Document:

Exhibit 10.5

 

AGREEMENT

 

This Agreement is entered
into as of April 13, 2005 by and between:

 

UNITEDGLOBALCOM,
INC., a Delaware corporation (“UGC”), and

 

LIBERTY MEDIA
INTERNATIONAL, INC., a Delaware corporation (“LMI”).

 

UGC and LMI are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”

 

Recitals

 

A.            Simultaneously with
the execution hereof LMI’s wholly owned subsidiary Liberty Media International
Holdings, LLC (“LMINT”) is entering into an agreement with UGC pursuant
to which LMINT will exchange the capital stock of its wholly owned subsidiary
Liberty Chile, Inc. for Class A common stock of UGC under certain
circumstances (the “Exchange  Agreement”).

 

B.            Liberty Chile is the
owner, beneficially and of record, of approximately (1) 99.75% of the derechos sociales of Liberty Comunicaciones de Chile Uno
Ltda. (“Uno”) and (2) all of the outstanding capital stock of
Liberty Holdings Chile, Inc., a Delaware corporation (“Liberty Holdings
Chile”).  Liberty Holdings Chile is
the owner, beneficially and of record, of approximately 0.25% of the derechos sociales of Uno, which, together with the derechos sociales held by Liberty Chile, represent
all of the outstanding derechos sociales
of Uno.

 

C.            Uno owns shares
representing 50% of the outstanding capital stock of Metrópolis Intercom S.A.,
a Chilean sociedad anónima (“Metrópolis”).

 

D.            Cristalerías de Chile
S.A., a Chilean sociedad anónima
(“Cristalerías”), owns shares representing 50% of the outstanding
capital stock of Metrópolis.

 

E.             Cristalerías, Uno and
VTR GlobalCom S.A. (“VTR”) have entered into a Purchase and Contribution
Agreement dated as of the date hereof (the “Purchase and Contribution
Agreement”) pursuant to which, among other things, VTR will acquire
all of the shares of capital stock of Metrópolis owned by Uno and Cristalerías.

 

F.             In connection with
the transactions contemplated by the Purchase and Contribution Agreement, UGC
is entering into a Put Agreement dated the date hereof with Cristalerías (the “Put
Agreement”).  UGC’s obligations under
the Put Agreement will be guaranteed by LMI pursuant to a Guaranty dated the
date hereof between LMI and Cristalerías (the “Guaranty”).

 

 

Agreement

 

In consideration of the
mutual promises, covenants and agreements set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:

 

Section 1.               UGC Actions under Put Agreement.  UGC will not agree to any amendment to or
replacement of, or grant any waiver under, the Put Agreement without the prior
written consent of LMI, and will not knowingly breach or violate the Put
Agreement.  The immediately preceding
sentence will not be deemed to prohibit amendments or waivers to the Put
Agreement to correct any manifest error or which are of a minor or technical
nature and do not materially alter any party’s rights or obligations under the
Put Agreement, provided that UGC gives notice thereof to LMI promptly after
such amendment or waiver is made or given.

 

Section 2.               Indemnification. 
UGC will indemnify and hold harmless LMI and its directors, officers,
employees, affiliates, successors and assigns (collectively, the “LMI
Indemnified Parties”) from and against any and all Losses they may suffer
arising out of, in the nature of, incident or relating to, resulting from or
caused by any failure by UGC to timely comply with its obligations under the Put
Agreement or this Agreement.  As used in
this Agreement, “Losses” means all losses, liabilities, damages, dues,
deficiencies, assessments, liens, encumbrances, fines, interest, penalties,
costs, expenses, and obligations, including amounts reasonably paid in
settlement, prosecuting, defending, or otherwise, and reasonable legal,
accounting, experts, and other fees, costs, and expenses, in connection with
claims, actions, suits, proceedings, hearings, investigations, charges,
complaints, demands, injunctions, judgments, orders, decrees and rulings.

 

(a)           If any third party notifies any LMI Indemnified Party with
respect to any matter, claim, investigation, action, suit, charge, complaint,
demand, or other proceeding, whether pending or threatened (an “Action”),
that may give rise to a claim for indemnification under this Section 2,
then the LMI Indemnified Party must promptly give notice of the Action to UGC; provided,
however, that the LMI Indemnified Party’s failure to so notify UGC of
any Action will not release UGC, in whole or in part, from its obligations
under this Section 2, except to the extent (and solely to the extent) that
the LMI Indemnified Party’s failure to so notify actually prejudices UGC’s
ability to defend against such Action.

 

(b)           The LMI Indemnified Party may, at the sole expense and
liability of UGC, exercise full control of the defense, compromise, or
settlement of any such Action, unless, at any time within 20 days after the LMI
Indemnified Party has given notice to UGC of the Action, UGC (i) delivers
a written confirmation to such LMI Indemnified Party that the indemnification
provisions of this Section 2 are applicable to such Action and that UGC
must indemnify such LMI Indemnified Party in respect of such Action pursuant to
the terms of this Agreement, (ii) notifies such LMI Indemnified Party in
writing of UGC’s intention to assume the defense thereof and thereafter
conducts the defense actively and diligently, and (iii) retains legal
counsel reasonably satisfactory to such LMI Indemnified Party to conduct the
defense of such Action.  Notwithstanding
anything to the contrary in the immediately preceding sentence, UGC will not
have any right to assume the defense of such Action, if (1) such Action
seeks an injunction or other equitable relief and not money damages only, or (2) the
settlement or compromise of, or an

 

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adverse judgment with respect to, such
Action is, in the good faith judgment of the LMI Indemnified Party, likely to
establish a precedent, custom or practice materially adverse to the continuing
business interests or the reputation of the LMI Indemnified Party.

 

(c)           The LMI Indemnified Party and UGC must use their
commercially reasonable best efforts to cooperate with the Party assuming the
defense, compromise, or settlement of any such Action in accordance herewith in
any manner that such Party reasonably requests. 
If UGC so assumes the defense of any such Action, the LMI Indemnified
Party will have the right to employ separate counsel and to participate in (but
not control) the defense, compromise, or settlement thereof, but the fees and
expenses of such counsel will be the expense of such LMI Indemnified Party
unless (i) UGC has specifically agreed to pay such fees and expenses or (ii) the
LMI Indemnified Party has been advised by its counsel that there may be one or
more legal defenses from claims available to it that are different from or
additional to those available to UGC or that there may be a conflict of
interest between UGC and the LMI Indemnified Party in the conduct of the
defense of such Action (in either of which cases UGC will not have the right to
direct the defense, compromise, or settlement of such Action on behalf of the LMI
Indemnified Party), and in any such case the reasonable fees and expenses of
such separate counsel must be borne by UGC, it being understood and agreed,
however, that UGC will not be liable for the fees and expenses of more than one
separate firm of attorneys at any time for the LMI Indemnified Parties, unless
there is a conflict of interest among the LMI Indemnified Parties, in which
case UGC will not be liable for the fees and expenses of more than an aggregate
of two separate firms of attorneys at any time for the LMI Indemnified Parties.  No LMI Indemnified Party will settle or
compromise or consent to entry of any judgment with respect to any such Action
for which it is entitled to indemnification hereunder without the prior written
consent of UGC, unless UGC fails to assume control of such Action in the manner
provided in Section 2(b).  UGC must
not, without the written consent of the LMI Indemnified Parties, settle or
compromise or consent to entry of any judgment with respect to any such Action (1) in
which any relief other than the payment of money damages is or may be sought
against any LMI Indemnified Party or (2) that does not include as an
unconditional term thereof the giving by the claimant, party conducting such
investigation, plaintiff or petitioner to the LMI Indemnified Parties of a
release from all liability with respect to such Action.

 

(d)           Notwithstanding anything to the contrary in this Agreement,
the amount that UGC may be required to pay to an LMI Indemnified Party pursuant
to this Section 2 will be reduced (retroactively, if necessary) by any
insurance proceeds or refunds actually recovered by or on behalf of the applicable
LMI Indemnified Party in reduction of the related Losses (on an after-tax
basis).  If an LMI Indemnified Party
receives a payment required by this Agreement from UGC in respect of Losses and
subsequently receives insurance proceeds in respect of such Losses, then the LMI
Indemnified Party must promptly repay to UGC a sum equal to the amount of such
insurance proceeds or refunds actually received, net of costs and expenses and
on an after-tax basis, but not exceeding the amount paid by UGC to such LMI Indemnified
Party in respect of such Losses.  No
representation, warranty, covenant, or agreement contained in this Agreement is
for the benefit of any insurer.

 

Section 3.               Entire Agreement. 
This Agreement contains and is intended as a complete statement of all
of the terms of the agreement among the parties hereto with respect to the

 

3

 

matters provided for herein, and
supersedes and discharges any previous agreements and understandings between
the parties with respect to those matters.

 

Section 4.               Governing Law. 
This Agreement will be governed by and construed in accordance with the laws
of the State of Colorado, without giving effect to the conflicts of laws
principles thereof.

 

Section 5.               Consent to Jurisdiction.  Each Party submits to the non-exclusive
jurisdiction of any federal or state court located in the State of Colorado
having subject matter jurisdiction in the event of any controversy, claim or
dispute between the Parties that arises out of or relates to this Agreement,
including any claim or controversy relating to the interpretation, breach,
termination or invalidity of any provision hereof.  Each Party hereby irrevocably and
unconditionally waives any objection to the laying of venue of any legal proceeding
between the Parties that arises out of or relates to this Agreement or the
transactions contemplated hereby in any such federal or state court located in
the State of Colorado and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such legal proceeding
brought in any such court has been brought in an inconvenient forum.  Each Party must bear its own costs and
expenses in connection with any such legal proceeding, unless such court determines
otherwise.

 

Section 6.               Waiver of Jury Trial. 
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.

 

Section 7.               LMI Consent under UGC/LMI Merger
Agreement. 
For all purposes of the Agreement and Plan of Merger dated as of January 17,
2005 by and among New Cheetah, Inc., LMI, UGC, Cheetah Acquisition Corp.
and Tiger Global Acquisition Corp., including Section 7.3 thereof, LMI
hereby consents to and approves this Agreement and the Exchange Agreement.

 

Section 8.               Headings. 
The article and section headings of this Agreement are for
reference purposes only and are to be given no effect in the construction or
interpretation of this Agreement.

 

Section 9.               Notices. 
All notices and other communications hereunder must be in writing and
must be delivered personally, telecopied (if receipt of which is confirmed by
the

 

4

 

person or entity to whom sent), sent by internationally recognized
overnight delivery service or mailed by registered or certified mail (return
receipt requested) to the Parties at the following addresses (or to such other person
or entity or address for a Party as specified by such Party by like notice)
(notice will be deemed given and received upon receipt, if delivered
personally, by overnight delivery service or by telecopy, or on the third business
day following mailing, if mailed, except that notice of a change of address
will not be deemed given and received until actually received):

 

(a)           If to LMI, to it at:

 

12300 Liberty Boulevard

Englewood, Colorado  80112  U.S.A.

Attention:  Elizabeth M. Markowski

Telephone: (720) 875-6209

Telecopier: (720) 875-5858

 

with
a copy to:

 

Sherman & Howard L.L.C.

633 17th Street, Suite 3000

Denver, Colorado 80202  U.S.A.

Attention:  Amy L. Hirter

Telephone: (303) 299-8102

Telecopier: (303) 298-0940

 

If to UGC, to it at:

 

4643 South Ulster Street, #1300

Denver, Colorado 80237 
U.S.A.

Attention:  General Counsel

Telephone: (303) 770-4001

Telecopier: (303) 220-3117

 

with
a copy to:

 

Holme Roberts &
Owen LLP

1700 Lincoln Street

Suite 4100

Denver, Colorado 80203 
U.S.A.

Attention:  W. Dean Salter

Paul G.
Thompson

Telephone:
(303) 861-7000

Telecopier: (303) 861-0200

 

Section 10.             Severability. 
If at any time any covenant or provision contained herein is deemed in a
final ruling of a court or other body of competent jurisdiction to be invalid
or unenforceable, such covenant or provision will be considered divisible and
such covenant or

 

5

 

provision will be deemed immediately amended and reformed to include
only such portion of such covenant or provision as is enforceable by the court
or other body having jurisdiction of this Agreement; and the Parties agree that
such covenant or provision, as so amended and reformed, will be valid and
binding as though the invalid or unenforceable portion had not been included
herein.

