Sale, in each case in accordance with the terms of the Intercreditor Agreement. 
 In addition, the Trustee shall, at the request of the Issuer upon having provided the Trustee an Officers’ Certificate certifying
compliance with this Section 10.02, release the relevant Security pursuant to an appropriate instrument evidencing such release upon the legal Defeasance or Covenant Defeasance or satisfaction and discharge of the Notes as provided in Article 8
or Article 13. 
 Subject to the provisions of Section 7.01 and 7.02, upon certification by the respective Issuers, the
Trustee and the Security Trustee shall take all necessary actions, including the granting of releases or waivers under the Intercreditor Agreement, to effectuate any release in accordance with these provisions, subject to customary protections and
indemnifications. The Security Trustee and/or Trustee (as applicable) will agree to any release of the Security Interests created by the Security Documents that is in accordance with this Indenture and the Intercreditor Agreement without requiring
any consent of the Holders. 
 Section 12.03 Authorization of Actions to Be Taken by the Security Trustee 
 Subject to the provisions of Section 7.01 and 7.02, the Security Trustee may, at the direction and for the benefit of the Trustee or the
requisite Holders, take all actions it deems necessary or appropriate in order to: 
  

	 	(1)	enforce any of the terms of the Security Documents; 

  

	 	(2)	release any Lien created by any Security Document or Subsidiary Guarantees in accordance with the terms of this Indenture or the Intercreditor; and

  

	 	(3)	collect and receive any and all amounts payable in respect of the obligations of the Issuer or Guarantor hereunder. 

 The Security Trustee, at the direction and for the benefit of the Trustee or the requisite Holders, will have power to institute and
maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents, the Intercreditor Agreement or this Indenture, and such suits and
proceedings as the Security Trustee may deem expedient to preserve or protect its interests and the interests of the Holders of Notes in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to
the interests of the Holders of Notes or of the Trustee). 
 Notwithstanding any other provision of this Indenture, neither the
Trustee nor the Security Trustee has any responsibility for the validity, perfection, priority or enforceability of any Lien, Security Document or other security interest and shall have no obligation to take any action to procure or maintain such
validity, perfection, priority or enforceability. 
  

 116 

 Section 12.04 Authorization of Receipt of Funds by the Security Trustee Under the Security
Documents 
 The Security Trustee is authorized to receive any funds for the benefit of the Holders of Notes distributed
under the Security Documents, and to make further distributions of such funds to the Trustee, for further distribution to the Holders of Notes according to the provisions of this Indenture and the Security Documents. All such payments to the
Security Trustee, or upon its order, shall be valid and, to the extent of the same so paid, effective to satisfy and discharge the liability for moneys payable under the Notes, this Indenture and the Security Documents. 
 Section 12.05 Waiver of subrogation 
 Each Issuer and Grantor under the Security Documents agrees that it shall not exercise any right of subrogation in relation to the Holders in respect of any obligations secured pursuant to the Security
Documents until payment in full of all obligations secured thereby. 
 Section 12.06 Termination of Security Interest 
 Upon the payment in full of all obligations of the Issuer under this Indenture and the Notes, or upon Legal Defeasance, the Trustee will, at
the request of the Issuer, deliver a certificate to the Security Trustee stating that such obligations have been paid in full, and instruct the Security Trustee to release the Liens pursuant to this Indenture and the Security Documents. 

ARTICLE 13. 
 SATISFACTION AND DISCHARGE 
 Section 13.01 Satisfaction and Discharge 
 (a) This Indenture, the Security Documents and, subject to Section 7.07 the rights, duties and obligations of the Trustee and the
Holders under the Intercreditor Agreement or any Additional Intercreditor Agreement will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
  

	 	(1)	either: 

  

	 	(A)	all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in
trust and thereafter repaid to the Issuer, have been delivered to a Paying Agent or Registrar for cancellation; or 

  

	 	(B)	(i) all Notes that have not been delivered to a Paying Agent or Registrar for cancellation (x) have become due and payable by reason of the mailing of a notice of
redemption or otherwise or (y) will become due and payable within one year and (ii) the Issuer or a Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders cash, Cash Equivalents, European Government Obligations or a combination thereof, in each case, denominated in euros in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire
Indebtedness on the Notes not delivered to a Paying Agent or Registrar for cancellation for principal, premium and Additional Amounts (if any) and accrued interest to the date of maturity or redemption; 

  

 117 

	 	(2)	no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer or a Guarantor is a party or by which the Issuer or a Guarantor is bound;

  

	 	(3)	the Issuer or the Guarantors have paid or caused to be paid all other amounts (other than those paid or deposited or caused to be deposited in accordance with clause
(1) of this Section 13.01(a)) payable by it under this Indenture; and 

  

	 	(4)	the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
Redemption Date, as the case may be. 

 (b) In addition, the Issuer must deliver an Officers’ Certificate and
an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge has been satisfied. 
 (c) Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to Section 11.01(a)(1)(B), the provisions of Sections 11.02 and 8.06 will survive. In addition, nothing in this
Section 11.01 will be deemed to discharge those provisions of Section 7.07, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 13.02 Application of Trust Money 
 Subject to the provisions of
Section 8.06, all money deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such
money need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable
to apply any euro or euro-denominated non-callable European Government Obligations in accordance with Section 12.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01; provided that if the
Issuer have made any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the euro
or euro-denominated non-callable European Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE 14. 

 MISCELLANEOUS 
 Section 14.01 Notices 
 (a) Any notice or communication by the Issuer or the Trustee to the others is duly
given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 
  

 118 

 If to the Issuer: 
 UPC Germany GmbH 
 c/o UPC Holding BV 
 Attn: Anton Tuijten 
 Boeing Avenue 53 
 Schiphol-Rijk 
 1119PE 
 The
Netherlands 
 Telephone: +31 (0)20 778 9872 
 Fax: +31 (0) 20 77 89912 
 Email: ttuijten@lgi.com 
 With a copy to: 
 Ropes & Gray 
 107 Fenchurch Street, 5th Floor 
 London, U.K. EC3M 5JF 
 Facsimile No.: +44 (0)20 7264 1097 
 Attention: Jonathan Bloom 
 If to the Trustee: 
 The Bank of New York Mellon 
 One Canada Square 
 London E14 5AL 
 United Kingdom 
 Facsimile No.: +44 (0)20 7964 2536 
 Attention: Corporate Trust Administration 
 (b) The Issuer or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 
 (c) All notices and communications addressed to the Issuer or the Trustee at the addresses set forth in this Section 13.01 (or such
other address as may be designated hereunder) (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid,
if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 (d) All notices to the Holders (while any Notes are represented by one or more Global Notes) shall be delivered to Euroclear and
Clearstream, as applicable for communication to entitled account holders or, alternatively, will be valid if published in a leading English language daily newspaper published in the City of London and a leading English language daily newspaper
published in the Borough of Manhattan, City of New York or such other English language daily newspaper with general circulation in Europe or the United States, as the case may be, as the Trustee may approve. It is expected that any such publication
will normally be made in the Financial Times or the Wall Street Journal. 
 (e) So long as the Notes are listed on
the Euro MTF and the rules and regulations of the Luxembourg Stock Exchange so require, all notices to Holders will also be published in d’Wort or in another daily newspaper published in Luxembourg approved by the Trustee or on the
website of the Luxembourg Stock Exchange (www.bourse.lu). If publication as provided above is not practicable, notice will be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve. In the case of
Definitive Registered Notes, notices will be mailed to Holders by first-class mail at their respective addresses as they appear on the records of the Registrar, unless stated otherwise in the register kept by, and at the registered office of the
Issuer. In addition, to the

  

 119 

 
extent required by the Luxembourg Stock Exchange, for 14 days from the date of the listing particulars relating to the listing of the Notes on the Luxembourg Stock Exchange, copies of the
following documents will be available for inspection during usual business hours at the specified office of the Luxembourg paying agent and the registered office of each Issuer: (a) this Indenture (including the form of Notes), the
Intercreditor Agreement and the Security Documents and (b) any documents furnished to the Trustee pursuant to Section 4.03. 
 (f) Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 (g) If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 (h) If the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 Section 14.02 Communication by Holders of Notes with Other Holders of Notes 
 Holders may communicate pursuant to TIA § 312(b) as if this Indenture were required to be qualified under the TIA with other Holders
with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c) as if this Indenture were required to be qualified under the TIA. 
 Section 14.03 Certificate and Opinion as to Conditions Precedent 
 Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee: 
  

	 	(1)	an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.04) stating
that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

  

	 	(2)	an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.04) stating that, in
the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

 Section 14.04 Statements
Required in Certificate or Opinion 
 Each certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture must include: 
  

	 	(1)	a statement that the Person making such certificate or opinion has read such covenant or condition; 

  

	 	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

  

	 	(3)	a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied; and 

  

 120 

	 	(4)	a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

 Section 14.05 Rules by Trustee and Agents 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 14.06 No Personal Liability of Directors, Officers, Employees and Stockholders 
 No director, officer, employee, incorporator, member or stockholder of the Issuer, any of its parent companies or any of its Subsidiaries or
Affiliates, as such, shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver and release may not be effective to waive liabilities under the United States federal securities laws. 
 Section 14.07 Currency Indemnity 
 The sole currency of account and payment for all sums payable by the Issuer under this Indenture or the Notes with respect to the Notes is euro. Any amount received or recovered in a currency other than
euros under this Indenture or the Notes (whether as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, any Subsidiary or otherwise) by the Holder, Trustee or any
other person in respect of any sum expressed to be due to it from the Issuer will constitute a discharge of the Issuer only to the extent of the euro which the recipient is able to purchase with the amount so received or recovered in that other
currency on the date of that receipt or recovery (or, if it is not possible to make that purchase on that date, on the first date on which it is possible to do so). If that euro is less than the euro amount expressed to be due to the recipient under
this Indenture or any Note, the Issuer will indemnify the recipient against any loss sustained by it as a result. In any event the Issuer will indemnify the recipient against the cost of making any such purchase. 
 For the purposes of this indemnity, it will be sufficient for a Holder, the Trustee or such other person to certify that it would have
suffered a loss had an actual purchase of euro been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of euro on such date had not been practicable, on the first date on which it would have
been practicable). These indemnities constitute a separate and independent obligation from the other obligations of the Issuer, will give rise to a separate and independent cause of action, will apply irrespective of any waiver granted by any Holder
or the Trustee and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Indenture or any Note or any other judgment or order. 
 Section 14.08 Governing Law 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 121 

 Section 14.09 Submission to Jurisdiction; Appointment of Agent for Service 
 To the fullest extent permitted by applicable law, the Issuer and each Guarantor irrevocably submits to the non-exclusive jurisdiction of and
venue in any federal or state court in the Borough of Manhattan in the City of New York, County and State of New York, United States of America, in any suit or proceeding based on or arising out of or under or in connection with this Indenture and
the Notes and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. The Issuer and each Guarantor, to the fullest extent permitted by applicable law, irrevocably and fully waives the defense of
an inconvenient forum to the maintenance of such suit or proceeding, and the Issuer hereby irrevocably designates and appoints CT Corporation System (the “Registered Agent”) (whose registered office as of the date hereof is 111
Eighth Avenue, New York, New York 10011, USA), as its registered agent upon whom process may be served in any such suit or proceeding. The Issuer and each Guarantor represents that it has notified the Registered Agent of such designation and
appointment and that the Registered Agent has accepted the same in writing. The Issuer and each Guarantor further agrees that service of process upon its Registered Agent and written notice of said service to the Issuer mailed by first class mail or
delivered to its Registered Agent shall be deemed in every respect effective service of process upon the Issuer in any such suit or proceeding. Nothing herein shall affect the right of any person to serve process in any other manner permitted by
law. The Issuer and each Guarantor agrees that a final action in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 
 The Issuer and each Guarantor hereby irrevocably waives, to the extent permitted by law, any immunity to jurisdiction to which it may
otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Indenture, the Notes or the
transactions contemplated hereby. 
 The provisions of this Section 12.9 are intended to be effective upon the execution of
this Indenture and the Notes without any further action by the Issuer or the Trustee and the introduction of a true copy of this Indenture into evidence shall be conclusive and final evidence as to such matters. 
 Section 14.10 No Adverse Interpretation of Other Agreements 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture. 
 Section 14.11 Successors 
 All agreements of the Issuer and Guarantor in this Indenture, the Notes and the Subsidiary Guarantees will bind its respective successors.
All agreements of the Trustee in this Indenture will bind its successors. 
 Section 14.12 Severability 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions will not in any way be affected or impaired thereby. 
 Section 14.13 Counterpart Originals 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
  

 122 

 Section 14.14 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 123 

 SIGNATURES 
 Dated as of November 20, 2009 
  

			
	 UPC GERMANY GMBH
 as Issuer

		
	By:	 	 Authorized Signatory

	Name:	 	
	Title:	 	

  

 (Signature page to Senior Notes Indenture) 

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee, Registrar, Transfer Agent and
 Principal Paying Agent

		
	By:	 	 Authorized Signatory

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., 
 as Luxembourg Transfer and Paying Agent

		
	By:	 	 Authorized Signatory

	Name:	 	
	Title:	 	

  

 (Signature page to Senior Notes Indenture) 

			
	 CREDIT SUISSE, LONDON BRANCH,
 as Security Trustee

		
	By:	 	 Authorized Signatory

	Name:	 	
	Title:	 	

  

 (Signature page to Senior Notes Indenture) 

 EXHIBIT A 
 FORM OF GLOBAL NOTE 
 [Face of Global Note] 
 UPC Germany GmbH 
 9 5/8%
Senior Notes due 2019 
  

			
	No. [    ]	 	 ISIN [for Reg S][•] [for 144A] [•]
 COMMON CODE [for Reg S][•] [for 144A] [•]

		
		 	€                        
		
		 	Issue Date:
                        

 UPC Germany GmbH (“UPC Germany”), a company formed under the laws of the Federal Republic
of Germany, having its registered office in Hamburg and being registered with the Commercial Register of the Lower Court (Amtsgericht) of Hamburg under HRB 111352, for value received, promises to pay to The Bank of New York Depository (Nominees)
Limited, upon surrender hereof, the principal sum as set forth on Schedule A attached hereto on December 1, 2019 (with such adjustments as are listed in such schedule). 
 Capitalized terms used herein shall have the same meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 Interest Payment Dates: June 1 and December 1. 
 Regular Record Dates: May 15 and
November 15 immediately preceding the related interest payment date. 
 Upon the consummation of the Debt Pushdown, Unitymedia GmbH
(“Unitymedia GmbH”) and the Trustee will execute and deliver an accession agreement (a “Note Accession Agreement”) in form and substance substantially similar to Schedule B hereto pursuant to which (i) Unitymedia GmbH
will accede to this Note and assume all obligations of UPC Germany, as issuer, under this Note and (ii) UPC Germany will be released from its obligations under the Notes. 
 Additional provisions of this Note are set forth on the other side of this Note. 
 (Signature pages to follow) 

 IN WITNESS WHEREOF, UPC Germany has caused this Note to be signed manually by its duly authorized officer.

