Document:

Exhibit 4.43

	
   

  

 

 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

(Re: Interests in TCI/US WEST  Cable Communications Group)

 

 

Dated January 19, 2010

 

 

between

 

THESEUS NO. 1 LIMITED

 

and

 

THESEUS NO. 2 LIMITED

 

as Pledgors

 

 

and

 

 

DEUTSCHE BANK AG, LONDON BRANCH

 

as Security Trustee

 

	
   

  
	
   

  

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  CONSTRUCTION; DEFINED TERMS

  	
  2

  
	
   

  	
   

  	
   

  
	
  2.

  	
  SECURITY AGREEMENT

  	
  4

  
	
   

  	
   

  	
   

  
	
  3.

  	
  SECURED OBLIGATIONS

  	
  6

  
	
   

  	
   

  	
   

  
	
  4.

  	
  DELIVERY OF COLLATERAL; ISSUANCE OF ADDITIONAL INTERESTS

  	
  6

  
	
   

  	
   

  	
   

  
	
  5.

  	
  CERTAIN COVENANTS; REPRESENTATIONS

  	
  7

  
	
   

  	
   

  	
   

  
	
  6.

  	
  VOTING RIGHTS; DIVIDENDS; ETC.

  	
  8

  
	
   

  	
   

  	
   

  
	
  7.

  	
  REASONABLE CARE; PLEDGOR REMAINS LIABLE

  	
  9

  
	
   

  	
   

  	
   

  
	
  8.

  	
  SECURITY TRUSTEE APPOINTED ATTORNEY-IN-FACT

  	
  9

  
	
   

  	
   

  	
   

  
	
  9.

  	
  SECURITY TRUSTEE MAY PERFORM

  	
  10

  
	
   

  	
   

  	
   

  
	
  10.

  	
  EVENTS OF DEFAULT

  	
  10

  
	
   

  	
   

  	
   

  
	
  11.

  	
  REMEDIES

  	
  10

  
	
   

  	
   

  	
   

  
	
  12.

  	
  EXPENSES

  	
  12

  
	
   

  	
   

  	
   

  
	
  13.

  	
  RIGHTS OF SECURITY TRUSTEE; CERTAIN WAIVERS

  	
  12

  
	
   

  	
   

  	
   

  
	
  14.

  	
  INDEMNITY

  	
  15

  
	
   

  	
   

  	
   

  
	
  15.

  	
  ROLE OF SECURITY TRUSTEE

  	
  16

  
	
   

  	
   

  	
   

  
	
  16.

  	
  SEVERABILITY

  	
  16

  
	
   

  	
   

  	
   

  
	
  17.

  	
  CONTINUED EFFECTIVENESS

  	
  16

  
	
   

  	
   

  	
   

  
	
  18.

  	
  CUMULATIVE REMEDIES

  	
  16

  
	
   

  	
   

  	
   

  
	
  19.

  	
  WAIVERS, AMENDMENTS

  	
  17

  
	
   

  	
   

  	
   

  
	
  20.

  	
  WAIVER AND CONSENT UNDER PARTNERSHIP AGREEMENT

  	
  17

  
	
   

  	
   

  	
   

  
	
  21.

  	
  SUCCESSORS AND ASSIGNS

  	
  17

  
	
   

  	
   

  	
   

  
	
  22.

  	
  GOVERNING LAW

  	
  18

  
	
   

  	
   

  	
   

  
	
  23.

  	
  NOTICES

  	
  18

  
	
   

  	
   

  	
   

  
	
  24.

  	
  TERMINATION

  	
  19

  
	
   

  	
   

  	
   

  
	
  25.

  	
  COUNTERPARTS

  	
  19

  
	
   

  	
   

  	
   

  
	
  26.

  	
  AUTHORIZATION TO FILE

  	
  19

  
	
   

  	
   

  	
   

  
	
  27.

  	
  GENERAL REPRESENTATIONS AND WARRANTIES BY EACH PLEDGOR

  	
  19

  

 

Schedules

Schedule
4(b)

Schedule
5(a)

Schedule
5(b)

Schedule
13

Schedule
27(a)

Schedule 27(d)

 

i

 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

This
AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (as
amended, restated, supplemented or otherwise modified from time to time, this “Pledge Agreement”), is made and entered
into as of January 19, 2010 by and among THESEUS NO. 1 LIMITED, a limited
company incorporated in England and Wales and THESEUS NO. 2 LIMITED, a limited
company incorporated in England and Wales (each of foregoing being referred to
individually as a “Pledgor” and
collectively as the “Pledgors”),
and Deutsche Bank AG, London Branch, in its capacity as Security Trustee for
the Beneficiaries (the “Security Trustee”
which expression includes any person which is for the time being the Security
Trustee for the Beneficiaries).

 

W I T N E S S E T H

 

WHEREAS,  the Pledgors constitute all of the partners of TCI/US WEST Cable Communications Group,
a Colorado general partnership (“TUCCG”
or the “Partnership”).

 

WHEREAS,  pursuant
to the Senior Facilities Agreement, dated March 3, 2006 as
amended and restated on May 22, 2006, July 10, 2006, August 10,
2006, April 4, 2007, May 15, 2008, November 10, 2008, October 30,
2009 and January 8, 2010 (as further amended, restated, supplemented
and/or otherwise modified from time to time, the “Senior
Facilities Agreement”), among Virgin Media Inc., Virgin Media
Finance plc, Virgin Media Investment Holdings Limited (formerly known as NTL
Investment Holdings Limited), Telewest Communications Networks Limited and VMIH
Sub Limited (formerly known as NTLIH Sub Limited) as UK Borrowers (the “UK Borrowers”), Virgin Media Dover LLC (formerly known as
NTL Dover LLC) as US Borrower (the “US Borrower”
and together with the UK Borrowers, the “Borrowers”),
Deutsche Bank AG, London Branch, J.P. Morgan plc, The Royal Bank of Scotland
plc and Goldman Sachs International as Bookrunners and Mandated Lead Arrangers,
Deutsche Bank AG, London Branch as Facility Agent (the “Facility
Agent”) and Security Trustee, Deutsche Bank AG, New York Branch as
US Paying Agent, GE Corporate Banking Europe SAS as Administrative Agent, the
Original Guarantors as defined therein, Deutsche Bank AG, London Branch as
Original L/C Bank and the persons named therein as Lenders (the “Lenders”), the
Lenders have made available to the Borrowers
certain credit facilities pursuant to the terms and subject to the conditions
provided therein.

 

WHEREAS, by an intercreditor deed dated March 3, 2006 as
amended and restated on June 13, 2006, July 10, 2006, July 31,
2006, May 15, 2008, October 30, 2009 and January 8, 2010 (as further amended, restated, supplemented and/or
otherwise modified from time to time, the “Group
Intercreditor Deed”) among the Original Senior Borrowers, the
Original Facility Agent, the Original Security Trustee, the Senior Lenders, the
Original Senior Guarantors, the Hedge Counterparties (as each of those terms are
defined therein), the intergroup creditors and intergroup debtors listed
therein, certain banks financial institutions and other entities have agreed to
regulate their relationship as creditors on the terms set out therein.

 

WHEREAS, pursuant to the indenture
dated on or about the date hereof (the “Senior Secured Notes
Indenture”), in respect of the $1,000,000,000 6.5% senior secured
notes due 2018 and the £875,000,000 7.00% senior secured notes due 2018 (“Senior Secured Notes” and, together with the Senior Secured
Notes Indenture and the guarantees set out therein, the “Senior
Secured Notes Documents”), made among Virgin Media Inc., Virgin

 

 

Media
Investment Holdings Limited, Virgin Media Finance PLC, Virgin Media Secured
Finance PLC, the subsidiary guarantors named therein, The Bank of New York
Mellon, as trustee, registrar and paying agent and The Bank of New York Mellon
(Luxembourg), S.A., as Luxembourg paying agent, as amended, restated,
supplemented or otherwise modified from time to time, Virgin Media Secured
Finance PLC has agreed to issue and sell the Senior Secured Notes.

 

WHEREAS, in connection with the Senior Facilities Agreement
and the Group Intercreditor Deed, the Pledgors and Security Trustee entered
into a pledge and security agreement dated March 3, 2006 and amended on
December 23, 2009 (the “Original Pledge Agreement”),
pursuant to which the Pledgors granted in favor of the Security Trustee, for
the benefit of the Beneficiaries, a security interest in and lien on their
respective partnership interests in the Partnership and the other collateral
described therein as security and collateral for the due and punctual payment
and performance by the Borrowers of their respective obligations described
therein.

 

WHEREAS, Pledgors and Security Trustee
desire to amend and restate the Original Pledge Agreement.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual covenants herein contained and for other good and
valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:

 

1.                                      CONSTRUCTION; DEFINED TERMS

 

This
Pledge Agreement should be read and construed subject to the terms of the Group
Intercreditor Deed.  In the event of any
inconsistency between the terms of this Pledge Agreement and the Group
Intercreditor Deed, the terms of the Group Intercreditor Deed shall
prevail.  Unless otherwise defined herein
or the context otherwise expressly requires, capitalized terms used herein
shall have the respective meanings set forth in the Group Intercreditor Deed
and (unless otherwise defined in the Group Intercreditor Deed) the Relevant
Facilities Agreement (including by reference to other agreements).

 

“Bankruptcy Code” Title 11 of the
United States Code entitled “Bankruptcy as now or hereafter in effect.

 

“Beneficiaries” means the First Beneficiary
and the Second Beneficiaries.

 

“Designated Secured
Obligations” means Financial Indebtedness in the form of notes or
other such similar instruments of any member of the Group that is designated as
“Designated Secured Obligations” by written notice from the Company to the
Security Trustee, which notice will certify that the Financial Indebtedness is
an instrument for which Rule 3-16 of Regulation S-X under the Securities
Act (“Rule 3-16”) is applicable or will
become applicable upon registration of such instrument or an instrument
exchangeable for such instrument pursuant to a contractual requirement.

 

“Enforcement Date” means the date on which, following the occurrence of an
Event of Default that is continuing, either the Relevant Agent or the Security
Trustee notifies the relevant Pledgor of the occurrence of that Event of
Default, or takes, 

 

2

 

under any one or more of the Senior Finance
Documents, any of the steps it is entitled to take by reason of the occurrence
of such Event of Default.

 

“Event of Default” means each of:

 

(a)                                  a Senior Default; and

 

(b)                                 an event of default or termination event
(however described) under any Hedging Agreement.

 

“Excluded Charged Assets”
in relation to any Designated Secured Obligations means any shares, membership
interests, partnership interests, equity participations or other equivalent
(however designated) ownership interests (the “Ownership
Interests”) in, or other securities of, a Subsidiary of Virgin Media
Inc. (excluding the Ownership Interests in or other securities issued by Virgin
Media Investments Limited or any successor entity upon any merger,
reorganization or other restructuring effecting it) that are owned by the Pledgor
to the extent that pledging such Ownership Interests or other securities under
this Agreement to secure such Designated Secured Obligations would result in Rule 3-16
requiring separate financial statements of such Subsidiary to be filed with the
SEC, but (i) only to the extent necessary to not be subject to such
requirement, (ii) only for so long as such requirement is in existence,
and (iii) only if no member of the Group files or is otherwise required to
file separate financial statements of such Subsidiary with the SEC under a
separate rule or regulation; provided that no Ownership Interests or
securities will constitute Excluded Charged Assets if any member of the Group
takes any action in the form of a reorganization, merger or other restructuring,
a principal purpose of which is to provide for the limitation of the pledge of
any Ownership Interests or other securities pursuant to the proviso in
Section 2.

 

“Existing Pledged Collateral” means the
existing security pledged by the Partnership under the relevant (i) July 2004
Pledge Agreements and the (ii) March 2001 Pledge Agreements, as such
documents are set forth on Schedule 4(b) hereto.

 

“Existing Security Trustee” means Barclays
Bank PLC.

 

“Relevant Facilities
Agreement” means the Senior Facilities Agreement, or, upon its
repayment in full and cancellation of all undrawn commitments thereunder, the
Designated Refinancing Facilities Agreement, provided that if upon the
repayment in full and cancellation of all undrawn commitments under the Senior Facilities
Agreement there is no Designated Refinancing Facilities Agreement, until such
time that a Refinancing Facilities Agreement has been designated as a
Designated Refinancing Facilities Agreement, the “Relevant
Facilities Agreement” shall be the Senior Facilities Agreement
immediately prior to such termination, and provided further that upon the
repayment in full and cancellation of all undrawn commitments under the
Designated Refinancing Facilities Agreement, until such time that a Refinancing
Facilities Agreement has been designated as a Designated Refinancing Facilities
Agreement, the “Relevant Facilities Agreement”
shall be the Designated Refinancing Facilities Agreement immediately prior to
such termination.

 

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

 

3

 

“Secured Obligations” means the Security
Trustee Liabilities, the Senior Liabilities and the Hedging Liabilities,
provided that any liabilities that have been designated as “New Senior
Liabilities” under the Group Intercreditor Deed or are incurred after
December 31, 2009 under any Refinancing Facilities Agreement entered into
after such date,

 

(a)                                  in breach of the provisions of the Senior
Facilities Agreement, or upon its repayment in full and cancellation of all
undrawn commitments thereunder (unless there is no Designated Refinancing
Facilities Agreement), the Designated Refinancing Facilities Agreement, or any
Refinancing Facilities Agreement on the date of such designation (excluding any
applicable cure period), or

 

(b)                                 that the Security Trustee, acting reasonably,
has not agreed to act as security trustee for,

 

shall
not, in any such case constitute “Secured Obligations”
for the purpose of this Agreement;

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, as in effect from time to
time.

 

“Security Trust Agreement”
means the security trust agreement dated March 3, 2006 and amended and
restated on or about the date hereof between Security Trustee, Facility Agent,
Virgin Media Investment Holdings Limited (formerly known as NTL Investment
Holdings Limited), and the companies named therein as Original Obligors.

 

2.                                      SECURITY AGREEMENT

 

As
security and collateral for the due and punctual payment and performance by the
Obligors of their respective joint and several obligations described in
Section 3 below, each of the Pledgors hereby assigns, transfers, and
pledges to the Security Trustee, and grants to the Security Trustee for the
benefit of the Beneficiaries, a lien on and security interest in and to such
Pledgor’s right, title and interest in and to the following (collectively, the “Pledged Collateral”):

 

(a)                                  such Pledgor’s partnership interest in the
Partnership owned by such Pledgor at any time and from time to time (each, a “Partnership Interest” and collectively, the “Partnership Interests”) and any certificates, instruments or other
documents representing each such Partnership Interest, all dividends,
distributions, cash, securities, instruments and other property from time to
time paid, payable or otherwise distributed in respect of or in exchange for
all or any part of each such Partnership Interest and all proceeds thereof; and

 

(b)                                 all partnership interests (general or limited)
or securities convertible into or exchangeable for such interests issued by the
Partnership, or any successor thereto, from time to time and acquired by such
Pledgor in substitution for or in addition to any of the foregoing, all
certificates and instruments representing such interests or securities, and all
dividends, distributions, cash, securities, instruments and other property from
time to time paid, payable or 

 

4

 

otherwise
distributed in respect of or in exchange for any or all of such interests or
securities and all proceeds thereof;

 

provided, that, notwithstanding the foregoing, in no event
shall the Pledgor be required to pledge any Excluded Charged Assets to the
Security Trustee under this Pledge Agreement to secure the Designated Secured
Obligations.  For the avoidance of doubt:

 

(i)            all Pledged
Collateral that does not constitute Excluded Charged Assets remains pledged
pursuant to this Pledge Agreement to secure all Secured Obligations, including
without limitation the Designated Secured Obligations; and

 

(ii)           such Excluded
Charged Assets remain pledged under this Section 2 to secure any Secured
Obligations that are not Designated Secured Obligations pursuant to this Pledge
Agreement.

 

In
the event that Rule 3-16 is amended, modified or interpreted by the SEC to
require (or is replaced with another rule or regulation, or any other law,
rule or regulation is adopted, which would require) the filing with the
SEC (or any other United States federal or state governmental agency) of separate
financial statements of any such Subsidiary due to the fact that such
Subsidiary’s Ownership Interests or other securities secure any Designated
Secured Obligations, then such Ownership Interests or other securities (as
applicable) of such Subsidiary shall automatically be deemed to be Excluded
Charged Assets for such Designated Secured Obligations but (i) only to the
extent necessary to not be subject to any such financial statement requirement,
(ii) only for so long as such financial statement requirement would
otherwise have been applicable to such Subsidiary, and (iii) only if no
member of the Group files or is otherwise required to file separate financial
statements of such Subsidiary with the SEC or such other governmental agency
under a separate rule or regulation. 
If the circumstances described in this paragraph apply, this Pledge
Agreement may be amended or modified, without the consent of any Senior Finance
Party, to the extent necessary to release the pledge (but only to the extent
securing such Designated Secured Obligations and without prejudice to the
pledge securing the Secured Obligations referred to in clause (ii) of the
preceding paragraph) in favor of the Security Trustee on the relevant Ownership
Interests and/or other securities that are so deemed to constitute Excluded
Charged Assets.

