Document:

Exhibit
10.31

November 2, 2006

Michael Descheneaux

Dear Mike,

My colleagues and I are
very pleased to offer you the position of Chief Accounting Officer for SVB Financial
Group working out of the Vienna, Virginia office.  Your estimated start date for this position
is November 9, 2006.

Base Compensation:

As SVB’s Chief Accounting
Officer, your base salary will be $19,166.66 monthly (the equivalent of $230,000
if annualized).

2007 Incentive Compensation:

You will also be eligible
to participate in SVB Financial Group’s 2007 Incentive Compensation Plan (ICP).
The ICP plan is discretionary and bonuses are paid at the sole discretion of
SVB. The ICP is funded with a pool of dollars generated by the firm achieving
or exceeding targeted levels of success and return.  Profits must be high enough to support a
minimal level of financial performance including earnings per share. This award
is also based on individual performance as determined by SVB management.  Awards are paid out annually. The CFO will
review the ICP plan document and work with you to set appropriate goals.

Bonus:

In addition to your base
salary, we are pleased to offer you a signing bonus of $100,000, payable in two
installments, less any statutory withholding and applicable deductions. The
bonus payout schedule is described in the attached addendum.

Equity Grants:

SVB Financial Group will
recommend to the Board of Directors (the Board) that 10,000 stock options and 3,000
restricted stock units be awarded to you.  
This recommendation will be given to the Board for approval after you commence employment with SVB
Financial Group.  You will receive confirmation of your
approved equity grants with the price upon the Board’s approval.  Your right to exercise your stock options
will be subject to a vesting schedule that provides for 25% of your options to
vest annually on the anniversary of the date approved over the next four years.
Your restricted stock units also are subject to a vesting schedule of 25% over
the next four years.  Both types of
equity grants may be subject to taxation when exercised or received.  Shortly after your equity grants are
approved, you will receive the SVB Financial Group’s Equity Plan and Equity
Plan Terms and Conditions from our Stock Administrator.

Relocation Benefits — One year from your start
date:

SVB Financial Group will
provide you with relocation assistance from Virginia to Headquarters,
California as described in the enclosed “Employee Relocation Program”.  You are eligible for SVB Financial Group’s Executive
Level relocation policy.  Your relocation
benefits must be initiated one year, from your date of hire.

Deferred Compensation Program

SVB Financial Group offers
a Deferred Compensation Program (DCP) for qualifying employees as a supplement
to its existing 401(k) plan by providing an opportunity to defer income tax on
a portion of your income beyond what is permitted under IRS regulations to the
401(k) plan.  You will be eligible for
the DCP.  For further information on the
DCP, please see the enclosed 2005 DCP Highlights document.

Benefits:

As a full time and
benefited employee, SVB Financial Group offers you a full range of benefits for
you and your qualified dependents.  In
addition to our medical, dental and vision plans you will accrue vacation at a
rate of four weeks per year and sick leave at a rate of two weeks per
year.  SVB Financial Group observes
holidays recognized by the Federal Reserve Bank.  You may also take up to two personal days
each year for holidays or other personal events.  Personal days are prorated based upon hire
date and full-time status.  The Firm’s management
must approve all time off in advance.  A
detailed presentation of SVB Financial Group’s benefits program accompanies
this offer letter.

To comply with the
government-mandated confirmation of employment eligibility, please review the
enclosed “Lists of Acceptable Documents” as approved by the Department of
Homeland Security for establishing identity and employment eligibility, the “I-9”
process.  Please bring the required I-9
documents to your orientation.

Nothing in this offer, or
your acceptance of it, alters your at-will employment status with SVB Financial
Group.  You have the right to terminate
your employment at any time with or without cause or notice, and SVB Financial
Group reserves for itself an equal right. 
It is also important to note that SVB Financial Group reserves the right
to change our benefits at any time, with or without notice.

To confirm your
acceptance of our offer, please sign one copy of this letter, fax to my attention
to 408-654-1077, and return along with a clean copy of your resume in the
enclosed envelope.  This offer supersedes
any and all other written or verbal offers and is valid until November 3, 2006
unless earlier withdrawn.  This offer is
also contingent upon successful completion of the security background
verification, reference checks, and compensation committee review.

Mike, we are very
enthusiastic about your joining the SVB Financial Group team.  We are sure you will find SVB Financial Group
a stimulating and team-oriented company. 
The work environment is one of challenge, opportunity, and reward for
success.  If you have any questions,
please do not hesitate to call me at (408) 654-7787.

