Document:

Exhibit 4.2

 

EXECUTION VERSION

 

US$162,040,853
ADDITIONAL FACILITY T ACCESSION AGREEMENT

 

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

 

From:                  The persons listed in Schedule 1 to this
Agreement (the Additional Facility T Lenders)

 

Date:     19  January 2010

 

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

 

1.                                       In this Agreement:

 

Additional Facility P
Lender
means each of the lenders under Facility P.

 

Existing Facility T means the US$876,138,500 term
loan facility made available under Additional Facility Accession Agreements
dated 6 May 2009, 8 September 2009 and 17 September 2009
respectively.

 

Facility P means the US$521,178,225 term
loan facility made available under the Additional Facility Accession Agreement
dated 9 September 2008 (the Additional Facility P
Accession Agreement).

 

Facility T means the US$162,040,853 term
loan facility made available under this Agreement.

 

Facility T Advance means a US dollar denominated
advance made to UPC Financing by the Additional Facility T Lenders under
Facility T.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)                                  31 December 2016; and

 

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

 

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

 

14.                                 The Margin in relation to
Facility T is 3.50 per cent. per annum.

 

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

 

 

16.                                (a)                                  It is the intention of the
parties that the Existing Facility T be upsized by the amount of this Facility
T in accordance with paragraph 16 of each Additional Facility Accession
Agreement under which the Existing Facility T is made available and that, on
and from the first utilisation date of this Facility T:

 

(i)                                    the Facility T Advance under
this Agreement will be consolidated with the outstanding Advance under the
Existing Facility T; and

 

(ii)                                 this Facility T, the Existing
Facility T and any other Facility T (as defined in any other Additional
Facility T Accession Agreement permitted under this paragraph and executed on
or before the date of this Agreement) shall constitute one single Additional
Facility for all purposes under the Credit Agreement.

 

(b)                                 Provided that any upsizing of
Facility T permitted under this paragraph will not breach any term of the
Credit Agreement, Facility T may be upsized by any amount, by the signing of
one or more further Additional Facility T Accession Agreements, that specify
(along with the other terms specified therein) UPC Financing as the sole
Borrower and which specify Additional Facility T Commitments denominated in US
dollars, to be drawn in US dollars, with the same Final Maturity Date and
Margin as specified in this Additional Facility T Accession Agreement.

 

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

 

(d)                                 Where any Facility T Advance
has not already been consolidated with any other Facility T Advance, on the
last day of any Interest Period for such Facility T Advance, that Facility T
Advance will be consolidated with any other Facility T Advance which has an
Interest Period ending on the same day as that Facility T Advance, and all such
Facility T Advances will then be treated as one Advance.

 

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

 

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

 

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

 

(a)                                  it has made its own
independent investigation and assessment of the financial condition and affairs
of each Obligor and its related entities in connection with its 

 

 

participation in the Credit Agreement and
has not relied on any information provided to it by a Finance Party in
connection with any Finance Document; and

 

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

 

20.                                 Each of the Additional
Facility T Lenders agrees that without prejudice to Clause 26.3 (Procedure for
novations) of the Credit Agreement, each New Lender (as defined in the Novation
Certificate referred to below) shall become, by the execution by the Facility
Agent of a Novation Certificate substantially in the form of part 1 or part 2
of Schedule 3 to this Agreement, bound by the terms of this Agreement as if it
were an original party hereto as an Additional Facility T Lender and shall
acquire the same rights and assume the same obligations towards the other parties
to this Agreement as would have been acquired and assumed had the New Lender
been an original party to this Agreement as an Additional Facility T Lender.

 

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

 

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

 

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

 

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

 

 

SCHEDULE 1

 

ADDITIONAL FACILITY T
LENDERS AND COMMITMENTS

 

	
  Additional Facility T Lender

  	
   

  	
  Facility T Commitment

  	
   

  
	
   

  	
   

  	
  (US$)

  	
   

  
	
  UPC
  Broadband Operations B.V.

  	
   

  	
  162,040,853

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  162,040,853

  	
   

  

 

 

SCHEDULE 2

 

CONDITIONS PRECEDENT
DOCUMENTS

 

1.                                      Constitutional Documents

 

(a)                                  A copy of the constitutional
documents of each Obligor (other than UPC Financing) and the partnership
agreement of UPC Financing or, if the Facility Agent already has a copy, a
certificate of an authorised signatory of the relevant Obligor confirming that
the copy in the Facility Agent’s possession is still correct, complete and in
full force and effect as at a date no earlier than the date of this Agreement.

 

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

 

2.                                      Authorisations

 

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

 

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

 

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

 

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

 

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

 

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

 

3.                                      Legal opinions

 

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

 

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

 

 

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

 

4.                                      Other documents

 

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

 

 

SCHEDULE 3

 

NOVATION CERTIFICATES

 

PART 1

 

NOVATION
CERTIFICATE (CASH)

 

To:                              [     ]
as Facility Agent and [BORROWER]

 

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

 

UPC Broadband Holding B.V. - €1,072,000,000
Term Credit Agreement dated 16 January, 2004 (the Credit Agreement)

 

We refer to Clause 26.3 (Procedure for
novations) of the Credit Agreement and clause 9.3 (Transfers by the Lenders) of
the Security Deed.  Terms defined in the
Credit Agreement or, if not defined in the Credit Agreement, the Additional
Facility Accession Agreement between the Facility Agent, the Security Agent and
the Additional Facility T Lenders dated [         ] 2010, have the same meaning in this
Novation Certificate.

 

1.                                       We
[             ]
(the Existing Lender) and
[     ] (the New Lender)
agree to the Existing Lender transferring to the New Lender by novation, all of
the Existing Lender’s rights and obligations referred to in the Schedule in
accordance with Clause 26.3 (Procedure for novations) of the Credit
Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

 

2.                                       The New Lender confirms that it is bound by the
terms of the Additional Facility Accession Agreement as if it were an original
party thereto as an Additional Facility T Lender and shall acquire the same
rights and assume the same obligations towards the other parties to this
Agreement as would have been acquired and assumed had the New Lender been an
original party to this Agreement as an Additional Facility T Lender.

 

3.                                       The Facility Office and
address for notices of the New Lender for the purposes of Clause 32.2
(Addresses for notices) are set out in the Schedule.

 

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

 

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

 

 

THE SCHEDULE

 

Rights and obligations to be novated

 

[Details of the rights and
obligations of the Existing Lender to be novated.]

 

	
  [New Lender]

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Facility
  Office

  	
   

  	
  Address for
  notices for administrative purposes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  notices for credit purposes]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Existing
  Lender]

  	
   

  	
  [New Lender]

  	
   

  	
  [                    ]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  By:

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  Date:

  	
   

  	
  Date:

  

 

 

PART 2

 

NOVATION CERTIFICATE
(CASHLESS)

 

To:                              Toronto Dominion (Texas) LLC
as Facility Agent and UPC Financing as Borrower

 

From:                  UPC Broadband Operations B.V. and [the
EXISTING P LENDER / NEW T LENDER]

 

Date:     January 2010

 

UPC Broadband Holding B.V. - €1,072,000,000
Term Credit Agreement dated 16 January, 2004 (the Credit Agreement)

 

We refer to:

 

(b)                                Clause 26.3 (Procedure
for novations) of the Credit Agreement;

 

(c)                                  Clause 9.3 (Transfers by the
Lenders) of the Security Deed;

 

(d)                                 the Additional Facility P
Accession Agreement; and

 

(e)                                  the US$162,040,853 Additional
Facility T Accession Agreement.

 

Terms defined in the Credit Agreement or,
if not defined in the Credit Agreement, the Additional Facility P Accession
Agreements, have the same meaning in this Novation Certificate.

 

1.                                       [              ]
(the Existing P Lender) agrees to novate and
UPC Broadband Operations B.V. (the New P Lender)
agrees to accept novation on the Effective Date, of all the Existing P Lender’s
rights and obligations referred to in the Schedule in accordance with
Clause 26.3 (Procedure for novations) of the Credit Agreement and clause
9.3 (Transfers by the Lenders) of the Security Deed.

 

2.                                       UPC Broadband Operations B.V.
(the Existing T Lender) agrees to novate and
[                ]
(the New T Lender) agrees to accept the
novation on the Effective Date of all the Existing T Lender’s rights and
obligations referred to in the Schedule in accordance with Clause 26.3
(Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by
the Lenders) of the Security Deed.

 

3.                                       The aggregate Existing P
Commitment will be equal to the aggregate Existing T Commitment (each term as
referred to in the schedule to this certificate). The Existing P Lender’s
obligation to transfer the Existing P Commitment to the New P Lender and the
Existing T Lender’s obligation to transfer the Existing T Commitment to the New
T Lender, will each be deemed to be satisfied by the other, in each case on the
Effective Date.

 

4.                                       The New P Lender confirms that
it is bound
by the terms of the Additional Facility P Accession Agreement as if it were an
original party thereto as an Additional Facility P Lender and
shall acquire the same rights and assume the same obligations towards the other
parties to the
Additional Facility P Accession Agreement as would have been
acquired and assumed had the New Lender been an original party to the Additional
Facility P Accession Agreement as an Additional Facility P
Lender.

 

 

5.                                       The New T Lender confirms that
it is bound
by the terms of the Additional Facility T Accession Agreement as if it were an
original party thereto as an Additional Facility T Lender and
shall acquire the same rights and assume the same obligations towards the other
parties to the
Additional Facility T Accession Agreement as would have been
acquired and assumed had the New T Lender been an original party to the Additional
Facility T Accession Agreement as an Additional Facility T
Lender.

 

6.                                       This certificate shall take
effect on the date of this certificate.

 

7.                                       For the purposes of this
certificate, “Effective Date” means the date
specified under the Facility Agent’s name in the relevant signature page to
this Novation Certificate.

 

8.                                       Each party to this document
agrees, the Facility Agent agrees on behalf of each Finance Party, and UPC
Broadband Holding B.V. agrees on behalf of each Obligor, that this document is
a Novation Certificate notwithstanding that its form is different to that
required by the Credit Agreement.

 

9.                                       This Novation Certificate is a
Finance Document.

 

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

 

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

 

 

THE SCHEDULE

 

Rights and obligations to be
novated:

 

1.                                      EXISTING P
LENDER

 

Existing P Commitment: US$[      ]

 

Assignee: New P Lender

 

2.                                      Existing
T Lender

 

Existing T Commitment: US$[      ]

 

Assignee: New
T Lender

 

[THE EXISTING N LENDER], as the Existing P
Lender

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

UPC BROADBAND OPERATIONS B.V., as the New P
Lender

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

UPC BROADBAND OPERATIONS B.V., as the
Existing T Lender

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

 

[THE NEW T LENDER], as the New T Lender

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

 

UPC BROADBAND HOLDING B.V., as Obligors
agent

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

 

TORONTO DOMINION (TEXAS) LLC, as Facility
Agent

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

The Facility Agent confirms that the
Effective Date is the date on which it countersigns this Novation Certificate.

 

 

SIGNATORIES

 

TORONTO DOMINION (TEXAS) LLC as Facility
Agent

 

By:                              Authorized Signatory

 

 

TD BANK EUROPE LIMITED as Security Agent

 

By:                              Authorized Signatory

 

 

UPC BROADBAND HOLDING B.V.

 

By:                              Authorized Signatory

 

By:                              Authorized Signatory

 

 

UPC FINANCING PARTNERSHIP

 

By:                              Authorized Signatory

 

By:                              Authorized Signatory

 

 

ADDITIONAL
FACILITY T LENDERS

 

UPC BROADBAND
OPERATIONS B.V.

 

By: Authorized SignatoryEXHIBIT 4.3

 

EXECUTION COPY

 

UPCB FINANCE
LIMITED

 

75/8% Senior Secured Notes due 2020

 

 

 

INDENTURE

 

Dated as of January 20,
2010

 

 

 

 

THE BANK OF NEW YORK
MELLON

Trustee, Registrar,
Transfer Agent, 

Principal Paying Agent and Security Agent

 

THE BANK OF NEW
YORK MELLON, LONDON BRANCH

Transparency Directive Agent

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1.

  DEFINITIONS AND INCORPORATION

  BY REFERENCE

  
	
   

  	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
  Section 1.02

  	
  Other Definitions

  	
  11

  
	
  Section 1.03

  	
  Incorporation by Reference of Trust Indenture Act

  	
  12

  
	
  Section 1.04

  	
  References to UPC Broadband Holding Bank Facility

  	
  12

  
	
  Section 1.05

  	
  Rules of Construction

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2.

  THE NOTES

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Form and Dating

  	
  13

  
	
  Section 2.02

  	
  Execution and Authentication

  	
  14

  
	
  Section 2.03

  	
  Registrar and Paying Agent

  	
  16

  
	
  Section 2.04

  	
  Holders to Be Treated as Owners; Payments of Interest

  	
  17

  
	
  Section 2.05

  	
  Paying Agent to Hold Money

  	
  17

  
	
  Section 2.06

  	
  Holder Lists

  	
  17

  
	
  Section 2.07

  	
  Transfer and Exchange

  	
  18

  
	
  Section 2.08

  	
  Replacement Notes

  	
  24

  
	
  Section 2.09

  	
  Outstanding Notes

  	
  25

  
	
  Section 2.10

  	
  Treasury Notes

  	
  25

  
	
  Section 2.11

  	
  Temporary Notes

  	
  25

  
	
  Section 2.12

  	
  Cancellation

  	
  26

  
	
  Section 2.13

  	
  Defaulted Interest

  	
  26

  
	
  Section 2.14

  	
  Common Code and ISIN Number

  	
  26

  
	
  Section 2.15

  	
  Deposit of Moneys

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3.

  REDEMPTION AND PREPAYMENT

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Notices to Trustee

  	
  27

  
	
  Section 3.02

  	
  Selection of Notes to Be Redeemed or Purchased

  	
  27

  
	
  Section 3.03

  	
  Notice of Redemption

  	
  28

  
	
  Section 3.04

  	
  Effect of Notice of Redemption

  	
  28

  
	
  Section 3.05

  	
  Deposit of Redemption or Purchase Price

  	
  28

  
	
  Section 3.06

  	
  Notes Redeemed or Repurchased in Part

  	
  29

  
	
  Section 3.07

  	
  Optional Redemption

  	
  29

  
	
  Section 3.08

  	
  Special Optional Redemption in connection with a UPC
  Exchange Transaction

  	
  30

  
	
  Section 3.09

  	
  Redemption for Changes in Withholding Taxes

  	
  30

  
	
  Section 3.10

  	
  Offer to Purchase by Application of Available Disposal
  Proceeds

  	
  31

  
	
  Section 3.11

  	
  Open Market Purchases of UPCB Loans

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4.

  COVENANTS

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  Payment of Notes

  	
  34

  
	
  Section 4.02

  	
  The Maintenance of Office or Agency

  	
  34

  
	
  Section 4.03

  	
  Information

  	
  34

  
	
  Section 4.04

  	
  Compliance Certificate

  	
  35

  
	
  Section 4.05

  	
  Taxes

  	
  35

  
	
  Section 4.06

  	
  Stay, Extension and Usury Laws

  	
  35

  

 

i

 

	
  Section 4.07

  	
  Limitation with Respect to Business Activities of the
  Issuer

  	
  35

  
	
  Section 4.08

  	
  [Reserved]

  	
  37

  
	
  Section 4.09

  	
  [Reserved]

  	
  37

  
	
  Section 4.10

  	
  Application of Available Disposal Proceeds

  	
  37

  
	
  Section 4.11

  	
  [Reserved]

  	
  38

  
	
  Section 4.12

  	
  [Reserved]

  	
  38

  
	
  Section 4.13

  	
  [Reserved]

  	
  38

  
	
  Section 4.14

  	
  Maintenance of the Existence of the Issuer

  	
  38

  
	
  Section 4.15

  	
  Redemption Upon a Change of Control

  	
  38

  
	
  Section 4.16

  	
  Minimum Period for Consent under Loan Documents

  	
  38

  
	
  Section 4.17

  	
  Payments for Consent

  	
  38

  
	
  Section 4.18

  	
  Amendments to Loan Documents to be applied equally to all
  UPCB Lenders

  	
  39

  
	
  Section 4.19

  	
  Additional Amounts

  	
  39

  
	
  Section 4.20

  	
  Maintenance of Rating

  	
  41

  
	
  Section 4.21

  	
  Further Instruments and Acts

  	
  42

  
	
  Section 4.22

  	
  Maintenance of Listing

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5.

  THE FINCO LOAN AND LIMITED RECOURSE OBLIGATIONS

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  The Finco Loan

  	
  42

  
	
  Section 5.02

  	
  Limited Recourse Obligations

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.