 

Section 11.             Amendment; Waiver. 
No provision of this Agreement may be amended, modified, or waived
except by an instrument or instruments in writing signed by the Parties and
designated as an amendment, modification, or waiver.  No failure or delay by any Party in
exercising any right, power, or remedy hereunder will operate as a waiver
thereof, nor will any single or partial exercise thereof or the exercise of any
other right, power, or remedy preclude any further exercise thereof or the
exercise of any other right, power, or remedy. 
No waiver of any provision hereof will be construed as a waiver of any
other provision.

 

Section 12.             Assignment and Binding Effect. 
No Party may assign any of its rights or delegate any of its obligations
under this Agreement without the prior written consent of the other Party and
the complete assumption by the assignee of all of the obligations of the
assignor under this Agreement.  All of
the terms and provisions of this Agreement will be binding on, and will inure
to the benefit of, the respective successors and permitted assigns of the
Parties.

 

Section 13.             No Benefit to Others.  Except as expressly set forth herein, the
representations, warranties, covenants and agreements contained in this
Agreement are for the sole benefit of the Parties and their respective successors
and permitted assigns, and they will not be construed as conferring and are not
intended to confer any rights, remedies, obligations, or liabilities on any
other Person, unless such Person is expressly stated to be entitled to any such
right, remedy, obligation or liability.

 

Section 14.             Counterparts. 
This Agreement may be executed by the Parties in separate counterparts,
each of which when so executed and delivered will be an original, but such
counterparts will together constitute one and the same instrument.

 

Section 15.             Rules of Construction. 
The Parties agree that they have been represented by counsel during the
negotiation, preparation and execution of this Agreement and, therefore,
irrevocably waive the application of any law or rule of construction
providing that ambiguities in an agreement or other document will be construed
against the Party drafting such agreement or document.

 

[Remainder of page intentionally left blank]

 

6

 

IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first written above.

 

 

	
   

  	
  UNITEDGLOBALCOM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ ELLEN P. SPANGLER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Ellen P. Spangler

  
	
   

  	
  Its:

  	
  Senior Vice President

  
				

 

 

	
   

  	
  LIBERTY MEDIA INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ ELIZABETH M. MARKOWSKI

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Elizabeth M. Markowski

  
	
   

  	
  Its:

  	
  Senior Vice President

  
				

 

7Exhibit 10.6

 

PUT AGREEMENT

 

Entered into as of April 13, 2005

 

between

 

UNITEDGLOBALCOM, INC.

 

and

 

CRISTALERÍAS DE CHILE S.A.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  Section 2.1

  	
  Organization; Power and Authority.

  	
   

  
	
  Section 2.2

  	
  Validity

  	
   

  
	
  Section 2.3

  	
  Required Consents

  	
   

  
	
  Section 2.4

  	
  No Conflicts

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III PUT OPTION

  	
   

  
	
  Section 3.1

  	
  Exercise Period; Put Price

  	
   

  
	
  Section 3.2

  	
  Appraised Put Value

  	
   

  
	
  Section 3.3

  	
  Market Value

  	
   

  
	
  Section 3.4

  	
  Put Closing

  	
   

  
	
  Section 3.5

  	
  Put Price Settlement Methods.

  	
   

  
	
  Section 3.6

  	
  Registration Statement; Listing.

  	
   

  
	
  Section 3.7

  	
  Registration Expenses

  	
   

  
	
  Section 3.8

  	
  Indemnification

  	
   

  
	
  Section 3.9

  	
  Underwritten Registrations

  	
   

  
	
  Section 3.10

  	
  Registration Default; Make Whole
  Provisions.

  	
   

  
	
  Section 3.11

  	
  Appraisal Procedure

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV
  TERM AND TERMINATION

  	
   

  
	
  Section 4.1

  	
  Term

  	
   

  
	
  Section 4.2

  	
  Termination

  	
   

  
	
  Section 4.3

  	
  Survival

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V
  MISCELLANEOUS

  	
   

  
	
  Section 5.1

  	
  Entire Agreement

  	
   

  
	
  Section 5.2

  	
  GOVERNING LAW

  	
   

  
	
  Section 5.3

  	
  Further Assurances; Compliance with Laws

  	
   

  
	
  Section 5.4

  	
  DISPUTE RESOLUTION; CONSENT TO
  JURISDICTION; WAIVER OF JURY TRIAL

  	
   

  
	
  Section 5.5

  	
  Limitation on Damages

  	
   

  
	
  Section 5.6

  	
  Headings

  	
   

  
	
  Section 5.7

  	
  Notices

  	
   

  
	
  Section 5.8

  	
  Severability

  	
   

  
	
  Section 5.9

  	
  Amendment; Waiver

  	
   

  
	
  Section 5.10

  	
  Assignment and Binding Effect

  	
   

  
	
  Section 5.11

  	
  No Benefit to Others

  	
   

  
	
  Section 5.12

  	
  Counterparts

  	
   

  
	
  Section 5.13

  	
  Interpretation.

  	
   

  
	
  Section 5.14

  	
  Rules of Construction

  	
   

  

 

i

 

PUT AGREEMENT

 

This Put
Agreement is entered into as of April 13, 2005, by and between

 

UNITEDGLOBALCOM,
INC., a corporation duly incorporated and validly
existing under the Laws of the State of Delaware, U.S.A., with domicile at 4643
South Ulster Street, Suite 1300, Denver, CO 80237, U.S.A. (the “Purchaser”
or “UGC”); and

 

CRISTALERÍAS
DE CHILE S.A., a sociedad anónima
duly organized and validly existing under the Laws of Chile, with domicile at Hendaya
60, Suite 201, Las Condes, Santiago, Chile (“CCC”).

 

UGC and CCC (together
with their respective successors and permitted assigns) are sometimes referred
to herein individually as a “Party” and collectively as the “Parties.”  Capitalized terms used and not otherwise
defined in this Agreement have the respective meanings ascribed thereto in Article I.

 

RECITALS

 

A.            CCC owns 11,438,360 Shares,
which represent 20% of the issued and outstanding share capital of VTR
GlobalCom S.A., a Chilean sociedad anónima
(“VTR”).

 

B.            The Parties desire to
enter into this Agreement to establish certain rights, responsibilities, and
obligations by and between themselves.

 

C.            It is the intention of
the Parties that if the Put Price (as defined below) is paid in whole or in
part in the form of Issuer Securities (as defined below), then such payment
will provide CCC the economic equivalent of payment in cash, and therefore the
Parties have agreed upon the provisions of Article III in order to effect
such equivalence.

 

AGREEMENT

 

In
consideration of the mutual promises, covenants, and agreements set forth
herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

For purposes
of this Agreement, the following terms will have the following meanings:

 

Affiliate:  Affiliate of a Person means any Person that
directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, the Person
in question.

 

Agreement:  This Put Agreement.

 

1

 

Appraisal
Assumptions:  As
defined in the definition of “Closing Sale Price,” the definition of “Share
Closing Sale Price,” or Section 3.2, as the case may be.

 

Appraisal
Procedure:  The
appraisal procedure described in Section 3.11.

 

Appraisal
Trigger Date: 
As defined in the definition of “Closing Sale Price,” the definition of “Share
Closing Sale Price,” or Section 3.2, as the case may be.

 

Appraised
Amount:  As
defined in the definition of “Closing Sale Price,” the definition of “Share
Closing Sale Price,” or Section 3.2, as the case may be.

 

Appraised Put
Value:  The
price at which all, but not less than all, of the Shares owned by one or more
members of the CCC Control Group could be sold in an arm’s length transaction
to an unaffiliated bona fide
third-party purchaser in an ordinary sale of such Shares and assuming the
applicable Appraisal Assumptions.

 

Average
Closing Price: In respect of a Share or an Issuer Security,
on any date of determination, the average of the Share Closing Sale Prices or
Closing Sale Prices, respectively, for 40 consecutive Trading Days ending on
the date of determination.

 

Business Day:  Any day other than Saturday, Sunday, and a
day on which banks in Denver, Colorado, U.S.A. or Santiago, Chile are required
or permitted to close.

 

Cash
Settlement:  As
defined in Section 3.5(a).

 

CCC:  As defined in the preamble.

 

CCC Control
Group:  The CCC
Control Group consists of CCC and its Subsidiaries and Parents.

 

CCC Debt DPPO:  As defined in the Purchase and Contribution
Agreement.

 

CCC Director:  Any member of the Board of Directors of VTR
nominated by CCC in accordance with Section 3.2(b)(i) of the
Shareholders Agreement (including any alternate director therefor).

 

CCC Process Agent:  As
defined in Section 5.4.

 

Chile:  The Republic of Chile.

 

Chilean Pesos:  Pesos, the lawful currency of Chile.

 

Closing Sale
Price:  On any
date of determination, either (a) the closing per share sale price (or if
no closing per share sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and
the average ask prices) of one share of the Issuer Securities on such date on
the Nasdaq National Market as reported by the Nasdaq National Market, or if the
Issuer Securities are not then quoted on the Nasdaq National Market, on the
principal United States securities exchange on which the Issuer Securities are

 

2

 

listed, as reported in composite transactions (if applicable), or, if
the Issuer Securities are not listed on a United States securities exchange, as
reported by the National Quotation Bureau Incorporated or similar organization;
or (b) if the preceding clause (a) is not applicable or none of the
information described therein is available, the fair market value of a share of
the Issuer Securities (i) as agreed by CCC and the Purchaser or (ii) if
CCC and the Purchaser fail to agree on such fair market value and such failure
to agree continues for 20 Business Days, then as determined pursuant to the
Appraisal Procedure in Section 3.11, for purposes of which (A) the “Appraised
Amount” will be such fair market value, (B) the “Appraisal Trigger
Date” will be the end of such 20-Business-Day period, and (C) the “Appraisal
Assumptions” will be (1) no discount for the fact that such share represents
only a minority interest in the Issuer; and (2) that all necessary
consents, waivers, and approvals required to effect such a sale, if any, could
be obtained.

 

Combined
Settlement:  As
defined in Section 3.5(a).

 

Commission:  As defined in Section 3.6(a)(i).

 

Contract:  Any note, bond, indenture, debenture,
security agreement, trust agreement, mortgage, lease, contract, license,
franchise, permit, guaranty, joint venture agreement, or other agreement,
instrument, commitment, or obligation, whether oral or written.

 

Control:  The ability to direct or cause the direction
(whether through the ownership of voting securities, by contract, or otherwise)
of the management and policies of a Person or to control (whether affirmatively
or negatively and whether through the ownership of voting securities, by
contract, or otherwise) the decision of such Person to engage in the particular
conduct at issue.  A Person will be
rebuttably presumed to control an Entity if such Person owns, directly or
indirectly through one or more intermediaries, (a) sufficient shares of
stock or other equity interests of such Entity to allow such Person, under
ordinary circumstances, to elect or direct the election of a majority of the
members of the board of directors or other governing body of such Entity or (b) shares
of stock or other equity interests of such Entity representing, in the
aggregate, more than 50% of the aggregate outstanding economic interests in
such Entity.

 

Corporations
Law:  Chilean
Law N°18,046 on Corporations (Ley de Sociedades
Anónimas).

 

Damages:  As defined in Section 3.8(a).

 

Debt Interests:  As defined in Section 3.1.

 

Director:  A member of the Board of Directors of VTR.

 

Dollars:  Dollars, the lawful currency of the U.S.

 

Effectiveness
Period:  As
defined in Section 3.6(a)(i).

 

Entity:  Any sociedad anónima,
sociedad de responsabilidad limitada,
corporation, general or limited partnership, limited liability company, joint
venture, trust, association, unincorporated entity of any kind, or Governmental
Authority.

 

3

 

Equity
Interests: 
Shares and Preemptive Rights of any shareholder in VTR and any of its Subsidiaries,
and interests in such Shares or Preemptive Rights.

