Document:

EX-10.17

 Exhibit 10.17 

17 June 2014 
 To: 

Commonwealth Bank of Australia 
 Darling Park, Tower 1 

Level 22, 201 Sussex Street 
 Sydney NSW 2000 

Attention: Steven Furlong, Vice President—Agency 
 Dear
Steven 
 We refer to: 
  

	(a)	 the A$300 million Syndicated Revolving Facility Agreement dated 8 October 2013 between, FOXTEL
Management Pty Limited as Initial Borrower, Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and Westpac Banking Corporation as Initial Financiers and Commonwealth Bank of Australia as
Facility Agent (the 2013 Facility Agreement); and 

  

	(b)	 the Syndicated Facility Agreement to be entered into on or about the date of this letter by FOXTEL Management
Pty Limited and FOXTEL Finance Pty Limited as Initial Borrowers, Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and Westpac Banking Corporation as Initial Financiers and Commonwealth
Bank of Australia as Facility Agent (the 2014 Facility Agreement). 

 Terms defined in the 2013 Facility
Agreement (including by incorporation) have the same meaning in this letter unless the context otherwise requires or the relevant term is defined in this letter.  

Amendments to the 2013 Facility Agreement 
 In accordance
with clause 17.5 (Instructions to Facility Agent) of the 2013 Facility Agreement, we would be grateful if you could ask the Financiers to confirm that, subject to payment of the consent fee referred to below, they approve the
following amendments to the 2013 Facility Agreement (the Amendments): 
  

	(a)	 in relation to each Funding Portion which is provided or redrawn after the date of this letter with effect from
the first day of the next Interest Period for such Funding Portion, clause 7.4 (Margin) of the 2013 Facility Agreement be deleted and replaced with the following: 

“The Margin for a Funding Portion will be determined by reference to the table below based on the Total Debt to EBITDA Ratio of the FOXTEL
Group as shown in the most recent Compliance Certificate delivered under clause 5.1 of the Common Terms Deed Poll as at the most recent Calculation Date. Any Margin adjustment will take effect on the first day of the next Interest Period for a
Funding Portion. 
  

					
	 Total Debt to EBITDA
	  	Margin	 
	 £1.5
	  	 	1.30% p.a.	 
	 above 1.5 £ 2.0
	  	 	1.40% p.a.	 
	 above 2.0 £ 2.25
	  	 	1.45% p.a.	 

					
	 Total Debt to EBITDA
	  	Margin	 
	 above 2.25 £ 2.5
	  	 	1.50% p.a.	 
	 above 2.5 £ 3.0
	  	 	1.60% p.a.	 
	 above 3.00 £ 3.5
	  	 	1.90% p.a.	 
	 above 3.5
	  	 	2.25% p.a.	 

 ”; 
  

	(b)	 with effect from Financial Close (as defined in the 2014 Facility Agreement) paragraph (a) of clause 13.1
(Commitment fee) be deleted and replaced with the following: 

  

	 	“(a)	 A commitment fee accrues at the rate of 45% of the applicable Margin that would apply in relation to a Funding
Portion outstanding on the date the fee is payable on the daily amount of the Net Commitment (if any) of each Financier from the date of this Agreement to (and including) the last date of the Availability Period.” 

 

	(c)	 with effect from the date of this letter, the definition of ‘Base Rate’ in clause 1.1
(Definitions) of the 2013 Facility Agreement will be deleted and replaced with the following: 

“Base Rate for a period means the higher of zero and the following rate determined as of 10.30am (Sydney time)
on the first day of that period and for a period equivalent (in the opinion of the Facility Agent, without the need for instructions) to the Interest Period: 
  

	 	(a)	 the Screen Rate; or 

  

	 	(b)	 if no Screen Rate is available for that period and: 

 

	 	(i)	 the Interest Period is no longer than the minimum period for which a Screen Rate is available, the Interpolated
Screen Rate for that period; or 

  

	 	(ii)	 it is not possible to calculate an Interpolated Screen Rate for that period, 

then the Base Rate will be the rate determined by the Facility Agent to be the arithmetic mean of the buying rates quoted to the Facility
Agent by three Reference Banks at or about 10.30am (Sydney time) on the first day of that period provided that, and subject to clause 9, if a Reference Bank does not supply a quotation by the time specified, the applicable Base Rate shall be
determined on the basis of the quotations of the remaining Reference Banks. The buying rates must be for bills of exchange accepted by leading Australian banks and which have a term closest to the period. 

Rates will be expressed as a yield percent per annum to maturity, and if necessary will be rounded to the nearest fourth decimal place.”;

  

	(d)	 with effect from the date of this letter, the following definition will be added to clause 1.1
(Definitions) of the 2013 Facility Agreement in the correct alphabetical order: 

“Interpolated Screen Rate means in relation to the Base Rate, the rate which results from interpolating on a linear basis between:

  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period; and 

  
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	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
Interest Period.’ 

