Document:

Exhibit
4.13

 

	
  

  	
  EXECECUTION VERSION

  
	
   

  

 

 

Dated 9 February 2010

 

 

BLOCKED
ACCOUNT CHARGE

 

 

between

 

 

VIRGIN MEDIA INVESTMENT
HOLDINGS LIMITED

as Chargor

 

and

 

DEUTSCHE
BANK AG, LONDON BRANCH

as Security Trustee

 

	
   

  

 

 

White & Case LLP

5 Old Broad Street

London  EC2N 1DW

 

 

TABLE OF CONTENTS

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  DEFINITIONS

  	
  1

  
	
  2.

  	
  COVENANT AND CHARGE

  	
  6

  
	
  3.

  	
  ASSIGNMENT

  	
  6

  
	
  4.

  	
  NOTICES AND ACKNOWLEDGEMENTS
  OF CHARGE

  	
  6

  
	
  5.

  	
  SET-OFF

  	
  6

  
	
  6.

  	
  DEPOSITS

  	
  7

  
	
  7.

  	
  REPRESENTATIONS AND
  WARRANTIES

  	
  7

  
	
  8.

  	
  FURTHER ASSURANCE

  	
  8

  
	
  9.

  	
  POWERS OF THE SECURITY
  TRUSTEE

  	
  8

  
	
  10.

  	
  POWER OF ATTORNEY

  	
  9

  
	
  11.

  	
  PROTECTIONS FOR THE SECURITY
  TRUSTEE

  	
  10

  
	
  12.

  	
  APPOINTMENT AND POWERS OF
  RECEIVER

  	
  10

  
	
  13.

  	
  INDEMNITIES; COSTS AND
  EXPENSES

  	
  11

  
	
  14.

  	
  CONTINUING SECURITY AND
  OTHER MATTERS

  	
  12

  
	
  15.

  	
  THE SECURITY TRUST AGREEMENT

  	
  15

  
	
  16.

  	
  MISCELLANEOUS

  	
  15

  
	
  17.

  	
  NOTICES

  	
  16

  
	
  18.

  	
  LAW

  	
  16

  
	
  19.

  	
  JURISDICTION

  	
  17

  
	
  SCHEDULE
  1 DETAILS OF BLOCKED ACCOUNTS

  	
  18

  
	
  SCHEDULE
  2 NOTICES AND ACKNOWLEDGEMENTS

  	
  19

  
	
   

  	
  Part A Form of
  Notice of Charge

  	
  19

  
	
   

  	
  Part B Form of
  Acknowledgement

  	
  21

  

 

i

 

THIS CHARGE is dated 9 February 2010 and made

 

BETWEEN:

 

(1)                                 VIRGIN MEDIA INVESTMENT HOLDINGS
LIMITED,  a company incorporated in England & Wales under
registered number 3173552 (the “Chargor”);
and

 

(2)                                 DEUTSCHE BANK AG, LONDON BRANCH as security trustee for the Beneficiaries (the “Security Trustee”).

 

WHEREAS:

 

(A)                              The Senior Lenders have agreed to make available to
the Borrowers (as defined in the Senior Facilities Agreement (as defined
below)) certain credit facilities pursuant to the terms and subject to the
conditions of the Senior Facilities Agreement.

 

(B)                                Virgin Media Secured Finance PLC has agreed to issue
and sell the Senior Secured Notes under the Senior Secured Notes Indenture.

 

(C)                                By an intercreditor deed dated 3 March 2006,
as amended and restated on 13 June 2006, 10 July 2006,
31 July 2006, 15 May 2008, 30 October 2009 and 8 January 2010
(the “Group Intercreditor Deed”)
the Security Trustee, the Facility Agent, the Original Senior Borrowers, the
Original Senior Guarantors, the Senior Lenders, the Hedge Counterparties, the
Intergroup Debtors and the Intergroup Creditors (as each of those terms are
defined therein) and certain other members of the Group have agreed to regulate
their relationship as creditors on the terms set out therein.

 

(D)                               The board of directors of the Chargor is satisfied
that the Chargor is entering into this Charge for the purposes of carrying on
its business, and that its doing so benefits the Chargor.

 

(E)                                 The Security Trustee holds the benefit of this Charge
on trust for itself and the other Beneficiaries on the terms and subject to the
conditions of the Security Trust Agreement and the Group Intercreditor Deed.

 

WITNESSES as follows:

 

1.                                      DEFINITIONS

 

1.1                               Definitions

 

In this Charge:

 

“Beneficiaries”
means the First Beneficiary and the Second Beneficiaries;

 

“Blocked  Accounts” means each of the accounts specified in Schedule
1;

 

“Blocked Account Bank”
means National Westminster Bank plc;

 

“Collateral
Rights” means all rights, powers and remedies of the Security
Trustee provided by this Charge or by law;

 

 

“Default Rate”
means the rate specified in clause 28.2 of the Senior Facilities Agreement
or, upon its repayment in full and cancellation of all undrawn commitments
thereunder such equivalent provision in the Relevant Facilities Agreement;

 

“Deposit” means,
in respect of each Blocked Account, each credit balance from time to time on
such Blocked Account and all rights, benefits and proceeds in respect thereof;

 

“Enforcement
Date” means the date on which, following the occurrence of an Event
of Default that is continuing, either the Relevant Agent or the Security
Trustee notifies the Chargor of the occurrence of that Event of Default, or
takes, under any one or more of the Senior Finance Documents, any of the steps
it is entitled to take by reason of the occurrence of such Event of Default;

 

“Event of
Default” means each of:

 

(a)                                  a Senior Default; and

 

(b)                                 an event of default or termination event (however
described) under any Hedging Agreement;

 

“Incapacity”
means, in relation to any person, the insolvency, bankruptcy, liquidation,
dissolution, winding-up, administration, receivership, amalgamation,
reconstruction or other incapacity of that person whatsoever;

 

“Receiver” means
a receiver and manager, or any other receiver (whether appointed pursuant to
this Charge or to any statute, by a court or otherwise) of the relevant Blocked
Account and shall, where permitted by law, include an administrative receiver;

 

“Relevant Facilities
Agreement” means the Senior Facilities Agreement, or, upon its
repayment in full and cancellation of all undrawn commitments thereunder, the
Designated Refinancing Facilities Agreement, provided that if upon the
repayment in full and cancellation of all undrawn commitments under the Senior
Facilities Agreement there is no Designated Refinancing Facilities Agreement,
until such time that a Refinancing Facilities Agreement has been designated as
a Designated Refinancing Facilities Agreement, the “Relevant Facilities
Agreement” shall be the Senior Facilities Agreement immediately prior to such
termination, and provided further that upon the repayment in full and
cancellation of all undrawn commitments under the Designated Refinancing
Facilities, until such time that a Refinancing Facilities Agreement has been
designated as a Designated Refinancing Facilities Agreement, the “Relevant
Facilities Agreement” shall be the Designated Refinancing Facilities Agreement
immediately prior to such termination.

