Document:

Exhibit
4.6

 

 

EIRCOM FUNDING

 

As Issuer,

 

THE BANK OF NEW YORK

 

As Book-entry Depositary

 

THE BANK OF NEW YORK

 

As Senior Subordinated Note Custodian

 

 

and

 

 

THE OWNERS OF BOOK-ENTRY INTERESTS

 

in

 

8.25% Senior Subordinated Notes Due 2013

of eircom Funding

 

 

EURO SENIOR
SUBORDINATED DEPOSIT AND CUSTODY AGREEMENT

 

Dated as of August 7, 2003

 

 

EURO SENIOR
SUBORDINATED DEPOSIT AND CUSTODY AGREEMENT

 

THIS EURO SENIOR SUBORDINATED DEPOSIT AND
CUSTODY AGREEMENT (the “Agreement”) is made as of this 7th day of August,
2003 by and among eircom Funding,
an unlimited public company incorporated under the laws of the Republic of
Ireland, which is a party hereto for the limited purposes referred to herein,
The Bank of New York, as the “Book-entry Depositary” (as defined below), The
Bank of New York, as the “Senior Subordinated Note Custodian” (as defined
below), and owners from time to time of Book-entry Interests.

 

ARTICLE ONE

DEFINITIONS AND OTHER GENERAL PROVISIONS

 

SECTION 1.01  Definitions.

 

The following terms, as used herein, have the
following meanings:

 

“Additional Amounts” shall have the meaning
ascribed to it in the Indenture.

 

“Affiliate” shall have the meaning ascribed
to it in the Indenture.

 

“Applicable Procedures” means, with respect
to any transfer or transactions involving a Global Note or beneficial interests
therein, the rules and procedures for any Depositary for such Senior
Subordinated Note, to the extent applicable to such transfer or transaction and
as in effect at the time of such transfer or transaction.

 

“Board Resolution” shall have the meaning
ascribed to it in the Indenture.

 

“Book-entry Depositary” means the party named
as such in this Agreement or its nominee or the custodian for either until a
successor shall have become such pursuant to Section 3.08 hereof, and
thereafter “Book-entry Depositary” shall mean its successor or its nominee or
the custodian for either.

 

“Book-entry Interests” means beneficial
interests in any Certificated Depositary Interests issued pursuant to this
Agreement, which are eligible for trading through the book-entry system of a
Depositary.  References to Book-entry
Interests in a Global Note should be understood to mean Book-entry Interests in
the Certificated Depositary Interest issued with respect to such Global Note.

 

“Business Day” shall have the meaning
ascribed to it in the Indenture.

 

“Certificated Depositary Interest” means a
certificate (in substantially the form of Annex A hereto) representing an
interest in a Global Note held by the Book-entry Depositary that (i) shall
at all times prior to an issuance of Definitive Notes, if any, in respect of
such Global Note represent the right to receive 100% of the principal, premium
(if any), interest, and Additional Amounts (if any) in respect of the underlying
Global Note and the right to require the

 

1

 

Book-entry Depositary to procure the issuance
of one or more Definitive Notes representing up to 100% of the principal amount
represented by such Global Note upon the satisfaction of the conditions set
forth in the Indenture for such issuance and (ii) is issued by the
Book-entry Depositary to a Depositary or its nominee.

 

“Clearstream” means Clearstream Banking, société
anonyme.

 

“Common Depositary” means The Bank of New
York or its nominee or their respective successors, as common depositary for
Euroclear and Clearstream, and their respective successors or, as applicable,
such other nominee of or custodian for Euroclear and/or Clearstream, as
applicable, as may be acceptable to the Company and named or otherwise
appointed in accordance with the customary practices or policies of such
Depositary or Depositaries.

 

“Company Order” shall have the meaning
ascribed to it in the Indenture.

 

“Corporate Trust Office” means the offices of
the Book-entry Depositary in London, England, at which any particular time its
corporate trust business shall be principally administered, which at the date
hereof is located at One Canada Square, London E14 5AL. 
The Corporate Trust Office will at all times be outside the Republic of
Ireland.

 

“Definitive Notes” means Senior Subordinated
Notes in definitive registered form substantially in the form set forth in the
Indenture.

 

“Depositaries” means, Euroclear and
Clearstream or, as appropriate, the Common Depositary or their respective
nominees and, as appropriate, any successor of any of these as the owner of the
Certificated Depositary Interests and indicated as such in the records of the
Book-entry Depositary.

 

“Euro Regulation S Global Notes” shall have
the meaning ascribed to them in the Indenture.

 

“Euro Rule 144A Global Notes” shall have the
meaning ascribed to them in the Indenture.

 

“Euroclear” means Euroclear Bank S.A./N.V.

 

“Event of Default” shall have the meaning
ascribed to it in the Indenture.

 

“Exchange Offer” shall have the meaning
ascribed to it in the Indenture.

 

“Global Notes” means one or more Euro
Regulation S Global Notes, Euro Rule 144A Global Notes or Unrestricted Global
Notes.

 

“Guarantor” means each of (i) Valentia
Telecommunications, an unlimited public company incorporated under the laws of
the Republic of Ireland; (ii) eircom
limited, a limited liability company incorporated under the laws of the
Republic of Ireland; and (iii) Valentia Holdings Limited, a company incorporated
under the laws of England, until a successor replaces

 

2

 

any of them pursuant to the
applicable provisions of the Indenture and, thereafter, means the parties not
replaced and the successor.

 

“Holder” shall have the meaning ascribed to
it in the Indenture.

 

“Indenture” means the indenture dated August
7, 2003 among the Issuer, the Guarantors, The Bank of New York, as trustee,
registrar and paying agent, The Bank of New York (Luxembourg) SA, as Luxembourg
paying agent and transfer agent, The Bank of New York, London, as principal
paying agent and transfer agent, AIB/BNY Fund Management (Ireland) Limited, as
Irish paying agent and transfer agent, relating to €285,000,000 aggregate
principal amount of 8.25% Senior Subordinated Notes due 2013 and $250,000,000
aggregate principal amount of 8.25% Senior Subordinated Notes due 2013 of the
Issuer as originally executed or as it may from time to time be supplemented or
amended by one or more supplemental indentures thereto entered into pursuant to
the applicable provisions thereof, including for all purposes the provisions of
the TIA that are deemed to be a part of and govern such instrument.

 

“Issue Date” shall have the meaning ascribed
to it in the Indenture.

 

“Issuer” means eircom Funding, an unlimited public company incorporated
under the laws of the Republic of Ireland, until a successor replaces it
pursuant to the applicable provisions of the Indenture and, thereafter, means
such successor.

 

“Officer’s Certificate” shall have the
meaning ascribed to it in the Indenture.

 

“Opinion of Counsel” means a written opinion
from legal counsel, who may be counsel to the Issuer and who shall otherwise be
reasonably satisfactory to the Book-entry Depositary.

 

“Participants” shall have the meaning
ascribed to them in Section 2.02.

 

“Person” shall have the meaning ascribed to
it in the Indenture.

 

“Private Placement Legend” shall have the
meaning ascribed to it in the Indenture.

 

“Redemption Date” shall have the meaning
ascribed to it in the Indenture.

 

“Responsible Officer” shall have the meaning
ascribed to it in the Indenture.

 

“Restricted Period” shall have the meaning
ascribed to it in the Indenture.

 

“Securities Act” means the United States
Securities Act of 1933, as amended.

 

“Senior Subordinated Note Custodian” means
The Bank of New York at its Corporate Trust Offices, in its capacity as custodian of the Global Notes, and its successors.

 

3

 

“Senior Subordinated Notes” shall mean the
euro-denominated 8.25 % Senior Subordinated Notes due 2013 of eircom Funding issued pursuant to the
Indenture.

 

“TIA” shall have the meaning ascribed to it
in the Indenture.

 

“Trustee” means the Person acting as trustee
under the Indenture until a successor trustee shall have become such pursuant
to the applicable provisions of the Indenture, and thereafter “Trustee” shall
mean such successor trustee.

 

“Unrestricted Global Notes” means one or more
Global Notes that do not and are not required to bear the Private Placement
Legend.

 

SECTION
1.02  Rules of Construction.

 

Unless the context otherwise requires:  (1) a term has the meaning assigned to
it; (2) any capitalized term not otherwise defined herein shall have the
meaning ascribed to it in the Indenture; (3)  “or” is not exclusive;
(4)  “including” means including without limitation; (5) words in the
singular include the plural and words in the plural include the singular; and
(6) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision.

 

ARTICLE TWO

BOOK- ENTRY INTERESTS

 

SECTION
2.01  Deposit of the Global Note.

 

The Senior Subordinated Note Custodian hereby
(in the case of Global Notes issued on the Issue Date) accepts or (in the case
of any Global Notes that are issued after the Issue Date) agrees to accept
custody of the Global Notes for and on behalf of the Book-entry Depositary and
shall act as custodian thereof for and on behalf of the Book-entry Depositary
in accordance with the terms of this Agreement.  The Senior Subordinated Note Custodian shall hold such Global
Notes at its Corporate Trust Office in London, England or at such other place
or places outside the Republic of Ireland as the Book-entry Depositary may
determine with the prior written consent of the Issuer, and the Book-entry
Depositary shall issue a Certificated Depositary Interest with respect to each
Global Note in accordance with the Applicable Procedures.  For the avoidance of doubt, the Book-entry
Depositary shall not act out of or through any branch in the Republic of
Ireland in connection with any of the functions contemplated by this Agreement.  The Certificated Depositary Interests
shall be issuable only to the Depositaries.

 

SECTION
2.02  Book-entry System.

 

(a)   Upon acceptance by the Depositaries of the Certificated Depositary
Interests representing interests in the Global Notes for entry into their
book-entry settlement system in accordance with the Applicable Procedures,
Book-entry Interests will be issued by the Depositaries and traded through the
book-entry systems of the Depositaries, and ownership of

 

4

 

such Book-entry Interests shall
be shown in, and the transfer of such ownership shall be effected only through,
records maintained by (i) the Depositaries or (ii) institutions that
have accounts with the Depositaries (“Participants”).  Book-entry Interests shall be transferable only as units
representing authorized denominations of the Senior Subordinated Notes and in
the manner contemplated by the Indenture.

 

(b)   Except as provided in Section 2.05, no owner of Book-entry
Interests shall be entitled to receive a Definitive Note on account of such
ownership or in exchange for beneficial interests in Global Notes and such
owner’s interest therein shall be shown only in accordance with the Applicable
Procedures.

 

SECTION
2.03  Procedures in the Event of
an Exchange Offer.

 

(a)   Upon receipt by the Book-entry Depositary or the Senior
Subordinated Note Custodian as holder of the Global Notes on behalf of the
Book-entry Depositary of notice of either the commencement of an Exchange Offer
or the implementation of arrangements permitting the resale by holders of
Senior Subordinated Notes pursuant to the registration provisions of the
Securities Act, the Book-entry Depositary or the Senior Subordinated Note
Custodian will forward to the Depositaries materials relating to such Exchange
Offer or other arrangements with any additional instructions applicable to
owners of Book-entry Interests.

 

(b)   In the case of an Exchange Offer, upon notice by the Depositaries
of the principal amount of Book-entry Interests in the Euro Regulation S Global
Note and/or the Euro Rule 144A Global Note (as applicable) tendered in response
to the Exchange Offer, the Book-entry Depositary or the Senior Subordinated
Note Custodian shall (i) deliver to the Trustee that portion of each
Global Note with respect to which Book-entry Interests have been tendered and
received in accordance with the relevant Applicable Procedures in exchange
therefor (to the extent such portions of such Global Note are accepted pursuant
to the Exchange Offer) and shall receive from the Trustee a new Unrestricted
Global Note in like principal amount as the Book-entry Interests tendered in
respect of such Global Notes, which such new Unrestricted Global Note shall be
substantially in the form of the Global Note set out in Exhibit C of the
Indenture, (ii) issue to the applicable Depositaries a new Certificated
Depositary Interest representing an interest in the new Unrestricted Global
Note, (iii) record any changes in the principal amount of the Certificated
Depositary Interests representing interests in each of the Euro Regulation S
Global Note, the Euro Rule 144A Global Note and the Unrestricted Global Note
and (iv) notify the Depositaries of any such changes.  Book-entry Interests in each Unrestricted
Global Note may be assigned a Common Code and ISIN number which number or
numbers shall be different from those assigned to Book-entry Interests in the
Euro Rule 144A Global Notes or the Euro Regulation S Global Notes.

 

(c)   In the case of the implementation of arrangements permitting
resale by holders of Senior Subordinated Notes pursuant to the registration
provisions of the Securities Act, the Book-entry Depositary and the Senior
Subordinated Note Custodian shall (i) cooperate with the Trustee in the removal
of the Private Placement Legend from the relevant Senior Subordinated Note
where permitted by the Indenture or (ii) in the event that an Unrestricted
Global Note is issued in respect of the Senior Subordinated Notes, cooperate
with the Trustee in making any required changes to the principal amounts of
Global Notes in accordance with

 

5

 

Section 2.08 hereof to the
extent that the holders of Book-entry Interests related to the Euro Regulation
S Global Note or the Euro Rule 144A Global Note are permitted to transfer or
exchange such Book-entry Interests for Book-entry Interests in such
Unrestricted Global Note pursuant to the Indenture.

 

SECTION 2.04  Record of Transfer of the Certificated Depositary
Interests.

 

(a)   The Issuer hereby appoints the Book-entry Depositary as its agent
for the sole purpose of maintaining at its Corporate Trust Office records in
which it shall (i) record the Depositaries as the initial owners of the
Certificated Depositary Interests, (ii) record the transfer of any
Certificated Depositary Interests and (iii) record the increases and
decreases in the principal amount represented by Certificated Depositary
Interests.  The Certificated Depositary
Interests shall not be transferred (i) except as a whole and only to a
Depositary, (ii) unless such transfer is noted in the records of the Book-entry
Depositary and (iii) unless such transfer is confirmed by the applicable
Depositary and ownership of the Certificated Depositary Interests are
transferred to and registered in the name of a Depositary, authorized by the
transferor Depositary and approved by the Issuer.  The Book-entry Depositary shall not recognize any transfer or
exchange of ownership of the Certificated Depositary Interests that does not
comply with the provisions of this Section 2.04.  The Book-entry Depositary shall treat the Person in whose name a
Certificated Depositary Interest is recorded in its records as the owner
thereof for all purposes whatsoever and shall not be bound or affected by any
notice to the contrary, other than an order of a court having jurisdiction over
the Book-entry Depositary.

 

(b)   The foregoing paragraph (a) of this Section 2.04 shall not
(i) impose an obligation on the Book-entry Depositary or the Senior
Subordinated Note Custodian to record the interests in or transfers of
Book-entry Interests held by Participants in a Depositary or Persons that may
hold Book-entry Interests through Participants in a Depositary or (ii) restrict
transfers of such Book-entry Interests held by Participants in a Depositary or
such Persons.

 

SECTION
2.05  Transfer of the Global Notes.