 Dated: 
  

					
	[UPC GERMANY GMBH]/[UNITYMEDIA GMBH]
	
	AS ISSUER
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Certificate of Authentication 
  

			
	This is one of the Notes referred to
	in the within-mentioned Indenture:
	
	 THE BANK OF NEW YORK MELLON,
     as Trustee

		
	By:	 	  

		 	Authorized Signatory

 9 5/8% SENIOR NOTES DUE 2019 
 THIS GLOBAL NOTE IS HELD BY THE CUSTODIAN (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE; (II) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE; AND (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE. 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE
YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE U.S. SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES
ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT TO COMPLIANCE WITH APPLICABLE STATE AND OTHER SECURITIES LAWS AND SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND /OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

 [Back of Global Note] 
 The term “Issuer” means, prior to the completion of the Debt Pushdown, UPC Germany and, after the consummation of the Debt
Pushdown, Unitymedia GmbH and in each case any and all successors thereto. Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 (i) INTEREST. The Issuer promises to pay interest on the principal amount of this
Note at 9 5/8% per annum from the date of
issuance until maturity and shall pay the Additional Amounts payable pursuant to Section 4.19 of the Indenture referred to below. The Issuer will pay interest and Additional Amounts semi-annually in arrears on June 1 and December 1 of
each year or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Regular Record Date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be June 1, 2010. The Issuer shall pay interest (including
post-petition interest in any proceeding under any bankruptcy, insolvency, reorganization or other similar law) on overdue principal and premium, if any, at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any bankruptcy, insolvency, reorganization or other similar law) on overdue installments of interest and Additional Amounts (without regard to any applicable grace periods) at the same rate
to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (ii)
METHOD OF PAYMENT. The Issuer will pay cash interest on the Notes (except defaulted interest) and Additional Amounts to the Persons who are registered Holders of Notes at the close
of business on May 15 and November 15 immediately preceding the Interest Payment Date, even if such Notes are canceled after such Regular Record Date and on or before such Interest Payment Date, except as provided in Section 2.13 of
the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Amounts, if any, and interest at the office or agency of the Issuer maintained for such purpose; provided that, at the option
of the Issuer, payment of interest and Additional Amounts with respect to Definitive Registered Notes may be made by check mailed to the Holders at their addresses set forth in the Register of Holders; and provided further that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Amounts on, all Global Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the
Paying Agent. Such payment shall be in euro. Holders must surrender Notes to a Paying Agent to collect principal and/or premium payments. 
 (iii) PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon will act as Principal Paying Agent and Registrar,
and The Bank of New York Mellon (Luxembourg) S.A. will act as Luxembourg Paying Agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. An Issuer may act as Registrar or Paying Agent. 
 (iv) INDENTURE. The Issuer issued the Notes under an Indenture, dated as of November 20, 2009 (the
“Indenture”), among, inter alia, the Issuer and the Trustee named therein. The terms of the Notes include those stated in the Indenture and the Notes are subject to all such terms of the Indenture. Holders are referred to the
Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 (v) NOTE ACCESSION AGREEMENT. The Trustee will sign any Note Accession Agreement
authorized pursuant to this Note. In executing a Note Accession Agreement, the

 
Trustee will be entitled to receive and (subject to Section 7.01 of the Indenture) will be fully protected in relying upon, in addition to the documents required by Section 14.04 of the
Indenture, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such Note Accession Agreement is authorized or permitted by or not in breach of this Note and that such Note Accession Agreement is the legal, valid and
binding obligation of Unitymedia GmbH enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions of this Note and the Indenture. Upon the effectiveness of the Note Accession Agreement,
Bidco shall be fully released from all of its obligations under the Notes and the Indenture, including release of the Bidco Share Pledge 
 (vi) INTERCREDITOR AGREEMENT AND SECURITY DOCUMENTS. Each Holder of the Notes, by accepting a Note, agrees to be bound by
all of the terms and provisions of the Indenture, the Security Documents and the Intercreditor Agreement, as the same may be amended from time to time, and acknowledges that the claims of Holders of the Notes are subject to the Intercreditor
Agreement. Each Holder, by accepting a Note, authorizes and requests the Security Trustee to, on such Holder’s behalf, (i) make all undertakings, representations, offers and agreements of the Security Trustee set forth in the Intercreditor
Agreement and, to the extent applicable, the Security Documents and (ii) take all actions called for to be taken by the Security Trustee in the Intercreditor Agreement and the Security Documents. Each Holder, by accepting a Note, authorizes and
requests the Security Trustee to (i) execute the Security Documents, (ii) make all undertakings, representations, offers and agreements of the Security Trustee in the Security Documents and (iii) take all actions called for to be
taken by the Security Trustee in the Security Documents. 
 (vii) ADDITIONAL
AMOUNTS. The Issuer will pay to the Holders of the Notes any Additional Amounts as may become payable under Section 4.18 of the Indenture. 
 (viii) REDEMPTION AND REPURCHASE; DISCHARGE PRIOR
TO REDEMPTION OR MATURITY. 
  

	 	(a)	This Note is subject to mandatory redemption upon the occurrence of certain events, as further described in the Indenture. 

  

	 	(b)	This Note is subject to optional redemption, and may be the subject of a Change of Control Offer or an Asset Disposition Offer, as further described in the Indenture.
There is no sinking fund or mandatory redemption applicable to this Note other than as described in clause (a) above. 

  

	 	(c)	If the Issuer deposits with the Trustee money or U.S. Government Obligations and European Government Obligations sufficient to pay the then outstanding principal of,
premium, if any, and accrued interest on the Notes to redemption or maturity, the Issuer may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of their and the Company’s obligations under
certain provisions of the Indenture. 

 (ix) DENOMINATIONS, TRANSFER,
EXCHANGE. The Global Notes are in global registered form without coupons attached. The Global Notes will represent the aggregate principal amount of all the Notes issued and not yet cancelled other than Definitive
Registered Notes. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements, transfer documents and
opinions, and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to authenticate, register the
transfer of or exchange any Note or certain portions of a Note. 

 (x) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 (xi)
AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes, the Intercreditor Agreement and the Security Documents may be amended, or
default may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among
other things, cure any ambiguity, defect or inconsistency. 
 (xii) DEFAULTS AND
REMEDIES. Except as set forth in Section 6.02 of the Indenture, if an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of
the Notes may declare all the Notes to be due or payable. If a bankruptcy or insolvency default with respect to an Issuer, a Guarantor, any Restricted Subsidiary that is a Significant Subsidiary (or a group of Restricted Subsidiaries that would
constitute a Significant Subsidiary) occurs and is continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to
it before it enforces the Indenture or the Notes. Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies with respect to the Security Documents. 
 (xiii) TRUSTEE DEALINGS WITH ISSUER. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer, or its Affiliates, and may otherwise deal with the Issuer, or its Affiliates, as if it were not the Trustee. 
 (xiv) NO RECOURSE AGAINST OTHERS. No director, officer,
employee, incorporator member or stockholder of the Issuer or any Guarantor, shall have any liability for any obligations of the Issuer under the Indenture, the Notes, any Intercreditor Agreement or the Security Documents or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 (xv) AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the
Trustee or another Authenticating Agent. 
 (xvi) GOVERNING LAW. THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. 
 (xvii) ABBREVIATIONS. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 (xviii) ISIN AND COMMON CODE NUMBERS. The Issuer has
caused ISIN numbers to be printed on the Notes and the Trustee may use ISIN numbers in notices of redemption as a convenience to Holders. In addition, the Issuer has caused Common Code numbers to be printed on the Notes and the Trustee may use
Common Code numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of any such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on
the other identification numbers placed thereon. 

 (xix) COPY OF INDENTURE AND
OTHER AGREEMENTS. The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture, the Security Documents and/or the Intercreditor Agreement. Requests may be made
to the Issuer, c/o UPC Germany Holding B.V. Boeing Avenue 53, Schiphol Rijk, 1119 PE Netherlands, Attn: Ton Tuijten, Fax: +31 207 789 871. 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to: 
  

	
	  

	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	  

 to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 Date:
                         
  

					
		  	Your Signature:	 	  

		  	(Sign exactly as your name appears on the face of this Note)

  

							
	Signature Guarantee*:	 	  
	  		  	

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below: 
  

			
	¬        Section 4.10	 	¬        Section 4.14            

 If you want to elect to have only part of the Note purchased by the Issuer pursuant
to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
 €                     
 Date:                                      
   
  

			
	Your Signature:	 	  

	 (Sign exactly as your name appears    
 on the face of this Note)    

  

			
	Tax Identification No.:	 	  

  

			
	Signature Guarantee*:	 	  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE A 
 EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The
initial principal amount of this Global Note is €            . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive
Registered Note, or exchanges of a part of another Global Note or Definitive Registered Note for an interest in this Global Note, have been made: 
  

									
	 Date of
Exchange
	 	Amount of
decrease in
Principal Amount
of this Global
Note	 	Amount of
increase in
Principal Amount
of this Global
Note	 	Principal Amount
of this Global
Note following
such decrease
(or increase)	 	Signature of
authorized officer
of Trustee
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 SCHEDULE B 
 FORM OF ACCESSION AGREEMENT TO GLOBAL NOTE 
 This NOTE ACCESSION AGREEMENT (this
“Agreement”), dated as of                     , is made by UPC Germany GmbH (“UPC Germany”), Unitymedia GmbH
(“Unitymedia GmbH”), and The Bank of New York Mellon, as the Trustee (“Trustee”), under the Note referred to below. 
 WHEREAS, UPC Germany has heretofore executed and delivered one or more global notes (each a “Global Note”), dated as of November 20, 2009 providing for the issuance of an initial
aggregate principal amount of €665,000,000 of 9 5/8% Senior Notes due 2019, pursuant to the terms of the Indenture dated as of November 20, 2009 among UPC Germany and the Trustee, among others (the “Indenture”). 
 WHEREAS, each Global Note provides that under certain circumstances Unitymedia GmbH shall execute and deliver to the Trustee a Note Accession Agreement
pursuant to which Unitymedia GmbH shall accede to such Global Note, as issuer, and assume all of the obligations of UPC Germany under each such Global Note and the Indenture. 
 WHEREAS, each Global Note provides that upon the execution and delivery of this Note Accession Agreement, UPC Germany shall be released from its obligations under such Global Note and the Indenture.

 WHEREAS, pursuant to Clause (v) of each Global Note, the Trustee is authorized to execute and deliver this Note Accession Agreement.

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
Unitymedia GmbH and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used in this Note Accession Agreement and not otherwise defined in this Note Accession Agreement shall have the meanings ascribed to them in the Indenture. 
 2. AGREEMENT TO ACCEDE. Unitymedia GmbH hereby agrees to accede, as issuer, to the Global Notes
on the terms and conditions set forth in this Note Accession Agreement and the Global Notes. In particular connection with such succession, Unitymedia GmbH agrees (a) to be bound by all of the covenants, stipulations, promises and agreements
set forth in the Global Notes and (b) to perform in accordance with its terms all of the obligations which by the terms of the Global Notes are required to be performed by UPC Germany. 
 3. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE ACCESSION AGREEMENT BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 4. COUNTERPARTS. The parties may sign any number of copies of this Note Accession Agreement. Each signed copy
shall be an original, but all of them together represent the same agreement. 
  

 A-1 

 5. EFFECT OF HEADINGS. The section headings
herein are for convenience only and shall not affect the construction hereof. 
 6. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity of sufficiency of this Note Accession Agreement or for or in respect of the recitals contained herein, all of which recitals are made solely by UPC
Germany and Unitymedia GmbH. 
 7. RATIFICATION OF GLOBAL NOTES;
ACCESSION AGREEMENT PART OF GLOBAL NOTE. Except as expressly amended hereby, each Global Note is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This Note Accession Agreement shall form a part of the Global Notes for all purposes. 
 8. SUCCESSORS. All covenants and agreements in this Note Accession Agreement by the parties hereto shall bind their successors. 
 (Signature page to follow) 

 IN WITNESS WHEREOF, the parties have caused this Note Accession Agreement to be duly executed and attested,
as of the date first above written. 
  

			
	UPC GERMANY GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 UNITYMEDIA GMBH
as the Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 
 FORM OF DEFINITIVE REGISTERED NOTE 
 [Face of Definitive Registered Note]

 9 5/8% Senior Notes due 2019 
  

			
	No.	  	€            

 UPC Germany GmbH 
 Registered office at [•] 
 Hamburg, Germany 
 UPC Germany GmbH (“UPC Germany”), a company formed under the laws of the Federal Republic of Germany, having its registered office in Hamburg and
being registered with the Commercial Register of the Lower Court (Amtsgericht) of Hamburg under HRB 111352, for value received, promises to pay to
                            or registered assigns, upon surrender hereof, the principal sum of
                                        euros
(€            ) on December 1, 2019. 
 Capitalized terms used herein
shall have the same meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 Interest Payment Dates:
June 1 and December 1. 
 Regular Record Dates: May 15 and November 15 immediately preceding the related interest payment
date. 
 Upon the consummation of the Debt Pushdown, Unitymedia GmbH (“Unitymedia GmbH”) and the Trustee will execute and deliver an
accession agreement (a “Note Accession Agreement”) in form and substance substantially similar to Schedule B hereto pursuant to which (i) Unitymedia GmbH will accede to this Note and assume all obligations of UPC Germany, as
issuer, under this Note and (ii) UPC Germany will be released from its obligations under the Notes. 
 Additional provisions of this Note
are set forth on the other side of this Note. 
 (Signature pages to follow) 
  

 B-1 

 IN WITNESS WHEREOF, UPC Germany has caused this Note to be signed manually by its duly authorized officer.