 

“Secured
Obligations” means the Security Trustee Liabilities, the Senior
Liabilities and the Hedging Liabilities, provided that any liabilities that
have been designated as “New Senior Liabilities” under the Group Intercreditor
Deed or are incurred after 31 December 2009 under any Refinancing
Facilities Agreement entered into after such date,

 

2

 

(a)                                  in breach of the provisions of the Senior Facilities
Agreement, or upon its repayment in full and cancellation of all undrawn
commitments thereunder (unless there is no Designated Refinancing Facilities
Agreement), the Designated Refinancing Facilities Agreement, or any Refinancing
Facilities Agreement on the date of such designation (excluding any applicable
cure period), or

 

(b)                                 that the Security Trustee, acting reasonably, has not
agreed to act as security trustee for,

 

shall not, in any such case constitute “Secured
Obligations” for the purpose of this Charge;

 

“Security
Provider” means any person who has granted or may at any time hereafter
grant any security interest as security for the Secured Obligations;

 

“Security Trust Agreement”
means the security trust agreement dated 3 March 2006 and amended and
restated on or about the date of this Deed between, Deutsche Bank AG, London
Branch as Security Trustee and as Facility Agent, Virgin Media Investment
Holdings Limited (formerly known as NTL Investment Holdings Limited) and the
companies named therein as Original Obligors;

 

“Senior Facilities
Agreement” means the senior facilities agreement dated 3 March 2006
(as amended and restated on 22 May 2006, 10 July 2006, 10 August 2006,
4 April 2007, 15 May 2008, 10 November 2008, 30 October 2009
and 8 January 2010 and as amended, restated, supplemented or novated from
time to time between Virgin Media Inc., Virgin Media Finance plc, Virgin Media
Investment Holdings Limited (formerly known as NTL Investment Holdings
Limited), Telewest Communications Networks Limited, VMIH Sub Limited (formerly
known as NTLIH Sub Limited) as UK Borrowers, Virgin Media Dover LLC (formerly
known as NTL Dover LLC) as US Borrower, Deutsche Bank AG, London Branch, J.P.
Morgan plc, The Royal Bank of Scotland plc and Goldman Sachs International as
Bookrunners and as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as
Facility Agent and as Security Trustee, Deutsche Bank AG, New York Branch as US
Paying Agent, GE Corporate Banking Europe SAS as Administrative Agent, Deutsche
Bank AG, London Branch as Original L/C Bank and the persons named therein as
Lenders;

 

“Senior Secured Notes”
has the meaning given to the term “Notes” in the Senior Secured Notes
Indenture;

 

“Senior Secured Notes
Documents” means the Senior Secured Notes Indenture including the
guarantees set out therein, and the Senior Secured Notes;  and

 

“Senior Secured Notes
Indenture” means the indenture dated on or about the date of this
Deed governing the $1,000,000,000 6.50% Senior Secured Notes due 2018 and the
£875,000,000 7.00% Senior Secured Notes due 2018, among Virgin Media Inc.,
Virgin Media Investment Holdings Limited, Virgin Media Finance PLC, Virgin
Media Secured Finance PLC, the subsidiary guarantors named therein, The Bank of
New York Mellon, as trustee, registrar and paying agent and The Bank of New
York Mellon (Luxembourg), S.A., as Luxembourg paying agent, as amended,
restated, supplemented or otherwise modified from to time.

 

3

 

1.2                               Defined
Expressions

 

Unless the context otherwise requires or unless
otherwise defined in this Charge, words and expressions defined in the Group
Intercreditor Deed and (unless otherwise defined in the Group Intercreditor
Deed) the Relevant Facilities Agreement shall have the same meaning when used
in this Charge (including its recitals).

 

1.3                               Headings

 

Clause headings are inserted for convenience of
reference only and shall be ignored in the interpretation of this Charge.

 

1.4                               Construction
of Certain Terms

 

In this Charge, unless the context otherwise
requires:

 

(a)                                  references to clauses are to be construed as references
to the clauses of this Charge;

 

(b)                                 references to (or to any specified provision of) this
Charge or any other agreement or document shall be construed as references to
this Charge, that provision or that agreement or document as in force for the
time being and as from time to time amended, supplemented, varied, extended,
restated, replaced or novated in accordance with the terms thereof, or, as the
case may be, with the agreement of the relevant parties and (where such consent
is, by the terms of any Security Document or the relevant document, required to
be obtained as a condition to such amendment being permitted) the prior written
consent of an Instructing Party;

 

(c)                                  references to a “regulation”
include any present or future regulation, rule, directive, requirement, request
or guideline (whether or not having the force of law) of any agency, authority,
central bank or government department or any self-regulatory or other national
or supra-national authority;

 

(d)                                 words importing the plural shall include the singular
and vice versa;

 

(e)                                  references to a “person” shall
be construed as including references to an individual, firm, company,
corporation, unincorporated body of persons or any state or any agency thereof;

 

(f)                                    references to a “guarantee”
include references to an indemnity or other assurance against financial loss
including, without limitation, an obligation to purchase assets as a
consequence of default by any other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; and

 

(g)                                 references to statutory provisions shall be construed
as references to those provisions as replaced, amended or re-enacted from time
to time.

 

4

 

1.5                               Implied
Covenants

 

The following provisions of the Law of Property
(Miscellaneous Provisions) Act 1994 will not apply to Clause 2.2:

 

(a)                                  the words “other than any charges, encumbrances or
rights which that person does not and could not reasonably be expected to know
about” in section 3(1); and

 

(b)                                 the words “except to the extent that” and all the
words thereafter in section 3(2); and

 

(c)                                  section 6(2).

 

1.6                                 Third Party Rights

 

A person which is not a party to this Charge (a
“third party”) shall have no rights to
enforce the provisions of this Charge save for:

 

(a)                                  those rights it would have had if the Contracts
(Rights of Third Parties) Act 1999 had not come into effect; and

 

(b)                                 a person who is a co-trustee (with the Security
Trustee) for the Beneficiaries under the Security Trust Agreement  whether or not
it is a party to the Security Trust
Agreement,

 

provided also that this Charge may be rescinded
or altered without the consent of any third party referred to in
Clause 1.6(b).

