Document:

Third Supplemental Indenture

 EXHIBIT 4.4 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR
SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE. 
 THIRD SUPPLEMENTAL INDENTURE 
 THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as
of March 5 2008, among MAGYAR TELECOM B.V., a private company with limited liability incorporated under the laws of The Netherlands (“Matel” or the “Issuer”), INVITEL TELECOM KFT. (“Tele2”) and
MEMOREX TELEX COMMUNICATIONS AG (“Memorex AG”) and together with Tele2, the “New Subsidiary Guarantors”, and together with the Existing Subsidiary Guarantors (defined below), the “Subsidiary
Guarantors”) and BNY Corporate Trustee Services Limited (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, HTCC Holdco II B.V. (“Holdco II”), PanTel Távközlési Kft. (“PanTel”), PanTel Technocom
Kft. (renamed Invitel Technocom Kft. effective January 1, 2008, “Invitel Technocom”) and Hungarotel Távközlési ZRt. (“Hungarotel”), the Trustee, The Bank of New York as registrar, transfer
agent and principal paying agent (the “Registrar, Transfer Agent and Principal Paying Agent”) and The Bank of New York (Luxembourg) S.A. as Luxembourg paying agent and transfer agent (the “Luxembourg Paying Agent”)
have executed and delivered an indenture (the “Original Indenture”), dated as of April 27, 2007, providing for the issuance of an initial aggregate principal amount of €200,000,000 Floating Rate Senior Notes due 2013 (the
“Notes”) and Matel, Holdco II, PanTel, Invitel Technocom, Hungarotel, the Trustee, the Registrar, Transfer Agent and Principal Paying Agent and the Luxembourg Paying Agent have executed and delivered a supplemental indenture (the
“First Supplemental Indenture”), dated as of April 27, 2007, pursuant to which Matel acceded to the Original Indenture and assumed all of the obligations of Holdco II under the Original Indenture and the Notes, and Holdco II
was released from its obligations under the Original Indenture and the Notes, and pursuant to which Invitel Távközlési Szolgáltató ZRt. (“Invitel”, renamed Invitel Távközlési ZRt.
effective January 1, 2008), V-holding Tanácsadó ZRt. (“V-holding”), and Euroweb Internet Szolgáltató ZRt. (“Euroweb Hungary”, together with Invitel, V-holding, Euroweb Hungary,
PanTel, Invitel Technocom and Hungarotel, the “Original Subsidiary Guarantors”) acceded to the Original Indenture as Subsidiary Guarantors; 
 WHEREAS, Matel, the Original Subsidiary Guarantors, the Trustee, the Registrar, Transfer Agent and Principal Paying Agent and the Luxembourg Paying Agent have executed and delivered a second supplemental indenture
(the “Second Supplemental Indenture”, together with the Original Indenture, as amended by the First Supplemental Indenture, being hereinafter referred to as the “Indenture”), dated as of July 26, 2007, pursuant
to which S.C. Euroweb Romania S.A. (“Euroweb Romania”) was added as a Subsidiary Guarantor under the Indenture; 
 WHEREAS,
upon consummation of the acquisition of Tele2 by the Issuer and its subsidiaries, Tele2 became a Restricted Subsidiary of the Issuer; 
  

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 WHEREAS, upon consummation of the acquisition by Invitel of 95.65% of the issued share capital of Memorex
AG pursuant to a share purchase agreement dated December 20, 2007, Memorex AG became a Restricted Subsidiary of the Issuer; 
 WHEREAS,
effective January 1, 2008, V-holding, Euroweb Hungary, PanTel and Hungarotel were merged into Invitel in compliance with Section 5.01 of the Indenture, and thereafter the Subsidiary Guarantors were comprised of Invitel, Invitel Technocom
and Euroweb Romania (the “Existing Subsidiary Guarantors”); 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the
Issuer, the Trustee and the Existing Subsidiary Guarantors may, and are authorized to, amend or supplement the Indenture (without the consent of any Holder of the Notes) to add Tele2 and Memorex AG as Subsidiary Guarantors under the Indenture;