 

Exchange Act:  The U.S. Securities Exchange Act of 1934.

 

Exercise
Period:  As
defined in Section 3.1.

 

Floor Price:  As defined in Section 3.1.

 

Governing
Documents:  The estatutos sociales, escritura de constitución
social, articles or certificate of incorporation or association,
general or limited partnership agreement, limited liability
company or operating agreement, bylaws, or other governing documents of
any Entity.

 

Governmental
Authority:  Any U.S.
federal, regional, or local, or any Chilean or other foreign, court,
governmental department, commission, authority, board, bureau, agency,
official, or other instrumentality.

 

Issuer:  As defined in Section 3.5(a).

 

Issuer
Securities:  As
defined in Section 3.5(a).

 

Judgment:  Any judgment, writ, order, decree,
injunction, award, restraining order, or ruling of or by any court, judge,
justice, arbitrator, or magistrate, including any bankruptcy court or judge,
and any writ, order, decree, or ruling of or by any Governmental Authority.

 

Law:  Any federal, regional, or local, or any Chilean
or other foreign, statute, code, ordinance, rule, regulation, Judgment,
regulatory agreement with a Governmental Authority, or general principle of
common or civil law or equity.

 

Liberty Global:  Liberty Global, Inc., a Delaware U.S.A.
corporation, or, if such Entity is not the ultimate Parent of UGC immediately
following the consummation of the transactions contemplated by the UGC/LMI
Merger Agreement, then the Entity that is the ultimate Parent of UGC
immediately following such consummation.

 

LIBOR:  The rate per annum (rounded upward, if
necessary to the next 10,000th of 1%) equal to the three month eurodollar rate
as published in The Wall Street Journal in the Money Rates section thereof
three Business Days prior to the date on which interest is to begin to accrue
under the applicable provision of this Agreement; provided, however,
that if such rate is no longer published in The Wall Street Journal, then such
rate will be the rate per annum (rounded upward, if necessary to the next
10,000 of 1%) quoted by the principal office of Lloyds TSB Bank PLC in London,
England to leading banks for the offering of three month deposits in Dollars in
the London interbank market at or about 11:00 a.m. (London time) on the
date three Business Days prior to the date on which interest is to begin to
accrue under the applicable provision of this Agreement.

 

Licenses:  All franchises, concessions, licenses,
permits, authorizations, certificates, variances, exemptions, consents, leases,
rights of way, easements, instruments, orders, and approvals issued by or
pending with any Governmental Authority.

 

4

 

Lien:  Any (a) security agreement, conditional
sale agreement, or other title retention agreement; (b) lease,
consignment, or bailment given for security purposes; and (c) lien,
charge, restrictive agreement, prohibition against transfer, mortgage, pledge,
option, encumbrance, adverse interest, security interest, claim, attachment,
exception to or defect in title, or other ownership interest (including
reservations, rights of entry, possibilities of reverter, encroachments,
easements, rights of way, restrictive covenants, leases, and Licenses granted
to other Persons) of any kind, but excluding any of the foregoing created or
imposed by or pursuant to this Agreement or the Shareholders Agreement.

 

LMC:  Liberty Media Corporation, a Delaware U.S.A.
corporation.

 

LMI:  Liberty Media International, Inc., a
Delaware U.S.A. corporation.

 

Market Value:  As defined in Section 3.3.

 

Notice and
Questionnaire: 
As defined in Section 3.6(b).

 

Observado
Exchange Rate: The Observado Exchange Rate means, for any given date, the
exchange rate Chilean Pesos/Dollars published by the Central Bank of Chile in
the Official Gazette for such date, pursuant to Chapter I of Title I of the
Compendium of Foreign Exchange Regulations (or, if the Central Bank of Chile
ceases to publish such exchange rate, the exchange rate replacing such exchange
rate).  If the Observado Exchange Rate is
not so available for any reason, the Observado Exchange Rate will mean the
Observado Exchange Rate published in the manner set forth above on the Business
Day immediately preceding such date.

 

Official Gazette:  The Diario Oficial de la
República de Chile.

 

Parent:  Parent of any Entity means any Person of which that Entity is its Subsidiary.

 

Partial Cash
Amount:  As
defined in Section 3.5(a).

 

Partial Equity
Amount:  As
defined in Section 3.5(d).

 

Party
or Parties:  As defined in the
preamble.

 

Percentage
Amount:  As
defined in Section 3.10(c)

 

Permitted
Interruption: As defined in Section 3.6(c).

 

Person:  Any natural person or Entity.

 

Preemptive
Rights:  The
preferred rights that the shareholders of a sociedad anónima
have, pursuant to Article 25 of the Corporations Law, entitling them to
purchase newly issued shares of such sociedad anónima
in accordance with their pro rata shareholding.

 

Prospectus:  As defined in Section 3.6(a)(i).

 

5

 

Purchase and
Contribution Agreement: The Purchase and Contribution
Agreement, dated as of the date hereof, by and among CCC, VTR and Liberty
Comunicaciones de Chile Uno Ltda., a Chilean sociedad de responsabilidad limitada.

 

Purchaser:  As defined in the preamble.

 

Put Closing:  As defined in Section 3.4.

 

Put Notice:  As defined in Section 3.1.

 

Put Price:  As defined in Section 3.1.

 

Qualified
Appraiser:  Each
of the following international investment banks:  Goldman Sachs & Co.,
J.P. Morgan Chase & Co., Merrill Lynch, and UBS A.G., and any
other international investment banks agreed by CCC and the Purchaser, and if a
third Qualified Appraiser is to be appointed by the ICC Centre for Expertise
pursuant to Section 3.11(c) but none of the foregoing international
investment banks is able to satisfy the requirements of the second sentence of Section 3.11(c),
then any other international investment bank that is able to satisfy the requirements
of such second sentence and is appointed by ICC Centre for Expertise.

 

Qualified IPO:  An initial offering by VTR of its Shares to
the public in Chile (oferta pública inicial de
acciones), either directly or through underwriters or agents, in either
case with prior registration of such Shares with the applicable Chilean
Governmental Authority, with formal secondary trading to be conducted as
provided by Chilean Law on or through a stock exchange or automated quotation
system, and resulting in the distribution to the public of at least 20% of the
issued and outstanding Shares immediately after such distribution.

 

Registration
Default:  As
defined in Section 3.10(a).

 

Registration
Default Cure Date: 
As defined in Section 3.10(a).

 

Registration
Default Interest: 
As defined in Section 3.10(a).

 

Registration
Default Interest Rate: 
A rate per annum equal to LIBOR plus 3%.

 

Registration
Statement:  As
defined in Section 3.6(a)(i).

 

Restricted
Securities:  As
defined in Section 3.10(a).

 

Restriction:
 With respect to any share capital,
partnership interest, membership right or membership interest in a limited
liability company, or other equity interest or security: any voting or other
trust or agreement, option, warrant, preemptive right (other than imposed by
applicable Law), right of first offer, right of first refusal, escrow
arrangement, proxy, buy-sell agreement, power of attorney, or other Contract
(but excluding this Agreement, the Purchase and Contribution Agreement or the
Shareholders Agreement), or any License that, conditionally or unconditionally,
(a) grants to any Person the right to purchase or otherwise acquire, or
obligates any Person to Sell or otherwise dispose of or issue, or otherwise
gives or, whether upon the occurrence of any event or with notice or lapse of
time or both or otherwise, may give any

 

6

 

Person the right to acquire (i) any such share capital,
partnership interest, membership right or membership interest in a limited
liability company, or other equity interest or security; (ii) any proceeds
of, or any distributions paid or that are or may become payable with respect
to, any such share capital, partnership interest, membership right or
membership interest in a limited liability company, or other equity interest or
security; or (iii) any interest in such share capital, partnership
interest, membership right or membership interest in a limited liability
company, or other equity interest or security or any such proceeds or distributions;
(b) restricts or, whether upon the occurrence of any event or with notice
or lapse of time or both or otherwise, is reasonably likely to restrict the
transfer or voting of, or the exercise of any rights or the enjoyment of any
benefits arising by reason of ownership of, any such share capital, partnership
interest, membership right or membership interest in a limited liability
company, or other equity interest or security or any such proceeds or
distributions; or (c) creates or, whether upon the occurrence of any event
or with notice or lapse of time or both or otherwise, is reasonably likely to
create a Lien or purported Lien affecting such share capital, partnership
interest, membership right or membership interest in a limited liability
company, or other equity interest or security, proceeds or distributions.

 

Rules of
Expertise:  The Rules for
Expertise of the International Chamber of Commerce.

 

Sale:  Any sale, assignment, gift, exchange, or
other transfer or disposition of any equity interests, whether direct or
indirect (including by operation of Law through a merger or consolidation, as
well as any repossession, foreclosure or similar action by a creditor).  The terms “Sell” and “Sold”
have meanings correlative to that of Sale.

 

Sale Proceeds:  As defined in Section 3.10(c).

 

Securities Act:  The U.S. Securities Act of 1933.

 

Settlement
Method:  As
defined in Section 3.5(a).

 

Share:  A registered share of VTR.

 

Share Closing
Sale Price:  On
any date of determination, either (a) the closing per share sale price (or
if no closing per share sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and
the average ask prices) of one Share on such date on the principal securities
exchange on which Shares are then trading, or if Shares are not traded on a
securities exchange but are quoted on a quotation system, the last sales price
per Share (or if no last sales price per Share is reported, the average of the
bid and ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) of one Share on such date, as quoted on
such quotation system; or (b) if the preceding clause (a) is not
applicable or none of the information described therein is available, the fair
market value of a Share (i) as agreed by CCC and the Purchaser, or (ii) if
CCC and the Purchaser fail to agree on such fair market value and such failure
to agree continues for 20 Business Days, then as determined pursuant to the Appraisal
Procedure in Section 3.11, for purposes of which (A) the “Appraised
Amount” will be such fair market value, (B) the “Appraisal Trigger
Date” will be the end of such 20-Business-Day period, and (C) the “Appraisal
Assumptions” will be (1) no discount for the fact that such Share
represents only a minority interest in VTR; (2) that all

 

7

 

necessary
consents, waivers, and approvals required to effect such a sale, if any, could
be obtained; and (3) that all Indebtedness owed by VTR or any of its
Subsidiaries to a Shareholder or any of its Affiliates is treated as
Indebtedness owed to a third party that is not a Shareholder.

 

Share
Settlement:  As
defined in Section 3.5(a).

 

Shareholder:  As defined in the Shareholders Agreement.

 

Shareholders
Agreement:  The
Shareholders Agreement, dated as of the date hereof, among United Chile, United
Chile Ventures, CCC, and VTR.

 

Subsidiary:  With respect to any Person:

 

(a)           a
corporation a majority in voting power of whose share capital with voting
power, under ordinary circumstances, to elect directors is at the time,
directly or indirectly, owned by such Person, by a Subsidiary of such Person,
or by such Person and one or more Subsidiaries of such Person,

 

(b)           a
partnership or limited liability company in which such Person or a Subsidiary
of such Person is, at the date of determination, (i) in the case of a
partnership, a general partner of such partnership with the power affirmatively
to direct the policies and management of such partnership or (ii) in the
case of a limited liability company, the managing member or, in the absence of
a managing member, a member with the power affirmatively to direct the policies
and management of such limited liability company, or

 

(c)           any
Entity (other than a corporation, partnership, or limited liability company) in
which such Person, a Subsidiary of such Person, or such Person and one or more Subsidiaries
of such Person, directly or indirectly, at the date of determination thereof,
has (i) the power to elect or direct the election of a majority of the
members of the governing body of such Person or (ii) in the absence of
such a governing body, at least a majority ownership interest.

 

Trading Day:  A day during which trading in securities
generally occurs on the principal securities exchange or quotation system, as
the case may be, on which Shares or Issuer Securities, as the case may be, are
then trading or quoted, other than a day on which a material suspension of or
limitation on trading is imposed that affects either such principal securities
exchange or quotation system in its entirety or only Shares or Issuer
Securities, as the case may be, (by reason of movements in price exceeding
limits permitted by the such principal securities exchange or quotation system
or otherwise) or on which such principal securities exchange or quotation
system cannot clear the transfer of Shares or Issuer Securities, as the case
may be.