 

1.7                               Effect
as a Deed

 

This Charge is intended to take effect as a
deed notwithstanding that the Security Trustee may have executed it under hand
only.

 

1.8                               Successors
and Assigns

 

The expressions, “Senior Lenders”, “Beneficiaries”,
“Chargor”, “Senior Finance Party”, “Relevant Agent”, “Security Provider” and “Security
Trustee” include, where the context admits, their respective successors,
permitted assigns and transferees and, in the case of the Lenders, their
Transferees and, in the case of the Security Trustee, such other person as may
from time to time be appointed as Security Trustee for the Beneficiaries
pursuant to the provisions of the Security
Trust Agreement

 

1.9                               Group
Intercreditor Deed

 

This Charge should be read and construed
subject to the terms of the Group Intercreditor Deed.  In the event of any inconsistency between the
terms of this Charge and the Group Intercreditor Deed, the terms of the Group
Intercreditor Deed shall prevail.

 

5

 

1.10                         Secured
Obligations

 

It is acknowledged and agreed that (without
prejudice to the extension of the Secured Obligations to any other Indebtedness
from time to time included within the definition thereof) as at the date
hereof, the Secured Obligations shall include:

 

(c)                                  all Liabilities under the Senior Facilities Agreement;
and

 

(d)                                 all Liabilities under the Senior Secured Notes
Documents.

 

2.                                      COVENANT AND CHARGE

 

2.1                               Covenant
to Pay

 

The Chargor shall on demand of the Security
Trustee discharge and pay to the Security Trustee (when due and payable) each
of the Secured Obligations to the extent of and up to the maximum amount of the
Deposit from time to time.

 

2.2                                 Charge

 

As continuing security for the payment,
discharge and performance of the Secured Obligations, the Chargor charges the
Deposit in favour of the Security Trustee as trustee for the Beneficiaries.

 

3.                                      ASSIGNMENT

 

As security for the payment and discharge of
all of the Secured Obligations the Chargor assigns absolutely and with full
title guarantee all of its rights, title and interest in the Deposit to the
Security Trustee to hold the same on trust for the Beneficiaries on the terms
set out in the Security Trust Agreement and the Group Intercreditor Deed.

 

4.                                      NOTICES AND ACKNOWLEDGEMENTS OF
CHARGE

 

4.1                                 As soon as possible after the execution of this
Charge, the Security Trustee shall deliver to the Blocked Account Bank a notice
of assignment and charge in the form of Part A of the Schedule 2 and if
the Security Trustee so requests, the Chargor shall countersign such notice of
assignment and charge.

 

4.2                                 The Chargor shall use its best efforts to ensure that,
as soon as practicable after it receives a notice of assignment and charge, the
Blocked Account Bank shall execute and deliver to the Security Trustee an
acknowledgement thereof in the form of Part B of the Schedule 2.

 

5.                                      SET-OFF

 

Without prejudice to, or limiting the rights
of, the Beneficiaries under the applicable provisions of the Senior Finance
Documents, the Chargor hereby agrees that the Security Trustee may (in addition
to and notwithstanding the security and other rights conferred on the Security
Trustee under this Charge) after the Enforcement Date and notwithstanding any
settlement of account or other matter whatsoever, combine or 

 

6

 

consolidate all or any of its then existing
accounts wheresoever situate (including accounts in the name of the Security
Trustee or of the Chargor jointly with others), whether such accounts are
current, deposit, loan or of any other nature whatsoever, whether they are
subject to notice or not and whether they are denominated in Sterling or in any
other currency and set off or transfer all or part of the relevant Deposit and
any such other sum standing to the credit of any one or more such accounts in
or towards satisfaction of the Secured Obligations which, to the extent not
then payable, shall automatically become payable to the extent necessary to
effect such set-off.  For this purpose
the Security Trustee is authorised to purchase with such Deposit or with other
moneys standing to the credit of such accounts such other currencies as may be
necessary to effect such applications.

 

6.                                      DEPOSITS

 

6.1                                 The Chargor shall not, without the Security Trustee’s
prior written consent, permit or agree to any variation of the rights attaching
to any Deposit.

 

6.2                                 At any time when there are Secured Obligations
outstanding, the Chargor shall not be entitled to receive, withdraw or
otherwise transfer any Deposit, other than as contemplated by the Senior
Facilities Agreement (or, upon its repayment in full and cancellation of all
undrawn commitments thereunder, the Relevant Facilities Agreement) and provided that the prior written consent of the Relevant
Agent to such receipt, withdrawal or transfer has been obtained.

 

6.3                                 The Security Trustee shall at any time after the
Enforcement Date be entitled without notice or further demand, immediately to
exercise all the rights, powers and remedies possessed by it according to law
as assignee of the Deposits and to:

 

(a)                                  demand and receive all and any monies due under or
arising out of each Deposit;

 

(b)                                 exercise in relation to each Deposit all such rights
as the Chargor was then entitled to exercise in relation to such Deposit or
might, but for the terms of this Charge, exercise; and

 

(c)                                  after the Acceleration Date, apply, set-off or
transfer any or all of the Deposits in or towards the payment or other
satisfaction of the Secured Obligations or any part thereof.

 

7.                                      REPRESENTATIONS AND WARRANTIES

 

7.1                                 The Chargor hereby represents and warrants to the
Security Trustee and undertakes during the subsistence of this Charge that:

 

(a)                                  it has not sold or disposed of, and will not sell or
dispose of, the benefit of all or any of its rights, title and interest in any
Deposit save as contemplated by this Charge;

 

(b)                                 it has and will have the necessary power to enable it
to enter into and perform its obligations under this Charge;

 

7

 

(c)                                  this Charge constitutes its legal, valid and (subject
to the Reservations) binding obligations and (subject to the Reservations)
creates effective security over each Deposit;

 

(d)                                 all necessary authorisations to enable it to enter
into this Charge have been obtained (subject to the Reservations) and are, and
will remain, in full force and effect, except where any failure to maintain
such necessary authorisations in full force and effect could not reasonably be
expected to have a Material Adverse Effect; and

 

(e)                                  the aggregate amount of the Deposits at any time does
not exceed the aggregate amount of the Secured Obligations of the members of
the Group at such time.

