Document:

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                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                                  by and among

                               RADIAN GROUP INC.,

                                   as Issuer,

                                       and

                         BANC OF AMERICA SECURITIES LLC
                              LEHMAN BROTHERS INC.
                            WACHOVIA SECURITIES, INC.
                            BEAR, STEARNS & CO. INC.
                          DEUTSCHE BANK SECURITIES INC.

                              as Initial Purchasers

                          Dated as of February 14, 2003

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                         Registration Rights Agreement

          This Registration Rights Agreement (this "Agreement") is made and
entered into as of February 14, 2003, by and among Radian Group Inc., a Delaware
corporation (the "Company"), Banc of America Securities Llc, Lehman Brothers
Inc., Wachovia Securities, Inc., Bear, Stearns & Co. Inc., And Deutsche Bank
Securities Inc. (each an "Initial Purchaser" and, collectively, the "Initial
Purchasers"), each of whom has agreed to purchase the Company's 5.625% Senior
Notes due 2013 (the "Initial Notes") pursuant to the Purchase Agreement (as
defined below).

          This Agreement is made pursuant to the Purchase Agreement, dated as of
February 11, 2003 (the "Purchase Agreement"), by and among the Company and the
Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for
the benefit of the Holders from time to time of the Notes (including the Initial
Purchasers). In order to induce the Initial Purchasers to purchase the Initial
Notes, the Company has agreed to provide the registration rights set forth in
this Agreement. The execution and delivery of this Agreement is a condition to
the obligations of the Initial Purchasers set forth in Section 5(h) of the
Purchase Agreement.

          The parties hereby agree as follows:

Section 1. Definitions

          As used in this Agreement, the following capitalized terms shall have
the following meanings:

          Broker-Dealer: Any broker or dealer registered under the Exchange Act.

          Closing Date: The date of this Agreement.

          Commission: The Securities and Exchange Commission.

          Consummate: A registered Exchange Offer shall be deemed "Consummated"
     for purposes of this Agreement upon the occurrence of (i) the filing and
     effectiveness under the Securities Act of the Exchange Offer Registration
     Statement relating to the Exchange Notes to be issued in the Exchange
     Offer, (ii) the maintenance of such Registration Statement continuously
     effective and the keeping of the Exchange Offer open for a period not less
     than the minimum period required pursuant to Section 3(b) hereof, and (iii)
     the delivery by the Company to the Registrar under the Indenture of
     Exchange Notes in the same aggregate principal amount as the aggregate
     principal amount of Initial Notes that were tendered by Holders thereof
     pursuant to the Exchange Offer.

          Effectiveness Target Date: As defined in Section 5.

          Exchange Act: The Securities Exchange Act of 1934, as amended.

          Exchange Notes: The 5.625% Notes due 2013, of the same series under
     the Indenture as the Initial Notes, to be issued to Holders in exchange for
     Registrable Notes pursuant to this Agreement.

          Exchange Offer: The registration by the Company under the Securities
     Act of the Exchange Notes pursuant to a Registration Statement pursuant to
     which the Company offers the Holders of all outstanding Registrable Notes
     the opportunity to exchange all such outstanding Registrable Notes held by
     such Holders for Exchange Notes in an aggregate principal amount equal to
     the aggregate principal amount of the Registrable Notes tendered in such
     exchange offer by such Holders.

          Exchange Offer Registration Statement: The Registration Statement
     relating to the Exchange Offer, including the related Prospectus.

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          Exchange Offer Consummation Deadline: As defined in Section 3(b).

          Exempt Resales: The transactions in which the Initial Purchasers
     propose to sell the Initial Notes to certain "qualified institutional
     buyers," as such term is defined in Rule 144A under the Securities Act.

          Holder: As defined in Section 2(b) hereof.

          Indemnified Holder: As defined in Section 8(a) hereof.

          Indenture: The Indenture, dated as of February 14, 2003, among the
     Company and Wachovia Bank, National Association, as trustee (the
     "Trustee"), pursuant to which the Notes are to be issued, as such Indenture
     is amended or supplemented from time to time in accordance with the terms
     thereof.

          Initial Purchasers: As defined in the preamble hereto.

          Initial Notes: The 5.625% Notes due 2013, of the same series under the
     Indenture as the Exchange Notes, for so long as such securities constitute
     Registrable Notes.

          Initial Placement: The issuance and sale by the Company of the Initial
     Notes to the Initial Purchasers pursuant to the Purchase Agreement.

          NASD: National Association of Securities Dealers, Inc.

          Notes: The Initial Notes and the Exchange Notes.

          Person: An individual, partnership, corporation, trust or
     unincorporated organization, or a government or agency or political
     subdivision thereof.

          Prospectus: The prospectus included in a Registration Statement, as
     amended or supplemented by any prospectus supplement and by all other
     amendments thereto, including post-effective amendments, and all material
     incorporated by reference into such Prospectus.

          Registrable Notes: Each Note, until the earliest to occur of (a) the
     date on which such Note is exchanged in the Exchange Offer and entitled to
     be resold to the public by the Holder thereof without complying with the
     prospectus delivery requirements of the Securities Act, (b) the date on
     which such Note has been effectively registered under the Securities Act
     and disposed of in accordance with a Shelf Registration Statement, (c) the
     date on which such Note ceases to be outstanding, and (d) the date on which
     such Note is distributed to the public pursuant to Rule 144 under the
     Securities Act or by a Broker-Dealer pursuant to the "Plan of Distribution"
     contemplated by the Exchange Offer Registration Statement (including
     delivery of the Prospectus contained therein).

          Registration Default: As defined in Section 5 hereof.

          Registration Statement: Any registration statement of the Company
     relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer
     or (b) the registration for resale of Registrable Notes pursuant to the
     Shelf Registration Statement, which is filed pursuant to the provisions of
     this Agreement, in each case, including the Prospectus included therein,
     all amendments and supplements thereto (including post-effective
     amendments) and all exhibits and material incorporated by reference
     therein.

          Securities Act: The Securities Act of 1933, as amended.

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          Shelf Filing Deadline: As defined in Section 4 hereof.

          Shelf Registration Statement: As defined in Section 4 hereof.

          Trust Indenture Act: The Trust Indenture Act of 1939 (15 U.S.C.
     Section 77aaa to 77bbbb) as in effect on the date of the Indenture.

          Underwritten Registration or Underwritten Offering: A registration in
     which securities of the Company are sold to an underwriter for reoffering
     to the public.

Section 2. Securities Subject To This Agreement

     (a) Registrable Notes. The securities entitled to the benefits of this
Agreement are the Registrable Notes.

     (b) Holders of Registrable Notes. A Person is deemed to be a Holder of
Registrable Notes (each, a "Holder") whenever such Person owns Registrable
Notes.

Section 3. Registered Exchange Offer

     (a) Unless the Exchange Offer shall not be permissible under applicable law
or the Commission policy (after the procedures set forth in Section 6(a) below
have been complied with), the Company shall (i) cause to be filed with the
Commission as soon as practicable after the Closing Date, but in no event later
than 120 days after the Closing Date, a Registration Statement under the
Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use
its reasonable best efforts to cause such Registration Statement to be declared
effective by the Commission no later than 180 days after the Closing Date, (iii)
in connection with the foregoing, file (A) all pre-effective amendments to such
Registration Statement as may be necessary in order to cause such Registration
Statement to become effective, (B) if applicable, a post-effective amendment to
such Registration Statement pursuant to Rule 430A under the Securities Act and
(C) all necessary filings in connection with the registration and qualification
of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions
as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the
effectiveness of such Registration Statement, commence the Exchange Offer. The
Exchange Offer shall be on the appropriate form permitting registration of the
Exchange Notes to be offered in exchange for the Registrable Notes and to permit
resales of Notes held by Broker-Dealers as contemplated by Section 3(c) below.

     (b) The Company shall cause the Exchange Offer Registration Statement to be
effective continuously and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 business days after the date notice of
the Exchange Offer is mailed to the Holders. The Company shall cause the
Exchange Offer to comply with all applicable federal and state securities laws.
No securities other than the Notes shall be included in the Exchange Offer
Registration Statement. The Company shall use its reasonable best efforts to
cause the Exchange Offer to be Consummated no later than 30 business days after
the Exchange Offer Registrations Statement becomes effective (such 30th business
day being the "Exchange Offer Consummation Deadline").

     (c) The Company shall indicate in a "Plan of Distribution" section
contained in the Prospectus forming a part of the Exchange Offer Registration
Statement that any Broker-Dealer who holds Initial Notes that are Registrable
Notes and that were acquired for its own account as a result of market-making
activities or other trading activities (other than Registrable Notes acquired
directly from the Company), may exchange such Initial Notes pursuant to the
Exchange Offer; however, such Broker-Dealer may be deemed to be an "underwriter"
within the meaning of the Securities Act and must, therefore, deliver a
prospectus meeting the requirements of the Securities Act in connection with any
resales of the Exchange Notes received by such

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Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may
be satisfied by the delivery by such Broker-Dealer of the Prospectus contained
in the Exchange Offer Registration Statement. Such "Plan of Distribution"
section shall also contain all other information with respect to such resales by
Broker-Dealers that the Commission may require in order to permit such resales
pursuant thereto, but such "Plan of Distribution" shall not name any such
Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer
except to the extent required by the Commission as a result of a change in
policy after the date of this Agreement.

          The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement continuously effective, supplemented and amended as
required by the provisions of Section 6(c) below to the extent necessary to
ensure that it is available for resales of Notes acquired by Broker-Dealers for
their own accounts as a result of market-making activities or other trading
activities, and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period ending on the earlier of
(i) 180 days from the date on which the Exchange Offer Registration Statement is
declared effective and (ii) the date on which a Broker-Dealer is no longer
required to deliver a prospectus in connection with market-making or other
trading activities.

          The Company shall provide sufficient copies of the latest version of
such Prospectus to Broker-Dealers promptly upon request at any time during such
180 days (or shorter as provided in the foregoing sentence) period in order to
facilitate such resales.

Section 4. Shelf Registration

     (a) Shelf Registration. If (i) the Company is not required to file an
Exchange Offer Registration Statement or to consummate the Exchange Offer
because the Exchange Offer is not permitted by applicable law or by the staff of
the Commission (after the procedures set forth in Section 6(a) below have been
complied with), (ii) the Exchange Offer is not Consummated by the Exchange Offer
Consummation Deadline, or (iii) such registration is requested by any Holder of
the Registrable Notes, other than certain broker-dealers, before the date that
is 20 business days after the consummation of the exchange offer if (A) such
Holder is prohibited by applicable law or by the staff of the Commission from
participating in the Exchange Offer, or (B) such Holder may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without
delivering a prospectus and the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such
Holder, or (C) such Holder is a Broker-Dealer and holds Registrable Notes
acquired directly from the Company or one of its affiliates, then, upon the
request of any Holder of Registrable Notes, the Company shall:

          (x) cause to be filed a shelf registration statement pursuant to Rule
     415 under the Securities Act, which may be an amendment to the Exchange
     Offer Registration Statement (in either event, the "Shelf Registration
     Statement") on or before 30 days after the earliest to occur of (1) the
     date on which the Company determines that it is not required to file the
     Exchange Offer Registration Statement, (2) the date on which the Company
     receives notice from a Holder of Registrable Notes as contemplated by
     clause (a)(iii) above, and (3) the Exchange Offer Consummation Deadline
     (such earliest date being the "Shelf Filing Deadline"), which Shelf
     Registration Statement shall provide for resales of all Registrable Notes
     the Holders of which shall have provided the information required pursuant
     to Section 4(b) hereof; and

          (y) use its reasonable best efforts to cause such Shelf Registration
     Statement to be declared effective by the Commission on or before the 90th
     day after the Shelf Filing Deadline.

     The Company shall use its reasonable best efforts to keep such Shelf
Registration Statement continuously effective, supplemented and amended as
required by the provisions of Sections 6(b) and (c)

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hereof to the extent necessary to ensure that it is available for resales of
Notes by the Holders of Registrable Notes entitled to the benefit of this
Section 4(a), and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period of at least two years
following the Closing Date (or one year, if it is filed at the request of a
Holder of Registrable Notes) or, if earlier, until all the Registrable Notes
covered by the Shelf Registration Statement are sold thereunder, become eligible
for resale pursuant to Rule 144 under the Securities Act, or cease to be
Registrable Notes.

     Notwithstanding the foregoing, the Company may, by notice to Holders of
Registrable Notes, suspend the availability of a Shelf Registration Statement
and the use of the related Prospectus, if (i) such action is required by
applicable law, (ii) the board of directors of the Company determines in good
faith that it is in the Company's best interests to refrain from disclosing the
existence of or facts surrounding any proposed or pending material corporate
transaction, or (iii) the existence of any fact or the happening of any event
that makes any statement or a material fact made in the Shelf Registration
Statement or the related Prospectus untrue or requires the making of any changes
in or additions to the Shelf Registration Statement or related Prospectus to
make the statements therein not misleading.

     The period for which the Company is obligated to keep the shelf
registration statement continuously effective shall be extended by the period of
such suspension. Each Holder of Registrable Notes shall be required to
discontinue disposition of Registrable Notes pursuant to the Shelf Registration
Statement upon receipt from us of notice of any events described in the
preceding paragraph or certain other events specified in the registration rights
agreement.

     (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Registrable Notes may include any of
its Registrable Notes in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Company in writing,
within 15 business days after receipt of a request therefor, such information as
the Company may reasonably request for use in connection with any Shelf
Registration Statement or Prospectus or preliminary Prospectus included therein.
Each Holder as to which any Shelf Registration Statement is being effected
agrees to furnish promptly to the Company all information required to be
disclosed in order to make the information previously furnished to the Company
by such Holder not materially misleading.

Section 5. Additional Interest

          If (i) any of the Registration Statements required by this Agreement
is not filed with the Commission on or prior to the date specified for such
filing in this Agreement, (ii) any of such Registration Statements has not been
declared effective by the Commission on or prior to the date specified for such
effectiveness in this Agreement (the "Effectiveness Target Date"), (iii) the
Exchange Offer has not been Consummated on or before the Exchange Offer
Consummation Deadline or (iv) the Shelf Registration Statement is filed and
declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded, if necessary, as soon
as practicable by a supplement or post-effective amendment to such Registration
Statement that cures such failure and that is itself promptly declared effective
(except during limited periods as a result of the exercise by the Company of its
right to suspend use of the Shelf Registration Statement and the related
Prospectus pursuant to Section 4 hereof) (each such event referred to in clauses
(i) through (iv), a "Registration Default"), then the Company hereby agrees to
pay to each Holder of Registrable Notes, as liquidated damages for such
Registration Default, additional interest ("Additional Interest"), in addition
to the Base Interest, which Additional Interest shall accrue at a rate of 0.25%
per annum during the 90-day period immediately following the occurrence of any
such Registration Default and a rate of 0.50% per annum thereafter for any
remaining time at the end of each subsequent 90-day period until all
Registration Defaults have been cured; provided, however, that in no event the
rate of Additional Interest will exceed 0.50% per year; provided further that if
after all such Registration Defaults have been cured, a different Registration
Default occurs, the interest rate borne by the relevant Registrable Notes shall
again be increased pursuant to the foregoing provisions. Notwithstanding
anything to the contrary

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set forth herein, (1) upon filing of the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement), in the case of (i)
above, (2) upon the effectiveness of the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement), in the case of (ii)
above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above,
or (4) upon the filing of a post-effective amendment to the Registration
Statement or an additional Registration Statement that causes the Exchange Offer
Registration Statement (and/or, if applicable, the Shelf Registration Statement)
to again be declared effective or made usable in the case of (iv) above, the
Additional Interest payable with respect to the Registrable Notes as a result of
such clause (i), (ii), (iii) or (iv), as applicable, shall cease.