 

The Senior Subordinated Note Custodian shall
hold each Global Note in custody for and on behalf of the  Book-entry Depositary.  Neither the Senior Subordinated Note
Custodian nor the Book-entry Depositary shall transfer or lend any Global Note
or any interest therein except (i) as provided by Section 2.7 of the Indenture
or Section 2.03 of this Agreement, (ii) the exchange or replacement of a Global
Note pursuant to and in accordance with the terms of Section 2.8 of the
Indenture, (iii) delivery of any Global Note to the Trustee for cancellation
pursuant to and in accordance with the terms of Section 2.12 of the Indenture
and (iv) transfers of Global Notes as a whole (A) by the Book-entry
Depositary to a nominee or custodian of the Book-entry Depositary or (B) by a
nominee or custodian of the Book-entry Depositary to the Book-entry Depositary
or, in the case of each (A) and (B), to another successor of the Book-entry
Depositary or a nominee or custodian of such successor, located outside the
Republic of Ireland, who becomes such a successor in accordance with the
provisions of Sections 3.06 and 3.07 hereof and who is acceptable to the
Issuer.  Notwithstanding the foregoing,
the Senior Subordinated Note Custodian and the Book-entry Depositary shall not
under any circumstances surrender or deliver any Global Note to a Depositary.  If (a) a Depositary notifies the Issuer
at any time that it is unwilling or unable to continue as depositary for
Certificated Depositary

 

6

 

Interests representing the
Global Notes and a successor depositary is not appointed within 90 days of
such notification, (b) the Book-entry Depositary notifies the Issuer at any
time that it is unwilling or unable to continue as Book-entry Depositary and a
successor Book-entry Depositary is not appointed by the Issuer within
90 days, (c) a Depositary requests the issuance of Definitive Notes
following an Event of Default under the Indenture, (d) at any time if the
Issuer in its sole discretion determines and notifies the Trustee that it
elects to cause the issuance of Definitive Notes (in whole (but not in part))
or (e) an Event of Default occurs and is continuing and the Issuer is required
pursuant to the terms of the Indenture to exchange all or part of a Global Note
for one or more Definitive Notes, then the Book-entry Depositary shall promptly
notify the Senior Subordinated Note Custodian and the Trustee and request the
Trustee to issue Definitive Notes in such names and denominations as the Holder
shall specify in accordance with Section 2.6 of the Indenture.  In such event the Book-entry Depositary will
promptly surrender, or cause the Senior Subordinated Note Custodian to
surrender, the Global Notes held by it to the Trustee in connection with such
exchange and that such Global Notes will be cancelled upon issuance of such
Definitive Notes.   In no event will
Definitive Notes be issued in bearer form.

 

Delivery of Definitive Notes pursuant to this
Section 2.05 shall be made free of any fees of the Book-entry Depositary to a
Depositary or the beneficial owner thereof.

 

SECTION 2.06  Cancellation.

 

If any Global Note is surrendered, in whole
or in part, for payment or for redemption or purchase by the Issuer of Senior
Subordinated Notes evidenced thereby or for exchange for Definitive Notes to
any Person other than the Trustee, then such Global Note shall, subject to the
provisions of this Article II, become void and be delivered to the Trustee for
cancellation, in whole or in part, in accordance with the terms of the
Indenture.

 

SECTION
2.07  Payments in Respect of the
Certificated Depositary Interests and Global Notes.

 

(a)   Whenever the Book-entry Depositary shall receive from the Trustee
(or other paying agent appointed under the Indenture) any payment on any Global
Note, the amount so received shall be distributed promptly to the Depositary
entitled thereto on the corresponding payment date for such Global Note.  So long as Euroclear or Clearstream is the
Depositary, such payments shall be made in accordance with the Applicable
Procedures.

 

(b)   The Book-entry Depositary shall forward to the Issuer or its
agents such information from its records as the Issuer may reasonably request
to enable the Issuer or its agents or the Guarantors or their respective agents
to file necessary reports with governmental agencies or as required by the
terms of the Notes or the Indenture, and the Book-entry Depositary, the Issuer,
the Guarantors or their respective agents may (but shall not be required to)
file any such reports necessary to obtain benefits under any applicable tax
treaties for the Depositaries or beneficial owners of Book-entry Interests.

 

(c)   None of the Issuer, the Guarantors, the Trustee, the Book-entry
Depositary, the Senior Subordinated Note Custodian or any agent of the Issuer,
the Guarantors, the Trustee or the Book-entry Depositary shall have any
responsibility or liability for any aspect of the records relating to payments
made by a Depositary (or its direct or indirect Participants) on

 

7

 

account of Book-entry Interests
or for maintaining, supervising or reviewing any records relating to such
Book-entry Interests.

 

(d)   Notwithstanding any other provision of this Agreement, the
Book-entry Depositary shall be required to pay to any Depositary only amounts
(including Additional Amounts) received by the Book-entry Depositary under a
Global Note in which such Depositary holds an interest.

 

SECTION
2.08  Change in Principal Amount
of Global Notes.

 

(a)   Upon transfer or exchange of a beneficial interest in one Global
Note for a beneficial interest in another Global Note as provided in and in
accordance with the terms of Section 2.7 of the Indenture or upon the issuance
of Definitive Notes in accordance with the terms of Section 2.6 of the
Indenture, the Book-entry Depositary shall adjust accordingly the principal
amounts of the Certificated Depositary Interests and shall confirm such
adjustments with the applicable Depositary. 
The Book-entry Depositary shall present the Global Notes to the Trustee
or its agent to reduce or increase the principal amount thereof in accordance
with the terms of Section 2.7 of the Indenture.

 

(b)   In the event that the Issuer exercises any right of redemption in
respect of any Senior Subordinated Notes constituting all or any part of a
Global Note or purchases any Senior Subordinated Notes constituting all or any
part of a Global Note pursuant to an offer to purchase Senior Subordinated
Notes pursuant to the Indenture, the Book-entry Depositary shall promptly cause
the Senior Subordinated Note Custodian to request the Trustee to adjust its records
and request the Trustee to endorse the applicable Schedule to such Global Note,
in each case to reflect the reduction in the principal amount of such Global
Note as a result of such redemption or purchase.  In addition, the Book-entry Depositary shall cause the Senior
Subordinated Note Custodian to notify the applicable Depositary of the
principal amount redeemed or purchased and of a corresponding reduction of the
same principal amount of the applicable Certificated Depositary Interest.  The Book-entry Depositary shall pay all such
amounts received by it in connection with such redemption to such Depositary.

 

(c)   Whenever the principal amount at maturity of a Global Note is
changed by the Trustee, the Book-entry Depositary shall cause the Senior Subordinated
Note Custodian to notify the applicable Depositary in each case of the
corresponding change in the principal amount of the related Certificated
Depositary Interest.

 

SECTION
2.09  Notices of Redemption and
Offers to Purchase Senior Subordinated Notes.

 

(a)   (i)  Upon receipt by the
Book-entry Depositary as Holder of the Global Note of a redemption notice in
respect of the Senior Subordinated Notes pursuant to the Indenture, the
Book-entry depositary will forward such notice of redemption to the applicable
Depositary with any additional instructions applicable to owners of Book-entry
Interests.

 

(ii)           On the Redemption Date, the
Book-entry Depositary will cause the Senior Subordinated Note Custodian to
surrender the applicable Global Note in accordance with the instructions set
forth in the notice of redemption.

 

8

 

(iii)          Upon receipt of any payment in respect
of such redemption, the Book-entry Depositary shall pay any amounts received to
the applicable Depositary, indicate the principal amount of the Global Note
reduced by the Trustee in connection with the notice of redemption and notify
such Depositary of a corresponding reduction in the principal amount of the
applicable Certificated Depositary Interest.

 

(b)   (i)  Upon receipt by the
Book-entry Depositary as Holder of the Global Note of an offer to purchase the
Senior Subordinated Notes pursuant to the Indenture, the Book-entry Depositary
will forward such offer to purchase to the applicable Depositary with any
additional instructions applicable to owners of Book-entry Interests.

 

(ii)           Upon notice by the applicable
Depositary of the principal amount of Book-entry Interests tendered for
purchase in response to such offer to purchase, the Book-entry Depositary will
cause the Senior Subordinated Note Custodian to surrender the applicable Global
Note in accordance with the instructions set forth in the offer to purchase,
indicating the portion of the principal amount of the Global Note that is being
tendered for purchase pursuant to the offer to purchase.

 

(iii)          Upon receipt of any payment resulting
from the offer to purchase, the Book-entry Depositary shall pay any amounts
received to the applicable Depositary, indicate the principal amount of the
Global Note reduced by the Trustee in connection with the offer to purchase and
notify such Depositary of a corresponding reduction in the principal amount of
the applicable Certificated Depositary Interest.

 

SECTION
2.10  Transfers and Transfer
Restrictions.

 

(a)   Transfers and exchanges of Book-entry Interests of the kinds
specified in Section 2.7 of the Indenture shall be made only in accordance with
such Section 2.7 and the Applicable Procedures.

 

(b)   The parties hereto acknowledge that pursuant to arrangements with the
Depositaries, during the Restricted Period, any trades in Book-entry Interests
in a Euro Regulation S Global Note shall only occur in or through accounts
maintained at Euroclear and Clearstream.

 

(c)   Each owner of Book-entry Interests in the Euro Rule 144A Global
Note understands that such Book-entry Interests have not been registered under
the Securities Act and may not be offered, resold, pledged or otherwise
transferred by such owner except (a)(i) to a person who such owner
reasonably believes is a qualified institutional buyer acquiring for its own
account or the account of a qualified institutional buyer in a transaction
meeting the requirements of Rule 144A, (ii) in an offshore transaction
meeting the requirements of Rule 903 or Rule 904 of Regulation S, (iii)
pursuant to an effective registration statement under the Securities Act or
(iv) pursuant to any other available exemption from registration under the
Securities Act, and (b) in accordance with all applicable securities laws of
the states of the United States and other jurisdictions.  A Book-entry Interest in a Euro Rule 144A
Global Note may be transferred to a person who takes delivery in the form of a
Book-entry interest in a Euro Regulation S Global Note, whether before or after
the expiration of the Restricted Period, only

 

9

 

upon receipt by the Book-entry
Depositary of a written certification from the transferor (in the form provided
in Exhibit E to the Indenture) that the transfer is being made in accordance
with Regulation S or Rule 144 of the Securities Act.

 

(d)   Each owner of Book-entry
Interests in the Euro Regulation S Global Note understands that such Book-entry
Interests have not been registered under the Securities Act and may not be
offered, resold, pledged or otherwise transferred by such owner except (a)(i)
to a person who such owner reasonably believes is a qualified institutional
buyer acquiring for its own account or the account of a qualified institutional
buyer acquiring for its own account in a transaction meeting the requirements
of Rule 144A, (ii) in an offshore transaction meeting the requirements of Rule
903 or Rule 904 of Regulation S, (iii) pursuant to an effective registration
statement under the Securities Act or (iv) pursuant to any other available
exemption from registration under the Securities Act, and (b) in accordance
with all applicable securities laws of the states of the United States and
other jurisdictions; provided, however,
that prior to the expiration of the Restricted Period, the beneficial owner of
a Book-entry Interest in a Euro Regulation S Global Note may not make any offer
or sale of a Book-entry Interest in a Euro Regulation S Global Note to a U.S.
person or for the account or benefit of a U.S. person within the meaning of
Rule 902 under the U.S. Securities Act, except
that a Book-entry Interest in a Euro Regulation S Global Note may be
transferred to a person who takes delivery in the form of a Book-entry Interest
in the Euro Rule 144A Global Note only upon receipt by the Book-entry
Depositary of written certification from the transferor (in the form provided
in Exhibit F to the Indenture) that the transfer is being made to a person whom
the transferor reasonably believes is purchasing for its own account or for an
account or accounts as to which it exercises sole investment discretion and
that such person and such account or accounts is a qualified institutional
buyer within the meaning of Rule 144A under the Securities Act, in a
transaction meeting the requirements of Rule 144A and in accordance with all
applicable securities laws of any state of the United States and any other
jurisdiction; and further provided, that until the expiration of the
Restricted Period, Book-entry Interests in a Euro Regulation S Global Note may
only be held through a Depositary.

 

SECTION 2.11  Record Date.

 

Whenever any payment is to be made in respect
of the Global Notes, whenever the Book-entry Depositary or the Senior
Subordinated Note Custodian shall receive notice of any action in respect
thereof to be taken by the Depositaries or holders of Book-entry Interests
(such notice to be given only through the Depositaries), or whenever the Issuer
otherwise deems it appropriate in respect of any other matter, the Issuer shall
fix a record date for the determination of the aggregate principal amount of
Global Notes represented by Certificated Depositary Interests or of the holder
who shall be entitled to receive payment in respect of Certificated Depositary
Interests or to take any such action or to act in respect of any such matter,
which record date shall at all times be such record date, if any, set for the
Global Notes in accordance with the terms of the Indenture.  Subject to the provisions of this Agreement,
only the Depositaries in whose names the Certificated Depositary Interests are
recorded on the records of the Book-entry Depositary at the close of business
on such record date shall be entitled to receive any such payment, to give
instructions as to such action or to act in respect of any such matter.

 

10

 

SECTION
2.12  Action in Respect of the
Certificated Depositary Interests or the Global Notes.

 

As soon as practicable, but not later than 2
days after receipt by the Book-entry Depositary or the Senior Subordinated Note
Custodian of notice of any solicitation of consents or request for a waiver or
other action by the Depositaries or owners of Book-entry Interests or by the
Book-entry Depositary under this Agreement, the Book-entry Depositary shall
mail to the Depositaries a notice containing (a) such information as is
contained in the notice received, (b) a statement that the Depositary that
held the Certificated Depositary Interests as of the close of business on a
specified record date (established in accordance with Section 2.11 hereof) will
be entitled, subject to the provisions of or governing the Certificated
Depositary Interests or Global Notes, as the case may be, to instruct the
Book-entry Depositary as to the consent, waiver or other action, if any,
pertaining to the Certificated Depositary Interests or Global Notes, as the
case may be, and (c) a statement as to the manner in which such
instructions may be given.  Upon the
written request of the Depositaries received on or before a date established by
the Issuer for such purpose, the Book-entry Depositary shall, or if applicable,
shall cause the Senior Subordinated Note Custodian to, endeavor insofar as
practicable and permitted under the provisions governing the Certificated
Depositary Interests or Global Notes, as the case may be, to take such action
regarding the requested consent, waiver or other action in respect of such
Certificated Depositary Interest or Global Note, as the case may be, in
accordance with any instructions set forth in such request.  The Book-entry Depositary and the Senior
Subordinated Note Custodian shall not themselves exercise any discretion in the
granting of consents or waivers or the taking of any other action in respect of
the Certificated Depositary Interests, the Book-entry Interests or Global
Notes.

 

SECTION
2.13  Changes Affecting the Global
Notes.

 

Upon any reclassification of the Global Notes
or upon any merger or consolidation or sale of substantially all the assets
affecting Valentia Telecommunications or to which Valentia Telecommunications
is a party, any securities that shall be received by the Book-entry Depositary
or the Senior Subordinated Note Custodian in exchange for or in respect of a
Global Note shall be treated as a new Global Note or as part of the Global Note
under this Agreement and any corresponding Certificated Depositary Interest
shall thenceforth represent such Global Note, including such new securities so
received.

