Document:

Exhibit
4.47

 

EXECUTION
VERSION

 

SHARE
PLEDGE AGREEMENT

 

dated January 19,
2010

 

BETWEEN

 

Virgin Media Investments Limited

as the Pledgor

 

AND

 

Deutsche
Bank AG, London Branch

as the Pledgee

 

AND

 

Future
Entertainment S.à r.l.

as the Company

 

 

18-20, rue Edward Steichen

L - 2540 LUXEMBOURG

 

 

THIS SHARE PLEDGE AGREEMENT IS
DATED JANUARY 19, 2010 (the Agreement) AND IS MADE BETWEEN:

 

(1)                                 Virgin
Media Investments Limited,  a company incorporated and registered in
England and Wales with company number 7108297, where registered office is at
160 Great Portland Street, London W1W 5QA, the United Kingdom (the Pledgor);

 

AND

 

(2)                                 Deutsche Bank AG, London Branch,  acting as security trustee for the benefit of the
Beneficiaries (as defined below) (the Pledgee);

 

AND

 

(3)                                 Future Entertainment S.à
r.l.,
a Luxembourg private limited liability company (société à responsabilité limitée), with registered office at
Media Center Betzdorf, 11 rue Pierre Werner, L-6832 Betzdorf, Grand Duchy of
Luxembourg, registered with the Luxembourg Register of Commerce and Companies
under number B 145.414 and having a share capital of GBP 400,000 (the Company).

 

The Pledgor, the Pledgee and the Company shall each
be referred to as a Party and,
collectively, the Parties.

 

WHEREAS:

 

(A)                                       Pursuant to a 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 and as amended, restated, supplemented or novated
from time to time) between Virgin Media Inc., Virgin Media Finance plc, Virgin
Media Investment Holdings Limited (formerly known as NTL Investment Holdings
Limited), Telewest Communications Networks Limited, VMIH Sub Limited (formerly
known as NTLIH Sub Limited) as UK Borrowers, Virgin Media Dover LLC (formerly
known as NTL Dover LLC) as US Borrower, the Pledgee, J.P. Morgan plc, The Royal
Bank of Scotland plc and Goldman Sachs International as Bookrunners and as
Mandated Lead Arrangers, the Pledgee as Facility Agent and as Security Trustee,
Deutsche Bank AG, New York Branch as US Paying Agent, GE Corporate Banking
Europe SAS as Administrative Agent, the Pledgee as Original L/C Bank and the
persons named therein as Lenders (the Senior
Facilities Agreement), the Senior Lenders have made available to the
Borrowers (as defined therein) certain facilities for the purposes referred to
in paragraphs (a) to (f) of Clause 2.4 thereof.

 

(B)                                         Virgin Media Secured Finance PLC has agreed to
issue and sell the Senior Secured Notes (as defined in the Senior Secured Notes
Indenture, as defined below) under the Senior Secured Notes Indenture (as defined below).

 

(C)                                         Pursuant to accession notices dated May 15,
2009, the Company acceded to the Senior Facilities Agreement as an Acceding
Guarantor (as defined in the Senior Facilities Agreement), the Group
Intercreditor Deed as an Obligor (as defined below) and the Security Trust
Agreement as an Obligor (as defined below).

 

 

(D)                                        Pursuant to a sale and purchase agreement dated
December 18, 2009, all the Shares have been transferred to the Pledgor by
the Former Pledgor to the Pledgor at the Effective Time.

 

(E)                                          For the purpose of securing the Secured
Obligations (as defined in the Existing Pledge Agreement, as defined below),
the Pledgor has pledged and granted a first ranking security interest (gage de premier rang) over the Shares
pursuant to a share pledge agreement dated December 23, 2009 and effective
as of the Effective Time (as defined therein) as amended and restated on January 19,
2010 (the Existing Pledge Agreement) in favour of
the Pledgee (the Existing Pledge).

 

(F)                                          For the purpose of securing the Secured
Obligations (as defined below), the Pledgor wishes to pledge and grant to the
Pledgee a security interest (gage) over the
Shares  in favour of the Pledgee (the Pledge).

 

(G)                                         THE
PARTIES ACKNOWLEDGE THAT THE PLEDGE CREATED BY THIS AGREEMENT EXISTS SUBJECT TO
THE EXISTING PLEDGE AND THE GROUP INTERCREDITOR DEED.

 

IT IS AGREED as follows:

 

1.                                     INTERPRETATION

 

1.1.                           Recitals

 

Recitals (A) to and including (F) above
are an integral part of this Agreement.

 

1.2.                           Definitions

 

Unless the context otherwise requires or unless
otherwise defined in this Agreement, words and expressions defined in the Group
Intercreditor Deed and (unless otherwise defined in the Group Intercreditor
Deed) the Relevant Facilities Agreement shall have the same meaning when used
in this Agreement:

 

Agreement means this share pledge
agreement.

 

Beneficiaries means
the First Beneficiary and the Second Beneficiaries.

 

Business Day means a day (other than a
Saturday or Sunday) on which banks are open for general business in London and
Luxembourg.

 

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 Virgin Media Investment Holdings Limited and its successors in title from
time to time to the Pledgee 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 Event 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
Pledgor of the occurrence of that Event of Default, or takes, 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 has the meaning given to such
term in Clause 3.(b) of this Agreement.

 

Group Intercreditor Deed means 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 between the Security Trustee, the Facility Agent, the Original Senior
Borrowers, the Original Senior Guarantors, the Senior Lenders, the Hedge
Counterparties, the Intergroup Debtors and the Intergroup Creditors.

 

Luxembourg means the Grand Duchy of
Luxembourg.

 

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.