          All obligations of the Company set forth in the preceding paragraph
that are outstanding with respect to any Registrable Note at the time such
security ceases to be a Registrable Note shall survive until such time as all
such obligations with respect to such Registrable Note shall have been satisfied
in full.

Section 6. Registration Procedures

     (a) Exchange Offer Registration Statement. In connection with the Exchange
Offer, the Company shall comply with all of the provisions of Section 6(c)
below, shall use its reasonable best efforts to effect such exchange to permit
the sale of Registrable Notes being sold in accordance with the intended method
or methods of distribution thereof, and shall comply with all of the following
provisions:

          (i) If in the reasonable opinion of counsel to the Company there is a
     question as to whether the Exchange Offer is permitted by applicable law,
     the Company hereby agrees to seek a no-action letter or other favorable
     decision from the Commission allowing the Company to Consummate an Exchange
     Offer for such Initial Notes. The Company hereby agrees to pursue the
     issuance of such a decision to the Commission staff level but shall not be
     required to take commercially unreasonable action to effect a change of
     Commission policy. The Company hereby agrees, however, to (A) participate
     in telephonic conferences with the Commission, (B) deliver to the
     Commission staff an analysis prepared by counsel to the Company setting
     forth the legal bases, if any, upon which such counsel has concluded that
     such an Exchange Offer should be permitted and (C) diligently pursue a
     favorable resolution by the Commission staff of such submission.

          (ii) As a condition to its participation in the Exchange Offer
     pursuant to the terms of this Agreement, each Holder of Registrable Notes
     shall furnish, upon the request of the Company, prior to the Consummation
     thereof, a written representation to the Company (which may be contained in
     the letter of transmittal contemplated by the Exchange Offer Registration
     Statement) to the effect that (A) it is not an affiliate of the Company,
     (B) it is not engaged in, and does not intend to engage in, and has no
     arrangement or understanding with any person to participate in, a
     distribution of the Exchange Notes to be issued in the Exchange Offer, and
     (C) it is acquiring the Exchange Notes in its ordinary course of business.
     In addition, all such Holders of Registrable Notes shall otherwise
     cooperate in the Company's preparations for the Exchange Offer. Each Holder
     hereby acknowledges and agrees that any Broker-Dealer and any such Holder
     using the Exchange Offer to participate in a distribution of the securities
     to be acquired in the Exchange Offer (1) could not under Commission policy
     as in effect on the date of this Agreement rely on the position of the
     Commission enunciated in Morgan Stanley and Co., Inc. (available June 5,
     1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as
     interpreted in the Commission's letter to Shearman & Sterling dated July 2,
     1993, and similar no-action letters (which may include any no-action letter
     obtained pursuant to clause (i) above), and (2) must comply with the
     registration and prospectus delivery requirements of the Securities Act in
     connection with a secondary resale transaction and that such a secondary
     resale transaction should be covered by an effective registration statement
     containing the selling security Holder information required by Item 507 or
     508, as applicable, of Regulation S-K if the resales are of Exchange Notes
     obtained by such Holder in exchange for Initial Notes acquired by such
     Holder directly from the Company.

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     (b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, the Company shall comply with all the provisions of Section 6(c)
below and shall use its reasonable best efforts to effect such registration to
permit the sale of the Registrable Notes being sold in accordance with the
intended method or methods of distribution thereof, and pursuant thereto the
Company will as expeditiously as possible prepare and file with the Commission a
Registration Statement relating to the registration on any appropriate form
under the Securities Act, which form shall be available for the sale of the
Registrable Notes in accordance with the intended method or methods of
distribution thereof.

     (c) General Provisions. In connection with any Registration Statement and
any Prospectus required by this Agreement to permit the sale or resale of
Registrable Notes (including, without limitation, any Registration Statement and
the related Prospectus required to permit resales of Notes by Broker-Dealers),
the Company shall:

          (i) use its reasonable best efforts to keep such Registration
     Statement continuously effective and provide all requisite financial
     statements for the period specified in Section 3 or 4 of this Agreement, as
     applicable; upon the occurrence of any event that would cause any such
     Registration Statement or the Prospectus contained therein (A) to contain a
     material misstatement or omission or (B) not to be effective and usable for
     resale of Registrable Notes during the period required by this Agreement,
     the Company shall file promptly an appropriate amendment to such
     Registration Statement, in the case of clause (A), correcting any such
     misstatement or omission, and, in the case of either clause (A) or (B), use
     its reasonable best efforts to cause such amendment to be declared
     effective and such Registration Statement and the related Prospectus to
     become usable for their intended purpose(s) as soon as practicable
     thereafter;

          (ii) prepare and file with the Commission such amendments and
     post-effective amendments to the Registration Statement as may be necessary
     to keep the Registration Statement effective for the applicable period set
     forth in Section 3 or 4 hereof, as applicable, or such shorter period as
     will terminate when all Registrable Notes covered by such Registration
     Statement have been sold; cause the Prospectus to be supplemented by any
     required Prospectus supplement, and as so supplemented to be filed pursuant
     to Rule 424 under the Securities Act, and to comply fully with the
     applicable provisions of Rules 424 and 430A under the Securities Act in a
     timely manner; and comply with the provisions of the Securities Act with
     respect to the disposition of all securities covered by such Registration
     Statement during the applicable period in accordance with the intended
     method or methods of distribution by the sellers thereof set forth in such
     Registration Statement or supplement to the Prospectus;

          (iii) advise the underwriter(s), if any, and selling Holders promptly
     and, if requested by such Persons, to confirm such advice in writing, (A)
     when the Prospectus or any Prospectus supplement or post-effective
     amendment has been filed, and, with respect to any Registration Statement
     or any post-effective amendment thereto, when the same has become
     effective, (B) of any request by the Commission for amendments to the
     Registration Statement or amendments or supplements to the Prospectus or
     for additional information relating thereto, (C) of the issuance by the
     Commission of any stop order suspending the effectiveness of the
     Registration Statement under the Securities Act or of the suspension by any
     state securities commission of the qualification of the Registrable Notes
     for offering or sale in any jurisdiction, or the initiation of any
     proceeding for any of the preceding purposes, and (D) of the existence of
     any fact or the happening of any event that makes any statement of a
     material fact made in the Registration Statement, the Prospectus, any
     amendment or supplement thereto, or any document incorporated by reference
     therein untrue, or that requires the making of any additions to or changes
     in the Registration Statement or the Prospectus in order to make the
     statements therein not misleading. If at any time the Commission shall
     issue any stop order suspending the effectiveness of the Registration
     Statement, or any state securities commission or other regulatory authority
     shall issue an order suspending the qualification or exemption from
     qualification

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     of the Registrable Notes under state securities or Blue Sky laws, the
     Company shall use its reasonable best efforts to obtain the withdrawal or
     lifting of such order at the earliest possible time;

          (iv) furnish without charge to each of the Initial Purchasers, each
     selling Holder named in any Registration Statement, and each of the
     underwriter(s), if any, before filing with the Commission, copies of any
     Registration Statement or any Prospectus included therein or any amendments
     or supplements to any such Registration Statement or Prospectus (including
     all documents incorporated by reference after the initial filing of such
     Registration Statement), which documents will be subject to the review of
     such Holders and underwriter(s) in connection with such sale, if any, for a
     period of at least five business days, and the Company will not file any
     such Registration Statement or Prospectus or any amendment or supplement to
     any such Registration Statement or Prospectus (including all such documents
     incorporated by reference) to which an Initial Purchaser of Registrable
     Notes covered by such Registration Statement or the underwriter(s), if any,
     shall reasonably object in writing within five business days after the
     receipt thereof (such objection to be deemed timely made upon confirmation
     of telecopy transmission within such period). The objection of an Initial
     Purchaser or underwriter, if any, shall be deemed to be reasonable if such
     Registration Statement, amendment, Prospectus or supplement, as applicable,
     as proposed to be filed, contains a material misstatement or omission;

          (v) upon written request, promptly prior to the filing of any document
     that is to be incorporated by reference into a Registration Statement or
     Prospectus, provide copies of such document to the Initial Purchasers, each
     selling Holder named in any Registration Statement, and to the
     underwriter(s), if any, make the Company's representatives available for
     discussion of such document and other customary due diligence matters, and
     include such information in such document prior to the filing thereof as
     such selling Holders or underwriter(s), if any, reasonably may request;

          (vi) make available at reasonable times for inspection by the Initial
     Purchasers, any managing underwriter participating in any disposition
     pursuant to such Registration Statement and any attorney or accountant
     retained by such Initial Purchasers or any of the underwriter(s), all
     financial and other records, pertinent corporate documents and properties
     of the Company and cause the Company's officers, directors and employees to
     supply all information reasonably requested by any such Holder,
     underwriter, attorney or accountant in connection with such Registration
     Statement subsequent to the filing thereof and prior to its effectiveness;

          (vii) if requested by any selling Holders or the underwriter(s), if
     any, promptly incorporate in any Registration Statement or Prospectus,
     pursuant to a supplement or post-effective amendment if necessary, such
     information as such selling Holders and underwriter(s), if any, may
     reasonably request to have included therein, including, without limitation,
     information relating to the "Plan of Distribution" of the Registrable
     Notes, information with respect to the principal amount of Registrable
     Notes being sold to such underwriter(s), the purchase price being paid
     therefor and any other terms of the offering of the Registrable Notes to be
     sold in such offering; and make all required filings of such Prospectus
     supplement or post-effective amendment as soon as practicable after the
     Company is notified of the matters to be incorporated in such Prospectus
     supplement or post-effective amendment;

          (viii) use its reasonable best efforts to cause the Registrable Notes
     covered by the Registration Statement to be rated with the appropriate
     rating agencies, if so requested by the Holders of a majority in aggregate
     principal amount of Notes covered thereby or the underwriter(s), if any;

          (ix) furnish to each selling Holder and each of the underwriter(s), if
     any, without charge, at least one copy of the Registration Statement, as
     first filed with the Commission, and of each amendment thereto, including
     financial statements and schedules, all documents incorporated by reference
     therein and all exhibits (including exhibits incorporated therein by
     reference);

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          (x) deliver to each selling Holder and each of the underwriter(s), if
     any, without charge, as many copies of the Prospectus (including each
     preliminary prospectus) and any amendment or supplement thereto as such
     Persons reasonably may request; the Company hereby consents to the use of
     the Prospectus and any amendment or supplement thereto by each of the
     selling Holders and each of the underwriter(s), if any, in connection with
     the offering and the sale of the Registrable Notes covered by the
     Prospectus or any amendment or supplement thereto;

          (xi) enter into such agreements (including an underwriting agreement),
     and make such representations and warranties with respect to the business
     of the Company as are customarily addressed in representations and
     warranties made by issuers to underwriters in underwritten offerings, and
     take all such other actions in connection therewith in order to expedite or
     facilitate the disposition of the Registrable Notes pursuant to any
     Registration Statement contemplated by this Agreement, all to such extent
     as may be reasonably requested by any Initial Purchaser or by any Holder of
     Registrable Notes or underwriter in connection with any sale or resale
     pursuant to any Registration Statement contemplated by this Agreement; and
     whether or not an underwriting agreement is entered into and whether or not
     the registration is an Underwritten Registration, the Company shall:

               (A) furnish to each Initial Purchaser, each selling Holder and
          each underwriter, if any, in such substance and scope as they may
          reasonably request and as are customarily made by issuers to
          underwriters in primary underwritten offerings, upon the date of the
          Consummation of the Exchange Offer and, if applicable, the
          effectiveness of the Shelf Registration Statement:

                    (A) a certificate, dated the date of Consummation of the
               Exchange Offer or the date of effectiveness of the Shelf
               Registration Statement, as the case may be, signed by (y) the
               President or any Vice President and (z) a principal financial or
               accounting officer of the Company, confirming, as of the date
               thereof, the matters set forth in paragraphs (i), (ii) and (iii)
               of Section 5 (f) of the Purchase Agreement and such other matters
               as such parties may reasonably request;

                    (B) an opinion, dated the date of Consummation of the
               Exchange Offer or the date of effectiveness of the Shelf
               Registration Statement, as the case may be, of counsel for the
               Company, covering the matters set forth in paragraph (c) of
               Section 5 of the Purchase Agreement and such other matters as
               such parties may reasonably request, and in any event including a
               statement to the effect that such counsel has participated in
               conferences with officers and other representatives of the
               Company, representatives of the independent public accountants
               for the Company, the Initial Purchasers' representatives and the
               Initial Purchasers' counsel in connection with the preparation of
               such Registration Statement and the related Prospectus and have
               considered the matters required to be stated therein and the
               statements contained therein, although such counsel has not
               independently verified the accuracy, completeness or fairness of
               such statements; and that such counsel advises that, on the basis
               of the foregoing, no facts came to such counsel's attention that
               caused such counsel to believe that the applicable Registration
               Statement, at the time such Registration Statement or any
               post-effective amendment thereto became effective, and, in the
               case of the Exchange Offer Registration Statement, as of the date
               of Consummation, contained an untrue statement of a material fact
               or omitted to state a material fact required to be stated therein
               or necessary to make the statements therein not misleading, or
               that the Prospectus contained in such Registration Statement as
               of its date and, in the case of the opinion dated the date of
               Consummation of the Exchange Offer, as of the date of
               Consummation, contained an untrue statement of a material fact or
               omitted to state a material fact necessary in order to make the
               statements therein, in light of the circumstances under which
               they

                                        9

<PAGE>

               were made, not misleading. Without limiting the foregoing, such
               counsel may state further that such counsel assumes no
               responsibility for, and has not independently verified, the
               accuracy, completeness or fairness of the financial statements,
               notes and schedules and other financial and statistical data
               derived therefrom included in any Registration Statement,
               including the exhibits thereto, contemplated by this Agreement or
               the related Prospectus; and

                    (C) a customary comfort letter, in the case of resale of
               Registrable Notes pursuant to the Shelf Registration Statement,
               the date of effectiveness of the Shelf Registration Statement, as
               the case may be, from the Company's independent accountants, in
               the customary form and covering matters of the type customarily
               covered in comfort letters by underwriters in connection with
               primary underwritten offerings, and affirming the matters set
               forth in the comfort letters delivered pursuant to Section 5(a)
               of the Purchase Agreement, without exception;

               (B) set forth in full or incorporate by reference in the
          underwriting agreement, if any, the indemnification provisions and
          procedures of Section 8 hereof with respect to all parties to be
          indemnified pursuant to said Section; and

               (C) deliver such other documents and certificates as may be
          reasonably requested by such parties to evidence compliance with
          clause (A) above and with any customary conditions contained in the
          underwriting agreement or other agreement entered into by the Company
          pursuant to this clause (xi), if any.