 

SECTION 2.14  Reports.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian will as soon as practicable (and in no event later
than 2 days from receipt) send to the Depositaries a copy of any notices,
reports and other communications received relating to the Issuer, the Global
Notes or the Book-entry Interests.

 

SECTION
2.15  Additional Amounts.

 

At least 10 days prior to the first date on
which payment of principal, premium, if any, or interest on the Senior
Subordinated Notes is to be made, and at least 10 days prior to any subsequent
date on which payment of principal, premium, if any, or interest on the Senior
Subordinated Notes is to be made if there has been any change with respect to
the matters set

 

11

 

forth in the Officer’s Certificate
described in this Section 2.15, the Issuer will furnish the Book-entry
Depositary with an Officer’s Certificate specifying whether such payment of
principal, premium, if any, or interest on the Senior Subordinated Notes and
under the guarantee of the Senior Subordinated Notes shall be made without
withholding or deduction for, or on account of, any Taxes and the amount, if
any, required to be withheld on such payments and the amount, if any, of
Additional Amounts payable, net of amounts to which the Depositaries or owner
of Book-entry Interests is not entitled. 
The Book-entry Depositary shall have no responsibility for determining
whether a Depositary or any owner of a Book-entry Interest is entitled to the
payment of Additional Amounts, but shall be entitled to rely conclusively for
this purpose on the Officer’s Certificate or on certifications from any
Depositary.  The Issuer shall, prior to
the date on which the Book-entry Depositary is required to make such payment,
pay to the Book-entry Depositary amounts equal to any Additional Amounts
payable on such date by the Book-entry Depositary under this Agreement.  Notwithstanding anything to the contrary
provided above, the Book-entry Depositary shall pay or cause to be paid
Additional Amounts only out of funds that shall be received by it for such
purpose.

 

ARTICLE THREE

THE BOOK-ENTRY DEPOSITARY AND THE SENIOR SUBORDINATED NOTE CUSTODIAN

 

SECTION
3.01  Certain Duties and
Responsibilities.

 

(a)   The Book-entry Depositary and the Senior Subordinated Note
Custodian undertake to perform such duties and only such duties as are
specifically set forth in this Agreement. 
The Book-entry Depositary may perform or execute any of its duties or
powers hereunder either directly or, with the reasonable approval of the
Issuer, through its agents and shall not be responsible for any willful
misconduct or negligence of any agent appointed with due care and approved
hereunder.

 

(b)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not incur any liability to any Depositary with respect to any
Certificated Depositary Interest or any owner of Book-entry Interests or any
other Person hereunder or in connection herewith if, by reason of any
circumstances beyond the control of the Book-entry Depositary or Senior
Subordinated Note Custodian, including acts of God, war and government action,
including any laws, ordinances, regulations or the like which restrict or
prohibit the Book-entry Depositary or Senior Subordinated Note Custodian from
doing or performing any act or thing that the terms of this Agreement provide
shall be done or performed.

 

(c)   Neither the Book-entry Depositary nor the Senior Subordinated Note
Custodian shall be liable for any action or omission to act taken or omitted to
be taken under this Agreement, unless the same constitutes its own negligence,
willful misconduct or bad faith, and in no event shall either be liable to
anyone for special, indirect or consequential damages, or lost profits, arising
in connection with this Agreement.  The
Book-entry  Depositary and
the Senior Subordinated Note Custodian may conclusively rely upon, and shall be
protected in acting in reliance upon, any written notice, request, direction,
certificate, opinion or other document

 

12

 

believed by them in good faith
to be genuine and to have been signed or presented by the proper party or
parties.

 

(d)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities assume no obligation nor shall they be subject to
any liability under this Agreement to any Depositary or any owner of Book-entry
Interests or any other Person (including, without limitation, liability with
respect to the validity or worth of the Senior Subordinated Notes), other than
that they agree to use their good faith and reasonable care in the performance
of such duties as are specifically set forth in this Agreement.

 

(e)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities make no representation or warranty and shall at no
time have any responsibility for, or liability or obligation in respect of, the
legality, validity, binding effect, adequacy or enforceability of the Notes,
the performance and observance by the Issuer of its obligations under the
Senior Subordinated Notes or the recoverability of any sum of interest and
principal due or to become due from the Issuer in respect of the Senior
Subordinated Notes.

 

(f)    The Book-entry Depositary and the Senior Subordinated Note
Custodian shall at no time have any responsibility for, or obligation or
liability in respect of, the financial condition, creditworthiness, affairs,
status or nature of the Issuer.

 

(g)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities shall not be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any
Senior Subordinated Note or in respect of the Book-entry Interests, or take any
other action or omit to take any action under this Agreement, which in their
reasonable opinion may involve them in expense or liability, unless reasonable
security or indemnity against the cost, expenses and liabilities which may be
incurred by them in connection therewith is furnished.

 

(h)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not be liable for any acts or omissions made by a successor
depositary or successor Senior Subordinated Note custodian in connection with a
matter arising wholly after the removal or resignation of the Book-entry
Depositary or Senior Subordinated Note Custodian, provided that the Book-entry
Depositary or Senior Subordinated Note Custodian, exercised its good faith and
reasonable care while it acted as Book-entry Depositary or Senior Subordinated
Note Custodian, as the case may be.

 

(i)    The Book-entry Depositary and the Senior Subordinated Note
Custodian may own and deal in any class of securities of the Issuer and its
affiliates and in interests in the Book-entry Interests.  The Book-entry Depositary and the Senior
Subordinated Note Custodian may enter into other dealings with the Issuer or
any of its Affiliates of any nature whatsoever.

 

(j)    Each of the Book-entry Depositary and the Senior Subordinated
Note Custodian may act upon any tender, statement, request, document,
certificate, agreement or other instrument whatsoever not only as to its due
execution and validity and effectiveness of its provisions, but also as to the
truth and accuracy of any information contained therein, which they

 

13

 

in good faith believe to be
genuine or to have been signed or presented by the proper person or persons.

 

(k)   Each of the Book-entry Depositary and the Senior Subordinated Note
Custodian may conclusively rely on and shall be protected in acting upon
written or oral instructions from any authorized officer of the Issuer.

 

(l)    Each of the Book-entry Depositary and the Senior Subordinated
Note Custodian may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel, as to any legal matter, shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon.

 

SECTION
3.02  Not Responsible for Issuance
of Senior Subordinated Notes.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian do not make representations as to the validity or
sufficiency of any offering materials. 
The Book-entry Depositary and the Senior Subordinated Note Custodian
shall not be accountable for the use or application by the Issuer of the
proceeds with respect to the Senior Subordinated Notes.

 

SECTION
3.03  Money Held in Trust.

 

Money held by the Book-entry Depositary or
the Senior Subordinated Note Custodian in trust hereunder shall be segregated
from other funds held by the Book-entry Depositary or the Senior Subordinated
Note Custodian as required by applicable laws or regulations.  The Book-entry Depositary and the Senior
Subordinated Note Custodian shall not be under any obligation to invest or pay
interest on any money received by it hereunder, except as otherwise agreed with
the applicable Depositary (or in the absence of such an agreement, with the
Issuer).

 

SECTION
3.04  Compensation and Reimbursement.

 

(a)   The Issuer agrees:

 

(i)            to pay to the Book-entry Depositary
and the Senior Subordinated Note Custodian from time to time such compensation
as agreed between the Issuer and them in writing for all services tendered by
the Book-entry Depositary or the Senior Subordinated Note Custodian, as the
case may be, hereunder;

 

(ii)           to reimburse the Book-entry
Depositary and the Senior Subordinated Note Custodian and any predecessor
Book-entry Depositary or predecessor Senior Subordinated Note Custodian upon
their request for all reasonable expenses, disbursements and advances incurred
or made by the Book-entry Depositary or by the Senior Subordinated Note
Custodian in accordance with any provision of this Agreement (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its willful misconduct, negligence or bad faith; and

 

14

 

(iii)          to indemnify the Book-entry Depositary
and its agents and the Senior Subordinated Note Custodian and any predecessor
Book-entry Depositary or predecessor Senior Subordinated Note Custodian for,
and to hold them harmless against, any loss, liability or expense incurred
without negligence, willful misconduct, or bad faith on their part, arising out
of or in connection with the administration of this Agreement and its duties
hereunder, including the reasonable costs and expenses of defending themselves
against or investigating any claim of liability made against them in connection
with the exercise or performance of any of their powers or duties hereunder.

 

(b)   The obligations of the Issuer under this Section 3.04 to
compensate and indemnify the Book-entry Depositary and the Senior Subordinated
Note Custodian and any predecessor Book-entry Depositary or predecessor Senior
Subordinated Note Custodian and to pay or reimburse the Book-entry Depositary
and the Senior Subordinated Note Custodian and any predecessor Book-entry
Depositary or predecessor Senior Subordinated Note Custodian for expenses,
disbursements and advances shall survive the payment of the Global Notes,
resignation or removal of the Book-entry Depositary or the Senior Subordinated
Note Custodian and satisfaction, discharge or other termination of this
Agreement.

 

(c)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not be responsible for (1) taxes and other governmental
charges or (2) such registration fees as may from time to time be in
effect for the registration of transfers of interests in the Certificated
Depositary Interests.

 

SECTION
3.05  Global Depositaries
Required; Eligibility.

 

At all times when there is a Book-entry
Depositary and a Senior Subordinated Note Custodian hereunder, each of them
shall be a corporation organized and doing business under the laws of a
jurisdiction other than the Republic of Ireland having, together with its
parent, a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by the relevant governmental or regulatory
authority, and willing to act on reasonable terms.  Such corporation will have its principal place of business in
London, England if there be such a corporation in such location willing to act
upon reasonable and customary terms and conditions.  If such corporation, or its parent, publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 3.05, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  If at
any time the Book-entry Depositary or the Senior Subordinated Note Custodian
shall cease to be eligible in accordance with the provisions of this Section
3.05, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

SECTION
3.06  Resignation and Removal;
Appointment of Successor.

 

(a)   No resignation or removal of the Book-entry Depositary or the
Senior Subordinated Note Custodian and no appointment of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian pursuant to this
Article Three shall become effective until (i) the acceptance of
appointment by the successor Book-entry Depositary or the

 

15

 

successor Senior Subordinated
Note Custodian, as the case may be, in accordance with the applicable
requirements of Section 3.07 hereof or (ii) the issuance of Definitive
Notes in accordance with Sections 2.05 and 2.08 hereof.

 

(b)   The Book-entry Depositary or the Senior Subordinated Note
Custodian may resign with respect to the Global Notes by giving written notice
thereof to the Issuer and the Depositaries and the Trustee, in accordance with
Section 4.01 and Section 4.02 hereof, 60 days prior to the effective date of
such resignation.  If the instrument of
acceptance by a successor Book-entry Depositary required by Section 3.08 hereof
shall not have been delivered to the Book-entry Depositary within 30 days after
the giving of such notice of resignation, the resigning Book-entry Depositary
or the resigning Senior Subordinated Note Custodian may petition any court of
competent jurisdiction for the appointment of a successor Book-entry Depositary
or a successor Senior Subordinated Note Custodian, as applicable.  If, at the end of 90 days after the delivery
of such notice, no successor depositary has been appointed and has accepted
such appointment, the Book-entry Depositary may terminate this Agreement.

 

(c)   The Book-entry Depositary or the Senior Subordinated Note
Custodian may be removed at any time upon 90 days’ notice by the filing with it
and the Trustee of an instrument in writing signed on behalf of the Issuer and
specifying such removal and the date when it is intended to become effective.

 

(d)   If
at any time:

 

(1)           the Book-entry Depositary or the
Senior Subordinated Note Custodian shall cease to be eligible under Section
3.05 hereof, and shall fail to resign after written request therefor by the
Issuer or by any Depositary; or

 

(2)           the Book-entry Depositary or the
Senior Subordinated Note Custodian shall become incapable of acting with
respect to the Certificated Depositary Interests or shall be adjudged a
bankrupt or insolvent, or a receiver or liquidator of the Book-entry Depositary
or the Senior Subordinated Note Custodian or of their respective property shall
be appointed or any public officer shall take charge or control of the
Book-entry Depositary or the Senior Subordinated Note Custodian or of their
respective property or affairs for the purpose of rehabilitation, conservation
or liquidation,

 

then, in any such case (unless no Global
Notes remain outstanding), (i) the Issuer, by Board Resolution, may immediately
remove the Book-entry Depositary or the Senior Subordinated Note Custodian and
appoint a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian or (ii) any Depositary, the Book-entry Depositary or the Senior
Subordinated Note Custodian may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Book-entry Depositary or the Senior Subordinated Note Custodian and the
appointment of a successor Book-entry Depositary or a successor Senior
Subordinated Note Custodian unless the Definitive Notes have been issued in
accordance with the Indenture.  Such
court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Book-entry Depositary or the Senior Subordinated Note
Custodian and appoint a successor Book-entry Depositary or a successor Senior
Subordinated Note Custodian.

 

16

 

(e)   If the Book-entry Depositary or the Senior Subordinated Note
Custodian shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of the Book-entry Depositary or the Senior
Subordinated Note Custodian for any cause, the Issuer, by Board Resolution,
shall promptly appoint a successor Book-entry Depositary or a successor Senior
Subordinated Note Custodian (other than the Issuer) for the Book-entry
Depositary or the Senior Subordinated Note Custodian and shall comply with the
applicable requirements of Section 3.07 hereof.  If no successor Book-entry Depositary or successor Senior
Subordinated Note Custodian with respect to the Global Notes shall have been so
appointed by the Issuer and accepted appointment in the manner required by
Section 3.07, the Issuer, any Despositary or any owner of Book-entry Interests
in a Global Note may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Book-entry Depositary or a successor Senior Subordinated Note Custodian unless
Definitive Notes have been issued in exchange for the entirety of all Global
Notes in accordance with the Indenture.

 

(f)    The Issuer shall give, or shall cause such successor Book-entry
Depositary or successor Senior Subordinated Note Custodian to give, notice of
each resignation and each removal of a Book-entry Depositary or a Senior
Subordinated Note Custodian and each appointment of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian to the applicable
Depositary in accordance with Section 4.02 hereof.  Each notice shall include the name of the successor Book-entry
Depositary or the successor Senior Subordinated Note Custodian, as the case may
be, and the address of its Corporate Trust Office.

 

SECTION
3.07  Acceptance of Appointment by
Successor.

 

(a)   In case of the appointment hereunder of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian, every such
successor Book-entry Depositary or successor Senior Subordinated Note Custodian
so appointed shall execute, acknowledge and deliver to the Issuer and to the
retiring Book-entry Depositary or the retiring Senior Subordinated Note
Custodian, as applicable, an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Book-entry Depositary or
the retiring Senior Subordinated Note Custodian shall become effective and such
successor Book-entry Depositary or such successor Senior Subordinated Note
Custodian, without any further act, deed or conveyance, shall become vested
with all the rights, powers, agencies and duties of the retiring Book-entry
Depositary or the retiring Senior Subordinated Note Custodian, with like effect
as if originally named as the Book-entry Depositary hereunder or the Senior
Subordinated Note Custodian hereunder, as applicable but, on the request of the
Issuer or a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian, the retiring Book-entry Depositary or the retiring Senior
Subordinated Note Custodian shall, upon payment of all amounts due and payable
to it pursuant to Section 3.04 hereof, execute and deliver an instrument
transferring to the successor Book-entry Depositary or the successor Senior
Subordinated Note Custodian, as the case may be, all the rights and powers of
the retiring Book-entry Depositary or the Senior Subordinated Note Custodian
and shall duly assign, transfer and deliver to the successor Book-entry
Depositary or the successor Senior Subordinated Note Custodian all property and
money held by the retiring Book-entry Depositary hereunder or the retiring
Senior Subordinated Note Custodian hereunder and shall deliver the Global Notes
to the successor.