 

8.                                      FURTHER ASSURANCE

 

8.1                                 The Chargor shall promptly upon demand by the Security Trustee do
all such acts or execute such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Security Trustee in its
reasonable discretion may require for:

 

(a)                                  exercising the Collateral Rights;

 

(b)                                 perfecting or protecting the security created (or
intended to be created) by this Charge;

 

(c)                                  preserving or protecting the Collateral Rights;

 

(d)                                 facilitating the realisation or enforcement of the
security constituted by this Charge on or at any time after (and for so long
as) the same shall have become enforceable; and

 

(e)                                  the exercise of any power, authority or discretion
vested in the Security Trustee under this Charge,

 

provided that the Security Trustee will not require the Chargor to
do any act or execute any document which would cause it to contravene any of
the Senior Finance Documents.

 

9.                                      POWERS OF THE SECURITY TRUSTEE

 

9.1                               Enforcement
Powers

 

If the Enforcement Date has occurred then the
charges created by this Charge shall become immediately enforceable and the
Security Trustee shall be entitled, without prior notice to the Chargor or
prior authorisation from any court, to sell or otherwise dispose of all or any
part of the relevant Deposit at the times in the manner and on the terms it
thinks fit.  No purchaser or other person
shall be bound or concerned to see or enquire whether the right of the Security
Trustee to exercise any of the powers conferred by this Charge has arisen or
not or be concerned with notice to the contrary or with the propriety of the
exercise or purported exercise of such powers.

 

8

 

9.2           Statutory Powers

 

For the purposes of all powers implied by
statute, the Secured Obligations shall be deemed to have become due and payable
on the date of this Charge.

 

9.3           Law of Property Act

 

The restrictions contained in sections 93
and 103 of the Law of Property Act 1925 shall not apply to this Charge or
to any exercise by the Security Trustee of its right to consolidate mortgages
or its power of sale.

 

9.4           Subsequent Encumbrances

 

(a)           If the Security Trustee at any time receives notice of
any subsequent mortgage, assignment, charge or other interest affecting all or
any part of the Deposits, all payments thereafter made by the Chargor to the
Security Trustee or any of the Beneficiaries shall be treated as having been
credited to a new account of the Chargor and not as having been applied in
reduction of the Secured Obligations as at the time when the Security Trustee
received notice.

 

(b)           All monies received, recovered or realised by the
Security Trustee under this Charge (including the proceeds of any conversion of
currency) may in its discretion be credited to and held in any interest-bearing
suspense account pending their application from time to time in or towards the
discharge of any of the Secured Obligations.

 

10.          POWER OF ATTORNEY

 

10.1         Power of Attorney

 

The Chargor, by way of security for the
performance of its obligations under this Charge, hereby irrevocably appoints
each of the Security Trustee and any Receiver of all or any part of the
relevant Deposit and their respective delegates and sub-delegates each to be
its attorney acting severally (or jointly with any other such attorney or
attorneys) in its name and on its behalf:

 

(a)           to sign, execute, seal and deliver and otherwise
perfect any document referred to in Clause 8 hereof in accordance with the
terms thereof; and

 

(b)           otherwise generally on or after the Enforcement Date
to sign, seal, execute and deliver all deeds, assurances, agreements and
documents and to do all acts and things which may be required for the full
exercise of all or any of the powers conferred on the Security Trustee under
this Charge or which may be deemed expedient by the Security Trustee in
connection with the relevant Deposit or any part thereof or in connection with
any other exercise of any power under this Charge.

 

10.2         Ratification

 

The Chargor ratifies and confirms and agrees to
ratify and confirm all acts and things which any attorney as is mentioned in
Clause 10.1 shall do or purport to do in the exercise of his powers under
such Clause.

 

9

 

10.3         General Power

 

This appointment shall operate as a general
power of attorney under section 10 of the Powers of Attorney Act 1971
and the Chargor hereby covenants with the Security Trustee to ratify and
confirm any document, act or thing and all transactions which any such attorney
may lawfully execute or do.

 

11.          PROTECTIONS FOR THE SECURITY
TRUSTEE

 

11.1         Security Trustee Not Responsible

 

The Security Trustee shall not be responsible
for any loss occasioned by the timing of the exercise of its powers under this
Charge in relation to the fixing of interest periods, purchase of currencies or
otherwise.

 

12.          APPOINTMENT AND POWERS OF
RECEIVER

 

12.1         Appointment of Receivers

 

The Security Trustee may at any time on or after
the Enforcement Date or if the Chargor requests it to do so, by written
instrument and without notice to the Chargor, appoint any one or more persons
as Receiver of all or any part of the relevant Deposit as may be permitted by
law, each such person being entitled to act individually as well as jointly and
being for all purposes deemed to be the agent of the Chargor and shall as such
agent be deemed to be in the same position as a Receiver duly appointed by a
mortgagee under the Law of Property Act 1925.  The Security Trustee may from time to time by
writing under its hand remove any Receiver appointed by it and may, whenever it
may deem expedient, appoint a new Receiver in the place of any Receiver whose
appointment may for any reason have terminated.

 

12.2         Receiver as Agent

 

A Receiver shall be the agent of the Chargor in
respect of which he is appointed and (subject to the provisions of this Charge)
the Chargor shall be solely responsible for his acts or defaults and for his
remuneration.

 

12.3         Powers of Receiver

 

A Receiver shall have, in relation to the part
of the Deposit in respect of which he was appointed:

 

(a)           all the powers conferred by the Law of Property
Act 1925 on a receiver appointed under that Act;

 

(b)           all the powers of an administrative receiver set out
in Schedule 1 and 2 to the Insolvency Act 1986 (whether or not such person
is an administrative receiver);

 

(c)           all the powers and rights of an absolute owner and
power to do or omit to do anything which the Chargor itself could do or omit to
do; and

 

10

 

(d)           the power to do all things (including bringing or
defending proceedings in the name or on behalf of the Chargor) which seem to
such a person to be incidental or conducive to (i) any of the functions,
powers, authorities or discretions conferred on or vested in him, or
(ii) the exercise of the Collateral Rights (including realisation of all
or any part of the Deposits), or (iii) bringing to his hands any assets of
the Chargor forming part of, or which when got in would be a part of, the
Deposits.

 

12.4         Remuneration of Receiver

 

The Security Trustee may from time to time
determine the remuneration of any Receiver appointed by it without the
limitations imposed by section 109 of the Law of Property
Act 1925.  A Receiver shall be
entitled to remuneration appropriate to the work and responsibilities involved
upon the basis of charging from time to time adopted by the Receiver in
accordance with the current practice of his firm.

 

13.          INDEMNITIES; COSTS AND EXPENSES

 

13.1         Enforcement Costs

 

The Chargor hereby undertakes with the Security
Trustee to pay on demand all costs, charges and expenses which the Security
Trustee shall certify as sustained or incurred by it as a consequence of the
enforcement, preservation or attempted preservation of any of the security
created by or pursuant to this Charge or the Deposit on a full indemnity basis,
together with interest at the Default Rate from the date falling 30 days
after the date of demand for payment of such expenses to the date of payment by
the Chargor (both before and after judgment).