 

Rights of Recourse means all and any rights,
actions or claims the Pledgor may have against the Company, any Obligor or any
other person that has granted Security, including, in particular the Pledgor’s
right of recourse against such persons, or any of them, under the terms of
article 2028 et seq. of the Luxembourg Civil Code (including, for the avoidance
of doubt, any right of recourse prior to enforcement), or any right of recourse
by way of subrogation or any other similar right, action or claim under any
applicable law.

 

Rule 3-16 has the meaning given to such term in “Designated
Secured Obligations”.

 

SEC means the United States Securities and Exchange
Commission.

 

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 Pledgee, acting reasonably, has not
agreed to act as security trustee for,

 

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

 

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

 

Security Period means the period beginning
on the date of this Agreement and ending on the date upon which:

 

(a)                                  none of the Beneficiaries is under any
obligation (whether actual or contingent) to make advances or provide other
financial accommodation to the Obligors under any of the Senior Finance
Documents; and

 

(b)                                 all the Secured Obligations have been
unconditionally and irrevocably paid and discharged in full.

 

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

 

Senior Secured Notes has the meaning given to
the term “Notes” in the Senior Secured Notes Indenture.

 

Senior Secured Notes Documents means the Senior Secured
Notes Indenture including the guarantees set out therein, and the Senior
Secured Notes.

 

Senior Secured Notes Indenture  means the indenture dated on or about the date of this Agreement governing the $1,000,000,000 6.50% Senior Secured Notes due 2018 and the
£875,000,000 7.00% Senior Secured Notes due 2018, 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 to time.

 

Shares means all the four hundred
thousand (400,000) shares (parts sociales)
of the Company in registered form, having a par value of one British Pound (GBP
1) each, 

 

 

held by the Pledgor in the Company, representing,
on the date of this Agreement, one hundred per cent (100%) of the subscribed
share capital of the Company, as well as the securities acquired or offered in
substitution for such shares and one hundred per cent (100%) of those shares or
securities which may be subscribed by the Pledgor in the case of an increase of
share capital of the Company following an exchange, merger, consolidation,
division, issue of stock dividend, subscription for cash or otherwise and,
generally, one hundred per cent (100%) of all such stock and shares in the
capital of the Company now or at any time hereafter owned by the Pledgor and,
subject to Clause 2(b) hereof, one hundred per cent (100%) of the
dividends or interest thereon, redemption distribution, bonus, preference,
option rights or other rights to or in respect thereof.

 

1.3.                           In this Agreement, any
reference to (a) a Clause is, unless otherwise stated, a reference to a
Clause hereof and (b) to any agreement (including this Agreement) is a
reference to such agreement as amended, varied, modified or supplemented
(however fundamentally) from time to time.

 

1.4.                           Clause headings are
inserted for convenience of reference only and shall be ignored in construing
this Agreement.

 

1.5.                           Words importing the
singular shall include the plural and vice-versa.

 

1.6.                           Counterparts

 

This Agreement may be executed in any number of
counterparts and by way of facsimile exchange of executed signature pages, all
of which together shall constitute one and the same Agreement.

 

1.7.                           Group
Intercreditor Deed

 

This 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 Agreement and the Group Intercreditor Deed, the terms
of the Group Intercreditor Deed shall prevail.

 

1.8.                           Secured
Obligations

 

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.

 

2.                                     PLEDGE

 

(a)                                 Subject to any Clause of this Agreement, the
Existing Pledge and the Group Intercreditor Deed, as continuing security
interest (gage) for the due and
full payment and discharge of the Secured Obligations, the Pledgor, as legal
and beneficial owner of the Shares, hereby pledges, the Shares to, and in
favour of, the Pledgee.

 

 

(b)                                Subject to Clause 2.(d) of this
Agreement and the terms of the other Senior Finance Documents to which the
Pledgor is a party, until the occurrence of an Event of Default which is
continuing, the right to take part in the Company’s shareholders’ meetings, to
vote therein and to receive dividends paid in cash or other interests,
distributions or rights to distributions attaching to the Shares, shall remain
vested in the Pledgor.

 

(c)                                 The Pledgor shall not, without the prior
consent in writing of the Pledgee, exercise its voting powers in respect of the
Shares in any way:

 

(i)                                   that in the event of the enforcement of this
Pledge, would impede the ability of the Pledgee to appropriate or transfer any
of the Shares;

 

(ii)                                that affects adversely in any material
respect the value of any Shares;

 

(iii)                             that is inconsistent or conflicts with the
terms of the other Senior Finance Documents to which the Pledgor is a party; or

 

(iv)                            that impairs the validity or enforceability
of this Pledge or would have a material adverse effect on the security interest
(gage) created under this Agreement.

 

(d)                                Upon the occurrence of an Event of Default,
which is continuing, (x) the Parties to this Agreement expressly agree
that the voting and dividend rights attaching to the Shares shall be vested in
the Pledgee, (y) the Pledgor shall not, without the prior written consent
of the Pledgee, exercise any voting rights or other rights in relation to the
Shares, and (z) the Pledgor shall do whatever is necessary, including the
issuing of a written proxy in any form or any other document that the Pledgee
may require for the purpose of exercising such rights so that the Pledgee can,
independently and without any limitations, (i) exercise the voting rights
attached to the Shares in one or more ordinary or extraordinary general
meetings of the shareholders of the Company for the purposes of protecting
and/or enforcing its rights under this Agreement, (ii) receive or
otherwise collect, all dividends and other monies due to the shareholders of
the Company in relation to the Shares for the sole purpose of applying them
towards the discharge of the Secured Obligations, and (iii) execute and
perform all such assurances, acts and things which the Pledgor is required to do
and fails to do under the provisions of this Agreement.

 

(e)                                 In exercising its powers and discretion in
connection with the exercise of voting rights pertaining to the Shares, the
Pledgee shall have an absolute discretion to the extent necessary for the purpose
of protecting and/or enforcing its rights under this Agreement.

 

(f)                                   The provisions of this Clause shall be
applicable mutatis mutandis to
the Company’s shareholders’ decisions adopted by written resolution rather than
in shareholders’ meetings.