 

Transfer:  Any Sale of, pledge of, or any creation,
incurrence, assumption, or grant of a Lien on, or other transfer or disposition
of, any equity interests, whether direct or indirect.

 

UGC:  As defined in the preamble.

 

UGC/LMI Merger
Agreement:  The
Agreement and Plan of Merger, dated as of January 17, 2005, by and among
New Cheetah, Inc., a Delaware corporation, LMI, UGC, Cheetah

 

8

 

Acquisition Corp., a Delaware corporation,
and Tiger Global Acquisition Corp., a Delaware corporation.

 

UGC Process Agent:  As
defined in Section 5.4.

 

United Chile:  United
Chile, Inc., a Colorado, U.S.A. corporation.

 

United Chile
Ventures:  United Chile Ventures Inc., a Cayman Islands
corporation.

 

United Control
Group:  The
United Control Group consists of LMI, UGC, each United Shareholder, and each of
their respective Affiliates, including Liberty Global and its Affiliates after
the consummation of the transactions contemplated by the UGC/LMI Merger
Agreement.

 

United Shareholders:  Each of United Chile, United Chile Ventures,
and each member of the United Control Group that (a) is or becomes the
owner of Shares and (b) is or has become a Party to the Shareholders Agreement.

 

Uno: Liberty Comunicaciones de Chile Uno Ltda., a Chilean sociedad de responsabilidad
limitada.

 

U.S. or U.S.A.:  United States of America.

 

US$ or $:  Dollars.

 

Violation:  As defined in Section 3.8(a).

 

VTR:  As defined in the recitals.

 

ARTICLE II
REPRESENTATIONS
AND WARRANTIES

 

Each Party
hereby represents and warrants with respect to itself to the other Parties as follows:

 

Section 2.1             Organization;
Power and Authority.

 

(a)           Organization.  It is duly organized, validly existing, and
in good standing under the Laws of its jurisdiction of organization.

 

(b)           Power and Authority.  It has all requisite power and authority to
enter into and perform its obligations under this Agreement; and its execution
and delivery of this Agreement and the performance of its obligations hereunder
have been duly authorized by all requisite action.

 

Section 2.2             Validity.  This Agreement has been duly executed and
delivered by it, and, assuming the due execution and delivery by each other
Party, this Agreement constitutes its legal, valid, and binding obligation,
enforceable against it in accordance with its terms, except as such enforceability
may be affected by applicable bankruptcy, reorganization, insolvency,
moratorium, or similar Laws affecting creditors’ rights generally.

 

9

 

Section 2.3             Required
Consents.  It has obtained all
authorizations, permits, approvals, waivers, or consents of, delivered all
notices to, and made all registrations, declarations, applications, or filings with,
any Persons required in connection with its execution and delivery of, and its
performance of its obligations required on the date hereof under, this
Agreement, except as would not, individually or in the aggregate, materially
adversely affect its ability to perform its obligations hereunder.

 

Section 2.4             No
Conflicts.  Its execution and
delivery hereof, and its performance of its obligations hereunder, do not (a) violate
or conflict with any provision of its Governing Documents, (b) violate any
of the terms, conditions, or provisions of any Law or License to which it is
subject or by which it or any of its assets is bound, except that no
representation is made with respect to any Law of any foreign jurisdiction in
which it does not, directly or through a Subsidiary, own assets or engage in
business, or (c) violate, breach, or (with or without the giving of notice
or lapse of time or both) constitute a default (or give rise to any right of
termination, cancellation, acceleration, repurchase, prepayment, repayment, or
increased payments) under, or give rise to or accelerate any material
obligation (including any obligation to, or to offer to, repurchase, prepay,
repay, or make increased payments), or result in the loss or modification of
any material benefit under, or pursuant to, any Contract to which it is a party
or by which it or any of its assets is bound, except in each case as would not,
individually or in the aggregate, materially adversely affect its ability to
perform its obligations hereunder.

 

ARTICLE III
PUT
OPTION

 

Section 3.1             Exercise
Period; Put Price.  Beginning on the first
anniversary of the date hereof and ending on the tenth anniversary of the date
hereof (the “Exercise Period”) and subject to Section 5.4 of the
Shareholders Agreement, CCC may on no more than one occasion (unless
subsequently deemed withdrawn pursuant to Section 5.4(b)(iv) or 5.4(c)(iii) of
the Shareholders Agreement) give a notice (the “Put Notice”) to the
Purchaser stating the intention of all members of the CCC Control Group owning
Equity Interests to sell, assign, and transfer all, but not less than all, of
the Equity Interests then owned by such members of the CCC Control Group (which
must equal, in the aggregate, at least all of the Equity Interests acquired by
CCC on the date hereof) and at CCC’s option up to the then-outstanding principal
amount of, plus accrued but unpaid interest on, the CCC Debt DPPO (any such
amount owed under the CCC Debt DPPO specified in the Put Notice will be
referred to herein as the “Debt Interests”), to the Purchaser for a
purchase price (the “Put Price”) equal to (1) the principal amount
of, plus accrued but unpaid interest on, the CCC Debt DPPO that VTR would be required
to pay if VTR were prepaying the Debt Interests on the date of the Put Closing plus
(2) the greater of (a) US$140,000,000 (the “Floor Price”), and
(b) (i) if the Put Notice is received by the Purchaser before VTR has
completed a Qualified IPO and the Put Closing occurs before the date VTR has
completed a Qualified IPO, an amount equal to the Appraised Put Value
determined in accordance with Section 3.2, or (ii) if VTR has
completed a Qualified IPO on or prior to the date the Purchaser receives the
Put Notice or if the Put Notice is received by the Purchaser before VTR has
completed a Qualified IPO but the Put Closing occurs on or after the date VTR
has completed a Qualified IPO, the Market Value determined in accordance with Section 3.3;
provided, however, that CCC may elect in the Put Notice to have
the Put Price determined solely by reference to the preceding clause (a), in
which case the calculations that would otherwise be required under the

 

10

 

preceding clause (b) will
not be required.  If a Put Notice is
received by the Purchaser and unless CCC has elected in the Put Notice to have
the Put Price determined solely by reference to such clause (a), the Appraised
Put Value or the Market Value, as the case may be, must be determined in
accordance with Section 3.2 or Section 3.3, respectively.

 

Section 3.2             Appraised
Put Value. 
When the Appraised Put Value is to be determined pursuant to Section 3.1,
it will be determined (a) as agreed by CCC and the Purchaser or (b) if
CCC and the Purchaser fail to agree on the Appraised Put Value and such failure
to agree continues for 20 Business Days after the Put Notice is received by the
Purchaser, then as determined pursuant to the Appraisal Procedure in Section 3.11,
for purposes of which (i) the “Appraised Amount” will be the
Appraised Put Value, (ii) the “Appraisal Trigger Date” will be the
end of such 20-Business-Day period after the Put Notice is received by the
Purchaser, and (iii) the “Appraisal Assumptions” will be (A) no
discount for the fact that such Shares represent only a minority interest in
the share capital of VTR; (B) that all necessary consents, waivers, and
approvals required to effect such a sale, if any, could be obtained; (C) none
of the Licenses of VTR and its Subsidiaries (then obtained) would be adversely
affected by such a sale; (D) that there is no public market for the
Shares, unless one actually exists; and (E) all Indebtedness owed by VTR
or any of its Subsidiaries to a Shareholder or any of its Affiliates is treated
as Indebtedness owed to a third party that is not a Shareholder.

 

Section 3.3             Market
Value.  When the Market Value
is to be determined pursuant to Section 3.1, the “Market Value”
will equal (a) if the Put Notice is received
by the Purchaser on or prior to the date that is 90 days after VTR has
completed the Qualified IPO, the product of (i) the price to the public of
one Share offered in the Qualified IPO and (ii) the number of all of the Shares
being sold, assigned, and transferred at the Put Closing by one or more members
of the CCC Control Group in accordance with Section 3.5, or, (b) if
the Put Notice is received by the Purchaser on or after the date that is 91
days after VTR has completed a Qualified IPO, the product of (i) the
Average Closing Price of one Share determined as of the date immediately
preceding the date on which the Put Notice is received by the Purchaser and (ii) the
number of all of the Shares being sold, assigned, and transferred at the Put
Closing by one or more members of the CCC Control Group in accordance with Section 3.5.  If the price to the public of one Share
offered in a Qualified IPO or the Average Closing Price of one Share, as the
case may be, is denominated in
a currency other than Dollars, such price to the public or Average Closing
Price of one Share, as the case may be, will be translated into Dollars on the
basis of the Observado Exchange Rate published, in the case of such price to
the public, for the date the Qualified IPO is completed, and, in the case of
such Average Closing Price of one Share, for the applicable Trading Days.

 

Section 3.4             Put
Closing.  The closing (the “Put
Closing”) of the purchase and sale of Equity Interests and Debt Interests pursuant
to this Agreement will occur at such time and place agreed by CCC and the
Purchaser or, if such time and place have not otherwise been agreed by CCC and
the Purchaser, at the offices of Purchaser’s legal counsel in Santiago, located
at Miraflores 222, 24th Floor, Santiago, Chile or such other place
in Chile as they may then be located at 10 a.m., local time, on the later
of (i) the date that is 45 Business Days
following the date the Put Price has been determined pursuant to Section 3.1
(or if such date is not a Business Day, then on the next succeeding Business
Day), and (ii) the date that is five Business Days after all Chilean regulatory
approvals for such transaction have been obtained and any applicable

 

11

 

waiting period pursuant to Chilean Law has expired; provided, however,
that if any Chilean regulatory approval cannot be obtained due primarily to
actions taken by one or more members of the United Control Group, and the
inability to obtain such regulatory approval prevents the Put Closing, then (1) the
Purchaser (y) will take all necessary or appropriate actions to provide
CCC with the economic benefits CCC would have received if such regulatory
approval had been obtained and the Put Closing had been completed, and (z) upon
the occurrence of the actions described in the preceding clause (y), will
deliver or cause to be delivered to CCC, a customary waiver and release, duly
executed by the Purchaser, and (2) in connection therewith and against CCC’s
receipt of such economic benefits, CCC (y) will take all necessary or
appropriate actions to provide the Purchaser or its designee with all of the
voting and economic interests relating to the Equity Interests and the Debt Interests
that the Purchaser would have received if such regulatory approval had been
obtained and the Put Closing had been completed, and (z) upon the
occurrence of the actions described in the preceding clause (y), will deliver
or cause to be delivered to VTR, letters of resignation, effective as of the
date the CCC Control Group ceases to control such voting and economic
interests, of the CCC Director and his or her alternate director, if any, and
to the Purchaser, a customary waiver and release, duly executed by CCC and each
member of the CCC Control Group that is selling, assigning, or otherwise transferring
such voting and economic interests.

 

Section 3.5             Put
Price Settlement Methods.