 

17

 

(b)   Upon the commercially reasonable request of any such successor
Book-entry Depositary or the successor Senior Subordinated Note Custodian, the
Issuer shall execute such instruments as are reasonably necessary (as determined
in good faith by the Issuer) for more fully and certainly vesting in and
confirming to the successor Book-entry Depositary or the successor Senior
Subordinated Note Custodian, as the case may be, all such rights, powers and
agencies referred to in paragraph (a) of this Section 3.07.

 

(c)   No successor Book-entry Depositary or successor Senior
Subordinated Note Custodian shall accept its appointment unless at the time of
such acceptance such successor Book-entry Depositary or successor Senior
Subordinated Note Custodian shall be eligible under Section 3.05.

 

(d)   Upon acceptance of appointment by any successor Book-entry
Depositary or successor Senior Subordinated Note Custodian as provided in this
Section 3.07, the Issuer shall give notice thereof to the Depositaries in
accordance with Section 4.02 hereof.  If
the acceptance of appointment is substantially contemporaneous with the
resignation of the Book-entry Depositary or the Senior Subordinated Note
Custodian, then the notice called for by the preceding sentence may be combined
with the notice called for the Section 3.06 hereof.  If the Issuer fails to give such notice within 15 days after
acceptance of appointment by a successor Book-entry Depositary or a successor
Senior Subordinated Note Custodian, the successor Book-entry Depositary or the
successor Senior Subordinated Note Custodian shall promptly cause such notice
to be given at the expense of the Issuer.

 

SECTION
3.08  Merger, Conversion,
Consolidation or Succession to Business.

 

Any corporation into which the Book-entry
Depositary or the Senior Subordinated Note Custodian may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Book-entry Depositary or the
Senior Subordinated Note Custodian shall be a party, or any corporation
succeeding to all or substantially all the agency business of the Book-entry
Depositary or the Senior Subordinated Note Custodian, shall be the successor of
the Book-entry Depositary hereunder or the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, provided that such corporation shall be otherwise eligible
under Section 3.05.

 

ARTICLE FOUR

 

MISCELLANEOUS PROVISIONS

 

SECTION
4.01  Notices to Book-entry
Depositary, Senior Subordinated Note Custodian or Issuer.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other document provided or permitted by
this Agreement to be made upon, given or furnished to, or filed with,

 

18

 

(a)   the Book-entry Depositary by the Trustee, the Issuer or the
Guarantors shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if made, given, furnished or filed in writing and
delivered (which may be by facsimile), couriered or mailed and received,
first-class postage prepaid, to the Book-entry Depositary at its Corporate
Trust Office, Attention: Corporate Trust Office, One Canada Square, London E14
5AL, (facsimile: +44-207-964-6399), or at any other address previously
furnished in writing by the Book-entry Depositary to the Trustee and the
Issuer;

 

(b)   the Issuer or the Guarantors, by the Book-entry Depositary or
Senior Subordinated Note Custodian shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if made, given,
furnished or filed in writing and delivered (which may be by facsimile),
couriered or mailed and received, first-class postage prepaid to eircom Funding, c/o 114 St. Stephen’s
Green West, Dublin 2, Republic of Ireland, Attention: Chief Financial Officer
(facsimile: +353 1 679 7468) with a copy (such copy not constituting notice)
to, Debovoise & Plimpton, Tower 42, International Finance Center, London
EC2N 1HQ, Attention: James C. Scoville (facsimile:  +44 (20) 7588 4180)) or at any other address previously furnished
in writing to such Book-entry Depositary or the Senior Subordinated Note Custodian
by the Issuer; or

 

(c)   the Senior Subordinated Note Custodian by the Book-entry
Depositary at its Corporate Trust Office,  Attention: Corporate Trust, One Canada Square, London E14
5AL,

 

except that a notice of change of address and
any other notice to the Book-Entry Depositary or Senior Subordinated Note
Custodian shall not be deemed to have been given until actually received by the
addressee.

 

SECTION
4.02  Notice to Depositary and
Owners; Waiver.

 

(a)   Where this Agreement provides for notice to a Depositary or owners
of Book-entry Interests of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided), if in writing and sent by
facsimile transmission or personally delivered, couriered or mailed,
first-class postage prepaid, to the Depositary at the address notified to the
Book-entry Depositary, in each case not later than the latest date, and not
earlier that the earliest date, prescribed for the giving of such notice.

 

(b)   Where this Agreement provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice.  Waivers of notice by the
Depositary shall be filed with the Book-entry Depositary, but such filing shall
not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

(c)   So long as the Senior Subordinated Notes are listed on the
Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices shall be also published in a daily newspaper with general circulation
in Luxembourg (which is expected to be the
Luxemburger Wort) and such notice shall be deemed to have been given
on the date of such publication or, if published more than once on different
dates, on the first date on which publication is made.  If and for so long as the Senior
Subordinated Notes are listed on the Irish

 

19

 

Stock Exchange and the rules of
such exchange so require, notices shall also comply with the applicable
publication requirements of such exchange.

 

(d)   In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the
Book-entry Depositary shall constitute a sufficient notification for every
purpose hereunder.

 

SECTION
4.03  Effect of Headings.

 

The Article and Section headings herein are
for convenience only and shall not affect the construction hereof.

 

SECTION
4.04  Successors and Assigns.

 

All covenants and agreements of the Issuer in
this Agreement shall bind the Issuer’s successors and assigns, whether so
expressed or not unless otherwise provided.

 

SECTION
4.05  Separability Clause.

 

In case any provision in this Agreement shall
be deemed invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof and thereof shall not in any
way be affected or impaired thereby.

 

SECTION
4.06  Benefits of Agreement.

 

Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, any benefits or any legal or equitable right, remedy or
claim under this Agreement.  The owners
from time to time of the Book-entry Interests shall be parties to this
Agreement and, by their acceptance of delivery of the Book-entry Interests,
shall be deemed to agree to and to be bound by all of the terms and conditions
hereof and of the Indenture and the Senior Subordinated Notes.

 

SECTION
4.07  Governing Law.

 

This Agreement shall be governed by, and
construed in accordance with, the laws of the state of New York.

 

SECTION 4.08  Jurisdiction.

 

By the execution and delivery of this
Agreement, the Issuer (i) acknowledges that it has, by separate written
instrument, irrevocably designated and appointed CT Corporation as its
authorized agent upon which process may be served in any suit or proceeding by
either Book-entry Depositary or the Senior Subordinated Note Custodian arising
out of this Agreement that may be instituted in any federal or state court in
the Borough of Manhattan, the City of New York, and acknowledges that CT
Corporation has accepted such designation, (ii) submits to the jurisdiction of
any such court in any such suit or proceeding, and waives any objection which
it may now or hereafter have to the laying of venue of any such proceeding or
any claim of

 

20

 

inconvenient forum and (iii)
agrees that service of process upon CT Corporation and written notice of said
service to it (couriered, mailed or delivered to its Secretary at its principal
office) shall be deemed in every respect effective service of process upon it
in any such suit or proceeding.  The Issuer
further agrees to take any and all action, including the execution and filing
of any and all such documents and instruments, as may be necessary to continue
such appointment of CT Corporation in full force and effect so long as (i) this
Agreement shall be in full force and effect and (ii) any Global Note shall be
outstanding.

 

To the extent that the Issuer has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment,
attachment in aid of execution or otherwise) with respect to itself or its
property, the Issuer hereby irrevocably waives such immunity in respect of its
respective obligations under this Agreement to the fullest extent permitted by
law.

 

SECTION 4.09  Counterparts.

 

This Agreement may be executed in any number
of counterparts by the parties hereto on separate counterparts, each of which,
when so executed and delivered, shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

 

SECTION
4.10  Inspection of Agreement.

 

A copy of this Agreement shall be available
at all reasonable times during normal business hours at the Corporate Trust
Office of the Book-entry Depositary for inspection upon reasonable prior
written notice by any owner of Book-entry Interests.

 

SECTION
4.11  Satisfaction and Discharge.

 

This Agreement, upon the delivery to the
Book-entry Depositary of a Company Order, shall cease to be of further effect,
and the Book-entry Depositary and the Senior Subordinated Note Custodian, at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Agreement, when (i) (x) the Indenture has
been satisfied and discharged pursuant to the provisions thereof, or (y)
Definitive Notes have been issued and the Global Notes have been cancelled in
accordance with the provisions of Sections 2.05 or 2.06 hereof and the
Indenture, (ii) the Issuer has paid or caused to be paid all sums payable
hereunder by the Issuer and (iii) the Issuer has delivered to the Book-entry
Depositary an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may rely, as to matters of fact, on an Officer’s Certificate), stating
that the preceding clauses (i) and (ii) have been satisfied.

 

SECTION 4.12  Amendments.

 

The Issuer, with the consent of the
Book-entry Depositary and the Senior Subordinated Note Custodian (such consent
to be given by signature in accordance with Section 4.13) may amend this
Agreement without the consent of any Depositary or the owners of Book-entry
Interests:

 

(a)   to cure any ambiguity, omissions, defect or inconsistency;

 

21

 

(b)   to add to the covenants and agreements of the Book-entry
Depositary or the Senior Subordinated Note Custodian or the Issuer;

 

(c)   to effectuate the assignment of the rights and duties of the
Book-entry Depositary or the Senior Subordinated Note Custodian to a qualified
successor, as provided herein;

 

(d)   to comply with any applicable requirements of the United States
Securities and Exchange Commission and the TIA or any other laws relating to
securities;

 

(e)   to reflect a change in Applicable Procedures or the customary
practices of any Depositary, provided that any such change in Applicable
Procedures or customary practices of any Depositary is not adverse to the
owners of Book-entry Interests; or

 

(f)    to modify, alter, amend or supplement this Agreement in any other
manner that is not adverse to any Depositary or the owners of Book-entry
Interests.

 

Except as set forth in this Section 4.12, no
amendment that adversely affects any Depositary or the owners of Book-entry
Interests may be made to this Agreement or the Book-entry Interests without the
consent of the applicable Depositary or the owners of Book-entry Interests.

 

SECTION
4.13  Book-entry Depositary and
the Senior Subordinated Note Custodian To Sign Amendments.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian shall sign any amendment authorized pursuant to
Section 4.12 hereof if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Book-entry Depositary and the Senior
Subordinated Note Custodian.  If such
amendment does, the Book-entry Depositary and the Senior Subordinated Note
Custodian may, but need not, sign it. 
In signing any amendment, the Book-entry Depositary and the Senior
Subordinated Note Custodian shall be entitled to receive indemnity reasonably
satisfactory to it and to receive, and shall be fully protected in reasonably
relying upon, an Officer’s Certificate (which need only cover the matters set
forth in clause (a) and (d) below) and an Opinion of Counsel (which need only
cover the matters set forth in clause (a), (b) and (c) and which may rely on an
Officer’s Certificate as to matters of fact) stating that:

 

(a)   such amendment
is authorized or permitted by this Agreement;

 

(b)   the Issuer has
all necessary corporate power and authority to execute and deliver the
amendment and that the execution, delivery and performance of such amendment
has been duly authorized by all necessary corporate action;

 

(c)   such amendment
has been duly and validly executed and delivered by the Issuer, and this
Agreement together with such amendment constitutes a legal, valid and binding
obligation of the Issuer enforceable against the Issuer in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights
generally and general equitable principles; and

 

22

 

(d)   such amendment does not adversely affect any Depositary or the
owners of Book-entry Interests.

 

SECTION 4.14  Effect of the Agreement.          Nothing in this Agreement shall affect
the legal rights of any Holder of any Global Note or the obligations of the
Issuer, the Guarantors or the Trustee to such Holder.

 

SECTION 4.15  No Recourse.             No director, officer, employee, incorporator, member or
stockholder of the Issuer or any Guarantor as such, shall have any liability
for any obligations of the Issuer or any Guarantor under the Certificated
Depositary Interests, the Global Notes or this Agreement or for any claim based
on, in respect of, or by reason of, such obligations or their creation, and
each holder of or owner of a beneficial interest in a Certificated Depositary
Interest or Global Note by accepting such interest waives and releases all such
liability, which waiver and release are part of the consideration for issuance
of the Global Notes and Certificated Depositary Interests..

 

23

 

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

 

 

	
   

  	
  EIRCOM FUNDING

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF
  NEW YORK

  
	
   

  	
  as Book-entry Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF
  NEW YORK

  
	
   

  	
  as Senior Subordinated Note Custodian

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

24

 

ANNEX A – Form of Certificated

Depositary Interest

 

Certificated
Depositary Interest

 

[(Regulation S)](1) [(Rule 144A)](2)

 

in respect of

 

8.25% Senior Subordinated Notes due 2013

 

THIS CERTIFICATED DEPOSITARY INTEREST HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, OR DELIVERED OTHER THAN IN
COMPLIANCE WITH THE SENIOR SUBORDINATED NOTES DEPOSIT AND CUSTODY AGREEMENT
REFERRED TO BELOW.

 

Unless presented to The Bank of New York, as
Book-entry Depositary, or its custodian, for registration of transfer, exchange
or payment, and any security is issued as authorized by the holder, any
transfer, exchange, pledge or payment under this Certificated Depositary
Interest will be wrongful.

 

The holder of this Certificated Depositary
Interest is subject to, and entitled to the benefit of, (A) the indenture dated
as of August 7, 2003, among eircom
Funding, an unlimited public company incorporated under the laws of the
Republic of Ireland and having its registered office at 114 St Stephen’s Green
West, Dublin 2, Ireland (the “Issuer”), Valentia Telecommunications, an
unlimited public company incorporated under the laws of the Republic of Ireland
and having its registered office at 25/28 North Wall Quay, Dublin 1, Republic
of Ireland, eircom Limited, a
limited liability company incorporated under the laws of the Republic of
Ireland, Valentia Holdings Limited, a company incorporated under the laws of
England, The Bank of New York, as Trustee, Transfer Agent, Registrar and
Principal Paying Agent, The Bank of New York (Luxembourg) SA as Luxembourg
Transfer Agent and Paying Agent and others, and (B) the euro senior
subordinated deposit and custody agreement dated as of August 7, 2003, (the
“Deposit and Custody Agreement”) among the Issuer, the Book-entry Depositary,
the Senior Subordinated Note Custodian (as defined therein) and the owners from
time to time of Book-entry Interests (as defined therein).