 Dated: 
  

			
	[UPC GERMANY GMBH]/[UNITYMEDIA GMBH ]
	
	AS ISSUER 
		
	By:	 	  

		 	Name:
		 	Title:

  

 B-2 

 Certificate of Authentication 
  

			
	This is one of the Notes referred to
	in the within-mentioned Indenture:
	
	 THE BANK OF NEW YORK MELLON,
as Trustee

		
	 By:
	 	  

		 	Authorized Signatory

  

 B-3 

 9 5/8% SENIOR NOTES DUE 2019 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE
YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE U.S. SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES
ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT TO COMPLIANCE WITH APPLICABLE STATE AND OTHER SECURITIES LAWS AND SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND /OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  

 B-4 

 [Back of Definitive Registered Note] 
 The term “Issuer” means, prior to the completion of the Debt Pushdown, UPC Germany and, after the consummation of the Debt
Pushdown, Unitymedia GmbH, as the context may require, and in each case any and all successors thereto. Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(i) INTEREST. The Issuer promises to pay interest on the principal amount of
this Note at 9 5/8% per annum from the date of
issuance until maturity and shall pay the Additional Amounts payable pursuant to Section 4.19 of the Indenture referred to below. The Issuer will pay interest and Additional Amounts semi-annually in arrears on June 1 and December 1 of
each year or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Regular Record Date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be June 1, 2010. The Issuer shall pay interest (including
post-petition interest in any proceeding under any bankruptcy, insolvency, reorganization or other similar law) on overdue principal and premium, if any, at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any bankruptcy, insolvency, reorganization or other similar law) on overdue installments of interest and Additional Amounts (without regard to any applicable grace periods) at the same rate
to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (ii)
METHOD OF PAYMENT. The Issuer will pay cash interest on the Notes (except defaulted interest) and Additional Amounts to the Persons who are registered Holders of Notes at the close
of business on May 15 and November 15 immediately preceding the Interest Payment Date, even if such Notes are canceled after such Regular Record Date and on or before such Interest Payment Date, except as provided in Section 2.13 of
the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Amounts, if any, and interest at the office or agency of the Issuer maintained for such purpose; provided that, at the option
of the Issuer, payment of interest and Additional Amounts with respect to Definitive Registered Notes may be made by check mailed to the Holders at their addresses set forth in the Register of Holders; and provided further that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Amounts on, all Global Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the
Paying Agent. Such payment shall be in euro. Holders must surrender Notes to a Paying Agent to collect principal and/or premium payments. 
 (iii) PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon will act as Principal Paying Agent and Registrar,
and The Bank of New York Mellon (Luxembourg) S.A. will act as Luxembourg Paying Agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. An Issuer may act as Registrar or Paying Agent. 
 (iv) INDENTURE. The Issuer issued the Notes under an Indenture, dated as of November 20, 2009 (the
“Indenture”), among, inter alia, the Issuer and the Trustee named therein. The terms of the Notes include those stated in the Indenture and the Notes are subject to all such terms of the Indenture. Holders are referred to the
Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
  

 B-5 

 (v) NOTE ACCESSION AGREEMENT. The
Trustee will sign any Note Accession Agreement authorized pursuant to this Note. In executing a Note Accession Agreement, the Trustee will be entitled to receive and (subject to Section 7.01 of the Indenture) will be fully protected in relying
upon, in addition to the documents required by Section 14.03 of the Indenture, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such Note Accession Agreement is authorized or permitted by or not in breach of
this Note and that such Note Accession Agreement is the legal, valid and binding obligation of Unitymedia GmbH enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions of this Note and
the Indenture. Upon the effectiveness of the Note Accession Agreement, Bidco shall be fully released from all of its obligations under the Notes and the Indenture, including release of the Bidco Share Pledge. 
 (v) INTERCREDITOR AGREEMENT AND SECURITY DOCUMENTS. Each
Holder of the Notes, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, the Security Documents and the Intercreditor Agreement, as the same may be amended from time to time, and acknowledges that the claims
of Holders of the Notes are subject to the Intercreditor Agreement. Each Holder, by accepting a Note, authorizes and requests the Security Trustee to, on such Holder’s behalf, (i) make all undertakings, representations, offers and
agreements of the Security Trustee set forth in the Intercreditor Agreement and, to the extent applicable, the Security Documents and (ii) take all actions called for to be taken by the Security Trustee in the Intercreditor Agreement and the
Security Documents. Each Holder, by accepting a Note, authorizes and requests the Security Trustee to (i) execute the Security Documents, (ii) make all undertakings, representations, offers and agreements of the Security Trustee in the
Security Documents and (iii) take all actions called for to be taken by the Security Trustee in the Security Documents. 
 (vi) ADDITIONAL AMOUNTS. The Issuer will pay to the Holders of the Notes any Additional Amounts as may become payable under Section 4.18 of the Indenture. 
 (vii) REDEMPTION AND REPURCHASE; DISCHARGE PRIOR
TO REDEMPTION OR MATURITY. 
  

	 	(a)	This Note is subject to mandatory redemption upon the occurrence of certain events, as further described in the Indenture. 

  

	 	(b)	This Note is subject to optional redemption, and may be the subject of a Change of Control Offer or an Asset Disposition Offer, as further described in the Indenture.
There is no sinking fund or mandatory redemption applicable to this Note other than as described in clause (a) above. 

  

	 	(c)	If the Issuer deposits with the Trustee money or U.S. Government Obligations and European Government Obligations sufficient to pay the then outstanding principal of,
premium, if any, and accrued interest on the Notes to redemption or maturity, the Issuer may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of their and the Company’s obligations under
certain provisions of the Indenture 

 (viii) DENOMINATIONS, TRANSFER,
EXCHANGE. The Definitive Registered Notes are in registered form without coupons attached in denominations of €50,000 and integral multiples of €1,000 above €50,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements, transfer documents and opinions, and the Issuer may require a Holder to
pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to authenticate, register the transfer of or exchange any Note or certain
portions of a Note. 
  

 B-6 

 (ix) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 (x)
AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders
of a majority in principal amount of the outstanding Notes. Without notice to or consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or
inconsistency. 
 (xi) DEFAULTS AND REMEDIES. Except set
forth in Section 6.02 of the Indenture, if an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due or payable.
If a bankruptcy or insolvency default with respect to the Issuer, any Restricted Subsidiary that is a Significant Subsidiary (or a group of Restricted Subsidiaries that would constitute a Significant Subsidiary) occurs and is continuing, the Notes
automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Holders of a majority
in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies with respect to the Security Documents. 
 (xii) TRUSTEE DEALINGS WITH ISSUER. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Issuer, the Guarantors or their respective Affiliates, and may otherwise deal with the Issuer, the Guarantors or their respective Affiliates, as if it were not the Trustee. 
 (xiii) NO RECOURSE AGAINST OTHERS. No director, officer,
employee, incorporator, member or shareholder of the Issuer shall have any liability for any obligations of the Issuer under the Indenture, the Notes, any Intercreditor Agreement or the Security Documents or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 (xiv) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED
TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 (xv) AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the
Trustee or another Authenticating Agent. 
 (xvi) ABBREVIATIONS. Customary abbreviations
may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (=
Uniform Gifts to Minors Act). 
 (xvii) ISIN AND COMMON CODE.
The Issuer has caused ISIN numbers to be printed on the Notes and the Trustee may use ISIN numbers in notices of redemption as a convenience to Holders. In addition, the Issuer has caused Common Code numbers to be printed on the Notes and the
Trustee may use Common Code numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of any such numbers either as printed on the Notes or as contained in any notice of re 
  

 B-7 

 (xiii) COPY OF INDENTURE AND
OTHER AGREEMENTS. The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture, the Security Documents and/or the Intercreditor Agreement. Requests may be made
to the Issuer, c/o UPC Germany Holding B.V. Boeing Avenue 53, Schiphol Rijk, 1119 PE Netherlands, Attn: Ton Tuijten, Fax: +31 207 789 871. 
  

 B-8 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to: 
  

			
	 	  	 
	(Insert assignee’s legal name)
	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	     
	     
	     
	     
	(Print or type assignee’s name, address and zip code)
	
	and irrevocably appoint
	 	  	
	to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 Date:                                      
   
  

			
	Your Signature:	 	  

	 (Sign exactly as your name appears    
 on the face of this Note)    

			
	Signature Guarantee*:	 	  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 B-9 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below: 
  

			
	¬        Section 4.10	 	¬        Section 4.14            

 If you want to elect to have only part of the Note purchased by the Issuer pursuant
to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
 €                     
 Date:                                      
   
  

			
	Your Signature:	 	  

			
	(Sign exactly as your name appears on the face of this Note)    

  

			
	Tax Identification No.:	 	  

  

			
	Signature Guarantee*:	 	  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 B-10 

 EXHIBIT C 
 FORM OF CERTIFICATE OF TRANSFER 
 UPC Germany GmbH 
 c/o UPC Germany Holding B.V. 
 Boeing Avenue 53

 Schiphol Rijk 
 1119 PE 

Netherlands 
 The Bank of New York Mellon

 One Canada Square 
 London E14 5AL

 United Kingdom 
 Attention:  Corporate Trust Administration 
  

	 	Re:	 9 5/8
% Senior Notes due 2019 

 Reference is hereby made to the Indenture, dated as of November 20, 2009 (the “Indenture”), among, inter alia,
UPC Germany GmbH, as issuer, and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                             , (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of €            in such Note[s] or interests (the
“Transfer”), to
                                        (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ONLY ONE] 
 1.   ̈
  Check if Transfer Is Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”), and, accordingly, the Transferor hereby further certifies that the Book-Entry Interest or Definitive Registered Note is being transferred to a Person that the Transferor reasonably believed and believes is
purchasing the Book-Entry Interest or Definitive Registered Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable securities laws of any jurisdiction. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred Book-Entry Interest or Definitive Registered Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the
144A Definitive Registered Note and in the Indenture and the U.S. Securities Act. 
 2.   ̈  Check if Transfer Is Pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 and Rule 904 under the U.S. Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (A) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (B) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on

  

 C-1 

 
its behalf knows that the transaction was prearranged with a buyer in the United States; (ii) no directed selling efforts have been made in contravention of the requirements of Rule 904(b)
of Regulation S under the U.S. Securities Act; and (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act. Upon consummation of the proposed transfer in accordance with the terms
of the Indenture, the transferred Book-Entry Interest or Definitive Registered Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Registered
Note and in the Indenture and the U.S. Securities Act. 
 This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer and the Trustee and the Issuer and the Trustee are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with
respect to the matters covered hereby. 
  

	
	  

	[Insert Name of Transferor]

  

			
	By:	 	  

	Name:	 	
	Title:	 	
		
	Dated:	 	                            

  

 C-2 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

					
	1.	 		  	The Transferor owns and proposes to transfer the following:

 [CHECK ONE] 
  

					
		 	 ̈	  	a Book-Entry Interest held through Euroclear/Clearstream Account No.                , in
the:
			
	(i)	 	 ̈	  	144A Global Note (ISIN                 ), or
			
	(ii)	 	 ̈	  	Regulation S Global Note (ISIN                 ), or
			
	(b)	 	 ̈	  	a 144A Definitive Registered Note; or
			
	(c)	 	 ̈	  	a Regulation S Definitive Registered Note.

					
			
	2.	 		  	After the Transfer the Transferee will hold:

 [CHECK ONE] 
  

					
	(a)	 	 ̈	  	a Book-Entry Interest through Euroclear/Clearstream Account No.                 in
the:
			
	(i)	 	 ̈	  	144A Global Note (ISIN                 ), or
			
	(ii)	 	 ̈	  	Regulation S Global Note (ISIN                 ), or
			
	(b)	 	 ̈	  	a 144A Definitive Registered Note; or
			
	(c)	 	 ̈	  	a Regulation S Definitive Registered Note,
	
	in accordance with the terms of the Indenture.

  

 C-3 

 EXHIBIT D 
 FORM OF CERTIFICATE OF EXCHANGE 
 UPC Germany GmbH 
 c/o UPC Germany Holding B.V. 
 Boeing Avenue 53

 Schiphol Rijk 
 1119 PE 

Netherlands 
 The Bank of New York Mellon

 One Canada Square 
 London E14 5AL

 United Kingdom 
 Attention:  Corporate Trust Administration 
  

	 	Re:	 9 5/8
% Senior Notes due 2019 

 Reference is hereby made to the Indenture, dated as of November 20, 2009 (the “Indenture”), among, inter alia,
UPC Germany GmbH, as issuer (the “Issuer”), and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                                        
 , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of €
            in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 (a) Check if Exchange is Book-Entry Interest in a Global Note to Definitive Registered Note. In connection with the Exchange of the
Owner’s Book-Entry Interest in the Global Note for a Definitive Registered Note with an equal principal amount, the Owner hereby certifies that the Definitive Registered Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Definitive Registered Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Definitive Registered Note and in the Indenture and the U.S. Securities Act. 
 (b) Check if Exchange is from Definitive
Registered Note to Book-Entry Interest in a Global Note. In connection with the Exchange of the Owner’s Definitive Registered Note for a Book-Entry Interest in the [CHECK ONE], 
  

	 	 ̈	144A Global Note 

  

	 	 ̈	Regulation S Global Note 

 with an equal
principal amount, the Owner hereby certifies (i) the Book-Entry Interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Global Notes and pursuant to and in accordance with the U.S. Securities Act, an in compliance with any applicable securities laws of any applicable jurisdiction. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Book-Entry Interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Global Note and in the Indenture and the U.S. Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and the Trustee and the Issuer
and the Trustee are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

 D-1 

			
	  

	[Insert Name of Owner]
		
	By:	 	  

			
		
	Name:	 	
		
	Title:	 	

					
			
	Dated:	 	  
	 	

  

 D-2 

 ANNEX A TO CERTIFICATE OF EXCHANGE 
 1. The Owner owns and proposes to exchange the following: 
 [CHECK ONE] 
  

	 	(a)	 ̈ a Book-Entry Interest held through Euroclear/Clearstream Account
No.                    , in the: 

  

	 	(i)	 ̈ 144A Global Note (ISIN             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (ISIN             ), or

  

	 	(b)	 ̈ a 144A Definitive Registered Note. 