 

13.2         No Liability as Mortgagee in
Possession

 

None of the Beneficiaries or the Security
Trustee shall be liable to account as mortgagee in possession in respect of the
Deposit or be liable for any loss upon realisation or for any neglect or
default of any nature whatsoever for which a mortgagee in possession may be
liable as such except in the case of fraud, wilful misconduct or gross
negligence on the part of the relevant Beneficiary or the Security Trustee (as
the case may be).

 

13.3         Indemnity from Deposits

 

The Beneficiaries, the Security Trustee and any
attorney, agent or other person appointed by the Security Trustee under this
Charge and the officers and employees of each of the aforementioned (each an “Indemnified Party”) shall be entitled to be indemnified out
of the Deposits in respect of all costs, losses, actions, claims, demands or
liabilities whether in contract, tort, delict or otherwise and whether arising
at common law, in equity or by statute which may be incurred by, or made
against, any of them (or by or against any manager, agent, officer or employee
for whose liability, act or omission any of them may be answerable) at any time
relating to or arising directly or indirectly out of or as a consequence of:

 

(a)           anything done or omitted in the exercise or purported
exercise of the powers contained in this Charge; or

 

11

 

(b)           any breach by the Chargor of any of its obligations
under this Charge,

 

in each case, except
in the case of fraud, wilful misconduct or gross negligence on the part of the
relevant Indemnified Party.

 

13.4         Powers of the Security Trustee

 

To the fullest extent permitted by law, all or
any of the powers, authorities and discretions of a Receiver in respect of any
Deposit may, if a Receiver has been or could have been appointed, be exercised
by the Security Trustee in relation to the whole or any part of such Deposit
whether or not a Receiver is or has been appointed.

 

14.          CONTINUING SECURITY AND OTHER
MATTERS

 

14.1         Continuing Security

 

This Charge and the obligations of the Chargor
under this Charge shall:

 

(a)           secure the ultimate balance of the Secured Obligations
from time to time owing notwithstanding the dissolution, bankruptcy,
liquidation or other Incapacity or any change in the constitution of any person
liable in respect thereof or in the name or style thereof and shall be a
continuing security notwithstanding any settlement of account or other matter
whatsoever;

 

(b)           be in addition to, and shall not merge with or
otherwise prejudice or affect, any present or future Security Document,
Encumbrance, right or remedy held by or available to the Beneficiaries or any
of them and/or the Security Trustee and may be enforced notwithstanding the
same; and

 

(c)           not merge with or be in any way prejudiced or affected
by the existence of any such Security Documents, Encumbrance, rights or
remedies or by the same being or becoming wholly or in part void, voidable or
unenforceable on any ground whatsoever or by the Beneficiaries or any of them
and/or the Security Trustee dealing with, exchanging, releasing, varying or
failing to perfect or enforce any of the same, or giving time for payment or
indulgence or compounding with any other person liable.

 

14.2         Security Documents

 

Neither the Security Trustee nor any of the
Beneficiaries shall be obliged to resort to any other Security Documents or
other means of payment now or hereafter held by or available to it before
enforcing this Charge and no action taken or omitted by the Security Trustee or
any of the Beneficiaries in connection with any such Security Document or other
means of payment shall discharge, reduce, prejudice or affect the liability of
the Chargor nor shall the Security Trustee or any of the Beneficiaries be
obliged to account for any money or other property received or recovered in
consequence of any enforcement or realisation of any such Security Document or
other means of payment.

 

12

 

14.3         New Accounts

 

Notwithstanding that the charge hereby created
ceases to be continuing for any reason whatsoever the Security Trustee or any
of the Beneficiaries may continue any account of the Chargor or open one or
more new accounts and the liability of the Chargor hereunder shall not in any
manner be reduced or affected by any subsequent transaction or receipts or
payments into or out of any such account.

 

14.4         Settlements Conditional

 

Any release, discharge or settlement between
the Chargor and the Security Trustee shall be conditional upon no security,
disposition or payment to the Security Trustee or any of the Beneficiaries by
the Chargor or any other person being void, set aside or ordered to be refunded
pursuant to any enactment or law relating to bankruptcy, liquidation,
administration or insolvency or for any other reason whatsoever and if such
condition shall not be fulfilled the Security Trustee shall be entitled to
enforce this Charge subsequently as if such release, discharge or settlement
had not occurred and any such payment had not been made.

 

14.5         No Release

 

The liability of the Chargor shall not be
affected nor shall the charge hereby created be discharged or diminished by
reason of:

 

(a)           the Incapacity or any change in the name, style or
constitution of any other Obligor or any other person liable; or

 

(b)           the Security Trustee or any of the Beneficiaries
compounding with, discharging, releasing or varying the liability of or
granting any time indulgence or concession to any other Obligor or any other
person or renewing, determining, varying or increasing any accommodation,
facility or transaction in any manner whatsoever or concurring in accepting or
varying any compromise, arrangement or settlement or omitting to claim or
enforce payment from any other Obligor or any other person; or

 

(c)           anything done or omitted which but for this provision
might operate to exonerate any such Obligor.

 

14.6         Restriction of the Chargor’s
Rights

 

Until all the Secured Obligations have been
paid, discharged or satisfied in full (and notwithstanding payment of a
dividend in any liquidation or under any compromise or arrangement or the
discharge by any person of its liability) the Chargor agrees that without the
prior written consent of the Security Trustee (such consent not to be
unreasonably withheld) it will not:

 

(a)           exercise its rights of subrogation, reimbursement and
indemnity against any other Chargor or any other person;

 

(b)           save as otherwise permitted or not restricted in the
Senior Finance Documents, demand or accept repayment in whole or in part of any
obligations or liabilities now or hereafter due to the Chargor from any other
Chargor or any 

 

13

 

Security Provider or
demand or accept any guarantee or any other document or instrument (including,
without limitation, any other document or instrument creating or evidencing a
mortgage, charge (whether fixed or floating), pledge, lien, hypothecation,
assignment, trust arrangement or security interest of any kind) in respect of
such obligations or liabilities or dispose of the same;

 

(c)           take any step to enforce any right against any other
Chargor or any Security Provider in respect of any such obligations or
liabilities; or

 

(d)           claim any set-off or counter-claim in respect of any
such obligations or liabilities against any other Chargor or any Security
Provider or claim or prove in competition with the Security Trustee or any of
the Beneficiaries in the bankruptcy, liquidation or administration of any other
Chargor or any Security Provider or have the benefit of, or share in, any
payment from or composition with any other Chargor or any Security Provider or
any other Security Document now or hereafter held by the Security Trustee or
any of the Beneficiaries for any obligations or liabilities of any other
Chargor or any Security Provider but so that, if so directed by the Security
Trustee, it will prove for the whole or any part of its claim in the
liquidation of any other Chargor or any Security Provider on terms that the
benefit of such proof and of all money received by it in respect thereof shall
be held on trust for the Security Trustee and applied in or towards discharge
of the Secured Obligations in accordance with the provisions of the Group
Intercreditor Deed and the Security
Trust Agreement.