 

(a)           At the Put Closing (i) the
Purchaser must pay to CCC the Put Price in one of the following ways (each a “Settlement
Method”) selected by the Purchaser in its sole discretion:  (A) entirely in Dollars (“Cash Settlement”), (B) to
the extent permitted by applicable Law, entirely in a number of equity
securities (“Issuer Securities”) of Liberty Global, LMC, LMI, UGC, or
any of their respective successors and assigns (such Entity, the Issuer Securities
of which are to be delivered hereunder, is referred to as the “Issuer”)
determined in accordance with Section 3.5(c) (“Share Settlement”), or (C) to
the extent permitted by applicable Law, a portion in Dollars in the amount specified in the
Purchaser’s notice given in accordance with Section 3.5(e) (the “Partial
Cash Amount”) and a portion in a number of Issuer Securities determined in
accordance with Section 3.5(d) (“Combined Settlement”), and will deliver or cause to be
delivered to CCC a customary waiver and release, duly executed by the
Purchaser, and (ii) CCC must, or must cause each member of the CCC
Control Group that owns any Equity Interest to, sell, assign, and transfer to
the Purchaser or one or more of its designees all right, title and interest it
owns in all, but not less than all, of the Equity Interests owned by it (which must equal, in the
aggregate, at least all of the Equity Interests acquired by CCC on the date
hereof) and in the Debt
Interests that one or more members of the CCC Control Group have opted to sell,
assign, and transfer to the Purchaser, in each case free and clear of
all Liens and Restrictions,
except (A) as may be or have been created by this Agreement or the
Shareholders Agreement, and (B) Restrictions imposed generally by Law upon
the share capital of Chilean sociedades anónimas
or the holders of such share capital.  In connection with the foregoing, CCC will
deliver or cause to be delivered:

 

(1)           to the Purchaser or its designee, certificates and other
documents and instruments representing all of the Equity Interests then owned by one or more

 

12

 

members of the
CCC Control Group and all of the Debt
Interests that members of the CCC Control Group have opted to sell, assign, and
transfer to the Purchaser;

 

(2)           to
the Purchaser or its designee, a transfer agreement by means of a public deed
in such form as the Purchaser requires, duly executed by each member of the CCC
Control Group that owns any Equity Interest or has opted to sell, assign, and
transfer Debt Interests to the Purchaser, and evidencing, among other matters,
the sale, assignment, and transfer by each such member of the CCC Control
Group, and the acquisition by the Purchaser or one or more of its designees, of
all the Equity Interests owned by one or more members of the CCC Control Group
and all of the Debt Interests that
members of the CCC Control Group have opted to sell, assign, and transfer to
the Purchaser;

 

(3)           to VTR, letters of resignation, effective as of the Put
Closing, of the CCC Director and his or her alternate director, if any;

 

(4)           to
the Purchaser and VTR, a customary waiver and release, duly executed by CCC and
each member of the CCC Control Group that owns Equity Interests or is selling,
assigning, and transferring Debt Interests to the Purchaser or one or more of
its designees; and

 

(5)           such other documents and instruments as the Purchaser may
reasonably request.

 

(b)           If the Purchaser elects Cash Settlement, then at the Put
Closing it must pay to CCC the Put Price determined in accordance with Section 3.1
by wire transfer of
immediately available Dollars to an account that has been designated by CCC at
least two Business Days before the Put Closing.

 

(c)           If the Purchaser elects Share Settlement, then at the Put
Closing it must deliver to CCC, subject to Section 3.5(f), a number of Issuer
Securities equal to the Put Price determined in accordance with Section 3.1
divided by the Average Closing Price of one Issuer Security determined
as of the date two Trading Days before the date of the Put Closing.

 

(d)           If the Purchaser elects Combined Settlement, then it must (i) pay
to CCC the Partial Cash Amount determined in accordance with Section 3.5(a) by
wire transfer of

 

13

 

immediately available Dollars to an account that
has been designated by CCC at least two Business Days before the Put Closing
and, (ii) deliver to CCC, subject to Section 3.5(f), a number of Issuer
Securities equal to (A) the Put Price as determined in accordance with Section 3.1
minus the Partial Cash Amount (the “Partial Equity Amount”), divided
by (B) the Average Closing Price of one Issuer Security determined as
of the date two Trading Days before the date of the Put Closing.

 

(e)           If the Purchaser elects to pay the Put Price by Share
Settlement or Combined Settlement, then the Purchaser must notify CCC of such
election on or before the date that is five Business Days after the Put Price has
been determined in accordance with Section 3.1.  The Purchaser in its sole discretion by
written notice to CCC at any time on or before the Put Closing may withdraw its
election to pay the Put Price by Share Settlement or Combined Settlement, in
which event the Purchaser will pay the Put Price by Cash Settlement.  Cash Settlement will apply automatically if
the Purchaser does not notify CCC of another Settlement Method in accordance
with this Section 3.5(e).

 

(f)            The Purchaser will not make any
payment or other adjustment for dividends on any Issuer Securities delivered to
CCC in connection with Share Settlement or Combined Settlement.  No fractional share interests in Issuer Securities
will be delivered in payment of all or part of the Put Price.  To the extent CCC would otherwise be entitled
to a fractional share interest, the Purchaser will pay Dollars in lieu of such
fractional share interest, in an amount equal to the product (rounded to the
nearest whole cent, with one-half cent being rounded upward) of (i) the Average
Closing Price of one Issuer Security determined as of the date two Trading Days
before the date of the Put Closing multiplied by (ii) such fractional
share interest.

 

(g)           The Purchaser or the applicable Issuer must sell, assign,
and transfer to CCC the Issuer Securities to be delivered to CCC under this
Agreement free and clear of all Liens and Restrictions, except (i) as may
be or have been created by this Agreement, (ii) Restrictions imposed by
the Governing Documents of the Issuer generally on all shares of the Issuer
that are of the same class or type as the Issuer Securities, (iii) Restrictions
imposed generally by Law upon equity interests similar to the Issuer Securities
or the holders of such equity interests, and (iv) each stock certificate
representing Issuer Securities delivered to CCC in connection with Share
Settlement or Combined Settlement that are deemed to be Restricted Securities
in accordance with Section 3.10(a) must bear a restrictive legend in
such form as either the Purchaser or the Issuer deems necessary in its sole
discretion to comply with applicable securities Laws.  In connection with the foregoing, the
Purchaser will deliver or cause to be delivered to CCC or its designee,
certificates and other documents and instruments representing all of such
Issuer Securities to be delivered to CCC or its designee pursuant hereto.  CCC must not Transfer any of such Issuer
Securities that are Restricted Securities, except to the Purchaser or the
Issuer or pursuant to an effective registration statement.

 

14

 

Section 3.6             Registration
Statement; Listing.

 

(a)           Purchaser’s
Obligations.  If the Purchaser elects to pay the Put Price
by Share Settlement or Combined Settlement and such election has not been
withdrawn in accordance with Section 3.5(e), the Purchaser must, or must
cause the Issuer to:

 

(i)            prepare and file with the U.S. Securities and
Exchange Commission (the “Commission”) a registration statement (the “Registration
Statement”) relating to the resale by CCC of the Issuer Securities delivered
to CCC in accordance with the methods of distribution set forth in the
Registration Statement and Rule 415 under the Securities Act (or any
successor rule thereto) and use its commercially reasonable best efforts
to cause the Registration Statement to be declared effective on or prior to the
time of the Put Closing (but, in any event, not later than the date that is 90
days after the Put Closing) and keep the Registration Statement continuously
effective in order to permit the prospectus included therein (the “Prospectus”)
to be lawfully delivered by CCC, for a period of one year from the later of the
date the Registration Statement is declared effective by the Commission and the
date of the Put Closing, or such shorter period that will terminate when all
the Issuer Securities covered by the Registration Statement have been sold
pursuant thereto (the “Effectiveness Period”);

 

(ii)           use its commercially reasonable best efforts to cause the Registration
Statement and the Prospectus and any amendment or supplement thereto, as of the
effective date of the Registration Statement, amendment, or supplement, (A) to
comply with the applicable requirements of the Securities Act and the rules and
regulations of the Commission and (B) not to contain any untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading;

 

(iii)          furnish to CCC such copies of the Prospectus (and any amendment or supplement
to the Prospectus), including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as CCC may reasonably request
to facilitate the disposition of all Issuer Securities covered by the
Registration Statement;

 

(iv)          list the Issuer Securities being registered on the principal securities
exchange or quotation system, as the case may be, on which the class of equity securities of
which the Issuer Securities belongs trades;

 

15

 

(v)           promptly notify CCC of any stop order issued or threatened in writing
to be issued by the Commission in connection therewith and take all reasonable
actions required to prevent the entry of such stop order or to remove it if
entered;

 

(vi)          in accordance with the Securities Act and the rules and
regulations of the Commission, prepare and file with the Commission such
amendments to the Registration Statement and supplements to the Prospectus as
may be necessary to keep the Registration Statement effective for the
Effectiveness Period and the Registration Statement and the Prospectus accurate
and complete for the Effectiveness Period;

 

(vii)         use its commercially reasonable efforts to register or qualify the
Issuer Securities covered by the Registration Statement and to maintain such
registration or qualification under such U.S. state securities or blue sky laws
as CCC reasonably requests and do any and all other reasonable acts and things
necessary to enable CCC to consummate the disposition of the Issuer Securities
in such jurisdiction, except that the Issuer will not for any purpose be
required (A) to execute a general consent to service of process in any
jurisdiction where it is not then subject to service of process, (B) to
qualify to do business as a foreign corporation in any jurisdiction where it is
not then so qualified, (C) to subject itself to taxation in any
jurisdiction where it is not then so subject, or (D) to conform its
capitalization or the composition of its assets to the securities or “blue sky”
laws of any jurisdiction;

 

(viii)        notify CCC, (A) of the initial filing of the Registration
Statement with the Commission and (B) promptly after it receives notice
thereof, of the date and time when the Registration Statement and each
post-effective amendment thereto has become effective;

 

(ix)           notify CCC promptly of any request by the Commission for the amending or
supplementing of the Registration Statement or the Prospectus or for additional
information;

 

(x)            notify CCC, at any time when the Prospectus
is required to be delivered under the Securities Act, of any event which would
cause the Prospectus to include an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, and promptly prepare and file with the
Commission, and promptly notify CCC of the filing of, such amendments or
supplements to the Registration Statement or the Prospectus as may be necessary
to correct any such statements or omissions;

 

16

 

(xi)           permit a single firm of New York counsel designated by CCC (which
initially will be Chadbourne & Parke LLP) a reasonable period of time
prior to the filing of the Registration Statement with the Commission to review
the Registration Statement, and a single firm of Chilean counsel designated by
CCC to review the portions of the Registration Statement containing factual
information about CCC or information about Chilean Law applicable to CCC, and will reasonably consider and take into
account all reasonable comments from such counsel with respect thereto;

 

(xii)          furnish promptly to CCC copies of all written communications between the
Issuer (including its counsel) and the Commission with respect to the
Registration Statement not otherwise set forth above;

 

(xiii)         otherwise use commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to
CCC, as soon as reasonably practicable, an earning statement that satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; and

 

(xiv)        if the Registration Statement ceases to be effective, promptly prepare
and file a new registration statement covering the Issuer Securities previously
covered the Registration Statement and use its commercially reasonable efforts
to have such new registration statement declared effective as soon as possible
and otherwise comply, as to such new registration statement, with the
obligations hereunder as if such new registration statement is the Registration
Statement.

 

(b)           CCC’s
Obligations.  If the Purchaser elects to pay the Put Price by
Share Settlement or Combined Settlement and such election has not been
withdrawn in accordance with Section 3.5(e), CCC must deliver a written
notice to the Purchaser or the Issuer containing any information required under
the Securities Act or the regulations promulgated by the Commission and requested
by the Purchaser or any applicable underwriter with respect to CCC and necessary
to enable the Registration Statement or any amendment or supplement thereto to
include the information required regarding CCC and the intended distribution of
the Issuer Securities (a “Notice and Questionnaire”) at least 30
Business Days prior to the date of the Put Closing.  CCC will not have any right to obtain or seek
an injunction restraining or otherwise delaying any registration by the Issuer
as the result of any controversy that might arise with respect to the
interpretation or implementation of this Agreement.

 

(c)           Permitted
Interruption.  Notwithstanding any
provision of this Agreement, the Issuer will not be required to prepare or file
a Registration Statement pursuant to Section 3.6(a) or any amendment
or supplement thereto pursuant to such section, and the Issuer will be free to
take or omit to take any other action that would result in any such

 

17

 

filing, supplement, or amendment not
being prepared or filed, if such filing, supplement, or amendment (and any
required disclosure therein), in the good faith and reasonable judgment of the Issuer,
would be adverse to the Issuer and its shareholders because such filing, supplement,
or amendment would require the disclosure of material non-public information
concerning the Issuer or any possible acquisition, corporate reorganization, or
other material business transaction involving the Issuer or any of its Affiliates,
so long as the Issuer, as promptly as practicable after such information has
been publicly disclosed or no longer constitutes material non-public
information, makes such filing, supplement, or amendment and so long as the Issuer,
as promptly as practicable thereafter, complies with the requirements of this
Agreement, if applicable (any period described in this Section 3.6(c) during
which the Issuer is not required to make such filing, supplement, or amendment is
herein referred to as a “Permitted Interruption”).  If a Permitted Interruption affects any
registration under this Agreement, the Issuer must notify CCC promptly after each
of the commencement and termination of each Permitted Interruption.  During any Permitted Interruption CCC may not
Transfer any Issuer Securities pursuant to any effective Registration Statement
filed pursuant to this Section 3.6. 
The Issuer will not be required in the notice of a Permitted
Interruption to disclose the cause for such Permitted Interruption and CCC must
not disclose receipt of a notice of Permitted Interruption to any Person other
than counsel and any underwriter or other Person participating in the
distribution process.