 

In
the event that Rule 3-16 is amended, modified or interpreted by the SEC to
permit (or is replaced with another rule or regulation, or any other law, rule or
regulation is adopted, which would permit) such Subsidiary’s Ownership
Interests and/or other securities to secure any Designated Secured Obligations
in excess of the amount then pledged without the filing with the SEC (or any
other United States federal or state governmental agency) of separate financial
statements of such Subsidiary, then the Ownership Interests or other securities
(as applicable) of such Subsidiary will automatically be deemed not to be
Excluded Charged Assets for such Designated Secured Obligations, but limited to
the extent necessary to not be subject to any such financial statement
requirement. If the circumstances described in this paragraph apply, 

 

5

 

this
Pledge Agreement may be amended or modified, without the consent of any Senior
Finance Party, to the extent necessary to pledge in favor of the Security
Trustee such additional Ownership Interests or other securities that were
deemed to constitute Excluded Charged Assets.

 

3.                                      SECURED OBLIGATIONS

 

The
security interest in the Pledged Collateral granted pursuant hereto shall
secure the due and punctual payment and performance of the Secured Obligations
provided that before any demand for any Secured Obligation is made on a
Restricted Guarantor pursuant to this Pledge Agreement, demand for payment of
the relevant Secured Obligation shall first have been made on the Borrower from
which such unpaid Secured Obligation is due. 
It is acknowledged and agreed that
(without prejudice to the extension of the Secured Obligations to any other
Indebtedness from time to time included within the definition thereof) as at
the date hereof, the Secured Obligations shall include: (a) all
Liabilities under the Senior Facilities Agreement; and (b) all Liabilities
under the Senior Secured Notes Documents.

 

4.                                      DELIVERY OF COLLATERAL; ISSUANCE OF ADDITIONAL INTERESTS

 

(a)                                  All certificates, instruments or documents, if
any, representing or evidencing each and every of the Partnership Interests
shall be delivered to the Security Trustee by the Pledgors on the date hereof,
and shall be held by the Security Trustee pursuant hereto at all times
hereafter until termination hereof pursuant to Section 24, and all
certificates, instruments or documents representing or evidencing interests or
securities in or issued by the Partnership and acquired by any Pledgor after
the date hereof and constituting Pledged Collateral hereunder shall be
delivered to the Security Trustee immediately upon, and held by the Security
Trustee at all times after, acquisition thereof by such Pledgor.  All such certificates, instruments or
documents, if any, shall be in suitable form for transfer by delivery, or shall
be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance satisfactory to the Security Trustee.  To the extent that any certificates,
instruments of transfer or other documents of title relating to any of the
Pledged Collateral which are required to be delivered to the Security Trustee hereunder
have already been delivered to Deutsche Bank AG, London Branch in its capacity
as security trustee under and for the purposes of the security interests over
such Pledged Collateral pursuant to the Original Pledge Agreement, the
requirements of this Section 4(a) shall be deemed satisfied.

 

(b)                                 Except as otherwise permitted in the Senior
Finance Documents, each Pledgor agrees that it shall take all actions available
to such Pledgor to cause the Partnership and, in the event of a merger or
consolidation of the Partnership with any other entity, such other entity, not
to issue any interests or other securities whether in addition to, by dividend
or other distribution upon, or in substitution or exchange for, any of the
Partnership Interests or otherwise, other than such interests or other securities
issued to the Pledgors and promptly delivered to the Security Trustee pursuant
to Section 4(a) hereof in which the Security Trustee, as agent and
representative for the Beneficiaries, has a valid and perfected security
interest free and clear of all liens and with respect to which no other party
has any interest, except for the Existing 

 

6

 

Pledged
Collateral and the liens created in favor of the Security Trustee pursuant to
this Pledge Agreement (collectively, the “Permitted
Liens”).

 

(c)                                  Upon the occurrence and during the continuance
of an Event of Default hereunder, the Security Trustee shall have the right, at
any time in its discretion, to transfer to or to register in the name of the
Security Trustee or any of its nominees any or all of the Pledged Collateral
(with, in the discretion of the Security Trustee, such transfer or registration
expressly empowering the Security Trustee to vote any voting interests included
in the Pledged Collateral), subject only to each Pledgor’s revocable rights
specified in Section 6(a).

 

(d)                                 Each Pledgor shall from time to time cause
appropriate financing statements (on appropriate forms) under the Uniform
Commercial Code as in effect in the Colorado, the District of Columbia or any
other relevant states (a “State”),
covering all Collateral hereunder (with the form of such financing statements
to be satisfactory to the Security Trustee), to be filed in the relevant filing
offices so that at all times the Security Trustee’s security interest in all
Pledged Collateral which can be perfected by the filing of such financing
statement (in each case to the maximum extent perfection by filing may be
obtained under the laws of the relevant State), is so perfected.

 

5.                                      CERTAIN COVENANTS; REPRESENTATIONS

 

(a)                                  Each of the Pledgors covenant and agree that:
(i) save to the extent expressly permitted or not restricted under any
Senior Finance Document, without the prior written consent of the Security
Trustee, no Pledgor will grant any option with respect to any of the Pledged
Collateral; (ii) the Pledgors will defend the Pledged Collateral against
the claims and demands of all persons other than the Security Trustee and the
Beneficiaries, and will take any and all such action as is reasonably necessary
to remove any competing or conflicting lien and will advise the Security
Trustee promptly of the existence thereof; and (iii) at any time and from
time to time upon the written request of the Security Trustee, the Pledgors
will execute and deliver such further documents and do such further acts and
things as the Security Trustee may reasonably request in order to effect the
purposes of this Pledge Agreement.

 

(b)                                 Each of the Pledgors represent and warrant
that:  (i) their choice of Colorado
law to govern this Pledge Agreement is valid and binding subject to the
Reservations; (ii) the Partnership Interests held by such Pledgor consist
of the number and type of interests of the persons described in Schedule 5(a) hereto;
(iii) each Partnership Interest referenced in sub-clause (ii) of this
paragraph constitutes that percentage or position of the entire Partnership
Interest of the Partnership as set forth in Schedule 5(a) hereto;
(iv) it has complied with the respective procedure set forth in Clause 4(a) hereof
with respect to each item of Pledged Collateral described in
Schedule 5(a); and (v) such Pledgor owns no other Partnership
Interests except as set forth in Schedule 5(b) hereto.

 

7

 

6.                                      VOTING RIGHTS; DIVIDENDS; ETC.

 

(a)                                  So long as no Event of Default hereunder shall
have occurred and be continuing: 
(i) each Pledgor shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Pledged Collateral belonging to such
Pledgor pursuant to the joint venture agreement creating and governing TUCCG
(the “TUCCG Joint Venture Agreement”), for any purpose not prohibited by the
terms of this Pledge Agreement or the Senior Finance Documents; and
(ii) except as otherwise provided in Section 6(c) hereof and
except for distributions prohibited by the Senior Finance Documents, each
Pledgor shall be entitled to receive, retain and distribute, free and clear of
the security interest granted hereunder, any dividends, distributions, cash and
other property from time to time paid, payable or otherwise distributed in
respect of the Pledged Collateral belonging to such Pledgor.

 

(b)                                 Pledgor hereby irrevocably appoints the
Security Trustee as Pledgor’s proxyholder with respect to the Partnership
Interests of Pledgor and any other voting interests or other securities
belonging to Pledgor and forming a part of the Pledged Collateral with full
power and authority, in the discretion of the Security Trustee, to vote such
Partnership Interests and other voting interests or securities and otherwise to
act with respect to such Partnership Interests or other voting interests or
securities on behalf of Pledgor; provided that this proxy shall only be
operative upon the occurrence of an Event of Default and so long as such Event
of Default continues.  This proxy shall
be irrevocable for so long as any of the Secured Obligations remain in
existence.  Pledgor shall execute and deliver
(or cause to be executed and delivered) to the Security Trustee all proxies and
other instruments as the Security Trustee may reasonably request for the
purpose of enabling the Security Trustee to exercise the voting and other
rights which it is entitled to exercise pursuant to this Section 6(b).

 

(c)                                  Upon the occurrence and during the continuance
of an Event of Default hereunder or as otherwise permitted or not restricted
pursuant to the provisions of each of the Senior Finance Documents, all rights
of the Pledgor to receive and retain dividends, distributions, cash and other
property, which it would otherwise be authorized to receive and retain pursuant
to Section 6(a)(ii), shall cease and all such rights shall thereupon be
vested in the Security Trustee, who shall thereupon have the sole right to
receive and hold as Pledged Collateral such dividends, distributions, cash and
other property; provided, that until the Enforcement Date, without
prejudice to the Senior Finance Documents, the Security Trustee will hold all
dividends, distributions, cash and other property paid on and received by it in
respect of any Partnership Interest which are transferred to it for the account
of each Pledgor and will, subject to any right of set-off, pay such dividends,
interest and other moneys to such Pledgor upon request.  All cash and other property received by a
Pledgor contrary to the provisions of this Section 6(c) shall be
received in trust for the benefit of the Security Trustee, shall be segregated
from other property or funds of such Pledgor and shall be forthwith delivered
to the Security Trustee as Pledged Collateral in the same form as so received
(with any necessary transfer documents or endorsements).

 

8

 

7.                                      REASONABLE CARE; PLEDGOR REMAINS LIABLE

 

(a)                                  The Security Trustee shall be deemed to have
exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if the Pledged Collateral is accorded treatment
substantially equal to that which the Security Trustee accords its own
property, it being understood that neither the Security Trustee nor any
Beneficiary shall have responsibility for taking any necessary steps (other
than steps taken in accordance with the standard of care set forth above to
maintain possession of the Pledged Collateral) to preserve rights against any
parties with respect to any Pledged Collateral; provided that the
Security Trustee agrees to notify the Pledgors if it has actual knowledge of
the necessity of taking any such steps in respect of any Pledged Collateral and
to cooperate with the Pledgors in connection therewith.

 

(b)                                 Anything herein to the contrary
notwithstanding, (i) the Pledgors shall remain liable under the TUCCG
Joint Venture Agreement to the extent set forth therein to perform the duties
and obligations thereunder to the same extent as if this Pledge Agreement had
not been executed, (ii) the exercise by the Security Trustee of any of its
rights hereunder shall not release any Pledgor from any of the duties or
obligations under the TUCCG Joint Venture 
Agreement, and (iii) the Security Trustee and the other
Beneficiaries shall not have any obligation or liability under the TUCCG Joint
Venture Agreement by reason of this Pledge Agreement, nor shall the Security
Trustee or the other Beneficiaries be obligated to perform any of the
obligations or duties of any Pledgor thereunder, to make any payment, to make
any inquiry as to the nature or sufficiency of any payment received by any
Pledgor or the sufficiency of any performance by any party under the TUCCG
Joint Venture Agreement or to take any action to collect or enforce any claim
for payment assigned hereunder.  Except
to the extent required by general partnership law, the Security Trustee and the
other Beneficiaries shall not by reason of this Pledge Agreement or the exercise
of any remedies hereunder become responsible or liable in any manner or to any
extent for the obligations and liabilities of TUCCG or any of the liabilities
of the Pledgors (or their permitted successors or assigns).

 

8.                                      SECURITY TRUSTEE APPOINTED ATTORNEY-IN-FACT

 

(a)                                  Each Pledgor hereby irrevocably appoints
(which appointment is coupled with an interest) the Security Trustee (acting
through its employees, attorneys, and/or agents) as such Pledgor’s
attorney-in-fact, with full power of substitution and with full authority in
the place and stead of Pledgor and in its name or otherwise, from time to time
in the Security Trustee’s discretion, to sign, execute, seal and deliver and
otherwise perfect any further security document or notice reasonably required
to secure the Secured Obligations or to perfect the security intended to be
created hereunder over the Pledged Collateral or any part thereof or, on or
after the Enforcement Date, to take any action and to execute any instrument
which the Security Trustee may deem reasonably necessary or advisable to
accomplish the purposes of this Pledge Agreement; provided, that the
Security Trustee shall be under no obligation to take any action hereunder and,
absent gross negligence and wilful misconduct, 

 

9

 

the Security Trustee
shall have no liability or responsibility for any action taken or omission with
respect thereto.

 

(b)           Each Pledgor hereby consents, acknowledges and
agrees, as of the date hereof,  that the
Security Trustee shall be appointed to succeed the Existing Security Trustee in
relation to the Existing Pledged Collateral.

 

9.                                      SECURITY TRUSTEE MAY PERFORM

 

Upon
the occurrence and during the continuance of an Event of Default hereunder
(including an Event of Default resulting from a failure to perform any
agreement contained herein), if any Pledgor fails to perform any agreement
contained herein, the Security Trustee may itself perform, or cause performance
of, such agreement, and the expenses of the Security Trustee incurred in
connection therewith shall be payable by such Pledgor under Section 12
hereof.

 

10.                               EVENTS OF DEFAULT

 

The
occurrence of an Event of Default shall constitute an Event of Default
hereunder.

 

11.                               REMEDIES

 

At
any time on or after the Enforcement Date, in addition to and without limiting
any and all other remedies available under principles of law or equity:

 

(a)           The Security Trustee may execute, acknowledge,
deliver, file and record on behalf of any or all the Pledgors and in their
respective names financing statements, continuation statements, security
agreements, mortgages, assignments, certificates of title, reports, notices,
schedules of account, and all other documents, instruments or agreements that
the Security Trustee may, in its sole and absolute discretion, deem advisable
in order to obtain, perfect and maintain the Security Trustee’s security
interests in the Pledged Collateral granted pursuant hereto and in order to
fully consummate, implement and enforce all of the transactions contemplated
and security interests granted under this Pledge Agreement.

 

(b)           The Security Trustee may exercise in respect of the
Pledged Collateral, in addition to other rights and remedies provided for
herein or otherwise available to it, all the rights and remedies of a secured
party after default under the Uniform Commercial Code in effect in the State of
Colorado (the “Colorado UCC”) at that time or other applicable law.

 

(c)           The Security Trustee may, without notice except as
specified below, sell the Pledged Collateral or any part thereof in one or more
parcels at public or private sale, at any exchange, over the counter or at any
of the Security Trustee’s offices or elsewhere, for cash, on credit or for
future delivery, and at such price or prices and upon such other terms as may
be commercially reasonable or otherwise in such manner as necessary to comply
with applicable federal and state securities laws.  The Pledgors agree that the Security Trustee
shall not be required to register or qualify any of the Pledged Collateral
under applicable state or federal securities laws in connection with 

 

10

 

any
such sale if the sale is effected in a manner that complies with all applicable
federal and state securities laws (to the extent applicable).  The Security Trustee shall be authorized at
any such sale (if it deems it advisable to do so) to restrict the prospective
bidders or purchasers to persons who will represent and agree that they are “accredited
investors” or “qualified institutional buyers” under applicable law and are
purchasing the Pledged Collateral for their own account, for investment and not
with a view to the distribution thereof. 
Upon consummation of any such sale the Security Trustee shall have the
right to assign, transfer and deliver the Pledged Collateral to the purchaser
or purchasers at any such sale, and such purchasers shall hold the property
sold absolutely free from any claim or right on the part of the Pledgors, and
each Pledgor hereby waives (to the extent permitted by law) all rights of
redemption, stay or appraisal which it now has or may at any time in the future
have under applicable law now existing or hereafter enacted.

 

(d)           The Security Trustee shall give to each Pledgor
notice in writing of the time and place of any public sale or of the time on or
after which any private sale or intended disposition is to be made.  Such notice need not be given more than five
(5) Business Days (or such longer period as shall be specified by
applicable law) before the date fixed for any such disposition, which notice
the Pledgors agree shall constitute commercially reasonable notification.  At any such sale or other disposition, the
Security Trustee, to the extent permitted by applicable law, may bid, which bid
may be, in whole or in part, in the form of cancellation of the Secured
Obligations in proportion to the share of the Secured Obligations of each
Beneficiary, and purchase for the account of the Beneficiaries the whole or any
portion of the Pledged Collateral, to the further extent permitted by
applicable law, free of any right of redemption, which right is hereby waived
and released to the extent permitted by applicable law.  The Security Trustee shall not be obligated
to make any sale of Pledged Collateral regardless of notice of sale having been
given, and the Security Trustee may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was
so adjourned.