 

The Book-entry Depositary hereby certifies
that The Bank of New York Depository (Nominees) Limited, as nominee of the
Common Depositary for Euroclear and Clearstream is recorded in the

 

 

(1)                                  Insert
for Certificated Depositary Interest issued in respect of a Euro Rule 144A Global
Note.

 

(2)                                  Insert
for Certificated Depositary Interest issued in respect of a Euro Regulation S
Global Note.

 

A-1

 

records of the Book-entry Depositary as the
owner of a Certificated Depositary Interest (as defined in the Deposit and
Custody Agreement) representing initially €[•] in aggregate principal amount of
8.25% Senior Subordinated Notes due 2013 of the Issuer, or such greater or
lesser amount as shall be shown by the most recent entry in the schedule
hereto.

 

This Certificated Depositary Interest shall
be transferable only in accordance with the Deposit and Custody Agreement.

 

Unless presented by a Depositary to the
Book-entry Depositary for registration of transfer, exchange or payment, and
unless any Certificated Depositary Interest issued is registered to the
Depositary (or as otherwise authorized by the Depositary), any transfer,
exchange, pledge or payment of this Certificated Depositary Interest shall be
wrongful.  The Book-entry Depositary shall
not recognize any transfer, exchange, pledge or payment of this Certificated
Depositary Interest that does not comply with these requirements.

 

A-2

 

IN WITNESS whereof
the Book-entry Depositary has caused this Certificated Depositary Interest to
be duly executed.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Duly
  Authorized Signatory

  
	
   

  	
   

  	
  Title:

  

 

A-3

 

SCHEDULE OF
PRINCIPAL AMOUNT

 

The initial principal amount at
maturity of this Certificated Depositary Interest shall be €[•].  The following decreases/increases in the
principal amount of this Certificated Depositary Interest have been made.

 

	
  Date of

  Decrease/Increase

  	
   

  	
  Decrease in

  Principal Amount

  	
   

  	
  Increase in

  Principal Amount

  	
   

  	
  Total Principal

  Amount Following

  such

  Decrease/Increase

  	
   

  	
  Notation Made by

  or on Behalf of

  Book-entry

  Depositary

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-4Exhibit 4.7

 

EIRCOM FUNDING

 

As Issuer,

 

THE BANK OF NEW YORK

 

As Book-entry Depositary

 

THE BANK OF NEW YORK

 

As Senior Subordinated Note Custodian

 

and

 

THE OWNERS OF BOOK-ENTRY INTERESTS

 

in

8.25% Senior Subordinated Notes Due 2013

of eircom Funding

 

 

DOLLAR SENIOR
SUBORDINATED DEPOSIT AND CUSTODY AGREEMENT

 

Dated as of August 7, 2003

 

 

 

DOLLAR DEPOSIT
AND CUSTODY AGREEMENT

 

THIS DOLLAR SENIOR SUBORDINATED DEPOSIT AND
CUSTODY AGREEMENT (the “Agreement”) is made as of this 7th day of
August, 2003 by and among eircom
Funding, an unlimited public company incorporated under the laws of the
Republic of Ireland, which is a party hereto for the limited purposes referred
to herein, The Bank of New York, as the “Book-entry Depositary” (as defined
below), The Bank of New York, as the “Senior Subordinated Note Custodian” (as
defined below), and owners from time to time of Book-entry Interests.

 

ARTICLE ONE

DEFINITIONS AND OTHER GENERAL PROVISIONS

 

SECTION 1.01  Definitions.

 

The following terms, as used herein, have the
following meanings:

 

“Additional Amounts” shall have the meaning
ascribed to it in the Indenture.

 

“Affiliate” shall have the meaning ascribed
to it in the Indenture.

 

“Board Resolution” shall have the meaning
ascribed to it in the Indenture.

 

“Book-entry Depositary” means the party named
as such in this Agreement or its nominee or the custodian for either until a
successor shall have become such pursuant to Section 3.08 hereof, and
thereafter “Book-entry Depositary” shall mean its successor or its nominee or
the custodian for either.

 

“Book-entry Interests” means beneficial
interests in any Certificateless Depositary Interests issued pursuant to this
Agreement, which are eligible for trading through the book-entry system of the
Depositary.  References to Book-entry
Interests in a Global Note should be understood to mean Book-entry Interests in
the Certificateless Depositary Interest issued with respect to such Global
Note.

 

“Business Day” shall have the meaning
ascribed to it in the Indenture.

 

“Certificateless Depositary Interest” means
an interest in a Global Note held by the Book-entry Depositary that
(i) shall at all times prior to an issuance of Definitive Notes, if any,
in respect of such Global Note represent the right to receive 100% of the
principal, premium (if any), interest, and Additional Amounts (if any) in
respect of the underlying Global Note and the right to require the Book-entry
Depositary to procure the issuance of one or more Definitive Notes representing
up to 100% of the principal amount represented by such Global Note upon the
satisfaction of the conditions set forth in the Indenture for such issuance and
(ii) is issued by the Book-entry Depositary to the Depositary.

 

“Clearstream” means Clearstream Banking, société anonyme.

 

1

 

 “Company Order” shall have the meaning ascribed to it in the
Indenture.

 

“Corporate Trust Office” means the offices of
the Book-entry Depositary in London, England, at which any particular time its
corporate trust business shall be principally administered, which at the date
hereof is located at One Canada Square, London E14 5AL. 
The Corporate Trust Office will at all times be outside the Republic of
Ireland.

 

“Definitive Notes” means Senior Subordinated
Notes in definitive registered form substantially in the form set forth in the
Indenture.

 

“Depositary” means DTC or any successor
thereto as the owner of the Certificateless Depositary Interests and indicated
as such in the records of the Book-entry Depositary.

 

“Dollar Regulation S Global Notes” shall have
the meaning ascribed to them in the Indenture.

 

“Dollar Rule 144A Global Notes” shall have
the meaning ascribed to them in the Indenture.

 

“DTC” means The Depository Trust Company or
its nominee.

 

“Euroclear” means Euroclear Bank S.A./N.V.

 

“Event of Default” shall have the meaning
ascribed to it in the Indenture.

 

“Exchange Offer” shall have the meaning
ascribed to it in the Indenture.

 

“Global Notes” means one or more Dollar
Regulation S Global Notes, Dollar Rule 144A Global Notes or Unrestricted Global
Notes.

 

“Guarantor” means each of (i) Valentia
Telecommunications, an unlimited public company incorporated under the laws of
the Republic of Ireland; (ii) eircom
limited, a limited liability company incorporated under the laws of the
Republic of Ireland; and (iii) Valentia Holdings Limited, a company
incorporated under the laws of England, until a successor replaces any of them
pursuant to the applicable provisions of the Indenture and, thereafter, means
the parties not replaced and the successor.

 

“Holder” shall have the meaning ascribed to
it in the Indenture.

 

“Indenture” means the indenture dated August
7, 2003 among the Issuer, the Guarantors, The Bank of New York, as trustee,
registrar and paying agent, The Bank of New York (Luxembourg) SA, as Luxembourg
paying agent and transfer agent, The Bank of New York, London, as principal
paying agent and transfer agent, AIB/BNY Fund Management (Ireland) Limited, as
Irish paying agent and transfer agent, relating to €285,000,000 aggregate
principal amount of 8.25% Senior Subordinated Notes due 2013 and $250,000,000
aggregate principal amount of 8.25% Senior Subordinated Notes due 2013 of the
Issuer as originally executed or as it may from time to time be supplemented or
amended by one or more

 

2

 

supplemental indentures thereto
entered into pursuant to the applicable provisions thereof, including for all
purposes the provisions of the TIA that are deemed to be a part of and govern
such instrument.

 

“Issue Date” shall have the meaning ascribed
to it in the Indenture.

 

“Issuer” means eircom Funding, an unlimited public company incorporated
under the laws of the Republic of Ireland, until a successor replaces it
pursuant to the applicable provisions of the Indenture and, thereafter, means
such successor.

 

“Letter of Representations” means a Letter of
Representations to DTC from the Book-Entry Depositary pertaining to the Notes.

 

“Officer’s Certificate” shall have the
meaning ascribed to it in the Indenture.

 

“Opinion of Counsel” means a written opinion
from legal counsel, who may be counsel to the Issuer and who shall otherwise be
reasonably satisfactory to the Book-entry Depositary.

 

“Participants” shall have the meaning
ascribed to them in Section 2.02.

 

“Person” shall have the meaning ascribed to
it in the Indenture.

 

“Private Placement Legend” shall have the
meaning ascribed to it in the Indenture.

 

“Redemption Date” shall have the meaning
ascribed to it in the Indenture.

 

“Responsible Officer” shall have the meaning
ascribed to it in the Indenture.

 

“Restricted Period” shall have the meaning
ascribed to it in the Indenture.

 

“Securities Act” means the United States
Securities Act of 1933, as amended.

 

“Senior Subordinated Note Custodian” means
The Bank of New York at its Corporate Trust Offices, in its capacity as custodian of the Global Notes, and its
successors.

 

“Senior Subordinated Notes” shall mean the
dollar-denominated 8.25 % Senior Subordinated Notes due 2013 of eircom Funding issued pursuant to the
Indenture.

 

“TIA” shall have the meaning ascribed to it
in the Indenture.

 

“Trustee” means the Person acting as trustee
under the Indenture until a successor trustee shall have become such pursuant
to the applicable provisions of the Indenture, and thereafter “Trustee” shall
mean such successor trustee.

 

“Unrestricted Global Notes” means one or more
Global Notes that do not and are not required to bear the Private Placement
Legend.

 

3

 

SECTION
1.02  Rules of Construction.

 

Unless the context otherwise requires:  (1) a term has the meaning assigned to
it; (2) any capitalized term not otherwise defined herein shall have the
meaning ascribed to it in the Indenture; (3)  “or” is not exclusive;
(4)  “including” means including without limitation; (5) words in the
singular include the plural and words in the plural include the singular; and
(6) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision.

 

ARTICLE TWO

BOOK- ENTRY INTERESTS

 

SECTION
2.01  Deposit of the Global Note.

 

The Senior Subordinated Note Custodian hereby
(in the case of Global Notes issued on the Issue Date) accepts or (in the case
of any Global Notes that are issued after the Issue Date) agrees to accept
custody of the Global Notes for and on behalf of the Book-entry Depositary and
shall act as custodian thereof for and on behalf of the Book-entry Depositary
in accordance with the terms of this Agreement.  The Senior Subordinated Note Custodian shall hold such Global
Notes at its Corporate Trust Office in London, England or at such other place
or places outside the Republic of Ireland as the Book-entry Depositary may
determine with the prior written consent of the Issuer, and the Book-entry
Depositary shall issue a Certificateless Depositary Interest with respect to
each Global Note in accordance with the Letter of Representations.  For the avoidance of doubt, the Book-entry
Depositary shall not act out of or through any branch in the Republic of
Ireland in connection with any of the functions contemplated by this Agreement.  The Certificateless Depositary Interests
shall be issuable only to the Depositary.

 

SECTION
2.02  Book-entry System.

 

(a)   Upon acceptance by the Depositary of the Certificateless
Depositary Interests representing interests in the Global Notes for entry into
its book-entry settlement system in accordance with the Letter of
Representations, Book-entry Interests will be issued by the Depositary and
traded through its book-entry system, and ownership of such Book-entry
Interests shall be shown in, and the transfer of such ownership shall be
effected only through, records maintained by (i) the Depositary or
(ii) institutions that have accounts with the Depositary
(“Participants”).  Book-entry Interests
shall be transferable only as units representing authorized denominations of
the Senior Subordinated Notes and in the manner contemplated by the Indenture.

 

(b)   Except as provided in Section 2.05, no owner of Book-entry
Interests shall be entitled to receive a Definitive Note on account of such
ownership or in exchange for beneficial interests in Global Notes and such
owner’s interest therein shall be shown only in accordance with the procedures
set forth in the Letter of Representations.

 

4

 

SECTION
2.03  Procedures in the Event of
an Exchange Offer.

 

(a)   Upon receipt by the Book-entry Depositary or the Senior
Subordinated Note Custodian as holder of the Global Notes on behalf of the
Book-entry Depositary of notice of either the commencement of an Exchange Offer
or the implementation of arrangements permitting the resale by holders of
Senior Subordinated Notes pursuant to the registration provisions of the
Securities Act, the Book-entry Depositary or the Senior Subordinated Note
Custodian will forward to the Depositary materials relating to such Exchange
Offer or other arrangements with any additional instructions applicable to
owners of Book-entry Interests.

 

(b)   In the case of an Exchange Offer, upon notice by the Depositary of
the principal amount of Book-entry Interests in the Dollar Regulation S Global
Note and/or the Dollar Rule 144A Global Note (as applicable) tendered in
response to the Exchange Offer, the Book-entry Depositary or the Senior
Subordinated Note Custodian shall (i) deliver to the Trustee that portion
of each Global Note with respect to which Book-entry Interests have been
tendered and received in accordance with procedures set forth in the Letter of
Representations in exchange therefor (to the extent such portions of such
Global Note are accepted pursuant to the Exchange Offer) and shall receive from
the Trustee a new Unrestricted Global Note in like principal amount as the
Book-entry Interests tendered in respect of such Global Notes, which such new
Unrestricted Global Note shall be substantially in the form of the Global Note
set out in Exhibit C of the Indenture, (ii) issue to the Depositary a new
Certificateless Depositary Interest representing an interest in the new
Unrestricted Global Note, (iii) record any changes in the principal amount
of the Certificateless Depositary Interests representing interests in each of
the Dollar Regulation S Global Note, the Dollar Rule 144A Global Note and the
Unrestricted Global Note and (iv) notify the Depositary of any such
changes.  Book-entry Interests in each
Unrestricted Global Note may be assigned CUSIP, Common Code or ISIN numbers
which number or numbers shall be different from those assigned to Book-entry
Interests in the Dollar Rule 144A Global Notes or the Dollar Regulation S
Global Notes.

 

(c)   In the case of the implementation of arrangements permitting
resale by holders of Senior Subordinated Notes pursuant to the registration
provisions of the Securities Act, the Book-entry Depositary and the Senior
Subordinated Note Custodian shall (i) cooperate with the Trustee in the removal
of the Private Placement Legend from the relevant Senior Subordinated Note
where permitted by the Indenture or (ii) in the event that an Unrestricted
Global Note is issued in respect of the Senior Subordinated Notes, cooperate
with the Trustee in making any required changes to the principal amounts of
Global Notes in accordance with Section 2.08 hereof to the extent that the
holders of Book-entry Interests related to the Dollar Regulation S Global Note
or the Dollar Rule 144A Global Note are permitted to transfer or exchange such
Book-entry Interests for Book-entry Interests in such Unrestricted Global Note
pursuant to the Indenture.

 

SECTION
2.04  Record of Transfer of the
Certificateless Depositary Interests.