 

14.7         No Security

 

The Chargor warrants that it has not taken or
received, and undertakes that until all the Secured Obligations have been paid
or discharged in full, it will not, without the consent in writing of the
Security Trustee, take or receive any security from any other Security Provider
or any other person in respect of its obligations under this Charge.

 

14.8         Recoveries by a Chargor

 

If, contrary to Clause 14.6 and 14.7, the
Chargor takes or receives the benefit of any security or receives or recovers
any money or other property, such security, money or other property shall be
held on trust for the Security Trustee and shall be delivered to the Security
Trustee on demand.

 

14.9         Statements of Account

 

Any statement of account of the Chargor, signed
as correct by an officer of the Security Trustee, showing the amount of any
Secured Obligations of the Chargor shall be prima facie evidence as to the
amount of the Secured Obligations of the Chargor from time to time.

 

14.10       Payments by the Chargor

 

All payments to be made by the Chargor under
this Charge shall be made in full, without any set-off or counterclaim
whatsoever and free and clear of any deductions 

 

14

 

or withholdings in the relevant currency on the
due date to such account as the Security Trustee may from time to time specify.

 

15.          THE SECURITY TRUST AGREEMENT

 

The Chargor and the Security Trustee hereby
acknowledge that the covenants of the Chargor contained in this Charge and the
security and other rights, titles and interests constituted by this Charge and
the Deposits and all other moneys, property and assets paid to the Security
Trustee or held by the Security Trustee or received or recovered by the
Security Trustee pursuant to or in connection with this Charge are held by the
Security Trustee subject to and on the terms of the trusts declared in the
Security Trust Agreement.

 

16.          MISCELLANEOUS

 

16.1         Exchange of Information

 

The Chargor hereby authorises the Security
Trustee and the Beneficiaries to exchange between themselves any information
concerning the Deposits.

 

16.2         Remedies Cumulative

 

No failure or delay on the part of the Security
Trustee or any of the Beneficiaries to exercise any power, right or remedy
shall operate as a waiver thereof nor shall any single or any partial exercise
or waiver of any power, right or remedy preclude its further exercise or the
exercise of any other power, right or remedy.

 

16.3         Successors

 

Any consents under this Charge may be made or
given in writing signed or sealed by any successor Security Trustee appointed
pursuant to the terms of the Security
Trust Agreement and their respective successors in title and accordingly
the Chargor hereby irrevocably appoints each successor Security Trustee
appointed pursuant to the Security
Trust Agreement and their respective successors in title to be its
attorney in the terms and for the purposes set out therein.

 

16.4         Reorganisation

 

This Charge shall remain binding on the Chargor
notwithstanding any change in the constitution of the Security Trustee or any
Beneficiary or the absorption of the Security Trustee or any Beneficiary in, or
amalgamation with, or the acquisition of all or part of its undertaking by, any
other person, or any reconstruction or reorganisation of any kind.  The security granted by this Charge shall
remain valid and effective in all respects in favour of the Security Trustee as
trustee for the Beneficiaries.

 

16.5         Unfettered Discretion

 

Save as otherwise provided herein any ability
or power which may be exercised or any determination which may be made under
this Charge by the Security Trustee or a Beneficiary may be exercised or made
in its absolute and unfettered discretion and it shall not be obliged to give
reasons therefor.

 

15

 

16.6         Provisions Severable

 

Each of the provisions of this Charge is
severable and distinct from the others and if any one or more of such provisions
is or becomes invalid, illegal or unenforceable the validity, legality and
enforceability of the remaining provisions of this Charge shall not in any way
be affected or impaired thereby.

 

16.7         No Assignment by the Chargor

 

The Chargor may not assign or transfer any of
its rights or obligations under this Charge.

 

16.8         Release

 

Upon the satisfaction in full of all of the
Secured Obligations and there no longer being any obligation on any Beneficiary
to make any of the Secured Obligations available, the Security Trustee shall,
at the request and cost of the Chargor, execute and do all such deeds, acts and
things as may be necessary to release the Deposits from the security
constituted.

 

16.9         Counterparts

 

This Charge may be executed in any number of
counterparts, each of which, when executed and delivered, shall constitute an
original but all counterparts together shall constitute one and the same
instrument.

 

17.          NOTICES

 

17.1         Mode of Service

 

Any notice or demand for payment by the
Security Trustee under this Charge shall, without prejudice to any other
effective mode of making the same, be deemed to have been properly served on
the Chargor in the manner and at the address set out in Clause 20 of the
Group Intercreditor Deed.

 

17.2         Notices Conclusive

 

Any such notice or demand or any certificate as
to the amount at any time secured by this Charge shall, save for manifest
error, be conclusive and binding upon the Chargor if signed by an officer of
the Security Trustee.

 

18.          LAW

 

18.1         Governing Law

 

This Charge shall be governed by English law.

 

16

 

19.          JURISDICTION

 

19.1         The courts of England have exclusive jurisdiction to
settle any disputes (a “Dispute”)
arising out of, or connected with, this Charge (including a dispute regarding
the existence, validity or termination of this Charge or the consequences of
its nullity).

 

19.2         The parties agree that the courts of England are the
most appropriate and convenient courts to settle Disputes between them and,
accordingly, that they will not argue to the contrary.

 

19.3         This Clause 19 is for the benefit of the Security
Trustee only.  As a result and
notwithstanding Clause 19.1, it does not prevent the Security Trustee from
taking proceedings relating to a Dispute in any other courts with
jurisdiction.  To the extent allowed by
law the Security Trustee may take concurrent proceedings in any number of
jurisdictions.

 

IN WITNESS whereof this Charge has been executed and delivered by or on behalf of
the parties on the date stated at the beginning of this Charge.