Sincerely,

/s/ LINDA BADER

Linda Bader

Staffing Manager

	
  Accepted:

  	
  /s/ MICHAEL DESCHENEAUX

  	
   

  	
  Date:

  	
  November 8, 2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Actual Start
  Date:

  	
  November 9, 2006

  	
   

  
						

 

Addendum

Eligibility:  You will be eligible to
receive a Signing Bonus as described below, if:

·                  you are actively employed by SVB
Financial Group on your Bonus Date; and

·                  you
sign the agreement at the end of this letter and return it to HR with your
signed offer letter,

Signing Bonus: $100,000:  All required federal, state, and local income
taxes and other required payroll deductions will be withheld from this payment.

Signing Bonus Date:

·                  Your Bonus will be paid to you in two
lump sums.

o                 $50,000 as soon
as practicable after you commence employment and once all required new hire
paperwork is complete,

o                 $50,000 as soon
as practicable on your six-month anniversary

·                  If
you voluntarily terminate your employment with the Company or give notice of
your resignation on or before your Bonus Date, or if you are terminated for
cause (as defined below), you will be ineligible to receive your Bonus.

If, on your bonus date,
you are on an approved medical or family leave of absence from the Company, you
will be eligible to receive your Guaranteed Minimum Bonus so long as you
otherwise meet the eligibility criteria described in this letter.  For purposes of this Bonus, “cause” is defined
as:

·                  an act of embezzlement, fraud,
dishonesty, or breach of fiduciary duty to the Company;

·                  a deliberate disregard of the rules
of the Company which results in loss, damage or injury to the Company;

·                  any unauthorized disclosure of any of
the secrets or confidential information of the Company;

·                  inducing any client or customer of
the Company to break any contract with the Company;

·                  inducing any principal for whom the
Company acts as agent to terminate such agency relations;

·                  engaging in any conduct which
constitutes unfair competition with the Company;

·                  any act which results in your removal
from any office of the Company by any regulatory agency; or

·                  your
failure to substantially perform your day-to-day job duties with the Company in
any area other than in meeting sales goals, or where such failure results from
your incapacity due to physical or mental illness.

Signing Bonus Payback:

Should you voluntarily
leave SVB Financial Group or any of its affiliated companies one year from your
start date you would be obligated to repay the entire $100,000 Signing Bonus.

After you have read all
of this letter addendum, please indicate your agreement by signing and dating
this last page and returning this letter with your signed offer letter.

I have read, understood,
and hereby agree to all of the terms regarding this bonus as set forth in this
letter.

	
  Accepted:

  	
  /s/ MICHAEL DESCHENEAUX

  	
   

  	
  Date:

  	
  November 8, 2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Actual Start
  Date:

  	
  November 9, 2006Exhibit 4.1

€1,175,000,000 ADDITIONAL FACILITY M ACCESSION AGREEMENT

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

From:                  The banks and
financial institutions listed in Schedule 1 to this Agreement (the Additional Facility M Lenders)

Date:  12 April 2007

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

1.                                       In this Agreement:

Cablecom Borrower means Cablecom
Luxembourg S.C.A..

Cablecom Facilities Agreement
means the facilities agreement originally dated 5 December 2005 (as amended)
made between (among others) Cablecom Luxembourg S.C.A. as borrower and Toronto
Dominion (Texas) LLC as facility agent.

Cablecom Facility Agent
means Toronto Dominion (Texas) LLC.

Cablecom PIK Facility Agreement means
the PIK facility agreement originally dated 30 
September 2005 (as amended) made between (among others) Liberty Global
Switzerland, Inc. (formerly known as United ACM Holdings, Inc.) as borrower and
Deutsche Bank AG, London Branch as Facility Agent.

Cablecom RCF means the Revolving
Facility as defined in the Cablecom Facilities Agreement.

Commitment Letter means the commitment
letter between BNP Paribas, J.P. Morgan Plc and Toronto Dominion (Texas)
LLC as Bookrunners and Mandated Lead Arrangers, BNP Paribas, JPMorgan Chase
Bank, N.A. and Toronto Dominion (Texas) LLC as Underwriters and UPC Financing
Partnership dated 9 February 2007 as amended by an amendment letter
dated 26 March 2007.