          If at any time the representations and warranties of the Company
contemplated in clause (A)(1) above cease to be true and correct, the Company
shall so advise the Initial Purchasers and the underwriter(s), if any, and each
selling Holder promptly and, if requested by such Persons, shall confirm such
advice in writing;

          (xii) prior to any public offering of Registrable Notes, cooperate
     with the selling Holders, the underwriter(s), if any, and their respective
     counsel in connection with the registration and qualification of the
     Registrable Notes under the securities or Blue Sky laws of such
     jurisdictions as the selling Holders or underwriter(s) may request and do
     any and all other acts or things necessary or advisable to enable the
     disposition in such jurisdictions of the Registrable Notes covered by the
     Shelf Registration Statement; provided, however, that the Company shall not
     be required to register or qualify as a foreign corporation where it is not
     then so qualified or to take any action that would subject it to the
     service of process in suits or to taxation, other than as to matters and
     transactions relating to the Registration Statement, in any jurisdiction
     where it is not then so subject;

          (xiii) shall issue, upon the request of any Holder of Initial Notes
     covered by the Shelf Registration Statement, Exchange Notes, having an
     aggregate principal amount equal to the aggregate principal amount of
     Initial Notes surrendered to the Company by such Holder in exchange
     therefor or being sold by such Holder; such Exchange Notes to be registered
     in the name of such Holder or in the name of the purchaser(s) of such
     Notes, as the case may be; in return, the Initial Notes held by such Holder
     shall be surrendered to the Company for cancellation;

          (xiv) cooperate with the selling Holders and the underwriter(s), if
     any, to facilitate the timely preparation and delivery of certificates
     representing Registrable Notes to be sold and not bearing any restrictive
     legends; and enable such Registrable Notes to be in such denominations and
     registered in such names as the Holders or the underwriter(s), if any, may
     request at least two business days prior to any sale of Registrable Notes
     made by such Holders or underwriter(s);

                                       10

<PAGE>

          (xv) use its reasonable best efforts to cause the Registrable Notes
     covered by the Registration Statement to be registered with or approved by
     such other governmental agencies or authorities as may be necessary to
     enable the seller or sellers thereof or the underwriter(s), if any, to
     consummate the disposition of such Registrable Notes;

          (xvi) if any fact or event contemplated by clause (c)(iii)(D) above
     shall exist or have occurred, prepare a supplement or post-effective
     amendment to the Registration Statement or related Prospectus or any
     document incorporated therein by reference or file any other required
     document so that, as thereafter delivered to the purchasers of Registrable
     Notes, the Prospectus will not contain an untrue statement of a material
     fact or omit to state any material fact necessary to make the statements
     therein not misleading;

          (xvii) provide a CUSIP number for all Registrable Notes not later than
     the effective date of the Registration Statement and provide the Trustee
     under the Indenture with printed certificates for the Registrable Notes
     which are in a form eligible for deposit with the Depositary Trust Company;

          (xviii) cooperate and assist in any filings required to be made with
     the NASD and in the performance of any due diligence investigation by any
     underwriter (including any "qualified independent underwriter") that is
     required to be retained in accordance with the rules and regulations of the
     NASD, and use its reasonable best efforts to cause such Registration
     Statement to become effective and approved by such governmental agencies or
     authorities as may be necessary to enable the Holders selling Registrable
     Notes to consummate the disposition of such Registrable Notes;

          (xix) otherwise use its reasonable best efforts to comply with all
     applicable rules and regulations of the Commission, and make generally
     available to its security Holders, as soon as practicable, a consolidated
     earnings statement meeting the requirements of Rule 158 (which need not be
     audited) for the twelve-month period (A) commencing at the end of any
     fiscal quarter in which Registrable Notes are sold to underwriters in a
     firm or best efforts Underwritten Offering or (B) if not sold to
     underwriters in such an offering, beginning with the first month of the
     Company's first fiscal quarter commencing after the effective date of the
     Registration Statement;

          (xx) cause the Indenture to be qualified under the Trust Indenture Act
     not later than the effective date of the first Registration Statement
     required by this Agreement, and, in connection therewith, cooperate with
     the Trustee and the Holders of Notes to effect such changes to the
     Indenture as may be required for such Indenture to be so qualified in
     accordance with the terms of the Trust Indenture Act; and to execute and
     use its best efforts to cause the Trustee to execute, all documents that
     may be required to effect such changes and all other forms and documents
     required to be filed with the Commission to enable such Indenture to be so
     qualified in a timely manner; and

          (xxi) provide promptly to each Holder upon request each document filed
     with the Commission pursuant to the requirements of Section 13 and Section
     15 of the Exchange Act.

     (d) Each Holder agrees by acquisition of Registrable Notes that, upon
receipt of any notice from the Company of the existence of any fact of the kind
described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue
disposition of Registrable Notes pursuant to the applicable Registration
Statement until such Holder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is
advised in writing (the "Advice") by the Company that the use of the Prospectus
may be resumed, and has received copies of any additional or supplemental
filings that are incorporated by reference in the Prospectus. If so directed by
the Company, each Holder will deliver to the Company (at the Company's expense)
all copies, other than permanent file copies then in such Holder's possession,
of the Prospectus covering such Registrable Notes that was current at the time
of receipt of such notice. In the event the Company shall give any such notice,
the time period regarding the effectiveness of such Registration Statement set
forth in Section 3 or 4 hereof, as applicable, shall be extended by the number
of days during the

                                       11

<PAGE>

period from and including the date of the giving of such notice pursuant to
Section 6(c)(iii)(D) hereof to and including the date when each selling Holder
covered by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or
shall have received the Advice; however, no such extension shall be taken into
account in determining whether Additional Interest is due pursuant to Section 5
hereof or the amount of such Additional Interest, it being agreed that the
Company's option to suspend use of a Registration Statement pursuant to this
paragraph shall be treated as a Registration Default for purposes of Section 5.

Section 7. Registration Expenses

     (a) All expenses incident to the Company's performance of or compliance
with this Agreement will be borne by the Company, regardless of whether a
Registration Statement becomes effective, including without limitation: (i) all
registration and filing fees and expenses (including filings made by any Initial
Purchaser or Holder with the NASD (and, if applicable, the fees and expenses of
any "qualified independent underwriter" and its counsel that may be required by
the rules and regulations of the NASD)); (ii) all fees and expenses of
compliance with federal securities and state Blue Sky or securities laws; (iii)
all expenses of printing (including printing certificates for the Exchange Notes
to be issued in the Exchange Offer and printing of Prospectuses), messenger and
delivery services and telephone; (iv) all fees and disbursements of counsel for
the Company and, subject to Section 7(b) below, the Holders of Registrable
Notes; (v) all application and filing fees in connection with listing the
Exchange Notes on a national securities exchange or automated quotation system
pursuant to the requirements thereof; and (vi) all fees and disbursements of
independent certified public accountants of the Company (including the expenses
of any special audit and comfort letters required by or incident to such
performance).

          The Company will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company.

     (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company will reimburse the
Initial Purchasers and the Holders of Registrable Notes being tendered in the
Exchange Offer and/or resold pursuant to the "Plan of Distribution" contained in
the Exchange Offer Registration Statement or registered pursuant to the Shelf
Registration Statement, as applicable, for the reasonable fees and disbursements
of not more than one counsel, who shall be Shearman & Sterling or such other
counsel as may be chosen by the Holders of a majority in principal amount of the
Registrable Notes for whose benefit such Registration Statement is being
prepared.

Section 8. Indemnification

     (a) The Company agrees to indemnify and hold harmless each Holder, its
directors, officers and employees, and each person, if any, who controls any
Holder within the meaning of the Securities Act and the Exchange Act against any
loss, claim, damage, liability or expense, as incurred, to which such Holder or
such controlling person may become subject, under the Securities Act, the
Exchange Act or other federal or state statutory law or regulation, or at common
law or otherwise (including in settlement of any litigation, if such settlement
is effected with the written consent of the Company), insofar as such loss,
claim, damage, liability or expense (or actions in respect thereof as
contemplated below) arises out of or is based upon any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; and to reimburse each Holder and each such
controlling person for any and all expenses as such expenses are reasonably
incurred by such Holder or such controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action; provided, however, that the foregoing
indemnity agreement shall not apply to any loss, claim, damage,

                                       12

<PAGE>

liability or expense to the extent, but only to the extent, arising out of or
based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with written
information furnished to the Company by such Holder expressly for use in any
Registration Statement or Prospectus (or any amendment or supplement thereto).
The indemnity agreement set forth in this Section 8 shall be in addition to any
liabilities that the Company may otherwise have.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company and each of its directors and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act, to the same extent as the indemnity from the Company as described under
paragraph (a) above, but only with respect to claims and actions based on
written information furnished to the Company by such Holder expressly for use
therein. In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the proceeds received by such Holder
upon the sale of the Securities giving rise to such indemnification obligation.

     (c) Promptly after receipt by an indemnified party under this Section 8 of
notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against an indemnifying party under this
Section 8, notify the indemnifying party in writing of the commencement thereof,
but the omission so to notify the indemnifying party will not relieve it from
any liability which it may have to any indemnified party for contribution or
otherwise than under the indemnity agreement contained in this Section 8 or to
the extent it is not prejudiced as a proximate result of such failure. In case
any such action is brought against any indemnified party and such indemnified
party seeks or intends to seek indemnity from an indemnifying party, the
indemnifying party will be entitled to participate in and, to the extent that it
shall elect, jointly with all other indemnifying parties similarly notified, by
written notice delivered to the indemnified party promptly after receiving the
aforesaid notice from such indemnified party, to assume the defense thereof with
counsel reasonably satisfactory to such indemnified party; provided, however, if
the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that there
may be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, the
indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and to otherwise participate in the defense of such
action on behalf of such indemnified party or parties. Upon receipt of notice
from the indemnifying party to such indemnified party of such indemnifying
party's election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such
indemnified party under this Section 8 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof unless (i) the indemnified party shall have employed separate counsel in
accordance with the proviso to the next preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of
more than one separate counsel (together with local counsel), approved by the
indemnifying party, representing the indemnified parties who are parties to such
action) or (ii) the indemnifying party shall not have employed counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of commencement of the action, in
each of which cases the fees and expenses of counsel shall be at the expense of
the indemnifying party.

     (d) If the indemnification provided for in this Section 8 shall for any
reason be unavailable or insufficient to hold harmless an indemnified party
under Section 8(a) or 8(b) in respect of any loss, claim, damage, liability,
judgment or any action in respect thereof, referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such loss, claim, damage, liability, judgment or action in respect thereof,
(i) in such proportion as shall be appropriate to reflect the relative benefits
received by the Company, on the one hand, and the Holders, on the other, from
(A) the Initial Placement (which in the case of the Issuer shall be deemed to be
equal to the total gross proceeds from the Initial Placement as set forth on the
cover page of the Offering Memorandum), (B) the amount of Additional Interest
which did not become payable as a result of the filing of the Registration
Statement resulting in such losses, claims, damages, liabilities, judgments
actions or

                                       13

<PAGE>

expenses, and (C) such Registration Statement or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of the Company, on the one hand, and the
Holders, on the other, with respect to the statements or omissions which
resulted in such loss, claim, damage, liability, judgment or action in respect
thereof, as well as any other relevant equitable considerations. The relative
benefits received by the Company, on the one hand, and the Holders, on the
other, with respect to such offering shall be deemed to be in the same
proportion as the total net proceeds from the offering of the Initial Notes
purchased under the Purchase Agreement (before deducting expenses) received by
the Company, on the one hand, and the total net proceeds received by such Holder
upon its resale of Registrable Notes less the amount paid by such Holder for
such Registrable Notes, on the other hand, bear to the total sum of such
amounts. The relative fault shall be determined by reference to whether the
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the Company
or such Holder, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission.
The Company and the Holders agree that it would not be just and equitable if
contributions pursuant to this Section 8 were to be determined by pro rata
allocation or by any other method of allocation which does not take into account
the equitable considerations referred to herein. The amount paid or payable by
an indemnified party as a result of the loss, claim, damage, liability, judgment
or action in respect thereof, referred to above in this Section 8, shall be
deemed to include, for purposes of this Section 8(d), any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8(d), no Holder, and none of its directors, officers,
employees or controlling persons, shall be required to contribute, in the
aggregate, any amount in excess of the amount by which the total net proceeds
received by such Holder upon its resale of Registrable Notes exceeds the sum of
the amount paid by such Holder for such Registrable Notes and the amount of any
damages which such Holder has otherwise paid or become liable to pay by reason
of any untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Holders'
obligations to contribute as provided in this Section 8(d) are several in
proportion to the respective principal amount of Registrable Notes held by each
of the Holders hereunder and not joint.

Section 9. Rule 144A

          The Company hereby agrees with each Holder, for so long as any
Registrable Notes remain outstanding, to make available to any Holder or
beneficial owner of Registrable Notes in connection with any sale thereof and
any prospective purchaser of such Registrable Notes from such Holder or
beneficial owner, the information required by Rule 144A(d)(4) under the
Securities Act in order to permit resales of such Registrable Notes pursuant to
Rule 144A.

Section 10. Participation In Underwritten Registrations

          No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder's Registrable Notes on the
basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting
agreements, lock-up letters and other documents required under the terms of such
underwriting arrangements.

Section 11. Selection Of Underwriters

          The Holders of Registrable Notes covered by the Shelf Registration
Statement who desire to do so may sell such Registrable Notes in an Underwritten
Offering. In any such Underwritten Offering, the investment banker or investment
bankers and manager or managers that will administer the offering will be
selected by the Holders of a majority in aggregate principal amount of the
Registrable Notes included in such

                                       14

<PAGE>

offering; provided, that such investment bankers and managers must be employed
by a nationally recognized firm reasonably satisfactory to the Company.

Section 12. Miscellaneous

     (a) Remedies. The Company hereby agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agree to waive the defense in any action
for specific performance that a remedy at law would be adequate.

     (b) No Inconsistent Agreements. The Company will not on or after the date
of this Agreement enter into any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. The Company has not previously
entered into any agreement granting any registration rights with respect to the
Initial Notes to any Person. The rights granted to the Holders hereunder do not
in any way conflict with and are not inconsistent with the rights granted to the
Holders of the Company's securities under any agreement in effect on the date
hereof.

     (c) Adjustments Affecting the Notes. The Company will not take any action,
or permit any change to occur, with respect to the Notes that would materially
and adversely affect the ability of the Holders to Consummate any Exchange
Offer.

     (d) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given unless the Company has obtained the
written consent of Holders of a majority of the outstanding principal amount of
Registrable Notes. Notwithstanding the foregoing, a waiver or consent to
departure from the provisions hereof that relates exclusively to the rights of
Holders whose securities are being tendered pursuant to the Exchange Offer and
that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given
by the Holders of a majority of the outstanding principal amount of Registrable
Notes being tendered or registered; provided that, with respect to any matter
that directly or indirectly affects the rights of any Initial Purchaser
hereunder, the Company shall obtain the written consent of each such Initial
Purchaser with respect to which such amendment, qualification, supplement,
waiver, consent or departure is to be effective.

     (e) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telecopier, or air courier
guaranteeing overnight delivery:

          (i) if to a Holder, at the address set forth on the records of the
     Registrar under the Indenture, with a copy to the Registrar under the
     Indenture; and

          (ii) if to the Company:

                        Radian Group Inc.
                        1601 Market Street
                        Philadelphia, PA 19103
                        Telecopier No.: (215) 963-9658
                        Attention: Terry L. Latimer

          With a copy to:

                        Drinker Biddle & Reath LLP
                        1 Logan Square, 18th & Cherry Streets
                        Philadelphia, PA 19103-6996
                        Telecopier: (215) 988-2548
                        Attention: F. Douglas Raymond

                                       15

<PAGE>

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next business day, if timely delivered
to an air courier guaranteeing overnight delivery.

          Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

     (f) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties, including
without limitation and without the need for an express assignment, subsequent
Holders of Registrable Notes; provided, however, that this Agreement shall not
inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign acquired Registrable Notes
from such Holder.

     (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

     (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

     (k) Entire Agreement. This Agreement together with the other Operative
Documents (as defined in the Purchase Agreement) is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to
the Registrable Notes. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       16

<PAGE>

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

                                          RADIAN GROUP INC.

                                          By: /s/ C. Robert Quint
                                              ----------------------------------
                                              Name:  C. Robert Quint
                                              Title: CFO

The foregoing Registration Rights Agreement is hereby
confirmed and accepted as of the date first above written.

BANC OF AMERICA SECURITIES LLC
LEHMAN BROTHERS INC.
WACHOVIA SECURITIES, INC.
BEAR, STEARNS & CO. INC.
DEUTSCHE BANK SECURITIES INC.

By: BANC OF AMERICA SECURITIES LLC

By:
   -----------------------------------
   Name:
   Title:

                                       17

<PAGE>

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

                                          RADIAN GROUP INC.

                                          By:
                                              ----------------------------------
                                              Name:
                                              Title:

The foregoing Registration Rights Agreement is hereby
confirmed and accepted as of the date first above written.