 

(a)   The Issuer hereby appoints the Book-entry Depositary as its agent
for the sole purpose of maintaining at its Corporate Trust Office records in
which it shall (i) record the Depositary as the initial owner of the
Certificateless Depositary Interests, (ii) record the transfer of any
Certificateless Depositary Interests and (iii) record the increases and
decreases in the

 

5

 

principal amount represented by
Certificateless Depositary Interests in such Global Note.  The Certificateless Depositary Interests
shall not be transferred (i) except as a whole and only to a Depositary, (ii)
unless such transfer is noted in the records of the Book-entry Depositary and
(iii) unless such transfer is confirmed by the applicable Depositary and
ownership of the Certificateless Depositary Interests are transferred to and
registered in the name of a Depositary, authorized by the transferor Depositary
and approved by the Issuer.  The
Book-entry Depositary shall not recognize any transfer or exchange of ownership
of the Certificateless Depositary Interests that does not comply with the
provisions of this Section 2.04.  The
Book-entry Depositary shall treat the Person in whose name a Certificateless
Depositary Interest is recorded in its records as the owner thereof for all
purposes whatsoever and shall not be bound or affected by any notice to the
contrary, other than an order of a court having jurisdiction over the
Book-entry Depositary.

 

(b)   The foregoing paragraph (a) of this Section 2.04 shall not
(i) impose an obligation on the Book-entry Depositary or the Senior
Subordinated Note Custodian to record the interests in or transfers of
Book-entry Interests held by Participants in a Depositary or Persons that may
hold Book-entry Interests through Participants in a Depositary or
(ii) restrict transfers of such Book-entry Interests held by Participants
in a Depositary or such Persons.

 

SECTION
2.05  Transfer of the Global Notes.

 

The Senior Subordinated Note Custodian shall
hold each Global Note in custody for and on behalf of the  Book-entry Depositary.  Neither the Senior Subordinated Note
Custodian nor the Book-entry Depositary shall transfer or lend any Global Note
or any interest therein except (i) as provided by Section 2.7 of the Indenture
or Section 2.03 of this Agreement, (ii) the exchange or replacement of a Global
Note pursuant to and in accordance with the terms of Section 2.8 of the
Indenture, (iii) delivery of any Global Note to the Trustee for cancellation
pursuant to and in accordance with the terms of Section 2.12 of the Indenture
and (iv) transfers of Global Notes as a whole (A) by the Book-entry
Depositary to a nominee or custodian of the Book-entry Depositary or (B) by a
nominee or custodian of the Book-entry Depositary to the Book-entry Depositary
or, in the case of each (A) and (B), to another successor of the Book-entry
Depositary or a nominee or custodian of such successor, located outside the
Republic of Ireland, who becomes such a successor in accordance with the
provisions of Sections 3.06 and 3.07 hereof and who is acceptable to the Issuer.  Notwithstanding the foregoing, the Senior
Subordinated Note Custodian and the Book-entry Depositary shall not under any
circumstances surrender or deliver any Global Note to a Depositary.  If (a) the Depositary notifies the Issuer at any time that it is unwilling
or unable to continue as depositary for Certificateless Depositary Interests
representing the Global Notes and a successor depositary is not appointed
within 90 days of such notification, (b) the Book-entry Depositary notifies the Issuer at any time that it is
unwilling or unable to continue as Book-entry Depositary and a successor
Book-entry Depositary is not appointed by the Issuer within 90 days, (c)
the Depositary requests the issuance of Definitive Notes following an
Event of Default under the Indenture, (d) at any time if the Issuer in its sole
discretion determines and notifies the Trustee that it elects to cause the
issuance of Definitive Notes (in whole (but not in part)), (e) The Depository
Trust Company ceases to be registered as a clearing agency under the Securities
Exchange Act of 1934, as amended, and a successor Depositary is not appointed
within 90 days, or (f) an Event of Default occurs and is continuing and the
Issuer is required pursuant to the terms of the Indenture to exchange all or

 

6

 

part of a Global Note for one or more
Definitive Notes, then the Book-entry Depositary shall promptly notify the
Senior Subordinated Note Custodian and the Trustee and request the Trustee to
issue Definitive Notes in such names and denominations as the Holder shall
specify in accordance with Section 2.6 of the Indenture.  In such event the Book-entry Depositary will
promptly surrender, or cause the Senior Subordinated Note Custodian to
surrender, the Global Notes held by it to the Trustee in connection with such
exchange and that such Global Notes will be cancelled upon issuance of such
Definitive Notes.   In no event will
Definitive Notes be issued in bearer form.

 

Delivery of Definitive Notes pursuant to this
Section 2.05 shall be made free of any fees of the Book-entry Depositary to the
Depositary or the beneficial owner thereof.

 

SECTION 2.06  Cancellation.

 

If any Global Note is surrendered, in whole
or in part, for payment or for redemption or purchase by the Issuer of Senior
Subordinated Notes evidenced thereby or for exchange for Definitive Notes to
any Person other than the Trustee, then such Global Note shall, subject to the
provisions of this Article II, become void and be delivered to the Trustee for
cancellation, in whole or in part, in accordance with the terms of the
Indenture.

 

SECTION
2.07  Payments in Respect of the
Certificateless Depositary Interests and Global Notes.

 

(a)   Whenever the Book-entry Depositary shall receive from the Trustee
(or other paying agent appointed under the Indenture) any payment on any Global
Note, the amount so received shall be distributed promptly to the Depositary
entitled thereto on the corresponding payment date for such Global Note.  So long as Euroclear or Clearstream is the
Depositary, such payments shall be made in accordance with the Letter of
Representations.

 

(b)   The Book-entry Depositary shall forward to the Issuer or its
agents such information from its records as the Issuer may reasonably request
to enable the Issuer or its agents or the Guarantors or their respective agents
to file necessary reports with governmental agencies or as required by the
terms of the Notes or the Indenture, and the Book-entry Depositary, the Issuer,
the Guarantors or their respective agents may (but shall not be required to)
file any such reports necessary to obtain benefits under any applicable tax
treaties for the Depositary or beneficial owners of Book-entry Interests.

 

(c)   None of the Issuer, the Guarantors, the Trustee, the Book-entry
Depositary, the Senior Subordinated Note Custodian or any agent of the Issuer,
the Guarantors, the Trustee or the Book-entry Depositary shall have any
responsibility or liability for any aspect of the records relating to payments
made by a Depositary (or its direct or indirect Participants) on account of
Book-entry Interests or for maintaining, supervising or reviewing any records
relating to such Book-entry Interests.

 

(d)   Notwithstanding any other provision of this Agreement, the Book-entry
Depositary shall be required to pay to any Depositary only amounts (including
Additional Amounts) received by the Book-entry Depositary under a Global Note
in which the Depositary holds an interest.

 

7

 

SECTION
2.08  Change in Principal Amount
of Global Notes.

 

(a)   Upon transfer or exchange of a beneficial interest in one Global
Note for a beneficial interest in another Global Note as provided in and in
accordance with the terms of Section 2.7 of the Indenture or upon the issuance
of Definitive Notes in accordance with the terms of Section 2.6 of the
Indenture, the Book-entry Depositary shall adjust accordingly the principal
amounts of the Certificateless Depositary Interests and shall confirm such adjustments
with the applicable Depositary.  The
Book-entry Depositary shall present the Global Notes to the Trustee or its
agent to reduce or increase the principal amount thereof in accordance with the
terms of Section 2.7 of the Indenture.

 

(b)   In the event that the Issuer exercises any right of redemption in
respect of any Senior Subordinated Notes constituting all or any part of a
Global Note or purchases any Senior Subordinated Notes constituting all or any
part of a Global Note pursuant to an offer to purchase Senior Subordinated
Notes pursuant to the Indenture, the Book-entry Depositary shall promptly cause
the Senior Subordinated Note Custodian to request the Trustee to adjust its
records and request the Trustee to endorse the applicable Schedule to such
Global Note, in each case to reflect the reduction in the principal amount of
such Global Note as a result of such redemption or purchase.  In addition, the Book-entry Depositary shall
cause the Senior Subordinated Note Custodian to notify the applicable
Depositary of the principal amount redeemed or purchased and of a corresponding
reduction of the same principal amount of the applicable Certificateless
Depositary Interest.  The Book-entry
Depositary shall pay all such amounts received by it in connection with such
redemption to such Depositary.

 

(c)   Whenever the principal amount at maturity of a Global Note is
changed by the Trustee, the Book-entry Depositary shall cause the Senior
Subordinated Note Custodian to notify the applicable Depositary in each case of
the corresponding change in the principal amount of the related Certificateless
Depositary Interest.

 

SECTION
2.09  Notices of Redemption and
Offers to Purchase Senior Subordinated Notes.

 

(a)   (i)  Upon receipt by the
Book-entry Depositary as Holder of the Global Note of a redemption notice in
respect of the Senior Subordinated Notes pursuant to the Indenture, the
Book-entry depositary will forward such notice of redemption to the Depositary
with any additional instructions applicable to owners of Book-entry Interests.

 

(ii)           On the Redemption Date, the
Book-entry Depositary will cause the Senior Subordinated Note Custodian to
surrender the applicable Global Note in accordance with the instructions set
forth in the notice of redemption.

 

(iii)          Upon receipt of any payment in respect
of such redemption, the Book-entry Depositary shall pay any amounts received to
the Depositary, indicate the principal amount of the Global Note reduced by the
Trustee in connection with the notice of redemption and notify the Depositary
of a corresponding reduction in the principal amount of the applicable
Certificateless Depositary Interest.

 

(b)   (i)  Upon receipt by the
Book-entry Depositary as Holder of the Global Note of an offer to purchase the
Senior Subordinated Notes pursuant to the Indenture, the Book-entry

 

8

 

Depositary will forward such offer to
purchase to the Depositary with any additional instructions applicable to
owners of Book-entry Interests.

 

(ii)           Upon notice by the Depositary of the
principal amount of Book-entry Interests tendered for purchase in response to
such offer to purchase, the Book-entry Depositary will cause the Senior
Subordinated Note Custodian to surrender the applicable Global Note in accordance
with the instructions set forth in the offer to purchase, indicating the
portion of the principal amount of the Global Note that is being tendered for
purchase pursuant to the offer to purchase.

 

(iii)          Upon receipt of any payment resulting
from the offer to purchase, the Book-entry Depositary shall pay any amounts
received to the applicable Depositary, indicate the principal amount of the
Global Note reduced by the Trustee in connection with the offer to purchase and
notify the Depositary of a corresponding reduction in the principal amount of
the applicable Certificateless Depositary Interest.

 

SECTION
2.10  Transfers and Transfer
Restrictions.

 

(a)   Transfers and exchanges of Book-entry Interests of the kinds
specified in Section 2.7 of the Indenture shall be made only in accordance with
such Section 2.7 and the procedures set forth in the Letter of Representations.

 

(b)   The parties hereto acknowledge that pursuant to arrangements with
the Depositary, during the Restricted Period, any trades in Book-entry Interests
in a Dollar Regulation S Global Note shall only occur in or through accounts
maintained at Euroclear and Clearstream.

 

(c)   Each owner of Book-entry Interests in the Dollar Rule 144A Global
Note understands that such Book-entry Interests have not been registered under
the Securities Act and may not be offered, resold, pledged or otherwise
transferred by such owner except (a)(i) to a person who such owner
reasonably believes is a qualified institutional buyer acquiring for its own
account or the account of a qualified institutional buyer in a transaction
meeting the requirements of Rule 144A, (ii) in an offshore transaction
meeting the requirements of Rule 903 or Rule 904 of Regulation S, (iii)
pursuant to an effective registration statement under the Securities Act or
(iv) pursuant to any other available exemption from registration under the
Securities Act, and (b) in accordance with all applicable securities laws of
the states of the United States and other jurisdictions.  A Book-entry Interest in a Dollar Rule 144A
Global Note may be transferred to a person who takes delivery in the form of a
Book-entry interest in a Dollar Regulation S Global Note, whether before or
after the expiration of the Restricted Period, only upon receipt by the
Book-entry Depositary of a written certification from the transferor (in the
form provided in Exhibit E to the Indenture) that the transfer is being made in
accordance with Regulation S or Rule 144 of the Securities Act.

 

(d)   Each owner of Book-entry
Interests in the Dollar Regulation S Global Note understands that such
Book-entry Interests have not been registered under the Securities Act and may
not be offered, resold, pledged or otherwise transferred by such owner except
(a)(i) to a person who such owner reasonably believes is a qualified
institutional buyer acquiring for its

 

9

 

own account or the account of a qualified
institutional buyer acquiring for its own account in a transaction meeting the
requirements of Rule 144A, (ii) in an offshore transaction meeting the
requirements of Rule 903 or Rule 904 of Regulation S, (iii) pursuant to an
effective registration statement under the Securities Act or (iv) pursuant to
any other available exemption from registration under the Securities Act, and
(b) in accordance with all applicable securities laws of the states of the
United States and other jurisdictions; provided,
however, that prior to the expiration of the Restricted Period, the
beneficial owner of a Book-entry Interest in a Dollar Regulation S Global Note
may not make any offer or sale of a Book-entry Interest in a Dollar Regulation
S Global Note to a U.S. person or for the account or benefit of a U.S. person
within the meaning of Rule 902 under the U.S. Securities Act, except that a Book-entry Interest in a
Dollar Regulation S Global Note may be transferred to a person who takes
delivery in the form of a Book-entry Interest in the Dollar Rule 144A Global
Note only upon receipt by the Book-entry Depositary of written certification
from the transferor (in the form provided in Exhibit F to the Indenture) that
the transfer is being made to a person whom the transferor reasonably believes
is purchasing for its own account or for an account or accounts as to which it
exercises sole investment discretion and that such person and such account or
accounts is a qualified institutional buyer within the meaning of Rule 144A
under the Securities Act, in a transaction meeting the requirements of Rule
144A and in accordance with all applicable securities laws of any state of the
United States and any other jurisdiction; and further
provided, that until the
expiration of the Restricted Period, Book-entry Interests in a Dollar
Regulation S Global Note may only be held through a Depositary.

 

SECTION 2.11  Record Date.

 

Whenever any payment is to be made in respect
of the Global Notes, whenever the Book-entry Depositary or the Senior
Subordinated Note Custodian shall receive notice of any action in respect
thereof to be taken by the Depositary or holders of Book-entry Interests (such
notice to be given only through the Depositary), or whenever the Issuer
otherwise deems it appropriate in respect of any other matter, the Issuer shall
fix a record date for the determination of the aggregate principal amount of
Global Notes represented by Certificateless Depositary Interests or of the
holder who shall be entitled to receive payment in respect of Certificateless
Depositary Interests or to take any such action or to act in respect of any
such matter, which record date shall at all times be such record date, if any,
set for the Global Notes in accordance with the terms of the Indenture.  Subject to the provisions of this Agreement,
only the Depositary in whose name the Certificateless Depositary Interests are
recorded on the records of the Book-entry Depositary at the close of business
on such record date shall be entitled to receive any such payment, to give
instructions as to such action or to act in respect of any such matter.

 

SECTION
2.12  Action in Respect of the
Certificateless Depositary Interests or the Global Notes.