Facility M means the €1,175,000,000
term loan facility which forms this Additional Facility.

Facility M Advance
means the euro denominated advance made to UPC Financing by the Additional
Facility M Lenders under Facility M.

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

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

2.                                       Unless otherwise defined in this Agreement, terms defined in the Credit
Agreement shall have the same meaning in this Agreement and a reference to a
Clause is a reference to a Clause of the Credit Agreement.

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

4.                                       This Agreement will take effect on the later of 16 April 2007 and the
date on which the Facility Agent has notified UPC Broadband and the Additional
Facility M Lenders that it has received the documents and evidence set out in
Schedule 2 to this Agreement, in each case in form and substance satisfactory
to it or, as the case may be, the requirement to provide any of such documents
or evidence has been waived by the Majority Facility M Lenders (the Effective Date).

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

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

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

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

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

8.                                       (a)           The Availability
Period in relation to this Additional Facility is the period from and including
the Effective Date up to and including the earlier of:

(i)                                     the first Utilisation Date under this Additional Facility; and

(ii)                                  20 April 2007,

or such later date as all the
Additional Facility M Lenders may agree at their discretion.

(b)                                 Facility M may be
drawn by one Advance and no more than one Request may be made in respect of
Facility M under the Credit Agreement.

9.                                       The Facility M Advance will be applied for the Borrower’s and its
affiliates and subsidiaries’ general corporate and working capital requirements,
including without limitation, the repayment and prepayment of existing
indebtedness.

10.                                 The Final Maturity Date in respect of Facility M is the earlier of:

(a)                                   31 December 2014;
and

 2
 

(b)                                 if by the date
(the Relevant Date) falling 90 days prior to
the date on which the UPC Holding BV issued bonds due 2014 (the Bonds) fall due, those Bonds have not been repaid, redeemed
or refinanced, the Relevant Date.

11.                                 The outstanding Facility M Advances will be repaid in full on the Final
Maturity Date.

12.                                 The Margin will be 2.00 per cent. per annum.

13.                                 The Borrower in relation to Facility M is UPC Financing.

14.                                 In the event that, on or before 16 May 2008, the whole or any part of an
outstanding Facility M Advance is prepaid pursuant to Clause 7.3 (Voluntary
prepayment) of the Credit Agreement, UPC Broadband will, at the same time, pay
to each Additional Facility M Lender which is to receive any such prepayment an
amount equal to 1 per cent. of the principal amount to be prepaid to that
Additional Facility M Lender.  This
paragraph 14 may be amended or waived with the prior written consent of the
Facility Agent (acting on the instructions of all Additional Facility M
Lenders) and UPC Broadband.

15.                                 Where an Additional Facility M Lender assigns, transfers or novates its
rights and/or obligations in relation to Facility M under Clause 26.2
(Transfers by Lenders) of the Credit Agreement, such assignment, transfer or
novation shall be in a minimum amount of €500,000.

16.                                 (a)           For the purposes of
sub-paragraph (b) below, Date of Successful
Syndication shall mean, in relation to this Additional Facility M
Accession Agreement and each further Additional Facility M Accession Agreement,
the day on which each of the Underwriters (as defined in the Commitment Letter)
reduces its participation in this Additional Facility M Accession Agreement and
any further Additional Facility M Accession Agreement to a hold of zero.

(b)                                 Facility M may be upsized by an aggregate amount of up to €2,465,000,000
by the signing of one or more further Additional Facility M Accession
Agreements that specify (along with the other terms specified therein) UPC
Financing as the sole Borrower and which specify Additional Facility M
Commitments denominated in Euros, to be drawn in Euros, with the same Final
Maturity Date and Margin as specified in this Additional Facility M Accession
Agreement. Facility M shall not consolidate with any further Additional
Facility M Accession Agreement until the Date of Successful Syndication.

(c)                                  For the purposes
of paragraph 14 and this paragraph 16, references to Additional Facility M
Lenders and Facility M Advances shall include Lenders and Advances made under
any such further and previous Additional Facility M Accession Agreement.

(d)                                 If the Borrower
so requests, an Interest Period for a Facility M Advance will end on the same
day as the current Interest Period for any other Facility M Advance denominated
in the same currency as that Facility M Advance.  On the last day of those Interest Periods,
those Facility M Advances will be consolidated and treated as one Facility M
Advance.