 WHEREAS, pursuant to Section 10.01 of the Indenture, each of the Existing Subsidiary Guarantors is deemed to have agreed to the
extension of its respective Obligations (as defined in the Indenture), including those contemplated by this Third Supplemental Indenture, without notice or further assent from such Subsidiary Guarantor; and each of the Issuer and each New Subsidiary
Guarantor, has duly authorized the execution and delivery of this Third Supplemental Indenture and has done all things necessary to make this Third Supplemental Indenture a valid agreement in accordance with its terms; 
 WHEREAS, the Issuer has requested that the Trustee execute and deliver this Third Supplemental Indenture and the Issuer has delivered or caused to
delivered, to the Trustee an Officer’s Certificate and Opinion of Counsel in connection herewith; and 
 NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the New Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 
 2. Representations. Each of the Issuer and each New Subsidiary Guarantor represents and warrants as follows:

  

	 	(a)	it is a legal entity duly incorporated and validly existing under the laws of the jurisdiction of its organization; 

  

	 	(b)	it has all requisite organizational power and authority to enter into and perform its obligations under this Third Supplemental Indenture; 

  

	 	(c)	this Third Supplemental Indenture has been duly authorized, executed and delivered by it and it is a legally valid and binding obligation, enforceable against it in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

  

	 	(d)	the Indenture constitutes its legal and binding obligation, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; and 

  

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	 	(e)	immediately after giving effect to this Third Supplemental Indenture, no Event of Default (or event or circumstances which, with the giving of notice or the passage of time or both,
would constitute an Event of Default) shall have occurred and be continuing. 

 3. Agreement to be Bound. As of the date
hereof, each of the New Subsidiary Guarantors, by its execution of this Third Supplemental Indenture, hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all the obligations and
agreements of a Subsidiary Guarantor under the Indenture. Each of the New Subsidiary Guarantors agrees to be bound by the terms and provisions of the Indenture applicable to a Subsidiary Guarantor, included but not limited to Article 10 thereof, and
to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, as if a party to the Indenture on the date of its execution. 
 4. Guarantee. Pursuant to Section 10.09 of the Indenture, each of the New Subsidiary Guarantors hereby provides a Guarantee of the Notes, and becomes a “Subsidiary Guarantor” for purposes of the
Notes and the Indenture, immediately upon the execution and delivery of this Third Supplemental Indenture. 
 5. Limitation and
Effectiveness of Guarantee. Pursuant to Section 10.04 of the Indenture, the respective Guarantee of each of the New Subsidiary Guarantors is limited to an amount not to exceed the maximum amount that can be guaranteed by such New Subsidiary
Guarantor without rendering such Guarantee voidable or unenforceable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 6. Limitation of Guarantee of Memorex AG. Notwithstanding anything contrary to this Third Supplemental Indenture, the Indenture and the Notes, the
obligations of Memorex AG (including any aggregate amount payable by Memorex AG) under its Guarantee shall at all times be limited to the extent set forth in Schedule I of this Third Supplemental Indenture. 
 7. Agreement to Subordinate. Pursuant to Section 14.01 of the Indenture, each New Subsidiary Guarantor agrees, and each Holder of Notes by
accepting a Note agrees, that all payments pursuant to the Guarantee made by or on behalf of each New Subsidiary Guarantor are subordinated to the extent and in the manner provided in Article Fourteen of the Indenture to all existing and future
obligations of such New Subsidiary Guarantor under all Senior Debt of such New Subsidiary Guarantor and that such subordination is for the benefit of and enforceable by the holders of Senior Debt of such New Subsidiary Guarantor. The Guarantee of
each New Subsidiary Guarantor shall in all respects rank senior in right of payment to any future Subordinated Debt of such New Subsidiary Guarantor. 
 8. Agreement to Waive. Each of the New Subsidiary Guarantors agrees to waive, and that it will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or
subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such New Subsidiary Guarantor under its Guarantee. 
 9. Release of Guarantee. Each Guarantee of the Notes created by this Third Supplemental Indenture will be automatically and unconditionally released and discharged upon the release by the holders of the
Issuer’s or Invitel’s Debt described in paragraph (a) of Section 4.13 of the Indenture of their guarantee by the relevant New Subsidiary Guarantor (including any deemed release 