 

 

3.                                     RULE 3-16
LIMITATION

 

(a)                                  Notwithstanding
Clause 2 of this Agreement, the Excluded Charged Assets are not charged under
this Deed to secure the Designated Secured Obligations. For the avoidance of
doubt,

 

(ii)                                  all other Shares
remain pledged or assigned (as the case may be) under this Agreement to secure
all Secured Obligations, including without limitation the Designated Secured
Obligations; and

 

(ii)                                  such Excluded
Charged Assets remain pledged under Clause 2 hereof to secure any Secured
Obligations that are not Designated Secured Obligations.

 

(b)                                 Excluded Charged Assets
in relation to any Designated Secured Obligations means any Shares or other
securities of a Subsidiary of Virgin Media Inc. (excluding the Shares or other
securities issued by Virgin Media Investments Limited or any successor entity
upon any merger, reorganisation or other restructuring effecting it) that are
owned by any chargor or pledgor to the extent that charging or pledging such
Shares 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 shares or securities will constitute Excluded Charged Assets
if any member of the Group takes any action in the form of a reorganisation,
merger or other restructuring, a principal purpose of which is to provide for
the limitation of the charge on any Shares or other securities pursuant to
Clause 3(a) of this Agreement.

 

(c)                                  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 Shares or other
securities secure any Designated Secured Obligations, then such Shares 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 (c) apply, this 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 Secured Obligations
referred to in paragraph (a)(ii) of this Clause 3) in favour of the
Pledgee on the relevant Shares and/or other securities that are so deemed to
constitute Excluded Charged Assets.

 

(d)                                 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 Shares 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 Shares 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 (d) apply, this Agreement may be amended or
modified, without the consent of any Senior Finance Party, to the extent necessary
to charge in favour of the Pledgee such additional Shares or other securities
that were deemed to constitute Excluded Charged Assets.

 

4.                                     PERFECTION
OF THE PLEDGE

 

(a)                                 The Pledge shall by virtue of the execution
of this Agreement by the Company be acknowledged and accepted by it and shall
promptly be registered in the Company’s share register at the date of execution
of this Agreement, in accordance with the Luxembourg law on financial
collateral dated August 5, 2005 (the 2005
Law).

 

(b)                                The Parties instruct and appoint any manager
of the Company, and any lawyer or employee of LG@vocats, acting and signing
individually, with full power of substitution, to register the Pledge in the
Company’s share register (registre des associés)
by making the following entry (inscription):

 

“These and all future shares held by Virgin Media
Investments Limited are pledged, as a security interest (gage) in
favour of Deutsche Bank AG, London Branch, pursuant to a share pledge agreement
dated January 19, 2010, as amended from time to time (the “Share Pledge Agreement”) between Virgin Media Investments
Limited, as Pledgor, Deutsche Bank AG, London Branch, as Pledgee, and Future
Entertainment SARL, as the Company, which is subject to any preexisting
security interest (gage) created by the latters from time to time.”

 

(c)                                 The Pledgor and the Company undertake to
provide the Pledgee, as soon as possible on the date of this Agreement, with a
certified true copy of the Company’s share register evidencing such entry (inscription) and undertake to immediately reiterate the
above steps and formalities every time the Pledge is extended to further Shares
or other securities in the Company in accordance with this Agreement.

 

(d)                                The Pledgor hereby irrevocably authorises and
empowers the Pledgee to cause any formal steps to be taken for the purpose of
perfecting the Pledge and, for the avoidance of doubt, undertakes to take any
such steps itself if so directed by the Pledgee.

 

(e)                                 For the avoidance of doubt, the Pledgor,
acting as sole shareholder of the Company, hereby accepts the Pledgee or any
potential transferee of the Shares as a new shareholder of the Company in case
of enforcement of the Pledge for the purposes of the 2005 Law.

 

5.                                     EFFECTIVENESS
OF THE PLEDGE

 

(a)                                 The Pledge shall be a continuing security
interest (gage) and shall not be
considered as satisfied or discharged or prejudiced by any intermediate
payment, satisfaction or 

 

 

settlement of any part of the Secured Obligations
and shall remain in full force and effect until it has been released in
accordance with the terms of this Agreement.

 

(b)                                Subject to the terms of the Senior Finance
Documents, the Pledgor shall not be entitled to require the release of the
Pledge until the Secured Obligations are entirely, irrevocably, unconditionally
and definitively repaid or discharged and the Pledgee shall, at the request of
the Pledgor, give release of the Pledge after all the Secured Obligations being
entirely, irrevocably, unconditionally and definitively repaid or discharged,
subject to delivery of any documents or certificates which the Pledgee may
reasonably request.

 

(c)                                 This Pledge shall be discharged by, and only
by, the express release thereof granted by the Pledgee pursuant to the terms of
Clauses 5(b) and 10 of this Agreement. All costs and expenses associated
with the release and discharge of the Pledge shall be borne by the Pledgor.

 

(d)                                The Pledge shall be cumulative, in addition
to, and independent of, every other security or security interest which the
Pledgee may at any time hold as security for the Secured Obligations (as
defined in the Existing Pledge Agreement) or the Secured Obligations (as
defined in this Agreement) or any rights, powers and remedies provided by law
and shall not operate so as in any way to prejudice or affect or be prejudiced
or affected by any security interest or other right or remedy which the Pledgee
may now or at any time in the future have in respect of the Secured Obligations
(as defined in the Existing Pledge Agreement) or the Secured Obligations (as
defined in this Agreement).

 

(e)                                 The Pledge shall not be prejudiced by any
time or indulgence granted to any person, or any abstention or delay by the
Pledgee in perfecting or enforcing any security interest or rights or remedies
that the Pledgee may now or at any time in the future have from or against the
Pledgor and the Company (or any of them) or any other person.