  DEFAULTS AND REMEDIES

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Events of Default

  	
  43

  
	
  Section 6.02

  	
  Acceleration

  	
  44

  
	
  Section 6.03

  	
  Other Remedies

  	
  44

  
	
  Section 6.04

  	
  Waiver of Past Defaults

  	
  45

  
	
  Section 6.05

  	
  Control by Majority

  	
  45

  
	
  Section 6.06

  	
  Limitation on Suits

  	
  45

  
	
  Section 6.07

  	
  Rights of Holders of Notes to Receive Payment

  	
  46

  
	
  Section 6.08

  	
  Exchange of Notes for UPCB Loans

  	
  46

  
	
  Section 6.09

  	
  Collection Suit by Trustee

  	
  47

  
	
  Section 6.10

  	
  Trustee May File Proofs of Claim

  	
  47

  
	
  Section 6.11

  	
  Priorities

  	
  48

  
	
  Section 6.12

  	
  Undertaking for Costs

  	
  48

  
	
  Section 6.13

  	
  Non Petition

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7.

  TRUSTEE

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Duties of Trustee

  	
  48

  
	
  Section 7.02

  	
  Rights of Trustee

  	
  49

  
	
  Section 7.03

  	
  Individual Rights of Trustee

  	
  51

  
	
  Section 7.04

  	
  Trustee’s Disclaimer

  	
  52

  
	
  Section 7.05

  	
  Notice of Defaults

  	
  52

  
	
  Section 7.06

  	
  Reports by Trustee to Holders of the Notes

  	
  52

  
	
  Section 7.07

  	
  Compensation and Indemnity

  	
  52

  
	
  Section 7.08

  	
  Replacement of Trustee

  	
  53

  
	
  Section 7.09

  	
  Successor Trustee by Merger, etc.

  	
  54

  
	
  Section 7.10

  	
  Eligibility; Disqualification

  	
  54

  
	
  Section 7.11

  	
  Preferential Collection of Claims Against Issuer

  	
  54

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8.

  [RESERVED]

  

 

ii

 

	
  ARTICLE 9.

  AMENDMENT, SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  To the UPC Broadband Holding Bank Facility or the Finco
  Accession Agreement

  	
  55

  
	
  Section 9.02

  	
  To this Indenture and the Notes Without Consent of Holders
  of Notes

  	
  56

  
	
  Section 9.03

  	
  To this Indenture and the Notes With Consent of Holders of
  Notes

  	
  57

  
	
  Section 9.04

  	
  Revocation and Effect of Consents

  	
  58

  
	
  Section 9.05

  	
  Notation on or Exchange of Notes

  	
  59

  
	
  Section 9.06

  	
  Trustee to Sign Amendments, etc.

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10.

  SECURITY

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Notes Security Documents

  	
  59

  
	
  Section 10.02

  	
  Release of Collateral

  	
  60

  
	
  Section 10.03

  	
  Authorization of Actions to Be Taken by the Security Agent

  	
  60

  
	
  Section 10.04

  	
  Authorization of Receipt of Funds by the Security Agent
  Under the Notes Security Documents

  	
  60

  
	
  Section 10.05

  	
  Waiver of subrogation

  	
  60

  
	
  Section 10.06

  	
  Termination of Security Interest

  	
  61

  
	
  Section 10.07

  	
  Security Agent

  	
  61

  
	
  Section 10.08

  	
  Liability

  	
  61

  
	
  Section 10.09

  	
  Indemnity

  	
  61

  
	
  Section 10.10

  	
  Defaults

  	
  62

  
	
  Section 10.11

  	
  Communications

  	
  62

  
	
  Section 10.12

  	
  Professional Advisers

  	
  62

  
	
  Section 10.13

  	
  Own Participation

  	
  62

  
	
  Section 10.14

  	
  Resignation

  	
  62

  
	
  Section 10.15

  	
  Removal

  	
  63

  
	
  Section 10.16

  	
  Enforcement Costs

  	
  63

  
	
  Section 10.17

  	
  Further Action

  	
  63

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11.

  SATISFACTION AND DISCHARGE

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
  Satisfaction and Discharge

  	
  64

  
	
  Section 11.02

  	
  Application of Trust Money

  	
  65

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12.

  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  Section 12.01

  	
  Notices

  	
  65

  
	
  Section 12.02

  	
  Communication by Holders of Notes with Other Holders of
  Notes

  	
  66

  
	
  Section 12.03

  	
  Certificate and Opinion as to Conditions Precedent

  	
  66

  
	
  Section 12.04

  	
  Statements Required in Certificate or Opinion

  	
  67

  
	
  Section 12.05

  	
  Rules by Trustee and Agents

  	
  67

  
	
  Section 12.06

  	
  No Personal Liability of Directors, Officers, Employees and
  Stockholders

  	
  67

  
	
  Section 12.07

  	
  Judgment Currency

  	
  67

  
	
  Section 12.08

  	
  Governing Law

  	
  68

  
	
  Section 12.09

  	
  Submission to Jurisdiction; Appointment of Agent for
  Service

  	
  68

  
	
  Section 12.10

  	
  No Adverse Interpretation of Other Agreements

  	
  68

  
	
  Section 12.11

  	
  Successors

  	
  69

  
	
  Section 12.12

  	
  Severability

  	
  69

  
	
  Section 12.13

  	
  Counterpart Originals

  	
  69

  
	
  Section 12.14

  	
  Table of Contents, Headings,
  etc.

  	
  69

  

 

iii

 

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

  

 

iv

 

INDENTURE
dated as of January 20, 2010 among UPCB Finance Limited, The Bank of New
York Mellon, as trustee, registrar, transfer agent, principal paying agent and
security agent, and The Bank of New York Mellon, London Branch, as Transparency Directive Agent.

 

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 75/8% Senior Secured Notes due 2020 (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 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 Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Notes sold in
reliance on Rule 144A.

 

“Additional Facilities”
has the meaning ascribed thereto in the UPC Broadband Holding Bank Facility as
in effect on the Issue Date.

 

“Additional Notes” means additional Notes (other than the
Initial Notes) issued under this Indenture in accordance with Sections 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,
additional paying agent or the Transparency Directive Agent.

 

“Applicable Premium” means, with respect
to a Note at any Redemption Date prior to January 15, 2015 applicable to
the redemption of such Note, the excess of:

 

(1)                                 the present
value at such Redemption Date of (i) the redemption price of the Note at January 15,
2015 (such redemption price being described under Section 3.07(c)) plus (ii) all
required remaining scheduled interest payments due on the Notes through January 15,
2015 (excluding accrued and unpaid interest to the Redemption Date), computed
using a discount rate equal to the Bund Rate plus 50 basis points; over

 

(2)                                 the principal
amount of the Notes.

 

“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, Euroclear and Clearstream that apply to such
transfer or exchange.

 

“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.

 

1

 

“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.

 

“Available Disposal Proceeds” with respect to any Disposal
Proceeds that are required to be applied to prepay Additional Facilities
pursuant to Clause 7.6 (Mandatory prepayment from
disposal proceeds) of the UPC Broadband Holding Bank Facility, an
amount of such Disposal Proceeds that bears the same proportion to the total
Disposal Proceeds as the aggregate principal amount of the Finco Loan bears to
the aggregate principal amount of all Advances (as such term is defined in the
UPC Broadband Holding Bank Facility as in effect on the Issue Date) outstanding
under the UPC Broadband Holding Bank Facility.

 

“Average Life”  means, as of the date of determination, with respect to any
Financial Indebtedness, the quotient obtained by dividing (i) 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 Financial
Indebtedness multiplied by the amount of such payment by (ii) the sum of
all such payments.

 

“Bank Account Collateral” means sums of money held from time
to time in all bank accounts of the Issuer (excluding the Share Capital
Account).

 

“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 Cayman Islands) 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.

 

“Book-Entry Interest” means ownership of interest in a Global
Note.

 

“Board of Directors” means, as to any Person, the board of
directors of such Person or any duly authorized committee thereof.

 

“Bund Rate” means, with respect to any relevant date, the
rate per annum equal to the semi-annual equivalent yield to maturity as of such
date of the Comparable German 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 relevant 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 relevant date to January 15,
2015, 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 January 15, 2015; provided,
however, that, if the period

 

2

 

from such relevant date to January 15,
2015, 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 relevant
date January 15, 2015, is less than one year, a fixed maturity of one year
shall be used;

 

(2)                                 “Comparable German Bund
Price” means, with respect to any relevant 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 consultation with the Trustee; and

 

(4)                                 “Reference German Bund
Dealer Quotations” means, with respect to each Reference German Bund
Dealer and any relevant date, the average as determined by the Parent 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 Parent
by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time
on the third business day in Frankfurt preceding the relevant date.

 

“Business Day”  means
a day (other than a Saturday or Sunday) on which banks are open for general
business in London, England and Amsterdam, the Netherlands.

 

“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.

 

“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 the Issue Date (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 the UPC Broadband Holding
Bank 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 S&P or “A” or the equivalent thereof by Moody’s

 

3

 

(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 S&P or “P-2” or the equivalent thereof by Moody’s, 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.

 

“Collateral”  means the (i) Issuer
Share Collateral, (ii) the UPCB Loan Collateral, (iii) the Deed of
Covenant Collateral, (iv) the UPCB Fee Letter Collateral, (v) the UPC
Expenses Agreement Collateral, (vi) the Bank Account Collateral and (vii) any
other rights, property and assets over which security is granted to secure the
Notes pursuant to the Notes Security Documents.

 

“Clearstream” means Clearstream Banking, S.A.

 

“common depositary” means The Bank
of New York Mellon as common depositary until a successor replaces it and
thereafter means the successor serving hereunder.

 

“continuing” means, with respect to any Default or Event of
Default, that such Default or Event of Default has not been cured or waived.

 

“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.

 

“Custodian” means the Trustee, as custodian with respect to
the Notes in global form, or any successor entity thereto.

 

“Debenture” means the debenture dated the
Issue Date between the Issuer and the Security Agent.

 

“Deed of Covenant” means the deed of
covenant dated the Issue Date by and among the Issuer, UPC Broadband Holding
and UPC Financing, substantially in the form of the deed attached as Annex C to
the Offering Memorandum.

 

“Deed of Covenant Collateral” means the
Issuer’s rights under the Deed of Covenant.

 

“Default” means any event that is, or with
the passage of time or the giving of notice 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 B.

 

“Depositary” means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in this
Indenture as the Depositary with respect to the Notes, and any and all
successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

4

 

“Disposal Proceeds” means certain proceeds of asset disposals
with which UPC Broadband Holding and UPC Financing are required to prepay, or
procure the prepayment of (in either case, unless otherwise waived in
accordance with the provisions of the UPC Broadband Holding Bank Facility), the
Additional Facilities under the UPC Broadband Holding Bank Facility pursuant to
the terms of the UPC Broadband Holding Bank Facility.

 

“Early Redemption Event” means voluntary prepayment of all or
any portion of the Finco Loan by UPC Broadband Holding pursuant to Clause 7.3 (Voluntary Prepayment) of the UPC Broadband Holding Bank
Facility.

 

“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.

 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of
the Euroclear system.

 

“European Union” means the European Union as of the Issue
Date, including Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom.

 

“Exchange Act” means the United States Securities Exchange
Act of 1934, as amended.

 

“Financial Indebtedness”
has the meaning ascribed thereto in the UPC Broadband Holding Bank Facility as
in effect on the Issue Date.

 

“Finco Loan” means any loan advanced by
the Issuer to UPC Financing pursuant to the Finco Accession Agreement.

 

“Finco Accession Agreement”
means the €500 million additional facility accession agreement dated the Issue
Date between, among others, the Issuer and UPC Financing, substantially in the
form of the agreement attached as Annex B to the Offering Memorandum, and each
other accession agreement to the UPC Broadband Holding Bank Facility entered
into, among others, the Issuer and UPC Financing in connection with the
issuance of Additional Notes under this indenture, in substantially the same
form.

 

“GAAP” means generally accepted accounting principles in the
United States (“U.S. GAAP”) as in
effect as of the Issue Date or, with respect to Section 4.03, as in effect
from time to time. At any time after the Issue Date, the Issuer may elect to
apply for all purposes of this Indenture, in lieu of U.S. GAAP, IFRS, and,
upon such election, references to GAAP herein will be construed to mean IFRS as
in effect at the Issue Date; provided that
(1) any such election once made shall be irrevocable (unless (a) such
an election was made in order to comply with applicable law with respect to the
reporting standards of the Issuer and (b) subsequent to such election,
such applicable law is modified or rescinded, and at the time of such
modification or rescission, Liberty prepares its consolidated financial
statements in accordance with U.S. GAAP), (2) all financial
statements and reports to be provided, after such election, pursuant to this
Indenture shall be prepared on the basis of IFRS as in effect from time to time
(including that, upon first reporting its fiscal year results under IFRS, the
Issuer shall restate its financial statements on the basis of IFRS for the
fiscal year ending immediately prior to the first fiscal year for which
financial statements have been prepared on the basis of IFRS), and (3) from
and after such election, all ratios, computations, and other determinations
based on GAAP contained in this Indenture shall be computed in conformity with
IFRS with retroactive effect being given thereto assuming that such election
had been made on the Issue Date.

 

5

 

“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).

 

“Government Obligations” means direct
obligations (or certificates representing an ownership interest in such
obligations) of Ireland, Belgium, the Netherlands, France, Germany, any other
country that is a member of the European Monetary Union or the United States of
America (including any agency or instrumentality thereof), as the case may be,
for the payment of which the full faith and credit of such country, as the case
may be, is pledged and which are not callable or redeemable at the Issuer’s
option.

 

“guarantee” means a guarantee other than by endorsement of
negotiable instruments for collection or deposit in the ordinary course of
business, direct or indirect, in any manner including, without limitation, by
way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Financial Indebtedness
(whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services, to take or pay or
to maintain financial statement conditions or otherwise).

 

“guarantor” means the obligor under a guarantee.

 

“Holder” means a Person in whose name a Note is registered on
the Registrar’s books.

 

“IFRS”  means the
accounting standards issued by the International Accounting Standards Board and
its predecessors.

 

“Indenture” means this Indenture, as amended or supplemented
from time to time.

 

“Indirect Participant” means a Person who holds a beneficial
interest in a Global Note through a Participant.

 

“Initial Notes” means the first €500,000,000 aggregate
principal amount of Notes issued under this Indenture on the Issue Date.

 

“Instructions” means Oral Instructions and Written
Instructions.

 

“Interest Payment Date” has the meaning given to it in the
Notes.

 

“Issue Date”  means January 20,
2010.

 

“Issuer” means UPCB Finance Limited and any successor (by merger,
consolidation, transfer, conversion of legal form or otherwise) to all or
substantially all of its assets.

 

“Issuer Share Collateral” means all of the issued shares of
the Issuer.

 

“LGE Financing” means Liberty Global Europe Financing B.V.

 

“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.

 

6

 

“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.

 

“Majority Lenders”
has the meaning ascribed thereto in the UPC Broadband Holding Bank Facility as
in effect on the Issue Date.

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“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.

 

“Notes Security Documents”
means the Share Charge, the Debenture and each other document evidencing the
security interests granted over the Collateral and any other agreement or
instrument from time to time governing a grant of a security interest permitted
under this Indenture to secure the obligations under the Notes.

 

“obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities or amounts
payable under the documentation governing any Financial Indebtedness.

 

“Offering Memorandum” means the final Offering Memorandum,
dated January 13, 2010, relating to the offer of the Initial Notes.

 

“Officer” of any Director or the Secretary of the Issuer or
any equivalent position.

 

“Officer’s Certificate”  means a
certificate signed by an Officer.

 

“Opinion of Counsel” means a written opinion of counsel, who
may be counsel to the Issuer and/or a member of the UPCH Group (and may include
employees of the Issuer or a member of the UPCH Group) and who is acceptable to
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.

 

“outstanding” with respect to the Notes has the meaning given
to it in Section 2.09.

 

“Participant” means, with respect to the Depositary,
Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear
or Clearstream, respectively.

 

“Permitted Issuer Liens”  means:

 

(1)                                 Liens for
taxes, assessments or government charges or levies on the assets of the Issuer
if the same shall not at the time be delinquent or thereafter can be paid
without penalty, or are being contested in good faith by appropriate
proceedings promptly instituted and diligently concluded; provided that any reserve or other
appropriate provision that shall be required in conformity with GAAP shall have
been made therefor;

 

7

 

(2)                                 Liens created
for the benefit of (or to secure) the Notes (including any Liens granted
pursuant to the Notes Security Documents);

 

(3)                                 Liens granted
to the Trustee for its compensation and indemnities pursuant to this Indenture;
and

 

(4)                                 Liens with
respect to bankers’ liens, rights of set-off or similar rights or remedies in
respect of cash maintained in bank accounts or certificates of deposit.

 

“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 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.

 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 

“Redemption Date” means, when used with respect to any Note
to be redeemed pursuant to this Indenture, the date fixed for such redemption.

 

“Regulation S” means Regulation S promulgated under the U.S.
Securities Act.