BANC OF AMERICA SECURITIES LLC
LEHMAN BROTHERS INC.
WACHOVIA SECURITIES, INC.
BEAR, STEARNS & CO. INC.
DEUTSCHE BANK SECURITIES INC.

By: BANC OF AMERICA SECURITIES LLC

By: /s/ Lily Chang
   -----------------------------------
   Name: Lily Chang
   Title: Principal

                                       18AGREEMENT RELATING TO THE TRANSFER OF SECURITIES

Table of Contents

Exhibit 10.13

EXECUTION COPY

DATED 30 April 2003

NTL (DELAWARE) INC.

NTL SWEDEN SPV INC.

NOGENTA SWEDISH ACQUISITION HOLDING B.V.

AND

THE KEY SHAREHOLDERS

OTHER HOLDERS

AND

B2 BREDBAND AB (PUBL)

AGREEMENT

relating to the transfer of

certain securities

in B2 Bredband AB (publ)

 

TABLE OF CONTENTS

									
	1. Interpretation
	2. Assignment of claim against NTL and Funding Commitments
	3. Offer of NTL B2 Securities to the Holders
	4. Transfer of the NTL B2 Securities
	5. Covenants up to the Completion
	6. Completion
	7. Representations and Warranties
	8. Waivers
	9. Shareholders Agreement
	10. Termination
	11. Confidentiality and Public Announcements
	12. Notices
	13. Miscellaneous
	14. Entire Agreement
	15. Governing Law
	16. Arbitration
	17. Exclusive jurisdiction over claims against NTL
	AGREEMENT RELATING TO THE TRANSFER OF SECURITIES

Table of Contents

CONTENTS

	 	 	 	 	 	 	 
	1.	 	
Interpretation
	 	 	5	 
	2.	 	
Assignment of claim against NTL and Funding Commitments
	 	 	5	 
	3.	 	
Offer of NTL B2 Securities to the Holders
	 	 	5	 
	4.	 	
Transfer of the NTL B2 Securities
	 	 	7	 
	5.	 	
Covenants up to the Completion
	 	 	7	 
	6.	 	
Completion
	 	 	8	 
	7.	 	
Representations and Warranties
	 	 	9	 
	8.	 	
Waivers
	 	 	11	 
	9.	 	
Shareholders Agreement
	 	 	12	 
	10.	 	
Termination
	 	 	12	 
	11.	 	
Confidentiality and Public Announcements
	 	 	13	 
	12.	 	
Notices
	 	 	13	 
	13.	 	
Miscellaneous
	 	 	13	 
	14.	 	
Entire Agreement
	 	 	14	 
	15.	 	
Governing Law
	 	 	14	 
	16.	 	
Arbitration
	 	 	14	 
	17.	 	
Exclusive jurisdiction over claims against NTL
	 	 	15	 

Schedules

	 	 	 
	1.	 	
Holders under the Shareholders’ Agreement
	 	 	 
	2.	 	
NTL B2 Securities
	 	 	 
	3.	 	
Interpretation
	 	 	 
	4.	 	
The Funding Commitments
	 	 	 
	5.	 	
Pro Rata Rights of the Holders
	 	 	 
	6.	 	
Application Form
	 	 	 
	7.	 	
Undertaking by the Key Shareholders
	 	 	 
	8.	 	
Settlement B2 Partners - Assignment of Pro Rata Right
	 	 	 
	9.	 	
Settlement B2 Partners - Instruction Letter
	 	 	 
	10.	 	
Notifications of NTL Internal Transfer

 

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THIS AGREEMENT is made on 30 April 2003

BETWEEN:

	(1)	 	(A) NTL (Delaware) Inc. (its previous name NTL Incorporated), a Delaware
company with its registered address at 110 East 59th Street, New York, NY
10022 USA, (“NTL Delaware”), (B) NTL Sweden SPV Inc., a Delaware company
with its registered address at 110 East 59th Street, New York, NY 10022
USA, (“NTL Sweden”), and (C) Nogenta Swedish Acquisition Holding B.V., a
Dutch company with its registered address at Strawinskylaan 3105, 1077 ZX
Amsterdam, the Netherlands, (“Nogenta”) (the parties listed above in (A) -
(C) collectively referred to as “NTL” and each such party shall be jointly
and severally responsible for NTL’s obligations under this Agreement);
	 
	(2)	 	B2 Bredband AB (publ), Reg. No. 556557-5825, a Swedish corporation with
its registered address at Årstaängsvägen 21B, SE-11743, Stockholm, Sweden
(“B2 Bredband”);
	 
	(3)	 	Continuum Group Limited, a Bermuda corporation with its registered
address at Cedar House, 41 Cedar Avenue, Hamilton HM12, Bermuda (“CGL”);
	 
	(4)	 	B2 Partners, LLC, a Delaware limited liability company with its principal
office at 730 Fifth Avenue, New York, N.Y. 10019, (“B2 Partners”);
	 
	(5)	 	(A) Carlyle Venture Partners, L.P., a Cayman Islands exempted limited
partnership, Kirk House, P.O. Box 1100-G, Grand Cayman, Cayman Islands,
British West Indies; (B) Carlyle U.S. Venture Partners, L.P., a Delaware
limited partnership, c/o Delaware Trust Capital Management, 300 Delaware
Avenue, Suite 900, Wilmington, Delaware 19801; (C) Carlyle Venture
Coinvestment, L.L.C., a Delaware limited liability company, c/o Delaware
Trust Capital Management, 300 Delaware Avenue, Suite 900, Wilmington,
Delaware 19801; (D) C/S Venture Investors, L.P., a Cayman Islands exempted
limited partnership, Kirk House, P.O. Box 1100-G, Grand Cayman, Cayman
Islands, British West Indies; (E) C/D Europe Partners, L.P., a Guernsey
exempted company, P. O. Box 87, Lefebvre Court, Lefebvre Street, St. Peter
Port, Guernsey, Channel Islands GY1 4BS; (F) C/M Europe Partners, L.P., a
Guernsey exempted company, P.O. Box 87, Lefebvre Court, Lefebvre Street,
St. Peter Port, Guernsey, Channel Islands GY1 4BS; (G) Carlyle Europe Co
Investment, L.P., a Guernsey exempted company, P.O. Box 87, Lefebvre
Court, Lefebvre Street, St. Peter Port, Guernsey, Channel Islands GY1 4BS;
(H) Carlyle Europe Partners, L.P., a Guernsey exempted company, P.O. Box
87, Lefebvre Court, Lefebvre Street, St. Peter Port, Guernsey, Channel
Islands GY1 4BS; and (I) Carlyle Capital Coinvestment Partners, L.P., a
Cayman Islands limited partnership Walker House, P.O. Box 265, Georgetown,
Grand Cayman, Cayman Islands (the parties listed above in (A) - (I)
collectively referred to as “Carlyle” and each such party shall be jointly
and severally responsible for Carlyle’s obligations under this Agreement);
	 
	(6)	 	(A) Investor Growth Capital Ltd, a Guernsey company, P.O. Box 626,
National Westminster House, Le Truchot, St. Peter Port, Guernsey, Channel
Islands GY1 4PW, and (B) Investor Group L.P., a limited partnership
incorporated under the laws of Guernsey, P.O. Box 626, National
Westminster House, Le Truchot, St. Peter Port, Guernsey, Channel Islands
GY1 4PW (the parties listed above in (A) - (B) collectively referred to as
“Investor Growth” each such party shall be jointly and severally
responsible for Investors Growth’s obligations under this Agreement);
	 
	 	 	The parties listed under (3), (4), (5) and (6) are jointly referred to as
the “Key Shareholders”.

 

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WHEREAS:

	(A)	 	on September 19, 2001, B2 Bredband, the Key Shareholders, NTL Delaware
and the other shareholders in B2 Bredband entered into an Investment
Agreement (the “Investment Agreement”) and an Amended and Restated
Shareholders Agreement (the “Shareholders’ Agreement”), together the “B2
Agreements”. The parties to the Shareholders’ Agreement are listed on
Schedule 1 (the “Holders” as defined in the Shareholders’ Agreement and
herein).
	 
	(B)	 	on May 8, 2002, NTL Delaware and five of its affiliates (the “NTL
Entities”) each filed with the Bankruptcy Court for the Southern District
of New York, United States, Case No. 02-41316 (ALG) (the “Bankruptcy
Court") a voluntary petition for reorganization relief under Chapter 11 of
title 11 of the United States Code, 11 U.S.C. §§ 101-1330. On September 9,
2002, the Bankruptcy Court entered that certain Order Confirming the
Second Amended Joint Reorganization Plan of the NTL
Entities (the “Reorganized NTL Entities”). Subsequently, on October 11,
2002, the Bankruptcy Court authorized the Reorganized NTL Entities to
reject the Investment Agreement and the Shareholders Agreement and
directed that any claims asserted against the Reorganized NTL Entities in
respect of such Agreements be filed within thirty days. On November 8,
2002, B2 Bredband and the Key Shareholders filed proofs of claim with the
Bankruptcy Court asserting damages arising out of Reorganized NTL
Entities’ actions in connection with the Investment Agreement and the
Shareholders’ Agreement (“Claim Nos. 2384/2386” and “Claim Nos. 2385/2388”
respectively).
	 
	(C)	 	Although NTL Delaware is the legal owner of all the NTL B2 Securities,
NTL’s holding of Equity Securities is registered in the VPC System in the
name of NTL Sweden SPV Inc. and Nogenta Acquisition Holdings B.V., both
Affiliates of NTL Delaware, as further specified in Schedule 2 (the “NTL
B2 Securities”);
	 
	(D)	 	B2 Bredband and certain Holders are of the opinion that NTL Delaware has
failed to make a required investment in B2 Bredband in the amount of SEK
208,999,995.74 in exchange for its proportionate share of Preferred B
Shares and Preferred B Warrant Debentures and Preferred B Warrants (all as
defined in the Investment Agreement) pursuant to Section 2.05(b) of the
Investment Agreement, and that NTL Delaware thereby has committed a
material breach as set forth in Section 6.10(b) of the Shareholders’
Agreement;
	 
	(E)	 	NTL is of the opinion that B2 Bredband and the non-NTL Holders have
failed to fulfil their obligations to register certain transfers among the
NTL entities or to procure such registration, as the case may be;
	 
	(F)	 	AI Capital C.V. has transferred all its securities in B2 Bredband and its
Key Shareholder status under the Shareholders’ Agreement to B2 Partners an
Affiliate of AI Capital C.V.
	 
	(G)	 	B2 Bredband, NTL and the Key Shareholders have agreed, without any of
them accepting any of the abovementioned alleged failures and breaches, to
settle the disputes through an agreement involving, inter alia, (i) NTL
offering the Holders to acquire all NTL B2 Securities pro rata to their
percentage interest in B2 Bredband pursuant to the procedures set forth in
Section 6.10 of the Shareholders Agreement and the terms and conditions
set out in this Agreement and (ii) all claims and potential claims of
whatever nature, whether present or future, by B2 Bredband and the
Participating Holders (as defined in sub-clause 3.4) against NTL and its
Affiliates relating to NTL’s shareholding in B2 Bredband being effectively
and irrevocably waived;
	 
	(H)	 	NOW, THEREFORE the parties agree as follows:

 

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	1.	 	Interpretation
	 
	1.1	 	 In addition to terms defined elsewhere in this Agreement, the definitions
and other provisions in Schedule 3 shall apply throughout this Agreement,
unless the context otherwise requires in a particular case.
	 
	1.2	 	 Unless the contrary intention appears in a particular case, the
representations and warranties and obligations of each party pursuant to
this Agreement shall be several and not joint and any liability of each
such party in respect of any breach of any representation, warranty or
obligation shall extend only to any loss or damage arising from its or his
breach.
	 
	2.	 	Assignment of claim against NTL and Funding Commitments
	 
	2.1	 	 B2 Bredband hereby assigns all of its claims against NTL, if any,
(including without limitation pursuant to Section 2.05(b) of the
Investment Agreement and Claim Nos. 2384/2386) to B2 Partners, Carlyle and
Investor Growth in the proportions one third of the potential claims to
each such Key Shareholder. NTL hereby consents to such assignment without
accepting any liability or obligation to make payment under any claim.
	 
	2.2	 	 As consideration for the assignment in clause 2.1 above, each of B2
Partners, Carlyle and Investor Growth hereby undertake in relation to B2
Bredband, severally but not jointly, to subscribe for and make payment of
the amounts set forth in Schedule 4 in the on-going issue resolved on by
the board of directors of B2 Bredband on April 7, 2003, subject to the
terms and conditions of such issue (the “Funding Commitments”).
	 
	2.3	 	 This clause 2 shall be null and void if this Agreement is terminated in
accordance with the provisions in this Agreement.
	 
	3.	 	Offer of NTL B2 Securities to the Holders
	 
	3.1	 	 Upon the terms and conditions of this Agreement, NTL Delaware hereby
offers to transfer all NTL B2 Securities to the Holders.
	 
	3.2	 	No later than five Business Days following the date hereof, B2 Bredband
shall procure that notice is given to the Holders in accordance with the
Shareholders Agreement, Section 6.08, informing the Holders of the right
to receive NTL B2 Securities pursuant to the procedures, terms and
conditions set forth in the Shareholders Agreement and herein (the
“Offer”).
	 
	3.3	 	 The terms and conditions of the Offer are the following:

	 	(a)	 	Subject to the other terms and conditions of the Offer, each
Holder shall have the right to receive such number of NTL B2
Securities as corresponds to the percentage of Shares (excluding any
Shares held by NTL) that it holds in B2 Bredband as per the date
five Business Days before Completion (the “Pro Rata Right”). A
preliminary compilation of the Pro Rata Rights as per the last
Business Day preceding the date of this Agreement is set forth in
Schedule 5. The Pro Rata Right for each individual Holder will be as
set forth in Schedule 5 unless such Holder’s holding of Shares
changes before the date five Business Days before Completion.
	 
	 	(b)	 	Holders wishing to accept NTL’s Offer and receive NTL B2
Securities shall execute the Application Form set forth in Schedule
6 and send such Application Form to B2 Bredband.

 

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	 	(c)	 	Applications to participate in the Offer which have been duly
executed and that conform to all the requirements in the Application
Form (“Eligible Applications”) shall be deemed to be acceptances of
the Offer. Without executing such Application Forms each of the Key
Shareholders hereby, severally but not jointly, agrees to accept the
Offer and to receive, on the terms and conditions set forth in this
Agreement, NTL B2 Securities in accordance with its Pro Rata Right.
Each Holder which has filed an Eligible Application and each Key
Shareholder is defined herein as an “Eligible Holder”.
	 
	 	(d)	 	Subject to the other terms and conditions of the Offer, each
Holder may in its Application Form apply to receive NTL B2
Securities in excess of each such Holder’s Pro Rata Right, up to
100% of the NTL B2 Securities (the number of Shares which any Holder
applies to receive above its Pro Rata Right is defined herein as an
“Over Subscription”). The Key Shareholders hereby agree to receive
any NTL B2 Securities not obtained by the other Holders, each in the
numbers set forth in Schedule 7. The undertaking to receive NTL B2
Securities above each Key Shareholder’s Pro Rata Right shall be
regarded as such Key Shareholder’s Over Subscription.
	 
	 	(e)	 	Each Holder shall have the right to transfer any part of its
Pro Rata Right together with a proportionate part of any Over
Subscription made to any one Holder or an Affiliate of any one
Holder that has adhered to the Shareholders’ Agreement in accordance
with the provisions set forth in the Application Form. For the
avoidance of doubt, Over Subscriptions shall be stapled to the Pro
Rata Right on the basis of which it is made and must therefore be
transferred pro rata to the portion of the relevant Pro Rata Right
which is transferred.
	 