  

	 	(c)	 ̈ a Regulation S Definitive Registered Note. 

 2. After the Transfer the Transferee will hold: 
 [CHECK ONE] 
  

	 	(a)	 ̈ a Book-Entry Interest through Euroclear/Clearstream Account
No.                    in the: 

  

	 	(i)	 ̈ 144A Global Note (ISIN             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (ISIN             ), or

  

	 	(b)	 ̈ a 144A Definitive Registered Note; or 

  

	 	(c)	 ̈ a Regulation S Definitive Registered Note, 

 in accordance with the terms of the Indenture. 
  

 D-1 

 SCHEDULE B 
 FORM OF ACCESSION AGREEMENT TO DEFINITIVE REGISTERED NOTE 
 This NOTE
ACCESSION AGREEMENT (this “Agreement”), dated as of                     , is made by UPC Germany GmbH (“UPC
Germany”), Unitymedia GmbH (“Unitymedia GmbH”) and The Bank of New York Mellon, as the Trustee (“Trustee”), under the Note referred to below. 
 WHEREAS, UPC Germany has heretofore executed and delivered one or more definitive registered notes (each a
“Definitive Registered Note”), dated as of November 20, 2009 providing for the issuance of an initial aggregate principal amount of €665,000,000 of 9 5/8% Senior Notes due 2019, pursuant to the terms of the Indenture
dated as of November 20, 2009 among UPC Germany and the Trustee, among others (the “Indenture”). 
 WHEREAS, each Definitive Registered Note provides that under certain circumstances Unitymedia GmbH shall execute and deliver to the Trustee a Note Accession Agreement pursuant to which Unitymedia GmbH shall accede to such Definitive
Registered Note, as issuer, and assume all of the obligations of UPC Germany under each such Definitive Registered Note and the Indenture. 
 WHEREAS, each Definitive Registered Note provides that upon the execution and delivery of this Note Accession Agreement, UPC Germany shall be released from its obligations under such Definitive Registered
Note and the Indenture. 
 WHEREAS, pursuant to Clause (v) of each Definitive Registered Note, the Trustee is authorized to
execute and deliver this Note Accession Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, Unitymedia GmbH and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used in this Note Accession Agreement and not otherwise defined in
this Note Accession Agreement shall have the meanings ascribed to them in the Indenture. 
 2. AGREEMENT
TO ACCEDE. Unitymedia GmbH hereby agrees to accede, as issuer, to the Definitive Registered Notes on the terms and conditions set forth in this Note Accession Agreement and the Definitive Registered Notes. In particular
connection with such succession, Unitymedia GmbH agrees (a) to be bound by all of the covenants, stipulations, promises and agreements set forth in the Definitive Registered Notes and (b) to perform in accordance with its terms all of the
obligations which by the terms of the Definitive Registered Notes are required to be performed by UPC Germany. 
 3.
NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE ACCESSION AGREEMENT BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 D-1 

 4. COUNTERPARTS. The parties may sign any number of copies of this Note
Accession Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. 
 5.
EFFECT OF HEADINGS. The section headings herein are for convenience only and shall not affect the construction hereof. 
 6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity of sufficiency of this Note Accession Agreement or for or in
respect of the recitals contained herein, all of which recitals are made solely by UPC Germany and Unitymedia GmbH. 
 7.
RATIFICATION OF DEFINITIVE REGISTERED NOTES; ACCESSION AGREEMENT PART OF DEFINITIVE
REGISTERED NOTE. Except as expressly amended hereby, each Definitive Registered Note is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Note Accession Agreement shall form a part of the Definitive Registered Notes for all purposes. 
 8.
SUCCESSORS. All covenants and agreements in this Note Accession Agreement by the parties hereto shall bind their successors. 
 (Signature page to follow) 
  

 D-2 

 IN WITNESS WHEREOF, the parties have caused this Note Accession Agreement to be duly executed and attested,
as of the date first above written. 
  

			
	UPC GERMANY GMBH
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	 UNITYMEDIA GMBH
       as the Issuer

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

 D-3 

 EXHIBIT E 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , among
                                        (the
“Guaranteeing Company”), UPC Germany GmbH, as Issuer (the “Issuer”), and The Bank of New York Mellon, as Trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the
Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 20, 2009, providing for the issuance of an initial aggregate principal amount of €665,000,000 of 9 5/8%
Senior Notes due 2019 (the “Notes”). 
 WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Company shall execute and deliver to the Trustee a Supplemental Indenture pursuant to which the Guaranteeing Company shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “Guarantee”); and 
 WHEREAS, pursuant to Section 9.05 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing
Company hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in such Guarantee and in the Indenture. 
 3. NO RECOURSE AGAINST OTHERS. No officer, employee, incorporator, member or stockholder of the Guaranteeing Company, as such, shall have any
liability for any obligations of the Issuer or any Guaranteeing Company under the Notes, any Guarantees, the Indenture, the Notes Proceeds Loan, any Intercreditor Agreement, the Security Documents or this Supplemental Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE
STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY. 
 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. 
  

 E-1 

 7. EFFECT OF HEADINGS. The Section headings
herein are for convenience only and shall not affect the construction hereof. 
 8. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Company and the Issuer. 
 9. RATIFICATION OF INDENTURE;
SUPPLEMENTAL INDENTURES PART OF INDENTURE. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes. 
 10. SUCCESSORS. All covenants and agreements in this Supplemental Indenture by the parties hereto shall bind their successors. 
 (Signature page to follow.) 
  

 E-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

			
	 [GUARANTEEING SUBSIDIARY]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 UPC GERMANY GMBH

			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	
	
	 THE BANK OF NEW YORK MELLON

			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

 E-3 

 EXHIBIT F 
 FORM OF ACCESSION AGREEMENT 
 This ACCESSION AGREEMENT (this
“Agreement”), dated as of                     , is made by UPC Germany GmbH (“UPC Germany”), Unitymedia GmbH
(“Unitymedia GmbH” or the “Company”) and The Bank of New York Mellon, as the Trustee (“Trustee”), under the Indenture referred to below. 
 WHEREAS, UPC Germany has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of November 20, 2009 providing for the issuance of an initial aggregate principal amount of €665,000,000 of 9 5/8% Senior Notes due 2019 (the “Notes”).

 WHEREAS, the Indenture provides that under certain circumstances Unitymedia GmbH shall execute and deliver to the
Trustee an Accession Agreement pursuant to which Unitymedia GmbH shall accede to the Indenture, as issuer, and assume all of the obligations of UPC Germany under the Indenture and the Notes. 
 WHEREAS, the Indenture provides that upon the execution and delivery of this Accession Agreement, UPC Germany shall be released from its
obligations under the Indenture and the Notes. 
 WHEREAS, pursuant to Section 4.24 of the Indenture, the Trustee is
authorized to execute and deliver this Accession Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used in this Accession Agreement and not otherwise defined in this
Agreement shall have the meanings ascribed to them in the Indenture. 
 2. AGREEMENT TO
ACCEDE. Unitymedia GmbH hereby agrees to accede to the Indenture, as issuer, on the terms and conditions set forth in this Accession Agreement and the Indenture. In particular connection with such succession, Unitymedia GmbH agrees
(a) to be bound by all of the covenants, stipulations, promises and agreements set forth in the Indenture and (b) to perform in accordance with its terms all of the obligations which by the terms of the Indenture are required to be
performed by UPC Germany. Furthermore, Unitymedia GmbH agrees to comply with and be bound by all of the terms of, and perform all of its obligations under, the Indenture and the Notes as the “Company”. 
 3. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS ACCESSION AGREEMENT BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. COUNTERPARTS. The parties may sign any number of copies of this Accession Agreement. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 5. EFFECT OF
HEADINGS. The section headings herein are for convenience only and shall not affect the construction hereof. 
  

 F-1 

 6. THE TRUSTEE. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity of sufficiency of this Accession Agreement or for or in respect of the recitals contained herein, all of which recitals are made solely by UPC Germany and Unitymedia GmbH. 
 7. RATIFICATION OF INDENTURE; ACCESSION AGREEMENT
PART OF INDENTURE. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Accession Agreement shall form a part of the Indenture for all purposes. 
 8. SUCCESSORS. All covenants and
agreements in this Accession Agreement by the parties hereto shall bind their successors. 
 (Signature page to follow)

  

 F-2 

 EXHIBIT G 
 IN WITNESS WHEREOF, the parties have caused this Accession Agreement to be duly executed and attested, as of the date first above written. 
  

			
	UPC GERMANY GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 UNITYMEDIA GMBH
       as an Issuer

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

 F-1 

 EXHIBIT G 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term
includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of November 20, 2009 (the
“Indenture”) among UPC Germany GmbH (the “Issuer”) and The Bank of New York Mellon, as trustee (the “Trustee”) and The Bank of New York Mellon (Luxembourg) S.A., (a) the due and punctual payment of the principal
of, premium, Additional Amounts, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and
the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders
of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and the Intercreditor Agreement and reference is hereby made to the Indenture for the precise terms of the Note
Guarantee. Each Holder of a Note, by accepting the same, [(a)] agrees to and shall be bound by such provisions[, (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as may be necessary or appropriate to
effectuate the subordination as provided in the Indenture and the Intercreditor Agreement (or any additional intercreditor agreement or priority agreement entered into pursuant to the terms of the Priority Agreement or the Indenture) and
(c) appoints the Trustee as attorney-in-fact of such Holder for such purpose; provided, however, that the Indebtedness evidenced by this Note Guarantee shall cease to be so subordinated and subject in right of payment upon any defeasance of
this Note in accordance with the provisions of the Indenture]. 
 Capitalized terms used but not defined herein have the meanings given to them
in the Indenture. 
  

			
	[GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 G-1 

 EXHIBIT H 
 FORM OF SHARE PLEDGE AGREEMENT 
  

 H-1 

 EXHIBIT I 
 FORM OF INTEREST PLEDGE AGREEMENT 
  

 I-1 

 EXHIBIT J 
 FORM OF AGREEMENT ON THE ASSIGNMENT OF CLAIMS UNDER A DOMINATION 
 AND
PROFIT AND LOSS ABSORPTION AGREEMENT 
  

 J-1 

 EXHIBIT K 
 FORM OF DEBT PUSHDOWN GERMAN LEGAL OPINION 
  

 K-1 

 EXHIBIT L 
 FORM OF DEBT PUSHDOWN NEW YORK LEGAL OPINION 
  

 L-1Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is dated as of November 19, 2009, and is made and entered into by and between The Wet Seal, Inc., a Delaware corporation (the “Company”), and Sharon Hughes
(“Executive”) (collectively, the “Parties”). 
 WHEREAS, Executive is currently
engaged by the Company as an independent contractor; and 
 WHEREAS, the Parties desire for Executive to serve the Company in
the capacity as an officer and employee. 
 NOW, THEREFORE, IN CONSIDERATION of the premises and the mutual covenants set forth
below, the Parties hereby agree as follows: 
 1. EMPLOYMENT 
 The Company hereby agrees to employ Executive as the President and Chief Merchandise Officer of the Company’s Arden B Division and
Executive hereby accepts such employment upon the terms and conditions set forth below. In accordance therewith, Executive shall cease to be treated as an independent contractor of the Company and the Parties acknowledge and agree that neither the
Company nor any of its affiliates have any further obligations to Executive in her capacity as an independent contractor, including, without limitation, for the payment of any fees or compensation. 
 2. TERM AND PLACE OF PERFORMANCE 
 The term of this Agreement shall begin on November 23, 2009 (the “Effective Date”), and, unless sooner terminated as provided herein, shall end on November 23, 2012 (the
“Term”). The Term may be sooner terminated by either party in accordance with the provisions of Section 5. The principal place of employment of Executive shall be at the Company’s headquarters in Foothill Ranch,
California (or at such other locations within the fifty (50) mile radius of its current location as it may be relocated); provided, that, Executive shall be required to travel from time to time on the business of the Company
during the Term. 
 3. COMPENSATION 
 3.1 Base Compensation. For the services to be rendered by Executive under this Agreement during the Term, Executive shall be entitled to receive, commencing as of the Effective Date, salary at the
annual rate of Four Hundred Fifty Thousand Dollars ($450,000) (the “Base Compensation”), less all applicable tax withholdings by the Company; provided, that, commencing as of the first anniversary of the
Effective Date through the end of the Term, Executive’s Base Compensation shall be increased to Four Hundred Eighty-Five Thousand Dollars ($485,000), less all applicable tax withholdings. The Base Compensation shall be payable in accordance
with the Company’s customary payroll practices. The Compensation Committee of the Board of Directors of the Company (the “Committee”) shall review Executive’s Base Compensation annually and may make adjustments to
increase but not decrease such Base Compensation, in accordance with the compensation practices and guidelines of the Company. 
  