 

(e)           If a sale of all or any part of the Pledged
Collateral is made on credit or for future delivery, the Pledged Collateral so
sold may be retained by the Security Trustee until the sale price is paid by
the purchaser or purchasers thereof, but the Security Trustee shall not incur
any liability in case any such purchaser or purchasers shall fail to take
delivery of and pay for the Pledged Collateral so sold and, in case of any such
failure, such Pledged Collateral may be sold again upon like notice.  The Pledgors agree that any sale of the
Pledged Collateral conducted by the Security Trustee in accordance with the
foregoing provisions of this Section shall be deemed to be a commercially
reasonable sale under Article 9 of the Colorado UCC.

 

(f)            As an alternative to exercising the power of sale
herein conferred upon it, the Security Trustee may proceed by a suit or suits
at law or in equity to foreclose the security interests and to sell the Pledged
Collateral, or any portion thereof, pursuant to a judgment or decree of a court
or courts of competent jurisdiction.

 

11

 

(g)           Subject to provisions of applicable law any cash
held by the Security Trustee as Pledged Collateral and all cash proceeds received
by the Security Trustee in respect of any sale of, collection from, or other
realization upon all or any part of the Pledged Collateral shall be applied as
set forth in the Group Intercreditor Deed and the Security Trust Agreement.

 

12.                               EXPENSES

 

Pledgors
agree to pay, upon demand, to the Security Trustee (together with interest
thereon from the date falling 30 days after the date of demand by the Security
Trustee until the date of payment at the default interest rate as in effect
from time to time under clause 28.2 of the Senior Facilities Agreement or, upon
its repayment in full and cancellation of all undrawn commitments thereunder,
such equivalent provision in the Relevant Facilities Agreement) (a) the
amount of any and all actual fees and expenses, including without limitation
the fees and expenses of its counsel and of any experts and agents, which the
Security Trustee may properly incur in connection with (i) the custody or
preservation of the Pledged Collateral, (ii) the exercise or enforcement
of any rights of the Security Trustee hereunder or (iii) the failure by
any Pledgor to perform or observe any of the provisions hereof and (b) the
amount of any and all actual and fees and expenses of the Security Trustee’s
counsel and outside experts and agents incurred in connection with the
administration and enforcement of this Pledge Agreement.

 

13.                               RIGHTS OF SECURITY TRUSTEE; CERTAIN WAIVERS

 

(a)           Each Pledgor acknowledges that the security
interests granted hereunder will secure obligations of persons other than such
Pledgor, and, in full recognition of such fact, each Pledgor hereby agrees
that, at any time and from time to time the Beneficiaries may, in their sole
and absolute discretion, without the necessity of any reservation of rights
against, notice to or further assent by any Pledgor, and without affecting the
validity, legality or enforceability hereof or the security interests hereunder
(but subject to the terms of the Senior Finance Documents):  (i) create new Secured Obligations or
extend, accelerate, rescind any acceleration, increase, decrease, continue,
restructure or otherwise modify the Secured Obligations or any of their terms;
(ii) amend, supplement, waive or otherwise modify any provision of, or
give any agreement, approval or consent with respect to, the Senior Finance
Documents or any of the Secured Obligations; (iii) accept new or
additional instruments, documents or agreements in exchange for or relative to
any of the Senior Finance Documents, the Security Documents or the Secured Obligations
or any part thereof; (iv) except as may be required by applicable law,
accept and apply as the Beneficiaries may see fit payments on the Secured
Obligations or proceeds of Collateral (as defined below); (v) receive and
hold additional collateral or guarantees for the Secured Obligations or any
part thereof (all collateral and guarantees for the Secured Obligations or any
part thereof being referred to in this Section 13 as “Collateral” and “Guarantees,” respectively); (vi) release, reconvey,
terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute,
transfer or enforce any Collateral or Guarantees, apply any such Collateral and
direct the order or manner of sale or other enforcement thereof;
(vii) alter, impair, suspend or terminate the remedies or rights of the
Beneficiaries against the Partnership, any guarantor of the Secured Obligations

 

12

 

or
any part thereof (a “Guarantor”) or any other person in respect of any of
the Secured Obligations or suffer any of the foregoing to occur;
(viii) refund at any time, at the Beneficiaries’ sole discretion, any
payment received by the Beneficiaries in respect of the Secured Obligations;
and (ix) otherwise deal with TUCCG, any Collateral or any Guarantor as the
Beneficiaries may elect in their sole discretion.

 

(b)           The Pledgors acknowledge that the security
interests hereunder, and the enforcement hereof are not subject to any
conditions not expressly stated herein. 
Upon the occurrence and during the continuance of an Event of Default,
the Security Trustee may enforce this Pledge Agreement independently from any
other of the Security Documents and independently of any other remedy,
Collateral or Guaranty that any Beneficiary at any time may have or hold in
connection with the Secured Obligations, and it shall not be necessary for the
Security Trustee to marshal assets in favor of the Pledgors or any other person
or to proceed upon or against or exhaust any other remedy, Collateral or
Guaranty before proceeding to enforce this Pledge Agreement.  The Pledgors expressly agree that the
Security Trustee may proceed against TUCCG, any Pledgor, any other Guarantor,
or the Collateral in such order and in such manner as it shall determine in its
sole and absolute discretion.  The
Security Trustee may file a separate action or actions with respect to the
Pledged Collateral whether action is brought or prosecuted with respect to any
other Collateral or against any other person, or whether any other person is
joined in any such action or actions. 
The Pledgors agree that the Beneficiaries, TUCCG and any other Guarantor
may deal with each other in connection with the Secured Obligations or
otherwise, or alter any contracts or agreements now or hereafter existing
between or among any of them, in any manner whatsoever, all without in any way
altering or affecting the security of this Pledge Agreement.  The Pledgors expressly waive the benefit of
any statute(s) of limitations affecting the enforcement of the Secured
Obligations or the security interest hereunder. 
Any payment by or on behalf of TUCCG or other circumstance that operates
to toll any statute of limitations applicable to such partnership shall also
operate to toll the statute of limitations applicable to Pledgors.

 

(c)           The Pledgors expressly waive any and all defenses
or counterclaims (other than by reason of the full payment and performance of
all the Secured Obligations) now or hereafter arising or asserted by reason of
(i) any disability, set-off or other defense or counterclaim of TUCCG or
any Guarantor with respect to the Secured Obligations, the Senior Finance
Documents or any of the Security Documents; (ii) the failure of priority
or validity of security interest in any Collateral; (iii) the cessation
from any cause whatsoever of the liability of TUCCG or any Guarantor or other
person with respect to the Secured Obligations; (iv) the disallowance of,
or any failure of any Beneficiary to file or enforce, a claim in any
bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
liquidation or dissolution proceeding (a “Bankruptcy
Proceeding”)
with respect to TUCCG or any other person; (v) the modification,
discharge, extension or avoidance in or as a result of any Bankruptcy
Proceeding commenced by or against TUCCG or any other person of all or any of
the Secured Obligations, any Guaranty, collateral 

 

13

 

or
lien; (vi) any use of cash or other Collateral in any Bankruptcy
Proceeding; (vii) any agreement or stipulation as to adequate protection
in any Bankruptcy Proceeding; (viii) any amendment, modification, stay or
cure of the Beneficiaries’ rights that may occur in any Bankruptcy Proceeding;
(ix) any election of remedies by the Beneficiaries, whether or not such
election destroys or affects any subrogation, reimbursement, contribution,
indemnity or similar rights the Pledgors may have (notwithstanding
subsection (d) below) against TUCCG, including, without limitation,
any loss of rights the Pledgors may suffer by reason of any rights, powers or
remedies of TUCCG in connection with any anti-deficiency laws or any other laws
limiting, qualifying or discharging the Secured Obligations; (x) any
election by the Beneficiaries under Section 1111(b)(2) of the
Bankruptcy Code; (xi) any borrowing or grant of a security interest under
Section 364 of the Bankruptcy Code; or (xii) any action taken by any
Beneficiary that is authorized by this Section or any other provision of
any of the Security Documents or any other Senior Finance Documents.

 

(d)           The Pledgors hereby waive any and all rights of
subrogation, reimbursement, contribution, indemnity, setoffs or counterclaims
and any and all similar rights that the Pledgors may otherwise have against
TUCCG at any time under any applicable law, until the Secured Obligations shall
have been indefeasibly paid and performed in full.  The Pledgors further expressly waive any
right to enforce any remedy that the Beneficiaries now or hereafter may have
against TUCCG or any other person and waive the benefit of, or any right to
participate in, any Collateral now or hereafter held by the Beneficiaries,
until the Secured Obligations shall then have been indefeasibly paid and
performed in full.

 

(e)           The Pledgors expressly waive (i) all
presentments, protests, notices of default or dishonor and all other notices or
demands of any kind or nature whatsoever with respect to the Secured
Obligations, including notice of any action against TUCCG or any Guarantor or
the assertion or enforcement of any right of the Beneficiaries hereunder or any
other of the Security Documents; (ii) all notices of acceptance of this
Pledge Agreement or of the existence, creation, renewal or incurring of new or
additional Secured Obligations; and (iii) to the extent permitted by
applicable law, the benefit of all valuation, appraisal, redemption and
exemption laws.  The Pledgors expressly
agree that they shall be bound by each and every ruling, order and judgment
obtained by any Beneficiary against TUCCG, in respect of the Secured
Obligations, whether or not the Pledgors are parties to, or have received
notice of, the action or proceeding in which such ruling, order or judgment is
issued and rendered.

 

(f)            The Pledgors represent and warrant that they have
established adequate means of obtaining from TUCCG, on a continuing basis,
financial and other information pertaining to the business, operations and
condition (financial and otherwise) of such entity, and now are and hereafter
will be completely familiar with such business, operations, condition and
properties.

 

(g)           The Pledgors hereby acknowledge and warrant that
they are familiar with the terms of this Pledge Agreement, the Senior Finance
Documents, all other Security Documents and all other agreements evidencing the
Secured 

 

14

 

Obligations
and that they have derived or expect to derive a financial advantage from each Series of
Senior Liabilities or other extension of credit and from each and every renewal,
extension, release of Collateral, or other relinquishment of legal rights made
or granted or to be made or granted by the Beneficiaries to the Borrowers,
TUCCG or any of the other Obligors in connection with the Secured Obligations.

 

(h)           The Pledgors warrant and agree that each of the
waivers set forth in this Pledge Agreement is made with full knowledge of its
significance and consequences and that, under the circumstances, all such
waivers are reasonable and not contrary to public policy or applicable
law.  If any such waiver is determined to
be contrary to any public policy or applicable law, such waiver shall be
effective to the maximum extent permitted by such public policy or applicable
law.

 

(i)            Notwithstanding anything to the contrary contained
herein or in any other agreement or instrument relating to the Secured
Obligations, the Pledgors shall not be personally liable to the Security
Trustee or the Beneficiaries for the satisfaction of the Secured Obligations,
and the Security Trustee, on behalf of the Beneficiaries, shall look solely to
the Pledged Collateral with respect to such satisfaction from Pledgors; provided
that the foregoing shall not (i) constitute a waiver, release or discharge
of any of the indebtedness evidenced by any Senior Finance Document, but the
same shall continue until fully paid, discharged, observed or performed or
(ii) in any way limit or restrict any right of the Security Trustee or the
Beneficiaries to foreclose the liens and security interests of the Security
Documents or otherwise realize upon any collateral assigned or pledged to the
Security Trustee or the Beneficiaries in connection with the transactions
contemplated hereby or thereby or (iii) constitute a waiver or limitation
by the Security Trustee or the Beneficiaries of any claim against Pledgors for
any claim in the nature of fraud or deceit or wilful misconduct arising under
or in connection with this Pledge Agreement.

 

14.                               INDEMNITY

 

Each
Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold
harmless the Security Trustee and its respective successors, assigns,
employees, agents and affiliates (individually an “Indemnitee”,
and an collectively, the “Indemnities”)
from and against any and all obligations, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation
liabilities for penalties) of whatsoever kind or nature, and (ii) to
reimburse each Indemnitee for all reasonable costs, expenses and disbursements,
including reasonable attorneys’ fees and expenses, in each case arising out of
or resulting from this Pledge Agreement or the exercise by any Indemnitee of
any right or remedy granted to it hereunder or under any other Security
Document (but excluding any obligation, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation,
liabilities for penalties) or expenses of whatsoever kind or nature to the
extent incurred or arising by reason of gross negligence or wilful misconduct
of such Indemnitee (as determined by a court of competent jurisdiction in a
final and non-appealable decision)).  In
no event shall the Security Trustee hereunder be liable, in the absence of
gross negligence or wilful misconduct on its 

 

15

 

part
(as determined by a court of competent jurisdiction in a final and
non-appealable decision), of or any matter or thing in connection with this
Pledge Agreement other than to account for monies or other property actually
received by it in accordance with the terms hereof.  If and to the extent that the obligation of
any Pledgor under this Section 14 are unenforceable for any reason, such
Pledgor hereby agrees to make the maximum contribution to the payment and
satisfaction of such obligations which is permissible under applicable
law.  The indemnity obligations of each
Pledgor contained in this Section 14 shall continue in full force and
effect notwithstanding the full payment and fulfillment of all the obligations
under the Senior Finance Documents and notwithstanding the discharge thereof.

 

15.                               ROLE OF SECURITY TRUSTEE

 

Each
Pledgor and the Security Trustee hereby acknowledge that the covenants of each
Pledgor contained in this Pledge Agreement and the security and other rights,
titles and interests constituted by this Pledge Agreement and all other moneys,
property and assets paid to the Security Trustee or held by the Security
Trustee or received or recovered by the Security Trustee pursuant to or in
connection with this Pledge Agreement are held by the Security Trustee subject
to and on the terms of the trusts declared by the Security Trust Agreement.

 

16.                               SEVERABILITY

 

Any
provision of this Pledge Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

17.                               CONTINUED EFFECTIVENESS

 

Any
release, discharge or settlement between one or more of the Pledgors and the
Security Trustee or any of the other Beneficiaries shall be conditional upon no
security, disposition or payment to the Security Trustee or any of the other
Beneficiaries by any of the Obligors or any other person being void, set aside
or ordered to be refunded pursuant to any enactment or law relating to
bankruptcy, liquidation, administration or insolvency or for any other reason
whatsoever and if such condition shall not be fulfilled, the Security Trustee
and the other Beneficiaries shall be entitled to enforce this Pledge Agreement
subsequently as if such release, discharge or settlement had not occurred and
any such payment had not been made.  The
Security Trustee shall be entitled to retain this security after as well as
before the payment, discharge or satisfaction of all moneys, obligations and
liabilities that are or may become due, owing or incurred to the Security
Trustee and the other Beneficiaries from any of the Obligors for such period as
the Security Trustee may reasonably determine being not longer than 13 months
following the date of payment, discharge or satisfaction of the Secured
Obligations in full.

 

18.                               CUMULATIVE REMEDIES

 

The
rights and remedies herein provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights or remedies provided by
law.

 

16

 

19.                               WAIVERS, AMENDMENTS

 

None
of the terms or provisions of this Pledge Agreement may be altered, modified or
amended except by an instrument in writing, duly executed by the Security
Trustee and the Pledgors.  No waiver of
any provision hereof or consent to any departure from the terms hereof shall be
effective unless the same shall be in writing and duly executed by the Security
Trustee.  Any such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given.  A waiver by the
Security Trustee of any right or remedy hereunder on any occasion shall not be
construed as a bar to any right or remedy which the Security Trustee would
otherwise have on any future occasion. 
No failure to exercise nor any delay in exercising on the part of the
Security Trustee, any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

 

20.                               WAIVER AND CONSENT UNDER PARTNERSHIP AGREEMENT

 

The
Pledgors hereby represent that they constitute all of the partners of the
Partnership.  The Pledgors, constituting
all of the partners of the Partnership, each hereby waives the application of
the provisions of Section 10 of the TUCCG Joint Venture Agreement that
otherwise would apply to, and hereby consents to, the assignment, transfer or
pledge of any Pledgor’s Partnership Interest in the Partnership to the Security
Trustee, for the benefit of the Beneficiaries, now or in the future, pursuant
to the provisions of this Pledge Agreement. 
Further, each of the Pledgors hereby ratifies and approves any similar
assignments, transfers or pledges of the Partnership Interests of the other
Pledgors occurring prior to the date hereof.