  

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upon payment in full of all obligations under such Debt other than as a result of payment under such guarantee) at a time when (i) no other Debt of the
Issuer has been guaranteed by such New Subsidiary Guarantor, or (ii) the holders of all such other Debt that is guaranteed by such New Subsidiary Guarantor also release their guarantee by such New Subsidiary Guarantor (including any deemed
release upon payment in full of all obligations under such Debt other than as a result of payment under such Guarantee). 
 10. Governing
Law. THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK. The Issuer and each New Subsidiary Guarantor agree to be bound by Section 13.09 of the Indenture with regard to any suit,
action or proceeding against the Issuer or each New Subsidiary Guarantor brought by any Holder or the Trustee arising out of or based upon this Third Supplemental Indenture. 
 11. Notices. All notices and other communications to any of Tele2 or Memorex AG shall be given as provided in the Indenture to Tele2 or Memorex
AG, as the case may be, at its address set forth below. No communication under or in connection with this Third Supplemental Indenture, the Indenture and the Notes shall be made to or from an address located inside of the Republic of Austria. The
foregoing sentence applies mutatis mutandis to any communication made by fax, electronic message or in other written form. 
 12.
Multiple Originals. The parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original but all such counterparts shall together constitute but one and the same Third Supplemental Indenture.

 13. Headings. The Section headings herein have been inserted for convenience of reference only and shall not affect the
construction hereof. 
 14. The Trustee. The Trustee makes no representation as to the validity or sufficiency of this Third
Supplemental Indenture and shall not be responsible in any manner whatsoever for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and each New Subsidiary Guarantor. The Issuer (failing which the
Subsidiary Guarantors) agrees to indemnify the Trustee to the same extent as provided under the Indenture against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by it without willful misconduct, gross
negligence or bad faith on its part arising out of or in connection with the execution of this Third Supplemental Indenture. 
 15.
Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby (the Indenture, as amended and supplemented
by this Third Supplemental Indenture, the “Supplemental Indenture”). Any and all references, whether within the Indenture or in any notice, certificate or other instrument or document, shall be deemed to include a reference to this
Third Supplemental Indenture (whether or not made), unless the context shall otherwise require. 
 16. Successors. All covenants and
agreements in this Third Supplemental Indenture by the parties hereto shall bind their successors. 
 17. Benefits of Third Supplemental
Indenture. Subject to Section 6 (above), nothing in this Third Supplemental Indenture, the Indenture or the Notes, express or implied, shall give rise to any 

  