 

Section 3.7             Registration
Expenses.  In connection with any
registration with the Commission pursuant to this Agreement, the Purchaser must
pay all its and the Issuer’s expenses of the registration.  The expenses to be paid by the Purchaser also
will include all underwriting discounts and sales commissions, if any;
registration, filing, and qualification fees; printing and accounting fees; and
the fees and disbursements of a single firm of counsel for the Issuer, for the
sole purpose of reviewing the Registration Statement.  The Purchaser must pay or reimburse CCC for all
of its direct expenses of the sale, including the reasonable fees and
disbursements of a single firm of New York counsel for CCC to review the
Registration Statement, and a single firm of Chilean counsel for CCC to review
the portions of the Registration Statement containing factual information about
CCC or information about Chilean Law applicable to CCC.

 

Section 3.8             Indemnification.  If the Purchaser elects to pay the Put Price
by Share Settlement or Combined Settlement and such election has not been
withdrawn in accordance with Section 3.5(e):

 

(a)           To the extent permitted by Law,
the Purchaser must indemnify and hold harmless CCC, any underwriter (as defined
in the Securities Act) for CCC, and their respective officers, directors,
agents, and employees, and each Person, if any, who controls any of the
foregoing within the meaning of the Securities Act or the Exchange Act against
any actual expenses (including reasonable legal fees and costs), losses,
claims, damages (including settlement amounts), or liabilities (joint or
several) (collectively, “Damages”) to which they may become subject
under the Securities Act, the Exchange Act, or other U. S. federal or state Law,
insofar as such Damages arise out of or are based upon any of the following
statements, omissions, or violations by the Issuer (any of the following, a “Violation”):  (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or
any amendment

 

18

 

thereto, or the omission or alleged
omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (ii) any untrue statement or
alleged untrue statement of a material fact contained in any preliminary
prospectus or final prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or (iii) any
violation or alleged violation of the Securities Act, the Exchange Act, any
securities Law of any U.S. state, or any rule or regulation promulgated
under the Securities Act, the Exchange Act, or any securities Law of any U.S.
state that is ultimately attributable to any act or omission of the Issuer.  The Purchaser must reimburse (as incurred)
each of CCC, such underwriter and controlling Person for any Damages reasonably
incurred by them in connection with investigating or defending any Violations; provided,
however, that (1) the indemnity agreement contained in this Section 3.8(a) will
not apply to amounts paid in settlement of any claims for Violations if such
settlement is made without the consent of the Issuer, which consent will not
be unreasonably withheld, and (2) the Purchaser will have no obligation to
indemnify any Person for any Damages to the extent the same arise out of, or
are based upon: (A) a Violation that results from written information
furnished expressly for use in connection with such registration by, or on
behalf of, any of CCC, such underwriter, or such controlling Person; (B) a
Violation that results from any
actual or alleged untrue statement of a material fact or any actual or alleged
omission of a material fact required to be stated in any preliminary prospectus
if any
of CCC, such underwriter, or such controlling Person sells Issuer Securities to a
Person to whom there was not sent or given, at or prior to the written
confirmation of such sale, a copy of the final prospectus or of the final
prospectus as then amended or supplemented, whichever is most recent, if the
Purchaser had previously furnished copies thereof to any of
CCC, such underwriter, or such controlling Person, and such final prospectus, as then amended or
supplemented, corrected any such misstatement or omission; (C) the use of
any prospectus by or on behalf of any of CCC, such underwriter, or
such controlling Person
more than 24 hours after the Purchaser has notified CCC that such prospectus contains
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; (D) the
use of any prospectus by or on behalf of any of CCC, such underwriter, or
such controlling Person
after such time as the Effectiveness Period has expired; or (E) any
violation or alleged violation of the Securities Act, the Exchange Act, any
securities Law of any U.S. state, or any rule or regulation promulgated
under the Securities Act, the Exchange Act, or any securities Law of any U.S.
state that is ultimately attributable to any act or omission of any of CCC,
such underwriter, or such controlling Person.

 

(b)           To the extent permitted by Law,
CCC must indemnify and hold harmless the Purchaser, the Issuer, and their
respective officers, directors, agents, and employees, each underwriter, and
each Person, if any, who controls any of the foregoing within the meaning of
the Securities Act or the Exchange Act, against any Damages to which the
Purchaser, the Issuer, or such officer, director, agent, employee, or
underwriter, or controlling Person may become subject under the Securities Act,
the Exchange Act or

 

19

 

other U.S. federal or state Law,
insofar as such Damages arise out of, or are based upon: (i) any Violation
that occurs in reliance upon, and in conformity with, written information
furnished by, or on behalf of, CCC expressly for use in connection with such
registration; (ii) the use of any prospectus by or on behalf of any of
CCC, any underwriter for CCC, or any Person who controls any of the foregoing
within the meaning of the Securities Act or the Exchange Act (A) more than
24 hours after the Purchaser has notified CCC that such prospectus contains an
untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading or (B) after such time as the
Effectiveness Period has expired; (iii) the failure to send or
deliver to a Person to whom any of CCC, such underwriter, or such controlling
Person sells
or transfers Issuer Securities, at or prior to the written confirmation of sale
or transfer, a copy of the final prospectus or of the final prospectus as then
amended or supplemented, whichever is most recent, if the Purchaser had
previously furnished copies thereof to any of CCC, such underwriter, or such
controlling Person; or (iv) any violation or alleged violation of the
Securities Act, the Exchange Act, any securities Law of any U.S. state, or any rule or
regulation promulgated under the Securities Act, the Exchange Act, or any
securities Law of any U.S. state that is ultimately attributable to any act or
omission of any of CCC, such underwriter, or such controlling Person; and CCC
must reimburse (as incurred) any Damages reasonably incurred by the Purchaser,
the Issuer, or their respective officers, directors, agents, employees, or underwriters,
or controlling Persons in connection with investigating or defending any
Violations; provided, however, that (1) the indemnity
agreement contained in this Section 3.8(b) will not apply to amounts
paid in settlement of any claims for Violations if such settlement is made
without the consent of CCC, which consent will not be unreasonably withheld, (2) CCC
will have no obligation to indemnify any Person for any Damages to the extent
the same arise out of, or are based upon any violation or alleged violation of
the Securities Act, the Exchange Act, any securities Law of any U.S. state, or
any rule or regulation promulgated under the Securities Act, the Exchange
Act, or any securities Law of any U.S. state that is ultimately attributable to
any act or omission of the Issuer, and (3) CCC will have no obligation to
indemnify any Person for any amount in excess (individually or in the aggregate
with all other amounts indemnified or contributed by CCC hereunder) of the net
proceeds (after deducting all expenses paid or incurred by CCC in connection
with any sale of Issuer Securities and not paid or reimbursed by the Purchaser pursuant to Section 3.7)
actually received by CCC from the sale of Issuer Securities pursuant to the
Registration Statement.

 

(c)           Promptly after receipt of notice
of the commencement of any action (including any action by any Governmental
Authority), an indemnified party will, if a claim is to be made against any
indemnifying party under this Section 3.8, deliver to the indemnifying
party a written notice of the commencement, and the indemnifying party will have
the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly notified, to
assume the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party will have the right to retain its own
counsel, with the reasonable fees and expenses to be paid by the indemnifying
party if such indemnified party has been advised by counsel that representation
of such indemnified party by the counsel retained by the indemnifying party
would be inappropriate due to actual or potential differing

 

20

 

interests
between such indemnified party and any other party represented by such counsel
in the proceeding.  The failure to
deliver written notice to the indemnifying party within a reasonable period of
time after notice of the commencement of any such action will
relieve such indemnifying party of any liability to the indemnified party under
this Section 3.8 only to the extent such failure is prejudicial to the
ability of the indemnifying party to defend such action, but the omission to
deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 3.8.

 

(d)           If the indemnification provided
for in this Section 3.8 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any Damages, then the
indemnifying party, in lieu of indemnifying such indemnified party, will
contribute to the amount paid or payable by such indemnified party as a result
of such Damages in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on
the other in connection with the Violations that resulted in such Damages.  The relative fault of the indemnifying party and
of the indemnified party will be
determined by reference to, among other things, whether the Violation resulting
in such Damages relates to information supplied by the indemnifying party or by
the indemnified party and the parties’ relative intent, knowledge, access to
information, and opportunity to correct or prevent such Violation.  Notwithstanding the foregoing, CCC will have
no obligation to make contribution for any amount in excess (individually or in
the aggregate with all other amounts indemnified or contributed by CCC
hereunder) of the net proceeds (after deducting all expenses paid or incurred
by CCC in connection with any sale of Issuer Securities and not paid or reimbursed by the
Purchaser pursuant to Section 3.7) actually received by CCC from
the sale of Issuer Securities pursuant to the Registration Statement.

 

(e)           Notwithstanding the foregoing,
to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten
public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement will
control; provided, however, that CCC will have no obligation to
make indemnification or contribution payments to any Person for any amount in
excess (individually or in the aggregate with all other amounts indemnified or
contributed by CCC hereunder) of the net proceeds (after deducting all expenses
paid or incurred by CCC in connection with any sale of Issuer Securities and
not paid or
reimbursed by the Purchaser pursuant to Section 3.7)
actually received by CCC from the sale of Issuer Securities pursuant to the
Registration Statement.  The obligations
of the Issuer and CCC under this Section 3.8 will
survive the completion of any resale of Issuer Securities and the termination
of this Agreement pursuant to Article IV.

 

Section 3.9             Underwritten
Registrations.  Without the
Purchaser’s prior written consent, CCC will have no right to distribute the Issuer
Securities by means of a public underwritten offering.  The Purchaser may elect and withdraw its
election in its sole discretion to require CCC to distribute the Issuer Securities
by means of a public underwritten offering. 
If the Purchaser so elects (and has not withdrawn such election), CCC
must distribute the Issuer

 

21

 

Securities by means of a public underwritten offering, the underwriter
or underwriters for which will be selected by the Purchaser.  If the Issuer Securities are to be
distributed through such underwriting, CCC must (a) sell the Issuer Securities
on the basis reasonably provided in any underwriting arrangements approved by
the Purchaser or the Issuer and (b) complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements
(and the Purchaser must pay all CCC’s expenses in connection therewith,
including the reasonable fees and disbursements of a single firm of New York
counsel for CCC to review the Registration Statement, and a single firm of
Chilean counsel for CCC to review the portions of the Registration Statement
containing factual information about CCC or information about Chilean Law
applicable to CCC).

 

Section 3.10           Registration
Default; Make Whole Provisions.