 

21.                               SUCCESSORS AND ASSIGNS

 

(a)                                  Subject to the restrictions on transfers by
the Pledgors hereunder, this Pledge Agreement and all obligations of the
Pledgors hereunder shall be binding upon the successors and assigns of the
Pledgors, and shall inure to the benefit of the Security Trustee, the
Beneficiaries and their respective successors and assigns.

 

(b)                                 It is hereby understood and agreed that any
party required to become a party to this Pledge Agreement after the date hereof
pursuant to the requirements of the Senior Finance Documents, shall become a
Pledgor hereunder by

 

(i)            executing
a Partnership Interest Accession Agreement in the form attached hereto as
Schedule 13,

 

(ii)           delivering
supplements to the schedules attached hereto as are necessary to cause such
schedules to be complete and accurate with respect to each additional Pledgor
on such date; and

 

(iii)          taking
all actions specified in this Pledge Agreement as would have been taken by such
Pledgor had it been an original party to the Pledge Agreement, in each case
with all documents required above to be delivered to the Pledge and with all
documents and actions required above to be taken to the reasonable satisfaction
of the Pledge.

 

17

 

22.                               GOVERNING LAW

 

This
Pledge Agreement shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Colorado applicable to agreements
made and to be performed entirely within such State.  The Pledgors hereby irrevocably consent to
the jurisdiction of any of the courts designated in clause 48.1 of the Senior
Facilities Agreement (or, upon its repayment in full and cancellation of all
undrawn commitments thereunder, such equivalent provision in the Relevant
Facilities Agreement) in connection with any action or proceeding arising out
of or relating to this Pledge Agreement. 
In any such action or proceeding, each Pledgor waives personal service
of any summons, complaint or other process and agrees that the service thereof
may be made by personal delivery or by certified or registered mail directed to
each Pledgor at its address set forth herein. 
Nothing in this section shall affect the right of the Security Trustee
or the Beneficiaries to serve legal process in any other manner by law or
affect the right of the Security Trustee or the Beneficiaries to bring any
action or proceeding against any Pledgor or his or its property in the courts
of any other jurisdiction.  The Pledgors
irrevocably waive any objection they may have now or hereafter to the laying of
venue of any action or proceeding in any court or jurisdiction referred to in
clause 48.1 of the Senior Facilities Agreement (or, upon its repayment in full
and cancellation of all undrawn commitments thereunder, such equivalent
provision in the Relevant Facilities Agreement), or that any action or
proceeding in any such court or jurisdiction has been brought in an
inconvenient forum.

 

23.                               NOTICES

 

All
notices, requests, demands and other communications required or permitted to be
given hereunder shall be in writing and shall be personally served or sent by
registered, certified or overnight mail, postage prepaid, or by telegraph,
telecopy or telex and, unless otherwise expressly provided herein, shall be
deemed to have been duly given or made when received (with such receipt
acknowledged by the recipient, in the case of a telecopy).  All such notices shall be addressed as follows,
or to such other address as may be hereafter notified in writing to the
respective parties hereto:

 

If
to the Security Trustee:

 

	
  Winchester House

  
	
  1 Great Winchester Street

  
	
  London EC2N 2DB

  
	
  England

  
	
   

  
	
  Attention:

  	
  Syndicated
  Loans TSS / Nicola Dawes / Rajeer Thakeeria

  
	
  Telephone:

  	
  0207
  547 5905

  
	
  Facsimile:

  	
  0207
  547 6419

  
	
   

  
	
  If to a
  Pledgor, addressed to such Pledgor at:

  
	
   

  
	
  c/o Virgin Media Investment Holdings Limited

  
	
  160 Great Portland St

  
	
  London W1W 5QA

  

 

18

 

	
  England

  
	
   

  
	
  Attention:

  	
  Group
  Legal Director

  
	
  Facsimile:

  	
  020
  7299 6000

  
	
   

  	
   

  
	
  With a copy to:

  
	
   

  
	
  Attention:

  	
  Group
  General Counsel

  
	
  Facsimile:

  	
  020
  7299 5495

  

 

24.                               TERMINATION

 

This
Pledge Agreement, and the pledges, assignments, and encumbrances created or
granted hereby, shall terminate when (a) all of the Secured Obligations
shall have been fully paid, satisfied and performed, and (b) the
Commitments have terminated, at which time the Security Trustee shall execute
appropriate releases, acknowledgments, assignments or other documents necessary
to secure the release and reassignment of such of the Pledged Collateral as
shall not have been sold or otherwise applied by the Security Trustee pursuant
to the terms hereof, and deliver to the Pledgors (or their respective
designees) all Pledged Collateral and related documents then in the custody or
possession of the Security Trustee.  Any
such reassignment shall be without recourse upon, or warranty whatsoever by,
the Security Trustee, and at the cost and expense of the Pledgors.

 

25.                               COUNTERPARTS

 

This
Pledge Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

 

26.                               AUTHORIZATION TO FILE

 

With
respect to the foregoing in this Pledge Agreement and the grant of the security
interest hereunder, each Pledgor hereby authorizes the Security Trustee to file
one or more financing statements or continuation statements, and amendments
thereto, relative to all or any part of the Pledged Collateral without the
signature of any Pledgor where permitted by law.  Each Pledgor agrees to furnish the Security
Trustee, promptly upon reasonable request by the Security Trustee, with any
information that is required by the Security Trustee in order to complete such
financing statements or continuation statements, or amendments thereto.

 

27.                               GENERAL REPRESENTATIONS AND WARRANTIES BY EACH PLEDGOR

 

Each
Pledgor hereby represents and warrants to the Security Trustee that:

 

(a)                                  Schedule 27(a) attached hereto sets forth an accurate and
complete list identifying the following: (i) the full legal name of each
Pledgor as it appears in official filings in the state or jurisdiction of its
incorporation, organization or formation, as the case may be; (ii) the
type of entity of such Pledgor; (iii) such Pledgor’s state of
incorporation, organization or formation, as the case may be; (iv) the
organizational identification number issued by such Pledgor’s 

 

19

 

state
of incorporation, organization or formation, or a statement that no such number
has been issued; (v) the location of such Pledgor’s chief executive office
; and (vi) the jurisdiction(s) of such Pledgor’s place(s) of
business.  Each Pledgor has only one
state of incorporation, organization or formation, as the case may be;

 

(b)                                 it has not done in the last five (5) years,
and does not do, business under any other name (including any trade name or
fictitious business name) except for its respective legal name as set forth on Schedule
27(a);

 

(c)                                  it has not changed its name, jurisdiction of
incorporation, organization or formation, the location of its chief executive
office or place(s) of business, or its corporate or partnership structure
in any way (e.g., by merger, consolidation, change in corporate or
partnership form or otherwise), in each case within the past five (5) years;

 

(d)                                 it is the legal, beneficial and record owner
of, and has good and marketable title to all of the Pledged Collateral upon
which it purports to grant a lien hereunder, free and clear of any lien except
for the Permitted Liens.  No effective
financing statement or other instrument similar in effect covering all or any
part of the Pledged Collateral is on file in any recording office, except as set
forth on Schedule 27(d) or such as may have been filed in favor of
the Security Trustee relating to this Pledge Agreement and with respect to the
Permitted Liens.  Such liens set forth on
Schedule 27(d) will be terminated as of the date of this Pledge Agreement;

 

(e)                                  it has full power, authority and legal right
to pledge all the Pledged Collateral pledged by it pursuant to this Pledge
Agreement;

 

(f)                                    this Pledge Agreement has been duly
authorized, executed and delivered by such Pledgor and constitutes a legal,
valid and binding obligation of such Pledgor enforceable against such Pledgor
in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and by
general equitable principles (regardless of whether enforcement is sought in
equity or at law);

 

(g)                                 except to the extent already obtained or made,
no consent of any other party (including, without limitation, any stockholder,
partner, member or creditor of such Pledgor) and no consent, license, permit,
approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required
to be obtained by such Pledgor in connection with (a) the execution,
delivery or performance of this Pledge Agreement by such Pledgor, (b) the
validity or enforceability of this Pledge Agreement against such Pledgor
(except as set forth in clause (a) above), (c) the perfection or
enforceability of the Security Trustee’s security interest in such Pledgor’s
Pledged Collateral or (d) except for compliance with or as may be required
by applicable securities laws, the exercise by the Security Trustee of any of its
rights or remedies provided herein;

 

20

 

(h)                                 neither the execution, delivery or performance
by such Pledgor of this Pledge Agreement or any other Senior Finance Document,
nor compliance by it with the terms and provisions hereof and thereof nor the
consummation of the transactions contemplated therein: (i) will contravene
any provision of any applicable law, statute, rule or regulation, or any
applicable order, writ, injunction or decree of any court, arbitrator or
governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will
conflict or be inconsistent with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or result
in the creation or imposition of (or the obligation to create or impose) any
lien (except pursuant to the Security Documents) upon any of the properties or
assets of such Pledgor pursuant to the terms of any indenture, lease, mortgage,
deed of trust, credit agreement, loan agreement or any other material
agreement, contract or other instrument to which such Pledgor is a party or is
otherwise bound, or by which it or any of its properties or assets is bound or
to which it may be subject; or (iii) will violate any provision of the
certificate of partnership or partnership agreement, (or equivalent
organizational documents), as the case may be, of such Pledgor;

 

(i)                                     as of the date hereof, after giving effect to
the transactions contemplated by the Senior Finance Documents, such Pledgor is
Solvent, and will not cease to be Solvent as a result of the obligations and
transactions undertaken by such Pledgor pursuant to, or as contemplated by, the
Senior Finance Documents.  As of the date
hereof, there is no proceeding pending, or to the knowledge of the undersigned,
threatened, challenging the Solvency of such Pledgor or seeking to dissolve or
liquidate such Pledgor.

 

For
the purposes of the foregoing, “Solvent”
or “Solvency” means, with respect
to any person, that as of the date of determination both (A) (i) the then fair saleable
value of the property of such person is (y) greater than the total amount
of liabilities (including contingent liabilities) of such person and (z) not
less than the amount that will be required to pay the probable liabilities on
such person’s then existing debts as they become absolute and matured
considering all financing alternatives and potential asset sales reasonably
available to such person; (ii) such person’s capital is not unreasonably
small in relation to its business or any contemplated or undertaken
transaction; and (iii) such person does not intend to incur, or believe
(nor should it reasonably believe) that it will incur, debts beyond its ability
to pay such debts as they become due; and (B) such
person is “solvent” within the meaning given that term and similar terms under
applicable laws relating to fraudulent transfers and conveyances.  For the purposes of this definition, the
amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or
matured liability.

 

21

 

IN WITNESS WHEREOF, the undersigned have
caused this Pledge Agreement to be executed and delivered as of the day and
year first above written.

 

	
   

  	
  THESEUS
  NO. 1 LIMITED

  
	
   

  	
   

  
	
   

  	
  By
  Its Directors:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA DIRECTORS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
   

  	
   

  	
  Robert
  Mackenzie, Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT GALE

  
	
   

  	
   

  	
   

  	
  Robert
  Gale, Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THESEUS
  NO. 2 LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By
  Its Directors:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA DIRECTORS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
   

  	
   

  	
  Robert
  Mackenzie, Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT GALE

  
	
   

  	
   

  	
   

  	
  Robert
  Gale, Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH,

  
	
   

  	
  as
  Security Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  N. DAWES

  
	
   

  	
   

  	
  Title:

  	
  V.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  V. MAYELL

  
	
   

  	
   

  	
  Title:

  	
  A.V.P.

  

 

22

 

SCHEDULE 4(b)

 

EXISTING PLEDGED COLLATERAL

 

None.

 

1

 

SCHEDULE 5(a)

PARTNERSHIP INTERESTS

 

	
  (1)

  PARTNERSHIP  

  NAME

  	
   

  	
  (2)

  PRINCIPAL PLACE

  OF BUSINESS

  	
   

  	
  (3)

  PARTNERS

  	
   

  	
  (4)

  TYPE

  
	
  TCI/US WEST Cable Communications Group

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  50% - Theseus No. 1 Limited

  50% - Theseus No. 2 Limited

  	
   

  	
  Colorado General

  

 

1

 

SCHEDULE
5(b)

OTHER PARTNERSHIP INTERESTS

 

	
  PARTNERSHIP

  NAME

  	
   

  	
  PRINCIPAL
  PLACE

  OF BUSINESS

  	
   

  	
  PARTNERS

  	
   

  	
  TYPE

  
	
  Cotswolds Cable Limited Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  
	
  Estuaries Cable Limited Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  
	
  Tyneside Cable Limited Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  
	
  Telewest Communications (North East)
  Partnership

  	
   

  	
  160 Great Portland Street

  LONDON

  W1W 5QA

  UNITED KINGDOM

  	
   

  	
  99% - Tyneside Cable Limited Partnership

  	
   

  	
  English General

  
	
  Telewest Communications (South East)
  Partnership

  	
   

  	
  160 Great Portland Street

  LONDON

  W1W 5QA

  UNITED KINGDOM

  	
   

  	
  99% - Estuaries Cable Limited Partnership

  	
   

  	
  English General

  

 

1

 

	
  PARTNERSHIP

  NAME

  	
   

  	
  PRINCIPAL
  PLACE

  OF BUSINESS

  	
   

  	
  PARTNERS

  	
   

  	
  TYPE

  
	
  Avon Cable Limited Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  
	
  Edinburgh Cable Limited Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  
	
  United Cable (London South) Limited
  Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  0.5% - General - Theseus No. 1 Limited

  0.5% - General - Theseus No. 2 Limited

  	
   

  	
  Colorado Limited

  

 

2

 

SCHEDULE 13

 

PARTNERSHIP INTEREST ACCESSION AGREEMENT

 

(TCI/US WEST Cable
Communications Group)

 

The
undersigned, desiring to become a venturer of TCI/US WEST Cable Communications Group, a Colorado general
partnership (the “Partnership”)
formed pursuant to a Joint Venture Agreement dated as of 18 December 1991,
as amended by First Restatement dated 30 April 1992, Second Amendment
dated 1 January 1994 and Third Amendment dated 21 November 1994 (the “JV
Agreement”) hereby agrees to, and by its execution hereof does, become a party
to (i) the JV Agreement, as a venturer thereunder, and (ii) that
certain Pledge and Security Agreement (as amended from time to time, the “Pledge Agreement”), dated
                         ,
20    , initially entered into among THESEUS NO. 1
LIMITED and THESEUS NO. 2 LIMITED, and Deutsche Bank AG, London Branch as
Security Trustee for the benefit of the Beneficiaries described therein.  Capitalized terms used herein shall have the
respective meanings set forth in the Pledge Agreement.  By its execution hereof, the undersigned
agrees that, from and after the date hereof, the undersigned shall be, and be
considered for all purposes, (i) a “Venturer” under the JV Agreement and
(ii) a “Pledgor” under the Pledge Agreement, as if referred to directly
therein as such as a party thereto, entitled to all of the rights and subject
to all of the liabilities and obligations of a Venturer or Pledgor,
respectively, thereunder.

 

As
a Pledgor under the Pledge Agreement, the undersigned, as security and
collateral for the due and punctual payment and performance of the Secured
Obligations (as defined in the Pledge Agreement), hereby assigns, transfers and
pledges to the Security Trustee, for the benefit of the Beneficiaries, a lien
on and security interest in and to the undersigned’s right, title and interest
to the Pledged Collateral (as defined in the Pledge Agreement).  As a Pledgor under the Pledge Agreement, the
undersigned represents and warrants that the Pledged Collateral is free and clear
of all liens other than the Permitted Liens (as defined in the Pledge
Agreement).

 

This
instrument, when executed by the undersigned, shall further constitute the
undersigned’s counterpart signature page to the JV Agreement and the
Pledge Agreement.

 

 

Dated
this             
day of                     ,
            .