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Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the Holders, any benefit of any legal or equitable
right, remedy or claim under the Indenture, this Third Supplemental Indenture or the Notes. 
 18. Entire Agreement. This Third
Supplemental Indenture constitutes the entire agreement of the parties hereto with respect to the amendments to the Indenture set forth herein. All other provisions of the Indenture which are not amended are expressly affirmed. 
 19. Austrian Stamp Duty. The parties agree that no original or certified copy of this Third Supplemental Indenture, the Indenture and the Notes
shall be brought into the Republic of Austria. Furthermore, the parties hereto agree that (i) no party shall print out any e-mail communication which refers to any of this Third Supplemental Indenture, the Indenture and the Notes in Austria or
(ii) send any e-mail communication carrying an electronic or digital signature which refers to any of this Third Supplemental Indenture, the Indenture and the Notes to an Austrian addressee. Nothing in this Section shall, however, prevent the
Holders of the Notes and the Trustee on behalf of the Holders of Notes from bringing an original or a certified copy or any document constituting substitute documentation (Ersatzbeurkundung, rechtsbezeugende Beurkundung oder Bezugnahme auf eine
Schrift) of this Third Supplemental Indenture, the Indenture and the Notes into the Republic of Austria if this is in connection with the enforcement of or the preservation of any rights, powers and remedies under any of this Third Supplemental
Indenture, the Indenture and the Notes or any proceedings instituted by or against a Holder of the Notes or the Trustee on behalf of the Holders of Notes in connection therewith. In this respect each party agrees not to contest the validity of an
uncertified copy of this Third Supplemental Indenture, the Indenture and the Notes in any proceedings relating to a dispute before any court, arbitral body or governmental authority in the Republic of Austria (“Proceedings”) unless
any such uncertified copy actually introduced into evidence in any Proceeding does not accurately reflect the content of such original. The parties agree that the exclusive place of performance (Erfüllungsort) for all rights and
obligations under this Third Supplemental Indenture, the Indenture and the Notes shall be at the registered office of the Trustee in New York or any other place reasonably designated by the Trustee but in any case a place outside the Republic of
Austria, which in particular, but without limitation, means that the payment of all amounts, if any, under this Third Supplemental Indenture, the Indenture and the Notes must be made from and to, respectively, a bank account outside the Republic of
Austria. It is expressly agreed between the parties hereto that any such performance within the Republic of Austria will not establish Austria as the place of performance and shall be deemed not effective with respect to any party hereto. Further,
the parties hereto agree that the fulfilment of any contractual obligation under this Third Supplemental Indenture, the Indenture and the Notes within the Republic of Austria does not result in a discharge of debt. 
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 SCHEDULE I 
 Guarantee Limitations of Austrian Guarantor 
  

	1.	None of the obligations of any Subsidiary Guarantor established under the laws of Austria as a corporation (Gesellschaft mit beschränkter Haftung; Aktiengesellschaft) or
as a limited partnership (Kommanditgesellschaft) with its general partners (Komplementäre) being corporations (an “Austrian Guarantor”) as Subsidiary Guarantor pursuant to this Third Supplemental Indenture, the
Indenture and the Notes shall be construed to create any obligation on an Austrian Guarantor to act in violation of mandatory Austrian Capital Maintenance Rules (Kapitalerhaltungsvorschriften) (including any applicable rules on financial
assistance) pursuant to Austrian company law (“Austrian Capital Maintenance Rules”), including without limitation Section 82 of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit
beschränkter Haftung) and Section 52 of the Austrian Act on Stock Corporations (Aktiengesetz), and all obligations of an Austrian Guarantor under this Third Supplemental Indenture, the Indenture and the Notes shall be limited in
accordance with Austrian Capital Maintenance Rules. In the event that any obligation of an Austrian Guarantor under this Third Supplemental Indenture, the Indenture and the Notes infringes or contradicts Austrian Capital Maintenance Rules and is
therefore held invalid or unenforceable, such obligation shall be deemed to be replaced by an obligation of a similar nature which is in compliance with Austrian Capital Maintenance Rules and which provides the best possible security interest in
favour of the Holders of the Notes and the Trustee on behalf of the Holders of Notes and, if required by Austrian Capital Maintenance Rules, the amount payable by such Austrian Guarantor under this Third Supplemental Indenture, the Indenture and the
Notes shall be reduced to such amount which is permitted pursuant to Austrian Capital Maintenance Rules. For the avoidance of doubt, it is noted that the Austrian Capital Maintenance Rules do not prevent or restrain an Austrian Guarantor from
guaranteeing or providing security for the obligations of its direct or indirect subsidiaries. 

  

	2.	Notwithstanding any term or provision of this Schedule I or any other term or provision in this Third Supplemental Indenture, the Indenture and the Notes , any guarantee or
indemnity given by an Austrian Guarantor is meant as and is to be interpreted as an abstract guarantee agreement (abstrakter Garantievertrag) and not as surety (Bürgschaft) or joint obligation as a borrower
(Mitschuldnerschaft) and the Austrian Guarantor undertakes to pay the amounts due under or pursuant to this guarantee unconditionally, irrevocably, upon first demand and without raising any defences (unbedingt, unwiderruflich, auf erste
Anforderung und unter Verzicht auf alle Einwendungen). 