 

“Regulation S Global Note” means a Global Note substantially
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 Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount of the Notes sold in reliance on Rule 903
of Regulation S.

 

“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.

 

“Rule 144” means Rule 144 promulgated under the
U.S. Securities Act.

 

“Rule 144A” means Rule 144A promulgated under the U.S.
Securities Act.

 

“Rule 903” means Rule 903 promulgated under the
U.S. Securities Act.

 

“Rule 904” means Rule 904 promulgated under the
U.S. Securities Act.

 

8

 

“S&P” means Standard and Poor’s Ratings Group.

 

“SEC” means the United States Securities and Exchange
Commission.

 

“Security Agent” means The Bank of New York Mellon, acting as
agent pursuant to this Indenture and the Notes Security Documents or any
successor or replacement Security Agent, acting in such capacity.

 

“Share Capital Account” means the bank
account of the Issuer in which the Issuer has deposited the proceeds of its
share capital in the amount of US$250.00 and the transaction fee in the amount
of US$250.00, and such other amounts as may be deposited from time to time in
connection with the issuance of Additional Notes as permitted under this
Indenture.

 

“Share Charge” refers to a charge granted
by the Share Trustee in favor of the Security Agent to be dated the issue date
of the Notes.

 

“Share Trustee”
means Maples Finance Limited or its successor or assigns as share trustee
pursuant to the Shareholder Trust.

 

“Shareholder Trust”
means the trust established under the laws of the Cayman Islands in respect of
the issued shares of the Issuer which trust is established pursuant to the
Declaration of Trust dated 12 January, 2010.

 

“Stated Maturity” means, with respect to any installment of
interest or principal on any series of Financial Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the
documentation governing such Financial Indebtedness as of the date of this
Indenture, and will not include any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally
scheduled for the payment thereof.

 

“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.

 

“TIA” means the Trust Indenture Act of 1939, as amended (15
U.S.C. §§ 77aaa-77bbbb).

 

“Transaction Documents” means the Finco Accession Agreement,
the UPCB Fee Letter, the Deed of Covenant and the UPC Expenses Agreement
collectively.

 

“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.

 

“Unrestricted Global Note” means a Global Note that does not
bear and is not required to bear the Private Placement Legend.

 

“UPC Broadband Holding”
means UPC Broadband Holding B.V. and any successor (by merger,
consolidation, transfer, conversion of legal form or otherwise) to all or
substantially all of its assets.

 

9

 

“UPC Broadband Holding Bank
Facility” means the Senior Secured Credit Facility Agreement dated January 16,
2004 (as amended on May 10, 2006, December 11, 2006, April 16,
2007, April 30, 2009 and June 9, 2009) between UPC Broadband Holding,
the obligors listed therein, Toronto Dominion (Texas) LLC, as facility
agent, and TD Bank Europe Limited as security agent.

 

“UPC Exchange Transaction” means an
exchange offer by UPC Broadband Holding or UPC Financing 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 Exchange Act and any other applicable
securities law or regulation, (v) UPC Broadband Holding or UPC Financing
accepts for exchange all Notes tendered in such exchange offer and issues the
relevant UPC Qualified Notes in exchange therefor and (vi) the exchange
offer is open to all Holders of the Notes on substantially similar terms.

 

“UPC Expenses Agreement” means the
expenses agreement dated January 13, 2010 by and among LGE Financing and
the Issuer.

 

“UPC Expenses Agreement Collateral” means
the Issuer’s rights under the UPC Expenses Agreement (excluding the Issuer’s
rights to be indemnified in respect of fees, costs, expenses and any other
amounts payable to parties that do not benefit from the security interests in the
Collateral).

 

“UPC Financing”
means UPC Financing Partnership and any successor (by merger, consolidation,
transfer, conversion of legal form or otherwise) to all or substantially all of
its assets.

 

“UPCB Facility Agent”
means Toronto Dominion (Texas) LLC, acting as facility agent pursuant to
the UPC Broadband Holding Bank Facility or any successor or replacement UPCB
Facility Agent, acting in such capacity.

 

“UPCB Fee Letter” means the fee letter
agreement dated the Issue Date by and among the Issuer and UPC Financing
relating to the payment of certain fees to the Issuer by UPC Financing.

 

“UPCB Fee Letter Collateral”
means the Issuer’s rights under the UPCB Fee Letter.

 

“UPCB Group” means UPC Broadband Holding
and its Subsidiaries and includes UPC Financing.

 

 “UPCB Lender” and “UPCB
Lenders” means a lender or lenders under the UPC Broadband Holding
Bank Facility from time to time.

 

“UPCB Loan Collateral” means the Issuer’s
rights to and benefit in the Finco Loan (including all rights of the Issuer as a
UPCB Lender under the UPC Broadband Holding Bank Facility and the Finco
Accession Agreement).

 

“UPCB Loans” means
advances extended to UPC Financing and/or UPC Broadband Holding under the UPC
Broadband Holding Bank Facility.

 

“UPCB Loan Documents”
means the UPC Broadband Holding Bank Facility and any other agreements
designated a “finance document” under the UPC Broadband Holding Bank Facility.

 

10

 

“UPCB Security Agent”
means TD Bank Europe Limited, acting as security agent pursuant to the UPC
Broadband Holding Bank Facility or any successor or replacement UPCB Security
Agent, acting in such capacity.

 

“UPCB Tax Event” means occurrence of
optional prepayment of the Finco Loan pursuant to Clause 7.9(a)(i) (Right of prepayment and cancellation in relation to a single Lender)
of the UPC Broadband Holding Bank Facility.

 

 “UPCH Group”
means UPC Holding and its Subsidiaries.

 

“UPC Holding”
means UPC Holding B.V. and any successor (by merger, consolidation,
transfer, conversion of legal form or otherwise) to all or substantially all of
its assets.

 

“UPC Qualified Notes” means senior
notes issued by UPC Broadband Holding or UPC Financing; provided that (i) such senior notes will be guaranteed
and secured to the same extent that other senior Financial Indebtedness of UPC
Broadband Holding existing on the date of the UPC Exchange Transaction is
guaranteed or secured; provided that
in any event such senior notes will be secured to the same extent as UPC
Broadband Holding’s senior Financial Indebtedness existing on the Issue Date, (ii) the
Financial Indebtedness incurred under such senior notes is permitted to be
incurred pursuant to the terms and conditions of any other Financial
Indebtedness of UPC Holding and its Subsidiaries outstanding upon consummation
of the UPC Exchange Transaction, (iii) the terms and conditions of such
senior notes (other than with respect to pricing and redemption) and the
indenture governing such senior notes 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, (vii) the
Stated Maturity of such senior notes will be no later than the Stated Maturity
of the Notes, and (viii) the exchange offer is not conditioned upon
Holders of the Notes consenting to any amendment to the terms of the Notes or
this Indenture.

 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated
under the U.S. Securities Act.

 

“U.S.  Securities Act”
means the United States Securities Act of 1933, as amended, as amended, and the
rules and regulations promulgated pursuant thereto.

 

“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.

 

	
   

  	
   

  	
  Defined in

  
	
  Term

  	
   

  	
  Section

  
	
   

  	
   

  	
   

  
	
  “Additional Amounts”

  	
   

  	
  4.19

  
	
  “Additional Facility Commitments”

  	
   

  	
  9.01

  
	
  “Asset Sale Offer”

  	
   

  	
  4.10

  
	
  “Asset Sale Offer Amount”

  	
   

  	
  3.10

  
	
  “Asset Sale Offer Period”

  	
   

  	
  3.10

  
	
  “Asset Sale Purchase Date”

  	
   

  	
  3.10

  
	
  “Authentication Order”

  	
   

  	
  2.02

  

 

11

 

	
   

  	
   

  	
  Defined in

  
	
  Term

  	
   

  	
  Section

  
	
   

  	
   

  	
   

  
	
  “Authorized Agent”

  	
   

  	
  12.09

  
	
  “Change of Control”

  	
   

  	
  4.15

  
	
  “Commitments”

  	
   

  	
  9.01

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Exchange Date”

  	
   

  	
  6.08

  
	
  “Exchange Triggering Event”

  	
   

  	
  6.08

  
	
  “Irish Paying Agent”

  	
   

  	
  2.03

  
	
  “Issuer Tax Event”

  	
   

  	
  4.19

  
	
  “Judgment Currency”

  	
   

  	
  12.07

  
	
  “New Lender”

  	
   

  	
  6.08

  
	
  “Noteholder Consent”

  	
   

  	
  9.01

  
	
  “Novation Certificate”

  	
   

  	
  6.08

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Payor”

  	
   

  	
  4.19

  
	
  “Register”

  	
   

  	
  2.03

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Regular Record Date”

  	
   

  	
  2.04

  
	
  “Relevant Taxing Jurisdiction”

  	
   

  	
  4.19

  
	
  “Required Currency”

  	
   

  	
  12.07

  
	
  “Taxes”

  	
   

  	
  4.19

  
	
  “Tax Redemption Date”

  	
   

  	
  3.09

  
	
  “Transparency Directive Agent”

  	
   

  	
  2.03

  
	
  “UPCB Event of Default”

  	
   

  	
  6.01

  
	
  “UPC Broadband Holding Bank
  Facility Decision”

  	
   

  	
  9.01

  

 

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;

 

(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          References to UPC
Broadband Holding Bank Facility

 

Whenever
this Indenture refers to the numbered clauses or sections of the UPC Broadband
Holding Bank Facility, such reference shall be to such clauses or sections as

 

12

 

numbered on the Issue Date and, in the event the
UPC Broadband Holding Bank Facility is amended or supplemented after the Issue
Date, such reference shall be to any substantially similar clause or section
after such amendment or supplement whether numbered the same or differently
after such amendment or supplement.

 

Section 1.05          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 U.S. 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.

 

13

 

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.  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.  As a condition to issuance of Additional
Notes by the Issuer pursuant to this Indenture, UPC Financing will enter into
one or more accession agreements under the UPC Broadband Holding Bank Facility,
each of which will constitute a Finco
Accession Agreement for purposes of this Indenture and related
documents. The proceeds of any such Additional Notes will be loaned to UPC
Financing pursuant to a loan under such Finco Accession Agreement, each such
loan will constitute a “Finco Loan”
for purposes of this Indenture and related documents. Consideration for any
Additional Notes may be paid in cash, in exchange for existing UPCB Loans or
otherwise.

 

(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 €500,000,000, 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

 

14

 

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.

 

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”

  

 

15

 

In
authenticating the Notes hereunder, the Trustee or the Authenticating Agent, as
applicable, shall be entitled to receive and shall be fully protected in
relying upon (i) an Opinion of Counsel substantially to the effect that (A) the
Notes are in the form contemplated by this Indenture and (B) this
Indenture and such Notes have been duly authorized, executed, issued and
delivered by the Issuer and constitute valid and legally binding obligations of
the Issuer, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium, or similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles; and (ii) an Officer’s Certificate stating, to the best
knowledge of the signer of such certificate, that no event which is, or after
notice or lapse of time would become, an Event of Default with respect to any
of the Notes shall have occurred and be continuing.

 

Section 2.03           Registrar and Paying
Agent

 

The
Issuer shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange and where Notes may be presented for
payment (each, a “Paying Agent”).  For so long as the Notes are admitted to the
official list of the Irish Stock Exchange and trading on its Global Exchange
Market and its rules so require, the Issuer will also maintain such an
office or agency in Dublin (the “Irish Paying Agent”).  If, after the Issue 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) where a Paying Agent would not be obliged to withhold or deduct such tax.

 

The
Issuer will also maintain a registrar (the “Registrar”)
and one or more transfer agents.  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,
London Branch as the Transparency Directive Agent (the “Transparency
Directive Agent”) and acknowledges that The Bank of New York Mellon,
London Branch has accepted such appointment. 
So long as The Bank of New York Mellon and The Bank of New York Mellon,
London Branch 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.

 

16

 

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 Notes
Security Documents); and neither the Issuer, any Paying Agent, the Registrar,
the Trustee nor any agent of the Issuer, any Paying 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
Euroclear, Clearstream or their nominees or impair, as between Euroclear,
Clearstream, 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.

 

17

 

Section 2.07           Transfer and Exchange

 

(a)           Transfer and Exchange of Global Notes.

 

(1)           The Global Notes may not be transferred except as a whole
by a Depositary to a Common Depositary or a nominee of such Common Depositary,
by a Common Depositary or a nominee of such Depositary to such Depositary or to
another nominee or Common Depositary of such Depositary, or by such Common
Depositary or Depositary or any such nominee to a successor Depositary or
Common Depositary or a nominee thereof.

 

(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 Depositary and a successor
Depositary is not appointed by the Issuer within 120 days; (B) in whole,
but not in part, if the Issuer or the Depositary so requests following an Event
of Default; or (C) if the holder 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 relevant
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 

 

18

 

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.

 

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 the Regulation S Global Note may be transferred to a Person who takes
delivery thereof in the form of a Book-Entry Interest in the 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 the Regulation S Global Note and
increase Schedule A to the 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 the 144A Global Note may be transferred to a Person who takes
delivery thereof in the form of a Book-Entry Interest in the 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 the Regulation S Global Note and
decrease Schedule A to the 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:

 

19

 

(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 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 the 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, 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),
the Regulation S Global Note and (B) in the case of a transfer pursuant to
Section 2.07(f)(2), the 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 

 

20

 

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 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

 

21

 

(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 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 (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “U.S. SECURITIES
ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES
ACT) EXCEPT TO (A) QUALIFIED INSTITUTIONAL BUYERS IN RELIANCE ON THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT
PROVIDED BY RULE 144A OR (B) PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE
ON REGULATION S. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER
OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE
AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) FOR SO LONG AS
THE NOTES ARE ELIGIBLE FOR RESALE UNDER RULE 144A, IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A; (II) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
U.S. SECURITIES ACT; OR (III) TO THE ISSUER, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN THIS LEGEND.

 

BY ACCEPTING THIS NOTE (OR
AN INTEREST IN THE NOTES REPRESENTED HEREBY) EACH ACQUIRER AND EACH TRANSFEREE
IS DEEMED TO REPRESENT, WARRANT AND AGREE THAT AT THE 

 

22

 

TIME OF ITS ACQUISITION AND
THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER
(A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT
HOLDS SUCH NOTES OR ANY INTEREST THERE IN IT WILL NOT BE, AND WILL NOT BE
ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF
THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I
OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL
REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT
PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN
INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO
ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION
PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND
NO PART OF THE ASSETS USED BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY
INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A
GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION,
HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN DOES NOT AND WILL
NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE
OF A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A NON-EXEMPT VIOLATION OF ANY
SIMILAR LAWS); (2) NEITHER ISSUER NOR ANY OF ITS AFFILIATES IS A
“FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT
TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF “FIDUCIARY”
UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER OR HOLDER IN CONNECTION WITH
ANY PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT OF ANY EXERCISE BY THE
ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND
NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS FORMED A PRIMARY
BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER
IN CONNECTION WITH THE NOTES AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO
THE NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY
INTEREST HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO
MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS
ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE.”

 

(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 

 

23

 

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, 4.15 and
9.06).

 

(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, 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 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 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 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 an Asset Sale 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.

 

The
Trustee shall have no responsibility for any actions or omissions of either
Euroclear or Clearstream.

 

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 

 

24

 

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 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 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.

 

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.

 

25

 

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           Common Code and ISIN
Number

 

The
Issuer in issuing the Notes may use a “Common Code” number
or an “ISIN” number, and if so, such Common
Code and/or ISIN number shall be included in notices of redemption or purchase
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 Common Code
and/or ISIN 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.  The Issuer will promptly notify the Trustee
and each Agent of any change in the Common Code and/or ISIN number.

 

Section 2.15           Deposit of Moneys

 

Prior
to 12:00 p.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 Sale Offer, and on the Business Day
immediately following any acceleration of the Notes pursuant to Section 6.02,
the Issuer shall deposit (or cause to be deposited) with the Principal Paying
Agent in immediately available funds money in euro sufficient to make cash
payments, if any, due on such Interest Payment Date, maturity date, Redemption
Date, the payment date relating to an Asset Sale Offer, or Business Day, as the
case may be.  All such payments so made
to the Principal 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 Sale 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

 

26

 

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 Officer’s
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; and

 

(4)           the redemption price.

 

Section 3.02           Selection of Notes to Be
Redeemed or Purchased

 

If
less than all of the Notes 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
national 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.  Notices of redemption may not be conditional.
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, as applicable. On or
after the Redemption Date, interest shall cease to accrue on the Notes or
portions of the Notes which have been redeemed on such Redemption Date.

 

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 listed on the Irish Stock Exchange and the rules of the Irish Stock
Exchange so require, any such notice to the Holders of the relevant Notes will also
be published in a newspaper having a general circulation in Ireland and, in
connection with any redemption, the Issuer (or UPC Broadband Holding on behalf
of the Issuer) will notify the Irish Stock Exchange of any change in the
principal amount of Notes outstanding.