 

	
   

  	
  [Name
  of Transferee]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address
  for Notice:

  

 

1

 

SCHEDULE 27(a)

 

	
  Full Legal Name

  	
   

  	
  Type of Entity

  	
   

  	
  State of

  Incorporation,

  Organization or

  Formation

  	
   

  	
  Organizational

  Identification

  Number

  	
   

  	
  Location of Chief

  Executive Office

  	
   

  	
  Jurisdiction(s) of

  place(s) of business

  
	
  Theseus
  No. 1 Limited

  	
   

  	
  Private
  Limited Company

  	
   

  	
  England &
  Wales

  	
   

  	
  02994027

  	
   

  	
  160 Great Portland Street

  LONDON

  W1W 5QA

  UNITED KINGDOM

  	
   

  	
  England &
  Wales

  
	
  Theseus
  No. 2 Limited

  	
   

  	
  Private
  Limited Company

  	
   

  	
  England &
  Wales

  	
   

  	
  02994061

  	
   

  	
  160 Great Portland Street

  LONDON

  W1W 5QA

  UNITED KINGDOM

  	
   

  	
  England &
  Wales

  

 

1

 

SCHEDULE 27(d)

CURRENT UCC FILINGS

 

None,

 

1Exhibit 4.44

	
   

  

 

 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

(Re: Interests in London South Cable Partnership)

 

 

Dated January 19, 2010

 

 

between

 

UNITED CABLE (LONDON SOUTH) LIMITED PARTNERSHIP

 

and

 

CRYSTAL PALACE RADIO LIMITED

 

as Pledgors

 

 

and

 

 

DEUTSCHE BANK AG, LONDON BRANCH

 

as Security Trustee

 

	
   

  
	
   

  

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  CONSTRUCTION; DEFINED TERMS

  	
  2

  
	
   

  	
   

  	
   

  
	
  2.

  	
  SECURITY AGREEMENT

  	
  4

  
	
   

  	
   

  	
   

  
	
  3.

  	
  SECURED OBLIGATIONS

  	
  6

  
	
   

  	
   

  	
   

  
	
  4.

  	
  DELIVERY OF COLLATERAL; ISSUANCE OF ADDITIONAL INTERESTS

  	
  6

  
	
   

  	
   

  	
   

  
	
  5.

  	
  CERTAIN COVENANTS; REPRESENTATIONS

  	
  7

  
	
   

  	
   

  	
   

  
	
  6.

  	
  VOTING RIGHTS; DIVIDENDS; ETC.

  	
  8

  
	
   

  	
   

  	
   

  
	
  7.

  	
  REASONABLE CARE; PLEDGOR REMAINS LIABLE

  	
  9

  
	
   

  	
   

  	
   

  
	
  8.

  	
  SECURITY TRUSTEE APPOINTED ATTORNEY-IN-FACT

  	
  9

  
	
   

  	
   

  	
   

  
	
  9.

  	
  SECURITY TRUSTEE MAY PERFORM

  	
  10

  
	
   

  	
   

  	
   

  
	
  10.

  	
  EVENTS OF DEFAULT

  	
  10

  
	
   

  	
   

  	
   

  
	
  11.

  	
  REMEDIES

  	
  10

  
	
   

  	
   

  	
   

  
	
  12.

  	
  EXPENSES

  	
  12

  
	
   

  	
   

  	
   

  
	
  13.

  	
  RIGHTS OF SECURITY TRUSTEE; CERTAIN WAIVERS

  	
  12

  
	
   

  	
   

  	
   

  
	
  14.

  	
  INDEMNITY

  	
  15

  
	
   

  	
   

  	
   

  
	
  15.

  	
  ROLE OF SECURITY TRUSTEE

  	
  16

  
	
   

  	
   

  	
   

  
	
  16.

  	
  SEVERABILITY

  	
  16

  
	
   

  	
   

  	
   

  
	
  17.

  	
  CONTINUED EFFECTIVENESS

  	
  16

  
	
   

  	
   

  	
   

  
	
  18.

  	
  CUMULATIVE REMEDIES

  	
  16

  
	
   

  	
   

  	
   

  
	
  19.

  	
  WAIVERS, AMENDMENTS

  	
  17

  
	
   

  	
   

  	
   

  
	
  20.

  	
  WAIVER AND CONSENT UNDER PARTNERSHIP AGREEMENT

  	
  17

  
	
   

  	
   

  	
   

  
	
  21.

  	
  SUCCESSORS AND ASSIGNS

  	
  17

  
	
   

  	
   

  	
   

  
	
  22.

  	
  GOVERNING LAW

  	
  18

  
	
   

  	
   

  	
   

  
	
  23.

  	
  NOTICES

  	
  18

  
	
   

  	
   

  	
   

  
	
  24.

  	
  TERMINATION

  	
  19

  
	
   

  	
   

  	
   

  
	
  25.

  	
  COUNTERPARTS

  	
  19

  
	
   

  	
   

  	
   

  
	
  26.

  	
  AUTHORIZATION TO FILE

  	
  19

  
	
   

  	
   

  	
   

  
	
  27.

  	
  GENERAL REPRESENTATIONS AND WARRANTIES BY EACH PLEDGOR

  	
  19

  

 

Schedules

 

Schedule
4(b)

Schedule
5(a)

Schedule
5(b)

Schedule
13

Schedule
27(a)

Schedule
27(d)

 

i

 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

This
AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (as
amended, restated, supplemented or otherwise modified from time to time, this “Pledge Agreement”), is made and entered
into as of January 19, 2010 by and among UNITED CABLE (LONDON SOUTH) LIMITED
PARTNERSHIP, a Colorado general partnership and CRYSTAL PALACE RADIO LIMITED, a
limited company incorporated in England and Wales (each of foregoing being
referred to individually as a “Pledgor”
and collectively as the “Pledgors”),
and Deutsche Bank AG, London Branch, in its capacity as Security Trustee for
the Beneficiaries (the “Security Trustee”
which expression includes any person which is for the time being the Security
Trustee for the Beneficiaries).

 

W I T N E S S E T H

 

WHEREAS,  the Pledgors constitute all of the partners of London South
Cable Partnership, a Colorado general partnership (“LSCP” or the “Partnership”).

 

WHEREAS,  pursuant
to the Senior Facilities Agreement, dated March 3, 2006 as
amended and restated on May 22, 2006, July 10, 2006, August 10,
2006, April 4, 2007, May 15, 2008, November 10, 2008, October 30,
2009 and January 8, 2010 (as further amended, restated, supplemented
and/or otherwise modified from time to time, the “Senior
Facilities Agreement”), among Virgin Media Inc., Virgin Media
Finance plc, Virgin Media Investment Holdings Limited (formerly known as NTL
Investment Holdings Limited), Telewest Communications Networks Limited and VMIH
Sub Limited (formerly known as NTLIH Sub Limited) as UK Borrowers (the “UK Borrowers”), Virgin Media Dover LLC (formerly known as
NTL Dover LLC) as US Borrower (the “US Borrower”
and together with the UK Borrowers, the “Borrowers”),
Deutsche Bank AG, London Branch, J.P. Morgan plc, The Royal Bank of Scotland
plc and Goldman Sachs International as Bookrunners and Mandated Lead Arrangers,
Deutsche Bank AG, London Branch as Facility Agent (the “Facility
Agent”) and Security Trustee, Deutsche Bank AG, New York Branch as
US Paying Agent, GE Corporate Banking Europe SAS as Administrative Agent, the
Original Guarantors as defined therein, Deutsche Bank AG, London Branch as
Original L/C Bank and the persons named therein as Lenders (the “Lenders”), the
Lenders have made available to the Borrowers
certain credit facilities pursuant to the terms and subject to the conditions
provided therein.

 

WHEREAS, by an intercreditor deed dated March 3, 2006 as
amended and restated on June 13, 2006, July 10, 2006, July 31,
2006, May 15, 2008, October 30, 2009 and January 8, 2010 (as
further amended, restated, supplemented and/or otherwise modified from time to
time, the “Group Intercreditor Deed”) among
the Original Senior Borrowers, the Original Facility Agent, the Original
Security Trustee, the Senior Lenders, the Original Senior Guarantors, the Hedge
Counterparties (as each of those terms are defined therein), the intergroup
creditors and intergroup debtors listed therein, certain banks, financial
institutions and other entities have agreed to regulate their relationship as
creditors on the terms set out therein.

 

WHEREAS, pursuant to the indenture
dated on or about the date hereof (the “Senior Secured Notes
Indenture”), in respect of the $1,000,000,000 6.5% senior secured
notes due 2018 and the £875,000,000 7.00% senior secured notes due 2018 (“Senior Secured Notes” and, together with the Senior Secured
Notes Indenture and the guarantees set out therein, the “Senior
Secured Notes Documents”), made among Virgin Media Inc., Virgin

 

 

Media
Investment Holdings Limited, Virgin Media Finance PLC, Virgin Media Secured Finance
PLC, the subsidiary guarantors named therein, The Bank of New York Mellon, as
trustee, registrar and paying agent and The Bank of New York Mellon
(Luxembourg), S.A., as Luxembourg paying agent, as amended, restated,
supplemented or otherwise modified from time to time, Virgin Media Secured
Finance PLC has agreed to issue and sell the Senior Secured Notes.

 

WHEREAS, in connection with the
Senior Facilities Agreement and the Group Intercreditor Deed, the Pledgors and
Security Trustee entered into a pledge and security agreement dated March 3,
2006 and amended on December 23, 2009 (the “Original
Pledge Agreement”), pursuant to which the Pledgors granted in favor
of the Security Trustee, for the benefit of the Beneficiaries, a security
interest in and lien on their respective partnership interests in the
Partnership and the other collateral described therein as security and
collateral for the due and punctual payment and performance by the Borrowers of
their respective obligations described therein.

 

WHEREAS, Pledgors and Security Trustee desire to amend and restate the
Original Pledge Agreement.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual covenants herein contained and for other good and
valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:

 

1.                                      CONSTRUCTION; DEFINED TERMS

 

This Pledge Agreement should be read and
construed subject to the terms of the Group Intercreditor Deed.  In the event of any inconsistency between the
terms of this Pledge Agreement and the Group Intercreditor Deed, the terms of
the Group Intercreditor Deed shall prevail. 
Unless otherwise defined herein or the context otherwise expressly
requires, capitalized terms used herein shall have the respective meanings set
forth in the Group Intercreditor Deed and (unless otherwise defined in the
Group Intercreditor Deed) the Relevant Facilities Agreement (including by
reference to other agreements).

 

“Bankruptcy Code” Title 11 of the
United States Code entitled “Bankruptcy as now or hereafter in effect.

 

“Beneficiaries” means the First Beneficiary
and the Second Beneficiaries.

 

“Designated Secured
Obligations” means Financial Indebtedness in the form of notes or
other such similar instruments of any member of the Group that is designated as
“Designated Secured Obligations” by written notice from the Company to the
Security Trustee, which notice will certify that the Financial Indebtedness is
an instrument for which Rule 3-16 of Regulation S-X under the Securities
Act (“Rule 3-16”) is applicable or will
become applicable upon registration of such instrument or an instrument
exchangeable for such instrument pursuant to a contractual requirement.

 

“Enforcement Date” means the date on which, following the occurrence of an
Event of Default that is continuing, either the Relevant Agent or the Security
Trustee notifies the relevant Pledgor of the occurrence of that Event of
Default, or takes, 

 

2

 

under any one or more of the Senior Finance
Documents, any of the steps it is entitled to take by reason of the occurrence
of such Event of Default.

 

“Event of Default” means each of:

 

(a)                                  a Senior Default; and

 

(b)                                 an event of default or termination event
(however described) under any Hedging Agreement.

 

“Excluded Charged Assets”
in relation to any Designated Secured Obligations means any shares, membership
interests, partnership interests, equity participations or other equivalent
(however designated) ownership interests (the “Ownership
Interests”) in, or other securities of, a Subsidiary of Virgin Media
Inc. (excluding the Ownership Interests in or other securities issued by Virgin
Media Investments Limited or any successor entity upon any merger,
reorganization or other restructuring effecting it) that are owned by the
Pledgor to the extent that pledging such Ownership Interests or other
securities under this Agreement to secure such Designated Secured Obligations
would result in Rule 3-16 requiring separate financial statements of such
Subsidiary to be filed with the SEC, but (i) only to the extent necessary
to not be subject to such requirement, (ii) only for so long as such
requirement is in existence, and (iii) only if no member of the Group
files or is otherwise required to file separate financial statements of such
Subsidiary with the SEC under a separate rule or regulation; provided that
no Ownership Interests or securities will constitute Excluded Charged Assets if
any member of the Group takes any action in the form of a reorganization,
merger or other restructuring, a principal purpose of which is to provide for
the limitation of the pledge of any Ownership Interests or other securities
pursuant to the proviso in Section 2.

 

“Existing Pledged Collateral” means the
existing security pledged by the Partnership under the relevant (i) July 2004
Pledge Agreements and the (ii) March 2001 Pledge Agreements, as such
documents are set forth on Schedule 4(b) hereto.

 

“Existing Security Trustee” means Barclays
Bank PLC.

 

“Relevant Facilities Agreement”
means the Senior Facilities Agreement, or, upon its repayment in full and
cancellation of all undrawn commitments thereunder, the Designated Refinancing
Facilities Agreement, provided that if upon the repayment in full and
cancellation of all undrawn commitments under the Senior Facilities Agreement
there is no Designated Refinancing Facilities Agreement, until such time that a
Refinancing Facilities Agreement has been designated as a Designated
Refinancing Facilities Agreement, the “Relevant Facilities
Agreement” shall be the Senior Facilities Agreement immediately
prior to such termination, and provided further that upon the repayment in full
and cancellation of all undrawn commitments under the Designated Refinancing
Facilities Agreement, until such time that a Refinancing Facilities Agreement
has been designated as a Designated Refinancing Facilities Agreement, the “Relevant Facilities Agreement” shall be the Designated
Refinancing Facilities Agreement immediately prior to such termination.

 

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

 

3

 

“Secured Obligations” means the Security
Trustee Liabilities, the Senior Liabilities and the Hedging Liabilities,
provided that any liabilities that have been designated as “New Senior
Liabilities” under the Group Intercreditor Deed or are incurred after December 31,
2009 under any Refinancing Facilities Agreement entered into after such date,

 

(a)                                  in breach of the provisions of the Senior
Facilities Agreement, or upon its repayment in full and cancellation of all
undrawn commitments thereunder (unless there is no Designated Refinancing
Facilities Agreement), the Designated Refinancing Facilities Agreement, or any
Refinancing Facilities Agreement on the date of such designation (excluding any
applicable cure period), or

 

(b)                                 that the Security Trustee, acting reasonably,
has not agreed to act as security trustee for,

 

shall
not, in any such case constitute “Secured Obligations”
for the purpose of this Agreement;

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, as in effect from time to
time.

 

“Security Trust Agreement”
means the security trust agreement dated March 3, 2006 and amended and
restated on or about the date hereof between Security Trustee, Facility Agent,
Virgin Media Investment Holdings Limited (formerly known as NTL Investment
Holdings Limited), and the companies named therein as Original Obligors.

 

2.                                      SECURITY AGREEMENT

 

As
security and collateral for the due and punctual payment and performance by the
Obligors of their respective joint and several obligations described in
Section 3 below, each of the Pledgors hereby assigns, transfers, and
pledges to the Security Trustee, and grants to the Security Trustee for the
benefit of the Beneficiaries, a lien on and security interest in and to such
Pledgor’s right, title and interest in and to the following (collectively, the “Pledged Collateral”):

 

(a)                                  such Pledgor’s partnership interest in the
Partnership owned by such Pledgor at any time and from time to time (each, a “Partnership Interest” and collectively, the “Partnership Interests”) and any certificates, instruments or other
documents representing each such Partnership Interest, all dividends,
distributions, cash, securities, instruments and other property from time to
time paid, payable or otherwise distributed in respect of or in exchange for
all or any part of each such Partnership Interest and all proceeds thereof; and

 

(b)                                 all partnership interests (general or limited)
or securities convertible into or exchangeable for such interests issued by the
Partnership, or any successor thereto, from time to time and acquired by such
Pledgor in substitution for or in addition to any of the foregoing, all
certificates and instruments representing such interests or securities, and all
dividends, distributions, cash, securities, instruments and other property from
time to time paid, payable or 

 

4

 

otherwise distributed in respect of or in exchange for any or all of
such interests or securities and all proceeds thereof;

 

provided, that, notwithstanding the foregoing, in no event
shall the Pledgor be required to pledge any Excluded Charged Assets to the
Security Trustee under this Pledge Agreement to secure the Designated Secured
Obligations.  For the avoidance of doubt:

 

(i)            all Pledged
Collateral that does not constitute Excluded Charged Assets remains pledged
pursuant to this Pledge Agreement to secure all Secured Obligations, including without
limitation the Designated Secured Obligations; and

 

(ii)           such Excluded
Charged Assets remain pledged under this Section 2 to secure any Secured
Obligations that are not Designated Secured Obligations pursuant to this Pledge
Agreement.