 1 

 3.2 Annual Bonus. During the Term, subject to the achievement of performance
objectives pre-determined by the Committee, Executive shall be eligible to receive annual bonus compensation (pro-rated for partial fiscal years during the Term) targeted at fifty percent (50%) of Base Compensation and with a maximum annual
bonus compensation opportunity (pro-rated for partial fiscal years during the Term) of up to one hundred percent (100%) of Executive’s Base Compensation. In order to earn any annual bonus for a fiscal year, Executive must be employed by
the Company on the date the Company pays such annual bonuses. 
 3.3 Retention Bonus. Provided that Executive is employed
by the Company through the first anniversary of the Effective Date, Executive shall be entitled to receive a retention bonus equal to One Hundred Thousand Dollars ($100,000) (the “Retention Bonus”), less all applicable tax
withholdings by the Company. The Retention Bonus shall be paid to Executive in a lump sum payment within thirty (30) days of April 1, 2010; provided, that, Executive is employed by the Company on such date; provided,
further, however, if Executive’s employment is terminated by the Company for Cause (as defined below) or by Executive without Good Reason prior to the first anniversary of the Effective Date, Executive must promptly repay a
portion of the Retention Bonus to the Company in an amount equal to the Retention Bonus multiplied by a fraction, the numerator of which is the number of days remaining until the first anniversary of the Effective Date following termination of
employment and the denominator of which is three hundred sixty-five (365). The Company shall have the right to offset the portion of the Retention Bonus that Executive is obligated to repay the Company against any and all amounts the Company owes
Executive, including, but not limited to, Base Compensation, bonuses and severance payments. In addition, if the Company must resort to legal action to collect any amounts due from Executive pursuant to this subsection 3.3, in addition to such
amounts, Executive shall be liable for all reasonable attorneys’ fees, collection fees and court costs. 
 3.4
Options. Pursuant to and subject to the terms of The Wet Seal Inc. 2005 Stock Incentive Plan, as amended and/or restated from time to time (the “Plan”), on the Effective Date, Executive shall be awarded an option to
purchase 85,000 shares of Class A common stock of the Company (“Common Stock”) in accordance with the stock option agreement attached hereto as Exhibit A, as may be amended and/or restated from time to time (the
“Stock Option Agreement”). 
 3.5 Performance Shares. Pursuant to and subject to the terms of the
Plan, on the Effective Date, Executive shall be awarded 54,000 shares of Common Stock, all of which shall be subject to the performance-based vesting terms and conditions set forth in the Performance Share Award Agreement attached hereto as
Exhibit B, as may be amended and/or restated from time to time (the “Award Agreement”). 
 3.6
Vacation. During the Term, Executive shall be entitled to three (3) weeks of paid vacation per year to be used and accrued in accordance with the Company’s vacation policy as it may be established from time to time. 
  

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 3.7 Benefits. During the Term, Executive shall be entitled to participate in such
employee benefit plans and insurance programs offered by the Company to its employees generally, or which it may adopt from time to time for its employees generally, in accordance with the eligibility requirements for participation therein.

 3.8 Expenses. While Executive is employed by the Company hereunder, the Company shall reimburse Executive for all
reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by Executive in the performance of her duties and responsibilities hereunder, subject to the Company’s normal policies and procedures for expense
verification and documentation. 
 3.9 Automobile Perquisite. During the Term, the Company shall provide Executive with a
luxury sedan automobile for her use and shall provide customary insurance coverage for such automobile. The Company shall also pay for all reasonable maintenance costs, including gasoline, repairs and service for such automobile. 
 3.10 Taxes. The Parties understand and agree that in the event that any of the non-cash benefits provided for under this Agreement
result in taxable income to Executive under any applicable law, then the Company is expressly authorized to withhold from any cash payments to be made to Executive under this Agreement (or otherwise) the amount the Company is required to withhold
under any such applicable law. 
 4. POSITION AND DUTIES 
 4.1 Position. Executive shall serve as the President and Chief Merchandise Officer of the Company’s Arden B Division (the
“Position”) and shall report to the Company’s Chief Executive Officer. Executive shall perform duties consistent with her title and the Position and any other reasonably related duties consistent with the Position. Any
individual who assumes the Position is considered a 16(b) officer of the Company and is subject to all insider trading policies, blackout periods and fiduciary responsibilities associated with the Position. 
 4.2 Devotion of Time and Effort. Executive shall use Executive’s good faith, best efforts and judgment (a) in performing
Executive’s duties required hereunder and (b) to act in the best interests of the Company. Executive shall work exclusively for the Company during the Term and shall devote such time, attention and energies to the business of the Company
as are reasonably necessary to satisfy Executive’s required responsibilities and duties hereunder. Executive shall perform the duties assigned to her to the best of Executive’s ability and in the best interests of the Company. 

4.3 Compliance with Policies. Executive shall observe all Company policies and all rules and regulations adopted by the Company in
connection with the conduct of its business, and shall render services in a competent, conscientious and professional manner and as instructed by the Company in all matters, including those involving artistic taste and judgment. 
 5. TERMINATION; TERMINATION BENEFITS 
 5.1 Due to Death or Disability. If Executive dies during the Term, Executive’s employment and this Agreement shall terminate as of the date of her death. The Company also may terminate
Executive due to Executive’s “Disability”, as defined

  

 3 

 
below, at any time following the Effective Date, upon written notice to Executive, unless prohibited by law. For purposes of this Agreement, the term “Disability” shall
mean a physical or mental incapacity as a result of which Executive becomes unable to continue the proper performance, as determined in the reasonable judgment of the Company, of Executive’s duties hereunder for ninety (90) consecutive
days or one hundred twenty (120) non-consecutive days in any three hundred sixty five (365) day period, or, if this provision is inconsistent with any applicable law, for such period or periods as permitted by law. 
 5.2 By the Company Without “Cause”. The Company may terminate Executive’s employment without “Cause” (as
defined below) at any time following the Effective Date, subject only to compliance by the Company with the provisions of Section 5.6 hereof. 
 5.3 By the Company for “Cause”. The Company may terminate Executive’s employment for “Cause” at any time. For purposes of this Agreement, “Cause”
shall mean: 
 (a) Executive’s commission of, conviction of, or plea of guilty or nolo contendere to, (i) any
felony or (ii) any other crime involving the Company; 
 (b) Executive’s commission of any act of theft, embezzlement
or misappropriation against the Company; 
 (c) Any gross neglect, malfeasance or nonfeasance of Executive in the performance of
the services contemplated hereunder, when such conduct causes or has the likelihood of causing material economic or reputational harm to the Company; 
 (d) A material breach of this Agreement by Executive; 
 (e) Any willful misconduct
or unethical behavior related to Executive’s duties hereunder or insubordination by Executive; 
 (f) Any sexual or other
harassment by Executive of any employee, independent contractor or customer of the Company; and/or 
 (g) Executive’s use
of illegal drugs or abuse of alcohol or legally prescribed drugs. 
 5.4 By Executive For Good Reason. Executive may
terminate her employment for Good Reason as defined below. In the event Executive seeks to terminate her employment for Good Reason, Executive shall provide thirty (30) days written notice to the Company setting forth Executive’s intention
to terminate her employment with the Company within ten (10) business days following the occurrence of the event giving rise to such notice. The Company shall have the opportunity to cure the “Good Reason” within thirty (30) days
of the Company’s receipt of the written notice from Executive. For purposes of this Agreement, “Good Reason” shall mean relocating Executive’s place of work, or the executive offices of the Company, to a location more than
fifty (50) miles from the site of the Company’s offices as of the date of this Agreement. 
  

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 5.5 Resignation. Executive may voluntarily terminate her employment at any time
following the Effective Date upon sixty (60) days written notice to the Company. 
 5.6 Termination Payment.

 (a) Amount. 
 (i) In the event that Executive’s employment is terminated pursuant to Sections 5.1 through 5.5, Executive shall continue to render services to the Company pursuant to this Agreement until the date
of termination (“Termination Date”) and shall continue to receive compensation and payment for any unreimbursed expenses incurred, accrued but unpaid Base Compensation and other accrued employee benefits as provided in this
Agreement, through the Termination Date. In the event Executive’s employment is terminated without “Cause” pursuant to Section 5.2, or Executive terminates her employment for “Good Reason” pursuant to Section 5.4,
in each case if the Termination Date is within the first three years of the Effective Date, and subject to subpart (c) below, Executive shall receive severance pay in an amount equal to one times Executive’s Base Compensation, in equal
bimonthly installments paid over a period of twelve (12) months (the “Severance Period”) with the first installment to be paid on the later of the Company’s first regular pay date after the Termination Date or the
tenth (10th) day after Executive’s execution of the release described in Section 5.6(c) below. Each installment of the severance pay shall be deemed a separate payment for the purposes of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”). Notwithstanding the foregoing, if all or any portion of the severance payments due under this Section 5.6(a) are determined to be “nonqualified deferred compensation” subject
to Section 409A of the Code, and the Company determines that Executive is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations and other guidance issued thereunder, then such severance
payments (or portion thereof) shall commence no earlier than the first day of the seventh month following the month in which Executive’s termination of employment occurs (with the first such payment being a lump sum equal to the aggregate
severance payments Executive would have received during such six-month period if no such payment delay had been imposed). For purposes of this Section 5.6(a)(i), “termination of employment” shall mean Executive’s “separation
from service” as defined in Section 1.409A-1(h) of the Final Treasury Regulations promulgated under Section 409A of the Code, including the default presumptions thereof. 
 (ii) If Executive is terminated (x) without Cause (or Executive terminates her employment for Good Reason) on or after
the third anniversary of the Effective Date or (y) for any other reason during or after the Term, then Executive shall not receive any severance payments. 
 (iii) Except as provided in this Section 5.6, Executive shall not be entitled to any other payments in connection with
her employment and/or the termination thereof, and shall have no further right to receive compensation or other

  

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consideration from the Company or have any other remedy whatsoever against the Company, as a result of the termination of this Agreement or the termination of Executive. In no way does severance
payment include any unearned, ineligible bonus compensation. 
 (b) Benefits. In the event Executive’s employment is
terminated, the Executive may timely elect to continue healthcare coverage through COBRA. 
 (c) Separation Agreement and
General Release. 
 (i) Separation Agreement. To be eligible to receive severance pay under Section 5.5(b),
Executive must execute and deliver (and not revoke, if a revocation period is required by law) a separation agreement, in a form acceptable to the Company, within twenty-one (21) days following the Termination Date containing all provisions
required by the Company, including but not limited to (A) a provision reducing Executive’s severance pay by any income earned by Executive, whether as an employee, independent contractor or otherwise, for services performed by Executive,
during the Severance Period; (B) a confidentiality provision prohibiting disclosure by Executive; (C) a provision prohibiting disparagement of the Company by Executive; and (D) a non-admission of liability by the Company provision.
The Company shall deliver such separation agreement within five (5) business days following the Termination Date. 
 (ii)
Release. Notwithstanding any other provision of this Agreement to the contrary, Executive acknowledges and agrees that any and all severance payments to which Executive is entitled under Section 5.5(b) are conditional upon, and subject
to, Executive first executing a valid waiver and release of all claims that Executive may have against the Company, its subsidiaries and affiliates (and their respective officers and directors) in a form substantially similar to that attached hereto
as Exhibit C, subject to changes as may be warranted to be made to such release to preserve the intent thereof for changes in applicable laws; provided, that, if Executive fails to execute (or revokes) such waiver and release of
all claims within twenty-one (21) days following the Termination Date, the Company shall have no obligation to provide the severance payments contemplated under Section 5.5(b). The Company shall deliver an execution copy of such release
within five (5) business days following the Termination Date. 
 6. NON-SOLICITATION 
 Executive acknowledges that by virtue of Executive’s position as the President and Chief Merchandise Officer of the Company’s Arden
B division, and Executive’s employment hereunder, she will have advantageous familiarity with and knowledge about the Company and will be instrumental in establishing and maintaining goodwill between the Company and its customers, which
goodwill is the property of the Company. Therefore, Executive agrees as follows: 
 (a) During the Term, Executive will not
engage (either directly or indirectly, as shareholder, partner, officer, director, consultant, employee or otherwise) in any enterprise, nor perform any services of any kind whatsoever for or provide any financial assistance to any enterprise, in
the retail clothing business other than through the Company or its subsidiaries and their successors. 
  

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 (b) During the Term, and for a period of one (1) year following the end of the Term,
Executive will not, either for herself or for any other person or entity, directly or indirectly (i) solicit, induce, recruit or encourage any of the Company’s employees to terminate their relationship with the Company, and/or
(ii) attempt to solicit, induce, recruit or encourage any of the Company’s employees to terminate their relationship with the Company; provided, however, that this restriction shall apply for one (1) year following the
termination of Executive’s employment, in the event Executive’s employment is terminated prior to the end of the Term pursuant to, and in accordance with, Sections 5.1 through 5.5. 
 (c) Executive acknowledges that any violation of any provision of this Section 6 by Executive will cause irreparable damages to the
Company, that such damages will be incapable of precise measurement and that, as a result, the Company will not have an adequate remedy at law to redress the harm which such violations will cause. Therefore, in the event of any violation of any
provision of this Section 6 by Executive, Executive agrees that the Company will be entitled to injunctive relief including, but not limited to, temporary and/or permanent restraining orders to restrain any violation of this Section 6 by
Executive. 
 (d) It is the desire and intent of the Parties that the provisions of this Section 6 shall be enforced to the
fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any portion of this Section 6 shall be adjudicated to be invalid or unenforceable, this Section 6
shall be deemed amended either to conform to such restrictions as the court or arbitrator may allow, or to delete therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion or reformation to apply only with
respect to the operation of this Section 6 in the particular jurisdiction in which such adjudication is made. It is expressly agreed that the arbitrator in any arbitration hereunder shall have the authority to modify this Section 6 if
necessary to render it enforceable, in such manner as to preserve as much as possible the Parties’ original intentions, as expressed herein, with respect to the scope hereof. 
 7. CONFIDENTIALITY/TRADE SECRETS 
 7.1 Executive specifically agrees that Executive will not at any time, whether during or subsequent to the Term, in any fashion, form or manner, except in furtherance of Executive’s duties at the
Company or with the specific written consent of the Company, either directly or indirectly use, divulge, disclose or communicate to any person in any manner whatsoever, any confidential information or trade secrets of any kind, nature or description
concerning any matters affecting or relating to the business of the Company (the “Proprietary Information”), including (a) all information, design or software programs (including object codes and source codes),
techniques, drawings, plans, experimental and research work, inventions, patterns, processes and know-how, whether or not patentable, and whether or not at a commercial stage related to the Company or any subsidiary thereof, (b) buying habits
or practices of any of its customers or vendors, (c) the Company’s marketing methods, sales activities, promotion, credit and financial data and related information, (d) the Company’s costs or sources of materials, (e) the
prices it obtains or has obtained or at which it sells or has sold its products or services, (f) lists or other written records used in the Company’s business, (g) compensation

  