 

27

 

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 satisfaction and discharge of this Indenture pursuant to Article 11.

 

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 Common Code and/or ISIN 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 Common Code and/or ISIN number, 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 Officer’s 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.  A notice of
redemption may not be conditional.

 

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 

 

28

 

necessary to pay the redemption or purchase
price of, and accrued interest on, all Notes to be redeemed or purchased.

 

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 or repurchased 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.

 

Section 3.07           Optional Redemption

 

(a)           Except as set forth in Section 3.07(b), Section 3.08,
Section 3.09 and Section 3.10, the Notes are not redeemable until January 15,
2015.

 

(b)           Subject to Section 3.08, at any time prior to January 15,
2015, upon the occurrence of an Early Redemption Event, the Issuer will redeem
an aggregate principal amount of the Notes equal to the principal amount of the
Finco Loan prepaid in such Early Redemption Event, upon not less than
30 days nor more than 60 days’ notice in amounts of €50,000 and in
integral multiples of €1,000 in excess thereof, at a redemption price equal to
100% of the principal amount of Notes redeemed plus the Applicable Premium
(calculated as of a date no more than three Business Days prior to the date of
the relevant redemption notice) as of, and 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).

 

(c)           Subject to Section 3.08, on or after January 15,
2015, upon the occurrence of an Early Redemption Event, the Issuer will redeem
an aggregate principal amount of the Notes equal to the principal amount of the
Finco Loan prepaid in such Early Redemption Event, upon not less than
30 days 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 January 15 of the years set out
below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2015

  	
   

  	
  103.813

  	
  %

  
	
  2016

  	
   

  	
  102.542

  	
  %

  
	
  2017

  	
   

  	
  101.271

  	
  %

  
	
  2018 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

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.

 

29

 

(d)           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)           Any redemption pursuant to this Section 3.07 shall be
made subject to and in accordance with the terms of the UPC Broadband Holding
Bank Facility and the Finco Accession Agreement and pursuant to the provisions
of Sections 3.01 through 3.06.

 

Section 3.08           Special Optional  Redemption in connection with a UPC Exchange
Transaction

 

(a)           At any time following the Issue Date and subject to its
compliance with the UPC Broadband Holding Bank Facility and the other
agreements to which it is subject, UPC Broadband Holding or UPC Financing may
at its option initiate a UPC Exchange Transaction, pursuant to which it will
make an offer to all Holders of the Notes to exchange their Notes for senior
secured notes issued by UPC Broadband Holding or UPC Financing.

 

(b)           Notwithstanding Section 3.07, no premium Applicable
Premium or other premium set forth in Section 3.07(c) shall be
payable in connection with an Early Redemption Event that is made following the
completion of the UPC Exchange Transaction in accordance with the terms of this
Indenture, provided that the Issuer has given
notice of such prepayment not later than three Business Days prior to the
completion of the UPC Exchange Transaction and such prepayment is made on the
completion of the UPC Exchange Transaction.

 

(c)           In the event the Issuer elects to redeem the Notes in
accordance with Section 3.07 and Section 3.08 upon completion of the
UPC Exchange Transaction, the Issuer shall redeem all, but not less than all,
of the Notes issued under this Indenture not exchanged in the UPC Exchange
Transaction on the date of the prepayment of the Finco Loan pursuant to Section 3.08(a) and
Section 3.08(b) above, at a redemption price equal to the principal
amount thereof, 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.

 

Section 3.09           Redemption for Changes
in Withholding Taxes

 

Upon
the occurrence of an Early Redemption Event effected at any time following the
occurrence of an Issuer Tax Event (as defined in Section 4.19), or a UPCB
Tax Event, the Issuer may redeem the Notes, in whole, but not in part, at its
discretion at any time upon not less than 30 days nor more than 60 days’ notice
(which notice will be irrevocable) and given in accordance with Section 3.03
at a redemption price equal to the principal amount thereof, plus accrued and
unpaid interest, then due on the Notes redeemed to the applicable Redemption
Date (a “Tax Redemption Date”) (subject to the
rights of Holders of the Notes on the relevant record date to receive interest
due on the relevant Interest Payment Date), if, in the case of an Issuer Tax
Event only, on the next date on which any amount would be payable in respect of
the Notes, the Issuer has or would be required to pay Additional Amounts as a
result of:

 

(1)           any change in, or
amendment to, the laws or treaties (or any regulations or rulings promulgated
thereunder) of the Relevant Taxing Jurisdiction affecting taxation; or

 

(2)           any change in official
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),

 

30

 

and the Issuer cannot avoid any such payment
obligation taking reasonable measures available. For this purpose, reasonable
measures shall not include the Issuer changing or moving jurisdictions.

 

In the case of an Issuer Tax
Event, the Issuer shall not give any such notice of redemption earlier than
90 days prior to the earliest date on which the Issuer would be obligated
to make such payment or withholding if a payment in respect of the Notes were
then due. Notwithstanding the foregoing, the Issuer may not redeem the Notes
under Section 3.09 if the Relevant Taxing Jurisdiction changes under this
Indenture and the Issuer is obligated to pay any Additional Amounts as a result
of any change in, or amendment to, the laws or treaties (or any regulations or
rulings promulgated thereunder), or any change in official position regarding
the application, administration or interpretation of such laws, treaties,
regulations or rulings, of the then current Relevant Taxing Jurisdiction which,
at the time such Relevant Taxing Jurisdiction became the applicable Tax
Jurisdiction under this Indenture, was publicly announced or formally proposed.
Prior to the publication or, where relevant, mailing of any notice of
redemption of the Notes pursuant to the foregoing, the Issuer will deliver to
the Trustee an Opinion of Counsel to the effect that there has been such change
or amendment. In addition, before the Issuer publishes or mails notice of
redemption of the Notes as described above, it will deliver to the Trustee an
Officer’s Certificate to the effect that it cannot avoid its obligation to pay
Additional Amounts by the Issuer taking reasonable measures (for this purpose,
reasonable measures shall not include the Issuer changing or moving
jurisdictions) available to it (a) an Officer’s 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 (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 is entitled to
accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence
of the satisfaction of the conditions precedent as described above, in which
event it will be conclusive and binding on the Holders of Notes.

 

The foregoing provisions
regarding redemption for changes in withholding taxes will apply mutatis mutandis to any successor to the
Issuer after such successor person becomes a party to this Indenture.

 

Section 3.10           Offer to Purchase by
Application of Available Disposal Proceeds

 

In the event that, pursuant to Section 4.10(a),
the Issuer elects to make an Asset Sale Offer, it will follow the procedures
specified below.

 

The Asset Sale Offer shall
be made to all Holders of Notes to purchase the maximum principal amount of
Notes that may be purchased out of the Available Disposal Proceeds stated in
such notice at an offer price equal to 100% of the principal amount of the
Notes, plus accrued and unpaid interest and Additional Amounts, if any, to the
date of purchase, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant Interest Payment Date,
which offer price will be payable in cash in accordance with this Section 3.10
in a principal amount of €50,000 and in integral multiples of €1,000 in excess
thereof.

 

The
Asset Sale Offer 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 Sale Offer Period”).  No later than five Business Days after the
termination of the Asset Sale Offer Period (the “Asset Sale
Purchase Date”), the Issuer will purchase the principal amount of
Notes required to be purchased pursuant to this Section 3.10 and Section 4.10
(the “Asset Sale Offer Amount”) or, if less
than the Asset Sale Offer Amount has been so validly tendered, all Notes
validly tendered in response to the Asset Sale Offer.

 

31

 

If
the Asset Sale 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 Sale Offer.

 

Upon
the commencement of an Asset Sale 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 Sale Offer.  The
notice, which will govern the terms of the Asset Sale Offer, will state:

 

(1)                                  that the Asset Sale Offer is being made
pursuant to this Section 3.10 and Section 4.10(a) and the length
of time the Asset Sale Offer will remain open;

 

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

 

(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 Sale
Offer will cease to accrue interest after the Asset Sale Purchase Date;

 

(5)                                  that Holders electing to have a Note
purchased pursuant to an Asset Sale 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 Sale 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 Sale 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 Sale 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 surrendered by Holders thereof exceeds the Asset Sale Offer Amount,
the Trustee will select the Notes to be purchased on a pro rata basis based on the principal
amount of Notes surrendered (with such adjustments as may be deemed appropriate
by the Trustee so that only Notes in denominations of €50,000 and in integral
multiples of €1,000 in excess thereof, will be purchased); 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 Sale Purchase Date, the Issuer will, to the extent lawful,
accept for payment, on a pro rata
basis to the extent necessary, the Asset Sale Offer Amount of Notes or portions
of Notes so validly tendered and not properly withdrawn pursuant to the Asset
Sale Offer, or if less than the Asset Sale Offer Amount has been validly 

 

32

 

tendered and not properly withdrawn, all Notes
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
Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 3.10
and Section 4.10.  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 Sale Offer Period) mail or
deliver to each tendering Holder an amount equal to the purchase price of the
Notes so validly tendered and not properly withdrawn by such Holder and
accepted by the Issuer for purchase, and the Issuer will promptly issue a new
Note, and the Authenticating Agent, upon delivery of an Officer’s Certificate,
will authenticate and mail or deliver (or cause to be transferred by book
entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered; provided
that each such new Note will be in a principal amount of €50,000 and in
integral multiples of €1,000 in excess thereof. 
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 Sale Offer on the Asset Sale Purchase
Date.

 

The Issuer will comply with
the requirements of Rule 14e-1 under the U.S. Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of Notes pursuant
to an Asset Sale Offer. To the extent that the provisions of any securities
laws or regulations conflict with the Asset Sale Offer provisions of this
Indenture, the Issuer will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under Section 3.10
and Section 4.10 by virtue of such compliance.

 

Other than as specifically
provided in this Section 3.10, any purchase pursuant to this Section 3.10
shall be made pursuant to the provisions of Sections 3.01 through 3.06.

 

Section 3.11           Open Market Purchases of
UPCB Loans

 

In the event that any member
of the UPCH Group makes any offer to purchase or otherwise acquires any UPCB
Loans (whether through a tender offer process or other process) at a price
below the relevant prevailing market price for such UPCB Loans, and such offer
includes all or a portion of the Finco Loan held by the Issuer, the Issuer
shall make a contemporaneous offer to purchase the Notes on substantially
similar terms as the offer to purchase UPCB Loans; provided:

 

(1)           in no event will Holders of Notes be required to
participate in any such offer;

 

(2)           the consideration offered to Holders of Notes will not be
less than the consideration they would have received as UPCB Lenders in
connection with such offer to purchase UPCB Loans; and

 

(3)           UPC Broadband Holding and/or the Issuer shall have
confirmed to the Trustee that such purchases will not result in taxable income
for the Issuer, including upon the extinguishment of Indebtedness in connection
therewith, or that UPC Broadband Holding or LGE Financing will have agreed to
pay such income tax payable.

 

Prior to undertaking any
such repurchases, one or more members of the UPCH Group will enter into
arrangements providing for the payment of any fees and expenses incurred in
connection with any such offer.

 

ARTICLE 4.

COVENANTS

 

33

 

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 as of 10:00 a.m. (London time) on 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.

 

(b)           The Issuer shall pay interest (including post-petition
interest in any proceeding under any insolvency, bankruptcy, reorganization or
other similar law) on overdue principal and premium at the rate equal to 2.0%
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.

 

(c)           The Issuer will direct the UPCB Facility Agent and/or UPC
Financing to make all payments owing to the Issuer under the Finco Loan, the
UPC Broadband Holding Bank Facility and the Finco Accession Agreement to the
Principal Paying Agent for payment of the amounts owing under the Notes and
this Indenture in accordance with the terms of this Indenture.

 

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.  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           Information

 

(a)           For so long as any Notes are “restricted securities”
within the meaning of Rule 144(a)(3) under the U.S. Securities Act,
the Issuer shall, during any period in which it is neither subject to Section 13
or 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder,
provide to any holder or beneficial owner of such restricted securities or to
any prospective purchaser of such restricted securities designated by such
holder or beneficial owner or to the Trustee for delivery to such holder, beneficial
owner or prospective purchaser, in each case upon the request of such holder,
beneficial owner, prospective purchaser or Trustee, the information satisfying
the requirements of Rule 144A(d)(4) under the U.S. Securities Act.

 

(b)           Upon receipt from UPC Broadband Holding or the UPCB
Facility Agent of any report or other information pursuant to the terms of or
in respect of any UPC Broadband Holding Bank Facility, the Issuer will promptly
(and in any event, within three 

 

34

 

Business Days of receipt) deliver any such report or other
information to the holders of Notes. In the event such reports or other
information are furnished by or at the direction of UPC Broadband Holding or
the UPCB Facility Agent to “public” UPCB Lenders via an Internet website or an
electronic information provider, the Issuer shall procure that the Trustee, the
Holders of the Notes and holders of Book-Entry Interests are granted access to
such website or electronic information supplier in order to receive such
reports or other information at the same time as other “public” UPCB Lenders.

 

(c)           The Issuer will provide to the Trustee and will post by
website (or make similar disclosure) and shall make available to potential
investors in the Notes, within 150 days after the end of each fiscal year
ending subsequent to the Issue Date, the audited consolidated balance sheets of
the Issuer as of the end of the two most recent fiscal years (or such shorter
period as the Issuer has been in existence) and audited consolidated income
statements and statements of cash flow of Issuer for the three most recent
fiscal years (or such shorter period as the Issuer has been in existence), in
each case prepared in accordance with GAAP, including appropriate footnotes to
such financial statements and a report of the independent auditors on the
financial statements.

 

Section 4.04           Compliance Certificate

 

(a)           The Issuer is required to deliver to the Trustee, within
90 days after the end of each fiscal year, an Officer’s Certificate stating
that, in the course of the performance by the signers of their duties as
officers of the Company 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.

 

(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, a statement specifying such Default or Event of
Default and the action that is being taken in respect of such Default or Event
of Default. The Issuer, UPC Broadband Holding and LGE Financing will notify
promptly the Issuer, the Trustee, the Holders of Notes and the holders of
Book-Entry Interests in the Notes upon becoming aware of any breach (or other
event that would constitute or would be reasonably likely to result in a
default) under the UPC Broadband Holding Bank Facility, the Finco Accession
Agreement, the UPCB Fee Letter, the Deed of Covenant or the UPC Expenses
Agreement.

 

Section 4.05           Taxes

 

The
Issuer will 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

 

The
Issuer 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 the Issuer (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 with Respect
to Business Activities of the Issuer

 

Notwithstanding
anything contained in this Indenture to the contrary:

 

35

 

(1)           the Issuer shall 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 lending or otherwise
advancing of the proceeds thereof to the UPCB Group and any other activities in
connection therewith; (B) undertaken with the purpose of, and directly
related to, fulfilling any other obligations or enforcing any rights under this
Indenture, the Finco Loan, the Finco Accession Agreement and any Notes Security
Document to which it is a party or any other document relating to the Notes or
the Deed of Covenant, the UPC Expenses Agreement, or the UPCB Fee Letter; (C) undertaken
as investments in the Finco Loan or cash and Cash Equivalents; or (D) directly
related or reasonably incidental to the establishment and/or maintenance of the
Issuer’s corporate existence;

 

(2)           the Issuer shall not take any action
which would cause it to no longer satisfy the requirements of an available
exemption from the provisions of the U.S. Investment Company Act of 1940, as
amended;

 

(3)           the Issuer shall not (A) incur
any Financial Indebtedness other than as expressly permitted by Section 4.07(1);
(B) guarantee any obligations of any other Person; (C) issue any
shares (other than shares issued to the Share Trustee on or prior to the date
of this Indenture); (D) incur any Liens (other than Permitted Issuer
Liens); or (E) deposit additional amounts in its Share Capital Account
(other than amounts deposited in connection with the issuance of Additional
Notes);

 

(4)           for so long as any Notes are
outstanding, the Issuer shall not commence or take any action or facilitate a
winding-up, liquidation, dissolution or other analogous proceeding;

 

(5)           the Issuer shall not amend its
constitutive documents in any manner which would adversely affect the rights of
Holders of the Notes in any material respect;

 

(6)           except as otherwise provided in
this Indenture, the Issuer shall take all actions necessary and within its
power to prohibit the transfer of the issued shares in the Issuer by the Share
Trustee, except to the extent set forth in Article 6;

 

(7)           the Issuer shall not merge,
consolidate, amalgamate or otherwise combine with or into any Person or sell,
transfer, lease or otherwise dispose of any material property or assets to any
Person (other than any sale or other disposal of property or assets in
connection with the incurrence of a Permitted Issuer Lien, following any
enforcement action or as otherwise expressly permitted by this Indenture);

 

(8)           the Issuer shall use all
reasonable efforts to: (A) maintain books and records separate from any
other Person or entity; (B) maintain its accounts separate from those of
any other Person or entity; (C) not commingle its assets with those of any
other entity; (D) conduct its own business in its own name; (E) observe
all corporate formalities; (F) maintain an arms’-length relationship with
any Affiliates; (G) maintain separate financial statements; (H) pay
its own liabilities out of its own funds (other than those contemplated under
the Finco Loan, the Finco Accession Agreement, the UPCB Fee Letter and the UPC
Expenses Agreement and any related or similar agreement); (I) use separate
stationery; (J) hold itself out as a separate entity; and (K) correct
any known misunderstanding regarding its separate identity;

 

36

 

(9)           the Issuer (A) shall not
take any action that would impair any security interests over the Collateral
benefiting the Notes in any material respect (other than Permitted Issuer
Liens) and (B) shall take all actions (including making all filings and
registrations) that may be necessary for the purpose of the creation,
perfection, protection or maintenance of any Collateral subject to any Notes
Security Document;

 

(10)         the Issuer will use all amounts received (other than amounts
not corresponding to required payments under the Notes) under any Finco Loan
for application towards amounts payable under the Notes; and

 

(11)         the Issuer will not grant any waiver or agree to any
amendment or waive any rights under any of the Transaction Documents, except in
compliance with Article 9.