 

In
the event that Rule 3-16 is amended, modified or interpreted by the SEC to
require (or is replaced with another rule or regulation, or any other law,
rule or regulation is adopted, which would require) the filing with the
SEC (or any other United States federal or state governmental agency) of
separate financial statements of any such Subsidiary due to the fact that such
Subsidiary’s Ownership Interests or other securities secure any Designated
Secured Obligations, then such Ownership Interests or other securities (as
applicable) of such Subsidiary shall automatically be deemed to be Excluded
Charged Assets for such Designated Secured Obligations but (i) only to the
extent necessary to not be subject to any such financial statement requirement,
(ii) only for so long as such financial statement requirement would
otherwise have been applicable to such Subsidiary, and (iii) only if no
member of the Group files or is otherwise required to file separate financial
statements of such Subsidiary with the SEC or such other governmental agency
under a separate rule or regulation. 
If the circumstances described in this paragraph apply, this Pledge
Agreement may be amended or modified, without the consent of any Senior Finance
Party, to the extent necessary to release the pledge (but only to the extent
securing such Designated Secured Obligations and without prejudice to the
pledge securing the Secured Obligations referred to in clause (ii) of the
preceding paragraph) in favor of the Security Trustee on the relevant Ownership
Interests and/or other securities that are so deemed to constitute Excluded
Charged Assets.

 

In
the event that Rule 3-16 is amended, modified or interpreted by the SEC to
permit (or is replaced with another rule or regulation, or any other law, rule or
regulation is adopted, which would permit) such Subsidiary’s Ownership
Interests and/or other securities to secure any Designated Secured Obligations
in excess of the amount then pledged without the filing with the SEC (or any
other United States federal or state governmental agency) of separate financial
statements of such Subsidiary, then the Ownership Interests or other securities
(as applicable) of such Subsidiary will automatically be deemed not to be
Excluded Charged Assets for such Designated Secured Obligations, but limited to
the extent necessary to not be subject to any such financial statement
requirement. If the circumstances described in this paragraph apply, 

 

5

 

this
Pledge Agreement may be amended or modified, without the consent of any Senior
Finance Party, to the extent necessary to pledge in favor of the Security
Trustee such additional Ownership Interests or other securities that were
deemed to constitute Excluded Charged Assets.

 

3.                                      SECURED OBLIGATIONS

 

The
security interest in the Pledged Collateral granted pursuant hereto shall
secure the due and punctual payment and performance of the Secured Obligations
provided that before any demand for any Secured Obligation is made on a
Restricted Guarantor pursuant to this Pledge Agreement, demand for payment of
the relevant Secured Obligation shall first have been made on the Borrower from
which such unpaid Secured Obligation is due. 
It is acknowledged and agreed that
(without prejudice to the extension of the Secured Obligations to any other
Indebtedness from time to time included within the definition thereof) as at
the date hereof, the Secured Obligations shall include: (a) all
Liabilities under the Senior Facilities Agreement; and (b) all Liabilities
under the Senior Secured Notes Documents.

 

4.                                      DELIVERY OF COLLATERAL; ISSUANCE OF ADDITIONAL INTERESTS

 

(a)                                  All certificates, instruments or documents, if
any, representing or evidencing each and every of the Partnership Interests
shall be delivered to the Security Trustee by the Pledgors on the date hereof,
and shall be held by the Security Trustee pursuant hereto at all times
hereafter until termination hereof pursuant to Section 24, and all
certificates, instruments or documents representing or evidencing interests or
securities in or issued by the Partnership and acquired by any Pledgor after
the date hereof and constituting Pledged Collateral hereunder shall be
delivered to the Security Trustee immediately upon, and held by the Security
Trustee at all times after, acquisition thereof by such Pledgor.  All such certificates, instruments or
documents, if any, shall be in suitable form for transfer by delivery, or shall
be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance satisfactory to the Security Trustee.  To the extent that any certificates,
instruments of transfer or other documents of title relating to any of the
Pledged Collateral which are required to be delivered to the Security Trustee
hereunder have already been delivered to Deutsche Bank AG, London Branch in its
capacity as security trustee under and for the purposes of the security
interests over such Pledged Collateral pursuant to the Original Pledge
Agreement, the requirements of this Section 4(a) shall be deemed
satisfied.

 

(b)                                 Except as otherwise permitted in the Senior
Finance Documents, each Pledgor agrees that it shall take all actions available
to such Pledgor to cause the Partnership and, in the event of a merger or
consolidation of the Partnership with any other entity, such other entity, not
to issue any interests or other securities whether in addition to, by dividend
or other distribution upon, or in substitution or exchange for, any of the
Partnership Interests or otherwise, other than such interests or other
securities issued to the Pledgors and promptly delivered to the Security
Trustee pursuant to Section 4(a) hereof in which the Security
Trustee, as agent and representative for the Beneficiaries, has a valid and
perfected security interest free and clear of all liens and with respect to
which no other party has any interest, except for the Existing 

 

6

 

Pledged Collateral and the liens created in favor of the Security
Trustee pursuant to this Pledge Agreement (collectively, the “Permitted Liens”)

 

(c)                                  Upon the occurrence and during the continuance
of an Event of Default hereunder, the Security Trustee shall have the right, at
any time in its discretion, to transfer to or to register in the name of the
Security Trustee or any of its nominees any or all of the Pledged Collateral
(with, in the discretion of the Security Trustee, such transfer or registration
expressly empowering the Security Trustee to vote any voting interests included
in the Pledged Collateral), subject only to each Pledgor’s revocable rights
specified in Section 6(a).

 

(d)                                 Each Pledgor shall from time to time cause
appropriate financing statements (on appropriate forms) under the Uniform
Commercial Code as in effect in the Colorado, the District of Columbia or any
other relevant states (a “State”),
covering all Collateral hereunder (with the form of such financing statements
to be satisfactory to the Security Trustee), to be filed in the relevant filing
offices so that at all times the Security Trustee’s security interest in all
Pledged Collateral which can be perfected by the filing of such financing
statement (in each case to the maximum extent perfection by filing may be
obtained under the laws of the relevant State), is so perfected.

 

5.                                      CERTAIN COVENANTS; REPRESENTATIONS

 

(a)                                  Each of the Pledgors covenant and agree that:
(i) save to the extent expressly permitted or not restricted under any
Senior Finance Document without the prior written consent of the Security Trustee,
no Pledgor will grant any option with respect to any of the Pledged Collateral;
(ii) the Pledgors will defend the Pledged Collateral against the claims
and demands of all persons other than the Security Trustee and the
Beneficiaries, and will take any and all such action as is reasonably necessary
to remove any competing or conflicting lien and will advise the Security
Trustee promptly of the existence thereof; and (iii) at any time and from
time to time upon the written request of the Security Trustee, the Pledgors
will execute and deliver such further documents and do such further acts and
things as the Security Trustee may reasonably request in order to effect the
purposes of this Pledge Agreement.

 

(b)                                 Each of the Pledgors represent and warrant
that:  (i) their choice of Colorado
law to govern this Pledge Agreement is valid and binding subject to the
Reservations; (ii) the Partnership Interests held by such Pledgor consist
of the number and type of interests of the persons described in Schedule 5(a) hereto;
(iii) each Partnership Interest referenced in sub-clause (ii) of this
paragraph constitutes that percentage or position of the entire Partnership
Interest of the Partnership as set forth in Schedule 5(a) hereto;
(iv) it has complied with the respective procedure set forth in
Clause 4(a) hereof with respect to each item of Pledged Collateral
described in Schedule 5(a); and (v) such Pledgor owns no other
Partnership Interests except as set forth in Schedule 5(b) hereto.

 

7

 

6.                                      VOTING RIGHTS; DIVIDENDS; ETC.

 

(a)                                  So long as no Event of Default hereunder shall
have occurred and be continuing: 
(i) each Pledgor shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Pledged Collateral belonging to
such Pledgor pursuant to the partnership agreement creating and governing LSCP
(the “LSCP Partnership Agreement”), for any purpose not prohibited by the
terms of this Pledge Agreement or the Senior Finance Documents; and
(ii) except as otherwise provided in Section 6(c) hereof and
except for distributions prohibited by the Senior Finance Documents, each
Pledgor shall be entitled to receive, retain and distribute, free and clear of
the security interest granted hereunder, any dividends, distributions, cash and
other property from time to time paid, payable or otherwise distributed in
respect of the Pledged Collateral belonging to such Pledgor.

 

(b)                                 Pledgor hereby irrevocably appoints the
Security Trustee as Pledgor’s proxyholder with respect to the Partnership
Interests of Pledgor and any other voting interests or other securities
belonging to Pledgor and forming a part of the Pledged Collateral with full
power and authority, in the discretion of the Security Trustee, to vote such Partnership
Interests and other voting interests or securities and otherwise to act with
respect to such Partnership Interests or other voting interests or securities
on behalf of Pledgor; provided that this proxy shall only be operative
upon the occurrence of an Event of Default and so long as such Event of Default
continues.  This proxy shall be
irrevocable for so long as any of the Secured Obligations remain in
existence.  Pledgor shall execute and
deliver (or cause to be executed and delivered) to the Security Trustee all
proxies and other instruments as the Security Trustee may reasonably request
for the purpose of enabling the Security Trustee to exercise the voting and
other rights which it is entitled to exercise pursuant to this
Section 6(b).

 

(c)                                  Upon the occurrence and during the continuance
of an Event of Default hereunder or as otherwise permitted or not restricted
pursuant to the provisions of each of the Senior Finance Documents, all rights
of the Pledgor to receive and retain dividends, distributions, cash and other
property, which it would otherwise be authorized to receive and retain pursuant
to Section 6(a)(ii), shall cease and all such rights shall thereupon be
vested in the Security Trustee, who shall thereupon have the sole right to
receive and hold as Pledged Collateral such dividends, distributions, cash and
other property; provided, that until the Enforcement Date, without
prejudice to the Senior Finance Documents, the Security Trustee will hold all
dividends, distributions, cash and other property paid on and received by it in
respect of any Partnership Interest which are transferred to it for the account
of each Pledgor and will, subject to any right of set-off, pay such dividends,
interest and other moneys to such Pledgor upon request.  All cash and other property received by a
Pledgor contrary to the provisions of this Section 6(c) shall be
received in trust for the benefit of the Security Trustee, shall be segregated
from other property or funds of such Pledgor and shall be forthwith delivered
to the Security Trustee as Pledged Collateral in the same form as so received
(with any necessary transfer documents or endorsements).

 

8

 

7.                                      REASONABLE CARE; PLEDGOR REMAINS LIABLE

 

(a)                                  The Security Trustee shall be deemed to have
exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if the Pledged Collateral is accorded treatment
substantially equal to that which the Security Trustee accords its own property,
it being understood that neither the Security Trustee nor any Beneficiary shall
have responsibility for taking any necessary steps (other than steps taken in
accordance with the standard of care set forth above to maintain possession of
the Pledged Collateral) to preserve rights against any parties with respect to
any Pledged Collateral; provided that the Security Trustee agrees to
notify the Pledgors if it has actual knowledge of the necessity of taking any
such steps in respect of any Pledged Collateral and to cooperate with the
Pledgors in connection therewith.

 

(b)                                 Anything herein to the contrary
notwithstanding, (i) the Pledgors shall remain liable under the LSCP
Partnership Agreement to the extent set forth therein to perform the duties and
obligations thereunder to the same extent as if this Pledge Agreement had not
been executed, (ii) the exercise by the Security Trustee of any of its
rights hereunder shall not release any Pledgor from any of the duties or
obligations under the LSCP Partnership Agreement, and (iii) the Security
Trustee and the other Beneficiaries shall not have any obligation or liability
under the LSCP Partnership Agreement by reason of this Pledge Agreement, nor
shall the Security Trustee or the other Beneficiaries be obligated to perform
any of the obligations or duties of any Pledgor thereunder, to make any
payment, to make any inquiry as to the nature or sufficiency of any payment
received by any Pledgor or the sufficiency of any performance by any party
under the LSCP Partnership Agreement or to take any action to collect or
enforce any claim for payment assigned hereunder.  Except to the extent required by general
partnership law, the Security Trustee and the other Beneficiaries shall not by
reason of this Pledge Agreement or the exercise of any remedies hereunder
become responsible or liable in any manner or to any extent for the obligations
and liabilities of LSCP or any of the liabilities of the Pledgors (or their
permitted successors or assigns).

 

8.                                      SECURITY TRUSTEE APPOINTED ATTORNEY-IN-FACT

 

(a)                                  Each Pledgor hereby irrevocably appoints
(which appointment is coupled with an interest) the Security Trustee (acting
through its employees, attorneys, and/or agents) as such Pledgor’s
attorney-in-fact, with full power of substitution and with full authority in
the place and stead of Pledgor and in its name or otherwise, from time to time
in the Security Trustee’s discretion, to sign, execute, seal and deliver and
otherwise perfect any further security document or notice reasonably required
to secure the Secured Obligations or to perfect the security intended to be
created hereunder over the Pledged Collateral or any part thereof or, on or
after the Enforcement Date, to take any action and to execute any instrument
which the Security Trustee may deem reasonably necessary or advisable to
accomplish the purposes of this Pledge Agreement; provided, that the
Security Trustee shall be under no obligation to take any action hereunder and,
absent gross negligence and wilful misconduct, the Security Trustee shall have
no liability or responsibility for any action taken or omission with respect
thereto.

 

9

 

(b)           Each Pledgor hereby consents, acknowledges and
agrees, as of the date hereof,  that the
Security Trustee shall be appointed to succeed the Existing Security Trustee in
relation to the Existing Pledged Collateral.

 

9.             SECURITY
TRUSTEE MAY PERFORM

 

Upon
the occurrence and during the continuance of an Event of Default hereunder
(including an Event of Default resulting from a failure to perform any
agreement contained herein), if any Pledgor fails to perform any agreement
contained herein, the Security Trustee may itself perform, or cause performance
of, such agreement, and the expenses of the Security Trustee incurred in
connection therewith shall be payable by such Pledgor under Section 12
hereof.

 

10.          EVENTS OF
DEFAULT

 

The
occurrence of an Event of Default shall constitute an Event of Default
hereunder.

 

11.          REMEDIES

 

At
any time on or after the Enforcement Date, in addition to and without limiting
any and all other remedies available under principles of law or equity:

 

(a)           The Security Trustee may execute, acknowledge,
deliver, file and record on behalf of any or all the Pledgors and in their
respective names financing statements, continuation statements, security
agreements, mortgages, assignments, certificates of title, reports, notices,
schedules of account, and all other documents, instruments or agreements that
the Security Trustee may, in its sole and absolute discretion, deem advisable
in order to obtain, perfect and maintain the Security Trustee’s security
interests in the Pledged Collateral granted pursuant hereto and in order to
fully consummate, implement and enforce all of the transactions contemplated
and security interests granted under this Pledge Agreement.

 

(b)           The Security Trustee may exercise in respect
of the Pledged Collateral, in addition to other rights and remedies provided
for herein or otherwise available to it, all the rights and remedies of a
secured party after default under the Uniform Commercial Code in effect in the
State of Colorado (the “Colorado UCC”) at that time or other applicable law.

 

(c)           The Security Trustee may, without notice
except as specified below, sell the Pledged Collateral or any part thereof in
one or more parcels at public or private sale, at any exchange, over the
counter or at any of the Security Trustee’s offices or elsewhere, for cash, on
credit or for future delivery, and at such price or prices and upon such other
terms as may be commercially reasonable or otherwise in such manner as
necessary to comply with applicable federal and state securities laws.  The Pledgors agree that the Security Trustee
shall not be required to register or qualify any of the Pledged Collateral
under applicable state or federal securities laws in connection with any such
sale if the sale is effected in a manner that complies with all applicable
federal and state securities laws (to the extent applicable).  The Security Trustee shall be authorized at
any such sale (if it deems it advisable to 

 

10

 

do so) to restrict the prospective bidders or purchasers to persons who
will represent and agree that they are “accredited investors” or “qualified
institutional buyers” under applicable law and are purchasing the Pledged
Collateral for their own account, for investment and not with a view to the
distribution thereof.  Upon consummation
of any such sale the Security Trustee shall have the right to assign, transfer
and deliver the Pledged Collateral to the purchaser or purchasers at any such
sale, and such purchasers shall hold the property sold absolutely free from any
claim or right on the part of the Pledgors, and each Pledgor hereby waives (to
the extent permitted by law) all rights of redemption, stay or appraisal which
it now has or may at any time in the future have under applicable law now
existing or hereafter enacted.