 

(f)                                   No failure on the part of the Pledgee to
exercise, or delay on its part in exercising, any of its rights under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right preclude any further or other exercise of that or
any other rights.

 

(g)                                Neither the obligations of the Pledgor
contained in this Agreement nor the rights, powers and remedies conferred upon
the Pledgee by the other Senior Finance Documents to which each of the Pledgor
and the Pledgee is a party, this Agreement or by law, nor the Pledge shall be
discharged, impaired or otherwise affected by:

 

(i)                                   any amendment to, or any variation, waiver or
release of, any obligation of the Pledgor or the Company or any other person
under the Senior Finance Documents;

 

(ii)                                any failure to take, or to fully take, any
Security otherwise agreed to be taken in respect of the Company’s obligations
under the Senior Finance Documents;

 

(iii)                             any failure to realise or to fully realise
the value of, or any release, discharge, exchange or substitution of, any
security taken in respect of the Pledgor’s and the Company’s obligations under
the Senior Finance Documents; or

 

 

 

(iv)                            any other act, event or omission which, but
for this Clause 5.(g)(iv) might operate to discharge, impair or otherwise
affect any of the obligations of the Pledgor contained in this Agreement, or
any of the rights, powers and remedies conferred upon the Pledgee by the other
Senior Finance Documents to which each of the Pledgor and the Pledgee is a
party, this Agreement, or by law.

 

(h)                                For the avoidance of doubt, the Pledgor
hereby expressly waives any rights arising for its benefit (if any) under article
2037 of the Luxembourg Civil Code or any right it may have of first requiring
the Pledgee to proceed against or claim payment from any other person or
enforce any guarantee or security before enforcing this Pledge.

 

6.                                     RIGHTS OF
THE PLEDGEE

 

The Pledgee shall hold the Pledge to be created or
given in its favour pursuant to this Agreement (upon trust for the benefit of
the Beneficiaries) on the terms and subject to the conditions set out in the
Group Intercreditor Deed and the Security Trust Agreement.

 

7.                                     REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

7.1.                           Representations
and warranties

 

Each of the Pledgor and the Company hereby
represents and warrants to the Pledgee that:

 

(a)                                 the Shares represent, on the date of this
Agreement, one hundred per cent (100%) of the shares issued by the Company;

 

(b)                                the Pledge pursuant to this Agreement creates
a valid security interest (gage)
on the Shares in favour of the Beneficiaries in respect of all the Secured
Obligations and it is not subject to any other prior ranking or pari passu ranking security except for any
mandatory privileges preferred under applicable law or the Existing Pledge
created by the Parties from time to time;

 

(c)                                 the Pledgor is duly organised and validly
existing under the laws of England and Wales, it has, and will during the term
of this Agreement have, its centre of main interests in England and Wales and
it has the corporate capacity, power and authority and legal right to own and
operate its property, to hold and own all of its assets, including the Shares,
to conduct the business in which it is currently engaged, and it has neither
transferred, nor assigned, pledged or in any way encumbered the Shares, other
than pursuant to this Agreement or the Existing Pledge;

 

(d)                                the Company is duly organised and validly
existing under the laws of Luxembourg, it has, and will during the term of this
Agreement have, its centre of main interests in Luxembourg and it has the
corporate capacity, power and authority and legal right to own and operate its
property, to hold and own all of its assets and to conduct the business in
which it is currently engaged;

 

(e)                                 this Agreement constitutes its legal, valid,
binding and enforceable obligations and operates a valid and enforceable pledge
over the Shares, in accordance with its terms;

 

(f)                                   the execution and delivery of, and
performance by the Pledgor of its obligations under 

 

 

this Agreement and any other document related
thereto will not:

 

(i)                                   result in a breach of any provision of the
constitutive or governing documents of the Pledgor;

 

(ii)                                result in a breach of, or
constitute an event of default under, any contract, undertaking, covenant or
instrument to which the Pledgor is a party or by which the Pledgor is bound;

 

(iii)                              result in a breach of any law, decree, regulation, order, judgment
or decree of any court or governmental agency or an arbitration award to which
the Pledgor is a party or by which the Pledgor is bound; or

 

(iv)                            require the consent of the
shareholders of the Pledgor or any other person or, if any such consent is
required, it has been obtained and is in full force and effect;

 

(g)                                there are no agreements or arrangements
(including any restrictions on transfer or rights of pre-emption) affecting the
Shares in any way or which would or might in any way fetter or otherwise
prejudice the rights of the Pledgee under this Agreement;

 

(h)                                 no security (other than the present Pledge or
the Existing Pledge) exists on, over or with respect to the Shares;

 

(i)                                    it shall act in good faith to maintain the
rights of the Pledgee hereunder as valid and enforceable rights, and in
particular shall not take any steps nor do anything which would have a material
adverse effect on the existence of the Pledge created under this Agreement or
the Existing Pledge or the value thereof;

 

(j)                                    it has the corporate capacity, power and
authority and the legal right to enter into, execute and deliver, and to
perform its obligations expressed to be assumed by it under, this Agreement,
and has taken all necessary action, including corporate action, and has
obtained all necessary authorisations to enable it to enter into and to
authorise the execution, delivery and performance of this Agreement, and this
Agreement has been duly executed by it;

 

(k)                                 it is not subject to any personal insolvency
procedure;

 

(l)                                    no order has been made and no resolution has
been passed for the winding-up, bankruptcy, admission to the regime of
suspension of payment, controlled management, or for a composition with
creditors of, or by, the Pledgor or similar laws affecting the rights of
creditors generally or for a liquidator, curateur
or commissaire or like official
to be appointed in respect of the Company and no petition has been presented
and no meeting has been convened for any such purpose;

 

(m)                              no receiver has been appointed in respect of
the Company or all or any of its assets including the Shares and none of its
respective assets is the subject of an arrest;

 

(n)                                no litigation is pending or to the best of
its knowledge, threatened against it that, if adversely determined, would
affect (i) the execution, delivery or enforceability of this Agreement, or
(ii) their ability to perform any of its obligations hereunder or
thereunder in accordance with the terms hereof or thereof;

 

 

(o)                                no event substantially similar in law to any
of the Clauses 7.1(k), 7.1(l), 7.1(m) and 7.1(n) of this Agreement
has occurred outside Luxembourg with respect to the Pledgor; and

 

(p)                                no guarantee, loan capital, borrowed money or
interest is overdue for payment by the Pledgor, and no other obligation or
indebtedness is outstanding which is overdue for performance or payment where
such fact could have a material adverse effect on the Pledgor or its business.