  

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

			
	 MAGYAR TELECOM B.V.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 INVITEL TELECOM KFT.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address:

	 (c/o Invitel ZRt.)

	 2040 Budaörs,

	 Puskás Tivadar u. 8-10.

	 Telephone:

	 Telefax:

	 Attention of:

	
	 MEMOREX TELEX COMMUNICATIONS AG

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 Address:
	 	
	 (c/o Invitel ZRt.)

	 2040 Budaörs,

	 Puskás Tivadar u. 8-10.

	 Telephone:

	 Attention of:

  

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	 BNY CORPORATE TRUSTEE SERVICES LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 8Fourth Supplemental Indenture

 EXHIBIT 4.5 
 FOURTH SUPPLEMENTAL INDENTURE 
 FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental
Indenture”), dated as of March 14, 2008, among MAGYAR TELECOM B.V., a private company with limited liability incorporated under the laws of The Netherlands (“Matel” or the “Issuer”), MTCTR MEMOREX
TELEKOMÜNIKASYON SANAYI VE TICARET LIMITED SIRKETI (“Memorex Turkey”, or the “New Subsidiary Guarantor”, and together with the Existing Subsidiary Guarantors (defined below), the “Subsidiary
Guarantors”) and BNY Corporate Trustee Services Limited (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, HTCC Holdco II B.V. (“Holdco II”), PanTel Távközlési Kft. (“PanTel”), PanTel Technocom
Kft. (renamed Invitel Technocom Kft. effective January 1, 2008, “Invitel Technocom”) and Hungarotel Távközlési ZRt. (“Hungarotel”), the Trustee, The Bank of New York as registrar, transfer
agent and principal paying agent (the “Registrar, Transfer Agent and Principal Paying Agent”) and The Bank of New York (Luxembourg) S.A. as Luxembourg paying agent and transfer agent (the “Luxembourg Paying Agent”)
have executed and delivered an indenture (the “Original Indenture”), dated as of April 27, 2007, providing for the issuance of an initial aggregate principal amount of €200,000,000 Floating Rate Senior Notes due 2013 (the
“Notes”) and Matel, Holdco II, PanTel, Invitel Technocom, Hungarotel, the Trustee, the Registrar, Transfer Agent and Principal Paying Agent and the Luxembourg Paying Agent have executed and delivered a supplemental indenture (the
“First Supplemental Indenture”), dated as of April 27, 2007, pursuant to which Matel acceded to the Original Indenture and assumed all of the obligations of Holdco II under the Original Indenture and the Notes, and Holdco II
was released from its obligations under the Original Indenture and the Notes, and pursuant to which Invitel Távközlési Szolgáltató ZRt. (“Invitel”, renamed Invitel Távközlési ZRt.
effective January 1, 2008), V-holding Tanácsadó ZRt. (“V-holding”), and Euroweb Internet Szolgáltató ZRt. (“Euroweb Hungary”, together with Invitel, V-holding, Euroweb Hungary,
PanTel, Invitel Technocom and Hungarotel, the “Original Subsidiary Guarantors”) acceded to the Original Indenture as Subsidiary Guarantors; 
 WHEREAS, Matel, the Original Subsidiary Guarantors, the Trustee, the Registrar, Transfer Agent and Principal Paying Agent and the Luxembourg Paying Agent have executed and delivered a second supplemental indenture
(the “Second Supplemental Indenture”), dated as of July 26, 2007, pursuant to which S.C. Euroweb Romania S.A. (“Euroweb Romania”) was added as a Subsidiary Guarantor under the Indenture; 
 WHEREAS, Matel, Invitel Telecom Kft. (“Tele2”), Memorex Telex Communications AG (“Memorex AG”) and the Trustee have
executed and delivered a third supplemental indenture (the “Third Supplemental Indenture”, together with the Original Indenture, as amended by the First Supplemental Indenture and the Second Supplemental Indenture, being hereinafter
referred to as the “Indenture”), dated as of March 5, 2008, pursuant to which Tele2 and Memorex AG were added as Subsidiary Guarantors under the Indenture; 
 WHEREAS, upon consummation of the acquisition by Invitel of 95.65% of the issued share capital of Memorex AG pursuant to a share purchase agreement dated
December 20, 2007, Memorex Turkey became a Restricted Subsidiary of the Issuer; 
 WHEREAS, effective January 1, 2008, V-holding,
Euroweb Hungary, PanTel and Hungarotel were merged into Invitel in compliance with Section 5.01 of the Indenture, and thereafter and upon execution of the Third Supplemental Indenture the Subsidiary Guarantors were comprised of Invitel, Invitel
Technocom, Euroweb Romania, Tele2 and Memorex AG (the “Existing Subsidiary Guarantors”); 
  