 

(d)           The Security Trustee shall give to each
Pledgor notice in writing of the time and place of any public sale or of the
time on or after which any private sale or intended disposition is to be
made.  Such notice need not be given more
than five (5) Business Days (or such longer period as shall be specified
by applicable law) before the date fixed for any such disposition, which notice
the Pledgors agree shall constitute commercially reasonable notification.  At any such sale or other disposition, the
Security Trustee, to the extent permitted by applicable law, may bid, which bid
may be, in whole or in part, in the form of cancellation of the Secured
Obligations in proportion to the share of the Secured Obligations of each
Beneficiary, and purchase for the account of the Beneficiaries the whole or any
portion of the Pledged Collateral, to the further extent permitted by
applicable law, free of any right of redemption, which right is hereby waived
and released to the extent permitted by applicable law.  The Security Trustee shall not be obligated
to make any sale of Pledged Collateral regardless of notice of sale having been
given, and the Security Trustee may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was
so adjourned.

 

(e)           If a sale of all or any part of the Pledged
Collateral is made on credit or for future delivery, the Pledged Collateral so
sold may be retained by the Security Trustee until the sale price is paid by
the purchaser or purchasers thereof, but the Security Trustee shall not incur
any liability in case any such purchaser or purchasers shall fail to take delivery
of and pay for the Pledged Collateral so sold and, in case of any such failure,
such Pledged Collateral may be sold again upon like notice.  The Pledgors agree that any sale of the
Pledged Collateral conducted by the Security Trustee in accordance with the
foregoing provisions of this Section shall be deemed to be a commercially
reasonable sale under Article 9 of the Colorado UCC.

 

(f)            As an alternative to exercising the power of
sale herein conferred upon it, the Security Trustee may proceed by a suit or
suits at law or in equity to foreclose the security interests and to sell the
Pledged Collateral, or any portion thereof, pursuant to a judgment or decree of
a court or courts of competent jurisdiction.

 

(g)           Subject to provisions of applicable law any
cash held by the Security Trustee as Pledged Collateral and all cash proceeds
received by the Security Trustee in respect of any sale of, collection from, or
other realization upon all or any part 

 

11

 

of the Pledged Collateral shall be applied as set forth in the Group
Intercreditor Deed and the Security Trust Agreement.

 

12.          EXPENSES

 

Pledgors
agree to pay, upon demand, to the Security Trustee (together with interest
thereon from the date falling 30 days after the date of demand by the Security
Trustee until the date of payment at the default interest rate as in effect
from time to time under clause 28.2 of the Senior Facilities Agreement or, upon
its repayment in full and cancellation of all undrawn commitments thereunder,
such equivalent provision in the Relevant Facilities Agreement) (a) the
amount of any and all actual fees and expenses, including without limitation
the fees and expenses of its counsel and of any experts and agents, which the
Security Trustee may properly incur in connection with (i) the custody or
preservation of the Pledged Collateral, (ii) the exercise or enforcement
of any rights of the Security Trustee hereunder or (iii) the failure by
any Pledgor to perform or observe any of the provisions hereof and (b) the
amount of any and all actual and fees and expenses of the Security Trustee’s
counsel and outside experts and agents incurred in connection with the
administration and enforcement of this Pledge Agreement.

 

13.          RIGHTS OF
SECURITY TRUSTEE; CERTAIN WAIVERS

 

(a)           Each Pledgor acknowledges that the security
interests granted hereunder will secure obligations of persons other than such
Pledgor, and, in full recognition of such fact, each Pledgor hereby agrees
that, at any time and from time to time the Beneficiaries may, in their sole
and absolute discretion, without the necessity of any reservation of rights
against, notice to or further assent by any Pledgor, and without affecting the
validity, legality or enforceability hereof or the security interests hereunder
(but subject to the terms of the Senior Finance Documents):  (i) create new Secured Obligations or
extend, accelerate, rescind any acceleration, increase, decrease, continue,
restructure or otherwise modify the Secured Obligations or any of their terms;
(ii) amend, supplement, waive or otherwise modify any provision of, or
give any agreement, approval or consent with respect to, the Senior Finance
Documents or any of the Secured Obligations; (iii) accept new or additional
instruments, documents or agreements in exchange for or relative to any of the
Senior Finance Documents, the Security Documents or the Secured Obligations or
any part thereof; (iv) except as may be required by applicable law, accept
and apply as the Beneficiaries may see fit payments on the Secured Obligations
or proceeds of Collateral (as defined below); (v) receive and hold
additional collateral or guarantees for the Secured Obligations or any part
thereof (all collateral and guarantees for the Secured Obligations or any part
thereof being referred to in this Section 13 as “Collateral” and “Guarantees,” respectively); (vi) release, reconvey,
terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute,
transfer or enforce any Collateral or Guarantees, apply any such Collateral and
direct the order or manner of sale or other enforcement thereof;
(vii) alter, impair, suspend or terminate the remedies or rights of the
Beneficiaries against the Partnership, any guarantor of the Secured Obligations
or any part thereof (a “Guarantor”) or any other person in respect of any of
the Secured Obligations or suffer any of the foregoing to occur;
(viii) refund at any time, at the Beneficiaries’ sole discretion, any
payment received by the 

 

12

 

Beneficiaries in respect of the Secured Obligations; and
(ix) otherwise deal with LSCP, any Collateral or any Guarantor as the
Beneficiaries may elect in their sole discretion.

 

(b)           The Pledgors acknowledge that the security interests
hereunder, and the enforcement hereof are not subject to any conditions not
expressly stated herein.  Upon the
occurrence and during the continuance of an Event of Default, the Security
Trustee may enforce this Pledge Agreement independently from any other of the
Security Documents and independently of any other remedy, Collateral or
Guaranty that any Beneficiary at any time may have or hold in connection with
the Secured Obligations, and it shall not be necessary for the Security Trustee
to marshal assets in favor of the Pledgors or any other person or to proceed
upon or against or exhaust any other remedy, Collateral or Guaranty before
proceeding to enforce this Pledge Agreement. 
The Pledgors expressly agree that the Security Trustee may proceed
against LSCP, any Pledgor, any other Guarantor, or the Collateral in such order
and in such manner as it shall determine in its sole and absolute
discretion.  The Security Trustee may
file a separate action or actions with respect to the Pledged Collateral
whether action is brought or prosecuted with respect to any other Collateral or
against any other person, or whether any other person is joined in any such
action or actions.  The Pledgors agree
that the Beneficiaries, LSCP and any other Guarantor may deal with each other
in connection with the Secured Obligations or otherwise, or alter any contracts
or agreements now or hereafter existing between or among any of them, in any
manner whatsoever, all without in any way altering or affecting the security of
this Pledge Agreement.  The Pledgors
expressly waive the benefit of any statute(s) of limitations affecting the
enforcement of the Secured Obligations or the security interest hereunder.  Any payment by or on behalf of LSCP or other
circumstance that operates to toll any statute of limitations applicable to
such partnership shall also operate to toll the statute of limitations
applicable to Pledgors.

 

(c)           The Pledgors expressly waive any and all
defenses or counterclaims (other than by reason of the full payment and
performance of all the Secured Obligations) now or hereafter arising or
asserted by reason of (i) any disability, set-off or other defense or
counterclaim of LSCP or any Guarantor with respect to the Secured Obligations,
the Senior Finance Documents or any of the Security Documents; (ii) the
failure of priority or validity of security interest in any Collateral;
(iii) the cessation from any cause whatsoever of the liability of LSCP or
any Guarantor or other person with respect to the Secured Obligations;
(iv) the disallowance of, or any failure of any Beneficiary to file or
enforce, a claim in any bankruptcy, insolvency, reorganization, arrangement,
readjustment of debt, liquidation or dissolution proceeding (a “Bankruptcy Proceeding”) with respect to LSCP or any other person;
(v) the modification, discharge, extension or avoidance in or as a result
of any Bankruptcy Proceeding commenced by or against LSCP or any other person
of all or any of the Secured Obligations, any Guaranty, collateral or lien;
(vi) any use of cash or other Collateral in any Bankruptcy Proceeding;
(vii) any agreement or stipulation as to adequate protection in any
Bankruptcy Proceeding; (viii) any amendment, modification, stay or cure of
the 

 

13

 

Beneficiaries’ rights that may occur in any Bankruptcy Proceeding;
(ix) any election of remedies by the Beneficiaries, whether or not such
election destroys or affects any subrogation, reimbursement, contribution,
indemnity or similar rights the Pledgors may have (notwithstanding
subsection (d) below) against LSCP, including, without limitation,
any loss of rights the Pledgors may suffer by reason of any rights, powers or
remedies of LSCP in connection with any anti-deficiency laws or any other laws
limiting, qualifying or discharging the Secured Obligations; (x) any
election by the Beneficiaries under Section 1111(b)(2) of the
Bankruptcy Code; (xi) any borrowing or grant of a security interest under
Section 364 of the Bankruptcy Code; or (xii) any action taken by any
Beneficiary that is authorized by this Section or any other provision of
any of the Security Documents or any other Senior Finance Documents.

 

(d)           The Pledgors hereby waive any and all rights
of subrogation, reimbursement, contribution, indemnity, setoffs or
counterclaims and any and all similar rights that the Pledgors may otherwise
have against LSCP at any time under any applicable law, until the Secured
Obligations shall have been indefeasibly paid and performed in full.  The Pledgors further expressly waive any
right to enforce any remedy that the Beneficiaries now or hereafter may have
against LSCP or any other person and waive the benefit of, or any right to
participate in, any Collateral now or hereafter held by the Beneficiaries,
until the Secured Obligations shall then have been indefeasibly paid and
performed in full.

 

(e)           The Pledgors expressly waive (i) all
presentments, protests, notices of default or dishonor and all other notices or
demands of any kind or nature whatsoever with respect to the Secured
Obligations, including notice of any action against LSCP or any Guarantor or
the assertion or enforcement of any right of the Beneficiaries hereunder or any
other of the Security Documents; (ii) all notices of acceptance of this
Pledge Agreement or of the existence, creation, renewal or incurring of new or
additional Secured Obligations; and (iii) to the extent permitted by
applicable law, the benefit of all valuation, appraisal, redemption and
exemption laws.  The Pledgors expressly
agree that they shall be bound by each and every ruling, order and judgment
obtained by any Beneficiary against LSCP, in respect of the Secured
Obligations, whether or not the Pledgors are parties to, or have received
notice of, the action or proceeding in which such ruling, order or judgment is
issued and rendered.

 

(f)            The Pledgors represent and warrant that they
have established adequate means of obtaining from LSCP, on a continuing basis,
financial and other information pertaining to the business, operations and
condition (financial and otherwise) of such entity, and now are and hereafter
will be completely familiar with such business, operations, condition and
properties.

 

(g)           The Pledgors hereby acknowledge and warrant
that they are familiar with the terms of this Pledge Agreement, the Senior
Finance Documents, all other Security Documents and all other agreements
evidencing the Secured Obligations and that they have derived or expect to
derive a financial advantage from each Series of Senior Liabilities or
other extension of credit and from each and every renewal, extension, release
of Collateral, or other relinquishment of legal rights made or granted or to be
made or granted by the 

 

14

 

Beneficiaries to the Borrowers, LSCP or any of the other Obligors in
connection with the Secured Obligations.

 

(h)           The Pledgors warrant and agree that each of
the waivers set forth in this Pledge Agreement is made with full knowledge of
its significance and consequences and that, under the circumstances, all such
waivers are reasonable and not contrary to public policy or applicable
law.  If any such waiver is determined to
be contrary to any public policy or applicable law, such waiver shall be
effective to the maximum extent permitted by such public policy or applicable
law.

 

(i)            Notwithstanding anything to the contrary
contained herein or in any other agreement or instrument relating to the
Secured Obligations, the Pledgors shall not be personally liable to the
Security Trustee or the Beneficiaries for the satisfaction of the Secured
Obligations, and the Security Trustee, on behalf of the Beneficiaries, shall
look solely to the Pledged Collateral with respect to such satisfaction from
Pledgors; provided that the foregoing shall not (i) constitute a
waiver, release or discharge of any of the indebtedness evidenced by any Senior
Finance Document, but the same shall continue until fully paid, discharged,
observed or performed or (ii) in any way limit or restrict any right of
the Security Trustee or the Beneficiaries to foreclose the liens and security
interests of the Security Documents or otherwise realize upon any collateral
assigned or pledged to the Security Trustee or the Beneficiaries in connection
with the transactions contemplated hereby or thereby or (iii) constitute a
waiver or limitation by the Security Trustee or the Beneficiaries of any claim
against Pledgors for any claim in the nature of fraud or deceit or willful
misconduct arising under or in connection with this Pledge Agreement.

 

14.          INDEMNITY

 

Each
Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold
harmless the Security Trustee and its respective successors, assigns,
employees, agents and affiliates (individually an “Indemnitee”,
and an collectively, the “Indemnities”)
from and against any and all obligations, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation
liabilities for penalties) of whatsoever kind or nature, and (ii) to
reimburse each Indemnitee for all reasonable costs, expenses and disbursements,
including reasonable attorneys’ fees and expenses, in each case arising out of
or resulting from this Pledge Agreement or the exercise by any Indemnitee of
any right or remedy granted to it hereunder or under any other Security
Document (but excluding any obligation, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation,
liabilities for penalties) or expenses of whatsoever kind or nature to the
extent incurred or arising by reason of gross negligence or wilful misconduct
of such Indemnitee (as determined by a court of competent jurisdiction in a
final and non-appealable decision)).  In
no event shall the Security Trustee hereunder be liable, in the absence of
gross negligence or wilful misconduct on its part (as determined by a court of
competent jurisdiction in a final and non-appealable decision), of or any
matter or thing in connection with this Pledge Agreement other than to account
for monies or other property actually received by it in accordance with the
terms hereof.  If and to the extent that
the obligation of any Pledgor under this 

 

15

 

Section 14
are unenforceable for any reason, such Pledgor hereby agrees to make the
maximum contribution to the payment and satisfaction of such obligations which
is permissible under applicable law.  The
indemnity obligations of each Pledgor contained in this Section 14 shall
continue in full force and effect notwithstanding the full payment and
fulfillment of all the obligations under the Senior Finance Documents and
notwithstanding the discharge thereof.

 

15.          ROLE OF
SECURITY TRUSTEE

 

Each
Pledgor and the Security Trustee hereby acknowledge that the covenants of each
Pledgor contained in this Pledge Agreement and the security and other rights,
titles and interests constituted by this Pledge Agreement and all other moneys,
property and assets paid to the Security Trustee or held by the Security
Trustee or received or recovered by the Security Trustee pursuant to or in
connection with this Pledge Agreement are held by the Security Trustee subject
to and on the terms of the trusts declared by the Security Trust Agreement.

 

16.          SEVERABILITY

 

Any
provision of this Pledge Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.

 

17.          CONTINUED
EFFECTIVENESS

 

Any
release, discharge or settlement between one or more of the Pledgors and the
Security Trustee or any of the other Beneficiaries shall be conditional upon no
security, disposition or payment to the Security Trustee or any of the other
Beneficiaries by any of the Obligors or any other person being void, set aside
or ordered to be refunded pursuant to any enactment or law relating to
bankruptcy, liquidation, administration or insolvency or for any other reason
whatsoever and if such condition shall not be fulfilled, the Security Trustee
and the other Beneficiaries shall be entitled to enforce this Pledge Agreement
subsequently as if such release, discharge or settlement had not occurred and
any such payment had not been made.  The
Security Trustee shall be entitled to retain this security after as well as
before the payment, discharge or satisfaction of all moneys, obligations and
liabilities that are or may become due, owing or incurred to the Security
Trustee and the other Beneficiaries from any of the Obligors for such period as
the Security Trustee may reasonably determine being not longer than 13 months
following the date of payment, discharge or satisfaction of the Secured
Obligations in full.

 

18.          CUMULATIVE
REMEDIES

 

The
rights and remedies herein provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights or remedies provided by
law.

 

16

 

19.          WAIVERS,
AMENDMENTS

 

None
of the terms or provisions of this Pledge Agreement may be altered, modified or
amended except by an instrument in writing, duly executed by the Security
Trustee and the Pledgors.  No waiver of
any provision hereof or consent to any departure from the terms hereof shall be
effective unless the same shall be in writing and duly executed by the Security
Trustee.  Any such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given.  A waiver by the
Security Trustee of any right or remedy hereunder on any occasion shall not be
construed as a bar to any right or remedy which the Security Trustee would
otherwise have on any future occasion. 
No failure to exercise nor any delay in exercising on the part of the
Security Trustee, any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

 

20.          WAIVER AND
CONSENT UNDER PARTNERSHIP AGREEMENT

 

The
Pledgors hereby represent that they constitute all of the partners of the
Partnership.  The Pledgors, constituting
all of the partners of the Partnership, each hereby waives the application of
the provisions of Section 10 of the LSCP Partnership Agreement that
otherwise would apply to, and hereby consents to, the assignment, transfer or
pledge of any Pledgor’s Partnership Interest in the Partnership to the Security
Trustee, for the benefit of the Beneficiaries, now or in the future, pursuant
to the provisions of this Pledge Agreement. Further, each of the Pledgors
hereby ratifies and approves any similar assignments, transfers or pledges of
the Partnership Interests of the other Pledgors occurring prior to the date
hereof.