 

As soon as practicable, but not later than 2
days after receipt by the Book-entry Depositary or the Senior Subordinated Note
Custodian of notice of any solicitation of consents or request for a waiver or
other action by the Depositary or owners of Book-entry Interests or by the
Book-entry Depositary under this Agreement, the Book-entry Depositary shall
mail to the Depositary a notice containing (a) such information as is
contained in the notice received, (b) a statement that the Depositary that
held the Certificateless Depositary Interests as of the close of

 

10

 

business on a specified record date
(established in accordance with Section 2.11 hereof) will be entitled, subject
to the provisions of or governing the Certificateless Depositary Interests or
Global Notes, as the case may be, to instruct the Book-entry Depositary as to
the consent, waiver or other action, if any, pertaining to the Certificateless
Depositary Interests or Global Notes, as the case may be, and (c) a
statement as to the manner in which such instructions may be given.  Upon the written request of the Depositary
received on or before a date established by the Issuer for such purpose, the
Book-entry Depositary shall, or if applicable, shall cause the Senior
Subordinated Note Custodian to, endeavor insofar as practicable and permitted
under the provisions governing the Certificateless Depositary Interests or Global
Notes, as the case may be, to take such action regarding the requested consent,
waiver or other action in respect of such Certificateless Depositary Interest
or Global Note, as the case may be, in accordance with any instructions set
forth in such request.  The Book-entry
Depositary and the Senior Subordinated Note Custodian shall not themselves
exercise any discretion in the granting of consents or waivers or the taking of
any other action in respect of the Certificateless Depositary Interests, the
Book-entry Interests or Global Notes.

 

SECTION
2.13  Changes Affecting the Global
Notes.

 

Upon any reclassification of the Global Notes
or upon any merger or consolidation or sale of substantially all the assets
affecting Valentia Telecommunications or to which Valentia Telecommunications
is a party, any securities that shall be received by the Book-entry Depositary
or the Senior Subordinated Note Custodian in exchange for or in respect of a
Global Note shall be treated as a new Global Note or as part of the Global Note
under this Agreement and any corresponding Certificateless Depositary Interest
shall thenceforth represent such Global Note, including such new securities so
received.

 

SECTION 2.14  Reports.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian will as soon as practicable (and in no event later
than 2 days from receipt) send to the Depositary a copy of any notices, reports
and other communications received relating to the Issuer, the Global Notes or
the Book-entry Interests.

 

SECTION
2.15  Additional Amounts.

 

At least 10 days prior to the first date on
which payment of principal, premium, if any, or interest on the Senior
Subordinated Notes is to be made, and at least 10 days prior to any subsequent
date on which payment of principal, premium, if any, or interest on the Senior
Subordinated Notes is to be made if there has been any change with respect to
the matters set forth in the Officer’s Certificate described in this
Section 2.15, the Issuer will furnish the Book-entry Depositary with an
Officer’s Certificate specifying whether such payment of principal, premium, if
any, or interest on the Senior Subordinated Notes and under the guarantee of
the Senior Subordinated Notes shall be made without withholding or deduction
for, or on account of, any Taxes and the amount, if any, required to be
withheld on such payments and the amount, if any, of Additional Amounts
payable, net of amounts to which the Depositary or owner of Book-entry
Interests is not entitled.  The
Book-entry Depositary shall have no responsibility for determining whether the
Depositary or any owner of a Book-entry Interest is entitled to the

 

11

 

payment of Additional Amounts, but shall be
entitled to rely conclusively for this purpose on the Officer’s Certificate or
on certifications from the Depositary. 
The Issuer shall, prior to the date on which the Book-entry Depositary
is required to make such payment, pay to the Book-entry Depositary amounts
equal to any Additional Amounts payable on such date by the Book-entry
Depositary under this Agreement. 
Notwithstanding anything to the contrary provided above, the Book-entry
Depositary shall pay or cause to be paid Additional Amounts only out of funds
that shall be received by it for such purpose.

 

ARTICLE THREE

THE BOOK-ENTRY DEPOSITARY AND THE SENIOR SUBORDINATED NOTE CUSTODIAN

 

SECTION
3.01  Certain Duties and
Responsibilities.

 

(a)   The Book-entry Depositary and the Senior Subordinated Note
Custodian undertake to perform such duties and only such duties as are
specifically set forth in this Agreement. 
The Book-entry Depositary may perform or execute any of its duties or
powers hereunder either directly or, with the reasonable approval of the
Issuer, through its agents and shall not be responsible for any willful
misconduct or negligence of any agent appointed with due care and approved
hereunder.

 

(b)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not incur any liability to any Depositary with respect to any
Certificateless Depositary Interest or any owner of Book-entry Interests or any
other Person hereunder or in connection herewith if, by reason of any
circumstances beyond the control of the Book-entry Depositary or Senior
Subordinated Note Custodian, including acts of God, war and government action,
including any laws, ordinances, regulations or the like which restrict or
prohibit the Book-entry Depositary or Senior Subordinated Note Custodian from
doing or performing any act or thing that the terms of this Agreement provide
shall be done or performed.

 

(c)   Neither the Book-entry Depositary nor the Senior Subordinated Note
Custodian shall be liable for any action or omission to act taken or omitted to
be taken under this Agreement, unless the same constitutes its own negligence,
willful misconduct or bad faith, and in no event shall either be liable to
anyone for special, indirect or consequential damages, or lost profits, arising
in connection with this Agreement.  The
Book-entry  Depositary and
the Senior Subordinated Note Custodian may conclusively rely upon, and shall be
protected in acting in reliance upon, any written notice, request, direction,
certificate, opinion or other document believed by them in good faith to be
genuine and to have been signed or presented by the proper party or parties.

 

(d)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities assume no obligation nor shall they be subject to
any liability under this Agreement to any Depositary or any owner of Book-entry
Interests or any other Person (including, without limitation, liability with
respect to the validity or worth of the Senior

 

12

 

Subordinated Notes), other than that they
agree to use their good faith and reasonable care in the performance of such
duties as are specifically set forth in this Agreement.

 

(e)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities make no representation or warranty and shall at no
time have any responsibility for, or liability or obligation in respect of, the
legality, validity, binding effect, adequacy or enforceability of the Notes,
the performance and observance by the Issuer of its obligations under the
Senior Subordinated Notes or the recoverability of any sum of interest and
principal due or to become due from the Issuer in respect of the Senior
Subordinated Notes.

 

(f)    The Book-entry Depositary and the Senior Subordinated Note
Custodian shall at no time have any responsibility for, or obligation or
liability in respect of, the financial condition, creditworthiness, affairs,
status or nature of the Issuer.

 

(g)   The Book-entry Depositary and the Senior Subordinated Note
Custodian in such capacities shall not be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any
Senior Subordinated Note or in respect of the Book-entry Interests, or take any
other action or omit to take any action under this Agreement, which in their reasonable
opinion may involve them in expense or liability, unless reasonable security or
indemnity against the cost, expenses and liabilities which may be incurred by
them in connection therewith is furnished.

 

(h)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not be liable for any acts or omissions made by a successor
depositary or successor Senior Subordinated Note custodian in connection with a
matter arising wholly after the removal or resignation of the Book-entry Depositary
or Senior Subordinated Note Custodian, provided that the Book-entry Depositary
or Senior Subordinated Note Custodian, exercised its good faith and reasonable
care while it acted as Book-entry Depositary or Senior Subordinated Note
Custodian, as the case may be.

 

(i)    The Book-entry Depositary and the Senior Subordinated Note
Custodian may own and deal in any class of securities of the Issuer and its
affiliates and in interests in the Book-entry Interests.  The Book-entry Depositary and the Senior
Subordinated Note Custodian may enter into other dealings with the Issuer or
any of its Affiliates of any nature whatsoever.

 

(j)    Each of the Book-entry Depositary and the Senior Subordinated
Note Custodian may act upon any tender, statement, request, document, certificate,
agreement or other instrument whatsoever not only as to its due execution and
validity and effectiveness of its provisions, but also as to the truth and
accuracy of any information contained therein, which they in good faith believe
to be genuine or to have been signed or presented by the proper person or
persons.

 

(k)   Each of the Book-entry Depositary and the Senior Subordinated Note
Custodian may conclusively rely on and shall be protected in acting upon
written or oral instructions from any authorized officer of the Issuer.

 

(l)    Each of the Book-entry Depositary and the Senior Subordinated
Note Custodian may consult with counsel of its selection and the advice of such
counsel or any

 

13

 

Opinion of Counsel, as to any legal matter,
shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

 

SECTION
3.02  Not Responsible for Issuance
of Senior Subordinated Notes.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian do not make representations as to the validity or
sufficiency of any offering materials. 
The Book-entry Depositary and the Senior Subordinated Note Custodian
shall not be accountable for the use or application by the Issuer of the
proceeds with respect to the Senior Subordinated Notes.

 

SECTION
3.03  Money Held in Trust.

 

Money held by the Book-entry Depositary or
the Senior Subordinated Note Custodian in trust hereunder shall be segregated
from other funds held by the Book-entry Depositary or the Senior Subordinated
Note Custodian as required by applicable laws or regulations.  The Book-entry Depositary and the Senior
Subordinated Note Custodian shall not be under any obligation to invest or pay
interest on any money received by it hereunder, except as otherwise agreed with
the Depositary (or in the absence of such an agreement, with the Issuer).

 

SECTION
3.04  Compensation and
Reimbursement.

 

(a)   The Issuer agrees:

 

(i)            to pay to the Book-entry Depositary
and the Senior Subordinated Note Custodian from time to time such compensation
as agreed between the Issuer and them in writing for all services tendered by
the Book-entry Depositary or the Senior Subordinated Note Custodian, as the
case may be, hereunder;

 

(ii)           to reimburse the Book-entry
Depositary and the Senior Subordinated Note Custodian and any predecessor
Book-entry Depositary or predecessor Senior Subordinated Note Custodian upon
their request for all reasonable expenses, disbursements and advances incurred
or made by the Book-entry Depositary or by the Senior Subordinated Note
Custodian in accordance with any provision of this Agreement (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its willful misconduct, negligence or bad faith; and

 

(iii)          to indemnify the Book-entry Depositary
and its agents and the Senior Subordinated Note Custodian and any predecessor
Book-entry Depositary or predecessor Senior Subordinated Note Custodian for,
and to hold them harmless against, any loss, liability or expense incurred
without negligence, willful misconduct, or bad faith on their part, arising out
of or in connection with the administration of this Agreement and its duties
hereunder, including the reasonable costs and expenses of defending themselves
against or investigating any claim of liability made against them in connection
with the exercise or performance of any of their powers or duties hereunder.

 

14

 

(b)   The obligations of the Issuer under this Section 3.04 to
compensate and indemnify the Book-entry Depositary and the Senior Subordinated
Note Custodian and any predecessor Book-entry Depositary or predecessor Senior
Subordinated Note Custodian and to pay or reimburse the Book-entry Depositary
and the Senior Subordinated Note Custodian and any predecessor Book-entry
Depositary or predecessor Senior Subordinated Note Custodian for expenses,
disbursements and advances shall survive the payment of the Global Notes,
resignation or removal of the Book-entry Depositary or the Senior Subordinated
Note Custodian and satisfaction, discharge or other termination of this
Agreement.

 

(c)   The Book-entry Depositary and the Senior Subordinated Note
Custodian shall not be responsible for (1) taxes and other governmental
charges or (2) such registration fees as may from time to time be in
effect for the registration of transfers of interests in the Certificateless
Depositary Interests.

 

SECTION
3.05  Global Depositaries
Required; Eligibility.

 

At all times when there is a Book-entry
Depositary and a Senior Subordinated Note Custodian hereunder, each of them
shall be a corporation organized and doing business under the laws of a
jurisdiction other than the Republic of Ireland having, together with its
parent, a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by the relevant governmental or regulatory
authority, and willing to act on reasonable terms.  Such corporation will have its principal place of business in
London, England if there be such a corporation in such location willing to act
upon reasonable and customary terms and conditions.  If such corporation, or its parent, publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 3.05, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  If at
any time the Book-entry Depositary or the Senior Subordinated Note Custodian
shall cease to be eligible in accordance with the provisions of this Section
3.05, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.  The
Book-Entry Depositary shall have executed a Letter of Representations to DTC
acceptable in form and substance to DTC and the Issuer with respect to the
Certificateless Book-Entry Interests.

 

SECTION
3.06  Resignation and Removal;
Appointment of Successor.

 

(a)   No resignation or removal of the Book-entry Depositary or the
Senior Subordinated Note Custodian and no appointment of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian pursuant to this
Article Three shall become effective until (i) the acceptance of
appointment by the successor Book-entry Depositary or the successor Senior
Subordinated Note Custodian, as the case may be, in accordance with the
applicable requirements of Section 3.07 hereof or (ii) the issuance of
Definitive Notes in accordance with Sections 2.05 and 2.08 hereof.

 

(b)   The Book-entry Depositary or the Senior Subordinated Note
Custodian may resign with respect to the Global Notes by giving written notice
thereof to the Issuer and the Depositary and the Trustee, in accordance with
Section 4.01 and Section 4.02 hereof, 60 days

 

15

 

prior to the effective date of such
resignation.  If the instrument of
acceptance by a successor Book-entry Depositary required by Section 3.08 hereof
shall not have been delivered to the Book-entry Depositary within 30 days after
the giving of such notice of resignation, the resigning Book-entry Depositary
or the resigning Senior Subordinated Note Custodian may petition any court of
competent jurisdiction for the appointment of a successor Book-entry Depositary
or a successor Senior Subordinated Note Custodian, as applicable.  If, at the end of 90 days after the delivery
of such notice, no successor depositary has been appointed and has accepted
such appointment, the Book-entry Depositary may terminate this Agreement.

 

(c)   The Book-entry Depositary or the Senior Subordinated Note
Custodian may be removed at any time upon 90 days’ notice by the filing with it
and the Trustee of an instrument in writing signed on behalf of the Issuer and
specifying such removal and the date when it is intended to become effective.

 

(d)   If at any time:

 

(1)           the Book-entry Depositary or the
Senior Subordinated Note Custodian shall cease to be eligible under Section
3.05 hereof, and shall fail to resign after written request therefor by the Issuer
or by any Depositary; or

 

(2)           the Book-entry Depositary or the
Senior Subordinated Note Custodian shall become incapable of acting with
respect to the Certificateless Depositary Interests or shall be adjudged a
bankrupt or insolvent, or a receiver or liquidator of the Book-entry Depositary
or the Senior Subordinated Note Custodian or of their respective property shall
be appointed or any public officer shall take charge or control of the
Book-entry Depositary or the Senior Subordinated Note Custodian or of their
respective property or affairs for the purpose of rehabilitation, conservation
or liquidation,

 

then, in any such case (unless no Global
Notes remain outstanding), (i) the Issuer, by Board Resolution, may immediately
remove the Book-entry Depositary or the Senior Subordinated Note Custodian and
appoint a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian or (ii) any Depositary, the Book-entry Depositary or the Senior
Subordinated Note Custodian may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Book-entry Depositary or the Senior Subordinated Note Custodian and the
appointment of a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian unless the Definitive Notes have been issued in accordance with
the Indenture.  Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Book-entry Depositary or the Senior Subordinated Note Custodian and
appoint a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian.