 

(a)           If the Purchaser elects to pay the Put Price by
Share Settlement or Combined Settlement and such election has not been
withdrawn in accordance with Section 3.5(e) and if the
Registration Statement has not been declared effective by the Commission by the
time of the Put Closing (a “Registration Default”), the Purchaser must,
or must cause the Issuer to, deliver to CCC the Issuer Securities that are to be delivered pursuant to
such Share Settlement or Combined Settlement, as the case may be, which
Issuer Securities will be
deemed “Restricted Securities,” and interest (“Registration Default
Interest”) will accrue on the Put Price, if Share Settlement was elected,
or on the Partial Equity Amount, if Combined Settlement was elected, at a rate
per annum equal to the Registration Default Interest Rate from and including
the date of the Put Closing to, but excluding, the earlier of (i) the date
on which the Registration Statement is declared effective by the Commission, and
(ii) the date the Purchaser repurchases, or causes the Issuer to
repurchase, such Issuer Securities in accordance with Section 3.10(b) or
Section 3.10(d) (the “Registration Default Cure Date”).  Notwithstanding anything to the contrary
herein, Registration Default Interest will not accrue if CCC has not delivered to
the Purchaser or the Issuer the Notice and Questionnaire in accordance with Section 3.6(b) and
that is the basis of a Registration Default. 
The amount of Registration Default Interest payable to CCC on any day
will be determined by multiplying the Registration Default Interest Rate by the
Put Price, if Share Settlement was elected, or by the Partial Equity Amount, if
Combined Settlement was elected, further multiplied by a fraction, the
numerator of which is the number of days elapsed from and including the date of
the Put Closing to, but excluding, the Registration Default Cure Date, and the
denominator of which is 365. 
Registration Default Interest, if any, to be paid to CCC pursuant to
this Section 3.10(a) must be paid by the Purchaser to CCC on or prior
to the date five Business Days after the Registration Default Cure Date by wire
transfer of immediately available Dollars to an account designated in writing
by CCC to the Purchaser at least two Business Days prior to such date on which
payment is to be made.

 

(b)           Whether as a result of a
Permitted Interruption or otherwise, if the Registration Statement has not been
declared effective by the Commission on or prior to the date that is 90 days
after the Put Closing, then on the date that is 91 days after the Put Closing
(or if such date is not a Business Day, then on the next succeeding Business
Day)

 

22

 

the Purchaser must, or must cause the
Issuer to, repurchase, and CCC must sell, assign, and transfer to Purchaser or
the Issuer, as the case may be, all of the Issuer Securities delivered to CCC
at the Put Closing, free and clear of all Liens and Restrictions other than any
Liens or Restrictions to which the Issuer Securities were subject immediately
before they were delivered to CCC by the Purchaser, for a purchase price equal
to (i) the Put Price, if Share Settlement was elected, or the Partial
Equity Amount, if Combined Settlement was elected, plus (ii) the interest
thereon at a rate per annum equal to the Registration Default Interest Rate
from and including the date of the Put Closing to, but excluding, the date on
which the Purchaser or the Issuer, as the case may be, pays CCC pursuant to
this Section 3.10(b).  The amount of
Registration Default Interest payable to CCC on any day will be determined by
multiplying the Registration Default Interest Rate by the Put Price, if Share
Settlement was elected, or by the Partial Equity Amount, if Combined Settlement
was elected, further multiplied by a fraction, the numerator of which is
the number of days elapsed from and including the date of the Put Closing
to, but excluding, the Registration Default Cure Date, and the denominator of
which is 365.  The Put Price, if Share
Settlement was elected, or the Partial Equity Amount, if Combined Settlement
was elected, and the Registration Default Interest to be paid to CCC pursuant
to this Section 3.10(b) must be paid by the Purchaser to CCC on the
date that is 91 days after the Put Closing (or if such date is not a Business
Day, then on the next succeeding Business Day) by wire transfer of immediately
available Dollars to an account designated in writing by CCC to the Purchaser
at least two Business Days prior to such date, against delivery by CCC to the
Purchaser of the applicable Issuer Securities.

 

(c)           If the Registration Statement
has been declared effective by the Commission on or prior to the date that is
90 days after the Put Closing, then if the amount (the “Sale Proceeds”)
equal to (i) the aggregate sale proceeds of the Issuer Securities sold by
CCC to unaffiliated third parties in public market transactions on or prior to
the date 15 days after the later of the date of the Put Closing and the date
the Registration Statement is declared effective by the Commission, minus
(ii) underwriting discounts and sales commissions, brokerage commissions,
stamp and other stock transfer tax, if any, paid by CCC and other direct
expenses of sale (including the reasonable fees and disbursements of a single firm of New York
counsel for CCC for the sole purpose of reviewing the Registration Statement,
and a single firm of Chilean counsel for CCC for the sole purpose of reviewing
the portions of the Registration Statement containing factual information about
CCC or information about Chilean Law applicable to CCC), is
less than an amount (the “Percentage Amount”) equal to the product of (A) the
fraction, the numerator of which is the number of Issuer Securities sold by CCC
within such 15-day period and the denominator of which is the number of Issuer
Securities delivered to CCC at the Put Closing, multiplied by (B) the
Put Price, if Share Settlement was elected, or the Partial Equity Amount, if
Combined Settlement was elected, plus the interest accrued thereon at a
rate per annum equal to the Registration Default Interest Rate from and
including the date of the Put Closing to, but excluding, the date on which the
Purchaser pays CCC or CCC pays the Purchaser, as the case may be, pursuant to this
Section 3.10(c), the Purchaser will, or will cause the Issuer to, pay to
CCC in Dollars an amount equal to the Percentage Amount minus the
Sale Proceeds.  To the extent the Sale
Proceeds are more than the Percentage Amount, CCC will pay to the Purchaser in
Dollars an amount equal to the Sale Proceeds minus the Percentage
Amount.  CCC will give

 

23

 

written notice to the Purchaser of any
deficiency or excess described in the two preceding sentences promptly after
any sale of Issuer Securities in which such deficiency or excess occurs, which
notice must include evidence reasonably satisfactory to Purchaser regarding the
amount of the Sale Proceeds and the manner in which such deficiency or excess
was calculated, and the payment of the deficiency by the Purchaser or the
payment of the excess by CCC, as the case may be, will be made on or prior to
the date that is two Business Days after such notice is received by the
Purchaser.

 

(d)           If the Registration Statement
has been declared effective by the Commission on or prior to the date that is
90 days after the Put Closing, and if for any reason CCC is not able to sell
all of the Issuer Securities delivered to it at the Put Closing on or prior to
the date that is 15 days after the later of (i) the date of the Put
Closing and (ii) the date the Registration Statement is declared effective
by the Commission, and, if CCC so elects by written notice given to the
Purchaser within two Business Days after the end of such 15-day period, then on
the date that is two Business Days after the delivery of such notice to the
Purchaser the Purchaser must, or must cause the Issuer to, repurchase the
unsold Issuer Securities for a purchase price equal to (A)(1) the Put
Price, if Share Settlement was elected, or the Partial Equity Amount, if
Combined Settlement was elected, plus the interest accrued thereon at a
rate per annum equal to the Registration Default Interest Rate from and
including the date of the Put Closing to, but excluding, the date on which the
Purchaser or the Issuer, as the case may be, pays CCC pursuant to this Section 3.10(d),
divided by (2) the number of Issuer Securities that were not sold
during such 15-day period, multiplied by (B) the number of Issuer
Securities CCC is selling to the Purchaser or the Issuer, as the case may be,
pursuant to this Section 3.10(d).  The
amounts payable determined in accordance with the preceding sentence must be
paid by the Purchaser to CCC on the date that is two Business Days after the
delivery of the written notice given by CCC to the Purchaser in accordance with
the first sentence of this Section 3.10(d) by wire transfer of
immediately available Dollars to an account designated in writing by CCC to the
Purchaser at least two Business Days prior to such date, against delivery by
CCC to the Purchaser of the applicable Issuer Securities, free and clear of all
Liens and Restrictions other than any Liens or Restrictions to which the Issuer
Securities were subject immediately before they were delivered to CCC by the
Purchaser.

 

(e)           The provisions of this Section 3.10
will be
effective only if the Purchaser elects
Share Settlement or Combined Settlement and such election has not been
withdrawn in accordance with Section 3.5(e) and such provisions will
be CCC’s exclusive remedy in such event.

 

Section 3.11           Appraisal
Procedure.  If an Appraised
Amount is to be determined pursuant to the Appraisal Procedure in this Section 3.11,
it will be done as follows:

 

(a)           Each of CCC and the Purchaser will, within 10 Business Days
after the applicable Appraisal Trigger Date, appoint a Qualified Appraiser who
will be required as part of its appointment to determine, using one or more
valuation methodologies customarily used in the evaluation and appraisal of cable
television systems and internet and data transmission assets, and assuming any
applicable Appraisal Assumptions, the

 

24

 

applicable Appraised Amount and deliver
its written independent appraisal thereof to CCC and the Purchaser within 30
days after its appointment.  If either
CCC or the Purchaser fail to appoint a Qualified Appraiser within the period
provided above, the one Qualified Appraiser appointed will proceed to make the
appraisal alone and its appraisal will be the applicable Appraised Amount,
which will be final and binding upon CCC and the Purchaser.

 

(b)           If the higher of the two appraisals is less than 110% of the
lower appraisal, the applicable Appraised Amount will be the average of the two
appraisals.  If the higher appraisal is
more than 110% of the lower appraisal, a third Qualified Appraiser, who will be
required as part of its appointment to determine, using one or more valuation
methodologies customarily used in the evaluation and appraisal of cable
television systems and internet and data transmission assets, and assuming any
applicable Appraisal Assumptions, the applicable Appraised Amount within 30
days after its selection and deliver its written independent appraisal thereof
to CCC and the Purchaser, must be selected by the two initial Qualified
Appraisers within five Business Days after both initial appraisals have been
completed and delivered to CCC and the Purchaser.  The applicable Appraised Amount will be the
average of the third appraisal and the one of the first two appraisals that is
closest in amount to the third appraisal.

 

(c)           If a third Qualified Appraiser is necessary and if within
five Business Days after both initial appraisals have been completed and
delivered, the respective Qualified Appraisers appointed by CCC and the
Purchaser are unable to agree upon the appointment of a third Qualified
Appraiser, they must give CCC and the Purchaser written notice of such failure
to agree, and if within 10 Business Days after receipt of such notice CCC and
the Purchaser fail to agree upon the selection of a third Qualified Appraiser,
then either CCC or the Purchaser may submit the dispute to administered
expertise proceedings in accordance with the Rules for Expertise and make
a Request for Appointment to the ICC Centre for Expertise for the appointment
of an Expert under the Rules of Expertise, who will serve as the third
Qualified Appraiser.  Such Expert will be
another
international investment bank that is experienced in the evaluation and
appraisal of cable television systems and internet and data transmission
assets, and will otherwise have the requisite
skills and expertise to resolve the issues referred for resolution, will be
fully independent from the Parties, and may not have any relationship or
affiliation with any Party, including, without limitation, as an employee,
consultant or contractor.  Such Expert
will be required as part of its appointment to determine, using one or more valuation
methodologies customarily used in the evaluation and appraisal of cable
television systems and internet and data transmission assets,
the Appraised Amount and deliver its written independent appraisal thereof to
CCC and the Purchaser within 30 days after its appointment.  The making of a Request for Appointment to
the ICC Centre for Expertise for the appointment of an Expert under the Rules of
Expertise by either CCC or the Purchaser will be sufficient prima facie evidence of the failures of both the two initial
Qualified Appraisers and CCC and the Purchaser to agree upon the selection of a
third Qualified Appraiser.

 

(d)           In the event of the inability or unwillingness of any
Qualified Appraiser to act, a new Qualified Appraiser must be appointed in its
place within 14 days, such

 

25

 

appointment being made in the same manner
as provided above for the appointment of the Qualified Appraiser who is being
replaced.

 

(e)           The expense of the Qualified Appraiser appointed by CCC will
be borne by CCC.  The expense of the
Qualified Appraiser appointed by the Purchaser will be borne by the
Purchaser.  The expense of a third
Qualified Appraiser, if any, including any Expert, the expense of the arbitral
tribunal, if required for the appoint of such Qualified Appraiser, and other
expenses of the appraisals conducted in accordance with this definition will be
borne half by CCC and half by the Purchaser.

 

(f)            In connection with any
appraisals performed pursuant to and in accordance with this Agreement, all of
the applicable appraisers will be subject to a duty of confidentiality, and all
of the Parties will cooperate with all applicable appraisers and will provide
such appraisers with all necessary and appropriate information reasonably requested
by such appraisers in connection with such appraisals.

 

ARTICLE IV
TERM AND
TERMINATION

 

Section 4.1             Term.  The term
of this Agreement will commence upon the date this Agreement is executed and
delivered by all of the Parties.