	 	(f)	 	In case one or more Holders have not utilized their
respective Pro Rata Rights, the remaining NTL B2 Securities shall be
received by Eligible Holders having Over-Subscribed or received Over
Subscriptions, pro rata to such Eligible Holders aggregate Pro Rata
Rights (original or received).
	 
	 	(g)	 	By execution of this Agreement or the Application Form, each
Eligible Holder grants a power of attorney to each of Peder Ramel
and Hans Ragnhäll of B2 Bredband individually, or such other person
as any of them will nominate, to execute on its or his behalf the
Transaction Notes to be executed on Completion and to release on
Completion the Transfer Amount to NTL Delaware for any NTL B2
Securities allocated to such Eligible Holder.
	 
	 	(h)	 	Any Application Forms that do not meet the above criteria are
not eligible for participation in the allocation of NTL B2
Securities to be made on Completion (“Non-Eligible Applications”).
Any funds received by B2 Bredband relating to Non-Eligible
Applications and funds relating to unallocated Over Subscriptions
shall be returned to the sending Holder as soon as possible after
Completion.

	3.4	 	 Any Holder who signs an Application Form automatically becomes a party to
this Agreement and shall be deemed a “party” as referred to herein and be
bound by all provisions referring to a party irrespective of whether such
Holder has filed an Eligible or Non-Eligible Application. Each such Holder
and each Key Shareholder are also defined herein as a “Participating
Holder” and shall be bound by all provisions referring to a Participating
Holder irrespective of whether such Participating Holder has filed an
Eligible or Non-Eligible Application.

 

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	4.	 	Transfer of the NTL B2 Securities
	 
	4.1	 	 Each Preferred Warrant held by NTL Delaware shall be transferred together
with the Preferred Shares to which it is stapled and the consideration for
the Preferred Warrant is deemed included in the consideration for such
Share.
	 
	4.2	 	 The agreed valuation for the NTL B2 Securities shall be USD 0.00215 for
each Share held by NTL Delaware (the “NTL Consideration”), equal to USD
375,322 in total for all NTL B2 Securities. B2 Partners shall, however, be
entitled to issue to NTL Delaware (and NTL Delaware shall accept)
0.0000215 Class B Participating Units in B2 Partners for each Share held
by NTL Delaware instead of the NTL Consideration.
	 
	4.3	 	 As provided for in Section 6.10(e) of the Shareholders Agreement, the
parties have as part of the settlement set forth in this Agreement agreed
that the fee to the Appraiser (as defined in the Shareholders’ Agreement)
for establishing the fair market value of the NTL B2 Securities will be
borne by the Eligible Holders (as defined in sub-clause 2.4(c)) and,
consequently, said fee and expenses shall be paid pro rata in relation to
each of the NTL B2 Securities. Therefore, in addition to the NTL
Consideration, each Eligible Holder other than the Key Shareholders shall
pay USD 0.00201 for each Share received by it or him under this Agreement
to the Key Shareholders as compensation for expenses incurred by the Key
Shareholders in connection with this Agreement (the “Key Shareholder
Compensation”), together with the NTL Consideration equal to USD 0.00416
in total for each Share (the “Transfer Amount”).
	 
	4.4	 	 The transfer of NTL B2 Securities shall be completed on the Completion
Date (as defined in sub-clause 6.1 below).
	 
	4.5	 	 It is hereby acknowledged and agreed by all parties hereto that B2
Partners shall be entitled to settle any transfer of NTL B2 Securities to
B2 Partners in accordance with Schedule 8 and 9.
	 
	5.	 	Covenants up to the Completion
	 
	5.1	 	 NTL covenants that during the period between the date hereof and
Completion it shall abstain from, directly or indirectly, exercising any
rights relating to the ownership of the NTL B2 Securities, including but
not limited to participation at any shareholders meetings held in B2
Bredband and participation in any capital raisings in B2 Bredband,
provided that no other party hereto is at such time in material breach of
its obligations hereunder.
	 
	5.2	 	 NTL Delaware, NTL Sweden and Nogenta shall, on the date hereof, file the
notifications attached hereto as Schedule 10 and B2 Bredband shall on the
date hereof execute all VPC’s standard form documents for approval of
transfers that are required in order to execute the registration measures
in the VPC System necessary for all NTL B2 Securities to be registered in
the name of NTL Delaware in its VP account number 99585693 well in advance
of Completion (the “NTL Internal Transfer”).
	 
	5.3	 	 NTL covenants that it shall procure that Messrs. Bruno Claude and Aizad
Hussein, as per the Completion Date resigns from the board of directors of
B2 Bredband and waives all claims in relation to B2 Bredband other than
normal wages for services rendered to that date.
	 
	5.4	 	 At least five Business Days before the Completion Date, all Participating
Holders shall have transferred its part of the Transfer Amount or the NTL
Consideration, as applicable, (assuming that each Participating Holder
will receive the allocation of all Shares applied for)

 

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	 	 	to a client account of Advokatfirman Vinge (“Vinge”) as set forth in the
Application Form where such funds shall stand for the account of the
Participating Holders.
	 
	5.5	 	 At least four Business Days before Completion, B2 Bredband shall
determine which Participating Holders are Eligible Holders and allocate
the NTL B2 Securities among the Eligible Holders in accordance with the
provisions in clause 3.
	 
	5.6	 	 At least three Business Days before Completion, B2 Bredband shall inform
NTL Delaware of the names, VP accounts and other relevant information
relating to the Eligible Holders and of the allocation of the NTL B2
Securities among such Eligible Holders.
	 
	5.7	 	 At least two Business Day before Completion, B2 Bredband shall provide
NTL Delaware with a specification of the client account of Vinge showing
that the NTL Consideration (in cleared US dollar funds), less any NTL
Consideration relating to NTL B2 Securities to be transferred in
accordance with Schedule 9, is standing on such client account, ready to
be transferred to NTL Delaware.
	 
	5.8	 	If any covenant of NTL in this clause 5 has not been fulfilled on its
relevant date for reasons attributable to NTL, the Key Shareholders shall
be entitled to postpone the Completion to a date not more than 10 Business
Days after the scheduled date of Completion one or more times until
Completion occurs or, if NTL’s failure is material, to terminate this
Agreement. No claims by any of the parties hereto either arisen before,
through or after this Agreement shall be prejudiced by such termination.
For the avoidance of doubt, if Completion has not occurred on the
Completion Date for reasons attributable to NTL, the Key Shareholders are
not obliged to terminate this Agreement but may in lieu thereof enforce
this Agreement.
	 
	5.9	 	 If any covenant of any other party than NTL in this clause 5 has not been
fulfilled on its relevant date for reasons not attributable to NTL, NTL
shall postpone the Completion to a date not more than 10 Business Days
after the scheduled date of Completion one or more times until Completion
occurs.
	 
	6.	 	Completion
	 
	6.1	 	 Completion shall take place at the offices of Vinge, Smålandsgatan 20,
Stockholm on the Completion Date 30 May 2003 at 2 p.m. or at such other
date as the parties may agree or at such other date to which Completion is
postponed in accordance with this Agreement (the “Completion Date”).
	 
	6.2	 	 At Completion each party shall do or procure to be done all acts required
by such party in order to consummate the transactions contemplated by this
Agreement, including that:

	 	(a)	 	B2 Bredband shall undertake the final allocation of the NTL
B2 Securities to the Eligible Holders in accordance with the
provisions in clause 3 and 4;
	 
	 	(b)	 	NTL Delaware, shall execute the Transaction Notes, required
by NTL Delaware to effect the transfer of the NTL B2 Securities to
the Eligible Holders in accordance with clause 3 and 4;
	 
	 	(c)	 	B2 Bredband on behalf of each of the Eligible Holders, in
accordance with the final allocations made, shall execute the
Transaction Notes, required by such parties to effect the transfer
of the NTL B2 Securities to the Eligible Holders in accordance with
clause 3 and 4;

 

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	 	(d)	 	upon execution of the Transaction Notes in (c) above, NTL
Delaware shall without undue delay instruct its custodian
(Sw.“Kontoförande Institut") Carnegie to transfer the NTL B2
Securities from NTL Delaware’s VP account to the VP accounts of each
Eligible Holder in accordance with B2 Bredband’s instructions as set
forth in Clause 5.6;
	 
	 	(e)	 	upon NTL Delaware’s execution of the Transaction Notes in (c)
and the receipt by B2 Bredband of confirmation from Carnegie of the
transfers to the VP accounts in (d) above, the NTL Consideration
standing at Vinge’s client account shall immediately be deemed
pledged by all the respective Eligible Holders to NTL Delaware as
security for the due performance of the Eligible Holders’
obligations in connection with satisfying the NTL Consideration;
	 
	 	(f)	 	Upon receipt of the confirmation of the transfer of all NTL
B2 Securities in accordance with sub-clause 6.2(d) above, (i) B2
Bredband (on behalf of each of the Eligible Holders and NTL Delaware
as pledgee) shall, in accordance with the Transaction Notes,
instruct Vinge to release the NTL Consideration for all NTL B2
Securities to NTL Delaware at its client account with Gernandt &
Danielsson Advokatbyrå AB, at Östgöta Enskilda Bank, bank account no
1342-01-09180 and the Key Shareholder Compensation to the Key
Shareholders in accordance with joint instructions made by the Key
Shareholders, and (ii) B2 Partners and NTL Delaware shall execute
any and all documents required to the issue to NTL Delaware Class B
Participating Units in B2 Partners in accordance with Schedule 8.

	6.3	 	 If Completion has not occurred on the Completion Date for reasons
attributable to NTL, the Key Shareholders shall be entitled to postpone
the Completion to a date not more than 10 Business Days after the
scheduled date of Completion or, if NTL’s failure is material, terminate
this Agreement. No claims by any of the parties hereto either arisen
before, through or after this Agreement shall be prejudiced by such
termination. For the avoidance of doubt, if Completion has not occurred on
the Completion Date for reasons attributable to NTL, the Key Shareholders
are not obliged to terminate this Agreement but may in lieu thereof
enforce this Agreement.
	 
	6.4	 	 If Completion has not occurred on the Completion Date for reasons
attributable to B2 Bredband, NTL and the other Key Shareholders shall
agree to postpone the Completion to a date not more than 10 Business Days
after the scheduled date of Completion.
	 
	6.5	 	 Promptly after Completion, B2 Bredband shall send notice to each of the
Participating Holders informing of any allocations of NTL B2 Securities to
such Participating Holder and any return of funds to such Participating
Holder.

	7.	 	Representations and Warranties
	 
	7.1	 	 Each of the Participating Holders warrants severally, but not jointly, to
the other parties that on the date hereof and on the Completion Date:

	 	(a)	 	
it or he has the requisite power and authority to enter into
and perform, and has taken all necessary action (corporate or
otherwise) to authorise the execution and performance of, its or his
obligations under this Agreement; and

	 
	 	(b)	 	it is sole owner of the number of
Common Shares,Preferred B Shares and Preferred C Shares set forth in
Schedule 4.

 

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	7.2	 	 B2 Bredband warrants to each of the other parties that on the date hereof
and on the Completion Date:

	 	(a)	 	it has the requisite power and authority to enter into and
perform, and has taken all necessary action (corporate or otherwise)
to authorise the execution and performance of, its obligations under
this Agreement;
	 
	 	(b)	 	it is not insolvent;
	 
	 	(c)	 	this Agreement is not in contravention of any provision of
its articles of association or the Swedish Companies Act;

	7.3	 	 Each of NTL Delaware, NTL Sweden and Nogenta warrants, jointly and
severally, to each of the other parties that on the date hereof and on the
Completion Date:

	 	(a)	 	it has the requisite power and authority to enter into and
perform, and has taken all necessary action (corporate or otherwise)
to authorise the execution and performance of, its obligations under
this Agreement, and the execution and performance of the Agreement
by NTL requires no further approval of any governmental authority or
other third party of any kind;
	 
	 	(b)	 	the NTL B2 Securities constitute all securities in B2
Bredband held by NTL, NTL Delaware is the sole owner of the NTL B2
Securities and NTL Sweden and Nogenta make no claim of any ownership
or any other right to the NTL B2 Securities and, subject only to the
registration measures in clause 5, NTL Delaware has the full power,
right and authority to transfer full ownership and legal title to
the Eligible Holders without any claims of others to such NTL B2
Securities as set forth in this Agreement;
	 
	 	(c)	 	except as set forth in the Shareholders Agreement and in the
articles of association of B2 Bredband, there is no mortgage,
pledge, lien, option, right to acquire, assignment by way of
security or any other security interest, encumbrance or third party
right of any kind or any agreement to create any of the foregoing;
on, over or affecting any of the NTL B2 Securities, nor is there any
commitment to give or create any of the foregoing, and no person has
claimed to be entitled to any of the foregoing.

	7.4	 	 In the event of a breach of one or more of the Warranties set forth in
this clause 7 (a “Warranty Breach”), the non-breaching parties affected by
such Warranty Breach may require that the breaching party shall
immediately use its best efforts to rectify the Warranty Breach and
furthermore indemnify the non-breaching parties and hold such parties
harmless from the damages resulting from the Warranty Breach. In no event,
other than where specifically indicated, shall one or more of the parties
be liable for a Warranty Breach by another party.
	 
	7.5	 	 Except as otherwise expressly provided by the Warranties set forth in
this clause 7, each party hereto expressly disclaims any representations
or warranties of any kind or nature, express, implied or statutory as well
as any remedies not set forth herein (including, without limitation,
remedies under the Sale of Goods Act). Each party confirms that in
entering into this Agreement it has not relied on any assumptions not
expressly described as such in this Agreement.

 

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	8.	 	Waivers
	 
	8.1	 	In consideration for the right to receive NTL B2 Securities under this
Agreement, and without prejudice to the generality of the sub-clauses
below, each of B2 Partners, Carlyle and Investor Growth expressly waive
any claims against NTL, if any, transferred to such Key Shareholders
pursuant to clause 2 above provided that Completion takes place through
this Agreement and B2 Bredband consents to such waiver. B2 Bredband
further confirms that after such assignment and provided that Completion
takes place through this Agreement it does not have any claims of any
nature against NTL or NTL’s Affiliates, employees and agents or the
directors and deputy directors nominated by NTL to the B2 Bredband board.
With respect to the directors and deputy directors nominated by NTL to the
B2 Bredband board, subject to the condition that B2 Bredband’s auditors do
not oppose discharge from liability for such directors and deputy
directors on the following general meeting of shareholders of B2 Bredband.
	 
	8.2	 	On this date, but effective upon the earlier of (i) Completion, (ii) the
date scheduled for Completion in Clause 6.1 if on such date Completion has
not occurred for any reason directly attributable to the Key Shareholders
and/or B2 Bredband (except if attributable to NTL), and (iii) the date to
which Completion has been postponed in accordance with the terms of this
Agreement if on such date Completion has not ocurred for any reason
directly attributable to the Key Shareholders and/or B2 Bredband (except
if attributable to NTL), and except for claims arising as a consequence of
breach of this Agreement, each of B2 Bredband and the Participating
Holders (on behalf of itself and such Participating Holder’s Affiliates)
waives any and all claims of whatever nature relating to NTL’s holding of
the NTL B2 Securities that B2 Bredband, such Participating Holder or any
of their Affiliates, successors and assigns has or may have against NTL,
the Reorganized NTL Entities or their Affiliates, employees and agents or
the directors and deputy directors nominated by NTL to the B2 Bredband
board. Furthermore, each Participating Holder undertakes to vote for the
release of liability of Messrs Bruno Claude and Aizad Hussein at the
following annual general meeting of B2 Bredband. The aforesaid waiver and
undertaking to vote are, with respect to the directors and deputy
directors nominated by NTL to the B2 Bredband board, subject to the
condition that B2 Bredband’s auditors do not oppose discharge from
liability for such directors and deputy directors on the following general
meeting of shareholders of B2 Bredband. For the avoidance of doubt, with
respect to (ii) and (iii) above, any type of unforeseen events of force
majeure-nature shall under no circumstances be deemed directly
attributable to the Key Shareholders and/or B2 Bredband.
	 