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paid to employees and other terms of employment, or (h) any other confidential information of, about or concerning the business of the Company, its manner of operation, or other confidential
data of any kind, nature, or description (excluding any information that is or becomes publicly known or available for use through no fault of Executive or as directed by court order). The Parties hereto stipulate that as between them, Proprietary
Information constitutes trade secrets that derive independent economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value or cause economic harm to the Company from its
disclosure or use and that Proprietary Information is the subject of efforts which are reasonable under the circumstances to maintain its secrecy and of which this Section 7.1 is an example, and that any breach of this Section 7.1 shall be
a material breach of this Agreement. All Proprietary Information shall be and remain the Company’s sole property. 
 7.2
Executive agrees to keep confidential and not to use or divulge except in furtherance of Executive’s duties at the Company any confidential or proprietary information of any customer of the Company to which Executive may obtain access during
the Term. Executive acknowledges and agrees that a breach of this Section 7.2 shall be a material breach of this Agreement. 
 8. INVENTIONS 
 8.1 Executive agrees to disclose promptly to the Company any and all concepts, designs,
inventions, discoveries and improvements related to the Company’s business that Executive may conceive, discover or make from the beginning of Executive’s employment with the Company until the termination thereof; whether such is made
solely or jointly with others, whether or not patentable, of which the conception or making involves the use of the Company’s time, facilities, equipment, personnel, supplies or trade secret information (collectively,
“Inventions”). 
 8.2 Executive agrees to assign, and does hereby assign, to the Company (or its
nominee) Executive’s right, title and interest in and to any and all Inventions that Executive may conceive, discover or make, either solely or jointly with others, whether or not patentable, from the beginning of Executive’s employment
with the Company until the termination thereof of which the conception or making involves the use of the Company’s time, facilities, equipment, personnel, supplies or trade secret information. 
 8.3 Executive agrees to sign at the request of the Company any instrument necessary for the filing and prosecution of patent applications in
the United States and elsewhere, including divisional, continuation, revival, renewal or reissue applications, covering any Inventions and all instruments necessary to vest title to such Inventions in the Company (or its nominee). Executive further
agrees to cooperate and assist the Company in preparing, filing and prosecuting any and all such patent applications and in pursuing or defending any litigation upon Inventions covered hereby. The Company shall bear all expenses involved in the
prosecution of such patent applications it desires to have filed. Executive agrees to sign at the request of the Company any and all instruments necessary to vest title in the Company (or its nominee) to any specific patent application prepared by
the Company and covering Inventions which Executive has agreed to assign to the Company (or its nominee) pursuant to Section 8.2 above. 
  

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 8.4 The provisions of Sections 8.2 and 8.3 do not apply to any invention which qualifies
fully under the provisions of Section 2870 of the California Labor Code, which provides in substance that provisions in an employment agreement providing that an employee shall assign or offer to assign rights in an invention to his or her
employer do not apply to an invention for which no equipment, supplies, facilities, or trade secret information of the employer was used and which was developed entirely in the employee’s own time, except for those inventions that either
(a) relate, at the time of conception or reduction to practice of the invention: (i) to the business of the employer or (ii) to the employer’s actual or demonstrably anticipated research or development, or (b) result from
any work performed by the employee for the employer. 
 9. SHOP RIGHTS 
 The Company shall also have a perpetual, royalty-free, non-exclusive right to use in its business, and to make, use, license and sell
products, processes and/or services derived from any inventions, discoveries, designs, improvements, concepts, ideas, works of authorship, whether or not patentable, including processes, methods, formulae, techniques or know-how related thereto,
that are not within the scope of “Inventions” as defined above, but which are conceived or made by Executive during regular working hours or with the Company’s facilities, equipment, personnel, supplies or trade secret information.

 10. INJUNCTIVE RELIEF 
 Executive acknowledges that any violation of any provision of Sections 6 through 9 and Sections 12 through 14 hereof by Executive will cause irreparable damage to the Company, that such damages will be
incapable of precise measurement and that, as a result, the Company will not have an adequate remedy at law to redress the harm which such violations will cause. Therefore, in the event of any violation or threatened violation of any provision of
Sections 6 through 9 and Sections 12 through 14 by Executive, in addition to any other rights at law or in equity, Executive agrees that the Company will be entitled to seek injunctive relief including, but not limited to, temporary and/or permanent
restraining orders to restrain any violation or threatened violation of such Sections by Executive. 
 11. BLUE PENCIL

 It is the desire and intent of the Parties that the provisions of Section 6 through 9 hereof shall be enforced to the
fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any portion of Sections 6 through 9 shall be adjudicated to be invalid or unenforceable, such provision shall
be deemed amended either to conform to such restrictions as the court or arbitrator may allow, or to delete therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion or reformation to apply only with respect to
the operation of such Section in the particular jurisdiction in which such adjudication is made. It is expressly agreed that any court or arbitrator shall have the authority to modify any provision of Sections 6 through 9 if necessary to render it
enforceable, in such manner as to preserve as much as possible the Parties’ original intentions, as expressed therein, with respect to the scope thereof. 
  

 9 

 12. COPYRIGHT 
 Executive agrees that any work prepared by Executive for the Company that is eligible for copyright protection under any U.S. or foreign law
shall be a work made for hire and ownership of all copyrights (including all renewals and extensions therein) shall vest in the Company. In the event any such work prepared by Executive for the Company is deemed not to be a work made for hire for
any reason, Executive hereby irrevocably grants, transfers and assigns all right, title and interest in such work and all copyrights in such work and all renewals and extensions thereof to the Company, and agrees to provide all assistance reasonably
requested by the Company in the establishment, preservation and enforcement of its copyright in such work, such assistance to be provided at the Company’s expense, but without any additional compensation to Executive. Executive agrees to and
does hereby irrevocably waive all moral rights with respect to the work developed or produced hereunder, including any and all rights of identification of authorship and any and all rights of approval, restriction or limitation on use or subsequent
modifications. 
 13. COMPANY’S AND EXECUTIVE’S DUTIES ON TERMINATION 
 In the event of termination of Executive’s employment pursuant to Section 5, Executive agrees to deliver promptly to the Company
all Proprietary Information which is or has been in Executive’s possession or under Executive’s control. Upon termination of Executive’s employment by the Company for any reason whatsoever and at any earlier time the Company so
requests, Executive will deliver to the custody of the person designated by the Company all originals and copies of such documents and other property of the Company in Executive’s possession, under Executive’s control or to which Executive
may have access. 
 14. NON-DISPARAGEMENT 
 During the Term, for any reason, neither Executive nor her agents, on the one hand, nor the Company, or its senior executives or the Board, on the other hand, shall directly or indirectly issue or
communicate any public statement, or statement likely to become public, that maligns, denigrates or disparages the other (including, in the case of communications by Executive or her agents, any of the Company’s officers, directors or
employees). The foregoing shall not be violated by truthful responses to legal process or governmental inquiry or by private statements to any of the Company’s officers, directors or employees; provided, that, in the case of
Executive, such statements are made in the course of carrying out her duties pursuant to this Agreement. 
 15. SEVERANCE
PAYMENTS 
 In addition to the foregoing, and not in any way in limitation of any right or remedy otherwise available to the
Company, if Executive violates any of Sections 6 through 9, or Sections 12 through 14 hereof, any severance payments then or thereafter due from the Company to Executive shall be terminated immediately and the Company’s obligation to pay, and
Executive’s right to receive, such severance payments shall terminate and be of no further force or effect. 
  

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 16. INDEMNIFICATION 
 The Company shall indemnify, defend and hold Executive harmless from and against any and all causes of action, claims, demands, liabilities,
damages, costs and expenses of any nature whatsoever directly or indirectly arising out of or related to Executive’s discharging Executive’s duties hereunder on behalf of the Company and/or its respective subsidiaries and affiliates to the
fullest extent permitted by law. 
 17. REPRESENTATIONS AND WARRANTIES 
 17.1 Executive hereby represents and warrants to the Company, and Executive acknowledges, that the Company has relied on such representations
and warranties in employing Executive and entering into this Agreement, as follows: 
 (a) Executive has the legal capacity and
right to execute and deliver this Agreement and to perform her obligations contemplated hereby, and this Agreement has been duly executed by Executive; 
 (b) the execution, delivery and performance of this Agreement by Executive does not and will not, with or without notice or the passage of time, conflict with, breach, violate or cause a default under any
agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject; 
 (c) Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, non-solicitation agreement, fee for services agreement, confidentiality agreement or similar agreement with any other person;

 (d) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid
and binding obligation of Executive, enforceable in accordance with its terms; and 
 (e) Executive understands that the
Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance. 
 17.2 If it is determined that Executive is in breach or has breached any of the representations and warranties set forth herein, the Company shall have the right to terminate Executive’s employment
for Cause under Section 5.3. 
 18. ARBITRATION 
 Any controversy arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or
misrepresentation in connection with any of its provisions, or any other controversy arising out of Employee’s employment with the Company or the termination of Employee’s employment with the Company, including, but not limited to, any

  

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state or federal statutory claims, shall be submitted to arbitration in Orange County, California, before a sole arbitrator selected from Judicial Arbitration and Mediation Services, Inc., Orange
County, California, or its successor (“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association, and shall be conducted in accordance with the
provisions of California Code of Civil Procedure §§ 1280 et seq. as the exclusive forum for the resolution of such dispute; provided, however, that provisional injunctive relief may, but need not, be sought by either party to
this Agreement in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the arbitrator. Final resolution of any dispute
through arbitration may include any remedy or relief which the arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes. The Company shall bear all administrative costs of any arbitration
initiated under this Section 18, including any filing fees and arbitrator fees. At the conclusion of the arbitration, the arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the
arbitrator’s award or decision is based. Any award or relief granted by the arbitrator hereunder shall be final and binding on the Parties hereto and may be enforced by any court of competent jurisdiction. The Parties acknowledge and agree that
they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the Parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement. The
arbitrator shall award reasonable attorney’s fees (including reasonable disbursements) to the party that the arbitrator has determined to be the prevailing party in such arbitration. Except as may be necessary to enter judgment upon the award
or to the extent required by applicable law, all claims, defenses and proceedings (including, without limiting the generality of the foregoing, the existence of the controversy and the fact that there is an arbitration proceeding) shall be treated
in a confidential manner by the arbitrator, the Parties and their counsel, and each of their agents, employees and all others acting on behalf of or in concert with them. Without limiting the generality of the foregoing, no one shall divulge to any
third party or person not directly involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be necessary to enter judgment upon an award as required by applicable law.
Any court proceedings relating to the arbitration hereunder, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm, correct, vacate or otherwise enforce an arbitration award, shall be filed under
seal with the court, to the extent permitted by law. 
 19. GENERAL PROVISIONS 
 19.1 Assignment, Binding Effect. Neither the Company nor Executive may assign, delegate or otherwise transfer this Agreement or any of
their respective rights or obligations hereunder without the prior written consent of the other party, except that the Company may assign this Agreement to its successors (including any purchaser of its assets), and affiliates, parent or subsidiary
corporations. This Agreement shall be binding upon and inure to the benefit of any permitted successors or assigns of the Parties and the heirs, executors, administrators and/or personal representatives of Executive. 
  

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 19.2 Notices. 
 (a) All notices, requests, demands or other communications that are required or may be given under this Agreement shall be in writing and
shall be given by personal delivery, by certified or registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery service for next day delivery, or by facsimile transmission, as follows (or
to such other address as any party may give in a notice given in accordance with the provisions hereof): 
 If to the Company,

 Vice President, Human Resources 
 The Wet Seal, Inc. 
 26972 Burbank 
 Foothill Ranch, CA 92610 
 Facsimile No.: (949) 699-4722 
 If to Executive, 
 [            ] 
 with a copy to: 
 Her lawyer 
 (b) All notices, requests or other communications will be effective and deemed given only as follows:
(i) if given by personal delivery, upon such personal delivery, (ii) if sent by certified or registered mail, on the fifth business day after being deposited in the United States mail, (iii) if sent for next day delivery by overnight
delivery service, on the date of delivery as confirmed by written confirmation of delivery, and (iv) if sent by facsimile, upon the transmitter’s confirmation of receipt of such facsimile transmission, except that if such confirmation is
received after 5:00 p.m. (in the recipient’s time zone) on a business day, or is received on a day that is not a business day, then such notice, request or communication will not be deemed effective or given until the next succeeding business
day. Notices, requests and other communications sent in any other manner, including by electronic mail, will not be effective. 
 19.3 Governing Law. This Agreement is governed by, and is to be construed and enforced in accordance with, the laws of California without regard to principles of conflicts of laws. 
 19.4 Amendment; Waiver. No provisions of this Agreement may be amended, modified or waived unless such amendment or modification is
agreed to in writing signed by Executive and by a duly authorized officer selected at such time by the Board, and such waiver is set forth in writing and signed by the party to be charged. 
 19.5 Entire Agreement. This Agreement (and the Exhibits attached hereto) sets forth the entire agreement of the Parties hereto in
respect of the subject matter contained herein and shall supersede all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any
party hereto in respect of such subject matter. Any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and canceled as of the date hereof. 
  

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 19.6 Withholding. All payments hereunder shall be subject to any required withholding
of federal, state and local taxes pursuant to any applicable law or regulation. 
 19.7 Severability. The paragraphs and
provisions of this Agreement are severable. If any paragraph or provision is found to be unenforceable, the remaining paragraphs and provisions will remain in full force and effect. 
 19.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. 
 19.9 Additional Covenant. Notwithstanding anything herein to the
contrary, this Agreement is intended to be interpreted and applied so that the payment of the benefits set forth herein either shall either be exempt from the requirements of Section 409A of the Code, or shall comply with the requirements of
such provision. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or otherwise which constitutes a “deferral of compensation” within the meaning of
Section 409A of the Code. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code. To the extent that any reimbursements pursuant to
this Agreement or otherwise are taxable to Executive, any reimbursement payment due to Executive shall be paid to Executive on or before the last day of Executive’s taxable year following the taxable year in which the related expense was
incurred; provided, that, Executive has provided the Company written documentation of such expenses in a timely fashion and such expenses otherwise satisfy the Company’s expense reimbursement policies. Reimbursements pursuant to
this Agreement or otherwise are not subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives in one taxable year shall not affect the amount of such reimbursements that Executive receives
in any other taxable year. Notwithstanding any of the foregoing to the contrary, the Company and their respective officers, directors, employees or agents make no guarantee that this Agreement complies with, or is exempt from, the provisions of
Section 409A of the Code and none of the foregoing shall have any liability for the failure of this Agreement to comply with, or be exempt from, the provisions of Code Section 409A. The Parties hereto agree to make such amendments from
time to time to the terms and conditions of this Agreement as are necessary to ensure that this Agreement complies with the terms of Section 409A of the Code and any regulation or other official guidance promulgated thereunder. 
 [SIGNATURE PAGE FOLLOWS] 
  

 14 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of
the date first written above. 
  