 

21.          SUCCESSORS
AND ASSIGNS

 

(a)           Subject to the restrictions on transfers by
the Pledgors hereunder, this Pledge Agreement and all obligations of the
Pledgors hereunder shall be binding upon the successors and assigns of the
Pledgors, and shall inure to the benefit of the Security Trustee, the
Beneficiaries and their respective successors and assigns.

 

(b)           It is hereby understood and agreed that any
party required to become a party to this Pledge Agreement after the date hereof
pursuant to the requirements of the Senior Finance Documents, shall become a
Pledgor hereunder by

 

(i)            executing a Partnership Interest Accession Agreement in the form attached
hereto as Schedule 13,

 

(ii)           delivering supplements to the schedules attached hereto as are necessary
to cause such schedules to be complete and accurate with respect to each
additional Pledgor on such date; and

 

(iii)          taking all actions specified in this Pledge Agreement as would have been
taken by such Pledgor had it been an original party to the Pledge Agreement, in
each case with all documents required above to be delivered to the Pledge and
with all documents and actions required above to be taken to the reasonable
satisfaction of the Pledge.

 

17

 

22.          GOVERNING
LAW

 

This
Pledge Agreement shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Colorado applicable to agreements
made and to be performed entirely within such State.  The Pledgors hereby irrevocably consent to
the jurisdiction of any of the courts designated in clause 48.1 of the Senior
Facilities Agreement (or, upon its repayment in full and cancellation of all
undrawn commitments thereunder, such equivalent provision in the Relevant
Facilities Agreement) in connection with any action or proceeding arising out
of or relating to this Pledge Agreement. 
In any such action or proceeding, each Pledgor waives personal service
of any summons, complaint or other process and agrees that the service thereof
may be made by personal delivery or by certified or registered mail directed to
each Pledgor at its address set forth herein. 
Nothing in this section shall affect the right of the Security Trustee
or the Beneficiaries to serve legal process in any other manner by law or
affect the right of the Security Trustee or the Beneficiaries to bring any
action or proceeding against any Pledgor or his or its property in the courts
of any other jurisdiction.  The Pledgors
irrevocably waive any objection they may have now or hereafter to the laying of
venue of any action or proceeding in any court or jurisdiction referred to in
clause 48.1 of the Senior Facilities Agreement (or, upon its repayment in full
and cancellation of all undrawn commitments thereunder, such equivalent
provision in the Relevant Facilities Agreement), or that any action or
proceeding in any such court or jurisdiction has been brought in an
inconvenient forum.

 

23.          NOTICES

 

All
notices, requests, demands and other communications required or permitted to be
given hereunder shall be in writing and shall be personally served or sent by
registered, certified or overnight mail, postage prepaid, or by telegraph,
telecopy or telex and, unless otherwise expressly provided herein, shall be
deemed to have been duly given or made when received (with such receipt
acknowledged by the recipient, in the case of a telecopy).  All such notices shall be addressed as
follows, or to such other address as may be hereafter notified in writing to
the respective parties hereto:

 

If
to the Security Trustee:

 

Winchester
House

1
Great Winchester Street

London EC2N 2DB

England

 

	
  Attention:

  	
  Syndicated
  Loans TSS / Nicola Dawes / Rajeer Thakeeria

  
	
  Telephone:

  	
  0207
  547 5905

  
	
  Facsimile:

  	
  0207
  547 6419

  

 

18

 

If to a Pledgor, addressed to
such Pledgor at:

 

c/o
Virgin Media Investment Holdings Limited

160
Great Portland St

London W1W 5QA

England

 

	
  Attention:

  	
  Group
  Legal Director

  
	
  Facsimile:

  	
  020
  7299 6000

  

 

With a copy to:

 

	
  Attention:

  	
  Group
  General Counsel

  
	
  Facsimile:

  	
  020
  7299 5495

  

 

24.          TERMINATION

 

This
Pledge Agreement, and the pledges, assignments, and encumbrances created or
granted hereby, shall terminate when (a) all of the Secured Obligations
shall have been fully paid, satisfied and performed, and (b) the
Commitments have terminated, at which time the Security Trustee shall execute
appropriate releases, acknowledgments, assignments or other documents necessary
to secure the release and reassignment of such of the Pledged Collateral as
shall not have been sold or otherwise applied by the Security Trustee pursuant
to the terms hereof, and deliver to the Pledgors (or their respective
designees) all Pledged Collateral and related documents then in the custody or
possession of the Security Trustee.  Any
such reassignment shall be without recourse upon, or warranty whatsoever by,
the Security Trustee, and at the cost and expense of the Pledgors.

 

25.          COUNTERPARTS

 

This
Pledge Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

 

26.          AUTHORIZATION
TO FILE

 

With
respect to the foregoing in this Pledge Agreement and the grant of the security
interest hereunder, each Pledgor hereby authorizes the Security Trustee to file
one or more financing statements or continuation statements, and amendments
thereto, relative to all or any part of the Pledged Collateral without the
signature of any Pledgor where permitted by law.  Each Pledgor agrees to furnish the Security
Trustee, promptly upon reasonable request by the Security Trustee, with any
information that is required by the Security Trustee in order to complete such
financing statements or continuation statements, or amendments thereto.

 

27.          GENERAL
REPRESENTATIONS AND WARRANTIES BY EACH PLEDGOR

 

Each
Pledgor hereby represents and warrants to the Security Trustee that:

 

19

 

(a)           Schedule 27(a) attached hereto sets forth
an accurate and complete list identifying the following: (i) the full
legal name of each Pledgor as it appears in official filings in the state or
jurisdiction of its incorporation, organization or formation, as the case may
be; (ii) the type of entity of such Pledgor; (iii) such Pledgor’s
state of incorporation, organization or formation, as the case may be; (iv) the
organizational identification number issued by such Pledgor’s state of
incorporation, organization or formation, or a statement that no such number
has been issued; (v) the location of such Pledgor’s chief executive office
; and (vi) the jurisdiction(s) of such Pledgor’s place(s) of
business.  Each Pledgor has only one
state of incorporation, organization or formation, as the case may be;

 

(b)           it has not done in the last five (5) years,
and does not do, business under any other name (including any trade name or
fictitious business name) except for its respective legal name as set forth on
Schedule 27(a);

 

(c)           it has not changed its name, jurisdiction of
incorporation, organization or formation, the location of its chief executive
office or place(s) of business, or its corporate or partnership structure
in any way (e.g., by merger, consolidation, change in corporate or
partnership form or otherwise), in each case within the past five (5) years;

 

(d)           it is the legal, beneficial and record owner
of, and has good and marketable title to all of the Pledged Collateral upon
which it purports to grant a lien hereunder, free and clear of any lien except
for the Permitted Liens.  No effective
financing statement or other instrument similar in effect covering all or any
part of the Pledged Collateral is on file in any recording office, except as
set forth on Schedule 27(d) or such as may have been filed in favor
of the Security Trustee relating to this Pledge Agreement and with respect to
the Permitted Liens.  Such liens set
forth on Schedule 27(d) will be terminated as of the date of this Pledge
Agreement;

 

(e)           it has full power, authority and legal right
to pledge all the Pledged Collateral pledged by it pursuant to this Pledge
Agreement;

 

(f)            this Pledge Agreement has been duly
authorized, executed and delivered by such Pledgor and constitutes a legal,
valid and binding obligation of such Pledgor enforceable against such Pledgor
in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and by
general equitable principles (regardless of whether enforcement is sought in
equity or at law);

 

(g)           except to the extent already obtained or made,
no consent of any other party (including, without limitation, any stockholder,
partner, member or creditor of such Pledgor) and no consent, license, permit,
approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is
required to be obtained by such Pledgor in connection with (a) the
execution, delivery or performance of this Pledge Agreement by such Pledgor, (b) the
validity or enforceability of this Pledge Agreement against such Pledgor
(except as set forth in clause (a) above), (c) 

 

20

 

the perfection or enforceability of the Security Trustee’s security
interest in such Pledgor’s Pledged Collateral or (d) except for compliance
with or as may be required by applicable securities laws, the exercise by the
Security Trustee of any of its rights or remedies provided herein;

 

(h)           neither the execution, delivery or performance
by such Pledgor of this Pledge Agreement or any other Senior Finance Document,
nor compliance by it with the terms and provisions hereof and thereof nor the
consummation of the transactions contemplated therein: (i) will contravene
any provision of any applicable law, statute, rule or regulation, or any
applicable order, writ, injunction or decree of any court, arbitrator or governmental
instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will
conflict or be inconsistent with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose)
any lien (except pursuant to the Security Documents) upon any of the properties
or assets of such Pledgor pursuant to the terms of any indenture, lease,
mortgage, deed of trust, credit agreement, loan agreement or any other material
agreement, contract or other instrument to which such Pledgor is a party or is
otherwise bound, or by which it or any of its properties or assets is bound or
to which it may be subject; or (iii) will violate any provision of the
certificate of partnership or partnership agreement, (or equivalent
organizational documents), as the case may be, of such Pledgor;

 

(i)            as of the date hereof, after giving effect to
the transactions contemplated by the Senior Finance Documents, such Pledgor is
Solvent, and will not cease to be Solvent as a result of the obligations and
transactions undertaken by such Pledgor pursuant to, or as contemplated by, the
Senior Finance Documents.  As of the date
hereof, there is no proceeding pending, or to the knowledge of the undersigned,
threatened, challenging the Solvency of such Pledgor or seeking to dissolve or
liquidate such Pledgor.

 

For
the purposes of the foregoing, “Solvent”
or “Solvency” means, with respect
to any person, that as of the date of determination both (A) (i) the then fair saleable
value of the property of such person is (y) greater than the total amount
of liabilities (including contingent liabilities) of such person and (z) not
less than the amount that will be required to pay the probable liabilities on
such person’s then existing debts as they become absolute and matured
considering all financing alternatives and potential asset sales reasonably
available to such person; (ii) such person’s capital is not unreasonably
small in relation to its business or any contemplated or undertaken
transaction; and (iii) such person does not intend to incur, or believe
(nor should it reasonably believe) that it will incur, debts beyond its ability
to pay such debts as they become due; and (B) such
person is “solvent” within the meaning given that term and similar terms under
applicable laws relating to fraudulent transfers and conveyances.  For the purposes of this definition, the
amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or
matured liability.

 

21

 

IN WITNESS WHEREOF, the undersigned have
caused this Pledge Agreement to be executed and delivered as of the day and
year first above written.

 

	
   

  	
  UNITED CABLE (LONDON SOUTH) LIMITED PARTNERSHIP, a Colorado
  general partnership

  
	
   

  	
   

  
	
   

  	
  By
  Its General Partners:

  
	
   

  	
   

  
	
   

  	
   

  	
  THESEUS
  NO. 1 LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
  By
  Its Directors:

  
	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA DIRECTORS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
   

  	
   

  	
  Robert
  Mackenzie, Director

  
	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT GALE

  
	
   

  	
   

  	
   

  	
  Robert
  Gale, Director

  
	
   

  	
   

  
	
   

  	
   

  	
  THESEUS
  NO. 2 LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  Its Directors:

  
	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA DIRECTORS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
   

  	
   

  	
  Robert
  Mackenzie, Director

  
	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT GALE

  
	
   

  	
   

  	
   

  	
  Robert
  Gale, Director

  
					

 

22

 

	
   

  	
  CRYSTAL
  PALACE RADIO LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By
  Its Directors:

  
	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA DIRECTORS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
   

  	
   

  	
  Robert
  Mackenzie, Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  ROBERT GALE

  
	
   

  	
   

  	
   

  	
  Robert
  Gale, Director

  

 

 

	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH, as Security Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  N. DAWES

  
	
   

  	
   

  	
  Title:   V.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  V. MAYELL

  
	
   

  	
   

  	
  Title:   A.V.P.

  
				

 

23

 

SCHEDULE 4(b)

EXISTING PLEDGED COLLATERAL

 

None.

 

1

 

SCHEDULE 5(a)

PARTNERSHIP INTERESTS

 

	
  (1)

  PARTNERSHIP

  NAME

  	
   

  	
  (2)

  PRINCIPAL PLACE

  OF BUSINESS

  	
   

  	
  (3)

  PARTNERS

  	
   

  	
  (4)

  TYPE

  
	
  London South Cable Partnership

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  97.75% - United Cable (London South) Limited
  Partnership

  2.25% - Crystal Palace Radio Limited

  	
   

  	
  Colorado General

  

 

1

 

SCHEDULE
5(b)

OTHER PARTNERSHIP INTERESTS

 

	
  PARTNERSHIP

  NAME

  	
   

  	
  PRINCIPAL
  PLACE

  OF BUSINESS

  	
   

  	
  PARTNERS

  	
   

  	
  TYPE

  
	
  N/A

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  N/A

  

 

1

 

SCHEDULE 13

PARTNERSHIP INTEREST ACCESSION AGREEMENT

 

(London South Cable
Partnership)

 

The
undersigned, desiring to become a partner of London South Cable Partnership, a Colorado general
partnership (the “Partnership”)
formed pursuant to an Amended and Restated Partnership Agreement dated 13 September 1989
(the “Partnership Agreement”) hereby agrees to, and by its execution hereof
does, become a party to (i) the Partnership Agreement, as a partner
thereunder, and (ii) that certain Pledge and Security Agreement (as
amended from time to time, the “Pledge
Agreement”), dated
                         ,
20    , initially entered into among UNITED CABLE (LONDON
SOUTH) LIMITED PARTNERSHIP and CRYSTAL PALACE RADIO LIMITED, and Deutsche Bank
AG, London Branch as Security Trustee for the benefit of the Beneficiaries
described therein.  Capitalized terms
used herein shall have the respective meanings set forth in the Pledge
Agreement.  By its execution hereof, the
undersigned agrees that, from and after the date hereof, the undersigned shall
be, and be considered for all purposes, (i) a “Partner” under the
Partnership Agreement and (ii) a “Pledgor” under the Pledge Agreement, as
if referred to directly therein as such as a party thereto, entitled to all of
the rights and subject to all of the liabilities and obligations of a Partner
or Pledgor, respectively, thereunder.

 

As
a Pledgor under the Pledge Agreement, the undersigned, as security and
collateral for the due and punctual payment and performance of the Secured
Obligations (as defined in the Pledge Agreement), hereby assigns, transfers and
pledges to the Security Trustee, for the benefit of the Beneficiaries, a lien
on and security interest in and to the undersigned’s right, title and interest
to the Pledged Collateral (as defined in the Pledge Agreement).  As a Pledgor under the Pledge Agreement, the
undersigned represents and warrants that the Pledged Collateral is free and
clear of all liens other than the Permitted Liens (as defined in the Pledge
Agreement).

 

This
instrument, when executed by the undersigned, shall further constitute the
undersigned’s counterpart signature page to the Partnership Agreement and
the Pledge Agreement.

 

 

Dated
this             
day of
                    ,
            .

 

	
   

  	
  [Name
  of Transferee]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address
  for Notice:

  

 

1

 

SCHEDULE 27(a)

 

	
  Full Legal Name

  	
   

  	
  Type of Entity

  	
   

  	
  State of

  Incorporation,

  Organization or

  Formation

  	
   

  	
  Organizational

  Identification

  Number

  	
   

  	
  Location of Chief

  Executive Office

  	
   

  	
  Jurisdiction(s) of

  place(s) of business

  
	
  United
  Cable (London South) Limited Partnership

  	
   

  	
  General
  Partnership

  	
   

  	
  Colorado

  	
   

  	
  None

  	
   

  	
  2930 East Third Avenue

  Denver, Colorado

  80206

  USA

  	
   

  	
  Colorado

  
	
  Crystal
  Palace Radio Limited

  	
   

  	
  Private
  Limited Company

  	
   

  	
  England &
  Wales

  	
   

  	
  01459745

  	
   

  	
  160 Great Portland Street

  LONDON

  W1W 5QA

  UNITED KINGDOM

  	
   

  	
  England &
  Wales

  

 

1

 

SCHEDULE 27(d)

CURRENT UCC FILINGS

 

None.

 

1

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