 

Section 4.2             Termination.  Except as provided in Section 4.3, this
Agreement will terminate automatically upon the first to occur of the following
events:  (a) upon the mutual
agreement of the Parties, and (b) upon the CCC Control Group owning, in
the aggregate, any less than all of the Equity Interests acquired by CCC on the
date hereof.

 

Section 4.3             Survival.  The provisions of Article I (“Definitions”),
Article II (“Representations and Warranties”), and Article V (“Miscellaneous”),
Section 3.8 (“Indemnification”), and this Section 4.3 will survive the
termination of this Agreement to the full extent necessary for their
enforcement and the protection of the Party in whose favor they run, and each
Party will remain liable for any breach of this Agreement by such Party prior
to such termination.  No termination of
this Agreement with respect to both Parties or either Party will affect any
obligation or liability of either Party arising before or as a result of
circumstances in existence before such termination.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1             Entire
Agreement.  This Agreement
contains, and is intended as, a complete statement of all of the terms of the
agreements between the Parties with respect to the matters provided for herein,
and supersedes and discharges any previous agreements and understandings
between the Parties with respect to those matters.

 

Section 5.2             GOVERNING
LAW.  THIS AGREEMENT WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, U.S.A.,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW (OTHER

 

26

 

THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH WILL APPLY TO THIS AGREEMENT).

 

Section 5.3             Further
Assurances; Compliance with Laws. 
CCC must cause each member of the CCC Control Group to take such actions
as may be required pursuant to the terms of this Agreement.  Each Party must furnish upon request to the
other Party such further information, execute and deliver to such other Party
such other documents, and do such other acts and things, all as such other
Party may reasonably request for the purpose of carrying out the intent and
accomplishing the purposes of this Agreement. 
In the performance of its respective obligations under this Agreement, each
Party must comply with all applicable Laws, including, if and to the extent
applicable, the Securities Act, the Exchange Act and all other U.S. securities
Laws.

 

Section 5.4             DISPUTE
RESOLUTION; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.  ANY CONTROVERSY, CLAIM, OR DISPUTE BETWEEN
THE PARTIES THAT ARISES OUT OF OR RELATES TO THIS AGREEMENT, INCLUDING ANY
CLAIM OR CONTROVERSY RELATING TO THE INTERPRETATION, BREACH, TERMINATION, OR
INVALIDITY OF ANY PROVISION HEREOF, MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE
STATE OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT EACH PARTY
ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, THE JURISDICTION OF
THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.  EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY
WAIVES ANY CLAIM OR DEFENSE IN ANY SUCH ACTION OR PROCEEDING BASED ON ANY
ALLEGED LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
OR ANY SIMILAR BASIS.  EACH PARTY FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF ANY COMPLAINT, SUMMONS, NOTICE OR OTHER
PROCESS RELATING TO ANY LEGAL ACTION OR PROCEEDING BY DELIVERY THEREOF TO IT BY
HAND OR BY MAIL TO THE ADDRESS DETERMINED UNDER SECTION 5.7 HEREOF.  NOTHING HEREIN WILL AFFECT THE RIGHT OF
EITHER PARTY TO BRING PROCEEDINGS AGAINST THE OTHER PARTY IN THE COURTS OF ANY
OTHER JURISDICTION OR TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM
ARISING IN CONNECTION WITH THIS AGREEMENT. 
UGC HEREBY AGREES THAT SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE STATE OF NEW YORK MAY BE
MADE UPON CT CORPORATION SYSTEM, PRESENTLY LOCATED AT 111 EIGHTH AVENUE, 13TH
FLOOR, NEW YORK, NEW YORK 10011, U.S.A. (THE “UGC PROCESS AGENT”), AND UGC HEREBY
CONFIRMS AND AGREES THAT THE UGC PROCESS AGENT HAS BEEN DULY APPOINTED AS ITS AGENT
AND TRUE AND LAWFUL ATTORNEY-IN-FACT IN ITS NAME, PLACE AND STEAD TO ACCEPT
SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESS AND SUMMONSES.  CCC HEREBY AGREES THAT SERVICE OF ALL WRITS,
PROCESS AND SUMMONSES IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE
STATE OF NEW

 

27

 

YORK MAY BE MADE UPON CT CORPORATION SYSTEM, PRESENTLY LOCATED AT 111
EIGHTH AVENUE, 13TH FLOOR, NEW YORK, NEW YORK 10011, U.S.A. (THE “CCC
PROCESS
AGENT”), AND CCC HEREBY CONFIRMS AND AGREES THAT WITHIN TEN BUSINESS
DAYS AFTER THE DATE HEREOF THE CCC PROCESS AGENT WILL BE DULY APPOINTED AS ITS
AGENT AND TRUE AND LAWFUL ATTORNEY-IN-FACT IN ITS NAME, PLACE AND STEAD TO
ACCEPT SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESS AND SUMMONSES.

 

Section 5.5             Limitation
on Damages.  No Party will be
liable for any indirect, special, incidental, or consequential loss or damage,
lost profits, loss of use, or lost revenues suffered by the other Party arising
from or relating to a Party’s performance, non-performance, breach of or
default under a covenant, warranty, representation, term, or condition of this
Agreement.  Each Party waives and
relinquishes claims for such indirect, special, incidental, or consequential losses
or damages, lost profits, loss of use, or lost revenues.  The limitations on liability and damages set
forth in this Section 5.5 apply to all causes of action that may be
asserted hereunder, whether sounding in breach of contract, breach of warranty,
tort, product liability, negligence, or otherwise.

 

Section 5.6             Headings.  The article and section headings of
this Agreement are for reference purposes only and are to be given no effect in
the construction or interpretation of this Agreement.

 

Section 5.7             Notices.  All notices and other communications
hereunder will be in writing and will be delivered personally, telecopied (if
receipt of which is confirmed by the Person to whom sent), sent by
internationally recognized overnight delivery service or mailed by registered
or certified mail (if return receipt is requested) to the Parties at the
following addresses (or to such other Person or address for a Party as
specified by such Party by like notice) (notice will be deemed given and
received upon receipt, if delivered personally, by overnight delivery service
or by telecopy, or on the third Business Day following mailing, if mailed,
except that notice of a change of address will not be deemed given until
actually received):

 

(a)           If to CCC, to it at:

 

Hendaya 60

Piso 14, Las Condes

Santiago, Chile

Attention:  Juan
Antonio Alvarez

Telephone: 562 330-7218

Telecopier: 562 331-5153

 

with a copy to:

 

Attention:  Baltazar Sánchez

Telephone: 562
441-3702

Telecopier: 562
441-3701

 

28

 

(b)           If to UGC or the Purchaser, to it at:

 

4643 South
Ulster Street, #1300

Denver,
Colorado 80237 U.S.A.

Attention:  General Counsel

Telephone: 303
770-4001

Telecopier: 303
220-3117

 

with a copy to:

 

Holme Roberts &
Owen LLP

1700 Lincoln
Street

Suite 4100

Denver, Colorado
80203 U.S.A.

Attention:  W. Dean Salter

Paul G. Thompson

Telephone: 303
861-7000

Telecopier: 303
861-0200

 

Section 5.8             Severability.  If at any time any covenant or provision
contained herein is deemed by a court or other body of competent jurisdiction
to be invalid or unenforceable, such covenant or provision will be considered
divisible and such covenant or provision will be deemed immediately amended and
reformed to include only such part of such covenant or provision as such court
or other body has held to be valid and enforceable; and the Parties agree that
such covenant or provision, as so amended and reformed, will be valid and
binding as though the invalid or unenforceable portion had not been included
herein.

 

Section 5.9             Amendment;
Waiver.  No provision of this
Agreement may be amended or modified except by an instrument or instruments in
writing signed by the Parties and designated as an amendment or
modification.  No waiver by any Party of
any provision of this Agreement will be valid unless in writing and signed by
the Party making such waiver and designated as a waiver.  No failure or delay by either Party in
exercising any right, power, or remedy hereunder will operate as a waiver
thereof, nor will any single or partial exercise thereof or the exercise of any
other right, power, or remedy preclude any further exercise thereof or the
exercise of any other right, power, or remedy. 
No waiver of any provision hereof will be construed as a waiver of any
other provision.

 

Section 5.10           Assignment
and Binding Effect.  No Party
may assign any of its rights or delegate any of its duties under this Agreement
without (a) the prior written consent of the other Party (except that CCC’s
consent will not be required in case of (i) any assignment or delegation
whereby the Purchaser is not released or otherwise discharged from its duties
under this Agreement, or (ii) a complete assignment and delegation by UGC to
Liberty Global after the consummation of the transactions contemplated by the UGC/LMI
Merger Agreement, in which case UGC will be released and discharged from its
duties under this Agreement), and (b) the complete assumption by the
assignee in writing of all of the duties of the assignor under this
Agreement.  All of the terms and
provisions of this Agreement will be binding on, and will inure to the benefit
of, the respective successors and permitted assigns of the Parties.

 

29

 

Section 5.11           No
Benefit to Others.  The
representations, warranties, covenants, and agreements contained in this
Agreement are for the sole benefit of the Parties and their respective
successors and permitted assigns, and they will not be construed as conferring
and are not intended to confer any rights, remedies, obligations, or liabilities
on any other Person, unless such Person is expressly stated to be entitled to
any such right, remedy, obligation, or liability.

 

Section 5.12           Counterparts.  This Agreement may be executed by the Parties
in separate counterparts, each of which when so executed and delivered will be
an original, but all such counterparts will together constitute one and the
same instrument.

 

Section 5.13           Interpretation.

 

(a)           As used herein, except as otherwise indicated herein or as
the context may otherwise require: (i) the words “include,” “includes,”
and “including” are deemed to be followed by “without limitation” whether or
not they are in fact followed by such words or words of like import; (ii) the
words “hereof,” “herein,” “hereunder,” and comparable terms refer to the
entirety of this Agreement, and not to any particular article, section, or
other subdivision hereof; (iii) any pronoun will include the corresponding
masculine, feminine, and neuter forms; (iv) the singular includes the
plural and vice versa; (v) references to any agreement or other document
are to such agreement or document as amended, modified, supplemented, and
restated now or hereafter from time to time; (vi) references to any
statute or regulation are to it as amended, modified, supplemented, and
restated now or hereafter from time to time, and to any corresponding
provisions of successor statutes or regulations; (vii) references to “Article,”
“Section,” or another subdivision are to an article, section, or subdivision
hereof; and (viii) except as otherwise expressly provided in this
Agreement, references to any Person or Entity include such Person’s or Entity’s
successors and permitted assigns.

 

(b)           Any reference herein to a “day” or number of “days” (without
the explicit qualification of “Business”) will be deemed to refer to a calendar
day or number of calendar days.  If any
action or notice is to be taken or given on or by a particular calendar day,
and such calendar day is not a Business Day, then such action or notice may be
taken or given on the next succeeding Business Day.

 

(c)           Any financial or accounting terms that are not otherwise
defined herein will have the meanings given thereto under generally accepted
accounting principles as used in Chile as in effect from time to time, except insofar
as the Securities Act, the Exchange Act or other United States federal laws or
regulations are applicable, in which case such terms will have the meanings
given thereto under generally accepted accounting principles as used in the
United States as in effect from time to time.

 

Section 5.14           Rules of
Construction.  The Parties agree that
they have been represented by counsel during the negotiation, preparation, and
execution of this Agreement and, therefore, waive the application of any Law or
rule of construction providing that ambiguities in an agreement or other
document will be construed against the Party drafting such agreement or
document.

 

30

 

[Remainder
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31

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the date first written
above.

 

 

	
   

  	
  UNITEDGLOBALCOM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ELLEN P. SPANGLER

  
	
   

  	
   

  	
  Ellen P. Spangler

  
	
   

  	
  Its:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CRISTALERÍAS DE
  CHILE S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BALTAZAR SÁNCHEZ GUZMÁN

  
	
   

  	
   

  	
  Baltazar Sánchez Guzmán

  
	
   

  	
  Its:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CIRILO ELTON GONZÁLEZ

  
	
   

  	
   

  	
  Cirilo Elton
  González

  
	
   

  	
  Its:

  	
  General Manager

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