 

The representations and warranties set out in this
Clause 7.1 are deemed to be repeated by the Pledgor and the Company by
reference to the facts and circumstances then existing on the date of this
Agreement on which all or any of the representations and warranties contained
in Clause 21 of the Senior Facilites Agreement, or upon repayment in full and
cancellation of all commitments thereunder such equivalent provision in the
Relevant Facilities Agreement, are deemed to be repeated pursuant to the
relevant provisions thereof.

 

7.2.                           Covenants

 

Each of the Pledgor and the Company hereby
covenants that during the Security Period, unless the Pledgee otherwise
consents in writing:

 

(a)                                 it will promptly inform the Pledgee of any
event which could reasonably be expected to affect the Pledge, the validity and
perfection of the Pledge and the value of the Shares or the ability of the
Pledgee to dispose of the Pledge;

 

(b)                                it will take any action that is necessary
from time to time to maintain and ensure the validity and perfection of the
security interest (gage) created
under this Agreement or the Existing Pledge Agreement and not take or omit to
take any action, which act or omission would directly or indirectly adversely
affect the validity and enforceability of the Pledge;

 

(c)                                 it will not do or cause or permit to be done
anything which will, or could reasonably be expected to have a material adverse
effect on the Pledge or the rights of the Pledgee under this Agreement or the
Existing Pledge Agreement or which in any way is inconsistent with or
materially depreciates, jeopardises or otherwise prejudices the value of the
Shares;

 

(d)                                it will, and will cause the Company, to
assist the Pledgee, in order to obtain all necessary consents, approvals and
authorisations from any relevant person(s) and/or authorities in order to
permit the exercise by the Pledgee of its rights and powers under this
Agreement upon enforcement of the Pledge;

 

(e)                                 it will not sell, dispose of, pledge or
otherwise encumber hereafter, the whole or any part of the Shares or any
interest therein to anyone other than pursuant to this Agreement;

 

(f)                                   it will not take any other action that is
inconsistent or conflicts with its obligations under the Senior Finance
Documents; and

 

(g)                                it will not take or permit to be taken any
action, and in particular any act of disposal of 

 

 

the assets of the Company, whereby the rights
attaching to the Shares are altered or diluted or as a direct or indirect
result of which the value of the Shares is, or is under the risk of being,
affected by a material adverse effect, which action shall include without
limitation, save as otherwise permitted or not restricted under each of the
Senior Finance Documents:

 

(i)                                      any amalgamation, merger or consolidation of
the Company or the Pledgor with any other person or the participation of the
Company or the Pledgor in any other type of corporate reconstruction;

 

(ii)                                   the issuance of any further shares of the
Company or the alteration of any rights attaching to the Shares or the
repayment or redemption of the Shares; and

 

(iii)                                a voluntary dissolution or liquidation of the
Company or the Pledgor.

 

8.                                     POWER OF
ATTORNEY

 

Upon the occurrence of an Enforcement Event, the
Pledgor irrevocably and unconditionally appoints the Pledgee to be its attorney
and in its name and on its behalf to execute, deliver and perfect all documents
and do all things that the Pledgee may consider to be requisite for (a) carrying
out any obligation imposed on the Pledgor under this Agreement or (b) exercising
any of the rights conferred to the Pledgee under this Agreement or by law, it
being understood that the enforcement of the Pledge over the Shares must be
carried out as described in Clause 9 of this Agreement. The Pledgor shall
ratify and confirm all things done and all documents executed by the Pledgee in
the exercise of this power of attorney. The Pledgor shall at its own reasonable
expense promptly and duly execute and do all such assurances, acts and things
as the Pledgee may require as being necessary for perfecting or protecting all
or any of the rights, powers, authorities and discretions which are for the
time being exercisable by the Pledgee under this Agreement in relation to the
Shares, for facilitating the enforcement of any such rights or any part thereof
and in the exercise of all powers, authorities and discretions vested in the
Pledgee. To that effect, the Pledgor shall in particular execute all documents
or instruments and give all notices, orders and directions and make all
registrations which the Pledgee may reasonably think expedient.

 

9.                                     ENFORCEMENT
OF THE PLEDGE

 

Upon the occurrence of an Enforcement Event, the
Pledgee shall, immediately and without further notice (mise en demeure), be entitled to enforce
the Pledge and exercise all its rights and powers by virtue of this Agreement,
and in particular, the Pledgee shall be entitled to:

 

(a)                                  appropriate the Shares at their fair market
value, as determined by an independent external auditor (réviseur d’entreprises) registered with
the Institut Luxembourgeois des Réviseurs d’Entreprises,
designated by the Pledgee;

 

(b)                                 sell the Shares in a private sale on arms’
length commercial terms (conditions
commerciales normales), in a sale organised by a stock exchange or
in a public sale (organised at the discretion of the Pledgee and which, for the
avoidance of doubt, does not need to be made by or within a stock exchange);

 

 

(c)                                  request a judicial decision that the Shares
shall be attributed to the Pledgee in discharge of the Secured Obligations
following a valuation of the Shares made by a court-appointed expert;

 

(d)                                 proceed to a set-off between the Secured
Obligations and the Shares as valued at their fair market value, as determined
by an independent external auditor (réviseur
d’entreprises) registered with the Institut
Luxembourgeois des Réviseurs d’Entreprises, designated by the
Pledgee; and

 

(e)                                  realise or, as the case may be, appropriate
the Shares in the most favourable manner provided by the 2005 Law.