  

	(e)	 with effect from the date of this letter, the words ‘Bank Bill Rate’ in Paragraphs (a) and (b)
of the definition of ‘Market Disruption Event’ in clause 1.1 (Definitions) of the 2013 Facility Agreement will be deleted and replaced with the words ‘Base Rate’; 

 

	(f)	 with effect from the date of this letter, the words ‘On receipt the Facility Agent shall pay it to the
relevant account specified in the Funding Notice’ in each instance where they appear in paragraphs (a) and (b) of clause 4.1 (Commitment) of the 2013 Facility Agreement are deleted and replaced with the following:

 “Unless otherwise agreed between FOXTEL and the Facility Agent (acting in its own capacity), on receipt the
Facility Agent shall pay it to the following account: 
 Name: Foxtel Management—Main Account 

Bank: CBA 
 BSB:
064000 
 Account: 10659223 

or to such account with a bank in Sydney in the Borrower’s name as the Borrower may notify to the Facility Agent by not less than three
Business Days’ notice. Any such notice must be signed by two Officers.”; 
  

	(g)	 with effect from the date of this letter, paragraph (b) of clause 5.6 (Selection of Interest
Periods) is deleted and replaced with the following: 

  

	 	“(b)	 Each Interest Period must be 1, 2, 3,4, 5 or 6 months or any other period that the Facility Agent agrees with
the Borrower.”; and 

  

	(h)	 with effect from the date of this letter, paragraph (c) of clause 6.1 (Cancellation of
Commitments available during the Availability Period) of the 2013 Facility Agreement is deleted and replaced with the following: 

  

	 	“(c)	 The Commitment of a Financier is cancelled rateably in accordance with the proportion its Undrawn Commitment
bears to the Total Undrawn Commitments cancelled.” 

 Consent Fee 

In consideration of the Financiers agreement to the Amendments, the Initial Borrower will pay a consent fee equal to 0.05% of the aggregate of each consenting
Financier’s Commitment. The consent fee will be payable on Financial Close (as defined in the 2014 Facility Agreement) to each consenting Financier rateably in accordance with their Commitment. 

Miscellaneous 
 We would be grateful if you could please
sign and return the enclosed copy of this letter on behalf of the Financiers to confirm that the Amendments have been approved by the Financiers. 
 We
confirm that other than the Amendments, the terms of the 2013 Facility Agreement remain unchanged and in full force and effect and that nothing in this letter: 
  

	(a)	 affects the validity or enforceability of the Finance Documents; 

  
 Page 3 

	(b)	 prejudices or adversely affects any right, power, authority, discretion or remedy arising under any Finance
Document before the date of this letter; or 

  

	(c)	 discharges, releases or otherwise affects any liability or obligation arising under any Finance Document before
the date of this letter. 

 We confirm that each representation and warranty given under the Common Terms Deed Poll (other than the
representation and warranty in clause 4.1(m) of the Common Terms Deed Poll) is true and correct in all material respects, and is not misleading in any material respect, as though they are made in respect of the facts and circumstances subsisting as
at the date of this letter. 
 This letter may be executed in any number of counterparts. All counterparts together will be taken to constitute one
instrument. 
 This letter is governed by the laws of New South Wales and is a Finance Document for the purposes of the 2013 Facility Agreement. 

 

	
	Yours sincerely
	
	/s/ Peter Tonagh
	 On behalf of FOXTEL Management Pty Limited

 
 /s/ Peter Tonagh

 We confirm that the Financiers have approved the Amendments on the terms of this letter 

	
	
	   

 For and on behalf of Commonwealth Bank of Australia as Facility Agent for the Financiers under the 2013 Facility Agreement 

  
 Page 4 

	(b)	 prejudices or adversely affects any right, power, authority, discretion or remedy arising under any Finance
Document before the date of this letter; or 

  

	(c)	 discharges, releases or otherwise affects any liability or obligation arising under any Finance Document before
the date of this letter. 

 We confirm that each representation and warranty given under the Common Terms Deed Poll (other than the
representation and warranty in clause 4.1(m) of the Common Terms Deed Poll) is true and correct in all material respects, and is not misleading in any material respect, as though they are made in respect of the facts and circumstances subsisting as
at the date of this letter. 
 This letter may be executed in any number of counterparts. All counterparts together will be taken to constitute one
instrument. 
 This letter is governed by the laws of New South Wales and is a Finance Document for the purposes of the 2013 Facility Agreement. 