	8.3	 	From this date, but effective upon the earlier of (i) Completion, (ii)
the date scheduled for Completion in Clause 6.1 if on such date Completion
has not occurred for any reason directly attributable to the Key
Shareholders and/or B2 Bredband (except if attributable to NTL), and (iii)
the date to which Completion has been postponed in accordance with the
terms of this Agreement if on such date Completion has not occurred for
any reason directly attributable to the Key Shareholders and/or B2
Bredband (except if attributable to NTL), and except for claims arising as
a consequence of breach of this Agreement, neither B2 Bredband nor any
Participating Holder (or any of their Affiliates) shall have the right to
pursue any claims against NTL or NTL’s Affiliates, employees and agents or
the directors and deputy directors nominated by NTL to the B2 Bredband
board, whether directly or indirectly (including through other legal
entities), relating to NTL’s holding of the NTL B2 Securities provided
with respect to the directors and deputy directors nominated by NTL to the
B2 Bredband board that B2 Bredband’s auditors do not oppose discharge from
liability for such directors and deputy directors on the following general
meeting of shareholders of B2 Bredband. For the avoidance of doubt, with
respect to (ii) and (iii) above, any type of unforeseen events of

 

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	 	 	force majeure-nature shall under no circumstances be deemed directly
attributable to the Key Shareholders and/or B2 Bredband.
	 
	8.4	 	On this date, but effective upon the earlier of (i) Completion, (ii) the
date scheduled for Completion in Clause 6.1 if on such date Completion has
not occurred for any reason attributable to NTL, and (iii) the date to
which Completion has been postponed in accordance with the terms of this
Agreement if on such date Completion has not ocurred for any reason
attributable to NTL, and except for claims arising as a consequence of
breach of this Agreement, NTL (on behalf of itself and its Affiliates,
employees, agents and the directors and deputy directors nominated by NTL
to the B2 Bredband board (collectively the “NTL Persons”)) waives any and
all claims of whatever nature by NTL or its Affiliates relating to B2
Bredband that NTL or the NTL Persons or any of their successors and
assigns has or may have against B2 Bredband or the Participating Holders
or any of their Affiliates, employees and agents (including any directors
and deputy directors of B2 Bredband).
	 
	8.5	 	From this date, but effective upon the earlier of (i) Completion, (ii)
the date scheduled for Completion in Clause 6.1 if on such date Completion
has not occurred for any reason attributable to NTL, and (iii) the date
to which Completion has been postponed in accordance with the terms of
this Agreement if on such date Completion has not ocurred for any reason
attributable to NTL, and except for claims arising as a consequence of
breach of this Agreement, neither NTL nor any of its Affiliates shall have
the right to pursue any claims against B2 Bredband or the Participating
Holders or any of their employees, agents or directors and deputy
directors, whether directly or indirectly (including through other legal
entities), relating to NTL’s holding of Equity Securities in B2 Bredband.
	 
	8.6	 	Following Completion, B2 Bredband and the Participating Holders, to the
extent applicable, shall promptly, following the request of NTL, (i)
assist NTL in procuring entry of a Bankruptcy Court order approving the
Reorganized NTL Entities’ settlement of Claim Nos. 2384/2386 and Claim
Nos. 2385/2388 contained herein, (ii) assist NTL in procuring the
Bankruptcy Court’s denial of Claim Nos. 2384/2386 and Claim Nos.
2385/2388, and/or (iii) file a notice of withdraw of Claim Nos. 2384/2386
and Claim Nos. 2385/2388 in the Bankruptcy Court. Each party agrees to
bear its respective costs in respect of such proceedings and all previous
proceedings before the Bankruptcy Court.
	 
	8.7	 	This clause 8 shall be null and void if this Agreement is terminated in
accordance with the provisions in this Agreement.
	 
	9.	 	Shareholders Agreement
	 
	9.1	 	All parties to this Agreement hereby acknowledge and accept (i) that this
Agreement is in full compliance with the B2 Agreements (including for the
avoidance of doubt Section 6.10 of the Shareholders’ Agreement), and (ii)
that NTL’s former Key Shareholder status under the Shareholders’ Agreement
is null and void and not transferred under this Agreement.
	 
	9.2	 	Furthermore, subject to Completion, each of B2 Bredband and the
Participating Holders, severally, but not jointly, terminate the
Shareholders’ Agreement in relation to NTL, following which NTL shall not
be bound vis-a-vis B2 Bredband and the Participating Holders by any
provision therein other than Section 5.01.
	 
	10.	 	Termination
	 
	 	 	This Agreement may not be terminated except in the circumstances and
subject to the conditions expressly set forth for herein. Notwithstanding
any provision to the contrary herein, no party shall have the right to
terminate this Agreement for a breach or

 

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	 	 	misrepresentation committed by any other party than NTL except with the
express written consent of NTL.
	 
	11.	 	Confidentiality and Public Announcements
	 
	11.1	 	No party shall make (or allow any other person to make) any public
announcement concerning this Agreement or any ancillary matter before, on
or after Completion except that NTL and the Reorganized NTL Entities shall
be permitted to attach a copy of and describe and refer to this Agreement
in any pleadings filed to obtain the Bankruptcy Court order described in
sub-clause 8.6 above.
	 
	11.2	 	Nothing in this clause 11 shall prevent any announcement being made or
any confidential information being disclosed:

	 	(a)	 	with the written approval of the other parties, which in the
case of any announcement shall not be unreasonably withheld or
delayed; or
	 
	 	(b)	 	to the extent required by law, any competent regulatory body
or applicable stock listing requirements, but a party required to
disclose any confidential information shall promptly notify the
other parties, where practicable and lawful to do so, before
disclosure occurs and co-operate with the other parties regarding
the timing and content of such disclosure or any action which the
other parties may reasonably elect to take to challenge the validity
of such requirement.

	11.3	 	In case an announcement shall be made in accordance with sub-clause 11.2
above, the announcing party shall use its best reasonable efforts to have
the contents of such announcement agreed between B2 Bredband, NTL Delaware
and the Key Shareholders in advance.
	 
	12.	 	Notices
	 
	 	 	Any notice, request, instruction or other document to be given hereunder
by or to any party shall, unless explicitly stated otherwise, be in
writing (including fax or similar writing) and shall be given to such
party at its address set forth in Schedule 1, or to such other address or
fax number as the party to whom notice is to be given may provide in a
written notice to the other parties, a copy of which written notice shall
be on file with the general counsel of B2 Bredband. Each such notice,
request or other communication shall be effective (i) if given by fax,
when such fax is transmitted to the fax number specified in this clause
and the appropriate confirmation is received or (ii) if given by express
mail, 72 hours after such communication is deposited in the express mail
service, with postage prepaid addressed as aforesaid or (iii) if given by
any other means, when delivered at the address specified in this clause
12, so long as in the case of each of clauses (i), (ii) and (iii), such
notice, request, instruction or other document was received by the
recipient before 5:00 p.m. in the place of receipt and that day is a
Business Day. Otherwise, any notice, request or communication shall be
deemed not to have been received until the next succeeding Business Day
in the place of receipt. In calculating any notice or time period under
this Agreement, the Parties agree that any such period shall be deemed to
exclude the day when the notice is received or deemed received, but shall
be deemed to include the day when the period is to lapse or otherwise
take effect.
	 
	13.	 	Miscellaneous
	 
	13.1	 	All parties to this Agreement, other than B2 Bredband, hereby acknowledge
and accept B2 Bredband to act as intermediary pursuant to and in
accordance with this Agreement in the transfer of the NTL B2 Securities
hereunder. Each such party hereby waives any right to raise

 

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	 	 	monetary claims against B2 Bredband or any of its officers for any
actions taken by B2 Bredband or any of its officers under this Agreement,
other than where the basis of such claims is a breach of sub-clause 7.2
or where there is a case of fraud, wilful breach, wilful misconduct,
wilful concealment or gross negligence.
	 
	13.2	 	Except as otherwise set forth in this Agreement, each party shall pay the
costs, expenses and advisors’ fees incurred by it in connection with the
entering into and completion of this Agreement.
	 
	13.3	 	This Agreement may be executed in any number of counterparts. Execution
in counterparts has the same effect as if the signatures on the
counterparts were on a single copy of this Agreement.
	 
	13.4	 	The rights of each party under this Agreement may be waived only in
writing and specifically. Any delay in the exercise or non-exercise of any
such right is not a waiver of that right.
	 
	13.5	 	Changes and additions to this Agreement must, in order to be effective,
be in writing and duly executed by the parties.
	 
	13.6	 	If any provision of this Agreement shall be fully or partly invalid or
unenforceable, the validity and enforceability of all other provisions
shall not be affected. The invalid or unenforceable provision shall be
substituted by a valid and enforceable provision that reflects as close as
possible the economic intention of the parties intended by the invalid or
unenforceable provision. Any invalidity or unenforceability affecting the
obligations of one or more parties hereunder shall not render the
Agreement invalid as between the other parties.
	 
	14.	 	Entire Agreement
	 
	 	 	This Agreement and the documents referred to herein and any related
agreements executed by the parties on the date of this Agreement contain
the entire agreement between the parties relating to the transactions
contemplated by this Agreement and supersede all previous agreements
between the parties relating to these transactions. For the avoidance of
doubt the Shareholders’ Agreement shall, save for the termination in
relation to NTL as set out in sub-clause 9.2, remain in full force
between the remaining parties thereto.
	 
	15.	 	Governing Law
	 
	 	 	This Agreement shall be governed by and construed in accordance with the
laws of Sweden.
	 
	16.	 	Arbitration
	 
	16.1	 	Any dispute, controversy or claim arising out of or in connection with
this Agreement, or the breach, termination or invalidity thereof shall,
unless otherwise mutually resolved by the parties, be finally settled by
arbitration in accordance with the Rules of the Arbitration Institute of
the Stockholm Chamber of Commerce (the “Rules”), as amended or
supplemented by the provisions below, by an arbitral tribunal of three (3)
arbitrators.
	 
	16.2	 	The place of arbitration shall be Stockholm, and the language to be used
in any such arbitration proceedings shall be English.
	 
	16.3	 	All three arbitrators shall be appointed by the Institute.

 

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	16.4	 	In the event that a request for arbitration between any of the parties
has been filed with the Institute, the Institute shall notify all other
parties of the request for arbitration.
	 
	16.5	 	If an arbitral proceeding between two or more parties to this Agreement
have been initiated, another party to this Agreement who wishes to
initiate an arbitral proceeding against any party or parties, shall submit
its request for arbitration to the arbitral tribunal and the Institute.
The arbitral tribunal shall, after having consulted the parties in the
ongoing arbitration proceeding and the parties to the new arbitration
proceeding, decide whether or not the two proceedings shall be settled by
the same arbitral tribunal and in one proceeding only.
	 
	16.6	 	If the arbitral tribunal considers the new request to be submitted at
such a late stage of the proceedings that a consolidation would delay the
proceedings unacceptably, the arbitral tribunal shall decide that the
disputes shall be settled separately.
	 
	16.7	 	If arbitration is initiated by one party against several parties on
grounds that are substantially similar, the arbitral tribunal shall decide
that the proceedings shall be consolidated.
	 
	16.8	 	If two or more proceedings have been consolidated, the arbitral tribunal
may subsequently, after having given due opportunity to the parties in the
proceedings to express their views on the matter, decide that a particular
dispute or particular disputes referred to it shall be settled separately.
	 
	16.9	 	The arbitral tribunal may dispose of the disputes referred to it by
rendering one or several awards. This shall not limit the power of the
tribunal under Section 34 of the Rules of the Arbitration Institute of the
Stockholm Chamber of Commerce to render separate awards for separate
issues or parts of the matters in dispute.
	 
	16.10	 	All meetings and hearings shall be in private unless the parties agree
otherwise. The parties may not disclose or communicate to any person
information concerning the arbitration or the award. This information is
to be treated as strictly confidential by the parties.
	 
	16.11	 	No party shall have the right to terminate this arbitration clause in
whole or with respect to its obligations hereunder.
	 
	16.12	 	No party shall initiate a lawsuit against any other party where the
basis of such lawsuit is within the scope of this clause, except in the
situation where neither the laws of the place where the other party has
its residence nor where such party’s assets are located would recognise
any arbitration award which may be rendered against such party under this
clause, in which event such party shall be subject to suit in any court of
competent jurisdiction.
	 
	17.	 	Exclusive jurisdiction over claims against NTL
	 
	17.1	 	Notwithstanding clause 16 above or anything in this Agreement to the
contrary, after Completion has taken place, any claims of whatever nature,
except for claims pursuant to Clauses 7.3 and 7.4 in this Agreement, by
any of the parties hereto or their successors or assigns in respect of
NTL’s holding of securities in B2 (including, but not limited to Claim
Nos. 2384/2386, and Claim Nos. 2385/2388) against NTL, the Reorganized NTL
Entities, or their Affiliates, shall be subject to the exclusive
jurisdiction of the Bankruptcy Court or if jurisdiction is not available
at such venue, to the jurisdiction of a competent court of New York.
	 
	17.2	 	This clause 17 shall be null and void if this Agreement is terminated in
accordance with the provisions in this Agreement.

 

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

	 	 	 
	NTL (DELAWARE) INC.	 	
NTL SWEDEN SPV INC.
	 	 	 
	By:     /s/ Jeff Wyman	 	
By:     /s/ Jeff Wyman
	
	 	

	Name:     Jeff Wyman	 	
Name:     Jeff Wyman
	Title:     Vice President	 	
Title:     Vice President
	 	 	 
	NOGENTA SWEDISH ACQUISITION
HOLDING B.V	 	
B2 BREDBAND AB (PUBL)
	 	 	 
	By:     /s/ Jeff Wyman	 	
By:     /s/ Hans Ragnhäll
	
	 	

	Name:     Jeff Wyman	 	
Name:     Hans Ragnhäll
	Title:     Vice
President	 	
Title:     General Counsel
	 	 	 
	CONTINUUM GROUP LIMITED	 	
B2 PARTNERS, LLC.

By: AIM Telecom, LLC, its Manager
	 	 	 
	By:     /s/ Jean-Francois Astier	 	
By:     /s/ Peter L. Thoren
	
	 	

	Name:     Jean-Francois Astier	 	
Name:     Peter L. Thoren
	Title:	 	
Title:     Manager
	 	 	 
	CARLYLE VENTURE PARTNERS, L.P.	 	
CARLYLE U.S. VENTURE PARTNERS, L.P.
	 
	By:     TCG Ventures Ltd.	 	
By:     TCG Ventures, L.L.C.
		 	
By:     TCG Group, L.L.C.
		 	
By:     TCG Holdings, L.L.C.
	 	 	 
	By:     /s/
Daniel A. D’Aniello	 	
By:     /s/ Daniel A. D’Aniello
	
	 	

	Name:     Daniel A. D’Aniello	 	
Name:     Daniel A. D’Aniello
	Title:     Director	 	
Title:     Director
	 	 	 

 

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	CARLYLE VENTURE COINVESTMENT L.L.C.	 	
C/S VENTURE INVESTORS, L.P.
	 
	By: TCG Ventures, L.L.C.	 	By: TCG Ventures Ltd.
	By: TC Group, L.L.C.	 	
	By: TCG Holdings	 	
	 	 	 
	By:     
/s/ Daniel A. D’Aniello	 	
By:     /s/ Daniel A. D’Aniello
	
	 	

	Name:
     Daniel A. D’Aniello	 	
Name:      Daniel A. D’Aniello
	Title:      Director	 	
Title:      Director
	 
	C/D EUROPE PARTNERS, L.P.	 	
C/M EUROPE PARTNERS, L.P.
	 	 	 