 

Section 4.08           [Reserved]

 

Section 4.09           [Reserved]

 

Section 4.10           Application
of Available Disposal Proceeds

 

(a)           If and to the extent (1) there
are any Available Disposal Proceeds for prepayment of the Finco Loan pursuant
Clause 7.6 (Mandatory prepayment from disposal proceeds) of the UPC Broadband
Holding Bank Facility and the Deed of Covenant and (2) to the extent UPC
Broadband Holding and UPC Financing elect, at their option, to cause the Issuer
to make an Asset Sale Offer pursuant to the UPC Broadband Holding Bank Facility
and the Deed of Covenant, UPC Financing shall prepay the Finco Loan in an
amount equal to the aggregate principal amount of the Notes tendered in such
Asset Sale Offer not to exceed the amount of the Available Disposal Proceeds,
and following receipt by the Issuer of notice from UPC Broadband Holding
delivered pursuant to Clause 2.1(a) of the Deed of Covenant, the Issuer
shall, within five Business Days after receipt of such notice, make an offer to
all Holders of the Notes (an “Asset Sale Offer”)
pursuant to Section 3.10.

 

Pursuant to the Deed of Covenant, UPC Broadband Holding and
UPC Financing agree to pay (or procure the payment of) an amount of Finco Loan
equal to the lesser of (i) the Available Disposal Proceeds and (ii) the
aggregate principal amount of Notes tendered in such Asset Sale Offer, and the
Issuer shall accept for purchase an equal aggregate principal amount of the
Notes in such Asset Sale Offer, in each case, pursuant to the Deed of Covenant
and this Indenture.

 

The Issuer and the Trustee shall promptly notify UPC
Broadband Holding of the aggregate principal amount of Notes tendered in such
Asset Sale Offer.  If the aggregate
principal amount of Notes tendered in such Asset Sale Offer exceeds the amount
of the Available Disposal Proceeds, the Trustee shall select the Notes to be
purchased as set forth in Section 3.10.

 

(b)           If and to the extent UPC
Broadband Holding and UPC Financing elect not to cause the Issuer to make an
Asset Sale Offer pursuant to Section 4.10(a), UPC Broadband Holding and
UPC Financing shall prepay the Finco Loan in an amount equal to the Available
Disposal Proceeds, plus accrued and unpaid interest on the Finco Loan to the
date of prepayment and shall give not less than ten Business Days’ notice of
any such prepayment to the Issuer pursuant to the Deed of Covenant and this
Indenture.

 

Following receipt of prepayment of the Finco Loan pursuant to
the preceding paragraph, the Issuer shall promptly redeem an aggregate
principal amount of the Notes equal to Available Disposal Proceeds at a
redemption price in cash equal to the

 

37

 

redemption
price that would be payable if such Notes were redeemed on such date pursuant
to Section 3.07, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant Interest Payment Date.

 

Section 4.11           [Reserved]

 

Section 4.12           [Reserved]

 

Section 4.13           [Reserved]

 

Section 4.14           Maintenance
of the Existence of the Issuer

 

The Issuer shall do or cause to
be done all things necessary to preserve and keep in full force and effect its
corporate existence, in accordance with the its constitutional documents (as
the same may be amended from time to time) and the rights (contractual and
statutory), licenses and franchises of the Issuer.

 

In addition, the Issuer agrees
that, except as set forth under Article 6, it will not register any
transfer of its issued shares by the Share Trustee.

 

Section 4.15           Redemption
Upon a Change of Control

 

Upon the occurrence of
mandatory prepayment of any or all of the Finco Loan following a “Change of Control” (as defined under Clause 7.4 (Change of Control) of the UPC Broadband
Holding Bank Facility), the Issuer will redeem the corresponding aggregate
principal amount of the Notes, subject to and in accordance with the notice
provisions of the UPC Broadband Holding Bank Facility, at a redemption price
equal to 101% of the principal amount of Notes redeemed plus accrued and unpaid
interest and Additional Amounts, if any, to the date of redemption, subject to
the rights of Holders of Notes on the relevant record date to receive interest
on the relevant Interest Payment Date.

 

Pursuant to the UPC Broadband
Holding Bank Facility, upon the occurrence of a Change of Control, the UPCB
Loans (including the Finco Loan) will only become due and payable if the
Majority Lenders so require, and the Issuer, as a UPCB Lender, shall be
entitled to vote the Finco Loan in accordance with Section 9.01.

 

Section 4.16           Minimum
Period for Consent under Loan Documents

 

In the event that the
Issuer, as a UPCB Lender, is eligible or required to vote (or otherwise consent)
with respect to any request by any member of the UPCB Group for any waiver,
amendment or supplement to any UPCB Loan Document or any other determination to
be made by the UPCB Lenders, the Issuer shall procure the agreement from the
applicable member of the UPCB Group that the period during which the Issuer, as
a UPCB Lender, will be eligible to validly vote (or otherwise consent) with
respect to any such waiver, amendment, supplement or determination will not be
less than 15 Business Days from the date when written request for such waiver,
amendment or supplement is first made to the UPCB Lenders. The Issuer will
distribute to Holders of the Notes, all holders of Book-Entry Interests in a
Global Note or otherwise make available (including through the facilities of
Euroclear and Clearstream) all documents related to any such waiver, amendment,
supplement or other determination distributed to the Issuer as a UPCB Lender,
including all documentation necessary to enable the holders of Notes to vote in
the manner set forth in Article 9, within three Business Days after the
date when written request for such waiver, amendment or supplement is first
made to the UPCB Lenders.

 

Section 4.17           Payments
for Consent

 

(a)           The Issuer will not, and will
procure that no member of the UPCB Group will, directly or indirectly, pay or
cause to be paid any consideration to or for the benefit of

 

38

 

any UPCB Lender for or as an inducement to any consent,
waiver or amendment under any UPCB Loan Document which is subject to the
consent of Majority Lenders or all UPCB Lenders unless:

 

(1)           such consideration is also
offered to be paid to the Issuer (as a UPCB Lender); and

 

(2)           if the Issuer consents, waives
or agrees to such consent, waiver or amendment in accordance with Section 9.01
in the time frame set forth in the solicitation documents relating thereto
(including any amendment or supplement thereto), the Issuer is paid such
consideration. The Issuer will promptly pay any such consideration received by
it to all consenting Holders of Notes on a pro
rata basis.

 

(b)           The Issuer will not, 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,
amendment or supplement of any of the terms or provisions of this Indenture or
the Notes 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,
amendment or supplement.

 

Section 4.18           Amendments
to Loan Documents to be applied equally to all UPCB Lenders

 

The Issuer shall procure
that no member of the UPCB Group will amend, waive or supplement any UPCB Loan
Document requiring the consent of Majority Lenders or all UPCB Lenders to
amend, waive or supplement, unless such amendment, waiver or supplement applies
to all UPCB Lenders; provided,
this covenant will not apply to:

 

(a)       any such amendment, waiver or
supplement that does not adversely affect the rights of the Issuer or the
Holders of the Notes in any material respect;

 

(b)       any amendment, waiver or
supplement consented to by Holders of a majority in aggregate principal amount
of the then outstanding Notes in compliance with Section 9.03 as if such
amendment, waiver or supplement were subject to the majority consent provisions
described thereunder; or

 

(c)           such amendment, waiver or
supplement has been consented to by the requisite UPCB Lenders (as determined
in accordance with the UPC Broadband Holding Bank Facility), including the
Issuer, but irrespective of whether the Issuer, acting on the instructions of
the holders of the Notes in accordance with the terms of this Indenture, has voted
in favor of the waiver, consent or amendment.

 

Section 4.19           Additional
Amounts

 

All payments made by the
Issuer or any successor 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 Cayman Islands 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

 

39

 

(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 (an “Issuer Tax Event”), including payments of principal,
redemption price, interest or premium, the Payor will make such deduction or
withholding, make payment of the amount so withheld to the Relevant Taxing
Jurisdiction and pay 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 but for the failure of the Holder or beneficial owner of such Note to
make a declaration of non-residence or any other claim or filing for exemption
to which it is entitled after receiving reasonable written notices, 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) within a reasonable period of time 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);

 

(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, capital gains, excise 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

 

40

 

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 4.19.

 

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 Irish Listing Agent if the Notes are then listed on the Irish Stock
Exchange.

 

Wherever mentioned in this
Indenture or the Notes in any context: (1) the payment of principal, (2) purchase
prices in connection with a redemption or purchase of Notes, (3) interest,
or (4) any other amount payable on or with respect to the Notes, such
reference will be deemed to include payment of Additional Amounts as described
under this Section 4.19 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.

 

In the event the Payor is
required to pay Additional Amounts, pursuant to the terms of the UPC Expenses
Agreement, LGE Financing will pay to the Payor an amount in cash equal to such
Additional Amounts to enable the Payor to make such payment.

 

The
obligations of this Section 4.19 regarding withholding taxes
will survive any termination, defeasance or discharge of this Indenture.

 

Section 4.20           Maintenance
of Rating

 

The Issuer shall use its
reasonable best efforts to maintain a rating of the Notes by Moody’s and
S&P, provided that, in the
event either Moody’s or S&P is no longer available to rate the Notes, the
Issuer shall use its reasonable best efforts to maintain a rating of the Notes
with another “nationally recognized statistical rating organization” as such
term is defined for purposes of Rule 436(g(2)) under the
U.S. Securities Act, such that in each case at least two “nationally
recognized statistical rating organization” rate the Notes. For as long as the
Notes are so rated, the Issuer shall furnish Moody’s and S&P or such other
nationally recognized statistical rating organization from time to time with
any and all documents, instruments, information and undertakings that may be
necessary in accordance with Moody’s and S&P or such other nationally
recognized statistical rating organization’s normal requirements in respect of
the Notes.

 

41

 

Section 4.21           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 4.22           Maintenance
of Listing

 

The Issuer will use its
reasonable best efforts to list and maintain the listing of the Notes on the
Irish Stock Exchange for so long as the Notes are outstanding; provided, however,
that if at any time the Issuer is unable to list the Notes on the Irish Stock
Exchange or if maintenance of such listing becomes unduly burdensome, it will,
prior to the delisting of the Notes from the Irish Stock Exchange, use its
reasonable best efforts to list and maintain a listing of the Notes on another
internationally recognized stock exchange.

 

ARTICLE
5.

THE
FINCO LOAN AND LIMITED RECOURSE OBLIGATIONS

 

Section 5.01           The
Finco Loan

 

On the Issue Date, the
Issuer shall enter into the Finco Accession Agreement with UPC Financing and
UPCB Facility Agent to accede to the UPC Broadband Holding Bank Facility as a UPCB
Lender and, shall advance the gross proceeds of the issuance of the Initial
Notes together with fees payable to it by UPC Broadband Holding under the UPCB
Fee Letter to fund a Finco Loan borrowed under an Additional Facility under the
UPC Broadband Holding Bank Facility.  The
principal amount of the Initial Notes, the maturity date, the interest rate and
currency, among other terms, shall be identical to the corresponding provisions
of the Finco Loan.

 

Section 5.02           Limited
Recourse Obligations

 

The obligations of the
Issuer under this Indenture, the Notes and the Notes Security Documents to
which it is a party shall be limited as set forth in this Indenture. All
payments to be made by the Issuer under this Indenture (including any
Additional Amounts), the Notes and the Notes Security Documents to which it is
a party will be made only from and to the extent of such sums received or
recovered by or on behalf of the Issuer, the Trustee or the Security Agent
under the Collateral, including the Issuer’s right under the UPC Broadband
Holding Bank Facility and the Transaction Documents and none of the Trustee,
the Security Agent, the Principal Paying Agent, the Registrar, the
Authenticating Agent and the Transparency Directive Agent or the Holders of
Notes will have any further recourse to the Issuer in respect thereof in the
event that the amount due and payable by the Issuer under this Indenture, the
Notes and the Notes Security Documents exceeds the amounts so received or
recovered under the Collateral, including the Issuer’s right under the UPC
Broadband Holding Bank Facility and the Transaction Documents.

 

Notwithstanding any
provision in this Indenture, the Notes, the Notes Security Documents or
otherwise to the contrary, the obligations of the Issuer to the Trustee, the
Security Agent, the Principal Paying Agent, the Registrar, the Authenticating
Agent and the Transparency Directive Agent and the Holders of the Notes under
this Indenture, the Notes and the Notes Security Documents shall be limited to
the proceeds of the realization of the Collateral as applied in accordance with
the provisions of Section 6.11. Having realized all the Collateral in
accordance with the Notes Security Documents and distributed the net proceeds
thereof in accordance with this Indenture, none of the Trustee, the Security
Agent, the Principal Paying Agent, the Registrar, the Authenticating Agent and
the Transparency Directive and the Holders of the Notes may take any further
steps to recover any sum still unpaid in respect of the Notes, this Indenture
or any of the Notes Security Documents or

 

42

 

otherwise and all obligations of and claims
against the Issuer in respect of any such sum due but still unpaid shall be
extinguished and shall not revive.

 

In addition, Holders of the
Notes shall not have a direct claim on the cash flow or assets of any member of
the UPCB Group and no member of the UPCB Group will have any obligation,
contingent or otherwise, to pay amounts due under the Notes, or to make funds
available to the Issuer for those payments, other than the obligations of UPC
Financing to make payments to UPCB Lenders under the UPC Broadband Holding Bank
Facility and the Finco Accession Agreement.

 

The provisions of this Section 5.02
shall survive the termination of this Indenture.

 

ARTICLE
6.

DEFAULTS
AND REMEDIES

 

Section 6.01           Events
of Default

 

Each of the following is an “Event of Default”:

 

(1)           default for three Business Days
in the payment when due of interest on the Notes;

 

(2)           default for one Business Day in
the payment when due (at maturity, upon redemption or otherwise) of the
principal of, or premium, if any, on, the Notes;

 

(3)           failure by the Issuer to comply
with its obligations under clauses (4), (5), (7) and (11) of Section 4.07,
Section 4.14  and Section 4.16;

 

(4)           failure by the Issuer for
28 days after notice to the Issuer by the Trustee or the Holders of at
least 25% in aggregate principal amount of Notes then outstanding to comply
with any of the agreements in this Indenture (other than those described in Section 6.01(1),
Section 6.01(2) and Section 6.01(3)) or the Notes;

 

(5)           breach by the Issuer or the
Share Trustee of any material representation or warranty in any Notes Security
Document to which it is a party, the repudiation by the Issuer or the Share
Trustee of any of its obligations under any Notes Security Document to which it
is a party or the unenforceability for any reason against the Issuer or the
Shareholder Trust of any Notes Security Document to which it is a party;

 

(6)

 

(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 in an involuntary case or proceeding under any
applicable Bankruptcy Law or (b) a decree or order adjudging the Issuer
bankrupt or insolvent, or seeking moratorium, reorganization, arrangement,
adjustment or composition of or in respect of the Issuer under any applicable
Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Issuer or of any
substantial part of its respective properties, or ordering the winding up or
liquidation of its 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 commences a
voluntary case or proceeding under any applicable Bankruptcy Law or any other
case or proceeding to be

 

43

 

adjudicated bankrupt or insolvent, or files for or has been
granted a moratorium on payment of its debts or files for bankruptcy or is
declared bankrupt;

 

(C)           the Issuer consents to the
entry of a decree or order for relief in respect of the Issuer 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 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),

 

(E)           the Issuer (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 or of any substantial part of its 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,

 

(F)           the whole or any substantial
part of the assets of the Issuer has been placed under administration, or

 

(G)           the Issuer takes any corporate
action in furtherance or any such actions in sub-clauses (B) through (F) of
Section 6.01(6); or

 

(7)           (a) failure by any party
thereto for 28 days to comply with any of the agreements in the Deed of
Covenant, the UPC Expenses Agreement or the UPCB Fee Letter or (b) the
repudiation by any party thereto of any of its obligations under any of the Deed
of Covenant, the UPC Expenses Agreement or the UPCB Fee Letter, the
unenforceability for any reason against any party thereto of the Deed of
Covenant, the UPC Expenses Agreement or the UPCB Fee Letter or any breach by
any party thereto of any material representation or warranty in the Deed of
Covenant, the UPC Expenses Agreement or the UPCB Fee Letter; or

 

(8)           (a) the occurrence of a
UPCB Event of Default that is continuing or (b) any breach by UPC
Broadband Holding or UPC Financing of any material representation or warranty
or any agreement in the Finco Accession Agreement.