 

17

 

SCHEDULE
1

 

DETAILS
OF BLOCKED ACCOUNTS

 

	
  Name of Account

  Holder

  	
   

  	
  Sort Code

  	
   

  	
  Account Number

  	
   

  	
  Account

  Description

  
	
  Virgin Media
  Investment Holdings Limited

  	
   

  	
  [intentionally omitted]

  	
   

  	
  [intentionally omitted]

  	
   

  	
  Virgin Media Investment Holdings Limited -
  GBP Blocked Account

  
	
  Virgin Media
  Investment Holdings Limited

  	
   

  	
  [intentionally omitted]

  	
   

  	
  [intentionally omitted]

  	
   

  	
  Virgin Media Investment Holdings Limited -
  EUR Blocked Account

  

 

18

 

SCHEDULE
2

 

NOTICE
AND ACKNOWLEDGEMENT

 

Part A

Form of Notice of Charge

 

To:                                [Blocked Account Bank details]

[address]

 

[Date]

 

[Virgin
Media Investment Holdings Limited] (the  “Chargor”)
HEREBY GIVES NOTICE that, by a charge
(the “Charge”) dated [·] 2010 and entered into between the Chargor and
Deutsche Bank AG, London Branch as Security Trustee, the Chargor charged to the
Security Trustee (for and on behalf of the Beneficiaries) by way of first fixed
charge all sums standing to the credit of account number [·], sort code [·] (account name [·]) maintained with you (the “Blocked
Account”), as a continuing security for the payment of all moneys
and the discharge of all obligations and liabilities referred to in the Charge.

 

We hereby irrevocably and unconditionally
authorise and instruct you:

 

(a)                                    upon
receipt by the Chargor of written consent from the Relevant Agent (the “Consent”), a copy of which will be provided to you upon
request, and at any time prior to receipt of a notification from the Security
Trustee as set out in paragraph (b) below, to release to us or to our
order from the Blocked Account or otherwise make payment therefrom of such
moneys as we from time to time may instruct you and as the relevant Consent
permits;

 

(b)                                   to
comply with the written instructions of the Security Trustee only upon receipt
by you of written notification from the Security Trustee of the Enforcement
Date, and after such time only to release to us or to our order from the
Blocked Account or otherwise make payments therefrom of such moneys as are from
time to time advised to you in writing by the Security Trustee (and then only
in accordance with the written directions of the Security Trustee) until such
time as the Security Trustee shall otherwise notify you;

 

(c)                                    if
the Security Trustee so requires after receipt by you of written notification
from the Security Trustee of the Enforcement Date to pay to the Security
Trustee all such moneys as are then standing to the credit of the Account; and

 

(d)                                   at
any time, to provide to the Security Trustee upon its request details of the
balances in the Blocked Account and of the transfer of moneys to or from the
Blocked Account (including, without limitation, copy bank statements relating
to the Blocked Account).

 

This notice may only be amended with the prior
written consent of the Security Trustee.

 

Words and expressions defined in, or
incorporated by reference into, the Charge shall have the same meanings when
used in this notice.

 

19

 

Please accept this notice by signing the
enclosed acknowledgement and returning it to the Security Trustee at [address] marked for the attention of [·].

 

For and on behalf of

 

[Virgin
Media Investment Holdings Limited]

 

	
   

  	
   

  
	
  Authorised Officer

  

 

20

 

Part B

Form of Acknowledgement

 

To:                                [·]

 

and to:             [Virgin Media Investment Holdings
Limited]

[Virgin Media House

Bartley Wood Business Park,

Hook

Hampshire RG27 9UP]

 

[Date]

 

At the request of the Security Trustee and [Virgin Media Investment Holdings
Limited] we acknowledge receipt of the notice of assignment and charge, on the
terms attached, in respect of the Blocked Account (as described in those
terms).  We confirm that:

 

(a)                                    the
balance standing to the Blocked Account at today’s date is [·], no fees or periodic charges are payable in respect
of the Blocked Account and there are no restrictions on (a) the payment of
the credit balance on the Blocked Account (except, in the case of a time
deposit, the expiry of the relevant period) or (b) the assignment of the
Blocked Account to the Security Trustee or any third party;

 

(b)                                   we
have not received notice of any previous assignments of, charges over or trusts
in respect of, the Blocked Account and we will not, without the Security
Trustee’s prior written consent (a) exercise any right of combination,
consolidation or set-off which we may have in respect of the Blocked Account or
(b) amend or vary any rights attaching to the Blocked Account; and

 

(c)                                    following
receipt of further notification from the Security Trustee we will act only in
accordance with the instructions given by persons authorised by the Security
Trustee and we shall send all statements and other notices given by us relating
to the Blocked Account to the Security Trustee.

 

For and on behalf of

 

[Blocked Account Bank]

 

 

	
   

  	
   

  
	
  Authorised Officer

  

 

21

 

The Chargor

 

Executed as a deed by VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED acting
by:

 

Robert Mackenzie, a director

 

	
  /s/ ROBERT MACKENZIE

  	
   

  
	
   

  
	
  Robert Gale, a director

  	
   

  
	
   

  
	
  /s/ ROBERT GALE

  	
   

  

 

22

 

The Security Trustee

 

DEUTSCHE BANK AG, LONDON
BRANCH

 

 

	
  By:

  	
  /s/ VIKKI ANNE MAYELL

  	
   

  
	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ NICOLA ANNE DAWES

  	
   

  

 

23Exhibit 4.14

 

EXECUTION
COPY

 

Dated
15 April 2010

 

CHARGE OVER SHARES

 

between

 

VIRGIN MEDIA FINANCE PLC

as
Chargor

 

and

 

DEUTSCHE BANK AG, LONDON BRANCH

as Security Trustee

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  INTERPRETATION

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  COVENANT TO PAY

  	
  7

  
	
   

  	
   

  	
   

  
	
  3.

  	
  CHARGING CLAUSE

  	
  7

  
	
   

  	
   

  	
   

  
	
  4.

  	
  REPRESENTATIONS AND WARRANTIES

  	
  8

  
	
   

  	
   

  	
   

  
	
  5.

  	
  COVENANTS BY THE CHARGOR

  	
  10

  
	
   

  	
   

  	
   

  
	
  6.

  	
  FURTHER ASSURANCE

  	
  13

  
	
   

  	
   

  	
   

  
	
  7.

  	
  CERTAIN POWERS OF THE SECURITY
  TRUSTEE AND THE BENEFICIARIES, ENFORCEMENT

  	
  13

  
	
   

  	
   

  	
   

  
	
  8.

  	
  APOINTMENT AND POWERS OF
  RECEIVER

  	
  16

  
	
   

  	
   

  	
   

  
	
  9.