			
	THE WET SEAL, INC.
		
	By:	 	 /s/ Edmond S. Thomas

		 	Name: Edmond S. Thomas
		 	Title: President and Chief Executive Officer
	
	 /s/ Sharon Hughes

	Sharon Hughes

 Exhibit A 
 THE WET SEAL, INC. 
 2005 STOCK INCENTIVE PLAN 

 STOCK OPTION AGREEMENT 
 This Stock Option Agreement (this “Agreement”) is made and entered into as of November 19, 2009 by and between The Wet Seal, Inc., Delaware corporation (the
“Company”), and Sharon Hughes (“Participant”). Capitalized terms not defined herein will have the meaning ascribed to them in the Company’s 2005 Stock Incentive Plan, as amended and/or restated
from time to time (the “Plan”) 
  

					
	Total Option Shares:	  		 	85,000
			
	Exercise Price Per Share:	  		 	[            ]1
			
	Date of Grant:	  		 	[            ], 2009
			
	Expiration Date:	  		 	[            ], 2014
			
	Type of Stock Option	  		 	
	(Check One):	  	[    ]	 	Incentive Stock Option, to the maximum extent permissible
		  	[X]	 	Nonqualified Stock Option

 1. Grant of Option. The Company hereby grants to Participant an option (this
“Option”) to purchase the total number of shares of Common Stock of the Company set forth above as Total Option Shares (the “Shares”) at the Exercise Price Per Share, subject to all of the terms and
conditions of this Agreement and the Plan. 
 2. Exercise Period. 
 2.1. Provided Participant continues to provide Continuous Service to the Company or any Subsidiary, this Option will become vested and
exercisable with respect to 33 1/3% of the Shares on each of the next three (3) anniversaries of the Date of Grant until this Option is 100% vested, subject to Executive’s Continuous Service with the Company on each of those vesting dates.
Except as provided in this Agreement, unvested Shares will not be exercisable on or after Participant’s termination of Continuous Service (“Termination Date”) and will immediately terminate on such Termination Date.

  

	1	 Calculated based on the greater of (a) the closing price on the date of grant and (b) the 30 trading-day average closing price ending on and
including the date of grant. 

  

 A-1 

 2.2. This Option will expire on the Expiration Date set forth above or earlier as provided
in this Agreement or the Plan. 
 3. Termination of Continuous Service. 
 3.1. If Participant’s Continuous Service is terminated, this Option will remain exercisable as follows: 
 (a) If Participant’s termination of Continuous Service is due to death, all unvested Shares will terminate and all vested Shares will
be exercisable by Participant’s designated beneficiary, or if none, the person(s) to whom such Participant’s rights under this Option are transferred by will or the laws of descent and distribution for one (1) year following the
Termination Date (but in no event beyond the term of this Option). 
 (b) If Participant’s termination of Continuous
Service is due to Disability (as such term is defined in Participant’s Employment Agreement with the Company dated as of the date hereof (the “Employment Agreement”)), all unvested Shares will terminate and all vested
Shares will be exercisable by Participant for one (1) year following the Termination Date (but in no event beyond the term of this Option). 
 (c) If Participant’s termination of Continuous Service is due to termination for Cause (as such term is defined in the Employment Agreement) or voluntary termination without Good Reason (as such term
is defined in the Employment Agreement) by Participant, the Shares will terminate on the Termination Date, regardless of whether the Shares were then exercisable. 
 (d) If Participant’s termination of Continuous Service is due to any other reason, all unvested Shares will terminate on the Termination Date and all Shares (to the extent exercisable as of the
Termination Date) will be exercisable for a period of three (3) months following such Termination Date (but in no event beyond the term of this Option) and will thereafter terminate. Participant’s status as an employee will not be
considered terminated in the case of leave of absence agreed to in writing by the Company (including but not limited to military and sick leave); provided, that, such leave is for a period of not more than three (3) months or
reemployment upon expiration of such leave is guaranteed by contract or statute. 
 3.2. Nothing in the Plan or this Agreement
will confer on Participant any right to the continuation of service with the Company, or any of its Subsidiaries, or interfere in any way with the right of the Company or its Subsidiaries to terminate her Continuous Service at any time. 

4. Manner of Exercise. 
 4.1. Participant (or in the case of exercise after Participant’s death or Disability, Participant’s executor, administrator, heir or legatee, as the case may be) may exercise this Option by giving written notice of exercise to the
Company in a form approved by the Company specifying the number Shares to be purchased. Such notice must be accompanied by the payment in full of the aggregate exercise price for the Shares to be acquired. The aggregate exercise price for the Shares
may be paid by in the following manner: (a) cash or certified or bank check, (b) surrender of Common Stock held by Participant for at least 6 months prior to exercise

  

 A-2 

 
(or such longer or shorter period as may be required to avoid a charge to earnings for financial accounting purposes) or the attestation of ownership of such shares, in either case, if so
permitted by the Company, (c) if established by the Company, through a “same day sale” commitment from Participant and a broker-dealer selected by the Company that is a member of the National Association of Securities Dealers (an
“NASD Dealer”) whereby Participant irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased sufficient to pay for the total exercise price and whereby the NASD Dealer irrevocably commits
upon receipt of such shares to forward the total exercise price directly to the Company, or (d) by any combination of the foregoing, and, in all instances, to the extent permitted by applicable law. Participant’s subsequent transfer or
disposition of any Shares acquired upon exercise of an Option will be subject to any Federal and state laws then applicable, specifically securities law, and the terms and conditions of the Plan. 
 4.2. Upon (a) exercise of a Nonqualified Stock Option or (b) under any other circumstances determined by the Committee in its sole
discretion, the Company will have the right to require any Participant, and such Participant by accepting the Awards granted under the Plan agrees, to pay to the Company the amount of any Federal, state, local income taxes or other taxes incurred by
reason of the exercise of Option granted hereunder that the Company may be required to withhold with respect thereto. In the event of clauses (a) or (b), Participant will pay to the Company such amount as the Company deems necessary to satisfy
its minimum tax withholding obligation and such payment will be made: (i) in cash, (ii) to the extent authorized by the Committee, having the Company retain shares which would otherwise be delivered upon exercise of this Option,
(iii) to the extent authorized by the Committee, delivering or attesting to ownership of Shares owned by the holder of this Option for at least 6 months prior to the exercise of this Option (or such longer or shorter period as may be required
to avoid a change to earnings for financial accounting purposes), or (iv) any combination of any such methods. For purposes hereof, Shares will be valued at Fair Market Value. 
 5. Issuance of Shares. Except as otherwise provided in the Plan or this Agreement, as promptly as practicable after receipt of such written notification of exercise and full payment of the
Exercise Price and any required income tax withholding, the Company will issue or transfer to Participant the number of Shares with respect to which this Option have been so exercised (less shares withheld in satisfaction of tax withholding
obligations, if any), and will deliver to Participant a certificate or certificates therefor, registered in Participant’s name. 
 6.
Company; Participant. 
 6.1. The term “Company” as used in this Agreement with reference to
Continuous Service will include the Company and its Subsidiary, if any, as appropriate. 
 6.2. Whenever the word
“Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom
this Option may be transferred by will or by the laws of descent and distribution, the word “Participant” will be deemed to include such person or persons. 
  

 A-3 

 7. Non-Transferability. This Option is not transferable by Participant otherwise than to a
designated beneficiary upon death or by will or the laws of descent and distribution, and are exercisable during Participant’s lifetime only by her. No assignment or transfer of this Option, or of the rights represented thereby, whether
voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent and distribution), will vest in the assignee or transferee any interest or right herein whatsoever, but
immediately upon such assignment or transfer this Option will terminate and become of no further effect. 
 8. Rights as
Shareholder. Participant or a transferee of this Option will have no rights as shareholder with respect to any Shares until he or she will have become the holder of record of such Shares, and no adjustment will be made for dividends or
distributions or other rights in respect of such Shares for which the record date is prior to the date upon which he or she will become the holder of record thereof. 
 9. Adjustments. The Shares into which this Option is exercisable may be adjusted or terminated in any manner as contemplated by the Plan. 
 10. Change of Control. Upon the occurrence of a Change of Control, all Options will become 100% vested and exercisable; provided that,
Participant is then in Continuous Service. 
 11. Compliance with Law. Notwithstanding any of the provisions hereof, Participant
hereby agrees that she will not exercise this Option, and that the Company will not be obligated to issue or transfer any shares to Participant hereunder, if the exercise hereof or the issuance or transfer of such shares will constitute a violation
by Participant or the Company of any provisions of any law or regulation of any governmental authority. Any determination in this connection by the Committee will be final, binding and conclusive. The Company will in no event be obliged to register
any securities pursuant to the Securities Act (as now in effect or as hereafter amended) or to take any other affirmative action in order to cause the exercise of this Option or the issuance or transfer of shares pursuant thereto to comply with any
law or regulation of any governmental authority. 
 12. Notice. Every notice or other communication relating to this Agreement
will be in writing, and will be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided,
that, unless and until some other address be so designated, all notices or communications by Participant to the Company will be mailed or delivered to the Company at its principal executive office, and all notices or communications by the
Company to Participant may be given to Participant personally or may be mailed to her at her address as recorded in the records of the Company. 
 13. Binding Effect. Subject to Section 7 hereof, this Agreement will be binding upon the heirs, executors, administrators and successors of the parties hereto. 
 14. Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of California without regard to
its conflict of law principles. 
  

 A-4 

 15. Plan. The terms and provisions of the Plan are incorporated herein by reference, and
Participant hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the discretionary terms and provisions of the Plan and the provisions of this Agreement, this Agreement will govern and control.

 16. Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon Participant and Participant’s beneficiaries, executors, administrators and the
person or persons to whom this Agreement may be transferred by will or the laws of descent or distribution. 
 17.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

 A-5 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in triplicate by
its duly authorized representative and Participant has executed this Agreement in triplicate, effective as of the Date of Grant. 
  

							
	THE WET SEAL, INC.	 		 	PARTICIPANT
				
	By:	 	  
	 		 	  

		 	Name: Edmond S. Thomas	 		 	Sharon Hughes
		 	Title: President and Chief Executive Officer	 		 	

 Exhibit B 
 PERFORMANCE SHARE AWARD AGREEMENT 
 THIS PERFORMANCE
SHARE AWARD AGREEMENT (this “Agreement”), made as of November 23, 2009 (the “Effective Date”), by and between The Wet Seal, Inc. (the
“Company”) and Sharon Hughes (the “Participant”), evidences the granting by the Company of stock awards of Performance Shares (as defined below) to the Participant and the
Participant’s acceptance of the Performance Shares. All capitalized terms not defined herein shall have the meaning ascribed to them in The Wet Seal, Inc. 2005 Stock Incentive Plan, as amended and as further amended and/or restated from time to
time (the “Plan”). 
 The Company and the Participant agree as follows: 
 1. Performance Shares Grants. 
 1.1 The Company hereby grants as of the date hereof to the Participant an award of 54,000 shares of the Company’s Class A common stock, $0.10 par value per share (the “Common Stock”). The first 27,000
shares of such 54,000 shares of the Common Stock is herein called the “Tranche 1 Shares” and the second 27,000 shares of such 54,000 shares of the Common stock is herein called the “Tranche 2 Shares”
(collectively with the Tranche 1 Shares, the “Performance Shares”). The Performance Shares shall be subject to the performance-based vesting terms and conditions set forth in Section 2.1. 
 1.2 The Performance Shares shall be evidenced by book-entry registration with the Company’s transfer agent, subject to such
stop-transfer orders and other terms deemed appropriate by the Compensation Committee of the Board of Directors of the Company (the “Committee”) to reflect the restrictions applicable to such Performance Shares.
Notwithstanding the foregoing, if any certificate is issued in respect of the Performance Shares at the sole discretion of the Committee, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend
referring to the terms, conditions and restrictions applicable to such Performance Shares, substantially in the following form: 
 “THE TRANSFERABILITY OF THIS CERTIFICATE AND THE CLASS A COMMON STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE AWARD AGREEMENT DATED AS OF NOVEMBER
[    ], 2009, ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE WET SEAL, INC.” 
 If a certificate is issued
with respect to any Performance Shares, the Committee may require that the certificate evidencing such Performance Shares be held in custody by the Company until the restrictions thereon shall have lapsed and that the Participant shall have
delivered a stock power, endorsed in blank, relating to the Performance Shares covered by such award. At the expiration of the restrictions, the Company shall instruct the transfer agent to release the Performance Shares from the restrictions
applicable to such Performance Shares, subject to the terms of the Plan and applicable law or, in the event that a certificate has been issued, redeliver to the Participant (or his or her legal representative, beneficiary or heir) share certificates
for the shares deposited with it without any

  