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 WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer, the Trustee and the Existing
Subsidiary Guarantors may, and are authorized to, amend or supplement the Indenture (without the consent of any Holder of the Notes) to add Memorex Turkey as a Subsidiary Guarantor under the Indenture; 
 WHEREAS, pursuant to Section 10.01 of the Indenture, each of the Existing Subsidiary Guarantors is deemed to have agreed to the extension of its
respective Obligations (as defined in the Indenture), including those contemplated by this Fourth Supplemental Indenture, without notice or further assent from such Subsidiary Guarantor; and each of the Issuer and the New Subsidiary Guarantor, has
duly authorized the execution and delivery of this Fourth Supplemental Indenture and has done all things necessary to make this Fourth Supplemental Indenture a valid agreement in accordance with its terms; 
 WHEREAS, the Issuer has requested that the Trustee execute and deliver this Fourth Supplemental Indenture and the Issuer has delivered or caused to
delivered, to the Trustee an Officer’s Certificate and Opinion of Counsel in connection herewith; and 
 NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the New Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in
the Indenture. 
 2. Representations. Each of the Issuer and the New Subsidiary Guarantor represents and warrants as follows:

  

	 	(a)	it is a legal entity duly incorporated and validly existing under the laws of the jurisdiction of its organization; 

  

	 	(b)	it has all requisite organizational power and authority to enter into and perform its obligations under this Fourth Supplemental Indenture; 

  

	 	(c)	this Fourth Supplemental Indenture has been duly authorized, executed and delivered by it and it is a legally valid and binding obligation, enforceable against it in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

  

	 	(d)	the Indenture constitutes its legal and binding obligation, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; and 

  

	 	(e)	immediately after giving effect to this Fourth Supplemental Indenture, no Event of Default (or event or circumstances which, with the giving of notice or the passage of time or
both, would constitute an Event of Default) shall have occurred and be continuing. 

  

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 3. Agreement to be Bound. As of the date hereof, the New Subsidiary Guarantor, by its execution of
this Fourth Supplemental Indenture, hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New
Subsidiary Guarantor agrees to be bound by the terms and provisions of the Indenture applicable to a Subsidiary Guarantor, included but not limited to Article 10 thereof, and to perform all of the obligations and agreements of a Subsidiary Guarantor
under the Indenture, as if a party to the Indenture on the date of its execution. 
 4. Guarantee. Pursuant to Section 10.09 of
the Indenture, the New Subsidiary Guarantor hereby provides a Guarantee of the Notes, and becomes a “Subsidiary Guarantor” for purposes of the Notes and the Indenture, immediately upon the execution and delivery of this Fourth Supplemental
Indenture. 
 5. Limitation and Effectiveness of Guarantee. Pursuant to Section 10.04 of the Indenture, the Guarantee of the New
Subsidiary Guarantor is limited to an amount not to exceed the maximum amount that can be guaranteed by the New Subsidiary Guarantor without rendering such Guarantee voidable or unenforceable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally. 
 7. Agreement to Subordinate. Pursuant to
Section 14.01 of the Indenture, the New Subsidiary Guarantor agrees, and each Holder of Notes by accepting a Note agrees, that all payments pursuant to the Guarantee made by or on behalf of the New Subsidiary Guarantor are subordinated to the
extent and in the manner provided in Article Fourteen of the Indenture to all existing and future obligations of the New Subsidiary Guarantor under all Senior Debt of the New Subsidiary Guarantor and that such subordination is for the benefit of and
enforceable by the holders of Senior Debt of the New Subsidiary Guarantor. The Guarantee of the New Subsidiary Guarantor shall in all respects rank senior in right of payment to any future Subordinated Debt of the New Subsidiary Guarantor.