 

For
purposes of Section 6.01(8), “UPCB
Event of Default” means an “Event of Default” as defined in the UPC
Broadband Holding Bank Facility (including the Finco Accession Agreement) as
then in effect.

 

Section 6.02           Acceleration

 

In the case of an Event of
Default under Section 6.01(6), with respect to the Issuer, all outstanding
Notes will become due and payable immediately without further action or
notice.  If any other Event of Default
(other than any Event of Default described in Section 6.01(8)) occurs and
is continuing, the Holders of at least 25% in aggregate principal amount of the
then outstanding Notes may declare all the Notes to be due and payable
immediately.

 

Section 6.03           Other
Remedies

 

Whether or not the Notes are
accelerated pursuant to Section 6.02, if any Event of Default (other than
any Event of Default described in Section 6.01(8)) occurs and is
continuing, any Lien over the Collateral granted under any Notes Security Document
will

 

44

 

become enforceable; provided however,
if an Event of Default as described in Section 6.01(8) occurs and is
continuing, any Lien over the (i) UPCB Loan Collateral, (ii) Deed of
Covenant Collateral, and (iii) UPC Expenses Agreement Collateral granted
under any Notes Security Document will become enforceable. If such Lien over
the Collateral becomes enforceable, the Trustee or Security Agent may at its
discretion and shall if so requested in writing by Holders representing at
least 25% of the principal amount of the Notes then outstanding enforce such
Lien in any manner permitted by the Notes Security Documents, including taking
possession of, appointing a receiver in respect of and/or realizing all or any
part of the Collateral.

 

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

 

The Holders of 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, rescind an
acceleration or waive any existing Default or Event of Default and its
consequences under this Indenture except a continuing Default or Event of
Default in the payment of interest, Additional Amounts or premium, if any, on,
or the principal of, the Notes (other than a payment default resulting
from an acceleration that has been rescinded).

 

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.

 

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

 

The Trustee and/or the
Security Agent will be under no obligation to exercise any of the rights or
powers under this Indenture at the request or direction of any Holders of Notes
unless such holders have offered to the Trustee and/or the Security Agent
indemnity or security satisfactory to it against any loss, liability or
expense. Except to enforce the right provided under Section 6.07 to
receive payment of principal, premium, if any, or interest or Additional
Amounts (if any) when due, no Holder of a Note may pursue any remedy (other
than the exchange of Notes for UPCB Exchange Loans pursuant to Section 6.08)
with respect to this Indenture or the Notes unless:

 

45

 

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

 

(2)           Holders of at least 25% in aggregate
principal amount of the then outstanding Notes have requested the Trustee
and/or the Security Agent to pursue the remedy;

 

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

 

(4)           the Trustee and/or the Security Agent 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 aggregate
principal amount of the then outstanding Notes have not given the Trustee
and/or the Security Agent 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 (but always subject to the provisions of Section 5.02
and Section 6.13), 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           Exchange
of Notes for UPCB Loans

 

Upon the occurrence of an
Event of Default under this Indenture which is continuing (an “Exchange Triggering Event”),
a Holder of Notes may exchange all or part of its Notes (including in
connection with a transfer to a third party) into a like aggregate principal
amount of Finco Loan equal to the aggregate principal amount of Notes so
exchanged, in each case, plus accrued interest up to but not including the day
of exchange (each, a “UPCB
Exchange Loan”), subject to the following procedures and conditions:

 

(1)           the date specified for
exchange (the “Exchange Date”)
shall be a date to be agreed between the Issuer and the exchanging Holder of
Notes, provided that the Issuer’s consent to
any Exchange Date from such exchanging Holder will not be unreasonably
withheld;

 

(2)           on or prior to the Exchange
Date, Notes to be exchanged will be delivered to a Paying Agent or Registrar
for cancellation;

 

(3)           the Issuer or the Trustee
and/or Security Agent promptly will deliver to the UPCB Facility Agent an
executed a “Novation Certificate” (as defined in the
UPC Broadband Holding Bank Facility) designating such Holder (or any Person
designated by such Holder) as the “New Lender” (as
defined in the UPC Broadband Holding Bank Facility) in respect of such UPCB
Exchange Loan;

 

(4)           the UPCB Exchange Loan will
be denominated in the same currency as the Notes exchanged;

 

46

 

(5)           in consideration of the
exchange of such Notes for the UPCB Exchange Loan, each of the Issuer, the
Holder of Notes and the Trustee and/or Security Agent hereby agrees to assign
any right that such person may be entitled to pursuant to the terms of the UPC
Broadband Holding Bank Facility to Pre-Transfer Accrued Interest (as defined in
the UPC Broadband Holding Bank Facility) on such Finco Loan transferred, and
the Issuer will direct the UPCB Facility Agent to pay such Pre-Transfer Accrued
Interest to such holder on the next date on which interest is payable under
such Finco Loan; and

 

(6)           the aggregate principal
amount of Notes being exchanged on any Exchange Date by a Holder is at least
€100,000.

 

UPC Broadband Holding has
irrevocably consented to the transfer to any Holder of Notes each UPCB Exchange
Loan exchanged for Notes pursuant to the terms of Section 6.08 and each
subsequent transfer of such UPCB Exchange Loan, subject to minimum transfer
amounts as set forth in the Finco Accession Agreement and other requirements of
a UPCB Lender under the UPC Broadband Holding Bank Facility.

 

Section 6.09           Collection
Suit by Trustee

 

If
an Event of Default specified in Section 6.01(1) or Section 6.01(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.

 

Section 6.10           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.

 

47

 

Section 6.11           Priorities

 

All
moneys received by the Trustee or the Security Agent under this Indenture, the
Notes or any Notes Security Document shall be held by the Trustee or the
Security Agent, as applicable, in trust to apply them:

 

First:            to the Trustee, the Security Agent, their
respective agents and attorneys for amounts due to any of them 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 6.11.

 

Section 6.12           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 6.12 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.

 

Section 6.13           Non
Petition

 

Each of the Trustee, the
Security Agent, the Principal Paying Agent and the Registrar and each Holder of
the Notes agrees that its rights against the Issuer under this Indenture and
the Notes will be limited to the extent that it will not take any action or
proceedings against the Issuer to recover any amounts due and payable by the
Issuer to it under this Indenture, the Notes or the Notes Security
Documents  except as expressly permitted
by the provisions of this Indenture, the Notes and the Notes Security
Documents. Each of the Trustee, the Security Agent, the Principal Paying Agent,
each Authenticating Agent, the Irish Transfer and Paying Agent  and the Registrar and each Holder of the
Notes further agrees that it will not, and in the case of a Holder of the Notes
will not request that the Trustee or the Security Agent on its behalf, petition
a court for, or take any other action or commence any proceedings for, the
liquidation or winding-up of the Issuer or any other bankruptcy or insolvency
proceedings with respect to the Issuer. The provisions of this Section 6.13
shall survive the termination of this Indenture.

 

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 

 

48

 

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 any 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.

 

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).

 

49

 

(b)           Before the Trustee acts or
refrains from acting, it may require an Officer’s 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 Officer’s 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 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(1) or Section 6.01(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 Officer’s 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, London Branch 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.

 

(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.

 

50

 

(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.

 

(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 Officer’s 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 Officer’s Certificate may be signed
by any person authorized to sign an Officer’s 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.

 

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 

 

51

 

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 or any supplement or amendment thereto, the Notes,
any Notes Security Documents or in any other role performed by The Bank of New
York Mellon in relation to the Notes, 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
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 

 

52

 

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 this Indenture 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(6) 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, London Branch), 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
bankrupt or 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.

 

(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 

 

53

 

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.

 

(g)           Notwithstanding any other
provision of this Section 7.08, the Trustee shall not resign until either (A) the
trust created by this Indenture has been completely liquidated and the proceeds
of the liquidation distributed to the Holders, or (B) a successor Trustee,
having the qualifications prescribed in Section 7.10, has been designated
and has accepted such trusteeship.

 

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 and who satisfies the requirements of Section 26(a)(1) of
the U.S. Investment Company Act of 1940, as amended, and that is not
affiliated, as that term is defined in Rule 405 under the U.S. Securities
Act, with the Issuer or with any person involved in the organization or
operation of the Issuer, which does not offer or provide credit or credit
enhancement to the Issuer.  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.

 

54

 

ARTICLE 8.

[RESERVED]

 

ARTICLE 9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           To
the UPC Broadband Holding Bank Facility or the Finco Accession Agreement

 

(a)           In the event that the Issuer,
as a UPCB Lender, is eligible or required to vote (or otherwise consent)
(including with respect to any enforcement decision) with respect to any matter
arising from time to time under the UPC Broadband Holding Bank Facility or
under the Finco Accession Agreement in which all UPCB Lenders are eligible or
required to vote (a “UPC
Broadband Holding Bank Facility Decision”), the Issuer shall solicit
votes (or other consents) from the holders of Notes (each, a “Noteholder Consent”)
with respect to such UPC Broadband Holding Bank Facility Decision in accordance
with Section 4.16. Upon the expiration of the applicable consent period,
the Trustee will inform the UPCB Facility Agent promptly in writing (and in no
event more than one Business day) of the results of the Noteholder Consent.

 

(b)           Pursuant to the the Finco
Accession Agreement, the UPCB Facility Agent shall be authorized to apply the
Noteholder Consent to the UPC Broadband Holding Bank Facility Decision pursuant
to the formula set forth in this Section 9.01(b):

 

	
  (OLC + BC)

  	
  = Threshold Amount

  
	
  OL

  	
   

  

 

Where:

 

OLC = aggregate
Commitments consenting (other than any Commitments of the Issuer) to such
UPC Broadband Holding Bank Facility Decision;

 

BC = aggregate
principal amount of Notes consenting; provided
where at least a majority in aggregate principal of Notes that
respond to such solicitation provide consent, BC will be deemed to equal
the aggregate principal amount of the Notes outstanding and

 

OL = the aggregate
Commitments under the UPC Broadband Holding Bank Facility.

 

For
purposes of Section 9.01, “Commitments”
means the aggregate undrawn “Additional Facility
Commitments” (as defined in the UPC Broadband Holding Bank Facility)
and participations in outstanding Advances (as defined in the UPC Broadband
Holding Bank Facility) under the UPC Broadband Holding Bank Facility.

 

To
the extent the Threshold Amount (expressed as a percentage) is greater than or
equal to the required percentage of UPCB Lender consents with respect to any
UPC Broadband Holding Bank Facility Decision, the UPCB Facility Agent shall be
instructed under the Finco Accession Agreement to vote all the Finco Loan in
favor of the matter the subject of such UPC Broadband Holding Bank Facility
Decision. To the extent the Threshold Amount is less than the required
percentage of UPCB Lender consents with respect to any UPC Broadband Holding
Bank Facility Decision, the UPCB Facility Agent shall be instructed under the
Finco Accession Agreement to vote all the Finco Loan against the matter the
subject of such UPC Broadband Holding Bank Facility Decision.

 

(c)           Except as provided in Section 9.01(d),
any provision or term of the Finco Accession Agreement and the UPC Broadband
Holding Bank Facility applicable only to the 

 

55

 

Finco Loan or to a several right of the Issuer, as UPCB
Lender, may be amended or supplemented with the consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Notes), and any existing default or
event of default in respect of, or compliance with, any such provision or term
may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes).

 

(d)                                 Unless consented to by
the Holders of at least 90% of the aggregate principal amount of then
outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes),
an amendment, supplement or waiver of the Finco Accession Agreement may not (with
respect to any Notes held by a non-consenting Holder):

 

(1)                                  reduce the
stated rate of or extend the stated time for payment of interest under the
Finco Loan;

 

(2)                                  reduce any
amounts payable in respect of any prepayment of the Finco Loan;

 

(3)                                  reduce the
principal of or extend the Stated Maturity of the Finco Loan;

 

(4)                                  make the Finco
Loan payable in currency other than that stated in the relevant Finco Accession
Agreement; or

 

(5)                                  modify the
payment terms of the Finco Accession Agreement.

 

Section 9.02                                To
this Indenture and the Notes Without Consent of Holders of Notes

 

(a)                                  Notwithstanding Section 9.03
of this Indenture, the Issuer and the Trustee 
and/or the Security Agent may amend or supplement this Indenture, the
Notes, any Notes Security Document, the Deed of Covenant, the UPCB Fee Letter
and the UPC Expenses Agreement without the consent of any Holder of Note to:

 

(1)                                  cure any ambiguity, defect or
inconsistency;

 

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

 

(3)                                  to make any change that would provide any
additional rights or benefits to the Holders of Notes or that does not
adversely affect the legal rights under this Indenture of any such Holder, to
the extent such change would not violate the provisions of this Indenture;

 

(4)                                  to conform the text of this Indenture,
the Notes or any Notes Security Document to any provision of the “Description
of Notes” section of the Offering Memorandum to the extent that such provision
in that Description of the Notes was intended to be a verbatim recitation of a
provision of this Indenture, the Notes or any Notes Security Document;

 

(5)                                  provide for the issuance of Additional
Notes in accordance with the limitations set forth in this Indenture as of the
Issue Date (including with respect to Collateral);

 

(6)                                  to the extent necessary to allow the
Issuer to participate on the same terms as other UPCB Lenders in an offer to
purchase or otherwise acquire UPCB Loans by any member of the UPCH Group made
in compliance with the requirements set out under Section 3.11;

 

56

 

(7)                                  release any Lien in the Collateral except
in accordance with the terms of this Indenture and the Notes Security
Documents; or

 

(8)                                  evidence and provide for a successor
Trustee or Security Agent as provided for in this Indenture.

 

(b)                                 In formulating its
opinion on such matters, the Trustee will be entitled to require and rely
conclusively on such evidence as it deems appropriate in light of the nature of
such amendment or supplement, including an Opinion of Counsel and an Officer’s
Certificate in connection with any request of the Issuer to amend this
Indenture, the Notes or any Notes Security Document without the consent of any
Holder of Notes. In addition, the Issuer shall deliver to the Trustee, and the
Trustee shall be entitled to rely conclusively on, an Officer’s Certificate
and/or an Opinion of Counsel, in each case, reasonably satisfactory to the
Trustee stating that all conditions precedent to such amendment or supplement
have been satisfied.

 

(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 such amendment.  For
so long as the Notes are listed on the Irish Stock Exchange and the guidelines
of such exchange so require, the Issuer will notify the Irish 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 9.03                                To
this Indenture and the Notes With Consent of Holders of Notes

 

Except
as provided below in this Section 9.03, the Issuer and the Trustee and/or
the Security Agent may amend or supplement this Indenture, the Notes, any Notes
Security Document, the Deed of Covenant, the UPCB Fee Letter and the UPC
Expenses Agreement 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,
the Notes, any Notes Security Document, the Deed of Covenant, the UPCB Fee
Letter and the UPC Expenses Agreement 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

 

57

 

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 9.03
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 9.03 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, the Notes, any Notes Security Document, the Deed of Covenant,
the UPCB Fee Letter and the UPC Expenses Agreement.  However, unless consented to by the Holders
of at least 90% of the 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
purchase of, or tender offer or exchange offer for, the Notes), an amendment,
supplement or waiver under this Section 9.03 may not (with respect to any
Notes held by a non-consenting Holder):

 

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

 

(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 or alter the provisions with respect to the
redemption of the Notes;

 

(4)                                  make any Note payable in currency other
than that stated in the Note;

 

(5)                                  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;

 

(6)                                  make any change to this Section 9.03;
or

 

(7)                                  impair the right of any Holder of the
Notes to exchange its Notes for UPCB Exchange Loans in accordance with Section 6.08

 

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 UPC Broadband
Holding, or by any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Issuer or UPC Broadband
Holding will be considered as though not outstanding.

 

Section 9.04                                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

 

58

 

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 9.05                                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.

 

Section 9.06                                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 Officer’s 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.