 B-1 

 
legend, except as otherwise provided by the Plan, this Agreement or applicable law. During the period following the grant of the respective Performance Shares hereunder, the Participant shall
have the right to receive dividends on and to vote the respective Performance Shares while they are subject to restriction, except as otherwise provided in the Plan. If the Performance Shares are forfeited, in whole or in part, the Participant will
assign, transfer and deliver any evidence of the Performance Shares to the Company and cooperate with the Company to reflect such forfeiture. By accepting these Performance Shares, the Participant acknowledges that the Company does not have an
adequate remedy in damages for the breach by the Participant of the conditions and covenants set forth in this Agreement and agrees that the Company is entitled to and may obtain an order or a decree of specific performance against the Participant
issued by any court having jurisdiction. 
 1.4 The issuance of the Performance Shares is made in consideration of the services
rendered to the Company by the Participant. The Company and the Participant acknowledge that the Performance Shares are issued pursuant to the authority of the Board of Directors. The Company is issuing the Performance Shares pursuant to the terms
and conditions of the Plan. 
 1.5 Except as provided in the Plan or this Agreement, prior to vesting as provided in
Section 3 of this Agreement, the Performance Shares will be forfeited by the Participant and all of the Participant’s rights to such Performance Shares shall immediately terminate without any payment or consideration by the Company, in the
event of any sale, assignment, transfer, hypothecation, pledge or other alienation of such Performance Shares made or attempted, whether voluntary or involuntary, and if involuntary whether by process of law in any civil or criminal suit, action or
proceeding, whether in the nature of an insolvency or bankruptcy proceeding or otherwise. 
 2. Vesting. 
 2.1 Vesting of Performance Shares. 
 (a) (i) On or following the first anniversary of the Effective Date, but not later than the the period set forth in Section 2.1(c), 13,500 of the Tranche 1 Shares shall vest if, at any time following
the Effective Date through the second anniversary thereof (the “Tranche 1 Vesting Period”), the weighted average closing price of the Company’s Class A Common Stock for any trailing 20 trading days (the
“20-Day Average”) equals or exceeds $4.19 per share (the “Tranche 1 Base Price”); and 
 (ii) on or following the first anniversary of the Effective Date, but not later than the period set forth in Section 2.1(c), the remaining 13,500 of the Tranche 1 Shares shall vest if, at any time
during the Tranche 1 Vesting Period, the 20-Day Average equals or exceeds 120% of the Tranche 1 Base Price. 
 For the avoidance of doubt, if
the 20-Day Average equals or exceeds 120% of the Tranche 1 Base Price at any time during the Tranche 1 Vesting Period, 100% of the Performance Shares in Tranche 1 shall vest. 
 (b) (i) On the second anniversary of the Effective Date, 13,500 of the Tranche 2 Shares shall vest if, at any time following the first
anniversary of the Effective Date through the second anniversary thereof (the “Tranche 2 Vesting Period”), the 20-Day Average equals or exceeds $6.03 per share (the “Tranche 2 Base Price”); and

  

 B-2 

 (ii) on the second anniversary of the Effective Date, the remaining 13,500 of the Tranche 2
Shares shall vest if, at any time during the Tranche 2 Vesting Period the 20-Day Average equals or exceeds 120% of the Tranche 2 Base Price. 
 For the avoidance of doubt, if the 20-Day Average equals or exceeds 120% of the Tranche 2 Base Price at any time during the Tranche 2 Vesting Period, 100% of the Performance Shares in Tranche 2 shall vest. 
 (c) If any of the Performance Shares granted hereunder are still outstanding as of the second anniversary of the Effective Date and have not
otherwise vested after giving effect to the vesting provisions of clauses (a) and (b) above as of 4:00 p.m. (local time in New York on such date), the unvested Performance Shares shall automatically be forfeited without the payment of any
consideration to the Participant. 
 (e) If the Participant ceases to be in Continuous Service of the Company at any time and
for any reason prior to the vesting of the Performance Shares or notifies the Company of her intention to cease her continuing service, all unvested Performance Shares that are still outstanding upon such termination of employment shall
automatically be forfeited without the payment of any consideration to the Participant upon such cessation of service. 
 (f)
Notwithstanding the terms set forth in the Plan and/or any other stockholder-approved equity incentive plan, none of the Performance Shares will be subject to accelerated vesting thereunder. 
 3. Company; Participant. 
 3.1 The term “Company” as used in this Agreement with reference to service shall include the Company and its Affiliates, as appropriate.  
 3.2 Whenever the word “Participant” is used in any provision of this Agreement under circumstances where the
provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom the Performance Shares may be transferred by will or by the laws of descent and distribution, the word
“Participant” shall be deemed to include such person or persons. 
 4. Adjustments. The Performance Shares may be
adjusted as provided for in Section 12 of the Plan and the Committee shall not exercise any discretion under Section 10.4 of the Plan to reduce Participant’s Performance Shares hereunder. 
 5. Compliance with Law. Notwithstanding any of the provisions hereof, the Company will not be obligated to issue or transfer any Performance Shares
to the Participant hereunder, if the exercise thereof or the issuance or transfer of such Performance Shares shall constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority. Any
determination in this connection by the Committee shall be final, binding and conclusive. The Company shall take all appropriate steps, including, to the extent necessary, the filing of an appropriate registration statement at its sole expense, such
that Participant may sell the Performance Shares upon the lapse of the restrictions set forth herein, subject to the Company’s insider trading policies. 
  

 B-3 

 6. No Right to Continued Service. Nothing in this Agreement or in the Plan shall confer upon the
Participant any right to continue in the service of the Company or shall interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved, to terminate the services of or discharge the Participant at any time for
any reason whatsoever, with or without cause. Except as provided herein, the Participant acknowledges and agrees that the continued vesting of the Performance Shares is premised upon Executive’s provision of future services to the Company and
the Performance Shares shall not accelerate upon her termination of Continuous Service for any reason. 
 7. Representations and Warranties
of the Participant. The Participant represents and warrants to the Company that: 
 7.1 The Participant acknowledges that
there may be adverse tax consequences upon the vesting of the Performance Shares or disposition of the Performance Shares once vested, and that the Participant should consult a tax adviser prior to such time. 
 7.2 The Participant agrees to sign such additional documentation as may reasonably be required from time to time by the Company. 

8. Taxes. 
 8.1 The
Participant agrees that, subject to Section 8.2 below, no later than the date as of which the respective restrictions on each of the Performance Shares shall lapse with respect to all or any of the Performance Shares, as the case may be,
covered by this Agreement, the Participant shall pay to the Company (by check or wire transfer) any federal, state or local income and employment taxes of any kind required by law to be withheld, if any, with respect to the Performance Shares for
which the restrictions shall lapse; provided, that the Participant may elect to satisfy this withholding obligation by having the Company withhold from the Participant the number of Performance Shares, as applicable, having a Fair Market Value equal
to the tax withholding obligation in respect of the Performance Shares that vest (but no more than the minimum amount of shares required to be withheld by the Company that can be satisifed through the withholding of the shares). The Company shall,
to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Performance Shares. 

8.2 With respect to each grant of Performance Shares hereunder, if the Participant properly elects (within thirty (30) days of the
grant date of such Performance Shares) to include in gross income for federal income tax purposes an amount equal to the Fair Market Value of such Performance Shares as of the date on which such Performance Shares were granted pursuant to
Section 83(b) of the Code, the Participant shall pay to the Company, or make other arrangements satisfactory to the Committee to pay to the Company in the year of such grant, any federal, state or local taxes required to be withheld with
respect to such Performance Shares. If the Participant fails to make such payments, the Company or its affiliates shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any
federal, state or local taxes of any kind required by law to be withheld with respect to such Performance Shares. 
  

 B-4 

 9. Notice. All notices, requests, demands or other communications that are required or may be given
under this Agreement shall be in writing and shall be given by personal delivery, by certified or registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery service for next day delivery,
or by facsimile transmission, as follows (or to such other address as any party may give in a notice given in accordance with the provisions hereof): 
 If to the Company, 
 Vice President, Human Resources 
 The Wet Seal, Inc. 
 26972 Burbank 
 Foothill Ranch, CA 92610 
 Facsimile No.: (949) 699-4722 
 If to Executive, 
 [            ] 
 with a copy to: 
 Her lawyer 
 All notices, requests or other communications will be effective and deemed given only as follows: (i) if given by
personal delivery, upon such personal delivery, (ii) if sent by certified or registered mail, on the fifth business day after being deposited in the United States mail, (iii) if sent for next day delivery by overnight delivery service, on
the date of delivery as confirmed by written confirmation of delivery, (iv) if sent by facsimile, upon the transmitter’s confirmation of receipt of such facsimile transmission, except that if such confirmation is received after 5:00 p.m.
(in the recipient’s time zone) on a business day, or is received on a day that is not a business day, then such notice, request or communication will not be deemed effective or given until the next succeeding business day. Notices, requests and
other communications sent in any other manner, including by electronic mail, will not be effective. 
 10. Governing Law. This Agreement
shall be construed and interpreted in accordance with the laws of the State of California without regard to its conflict of law principles. 
 [SIGNATURE PAGE FOLLOWS] 
  

 B-5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

					
	THE WET SEAL, INC.
		
	By:	 	  

		 	Name: Edmond S. Thomas
		 	Title: President and Chief Executive Officer
	
	PARTICIPANT
	
	  

	Sharon Hughes

 Exhibit C 
 Form of Waiver and Release of Claims 
 (the
“Release”) 
 1. Termination of Employment. Sharon Hughes
(“Executive”) acknowledges that her last day of employment with The Wet Seal, Inc. and any of its affiliates (the “Company”) is
[            ] (the “Termination Date”). 
 2. Full Release. For the consideration set forth in the Separation Agreement, by and between the Company and Executive, dated as of [            ] (the
“Separation Agreement”) and for other fair and valuable consideration therefor, Executive, for herself, her heirs, executors, administrators, successors and assigns (hereinafter collectively referred to as the
“Releasors”), hereby fully releases and discharges the Company, its parents, subsidiaries, affiliates, insurers, successors, and assigns, and their respective officers, directors, employees, and agents (all such persons,
firms, corporations and entities being deemed beneficiaries hereof and are referred to herein as the “Company Entities”) from any and all actions, causes of action, claims, obligations, costs, losses, liabilities, damages and
demands of whatsoever character, whether or not known, suspected or claimed, which the Releasors have, from the beginning of time through the date of this Release, against the Company Entities arising out of or in any way related to
(i) Executive’s employment or termination or (ii) Executive’s Employment Agreement with the Company, dated as of [            ], 2009 as amended and/or restated from
time to time (the “Employment Agreement”); provided, however, that this shall not be a release with respect to any amounts and benefits owed to Executive pursuant to the Employment Agreement upon termination of
employment, vested benefits under employee benefit plans of the Company, or Executive’s right to indemnification as provided in Section 16 of the Employment Agreement. 
 3. Waiver of Rights Under Other Statutes. Executive understands that this Release waives all claims and rights Executive may
have under certain federal, state and local statutory and regulatory laws, as each may be amended from time to time, including but not limited to, the Age Discrimination in Employment Act (including the Older Workers Benefit Protection Act)
(“ADEA”), Title VII of the Civil Rights Act; the Employee Retirement Income Security Act of 1974; the Equal Pay Act; the Rehabilitation Act of 1973; the Americans with Disabilities Act; the Worker Adjustment and Retraining
Notification Act; the California Fair Employment and Housing Act, the California Family Rights Act, California law regarding Relocations, Terminations, and Mass Layoffs, the California Labor Code; and all other statutes, regulations, common law, and
other laws in any and all jurisdictions (including, but not limited to, California) that in any way relate to Executive’s employment or the termination of her employment. 
 4. Informed and Voluntary Signature. No promise or inducement has been made other than those set forth in this Release. This
Release is executed by Executive without reliance on any representation by the Company or any of its agents. Executive states that she is fully competent to manage her business affairs and understands that she may be waiving legal rights by signing
this Release. Executive hereby acknowledges that she has carefully read this Release and has had the opportunity to thoroughly discuss the terms of this Release with legal counsel of her choosing. Executive hereby acknowledges that she fully
understands the terms of this Release and its final and binding effect and that she affixes her signature hereto voluntarily and of her own free will. 

 5. Waiver of Rights Under the Age Discrimination Act.
Executive understands that this Release waives all of her claims and rights under the ADEA. The waiver of Executive’s rights under the ADEA does not extend to claims or rights that might arise after the date this Release is executed. The monies
to be paid to Executive are in addition to any sums to which Executive would be entitled without signing this Release. For a period of seven (7) days following execution of this Release, Executive may revoke the release contained in this
paragraph only, relating to claims arising under the ADEA, by a written document received by the Chief Executive Officer of the Company no later than 11:59 p.m. of the seventh (7th) day following Executive’s execution of this Release. The Release will not be effective until said
revocation period has expired. Executive acknowledges that she has been given up to twenty-one (21) days to decide whether to sign this Release. Executive has been advised to consult with an attorney prior to executing this Release and has been
given a full and fair opportunity to do so. 
 6. Waiver Of Civil Code Section 1542. It is the intention of
the parties in signing this Release that it should be effective as a bar to each and every claim, demand and cause of action stated above, whether known or unknown. In furtherance of this intention, Executive hereby expressly waives any and all
rights and benefits conferred upon Executive by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and expressly consents that this Release shall be given full force and effect according to each and all of its express terms and provisions,
including those relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action referred to above. SECTION 1542 provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 7. Miscellaneous. 
 (a) This Release shall be governed in all respects by the laws of the State of
California without regard to the principles of conflict of law. 
 (b) In the event that any one or more of the provisions of
this Release is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this
Release is held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 

 (c) This Release may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 (d) The paragraph headings used in this
Release are included solely for convenience and shall not affect or be used in connection with the interpretation of this Release. 
 (e) This Release supersedes the Employment Agreement with the exception of the provisions of the Employment Agreement relating to obligations of the Company and the Executive that survive the termination of the Employment Agreement (the
“Surviving Provisions”). This Release, the Surviving Provisions and the Separation Agreement represent the entire agreement between the parties with respect to the subject matter hereto and may not be amended except in a
writing signed by the Company and Executive. If any dispute should arise under this Release, it shall be settled in accordance with the terms of Section 18 of the Employment Agreement. 
 (f) This Release shall be binding on the executors, heirs, administrators, successors and assigns of Executive and the successors and
assigns of Company and shall inure to the benefit of the respective executors, heirs, administrators, successors and assigns of the Company Entities and the Releasors. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have executed this Release on
[            ]. 
  

					
	THE WET SEAL, INC.
		
	By:	 	  

		 	Name: Edmond S. Thomas
		 	Title: President and Chief Executive Officer
	
	  

	 Sharon Hughes

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