 

Any monies received by the Pledgee upon enforcement
of the Pledge in accordance with the provisions of this Clause 9 shall be
applied, after the discharge of all liabilities having priority to the Secured
Obligations, to pay all or any part of the then outstanding Secured Obligations
in accordance with the Group Intercreditor Deed and the Security Trust
Agreement, without prejudice to the rights of the Pledgee to recover any
shortfall from any other obligor (if any) with regard to the Secured
Obligations, except that the Pledgee may credit the same to a suspense account
for so long and in such manner as the Pledgee may from time to time determine.
Any surplus monies received by the Pledgee once the Secured Obligations have
been unconditionally and irrevocably paid and discharged shall be forthwith
returned to the Pledgor or such other person(s) entitled to it.

 

Upon enforcement as described above, the Pledgee
shall have the right to request enforcement of the Pledge in respect of all or
part of the Shares in its absolute discretion. No action, choice or absence of
action in this respect, or partial enforcement, shall in any manner affect the
Pledge over the part of the Shares which has not been subject to enforcement.
The Pledge shall continue to remain in full and valid existence until
enforcement, release of the Pledge or termination hereof, as the case may be.

 

10.                              RELEASE OF
THE PLEDGE

 

Upon (i) the expiry of the Security Period or (ii) the
release or termination of the Pledgor’s obligations under the Senior Finance
Documents in accordance with the terms thereof, the Pledgee shall, at the
written request and at the exclusive cost of the Pledgor, (a) execute and
do all such deeds, acts and things as may be necessary to release the Pledge
and (to the extent necessary) discharge the Pledgor from its liability and the
security interest (gage) created
under this Agreement and (b), in particular, instruct and appoint any manager
of the Company, acting and signing individually, with full power of
substitution, to strike out the entry (inscription)
made in the Company’s share register pursuant to Clause 4(b) of this
Agreement. However, if after the release of the security interest (gage) created hereunder, the payment of any Secured
Obligation is annulled by a court or otherwise, the Pledgor shall grant a new
security interest (gage) on
identical terms over the Shares until such Secured Obligation is paid in full
and the Security Period shall be reinstated and extended until such time.

 

 

11.                              RIGHTS OF
RECOURSE

 

(a)                                 The Pledgor hereby waives and formally
undertakes not to exercise the Rights of Recourse or any other similar rights in
any manner (including for the avoidance of doubt, by way of provisional
measures such as provisional attachment (saisie-arrêt
conservatoire)), by way of set-off or in any other way, nor to take
any action or do anything in relation to such Rights of Recourse or other
similar rights, except as otherwise permitted in writing by the Pledgee.

 

(b)                                This Clause 11 shall remain in full force
during the Security Period and shall, to the extent required, survive any
termination or discharge of this Agreement.

 

12.                              COSTS AND
EXPENSES

 

All present and future costs, fees, stamp duties
and other amounts incurred by the Beneficiaries or the Pledgee in connection
with the negotiation, execution or enforcement of this Agreement or
preservation of any rights of the Beneficiaries or the Pledgee conferred by
this Agreement or by law will be for the account of the Pledgor.

 

13.                              LIABILITY
AND INDEMNITY

 

(a)                                 Neither the Pledgee nor any of the
Beneficiaries nor any of their respective agents shall be liable by reason of (i) the
loss or wrongful delivery of, or damage to, the Shares, howsoever arising, (ii) taking
any action permitted by this Agreement, (iii) any neglect or default in
connection with the Shares or (iv) the realisation of all or any part of
the Shares, save to the extent that any loss or damage is caused by the gross
negligence or wilful misconduct of the Pledgee, the Beneficiaries or their
respective agents, any and all joint liability being excluded.

 

(b)                                The Pledgor will indemnify the Pledgee, the
Beneficiaries and every attorney which may be appointed from time to time in
respect of all liabilities and expenses incurred by it, him, her or them in the
execution of any rights, powers or discretions vested in it, him, her or them
pursuant hereto (including the fees and expenses of legal advisers acting
reasonably and VAT thereon if applicable) save for liabilities and expenses
arising from the gross negligence or wilful misconduct of the Pledgee or its
attorney or both.

 

14.                              WAIVERS,
REMEDIES CUMULATIVE

 

No waiver of any of the terms hereof shall be
effective unless in writing signed by the Pledgee. No delay in or non-exercise
of any right by the Pledgee shall constitute a waiver. Any waiver may be on
such terms as the Pledgee sees fit. The rights, powers and discretions of the
Pledgee herein are additional to and not exclusive of those provided by law, by
any agreement with or other security in favour of the Pledgee.

 

 

15.                              NOTICES

 

All notices or other communications under this
Agreement shall be sent:

 

(i)                                      to the Pledgor, in the English language,
at:

 

Virgin
Media Investments Limited

160 Great Portland Street,

London W1W 5QA

United Kingdom

Fax: +44 20 72 99 6000

Attention: Group Legal Director

 

(ii)                                   to the Pledgee, in the English language,
at:

 

Deutsche Bank AG, London Branch

Winchester House 1 Great Winchester Street

London EC2N 2DB

United Kingdom

Fax: +44 20 75 47
6419

Attention: Nicola Dawes / Rajeev Thakeria

 

(iii)                                to the Company, in the English language,
at:

 

Future Entertainment S.à r.l.

Media Center Betzdorf

11 rue Pierre Werner

L-6832 Betzdorf

Grand Duchy of Luxembourg

Fax: + 352 27 17 80 11

Attention: Emma Jones / Ron Paans

 

or any substitute address or fax number or
department or officer as one Party may notify to the other Parties by not less
than five (5) Business Days’ notice.