 

(e)   If the Book-entry Depositary or the Senior Subordinated Note
Custodian shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of the Book-entry Depositary or the Senior
Subordinated Note Custodian for any cause, the Issuer, by Board Resolution,
shall promptly appoint a successor Book-entry Depositary or a successor Senior
Subordinated Note Custodian (other than the Issuer) for the Book-entry
Depositary or the Senior Subordinated Note Custodian and shall comply with the
applicable requirements of

 

16

 

Section 3.07 hereof.  If no successor Book-entry Depositary or
successor Senior Subordinated Note Custodian with respect to the Global Notes
shall have been so appointed by the Issuer and accepted appointment in the
manner required by Section 3.07, the Issuer, the Despositary or any owner of
Book-entry Interests in a Global Note may, on behalf of itself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Book-entry Depositary or a successor Senior
Subordinated Note Custodian unless Definitive Notes have been issued in
exchange for the entirety of all Global Notes in accordance with the Indenture.

 

(f)    The Issuer shall give, or shall cause such successor Book-entry
Depositary or successor Senior Subordinated Note Custodian to give, notice of
each resignation and each removal of a Book-entry Depositary or a Senior
Subordinated Note Custodian and each appointment of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian to the applicable
Depositary in accordance with Section 4.02 hereof.  Each notice shall include the name of the successor Book-entry
Depositary or the successor Senior Subordinated Note Custodian, as the case may
be, and the address of its Corporate Trust Office.

 

SECTION
3.07  Acceptance of Appointment by
Successor.

 

(a)   In case of the appointment hereunder of a successor Book-entry
Depositary or a successor Senior Subordinated Note Custodian, every such
successor Book-entry Depositary or successor Senior Subordinated Note Custodian
so appointed shall execute, acknowledge and deliver to the Issuer and to the
retiring Book-entry Depositary or the retiring Senior Subordinated Note
Custodian, as applicable, an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Book-entry Depositary or
the retiring Senior Subordinated Note Custodian shall become effective and such
successor Book-entry Depositary or such successor Senior Subordinated Note
Custodian, without any further act, deed or conveyance, shall become vested
with all the rights, powers, agencies and duties of the retiring Book-entry
Depositary or the retiring Senior Subordinated Note Custodian, with like effect
as if originally named as the Book-entry Depositary hereunder or the Senior
Subordinated Note Custodian hereunder, as applicable but, on the request of the
Issuer or a successor Book-entry Depositary or a successor Senior Subordinated
Note Custodian, the retiring Book-entry Depositary or the retiring Senior
Subordinated Note Custodian shall, upon payment of all amounts due and payable
to it pursuant to Section 3.04 hereof, execute and deliver an instrument
transferring to the successor Book-entry Depositary or the successor Senior
Subordinated Note Custodian, as the case may be, all the rights and powers of
the retiring Book-entry Depositary or the Senior Subordinated Note Custodian
and shall duly assign, transfer and deliver to the successor Book-entry
Depositary or the successor Senior Subordinated Note Custodian all property and
money held by the retiring Book-entry Depositary hereunder or the retiring
Senior Subordinated Note Custodian hereunder and shall deliver the Global Notes
to the successor.

 

(b)   Upon the commercially reasonable request of any such successor
Book-entry Depositary or the successor Senior Subordinated Note Custodian, the
Issuer shall execute such instruments as are reasonably necessary (as
determined in good faith by the Issuer) for more fully and certainly vesting in
and confirming to the successor Book-entry Depositary or the successor Senior
Subordinated Note Custodian, as the case may be, all such rights, powers and
agencies referred to in paragraph (a) of this Section 3.07.

 

17

 

(c)   No successor Book-entry Depositary or successor Senior Subordinated
Note Custodian shall accept its appointment unless at the time of such
acceptance such successor Book-entry Depositary or successor Senior
Subordinated Note Custodian shall be eligible under Section 3.05.

 

(d)   Upon acceptance of appointment by any successor Book-entry
Depositary or successor Senior Subordinated Note Custodian as provided in this
Section 3.07, the Issuer shall give notice thereof to the Depositary in
accordance with Section 4.02 hereof.  If
the acceptance of appointment is substantially contemporaneous with the
resignation of the Book-entry Depositary or the Senior Subordinated Note
Custodian, then the notice called for by the preceding sentence may be combined
with the notice called for the Section 3.06 hereof.  If the Issuer fails to give such notice within 15 days after
acceptance of appointment by a successor Book-entry Depositary or a successor
Senior Subordinated Note Custodian, the successor Book-entry Depositary or the
successor Senior Subordinated Note Custodian shall promptly cause such notice
to be given at the expense of the Issuer.

 

SECTION
3.08  Merger, Conversion,
Consolidation or Succession to Business.

 

Any corporation into which the Book-entry
Depositary or the Senior Subordinated Note Custodian may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Book-entry Depositary or the
Senior Subordinated Note Custodian shall be a party, or any corporation
succeeding to all or substantially all the agency business of the Book-entry
Depositary or the Senior Subordinated Note Custodian, shall be the successor of
the Book-entry Depositary hereunder or the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, provided that such corporation shall be otherwise eligible
under Section 3.05.

 

ARTICLE FOUR

 

MISCELLANEOUS PROVISIONS

 

SECTION
4.01  Notices to Book-entry
Depositary, Senior Subordinated Note Custodian or Issuer.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other document provided or permitted by
this Agreement to be made upon, given or furnished to, or filed with,

 

(a)   the Book-entry Depositary by the Trustee, the Issuer or the Guarantors
shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or filed in writing and delivered
(which may be by facsimile), couriered or mailed and received, first-class
postage prepaid, to the Book-entry Depositary at its Corporate Trust Office,
Attention: Corporate Trust Office, One Canada Square, London E14 5AL
(facsimile: +44-207-964-6399), or at any other address previously furnished in
writing by the Book-entry Depositary to the Trustee and the Issuer;

 

18

 

(b)   the Issuer or the Guarantors, by the Book-entry Depositary or
Senior Subordinated Note Custodian shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if made, given,
furnished or filed in writing and delivered (which may be by facsimile),
couriered or mailed and received, first-class postage prepaid to eircom Funding, c/o 114 St. Stephen’s
Green West, Dublin 2, Republic of Ireland, Attention: Chief Financial Officer
(facsimile: +353 1 679 7468) with a copy (such copy not constituting notice)
to, Debovoise & Plimpton, Tower 42, International Finance Center, London
EC2N 1HQ, Attention: James C. Scoville (facsimile:  +44 (20) 7588 4180)) or at any other address previously furnished
in writing to such Book-entry Depositary or the Senior Subordinated Note
Custodian by the Issuer; or

 

(c)   the Senior Subordinated Note Custodian by the Book-entry
Depositary at its Corporate Trust Office,  Attention: Corporate Trust, One Canada Square, London E14
5AL,

 

except that a notice of change of address and
any other notice to the Book-Entry Depositary or Senior Subordinated Note
Custodian shall not be deemed to have been given until actually received by the
addressee.

 

SECTION
4.02  Notice to Depositary and
Owners; Waiver.

 

(a)   Where this Agreement provides for notice to a Depositary or owners
of Book-entry Interests of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided), if in writing and sent by
facsimile transmission or personally delivered, couriered or mailed,
first-class postage prepaid, to the Depositary at the address notified to the
Book-entry Depositary, in each case not later than the latest date, and not
earlier that the earliest date, prescribed for the giving of such notice.

 

(b)   Where this Agreement provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice.  Waivers of notice by the
Depositary shall be filed with the Book-entry Depositary, but such filing shall
not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

(c)   So long as the Senior Subordinated Notes are listed on the
Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices shall be also published in a daily newspaper with general circulation
in Luxembourg (which is expected to be the
Luxemburger Wort) and such notice shall be deemed to have been given
on the date of such publication or, if published more than once on different
dates, on the first date on which publication is made.  If and for so long as the Senior
Subordinated Notes are listed on the Irish Stock Exchange and the rules of such
exchange so require, notices shall also comply with the applicable publication
requirements of such exchange.

 

(d)   In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the
Book-entry Depositary shall constitute a sufficient notification for every
purpose hereunder.

 

19

 

SECTION
4.03  Effect of Headings.

 

The Article and Section headings herein are
for convenience only and shall not affect the construction hereof.

 

SECTION
4.04  Successors and Assigns.

 

All covenants and agreements of the Issuer in
this Agreement shall bind the Issuer’s successors and assigns, whether so
expressed or not unless otherwise provided.

 

SECTION
4.05  Separability Clause.

 

In case any provision in this Agreement shall
be deemed invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof and thereof shall not in any
way be affected or impaired thereby.

 

SECTION
4.06  Benefits of Agreement.

 

Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, any benefits or any legal or equitable right, remedy or
claim under this Agreement.  The owners
from time to time of the Book-entry Interests shall be parties to this Agreement
and, by their acceptance of delivery of the Book-entry Interests, shall be
deemed to agree to and to be bound by all of the terms and conditions hereof
and of the Indenture and the Senior Subordinated Notes.

 

SECTION
4.07  Governing Law.

 

This Agreement shall be governed by, and
construed in accordance with, the laws of the state of New York.

 

SECTION 4.08  Jurisdiction.

 

By the execution and delivery of this
Agreement, the Issuer (i) acknowledges that it has, by separate written
instrument, irrevocably designated and appointed CT Corporation as its
authorized agent upon which process may be served in any suit or proceeding by
either Book-entry Depositary or the Senior Subordinated Note Custodian arising
out of this Agreement that may be instituted in any federal or state court in
the Borough of Manhattan, the City of New York, and acknowledges that CT
Corporation has accepted such designation, (ii) submits to the jurisdiction of
any such court in any such suit or proceeding, and waives any objection which
it may now or hereafter have to the laying of venue of any such proceeding or
any claim of inconvenient forum and (iii) agrees that service of process upon
CT Corporation and written notice of said service to it (couriered, mailed or
delivered to its Secretary at its principal office) shall be deemed in every
respect effective service of process upon it in any such suit or
proceeding.  The Issuer further agrees
to take any and all action, including the execution and filing of any and all
such documents and instruments, as may be necessary to continue such
appointment of CT Corporation in full force and effect so long as (i) this
Agreement shall be in full force and effect and (ii) any Global Note shall be
outstanding.

 

20

 

To the extent that the Issuer has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment,
attachment in aid of execution or otherwise) with respect to itself or its
property, the Issuer hereby irrevocably waives such immunity in respect of its
respective obligations under this Agreement to the fullest extent permitted by
law.

 

SECTION 4.09  Counterparts.

 

This Agreement may be executed in any number
of counterparts by the parties hereto on separate counterparts, each of which,
when so executed and delivered, shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

 

SECTION
4.10  Inspection of Agreement.

 

A copy of this Agreement shall be available
at all reasonable times during normal business hours at the Corporate Trust
Office of the Book-entry Depositary for inspection upon reasonable prior
written notice by any owner of Book-entry Interests.

 

SECTION
4.11  Satisfaction and Discharge.

 

This Agreement, upon the delivery to the
Book-entry Depositary of a Company Order, shall cease to be of further effect,
and the Book-entry Depositary and the Senior Subordinated Note Custodian, at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Agreement, when (i) (x) the Indenture has
been satisfied and discharged pursuant to the provisions thereof, or (y)
Definitive Notes have been issued and the Global Notes have been cancelled in accordance
with the provisions of Sections 2.05 or 2.06 hereof and the Indenture, (ii) the
Issuer has paid or caused to be paid all sums payable hereunder by the Issuer
and (iii) the Issuer has delivered to the Book-entry Depositary an Officer’s
Certificate and an Opinion of Counsel (which Opinion of Counsel may rely, as to
matters of fact, on an Officer’s Certificate), stating that the preceding
clauses (i) and (ii) have been satisfied.

 

SECTION 4.12  Amendments.

 

The Issuer, with the consent of the Book-entry
Depositary and the Senior Subordinated Note Custodian (such consent to be given
by signature in accordance with Section 4.13) may amend this Agreement without
the consent of any Depositary or the owners of Book-entry Interests:

 

(a)   to cure any ambiguity, omissions, defect or inconsistency;

 

(b)   to add to the covenants and agreements of the Book-entry
Depositary or the Senior Subordinated Note Custodian or the Issuer;

 

(c)   to effectuate the assignment of the rights and duties of the
Book-entry Depositary or the Senior Subordinated Note Custodian to a qualified
successor, as provided herein;

 

21

 

(d)   to comply with any applicable requirements of the United States
Securities and Exchange Commission and the TIA or any other laws relating to
securities;

 

(e)   to reflect an amendment to or revision of the Letter of
Representation or the customary practices of any Depositary, provided that any
such change in Applicable Procedures or customary practices of any Depositary
is not adverse to the owners of Book-entry Interests; or

 

(f)    to modify, alter, amend or supplement this Agreement in any other
manner that is not adverse to any Depositary or the owners of Book-entry
Interests.

 

Except as set forth in this Section 4.12, no
amendment that adversely affects any Depositary or the owners of Book-entry
Interests may be made to this Agreement or the Book-entry Interests without the
consent of the applicable Depositary or the owners of Book-entry Interests.

 

SECTION
4.13  Book-entry Depositary and
the Senior Subordinated Note Custodian To Sign Amendments.

 

The Book-entry Depositary and the Senior
Subordinated Note Custodian shall sign any amendment authorized pursuant to
Section 4.12 hereof if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Book-entry Depositary and the Senior
Subordinated Note Custodian.  If such
amendment does, the Book-entry Depositary and the Senior Subordinated Note Custodian
may, but need not, sign it.  In signing
any amendment, the Book-entry Depositary and the Senior Subordinated Note
Custodian shall be entitled to receive indemnity reasonably satisfactory to it
and to receive, and shall be fully protected in reasonably relying upon, an
Officer’s Certificate (which need only cover the matters set forth in clause
(a) and (d) below) and an Opinion of Counsel (which need only cover the matters
set forth in clause (a), (b) and (c) and which may rely on an Officer’s
Certificate as to matters of fact) stating that:

 

(a)   such amendment
is authorized or permitted by this Agreement;

 

(b)   the Issuer has
all necessary corporate power and authority to execute and deliver the
amendment and that the execution, delivery and performance of such amendment
has been duly authorized by all necessary corporate action;

 

(c)   such amendment
has been duly and validly executed and delivered by the Issuer, and this
Agreement together with such amendment constitutes a legal, valid and binding
obligation of the Issuer enforceable against the Issuer in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights
generally and general equitable principles; and

 

(d)   such amendment does not adversely affect any Depositary or the
owners of Book-entry Interests.

 

22

 

SECTION
4.14  Effect of the Agreement.          Nothing in this Agreement shall affect
the legal rights of any Holder of any Global Note or the obligations of the
Issuer, the Guarantors or the Trustee to such Holder.

 

SECTION
4.15  No Recourse.             No director, officer, employee,
incorporator, member or stockholder of the Issuer or any Guarantor as such,
shall have any liability for any obligations of the Issuer or any Guarantor
under the Certificateless Depositary Interests, the Global Notes or this
Agreement or for any claim based on, in respect of, or by reason of, such
obligations or their creation, and each holder of or owner of a beneficial
interest in a Certificateless Depositary Interest or Global Note by accepting
such interest waives and releases all such liability, which waiver and release
are part of the consideration for issuance of the Global Notes and
Certificateless Depositary Interests.

 

23

 

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

 

 

	
   

  	
  EIRCOM FUNDING

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Book-entry Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Senior Subordinated Note Custodian

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]