	By:     CEP General Partner, L.P.	 	
By:     CEP General Partner, L.P.
	By:     CEP Investment Administration Ltd	 	
By:     CEP Investment Administration Ltd
	 
	By:     /s/
Daniel A. D’Aniello	 	
By:     /s/ Daniel A. D’Aniello
	
	 	

	Name:     Daniel
A. D’Aniello	 	
Name:     Daniel A. D’Aniello
	Title:     Director	 	
Title:     Director
	 	 	 
	 	 	
CARLYLE EUROPE COINVESTMENT, L.P.
	 	 	 
	 	 	
By:     CEP General Partner, L.P.
	 	 	
By:     CEP Investment Administration Ltd
	 
	 	 	
By:     /s/ Daniel A. D’Aniello
	 	 	

	 	 	
Name:     Daniel A. D’Aniello
	 	 	
Title:     Director
	 	 	 
	CARLYLE EUROPE PARTNERS, L.P.	 	
CARLYLE CAPITAL COINVESTMENT, L.P.
	 	 	 
	By:     CEP General Partner, L.P.	 	By: SCPI General
Partner LTD.
	By:     CEP Investment Administration Ltd	 	
	 
	By:     /s/
Daniel A. D’Aniello	 	
By:     /s/ Daniel A. D’Aniello
	
	 	

	Name:     Daniel A. D’Aniello	 	
Name:     Daniel A. D’Aniello
	Title:     Director	 	
Title:     Director
	 	 	 
	INVESTOR GROWTH CAPITAL LTD	 	
INVESTOR GROUP L.P.
	 	 	 
	By:     /s/ R. De Heus	 	
By:     /s/ R. De Heus
	
	 	

	Name:     R. De Heus	 	
Name:     R. De Heus
	Title:     B. Director	 	
Title:     B. Director

 

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SCHEDULE 1

The parties to the Shareholders’ Agreement

	 	 	 
	1.	 	
NTL (Delaware) Inc. (its previous name NTL Incorporated), a Delaware
company with its registered address at 110 East 59th Street, New York, NY
10022 USA;
	 	 	 
	2.	 	
NTL Sweden SPV Inc., a Delaware company with its registered address at
110 East 59th Street, New York, NY 10022 USA;
	 	 	 
	3.	 	
Nogenta Swedish Acquisition Holding B.V., a Dutch company with its
registered address at Strawinskylaan 3105, 1077 ZX Amsterdam, the
Netherlands;
	 	 	 
	4.	 	
B2 Bredband AB (publ), Reg. No. 556557-5825, a Swedish corporation with
its registered address at Årstaängsvägen 21B, SE-11743, Stockholm, Sweden;
	 	 	 
	5.	 	
Continuum Group Limited, a Bermuda corporation with its registered
address at Cedar House, 41 Cedar Avenue, Hamilton HM12, Bermuda;
	 	 	 
	6.	 	
B2 Partners, LLC, a Delaware limited liability company with its principal
office at 730 Fifth Avenue, New York, N.Y. 10019,;
	 	 	 
	7.	 	
Carlyle Venture Partners, L.P., a Cayman Islands exempted limited
partnership, Kirk House, P.O. Box 1100-G, Grand Cayman, Cayman Islands,
British West Indies;
	 	 	 
	8.	 	
Carlyle U.S. Venture Partners, L.P., a Delaware limited partnership, c/o
Delaware Trust Capital Management, 300 Delaware Avenue, Suite 900,
Wilmington, Delaware 19801;
	 	 	 
	9.	 	
Carlyle Venture Coinvestment, L.L.C., a Delaware limited liability
company, c/o Delaware Trust Capital Management, 300 Delaware Avenue, Suite
900, Wilmington, Delaware 19801;
	 	 	 
	10.	 	
C/S Venture Investors, L.P., a Cayman Islands exempted limited
partnership, Kirk House, P.O. Box 1100-G, Grand Cayman, Cayman Islands,
British West Indies;
	 	 	 
	11.	 	
C/D Europe Partners, L.P., a Guernsey exempted company, P.O. Box 87,
Lefebvre Court, Lefebvre Street, St. Peter Port, Guernsey, Channel Islands
GY1 4BS / P.O. Box 543, 3 North Side Vale, Guernsey, GY 7 6HJ Channel
Islands, Great Britain;
	 	 	 
	12.	 	
C/M Europe Partners, L.P., a Guernsey exempted company, P.O. Box 87,
Lefebvre Court, Lefebvre Street, St. Peter Port, Guernsey, Channel Islands
GY1 4BS / P.O. Box 543, 3 North Side Vale, Guernsey, GY 7 6HJ Channel
Islands, Great Britain;
	 	 	 
	13.	 	
Carlyle Europe Co Investment, L.P., a Guernsey exempted company, P.O. Box
87, Lefebvre Court, Lefebvre Street, St. Peter Port, Guernsey, Channel
Islands GY1 4BS / P.O. Box 543, 3 North Side Vale, Guernsey, GY 7 6HJ
Channel Islands, Great Britain;
	 	 	 
	14.	 	
Carlyle Europe Partners, L.P., a Guernsey exempted company, P.O. Box 87,
Lefebvre Court, Lefebvre Street, St. Peter Port, Guernsey, Channel Islands
GY1 4BS / P.O. Box 543, 3 North Side Vale, Guernsey, GY 7 6HJ Channel
Islands, Great Britain;
	 	 	 
	15.	 	
Carlyle Capital Coinvestment Partners, L.P., a Cayman Islands limited
partnership Walker House, P.O. Box 265, Georgetown, Grand Cayman, Cayman
Islands;
	 	 	 
	16.	 	
Investor Growth Capital Ltd, a Guernsey company, P.O. Box 626, National
Westminster House, Le Truchot, St. Peter Port, Guernsey, Channel Islands
GY1 4PW;
	 	 	 
	17.	 	
Investor Group L.P., a limited partnership incorporated under the laws of
Guernsey, P.O. Box 626, National Westminster House, Le Truchot, St. Peter
Port, Guernsey, Channel Islands GY1 4PW;
	 	 	 
	18.	 	
BCI Investments Limited, a Cayman Islands company with its registered
office at Rawlin Son & Hunter, Attn: Alan Milgate, 1 Capital Place, P.O.
Box 1787 GT, Grand Cayman, Cayman Islands B.W.1;
	 	 	 
	19.	 	
Framtidsfabriken AB (publ), Reg. No. 556528-6886, a company incorporated
under Swedish law with its principal place of business at Drottninggatan
33, Stockholm, Sweden;
	 	 	 
	20.	 	
Intel Atlantic Inc., a company incorporated under the laws of the state
of Delaware, USA, with its principal place of business at 2200 Mission
College Boulevard, Santa Clara, California 95052-

 

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8119, USA/ Intel Corporation, Att: Eddie Lee, 2200 Mission College BLVD,
Santa Clara CA 98052, USA;
	 	 	 
	21.	 	
Originators Investment Plan L.P. c/o Morgan Stanley, Att. James Keane,
1585 Broadway, 35th Floor, New York, NY 10036, USA;
	 	 	 
	22.	 	
Morgan Stanley Dean Witter Equity Funding Incorporated, c/o Morgan
Stanley, Att. James Keane, 1585 Broadway, 35th Floor, New York, NY 10036,
USA;
	 	 	 
	23.	 	
Morgan Stanley & Co. Incorporated, c/o Morgan Stanley, Att. James Keane,
1585 Broadway, 35th Floor, New York, NY 10036, USA;
	 	 	 
	24.	 	
Secura Int. Services Ltd., a company established under the laws of
Alderney, with its registered address at Century House, 12 Victoria
Street, Alderney, Channel Islands, GY93UF, Great Britain / St Peter Port,
Helvetia Court, Guernsey, Channel Island GY 14EE, , Great Britain;
	 	 	 
	25.	 	
AB Novestra (publ), Reg. No. 556539-7709, a company incorporated under
Swedish law with its principal place of business at Norrlandsgatan 16,
Stockholm, Sweden;
	 	 	 
	26.	 	
Jonas Birgersson, Stora Fiskaregatan 15 A, 222 24 Lund, Sweden;
	 	 	 
	27.	 	
Jan Nilsson, Gävlegatan 9, 113 30 Stockholm, Sweden;
	 	 	 
	28.	 	
Jan Erik Fiske, Rödabergsgatan 11A, 3tr, 113 33 Stockholm, Sweden;
	 	 	 
	29.	 	
Peter Ekelund, PL 5857, Olastorp, 269 95 Båstad, Sweden;
	 	 	 
	30.	 	
Johan Ekelund, Ulrikagatan 11, 115 23 Stockholm, Sweden/Gyllenstiernsgatan
15, 5tr, 115 26 Stockholm, Sweden;
	 	 	 
	31.	 	
Fredrik Ekelund, Ulrikagatan 11, 115 23 Stockholm, Sweden/Gyllenstiernsgatan
15, 5tr, 115 26 Stockholm, Sweden;
	 	 	 
	32.	 	
Maria Ekelund, Ulrikagatan 11, 115 23 Stockholm, Sweden/Gyllenstiernsgatan
15, 5tr, 115 26 Stockholm, Sweden;
	 	 	 
	33.	 	
Mattias Söderhielm, Grubbensringen 21, 3tr 14, 112 69 Stockholm, Sweden;
	 	 	 
	34.	 	
Johan Edfeldt, Hammarbacken 8, 182 35 Danderyd, Sweden;
	 	 	 
	35.	 	
Fredrik Grunwald, Herrviksvägen 21, 139 40 Värmdö, Sweden;
	 	 	 
	36.	 	
Lars Lindgren, 40, Rue des Sablons, 787 50 Mareil-Marly, France;
	 	 	 
	37.	 	
Martin Gemvik, Auravägen 35, 3 tr, 182 68 Djursholm, Sweden/ Törnrosvägen
17, 182 75 Stocksund, Sweden;
	 	 	 
	38.	 	
Sture Lundén, Östra Ågatan 9, 4tr, 753 22 Uppsala, Sweden;
	 	 	 
	39.	 	
Per-Henrik Norhagen, Villagatan 10, 114 32 Stockholm, Sweden;
	 	 	 
	40.	 	
Peter Svanfeldt, Alvägen 31, 191 33 Sollentuna, Sweden / Banérgatan 4,
4tr, 114 56 Stockholm, Sweden;
	 	 	 
	41.	 	
Lars-Åke Norling, Förrådsgatan 8, 4tr, 169 39 Solna, Sweden;
	 	 	 
	42.	 	
Jan Morten Ruud, Robertsviksvägen 21, 182 35 Danderyd, Sweden;
	 	 	 
	43.	 	
Nils Petter Tetlie, Eriksbergsgatan 13, 114 30 Stockholm, Sweden;
	 	 	 
	44.	 	
Finn Terje Schöyen, Pareliusv 5E, 1177 Oslo, Norway;
	 	 	 
	45.	 	
Harald Nordstrand, Ankerveien 43, 0785 Oslo, Norway;
	 	 	 
	46.	 	
Trond Fossum, c/o Bredbandsbolaget, Box 7394, 103 91 Stockholm;
	 	 	 
	47.	 	
Jadar Dokka, Hagaveien 18A, 0980 Oslo; Norway;
	 	 	 
	48.	 	
Ivar Vebostad, Tryggve Nilsens Vei 39, 1061 Oslo, Norway;
	 	 	 
	49.	 	
Geir Ove Jensen, Nordlysveien 7, 0489 Oslo, Norway;
	 	 	 
	50.	 	
Wireless Competence Center B.V., Postbus 741, 1000 AS Amsterdam, The
Netherlands;
	 	 	 
	51.	 	
Moa Söderhielm, Grubbensringen 21, 3tr 14, 112 69 Stockholm;
	 	 	 
	52.	 	
Broadband Internet Group BV, Klosenkamp 4, 7591 WN Denekamp, The
Netherlands; and
	 	 	 
	53.	 	
Anne Nilsson, Gävlegatan 9, 3tr, 113 30 Stockholm, Sweden.

 

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SCHEDULE 2

NTL B2 Securities

	 	 	 	 	 	 	 	 	 	 	 
	 	 	VPC-code	 	Number	 	Owner	 	VPC Registered Holder
	 	 	
	 	
	 	
	 	

	Shares	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Common Shares	 	
AKA
	 	 	76,558,016	 	 	NTL Delaware
	 	NTL Sweden SPV Inc.

(blocked VP-account)
	 	 	 	 	 	 	 	 	 	 	 
	Preferred B Shares	 	
AKPRB
	 	 	90,973,331	 	 	NTL Delaware
	 	NTL Sweden SPV Inc.

(blocked VP-account)
	 	 	 	 	 	 	 	 	 	 	 
	Preferred C Shares	 	
AKPRC
	 	 	7,036,929	 	 	NTL Delaware
	 	NTL Sweden SPV Inc.

(blocked VP-account)
	 	 	 	 	 	 	 	 	 	 	 
	Warrants	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Preferred B Warrants	 	
TO 8 PRB
	 	 	9,097,332	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition 
Holding
B.V.
	 	 	 	 	 	 	 	 	 	 	 
	Preferred B Warrants	 	
TO 9 PRB
	 	 	9,097,332	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition 
Holding
B.V.
	 	 	 	 	 	 	 	 	 	 	 
	Preferred B Warrants	 	
TO 10 PRB
	 	 	9,097,332	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition
 Holding
B.V.
	 	 	 	 	 	 	 	 	 	 	 
	Preferred C Warrants	 	
TO 11 PRC
	 	 	703,693	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition 
Holding
B.V.
	 	 	 	 	 	 	 	 	 	 	 
	Preferred C Warrants	 	
TO 12 PRC
	 	 	703,693	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition
 Holding
B.V.
	 	 	 	 	 	 	 	 	 	 	 
	Preferred C Warrants	 	
TO 13 PRC
	 	 	703,693	 	 	NTL Delaware
	 	Nogenta Swedish
Acquisition
 Holding
B.V.

 

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SCHEDULE 3

INTERPRETATION

In this Agreement:

“Affiliate” shall have the meaning set forth in the Shareholders’ Agreement;

“Business Day” means a day (other than a Saturday or Sunday) on which banks are
generally open in Stockholm for normal business;

“Common Shares” means the series A shares, par value SEK 0.01 per share, of B2
Bredband;

“Completion” means completion of the transfer of the NTL B2 Securities in
accordance with this Agreement;

“Preferred B Shares” means the series B preferred shares, par value SEK 0.01
per share, of B2 Bredband;

“Preferred B Warrants” means the detachable warrants in three series to
subscribe for new Preferred B Shares in B2 Bredband, with VPC code TO 8 PRB, TO
9 PRB and TO 10 PRB, respectively, in the VPC System, issued as anti-dilution
protection for the Preferred B Shares issued under the Investment Agreement;

“Preferred C Shares” means the series C preferred shares, par value SEK 0.01
per share, of B2 Bredband;

“Preferred C Warrants” means the detachable warrants in three series to
subscribe for new Preferred C Shares in B2 Bredband, with VPC code TO 11 PRC,
TO 12 PRC and TO 13 PRC, respectively, in the VPC System, issued as
anti-dilution protection for the Preferred C Shares issued under the Investment
Agreement;

“Preferred Shares” means the Preferred B Shares and the Preferred C Shares;

“Preferred Warrants” means the Preferred B Warrants and the Preferred C
Warrants;

“Shares” means the Common Shares and the Preferred Shares. The term “Share”,
when used in this Agreement shall, where the contexts permits, include the
Preferred Warrant stapled to such Share;

“VPC” means VPC AB; and

“VPC System” means the Swedish Securities System maintained by (VPC AB).