 

Any notice or other
communication given shall be deemed to have been received:

 

·                  if sent by fax, when
received in legible form;

 

·                  if posted, on the second
Business Day following the day on which it was despatched by first class mail
postage prepaid, or

 

·                  if hand delivered, the day
on which it is left at the relevant address,

 

provided that a notice given in accordance with the
above but received on a day which is not a Business Day or after normal
business hours in the place of receipt shall be deemed to have been received on
the next Business Day.

 

 

16.                              ASSIGNMENT

 

(a)                                 This Agreement shall remain in effect despite
any amalgamation or merger (however effected) relating to the Pledgee. In the
case of an assignment, transfer or novation by the Pledgee to one or several
transferees of all or any part of its rights and obligations under the Senior
Finance Documents, the Pledgee and the Pledgor hereby agree that in such event,
to the extent required under applicable laws, the Pledgee shall preserve all of
its rights under this Agreement as expressly permitted under articles 1278 to
1281 of the Luxembourg Civil Code, so that the security interest (gage) created hereunder shall automatically, and without any
formality, benefit to any such transferees.

 

(b)                                The Pledgor may not assign any of its rights
under this Agreement without the prior written consent of the Pledgee. The
Pledgee may assign all or any part of its rights under this Agreement. Such
assignment by the Pledgee shall be enforceable towards the Pledgor, subject to
the notification referred to in article 1690 of the Luxembourg Civil Code,
without disruption of the security interest (gage)
created hereunder.

 

17.                              SEVERABILITY

 

If any provision of this Agreement is or becomes
prohibited, unenforceable or void in any jurisdiction, this shall not affect
the legality, validity or enforceability of any other provisions hereof nor
affect the legality, validity or enforceability of such provision in any other
jurisdiction.

 

18.                              GOVERNING LAW
AND JURISDICTION

 

(a)                                 This Agreement is governed by, and shall be
construed in accordance with, Luxembourg law.

 

(b)                                With respect to any proceedings arising in
connection with this Agreement, the Pledgor irrevocably submits to the
jurisdiction of the Luxembourg courts, notwithstanding the right of the Pledgee
and each Beneficiary to take proceedings in any other jurisdiction.

 

[signature
page to follow]

 

 

IN WITNESS THEREOF the Parties hereto have
executed this Agreement in one or multiple original counterparts, all of which
together evidence the same Agreement, on the day and year first written above.

 

 

	
  The Pledgor

  	
   

  
	
   

  	
   

  
	
  Virgin Media Investments Limited acting by:

  	
   

  
	
   

  	
   

  
	
  Robert Mackenzie,
  a director

  	
   

  
	
   

  	
   

  
	
  /s/ ROBERT
  MACKENZIE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Robert Gale, a
  director

  	
   

  
	
   

  	
   

  
	
  /s/ ROBERT GALE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Pledgee

  	
   

  
	
   

  	
   

  
	
  Deutsche Bank AG, London Branch

  	
   

  
	
  as Pledgee for the benefit of the Beneficiaries

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ N. DAWES

  	
   

  
	
  Represented by: N.
  Dawes

  	
   

  
	
  Title: V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ V. MAYELL

  	
   

  
	
  Represented by: V.
  Mayell

  	
   

  
	
  Title: A.V.P

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Company

  	
   

  
	
   

  	
   

  
	
  Future Entertainment S.à r.l.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ EMMA JONES

  	
   

  
	
  Represented by: Emma Jones

  	
   

  
	
  Title: General ManagerExhibit 4.2

 

THIS
FIRST SUPPLEMENTAL INDENTURE, dated as of September 28, 2009 (this “Supplemental
Indenture”), is entered into by and among GLOBAL AVIATION HOLDINGS INC.,
NORTH AMERICAN AIRLINES, INC. AND WORLD AIRWAYS, INC. (collectively,
the “Issuers”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee
and as collateral agent (the “Trustee”).

 

RECITALS

 

WHEREAS,
the Issuers and the Trustee are parties to that certain Indenture dated as of August 13,
2009, governing the issuance of the Issuers’ 14% Senior Secured First Lien
Notes due 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “Indenture”);

 

WHEREAS,
Section 9.02 of the Indenture provides that the Issuers and the Trustee,
to the extent authorized thereby, may enter into a supplemental indenture for
the purpose of changing any of the provisions of the Indenture with the consent
of the Holders of not less than a majority in principal amount of the Notes
then outstanding;

 

WHEREAS,
the Issuers intend by this Supplemental Indenture to amend the Indenture to
modify the definition of “Permitted Second Lien Refinancing Indebtedness” in Section 1.01
of the Indenture (the “Proposed Amendments”);

 

WHEREAS,
the boards of directors of each of the Issuers has approved the Proposed
Amendments;

 

WHEREAS,
the Issuers hereby certify to the Trustee that the Holders of not less than a
majority in aggregate principal amount of the Notes have approved the Proposed
Amendments and consented to the execution and delivery of the Supplemental
Indenture, and all other actions required to be taken under the Indenture with
respect to this Supplemental Indenture have been taken;

 

NOW,
THEREFORE, in consideration of the premises set forth above, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE ONE

Definitions

 

SECTION 1.  Definitions.  Capitalized terms used in this Supplemental
Indenture and not otherwise defined herein shall have the meanings ascribed to
them in the Indenture.

 

ARTICLE TWO

Proposed Amendments

 

SECTION 2.1.  The following language will replace the
definition of “Permitted Second Lien Refinancing Indebtedness” in Section 1.01
of the Indenture in its entirety.