17.                                 The representations and warranties set out in Clause 15 (Representations
and Warranties) of the Credit Agreement (with the exception of Clauses 15.6(a)
(Consents), 15.10 (Financial condition), 15.12 (Security Interests), 15.13(b)
(Litigation and insolvency proceedings), 15.15 (Tax liabilities), 15.16
(Ownership of assets), 15.18 (Works Council), 15.19 (Borrower Group Structure),
15.20 (ERISA), 

 3
 

15.24 (UPC Financing) and 15.25 (Dutch Banking Act))
are true and correct as if made at the Effective Date with reference to the
facts and circumstances then existing, and as if each reference to the Finance
Documents includes a reference to this Agreement.

18.                                 We confirm to each Finance Party that:

(a)                                  we have made our
own independent investigation and assessment of the financial condition and
affairs of each Obligor and its related entities in connection with its
participation in the Credit Agreement and have not relied on any information
provided to us by a Finance Party in connection with any Finance Document; and

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

19.                                 Each Additional Facility M Lender confirms that (in its capacity as
Lender under the Credit Agreement) it approves the amendments to the Credit
Agreement  as set out in the draft
amendment letter dated 23 March  2007
(with document number BK: 5774015.9) to be entered into between (among others)
UPC Broadband, UPC Financing and the Facility Agent (the Amendment
Letter).

20.                                 (a)           Each of the
Additional Facility M Lenders agrees that during the period from (and
including) the Effective Date to the date on which the amendments contemplated
in the Amendment Letter become effective (the Relevant
Period) it will not
attempt to assign or transfer its rights in relation to Facility M.  Nothing in this paragraph will prevent an
Additional Facility M Lender from novating its rights and obligations in
respect of Facility M during the Relevant Period, except that any such novation
made during the Relevant Period must be made pursuant to a Novation Certificate
in the form of part 1 or part 2 of Schedule 3 to this Agreement.

(b)                                 Each of the
Additional Facility M Lenders agrees that without prejudice to Clause 26.3 of
the Credit Agreement, each New Lender (as defined in the Novation Certificate
referred to above) shall become, by the execution by the Facility Agent of such
Novation Certificate, bound by the terms of this Agreement as if it were an
original party hereto as an Additional Facility M Lender and shall acquire the
same rights and assume the same obligations towards the other parties to this
Agreement as would have been acquired and assumed had the New Lender been an
original party to this Agreement as an Additional Facility M Lender.

21.                                 Each Additional Facility M Lender amends the notice period in respect of
drawdown requests under Clause 5.1 (Delivery of Request) of the Credit
Agreement in respect of this Facility M from three Business Days before the
Utilisation Date to two Business Days before the Utilisation Date.

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

23.                                 This Agreement is governed by English law.

24.                                 This Agreement may be executed in any number of counterparts and, in the
case of each Additional Facility M Lender, each Additional Facility M Lender’s
counterpart will, only contain the details of that Additional Facility M
Lender, and this has the same effect as if the 

 4
 

signatures on the counterparts were on a single copy
of this Agreement.  All such counterparts
shall be read together as one agreement

 5
 

SCHEDULE
1

ADDITIONAL FACILITY M LENDERS AND COMMITMENTS

 

	
  Additional Facility M Lender

  	
   

  	
  Facility M

  Commitment

  
	
   

  	
   

  	
  (Euro)

  
	
  Toronto Dominion
  Texas LLC

  	
   

  	
  1,175,000,000

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  1,175,000,000

  

 

 6
 

SCHEDULE
2

CONDITIONS PRECEDENT DOCUMENTS

1.                                      Constitutional Documents

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

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

2.                                      Authorisations

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

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

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

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

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

(d)                                 A certificate of an authorised signatory of UPC Broadband and UPC
Financing confirming that each of the steps (other than any such step to be
carried out by the Additional Facility M Lenders or JPMorgan Chase Bank, N.A.,
as the case may be) referred to in the White & Case LLP no conflicts
opinion, referred to in paragraph 4(c) below, have been or will be complied
with within the timeframe set out in that opinion.

(e)                                  A copy of any other authorisation or other document, opinion or
assurance which the Facility Agent has notified UPC Broadband is necessary in
connection with the entry into and 

 7
 

performance of, and the transactions contemplated by,
this Agreement or for the validity and enforceability of this Agreement.