 

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SCHEDULE 4

THE FUNDING COMMITMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	shares as per	 	Tranche A	 	Tranche B	 	total Loan
	Name	 	7-apr-03	 	(SEK)	 	(SEK)	 	(SEK)
	
	 	
	 	
	 	
	 	

	B2 Partners, LLC
	 	 	84,882,669	 	 	 	66,666,667	 	 	 	50,000,000	 	 	 	116,666,667	 
	Investor Growth Capital Ltd.
	 	 	74,387,395	 	 	 	46,666,667	 	 	 	35,000,000	 	 	 	81,666,668	 
	Carlyle Europe Partners L.P.
	 	 	48,253,182	 	 	 	39,299,805	 	 	 	29,474,854	 	 	 	68,774,659	 
	Investor Group L.P
	 	 	31,880,311	 	 	 	19,999,999	 	 	 	15,000,000	 	 	 	34,999,999	 
	Carlyle Capital Coinvestments L.P.
	 	 	11,499,547	 	 	 	9,365,806	 	 	 	7,024,355	 	 	 	16,390,161	 
	Carlyle Venture Partners L.P.
	 	 	10,543,964	 	 	 	8,587,532	 	 	 	6,440,649	 	 	 	15,028,181	 
	C/M Europe Partners, L.P.
	 	 	3,403,385	 	 	 	2,771,887	 	 	 	2,078,915	 	 	 	4,850,802	 
	C/S Venture Investors L.P.
	 	 	2,200,968	 	 	 	1,792,578	 	 	 	1,344,434	 	 	 	3,137,012	 
	Carlyle Europe Coinvestment L.P.
	 	 	1,824,234	 	 	 	1,485,747	 	 	 	1,114,311	 	 	 	2,600,058	 
	Carlyle Venture Coinvestment, LLC
	 	 	1,642,011	 	 	 	1,337,336	 	 	 	1,003,002	 	 	 	2,340,338	 
	Carlyle U.S. Venture Partners, L.P.
	 	 	1,398,448	 	 	 	1,138,966	 	 	 	854,225	 	 	 	1,993,191	 
	C/D Europe Partners, L.P.
	 	 	1,089,089	 	 	 	887,009	 	 	 	665,256	 	 	 	1,552,265	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 
	TOTAL
	 	 	273,005,203	 	 	 	200,000,000	 	 	 	150,000,000	 	 	 	350,000,000	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 

 

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SCHEDULE 6

APPLICATION FORM

	 	 	 
		 	
This Application Form shall be submitted to:

B2 Bredband AB (publ)

att. Hans Ragnhäll

By mail: P.O. Box 47645, SE-117 43 Stockholm

or by fax: +46 8 549 046 08

APPLICATION FORM PURCHASE OF NTL B2 SECURITIES

On the terms and conditions of the Agreement relating to the transfer of
certain securities in B2 Bredband AB (publ) dated 30 April 2003 (the
“Settlement Agreement”), Exhibit 1, the Holders (as defined in the
Settlement Agreement) are entitled to receive NTL B2 Securities through
this Application Form. Defined terms used herein shall have the same
meaning as in the Settlement Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	APPLICATION TO
	 	 	 	 	 	 	 	 	RECEIVE THE
	 	 	 	 	 	 	 	 	FOLLOWING 
	 	 	                Pro Rata Right                  	 	Maximum Number	 	NUMBER OF SHARES
		 	
	 	 		 	 	 
	Common Shares	 	
See Schedule 5
	 	 	76 558 016	 	 	 _______________
	 	 	
 
	 	 	 	 	 	+

	 	 	 	 	 	 	 	 	 
	Preferred B Shares*	 	
See Schedule 5
	 	 	90 973 331	 	 	 _______________

	 	 	
 
	 	 	 	 	 	+

	 	 	 	 	 	 	 	 	 
	Preferred C Shares*	 	
See Schedule 5
	 	 	7 036 929	 	 	 _______________
	 	 	 	 	 	 	 	 	=
	 	 	 	 	 	 	 	 	 
	Total Shares	 	
See Schedule 5
	 	 	174 568 276	 	 	 _______________
	 	 	 	 	 	 	 	 	x
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	USD Transfer Amount

per Share	 	 	 	 	 	 	 	
0.00416
	 	 	 	 	 	 	 	 	=
	 	 	 	 	 	 	 	 	 
	Total USD Transfer
Amount to be paid
by Holder	 	 	 	 	 	 	 	 _______________

	*	 	To be transferred together with stapled anti-dilution warrants as set
forth in the Settlement Agreement.

	 	 	 
	 	 	
The Total USD Transfer Amount shall be paid to the

following USD bankaccount: 5936-82 017 14 (SEB)

Swiftcode: ESSESESS with name/company name of

Holder as reference. PLEASE NOTE THAT SEK

AMOUNTS WILL NOT BE ACCEPTED!

 

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Completed Acceptance Form must be received by B2 Bredband and payment of
the Total USD Transfer Amount must have been received in the above bank
account not later than 23 May 2003.

The NTL B2 Securities that are allocated on Completion to the Holder shall
be registered in the following VP-account. Please note that the account
must be in the name of the Holder and cannot be a custodian account (Sw:
Värdepappersdepå), it must be a VP account)

0     0
    0     -      -

Please note the bank account (and the refund currency desired) for
repayment of any unallocated funds (less any bank transfer fees) to be made
after Completion:

	 	 	 
	Bank		 
	 		

	 	 	 
	Account 
 number		 
	 		

	 	 	 
	Currency		 
	 		

The undersigned Holder acknowledges and agrees that:

	 	 	 
	-	 	
This application is binding and cannot be revoked once the Application
Form has been submitted to B2 Bredband.
	 	 	 
	-	 	
The allocation of the NTL B2 Securities is subject to Completion.
	 	 	 
	-	 	
Any allocation to the Holder in excess of its Pro Rata Right is
subject to other Holders not applying for their Pro Rata Right.
	 	 	 
	-	 	
Any funds received in the above bank account to which no allocation is
made on Completion (e.g. un-allocated Over Subscriptions or
Non-Eligible Applications) will be returned (less any bank transfer
fees) to the sender as soon as possible after Completion.
	 	 	 
	-	 	
As set forth in the Settlement Agreement I/we hereby authorise B2
Bredband to undertake on my/our behalf any act or measure necessary in
order to execute the allocation of the NTL B2 Securities on
Completion.
	 	 	 
	-	 	
Incomplete or improperly completed Application Forms, or late
Application Forms, may be disregarded.
	 	 	 
	-	 	
By signature of this Application Form the applicant automatically
becomes a party to the Settlement Agreement, irrespective of any
purchase of NTL B2 Securities, and the applicant undertakes and
covenants with all the other parties to the Settlement Agreement to
undertake all obligations of a party and Participating Holder under
the Settlement Agreement, as applicable.
	 	 	 
	-	 	
The complete terms and conditions for purchase of the NTL B2
Securities are set forth in the Settlement Agreement.
	 	 	 
	-	 	
This Application Form may not be used by Holders that wish to transfer
any part of their Pro Rata Right (together with a proportionate part
of any Over Subscription). A Holder that wishes to transfer its Pro
Rata Right (together with a proportionate part of any Over
Subscription) as set forth in the Settlement Agreement, shall
immediately and not later than 16 May 2003 contact Mr. Hans Ragnhäll
at e-mailaddress: hans.ragnhall@bredband.com or by fax: +46 8 549 046
08 in order to receive a specific application form for such transfer.

	Place:

      	

      	Date:

      	

      	

      
	

      	
      

      	

      	
      

      	

      

Signature:

Signature Clarification:

 

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SCHEDULE 8

SETTLEMENT B2 PARTNERS - ASSIGNMENT OF PRO RATA RIGHT

     The
undersigned, _____________ , a ____________ 
corporation (“Assignor”), a shareholder in B2 BREDBAND AB (publ), Reg. No.
556557-5825, a Swedish limited liability company with its registered address at
Årstaängsvägen 21B, SE-11743, Stockholm, Sweden (“B2 Bredband”), is or will be,
a signatory to the agreement dated 30 April 2003 by and among B2 Bredband and
certain of its shareholders relating to, inter alia, sale of NTL’s securities
in B2 Bredband (the “Agreement”), hereby assigns, transfers and sets over to B2
Partners, LLC, a Delaware limited liability company (“Assignee”), effective as
of the date hereof the portion of Assignor’s right, title and interest in and
to the Pro Rata Right (as such term is defined in the Agreement) specified in
Exhibit A granted or to be granted to Assignor in shares of the capital stock
of B2 Bredband, pursuant to the terms of the Agreement (the “Pro Rata Right”)
together with the proportionate part of the Over Subscription (as such term is
defined in the Agreement) made by Assignor, as further detailed in Exhibit A,
relating to the Pro Rata Right (the “Over Subscription”).

     This Assignment is made in conjunction with the execution and delivery of
Assignor’s Subscription Agreement for B2 Partners and acceptance thereof by B2
Partners.

     The undersigned covenants that it has complied with Section 3.04 of the
Shareholders’ Agreement.

	 	 	 
	 	 	
[                               ]
	 
	By:	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	 	 	Date:

ACCEPTANCE

     The undersigned, B2 Partners, LLC a Delaware limited liability company,
the Assignee described in the above and foregoing Assignment of the Pro Rata
Right and the Over Subscription, does hereby accept such Assignment and agrees
to be bound by all of the terms, covenants and conditions contained in the
Agreement with respect to the Pro Rata Right and the Over Subscription, as of,
from and after the effective date set forth above. Furthermore, the undersigned
hereby agrees to be bound by Shareholder’s Agreement.

                                                                        B2 Partners, LLC

 

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	By:	 	AIM Telecom, LLC,

its Manager
	 	 	
 

	 	 	By:	 
	 	 	
	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Date:	 

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SCHEDULE 9

SETTLEMENT B2 PARTNERS - INSTRUCTION LETTER

[Letterhead of B2 Partners, LLC]

NTL (Delaware) Inc.

NTL Sweden SPV Inc.

110 East 59th Street

New York, NY 10022

Ladies and Gentlemen:

     Reference is made to the agreement dated 30 April 2003 by and among B2
Bredband AB (publ), Reg. No 556557-5825, a Swedish limited liability company
(“B2 BREDBAND”) and certain key shareholders of B2 BREDBAND relating to, inter
alia, sale of NTL’s securities in B2 BREDBAND (the “Agreement”).

     The undersigned, B2 Partners, LLC (“B2 Partners”), as an assignee of the
Pro Rata Rights (as such term is defined in the Agreement) and Over
Subscriptions (as such term is defined in the Agreement) allocated to B2
Partners under the Agreement, listed on Exhibit B hereto (the “Exercisable
Rights”) hereby instructs NTL (Delaware) Inc. (“NTL”) in connection with its
exercise of the Exercisable Rights, and the submission by B2 Partners of all
documentation required in connection therewith pursuant to the Agreement, to
contribute the shares of B2 BREDBAND subject to such exercise to B2 Partners,
as a contribution to the capital of B2 Partners. In exchange therefor, B2
Partners shall issue to NTL  _________________  Class B Participating
Units in B2 Partners.

	 	 
	 
	B2 Partners, LLC

By: AIM Telecom, LLC,

      its Manager

	 	By:	 
	 	
	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

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SCHEDULE 10

NOTIFICATIONS ON NTL INTERNAL TRANSFER

BY FAX

(08-21 28 40)

D. Carnegie AB

Att: [  ]

STOCKHOLM

Transfer Instruction

BACKGROUND

NTL (Delaware) Inc (formerly NTL Incorporated)., with its principal office at
110 East 59th Street, New York, NY 10022, USA, has previously held, on its
VP-account no 99585693:

	 	 	 
	(i)	 	
76,558,016 shares of series A issued by B2 Bredband AB (publ),
organisation number 556557-5825 (the “Company”);
	 	 	
 
	(ii)	 	
90,973,331 shares of series B preferred issued by the Company;
	 	 	
 
	(iii)	 	
7,036,929 shares of series C preferred issued by the Company (all shares
referred to in (i)-(iii) jointly referred to as the “NTL B2 Shares”);
	 	 	
 
	(iv)	 	
9,097,332 preferred B warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:I (code TO 8);
	 	 	
 
	(v)	 	
9,097,332 preferred B warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:II (code TO 9);
	 	 	
 
	(vi)	 	
9,097,332 preferred B warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:III (code TO 10)
	 	 	
 
	(vii)	 	
703,693 preferred C warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:IV (code TO 11);
	 	 	
 
	(viii)	 	
703,693 preferred C warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:V (code TO 12); and
	 	 	
 
	(ix)	 	
703,693 preferred C warrants issued by the Company under Terms and
conditions for B2 Bredband AB’s warrants 2001/2006:VI (code TO 13) (all
warrants referred to in (iv)-(ix) jointly referred to as the “NTL B2
Warrants”).

All securities referred to in (i) – (ix) above are herein jointly referred to
as “NTL B2 Securities”.

In April 2002, (a) NTL (Delaware) Inc. instructed D. Carnegie AB to transfer
all of the abovementioned NTL B2 Securities from NTL (Delaware) Inc.’s
VP-account (no 99585693) to the VP account of NTL Sweden SPV Inc. (no
000114496099) and (b) NTL Sweden SPV Inc. instructed D. Carnegie AB to transfer
all of the abovementioned NTL B2 Securities from NTL Sweden SPV

 

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Inc’s VP-account (no 000114496099) to the VP account of Nogenta Swedish
Acquisition Holding B.V.’s VP-account (no 000114495785).

However, given that the Company did not approve of such transfers and given
that the articles of association of the Company contains a pre-emption clause,
the NTL B2 Shares were placed at a blocked VP account in the name of NTL Sweden
SPV Inc, whereas the NTL B2 Warrants were registered at to the VP account of
Nogenta Swedish Acquisition Holding B.V.’s VP-account (no 000114495785).

Subsequent thereto, Nogenta Swedish Acquisition Holding B.V. has transferred
all of its NTL B2 Securities to NTL Sweden SPV Inc and NTL Sweden SPV Inc has
transferred the same NTL B2 Securities to NTL (Delaware) Inc.

INSTRUCTIONS

(A) NTL B2 Shares

(A.1) NTL Sweden SPV Inc. irrevocably instructs D. Carnegie AB to transfer all
of the abovementioned NTL B2 Shares from NTL Sweden SPV Inc’s VP-account (no
000114496099) to the VP account of Nogenta Swedish Acquisition Holding B.V.’s
VP-account (no 000114495785).

(A.2) Nogenta Swedish Acquisition Holding B.V. irrevocably instructs D.
Carnegie AB to transfer all of the abovementioned NTL B2 Shares from Nogenta
Swedish Acquisition Holding B.V.’s VP-account (no 000114495785) to NTL
(Delaware) Inc.’s VP-account (no 99585693).

(B) NTL B2 Warrants

Nogenta Swedish Acquisition Holding B.V. irrevocably instructs D. Carnegie AB
to transfer all of the abovementioned NTL B2 Warrants from Nogenta Swedish
Acquisition Holding B.V.’s VP-account (no 000114495785) to NTL (Delaware)
Inc.’s VP-account (no 99585693).

All instructions above shall be executed by D. Carnegie AB promptly upon
receipt of this Transfer Instruction.

CONSENT BY THE COMPANY

The Company will provide the necessary consents to effect the registrations in
(A) above.

Confirmation of the registration measures shall be sent to Marcus Johansson of
Gernandt & Danielsson Advokatbyrå AB (fax no 08-662 61 01) with a copy to Hans
Ragnhäll, B2 Bredband AB (publ) (fax no 08-549 046 08) not later than 6 May
2003.

30 April, 2003

	 	 	 
	NTL (DELAWARE) INC	 	
NTL SWEDEN SPV INC

	 	 	 
	BY:   /s/ Jeff
Wyman	 	
BY:   /s/ Jeff Wyman

NOGENTA SWEDISH ACQUISITION

HOLDING BV

BY:   /s/ Jeff Wyman

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