 

1

 

“Permitted Second Lien Refinancing Indebtedness”
means any Indebtedness of Parent or any of its Restricted Subsidiaries or
Equity Interests of Parent issued in exchange for, or the net proceeds of which
are used to extend, refinance, renew, redeem, replace, defease or refund
Indebtedness under the Second Lien Credit Agreement or any other Permitted
Second Lien Refinancing Indebtedness; provided that:

 

(i)            the principal amount (or accreted
value, if applicable) of such Permitted Second Lien Refinancing Indebtedness
does not exceed the principal amount of (or accreted value, if applicable),
plus fees, expenses, premiums, defeasance costs and accrued interest on, the
Indebtedness so extended, refinanced, renewed, redeemed, replaced, defeased or
refunded (plus the amount of reasonable fees and expenses incurred in
connection therewith);

 

(ii)           the maturity date of such Permitted
Second Lien Refinancing Indebtedness is at least one year after the maturity
date of the Notes and there are no scheduled amortization, mandatory
redemption, sinking fund or similar payments before such date (other than
principal payments upon a change of control, with net cash proceeds of assets
sales or with net cash proceeds of the ATA Assets not applied to the purchase
of Notes in an ATA Distribution Offer, in each case on terms not less favorable
to Parent and its Restricted Subsidiaries than the terms applicable to the
Second Lien Credit Agreement as in effect on the Issue Date);

 

(iii)          the yield to maturity and mandatory
cash-pay portion of the interest rate of such Permitted Second Lien Refinancing
Indebtedness (excluding any yield attributable to Equity Interests issued in
connection with such Permitted Second Lien Refinancing Indebtedness (other than
dividends or distributions on any such Equity Interests required in accordance
with the terms thereof)) are not greater than 23.5% per annum and 12.01% per
annum, respectively;

 

(iv)          such Permitted Second Lien Refinancing
Indebtedness is incurred either by an Issuer, a Guarantor or by the Restricted
Subsidiary who is the obligor on the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded; and

 

(v)           the covenants of such Permitted
Second Lien Refinancing Indebtedness are not materially less favorable to
Parent and its Restricted Subsidiaries in the aggregate than the covenants
contained in this Indenture and the Notes; provided that (A) in any event
such covenants may provide for the holders of Permitted Second Lien Refinancing
Indebtedness to receive inspection, additional informational and board rights
and (B) if such Permitted Second Lien Refinancing Indebtedness is
structured as loans rather than notes, such covenants may include additional
provisions customary for credit agreements as well as an option for loan
holders to convert their loans to notes,”

 

SECTION 2.2.  The following language will replace Section 4.11(a) of
the Indenture in its entirety.

 

“(a)         On June 30 and December 31 of
each year, commencing December 31, 2009, the Issuers shall make an offer
to purchase (the “Semi-Annual Offer”) $10.0 million aggregate principal amount
(the “Semi-Annual Offer Amount”) of Notes at a purchase price in cash equal to
100% of their principal amount, plus accrued and unpaid interest, if any, to
the date of purchase, in accordance with the procedures set forth in this
Indenture; provided that the 

 

2

 

Semi-Annual
Offer Amount for the Semi-Annual Offer to be made on December 31, 2009
shall be $6.0 million minus the amount of ATA Assets received by Parent and its
Subsidiaries prior to December 31, 2009 that are applied to the purchase
of Notes pursuant to an ATA Distribution Offer described in Section 4.24
hereof.”

 

ARTICLE THREE

Miscellaneous Provisions

 

SECTION 3.1  Ratification of Original Indenture.  This Supplemental Indenture is executed and
shall be construed as an indenture supplemental to the Indenture, and as
supplemented and modified hereby, the Indenture is in all respects ratified and
confirmed, and the Indenture and this Supplemental Indenture shall be read,
taken and construed as one and the same instrument.  Notwithstanding anything herein to the
contrary, to the extent that any provision of this Supplemental Indenture is
inconsistent with any provision of the Indenture, the terms of this
Supplemental Indenture shall govern and apply to the Notes.

 

SECTION 3.2  GOVERNING LAW.  THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE, WITHOUT GIVING
EFFECT TO THE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

SECTION 3.3  Counterpart Originals.  The parties may sign any number of copies or
counterparts of this Supplemental Indenture. 
Each signed copy or counterpart will be an original, but all of them
together represent the same agreement. 
The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto and may be used in lieu
of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all
purposes.

 

SECTION 3.4  Successors.  All agreements of the Issuers in this
Supplemental Indenture will bind their respective successors.  All agreements of the Trustee in this
Supplemental Indenture will bind its respective successors.

 

SECTION 3.5  Headings.  The headings of the Articles and Sections of
this Supplemental Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Supplemental Indenture and shall
in no way modify or restrict any of the terms or provisions hereof.

 

SECTION 3.6  Severability.  In case any provision in this Supplemental
Indenture is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or
impaired thereby.

 

[Signature Page Follows]

 

3

 

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

 

	
   

  	
  GLOBAL
  AVIATION HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark M. McMillin

  
	
   

  	
  Name:
  Mark M. McMillin

  
	
   

  	
  Title:
  Sr. VP, General Counsel

  
	
   

  	
   

  
	
   

  	
  NORTH
  AMERICAN AIRLINES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark M. McMillin 

  
	
   

  	
  Name:
  Mark M. McMillin

  
	
   

  	
  Title:
  Sr. VP, General Counsel

  
	
   

  	
   

  
	
   

  	
  WORLD
  AIRWAYS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark M. McMillin

  
	
   

  	
  Name:
  Mark M. McMillin

  
	
   

  	
  Title: Sr. VP, General
  Counsel

  

 

 

[Issuers’ Signature Page to the Supplemental
Indenture]

 

4

 

	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as
  Trustee and Collateral Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Elizabeth T. Wagner

  
	
   

  	
  Name:
  Elizabeth T. Wagner

  
	
   

  	
  Title: Vice President

  

 

 

[Trustee’s Signature Page to the Supplemental
Indenture]

 

5

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