3.                                      Legal opinions

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

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

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

4.                                      Other documents

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

(b)                                 Evidence (in the form of all relevant drawdown
requests and prepayment notices, including but not limited to a cancellation
notice giving notice of prepayment of the whole of the outstanding advances
under the Cablecom RCF) that Cablecom Luxembourg S.C.A. has repaid or will
repay all amounts outstanding under the Cablecom Facilities Agreement on the
date that the Facility M Advances are
funded together with evidence (in the form of all
relevant drawdown requests and prepayment notices) that Liberty Global
Switzerland, Inc. has repaid in part (in an amount of €350,000,000),
outstandings under the Cablecom PIK Facility Agreement.

(c)                                  A copy of the White & Case LLP no conflicts opinion in relation to
the UPC Holding B.V. Indenture dated 29 July 2005.

(d)                                 A “drawdown request — specification” issued by the UPC Holding B.V. to
JPMorgan Chase Bank, N.A..

(e)                                  A “drawdown request — specification” issued by the Borrower to the
Security Agent and the  Facility Agent.

(f)                                    Payment instructions issued by UPC Broadband Holding B.V., UPC Holding
B.V., the Borrower and the Cablecom Borrower to: (i) Toronto Dominion (Texas)
LLC, as Facility Agent under the Credit Agreement; (ii) Toronto Dominion
(Texas) LLC, as Additional Facility M Lender under the Credit Agreement; (iii)
Toronto Dominion (Texas) LLC as the swap counterparty under a EUR/CHF FX Swap
dated on or about the date hereof with Cablecom Luxembourg S.C.A.; and (iv)
JPMorgan Chase Bank, N.A..

(f)                                    Evidence that each Additional Facility M Lender has completed all “know
your customer” or other checks  relating
to any relevant person that it is required to carry out.

 

 8

 

SCHEDULE
3

NOVATION CERTIFICATES

PART 1

NOVATION CERTIFICATE (CASH)

To:          [     ] as
Facility Agent and [BORROWER]

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

UPC
Broadband Holding B.V. - e1,072,000,000 Term Credit Agreement
dated 16 January, 2004 (the Credit Agreement)

We
refer to Clause 26.3 (Procedure for novations) of the Credit Agreement and
clause 9.3 (Transfers by the Lenders) of the Security Deed.  Terms defined in the Credit Agreement or, if
not defined in the Credit Agreement, the Additional Facility Accession
Agreement between the Facility Agent, the Security Agent and the Additional
Facility M Lenders dated [         ]
2007, have the same meaning in this Novation Certificate.

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

2.                                       The New Lender confirms that:

(a)                                  (in its capacity as Lender under Credit Agreement) it approves the
amendments to the Credit Agreement as set out in the schedule to the Amendment
Letter dated 23 March 2007 (with document number BK:5774015.9) to be entered
into between (among others) UPC Broadband, UPC Financing and the Facility Agent
(the Amendment Letter); and

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

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

4.                                       This Novation Certificate may be executed in any number of counterparts
and this has the same effect as if the signatures on the counterparts were on a
single copy of this Novation Certificate.

5.                                       This Novation Certificate is governed by English law.

 9
 

THE SCHEDULE

Rights and obligations to be novated

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

 

	
  [New Lender]

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Facility Office

  	
   

  	
  Address for notices for administrative purposes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices for credit purposes]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Existing Lender]

  	
   

  	
  [New Lender]

  	
   

  	
  [                    ]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  By:

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  Date:

  	
   

  	
  Date:

  

 

 10
 

 

PART 2

NOVATION CERTIFICATE (CASHLESS)

NOVATION CERTIFICATE

To:                             Toronto Dominion
(Texas) LLC as Facility Agent under the Credit Agreement (the UPC Facility Agent) and UPC Financing as Borrower; and

Toronto Dominion (Texas) LLC
as Facility Agent under the Cablecom Facilities Agreement (the Cablecom Facility Agent)

From:      Toronto Dominion (Texas) LLC and «Name»

Date:
[          ] April 2007

UPC
Broadband Holding B.V. - e1,072,000,000 Term Credit Agreement
dated 16 January, 2004 (the Credit Agreement)

We
refer to:

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

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

(d)                                 Clause 24.3
(Procedure for transfer) of the Cablecom Facilities Agreement; and

(e)                                  the €1,175,000,000
term loan Additional Facility M Accession Agreement.