 8. Agreement to Waive. The New Subsidiary Guarantor agrees to waive, and that it will not in any manner whatsoever claim or take
the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by the New Subsidiary Guarantor under its Guarantee. 

9. Release of Guarantee. Each Guarantee of the Notes created by this Fourth Supplemental Indenture will be automatically and unconditionally
released and discharged upon the release by the holders of the Issuer’s or Invitel’s Debt described in paragraph (a) of Section 4.13 of the Indenture of their guarantee by the New Subsidiary Guarantor (including any deemed
release upon payment in full of all obligations under such Debt other than as a result of payment under such guarantee) at a time when (i) no other Debt of the Issuer has been guaranteed by the New Subsidiary Guarantor, or (ii) the holders
of all such other Debt that is guaranteed by the New Subsidiary Guarantor also release their guarantee by such New Subsidiary Guarantor (including any deemed release upon payment in full of all obligations under such Debt other than as a result of
payment under such Guarantee). 
 10. Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF NEW YORK. The Issuer and the New Subsidiary Guarantor agree to be bound by Section 13.09 of the Indenture with regard to any suit, action or proceeding against the Issuer or the New Subsidiary Guarantor brought by
any Holder or the Trustee arising out of or based upon this Fourth Supplemental Indenture. 
 11. Notices. All notices and other
communications to Memorex Turkey shall be given as provided in the Indenture to Memorex Turkey at its address set forth below. 
  

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 12. Multiple Originals. The parties may sign any number of copies of this Fourth Supplemental
Indenture. Each signed copy shall be an original but all such counterparts shall together constitute but one and the same Fourth Supplemental Indenture. 
 13. Headings. The Section headings herein have been inserted for convenience of reference only and shall not affect the construction hereof. 
 14. The Trustee. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture and shall not be
responsible in any manner whatsoever for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and the New Subsidiary Guarantor. The Issuer (failing which the Subsidiary Guarantors) agrees to indemnify
the Trustee to the same extent as provided under the Indenture against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by it without willful misconduct, gross negligence or bad faith on its part arising
out of or in connection with the execution of this Fourth Supplemental Indenture. 
 15. Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Fourth Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby (the Indenture, as amended and supplemented by this Fourth Supplemental Indenture, the
“Supplemental Indenture”). Any and all references, whether within the Indenture or in any notice, certificate or other instrument or document, shall be deemed to include a reference to this Fourth Supplemental Indenture (whether or
not made), unless the context shall otherwise require. 
 16. Successors. All covenants and agreements in this Fourth Supplemental
Indenture by the parties hereto shall bind their successors. 
 17. Benefits of Fourth Supplemental Indenture. Subject to
Section 6 (above), nothing in this Fourth Supplemental Indenture, the Indenture or the Notes, express or implied, shall give rise to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the
Holders, any benefit of any legal or equitable right, remedy or claim under the Indenture, this Fourth Supplemental Indenture or the Notes. 
 18. Entire Agreement. This Fourth Supplemental Indenture constitutes the entire agreement of the parties hereto with respect to the amendments to the Indenture set forth herein. All other provisions of the Indenture which are not
amended are expressly affirmed. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 4 

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

			
	 MAGYAR TELECOM B.V.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 MTCTR MEMOREX TELEKOMÛNIKASYON
 SANAYI VE TICARET LIMITED SIRKETI

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:

	
	 Address:

	 (c/o Invitel ZRt.)

	 2040 Budaörs,

	 Puskás Tivadar u. 8-10.

	 Telephone:

	 Telefax:

	 Attention of:

  

 5 

			
	 BNY CORPORATE TRUSTEE SERVICES LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 6

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