SECURITY

 

Section 10.01                          Notes
Security Documents

 

(a)                                  The due and punctual
payment of the principal of and premium, interest and Additional Amounts, if
any, on the Notes when and as the same shall be due and payable, 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, and performance
of all other monetary obligations of the Issuer to the Holders of Notes or the
Trustee under this Indenture, the Notes, according to the terms hereunder or
thereunder, are secured as provided in the Notes Security Documents.  Each Holder of Notes, by its acceptance
thereof, consents and agrees to the terms of the Notes Security Documents 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 Security Agent to enter into
the Notes Security Documents 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 Agent pursuant to the Notes Security
Documents.  The Issuer will take, upon
request of the Trustee or the Security Agent, any and all actions reasonably
required to cause the Notes Security Documents to create and maintain, as security
for the Obligations of the Issuer hereunder, a valid and enforceable perfected
Lien in and on the relevant Collateral in favor of the Security Agent.

 

59

 

Section 10.02                          Release
of Collateral

 

The
Liens created by the Notes Security Documents will be released upon the full
and final payment and performance of all obligations of the Issuer under this
Indenture and the Notes.

 

In
addition, the Trustee shall, at the request of the Issuer upon having provided
the Trustee an Officer’s Certificate certifying compliance with this Section 10.02,
release the relevant Collateral pursuant to an appropriate instrument
evidencing such release upon satisfaction and discharge of the Notes as
provided in Article 11.

 

Section 10.03                          Authorization
of Actions to Be Taken by the Security Agent

 

Subject
to the provisions of Section 7.01 and 7.02, the Security Agent 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 Notes
Security Documents; and

 

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

 

The
Security Agent, 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 Notes
Security Documents or this Indenture, and such suits and proceedings as the
Security Agent 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
Agent has any responsibility for the validity, perfection, priority or
enforceability of any Lien, Collateral, Notes 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.

 

Section 10.04                          Authorization
of Receipt of Funds by the Security Agent Under the Notes Security Documents

 

The
Security Agent is authorized to receive any funds for the benefit of the
Holders of Notes distributed under the Notes 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
Notes Security Documents.  All such
payments to the Security Agent, 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 Notes Security
Documents.

 

Section 10.05                          Waiver
of subrogation

 

The
Issuer and each pledgor under the Notes 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 Notes Security Documents until payment
in full of all obligations secured thereby.

 

60

 

Section 10.06                          Termination
of Security Interest

 

Upon
the payment in full of all obligations of the Issuer under this Indenture and
the Notes, the Trustee will, at the request of the Issuer, deliver a
certificate to the Security Agent stating that such obligations have been paid
in full, and instruct the Security Agent to release the Liens pursuant to this
Indenture and the Notes Security Documents.

 

Section 10.07                          Security
Agent

 

(a)                                  By its acceptance
thereof, the Trustee, also in the name and on behalf of each Holder of Notes,
irrevocably appoints the Security Agent to act as its agent in connection with
this Indenture and the Notes Security Documents and for such purposes
irrevocably authorizes the Security Agent to take such action and to exercise
and carry out all the discretions, authorities, rights, powers and duties as
are specifically delegated to the Security Agent under this Indenture and the
Notes Security Documents, together with such powers and discretions as are
incidental thereto.

 

(b)                                 The Security Agent
agrees that it will hold the security interests in Collateral created under any
Notes Security Documents to which it is a party as contemplated by this
Indenture, and any and all proceeds thereof, for the benefit of, among others,
itself, the Trustee and the Holders, without limiting the Security Agent’s
rights including under Section 10.04, to act in preservation of the
security interest in the Collateral.  The
Security Agent will take action or refrain from taking action in connection
therewith only as directed by the Trustee.

 

Section 10.08                          Liability

 

Neither
the Security Agent nor any of its directors, employees or agents shall be
liable for any action taken or omitted to be taken by it or any of them under
or in connection with this Indenture or the Notes Security Documents unless
caused by its or their negligence or bad faith. 
Neither the Security Agent nor any of its officers, directors,
employees, attorneys or agents shall be responsible or liable for the
existence, genuineness, value or protection of any property securing the Notes.
The Security Agent shall not be responsible for any statements, representations
or warranties in this Indenture or the Notes Security Documents or for any
information supplied or provided or hereafter to be supplied or provided to the
Holders of Notes or the Trustee, in respect of any matter relating to this
Indenture or the Notes Security Documents or for the execution, effectiveness,
genuineness, validity, enforceability or sufficiency of such documents or any
of the other documents referred to herein or therein, for the creation,
perfection, propriety, sufficiency or protection of any security interest under
any Notes Security Document, or for any defect or deficiency as to any such
matters, or for the recoverability of any of the obligations of the Issuer
under this Indenture or the Notes or any of the other sums to become due and
payable pursuant hereto, including, for any failure to demand, collect,
foreclose or realize upon or otherwise enforce any of the Notes Security
Documents or any delay in doing so.

 

Section 10.09                          Indemnity

 

(a)                                  The Issuer will pay to
the Security Agent from time to time reasonable compensation for its acceptance
of this Indenture and services hereunder. The Issuer will reimburse the
Security Agent 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 Security Agent’s
agents and counsel.

 

(b)                                 The Issuer will
indemnify the Security Agent 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, including the costs and
expenses of

 

61

 

enforcing this Indenture against the Issuer (including this Section 10.09)
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
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 Security Agent will notify
the Issuer promptly of any claim for which it may seek indemnity.  Failure by the Security Agent to so notify
the Issuer will not relieve the Issuer of its obligations hereunder.  The Issuer will defend the claim and the
Security Agent will cooperate in the defense. 
The Security Agent 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 10.09 and any claim arising hereunder shall
survive the resignation or removal of any Security Agent, the satisfaction and
discharge of the Issuer’s obligations under this Indenture and any rejection or
termination under any Bankruptcy Law.

 

(d)                                 When the Security Agent
incurs expenses or renders services after an Event of Default specified in Section 6.01(6) 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.

 

Section 10.10                          Defaults

 

The
Security Agent shall not be obliged to take any steps to ascertain whether any
Default or Event of Default has happened or exists and, until the Security
Agent shall have received express notice to the contrary from the Trustee, the
Security Agent shall be entitled to assume that no Default or Event of Default
has happened or exists.

 

Section 10.11                          Communications

 

The Security Agent may
conclusively rely upon and will be protected in acting or refraining from
acting upon, whether in its original, facsimile or other electronic form, any
document reasonably believed by it to be genuine and to have been signed or
presented by the proper Person.  The
Security Agent 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).

 

Section 10.12                          Professional
Advisers

 

The
Security Agent shall be entitled to obtain and rely on the advice of any
professional advisers selected by it given in connection with this Indenture
and the Notes Security Documents or any of the matters contemplated hereby or
thereby.

 

Section 10.13                          Own
Participation

 

With
respect to its own participations in Notes, the Security Agent shall have the
same rights and powers under and in respect of this Indenture and the Notes
Security Documents as though it was not also acting as agent for the Holders of
the Notes.  The Security Agent may,
without liability to account, accept deposits from, lend money to and generally
engage in any kind of banking or trust business with or for the Issuer and any
Affiliate of the Issuer as if it were not the agent and trustee for the Holders
of the Notes.

 

Section 10.14                          Resignation

 

Subject
to the appointment and acceptance of a successor Security Agent as provided
below, the Security Agent may resign at any time by giving to the Trustee not
less than 30 days’ notice (or such shorter period as the Trustee may agree to)
of its intention to

 

62

 

do so. 
After giving such notice of resignation to the Trustee, the Security
Agent shall, after consultation with the Issuer, appoint any internationally
reputable bank or financial institution selected by the Trustee as successor
Security Agent which is willing and able to act as such agent for the Holders
of the Notes.  If no such successor
Security Agent selected by the Security Agent shall have accepted such
appointment within 30 days after such Security Agent’s giving of notice of
resignation then the Trustee shall, after consultation with the Issuer, have
the right to appoint such a successor Security Agent.  Any such appointment shall take effect upon (a) notice
thereof being given to the Trustee and the Issuer and (b) the resigning
Security Agent having assigned to the successor Security Agent any independent
rights of the resigning Security Agent in its individual capacity under any of
this Indenture, the Notes or the Notes Security Documents by an assignment not
constituting a novation of debt and to the extent legally possible not having
any negative effect on the Notes Security Documents executed in favor of the
resigning Security Agent, the benefit of which shall be explicitly reserved to the
successor Security Agent.  Thereafter,
the resigning Security Agent shall be discharged from any further obligation
under this Indenture and the Notes Security Documents and its successor and
each of the other parties hereto and thereto shall have the same rights and
obligations inter se as they would have had if such
successor had been a party to this Indenture and the Notes Security Documents
in place of the resigning Security Agent. 
The resigning Security Agent shall make over to its successor all such
records as its successor requires to carry out its duties.

 

Section 10.15                          Removal

 

The Trustee may remove the
Security Agent if:

 

(1)                                  the Security Agent is
adjudged bankrupt or insolvent or an order for relief is entered with respect
to the Security Agent under any Bankruptcy Law;

 

(2)                                  a custodian or public
officer takes charge of the Collateral or its property; or

 

(3)                                  the Security Agent
becomes incapable of acting.

 

Section 10.16                          Enforcement
Costs

 

On
the enforcement (whether successful or not) of all or any of the Notes Security
Documents, the Security Agent shall be entitled to deduct from the proceeds of
each enforcement its costs, charges and expenses incurred in connection with
such enforcement together with an amount equal to all sums due to the Security
Agent from the Issuer.

 

Section 10.17                          Further
Action

 

Upon
the terms and subject to the conditions of this Indenture and the Notes
Security Documents, the Issuer shall use its best efforts to take, or cause to
be taken, all appropriate action, and to do or cause to be done, all things
necessary, proper or advisable under applicable laws and regulations to
consummate and make effective the security interests in the Collateral as
contemplated by the Notes Security Documents, including, without limitation, (i) cooperating
in the preparation of any required filings under the Notes Security Documents, (ii) making
all required filings, notifications, releases and applications and to obtain
licenses, permits, consents, approvals, authorizations, qualifications and
orders of governmental authorities and parties to contracts with the Issuer as
are necessary for the grants of security interests contemplated by this
Indenture and the Notes Security Documents and to fulfill the conditions of the
Notes Security Documents including, without limitation, delivery of title deeds
and all other documents of title relating to the Collateral secured by the
Notes Security Documents in the manner as provided for therein, (iii) taking
any and all action to perfect the security interests in the Collateral as
contemplated by this Indenture and the Notes Security Documents, (iv) cooperating
in all respects with each other

 

63

 

in connection with any investigation or other
inquiry, including any proceeding initiated by any Person, in connection with
the granting of security interests in the Collateral, (v) keeping the
Trustee or Security Agent informed in all material respects of any material
communication received by the Issuer from, or given by them to, any
governmental authority or any other Person regarding any matters contemplated
by the Notes Security Documents or with respect to the Collateral, and (vi) permitting
the Trustee or Security Agent to review any material communication given by the
Issuer to any such governmental authority or any other Person.

 

Notwithstanding
any other provision of this Indenture, the Trustee and the Security Agent have
no responsibility for the validity, perfection, priority or enforceability of
any Lien, Collateral, Notes Security Documents or other security interest.

 

ARTICLE 11.

SATISFACTION AND DISCHARGE

 

Section 11.01                          Satisfaction
and Discharge

 

(a)                                  This Indenture 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 theretofore been deposited in trust and
thereafter repaid to the Issuer, have been delivered to the Trustee for
cancellation; or

 

(B)                                (i) all Notes that have not been
delivered to the Trustee 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 third
party acting on behalf of the Issuer has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for the benefit of
the Holders, cash in euro or euro-denominated non-callable Government
Obligations, or a combination thereof, in such amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the
entire Financial Indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date
of maturity or redemption;

 

(3)                                  in the case of Section 11.01(1)(B),
no Default or Event of Default has occurred and is 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;

 

(4)                                  the Issuer has paid or caused to be paid
all other amounts payable by it under this Indenture with respect to the Notes;
and

 

(5)                                  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.

 

64

 

(b)                                 In addition, the Issuer
must deliver an Officer’s 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 will survive.  In addition, nothing
in this Section 11.01 will be deemed to discharge those provisions of
Sections 5.02, 6.13 and 7.07, that, by their terms, survive the satisfaction
and discharge of this Indenture.

 

Section 11.02                          Application
of Trust Money

 

All
money deposited with the Trustee pursuant to Section 11.01 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 Government Obligations in accordance with Section 11.01 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 11.01;
provided that if the Issuer has 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 Government Obligations held by the Trustee or
Paying Agent.

 

ARTICLE 12.

MISCELLANEOUS

 

Section 12.01                          Notices

 

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:

 

If
to the Issuer

UPCB Finance Limited

PO Box 1093, Boundary Hall

Cricket
Square, Grand Cayman,

KY-1102
Cayman Islands

Facsimile
No.:  + 1 345 945 7100

Attention:  The Directors

 

With
a copy to:

Ropes & Gray 

5 New Street Square

London
EC4A 3BF

United Kingdom

Facsimile No.:  +44 (0)20 3122 1304

Attention:  Jonathan Bloom, Esq.

 

65

 

 

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

 

The
Issuer or the Trustee, by notice to the others, may designate additional or different
addresses for subsequent notices or communications.

 

All
notices and communications addressed to the Issuer or the Trustee at the
addresses set forth in this Section 12.01 (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.

 

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 the official list of the Irish
Stock Exchange and trading on its Global Exchange Market, and to the extent
required by the Irish Stock Exchange, the Issuer will provide a copy of all
notices to the Irish Stock Exchange.  In
addition, to the extent required by the Irish Stock Exchange, for 14 days from
the date of the listing particulars relating to the listing of the Notes on the
Irish Stock Exchange, copies of the following documents may be obtained, free
of charge, during usual business hours at the offices of the Principal Paying
Agent: (a) this Indenture (including the form of Notes), the Notes
Security Documents, the UPC Broadband Holding Bank Facility, the Finco
Accession Agreement, the UPCB Fee Letter, the Deed of Covenant or the UPC
Expenses Agreement and (b) any documents furnished to the Trustee pursuant
to Section 4.03.

 

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.

 

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.

 

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 12.02                          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 12.03                          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:

 

66

 

(1)                                  an Officer’s 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 12.04                          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

 

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

 

Section 12.05                          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 12.06                          No
Personal Liability of Directors, Officers, Employees and Stockholders

 

No director, officer,
employee, incorporator or shareholder of the Issuer shall have any liability
for any obligations of the Issuer under the Notes, this Indenture and the Notes
Security Documents or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of 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.

 

Section 12.07                          Judgment
Currency

 

Any payment on account of an
amount that is payable in euros (the “Required
Currency”), which is made to or for the account of any Holder of the
Notes or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”),
will constitute a discharge of the Issuer’s obligation under this Indenture and
the Notes only to the extent of the amount of the Required Currency which such
Holder or the Trustee, as the case may be, could purchase in the London foreign
exchange markets with the amount of the Judgment Currency in accordance with
normal banking procedures at the rate of exchange prevailing on the first
Business Day following receipt of the payment in the Judgment Currency. If the
amount of the Required Currency that could be so purchased is less than the
amount of the Required Currency originally due to such Holder of the Notes or
the Trustee, as the case

 

67

 

may be, the Issuer will indemnify and hold
harmless the Holder or the Trustee, as the case may be, from and against all
loss or damage arising out of, or as a result of, such deficiency. This
indemnity will constitute an obligation separate and independent from the other
obligations contained in this Indenture or the Notes, will give rise to a
separate and independent cause of action, will apply irrespective of any
indulgence granted by any Holder or the Trustee from time to time and will
continue in full force and effect notwithstanding any judgment or order for a
liquidated sum in respect of an amount due hereunder or under any judgment or
order.

 

Section 12.08                          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.

 

Section 12.09                          Submission
to Jurisdiction; Appointment of Agent for Service

 

To
the fullest extent permitted by applicable law, the Issuer 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 related to, or in connection with (1) this Indenture and the Notes and (2) arising
under any U.S. federal or state securities laws and irrevocably agrees that all
claims in respect of such suit or proceeding may be determined in any such
court.  The Issuer, 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 “Authorized
Agent”) (whose registered office as of the date hereof is 111 Eighth
Avenue, New York, New York 10011, USA), as its authorized agent upon whom
process may be served in any such suit or proceeding.  The Issuer represents that it has notified
the Authorized Agent of such designation and appointment and that the
Authorized Agent has accepted the same in writing.  The Issuer further agrees that service of
process upon its Authorized Agent and written notice of said service to the
Issuer mailed by first class mail or delivered to its Authorized 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 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 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 12.10                          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.

 

68

 

Section 12.11                          Successors

 

All
agreements of the Issuer in this Indenture and the Notes will bind its
successors.  All agreements of the
Trustee in this Indenture will bind its successors.

 

Section 12.12                          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 12.13                          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.