Terms defined in the Credit Agreement or, if not defined in the Credit
Agreement, the Cablecom Facilities Agreement or the €1,175,000,000 term loan
Additional Facility M Accession Agreement (as the case may be), have the same
meaning in this Novation Certificate.

For the purposes of this certificate Novation Certificate and Transfer
Certificate shall be construed as one and the same.

6.                                       (a)              «Name» (the Existing Term B-Euro Lender) and Toronto Dominion (Texas)
LLC (the New Term B-Euro Lender) agree to the
Existing Term B-Euro Lender transferring to the New Term B-Euro Lender by
novation (in the case of obligations of the Existing Term B-Euro Lender) and
assignment (in the case of rights against the Term Borrower(s)), immediately
prior to funding of €1,175,000,000 term loan facility under Facility M on the
Transfer Date, all or part of the Existing Term B-Euro Lender’s Commitment,
rights and obligations referred to in the schedule to this Transfer Certificate
in accordance with Clause 24.3 (Procedure for transfer)
of the Cablecom Facilities Agreement.

(b)                                          Immediately following the funding of the €1,175,000,000 term loan under
Facility M on the Effective Date, Toronto Dominion Texas LLC (the Existing M Lender) agrees to novate and «Name» (the New M Lender) agrees to accept the novation of all the
Existing M Lender’s rights and obligations referred to in the Schedule in 

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accordance
with Clause 26.3 (Procedure for novations) of the Credit Agreement and
clause 9.3 (Transfers by the Lenders) of the Security Deed.

7.                                       The aggregate Existing Term B-Euro Lender’s Commitment (at par) will be
equal to the aggregate Existing M Commitment (at par) (each as referred to in
the schedule to this certificate). The Existing Term B-Euro Lender’s Commitment
shall be deemed to be transferred by the Existing Term B-Euro Lender to the New
Term Lender on the Transfer Date and the Existing M Lender’s obligation to
transfer the Existing M Commitment to the New M Lender will be deemed to be
satisfied on the same date, in the order contemplated by the paragraphs above.

8.                                       Each of the New Term B-Euro Lender and the New M Lender confirm that (in
its capacity as Lender under the Cablecom Facilities Agreement or the Credit
Agreement (as relevant)) it approves the amendments to the Credit Agreement as
set out in the schedule to the draft Amendment Letter dated 23 March 2007 (with
document number BK: 5774015.9) to be entered into between (among others) UPC
Broadband, UPC Financing and the Facility Agent (the Amendment
Letter).

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

(b)                                 From the Transfer Date, the New Term B-Euro Lender will be bound by the
Finance Documents as a Lender.

10.                                 The New Term B-Euro Lender expressly acknowledges the limitations on the
Existing Term B-Euro Lender’s obligations set out in Clause 24.2(f) (Conditions
of assignment or transfer) and Clause 25.5(c) (Limitation of Existing Revolving
Lenders) of the Cablecom Facilities Agreement.

11.                                 The New Term B-Euro Lender represents and warrants that on the Transfer
Date, it is a Qualifying Term Lender.

12.                                 This Novation Certificate may be executed in any number of counterparts
and this has the same effect as if the signatures on the counterparts were on a
single copy of this Novation Certificate.

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

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

(b)                                For the purposes of this certificate, “Transfer
Date” means the date specified under the Cablecom Facility Agent’s
name in the relevant signature page to this Novation Certificate.

15.                                 This Novation Certificate is governed by English law.

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THE SCHEDULE

Rights and obligations to be
novated:

1.                                      Existing Term B-Euro Lender

Existing
Term B-Euro Lender Commitment: €«TERMB_»

Existing Term B-Euro Loans Outstanding:
€«TERMB_»

Assignee: New Term B-Euro Lender

2.                                      Existing M Lender

Existing
M Commitment: €«M2»

Existing
M Loans Outstanding: €«M2»

Assignee: New M Lender

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SIGNATORIES

FACILITY
M LENDERS

TORONTO
DOMINION (TEXAS) LLC

By:    Authorized
Signatory

TORONTO
DOMINION (TEXAS) LLC as Facility Agent

By:    Authorized
Signatory

TD
BANK EUROPE LIMITED as Security Agent

By:    Authorized
Signatory

UPC
BROADBAND HOLDING B.V.

By:    Authorized
Signatory

UPC
FINANCING PARTNERSHIP

By:    Authorized
Signatory

 

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