 

	
	Yours sincerely
	
	   

	On behalf of FOXTEL Management Pty Limited

 We confirm that the Financiers have approved the Amendments on the terms of this letter 

					
			
	/s/ Brett Halls	 	  
	 	BRETT HALLS

 For and on behalf of Commonwealth Bank of Australia as Facility Agent for the Financiers under the 2013 Facility Agreement 

  
 Page 4EX-10.18

 Exhibit 10.18 

12 June 2015 
 To: 

Commonwealth Bank of Australia 
 Darling Park, Tower 1 

Level 22, 201 Sussex Street 
 Sydney NSW 2000 

Attention: Steven Furlong, Vice President—Agency 
 Dear
Steven 
 We refer to: 
  

	(a)	 the A$300 million Syndicated Revolving Facility Agreement dated 8 October 2013 (as amended and/or
restated from time to time) between, FOXTEL Management Pty Limited as Initial Borrower, Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and Westpac Banking Corporation as Initial
Financiers and Commonwealth Bank of Australia as Facility Agent (the 2013 Facility Agreement); and 

  

	(b)	 the Syndicated Facility Agreement to be entered into on or about the date of this letter by FOXTEL Management
Pty Limited and FOXTEL Finance Pty Limited as Initial Borrowers, Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and Westpac Banking Corporation as Initial Financiers and Commonwealth
Bank of Australia as Facility Agent (the 2015 Facility Agreement). 

 Terms defined in the 2013
Facility Agreement (including by incorporation) have the same meaning in this letter unless the context otherwise requires or the relevant term is defined in this letter. 

Amendments to the 2013 Facility Agreement 
 In accordance
with clause 17.5 (Instructions to Facility Agent) of the 2013 Facility Agreement, we would be grateful if you could ask the Financiers to confirm that, subject to payment of the consent fee referred to below, they approve the following
amendments to the 2013 Facility Agreement (the Amendments): 
  

	(a)	 in relation to each Funding Portion which is provided or redrawn after the date of this letter with effect from
the first day of the next Interest Period for such Funding Portion, clause 7.4 (Margin) of the 2013 Facility Agreement be deleted and replaced with the following: 

“The Margin for a Funding Portion will be determined by reference to the table below based on the Total Debt to EBITDA Ratio of the FOXTEL
Group as shown in the most recent Compliance Certificate delivered under clause 5.1 of the Common Terms Deed Poll as at the most recent Calculation Date. Any Margin adjustment will take effect on the first day of the next Interest Period for a
Funding Portion. 
  

			
	 Total Debt to EBITDA
	  	 Margin

	 £1.5
	  	1.10% p.a.
	 above 1.5 £ 2.0
	  	1.20% p.a.

			
	 Total Debt to EBITDA
	  	 Margin

	 above 2.0 < 2.25
	  	1.25% p.a.
	 above 2.25 < 2.5
	  	1.35% p.a.
	 above 2.5 < 3.0
	  	1.45% p.a.
	 above 3.00 < 3.5
	  	1.70% p.a.
	 above 3.5
	  	2.05% p.a.
		
	 ”; and
	  	

  
  

	(b)	 with effect from the date of this letter, the definition of ‘Maturity Date’ in clause 1.1
(Definitions) of the 2013 Facility Agreement will be deleted and replaced with the following: 

“Maturity Date means 7 April 2019.” 

Consent Fee 
 In consideration of the Financiers agreement
to the Amendments, the Initial Borrower will pay a consent fee equal to 0.05% of the aggregate of each consenting Financier’s Commitment. The consent fee will be payable on Financial Close (as defined in the 2015 Facility Agreement) to each
consenting Financier rateably in accordance with their Commitment. 
 Miscellaneous 

We would be grateful if you could please sign and return the enclosed copy of this letter on behalf of the Financiers to confirm that the Amendments have been
approved by the Financiers. 
 We confirm that other than the Amendments, the terms of the 2013 Facility Agreement remain unchanged and in full force and
effect and that nothing in this letter: 
  

	(a)	 affects the validity or enforceability of the Finance Documents; 

 

	(a)	 prejudices or adversely affects any right, power, authority, discretion or remedy arising under any Finance
Document before the date of this letter; or 

  

	(b)	 discharges, releases or otherwise affects any liability or obligation arising under any Finance Document before
the date of this letter. 

 We confirm that each representation and warranty given under the Common Terms Deed Poll (other than the
representation and warranty in clause 4.1(m) of the Common Terms Deed Poll) is true and correct in all material respects, and is not misleading in any material respect, as though they are made in respect of the facts and circumstances subsisting as
at the date of this letter. 
 This letter may be executed in any number of counterparts. All counterparts together will be taken to constitute one
instrument. 
 This letter is governed by the laws of New South Wales and is a Finance Document for the purposes of the 2013 Facility Agreement 

 

					
	Yours sincerely	 		 	LYNETTE IRELAND
			
	/s/ Peter Tonagh	 		 	/s/ Lynette Ireland
	On behalf of FOXTEL Management Pty Limited	 		 	

  
 Page 2 

 We confirm that the Financiers have approved the Amendments on the terms of this letter 

	
	
	/s/ Steven Furlong

 For and on behalf of Commonwealth Bank of Australia as Facility Agent for the Financiers under the 2013 Facility Agreement

  
 Page 3

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