 

Section 12.14                          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]

 

69

 

SIGNATURES

 

 

	
  Dated as of January 20, 2010

  	
   

  	
   

  
	
   

  	
  UPCB FINANCE LIMITED

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Authorized Signatory

  
	
   

  	
   

  	
  Title:

  

 

 

(Signature
page to Indenture)

 

 

	
   

  	
  THE BANK OF NEW YORK MELLON,

  
	
   

  	
   

  	
  as Trustee, Registrar, Transfer Agent,

  
	
   

  	
   

  	
  Principal Paying Agent and Security Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Authorized Signatory

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  MELLON,  LONDON BRANCH  

  
	
   

  	
  as Transparency Directive Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Authorized Signatory

  
	
   

  	
   

  	
  Title:

  

 

 

(Signature
page to Indenture)

 

 

EXHIBIT A

 

FORM OF GLOBAL NOTE

[Face of Global Note]

 

	
   

  	
  COMMON CODE: 

  	
   

  
	
   

  	
  ISIN: 

  	
   

  

 

75/8%  Senior Notes due 2020

 

	
   

  	
  € 

  	
   

  

 

UPCB FINANCE LIMITED

Registered office at PO Box 1093, Queensgate House,

Grand Cayman, KY1-1102 Cayman Islands

 

UPCB
Finance Limited, an exempted company incorporated with limited liability under
the laws of the Cayman Islands, for value received, promises to pay to The Bank
of New York Depository (Nominees) Limited, or registered assigns, acting as
common depositary for Clearstream and Euroclear, upon surrender hereof, the
principal sum as set forth on Schedule A attached hereto on January 15,
2020 (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:  January 15 and July 15,
commencing July 15, 2010.

 

Regular
Record Dates: January 1 and July 1 immediately preceding the related
interest payment date.

 

Additional
provisions of this Note are set forth on the other side of this Note.

 

 

(Signature pages to follow)

 

A-1

 

IN WITNESS WHEREOF, UPCB Finance Limited has
caused this Note to be signed manually by its duly authorized officer.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  UPCB FINANCE LIMITED

  
	
   

  	
   

  
	
   

  	
  AS ISSUER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-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

  	
   

  

 

A-3

 

75/8% SENIOR NOTES DUE 2020

 

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.

 

THIS NOTE (OR ITS PREDECESSOR)
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
UNITED STATES SECURITIES ACT OF 1933 (THE “U.S. SECURITIES ACT”), AND
THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS
DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) EXCEPT TO (A) QUALIFIED
INSTITUTIONAL BUYERS IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A OR (B) PERSONS
IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE U.S. SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE
AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) FOR SO LONG AS
THE NOTES ARE ELIGIBLE FOR RESALE UNDER RULE 144A, IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A; (II) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
U.S. SECURITIES ACT; OR (III) TO THE ISSUER, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN THIS LEGEND.

 

BY ACCEPTING THIS NOTE (OR AN INTEREST IN THE
NOTES REPRESENTED HEREBY) EACH ACQUIRER AND EACH TRANSFEREE IS DEEMED TO
REPRESENT, WARRANT AND AGREE THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT
THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT
IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH
NOTES OR ANY INTEREST THERE IN IT WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF
OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE
UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I
OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL
REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT
PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN
INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO
ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED
TRANSACTION PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR
LAWS”), AND NO PART OF

 

A-4

 

THE ASSETS USED BY IT TO ACQUIRE OR HOLD THIS
NOTE OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR
OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS
ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN DOES
NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE
CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A
NON-EXEMPT VIOLATION OF ANY SIMILAR LAWS); (2) NEITHER ISSUER NOR ANY OF
ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF
ERISA OR, WITH RESPECT TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY
DEFINITION OF “FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER OR
HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT
OF ANY EXERCISE BY THE ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN
CONNECTION WITH THE NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS
AFFILIATES HAS FORMED A PRIMARY BASIS FOR ANY INVESTMENT DECISION BY OR ON
BEHALF OF THE PURCHASER AND HOLDER IN CONNECTION WITH THE NOTES AND THE
TRANSACTIONS CONTEMPLATED WITH RESPECT TO THE NOTES; AND (3) IT WILL NOT
SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY INTEREST HEREIN OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME REPRESENTATIONS,
WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE.

 

A-5

 

[Back of Global Note]

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

 

(i)            INTEREST.
UPCB Finance Limited, an exempted company incorporated with limited liability
under the laws of the Cayman Islands (the “Issuer”),
promises to pay interest on the principal amount of this Note at 75/8% 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 January 15 and
July 15 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                     .
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 2.0% 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 January 1 and July 1
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. The Issuer may change any Paying Agent or
Registrar without notice to any Holder. The Issuer may act as Registrar or
Paying Agent.

 

(iv)          INDENTURE.
The Issuer issued the Notes under an Indenture, dated as of January 20,
2010 (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)           NOTES 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 and the Notes
Security Documents, as the same may be amended from time to time. Each Holder,
by accepting a Note, authorizes and requests the Security Agent to, on such
Holder’s behalf, (i)

 

A-6

 

make all
undertakings, representations, offers and agreements of the Security Agent set
forth, to the extent applicable, the Notes Security Documents and (ii) take
all actions called for to be taken by the Security Agent in the Notes Security
Documents. Each Holder, by accepting a Note, authorizes and requests the
Security Agent to (i) execute the Notes Security Documents, (ii) make
all undertakings, representations, offers and agreements of the Security Agent
in the Notes Security Documents and (iii) take all actions called for to
be taken by the Security Agent in the Notes Security Documents.

 

(vi)          ADDITIONAL AMOUNTS. The Issuer will pay to the Holders of the Notes any
Additional Amounts as may become payable under Section 4.19 of the
Indenture.

 

(vii)         REDEMPTION
AND REPURCHASE; DISCHARGE PRIOR TO REDEMPTION OR MATURITY.

 

(a)           This
Note is subject to optional redemption, and may be the subject of an Asset Sale
Offer, as further described in the Indenture. There is no sinking fund or
mandatory redemption applicable to this Note.

 

(b)           If
the Issuer deposits with the Trustee money or 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 obligations under certain provisions of the Indenture.

 

(viii)        DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum
denominations of €50,000 and in integral multiples of €1,000 in excess thereof.
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.

 

(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 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 the Issuer 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 Collateral.

 

(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, or

 

A-7

 

its
Affiliates, and may otherwise deal with the Issuer, or its Affiliates, as if it
were not the Trustee.

 

(xiii)         NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or shareholder
of the Issuer shall have any liability for any obligations of the Issuer under
the Notes, the Indenture and the Notes Security Documents or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of 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.

 

(xiv)        AUTHENTICATION. This Note shall not be valid until authenticated by the
manual signature of the Trustee or another Authenticating Agent.

 

(xv)         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.

 

(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)       COMMON CODE AND ISIN. The Issuer has caused Common Codes or ISIN numbers to be
printed on the Notes and the Trustee shall use such Common Code or ISIN numbers
in notices of redemption or purchase as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption or purchase and reliance may be placed
only on the other identification numbers placed thereon.

 

(xviii)      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 Notes Security Documents, the
UPC Broadband Holding Bank Facility, the Finco Accession Agreement, the UPCB
Fee Letter, the Deed of Covenant and the UPC Expenses Agreement. Requests may
be made to UPCB Finance Limited, [PO Box 1093, Queensgate House, Grand
Cayman, KY1-1102 Cayman Islands.]

 

A-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).

  

 

A-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, check the appropriate box below:

 

o            Section 4.10

 

If you want to elect to have only part of the
Note purchased by the Issuer pursuant to Section 4.10 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).

 

A-10

 

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

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-11

 

EXHIBIT B

 

FORM OF DEFINITIVE REGISTERED NOTE

 

[Face of Definitive Registered Note]

 

75/8%  Senior Notes due 2020

 

€                          

 

UPCB FINANCE LIMITED

Registered office at PO Box 1093, Queensgate House,

Grand Cayman, KY1-1102
Cayman Islands

 

UPCB
Finance Limited, an exempted company incorporated with limited liability under
the laws of the Cayman Islands, for value received, promises to pay to                                 
or registered assigns, upon surrender hereof, the principal sum of                                       
euros (€                            
) on January 15, 2020.

 

Capitalized
terms used herein shall have the same meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

 

Interest
Payment Dates:  January 15 and July 15,
commencing July 15, 2010.

 

Regular
Record Dates: January 1 and July 1 immediately preceding the related
interest payment date.

 

Additional
provisions of this Note are set forth on the other side of this Note.

 

(Signature pages to
follow)

 

B-1

 

IN WITNESS WHEREOF, UPCB Finance Limited has
caused this Note to be signed manually by its duly authorized officer.

 

Dated:

 

	
   

  	
  UPCB FINANCE LIMITED

  
	
   

  	
   

  
	
   

  	
  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

 

75/8% 
SENIOR NOTES DUE 2020

 

THIS NOTE (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “U.S. SECURITIES
ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES
ACT) EXCEPT TO (A) QUALIFIED INSTITUTIONAL BUYERS IN RELIANCE ON THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT
PROVIDED BY RULE 144A OR (B) PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE
ON REGULATION S. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER
OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE
AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) FOR SO LONG AS
THE NOTES ARE ELIGIBLE FOR RESALE UNDER RULE 144A, IN THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A; (II) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
U.S. SECURITIES ACT; OR (III) TO THE ISSUER, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN THIS LEGEND.

 

BY ACCEPTING THIS NOTE (OR
AN INTEREST IN THE NOTES REPRESENTED HEREBY) EACH ACQUIRER AND EACH TRANSFEREE
IS DEEMED TO REPRESENT, WARRANT AND AGREE THAT AT THE TIME OF ITS ACQUISITION
AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER
(A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT
HOLDS SUCH NOTES OR ANY INTEREST THERE IN IT WILL NOT BE, AND WILL NOT BE
ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF
THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)),
SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A
PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF
1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S
INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL,
CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO
THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA
AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE
ASSETS USED BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN
CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL,
CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL,
CHURCH OR NON-U.S. PLAN, A NON-EXEMPT VIOLATION OF ANY SIMILAR LAWS); (2) NEITHER
ISSUER NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21)
OF

 

B-4

 

ERISA OR, WITH RESPECT TO A
GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF “FIDUCIARY” UNDER
SIMILAR LAWS) WITH RESPECT TO THE PURCHASER OR HOLDER IN CONNECTION WITH ANY
PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT OF ANY EXERCISE BY THE ISSUER
OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND NO
ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS FORMED A PRIMARY
BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER
IN CONNECTION WITH THE NOTES AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO
THE NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY
INTEREST HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO
MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS
ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE.

 

B-5

 

[Back of Definitive
Registered Note]

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

 

(i)                                     INTEREST.  UPCB Finance Limited, an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”), promises to pay interest on the
principal amount of this Note at 75/8% 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 January 15 and July 15 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                    .
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 2.0% 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 January 1
and July 1 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 and all Definitive
Registered 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.  The Issuer may change any Paying Agent or
Registrar without notice to any Holder. 
The Issuer may act as Registrar or Paying Agent.

 

(iv)                              INDENTURE.  The Issuer issued the Notes under an
Indenture, dated as of January 20, 2010 (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)                                 NOTES 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 and the Notes Security Documents, as the same may
be amended from time to time.  Each
Holder, by accepting a Note, authorizes and requests the Security Agent to, on
such Holder’s behalf, (i)

 

B-6

 

make all
undertakings, representations, offers and agreements of the Security Agent set
forth, to the extent applicable, the Notes Security Documents and (ii) take
all actions called for to be taken by the Security Agent in the Notes Security
Documents.  Each Holder, by accepting a
Note, authorizes and requests the Security Agent to (i) execute the Notes
Security Documents, (ii) make all undertakings, representations, offers
and agreements of the Security Agent in the Notes Security Documents and (iii) take
all actions called for to be taken by the Security Agent in the Notes Security
Documents.

 

(vi)                                      ADDITIONAL AMOUNTS.  The Issuer will pay
to the Holders of the Notes any Additional Amounts as may become payable under Section 4.19
of the Indenture.

 

(vii)                                   REDEMPTION AND REPURCHASE; DISCHARGE PRIOR
TO REDEMPTION OR MATURITY.

 

(a)                          This Note is subject to optional redemption, and may be the
subject of an Asset Sale Offer, as further described in the Indenture.  There is no sinking fund or mandatory
redemption applicable to this Note.

 

(b)                         If the Issuer deposits with the Trustee money or 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 obligations under certain provisions of
the Indenture.

 

(viii)                        DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in
registered form without coupons in minimum denominations of €50,000 and in
integral multiples of €1,000 in excess thereof. 
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.

 

(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 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 the Issuer 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 Collateral.

 

(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, or

 

B-7

 

its
Affiliates, and may otherwise deal with the Issuer, or its Affiliates, as if it
were not the Trustee.

 

(xiii)                          NO RECOURSE AGAINST OTHERS.  No director,
officer, employee, incorporator or shareholder of the Issuer shall have any
liability for any obligations of the Issuer under the Notes, the Indenture and
the Notes Security Documents or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of 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.

 

(xiv)                         AUTHENTICATION.  This Note shall not
be valid until authenticated by the manual signature of the Trustee or another
Authenticating Agent.

 

(xv)                            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.

 

(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)                      COMMON CODE AND ISIN.  The Issuer has
caused Common Codes or ISIN numbers to be printed on the Notes and the Trustee
shall use such Common Code or ISIN numbers in notices of redemption or purchase
as a convenience to Holders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption or purchase and reliance
may be placed only on the other identification numbers placed thereon.

 

(xviii)                   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 Notes Security Documents, the UPC Broadband Holding Bank
Facility, the Finco Accession Agreement, the UPCB Fee Letter, the Deed of
Covenant and the UPC Expenses Agreement. Requests may be made to UPCB Finance
Limited, [PO Box 1093, Queensgate House, Grand Cayman, KY1-1102 Cayman
Islands.]

 

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
of the Indenture, check the appropriate box below:

 

o                                    Section 4.10

 

If
you want to elect to have only part of the Note purchased by the Issuer
pursuant to Section 4.10 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

 

UPCB
Finance Limited

Registered office at Boeing Avenue 53

1119 PE Schiphol-Rijk

The Netherlands

 

The Bank of New York Mellon

One Canada Square

London 
E14 5AL

United Kingdom

Attention: 
Corporate Trust Administration

 

Re:  75/8% Senior Notes due 2020

 

Reference
is hereby made to the Indenture, dated as of January 20, 2010 (the “Indenture”), among, inter alia,
UPCB Finance Limited, 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.  o   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.  o   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 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

 

C-1

 

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]

 

o           a Book-Entry Interest held through
Euroclear Account No.                    
or Clearstream Banking Account No.                       ,
in the:

 

(i)            o  
144A Global Note ( Common Code/ ISIN                  ),
or

 

(ii)           o  
Regulation S Global Note (Common Code / ISIN                  ),
or

 

(b)           o   a 144A Definitive Registered Note; or

 

(c)           o   a Regulation S Definitive Registered Note.

 

2.                             After the Transfer the Transferee will
hold:

 

[CHECK ONE]

 

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

 

(i)            o  
144A Global Note (Common Code / ISIN                  ),
or

 

(ii)           o  
Regulation S Global Note (Common Code / ISIN
                 ),
or

 

(b)           o   a 144A Definitive Registered Note; or

 

(c)           o   a Regulation S Definitive Registered Note,

 

in
accordance with the terms of the Indenture.

 

C-3

 

EXHIBIT D

 

FORM OF CERTIFICATE OF
EXCHANGE

 

UPCB
Finance Limited

Registered office at Boeing Avenue 53

1119 PE Schiphol-Rijk

The Netherland

 

The Bank of New York Mellon

One Canada Square

London 
E14 5AL

United Kingdom

Attention: 
Corporate Trust Administration

 

Re:  75/8% Senior Notes due 2020

 

Reference
is hereby made to the Indenture, dated as of January 20, 2010 (the “Indenture”), among, inter alia,
UPCB Finance Limited, 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],

 

o   144A
Global Note

 

o  
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)           o   a
Book-Entry Interest held through Euroclear Account No.                     or Clearstream Banking Account No.                        ,
in the:

 

(i)            o  
144A Global Note (Common Code / ISIN                  ),
or

 

(ii)           o  
Regulation S Global Note (Common Code / ISIN                    ),
or

 

(b)           o   a 144A Definitive Registered Note.

 

(c)           o   a Regulation S Definitive Registered Note.

 

2.                             After the Transfer the Transferee will
hold:

 

[CHECK ONE]

 

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

 

(i)            o  
144A Global Note (Common Code / ISIN                  ),
or

 

(ii)           o  
Regulation S Global Note (Common Code / ISIN                   ),
or

 

(b)           o   a 144A Definitive Registered Note; or

 

(c)           o   a Regulation S Definitive Registered Note,

 

in
accordance with the terms of the Indenture.

 

D-3

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