  	
  ENFORCEMENT

  	
  18

  
	
   

  	
   

  	
   

  
	
  10.

  	
  INDEMNITIES, EXCLUSION OF
  LIABILITY, COSTS AND EXPENSES

  	
  18

  
	
   

  	
   

  	
   

  
	
  11.

  	
  POWER OF ATTORNEY

  	
  19

  
	
   

  	
   

  	
   

  
	
  12.

  	
  CONTINUING SECURITY AND OTHER
  MATTERS

  	
  20

  
	
   

  	
   

  	
   

  
	
  13.

  	
  CURRENCIES

  	
  22

  
	
   

  	
   

  	
   

  
	
  14.

  	
  THE SECURITY TRUST AGREEMENT

  	
  23

  
	
   

  	
   

  	
   

  
	
  15.

  	
  MISCELLANEOUS

  	
  23

  
	
   

  	
   

  	
   

  
	
  16.

  	
  NOTICES

  	
  25

  
	
   

  	
   

  	
   

  
	
  17.

  	
  GOVERNING LAW

  	
  25

  
	
   

  	
   

  	
   

  
	
  18.

  	
  JURISDICTION

  	
  25

  

 

1

 

THIS DEED is dated 15 April 2010
and is made

 

BETWEEN

 

(1)                                VIRGIN
MEDIA FINANCE PLC a company incorporated in England and Wales with registered
number 5061787 and having its registered office at 160 Great Portland Street,
London W1W 5QA (the “Chargor”); and

 

(2)                                DEUTSCHE
BANK AG, LONDON BRANCH as security trustee for the Beneficiaries, (the “Security Trustee”).

 

WHEREAS

 

(A)                            The Senior Lenders have
agreed to make available to the Borrowers (as defined in the Senior Facilities
Agreement (as defined below)) certain credit facilities pursuant to the terms
and subject to the conditions of the Senior Facilities Agreement and the Group
Intercreditor Agreement.

 

(B)                              Virgin
Media Secured Finance PLC has issued and sold the Senior Secured Notes under
the Senior Secured Notes Indenture.

 

(C)                              By
an intercreditor deed dated 3 March 2006, as amended and restated on 13 June 2006,
10 July 2006, 31 July 2006, 15 May 2008, 30 October 2009
and 8 January 2010 (the “Group
Intercreditor Deed”) the Security Trustee, the Facility Agent, the
Original Senior Borrowers. the Original Senior Guarantors, the Senior Lenders,
the Hedge Counterparties, the Intergroup Debtors and the Intergroup Creditors
(as each of those terms are defined therein) and certain other members of the
Group have agreed to regulate their relationship as creditors on the terms set
out therein.

 

(D)                             This Deed is given by the
Chargor in favour of the Security Trustee as a condition precedent to the
making available of the facilities under the Senior Facilities Agreement.

 

(E)                               The board of directors of
the Chargor is satisfied that the Chargor is entering into this Deed for the
purposes of carrying on its business, and that its doing so benefits the
Chargor.

 

(F)                               The Security Trustee holds
the benefit of this Deed on trust for itself and the other Beneficiaries on the
terms and subject to the conditions of the
Security Trust Agreement and the Group Intercreditor Deed.

 

NOW THIS DEED WITNESSES as follows:

 

1.                                      INTERPRETATION

 

1.1                               Definitions

 

In this Deed, unless
the context otherwise requires:

 

“2014 High Yield Notes” means the sterling denominated 9.75%
senior notes due 2014, the U.S. dollar denominated 8.75% senior notes due 2014
and the euro denominated 8.75% senior notes due 2014, in each case, issued by
the Parent;

 

1

 

“2014 Redemption Date” means the date upon which all amounts
outstanding in respect of or in connection with the 2014 High Yield Notes have
been repaid in full;

 

“Beneficiaries”
means the First Beneficiary and the Second Beneficiaries;

 

“Charged Company”
means any company the Shares and all other rights, moneys, benefits and other
property referred to in Clause 3.1 (b) of which form part of the Secured
Property;

 

“Default Rate”
means the rate specified in Clause 28.2 (Default Rate)
of the Senior Facilities Agreement or, upon its repayment in full and
cancellation of all undrawn commitments thereunder such equivalent provision in
the Relevant Facilities Agreement;

 

“disposal”
includes any sale, assignment or transfer, the grant of an option or similar
right, the grant of any right or privilege, the creation of a trust or other
equitable interest in favour of a third party and “dispose” and “disposition”
shall be construed accordingly;

 

“Enforcement Date”
means the date on which, following the occurrence of an Event of Default that
is continuing, either the Relevant Agent or the Security Trustee notifies the
Chargor of the occurrence of that Event of Default, or takes, under anyone or
more of the Senior Finance Documents, any of the steps it is entitled to take
by reason of the occurrence of such Event of Default;

 

“Event of Default”
means each of:

 

(a)           a
Senior Default; and

 

(b)                                 an event of default or termination event (however described) under any
Hedging Agreement;

 

“Incapacity”
means, in relation to any person, the insolvency, bankruptcy, liquidation,
dissolution, winding-up, administration. receivership, amalgamation,
reconstruction or other incapacity of that person whatsoever;

 

“Indemnified Party”
has the meaning set out in Clause 10.3 (Indemnity);

 

“Liability”
means any obligation or liability for the payment of money, whether in respect
of principal, interest or otherwise, owed jointly or severally and whether owed
as principal or surety or in any other capacity;

 

“Receiver” means
a receiver and manager, (whether appointed pursuant to this Deed or any
statute, by a court or otherwise) in respect of all or any of the Secured
Property and shall, where permitted by law, include an administrative receiver;

 

“Relevant Facilities
Agreement” means the Senior Facilities Agreement, or, upon its
repayment in full and cancellation of all undrawn commitments thereunder, the
Designated Refinancing Facilities Agreement, provided that if upon the
repayment in full and cancellation of all undrawn commitments under the Senior
Facilities Agreement there is no Designated Refinancing Facilities Agreement, until
such time that a Refinancing Facilities Agreement has been designated as a
Designated 

 

2

 

Refinancing Facilities Agreement, the “Relevant
Facilities Agreement” shall be the Senior Facilities Agreement immediately
prior to such termination, and provided further that upon the repayment in full
and cancellation of all undrawn commitments under the Designated Refinancing
Facilities, until such time that a Refinancing Facilities Agreement has been
designated as a Designated Refinancing Facilities Agreement, the “Relevant
Facilities Agreement” shall be the Designated Refinancing Facilities Agreement
immediately prior to such termination;

 

“Secured Obligations”
means the Security Trustee Liabilities, the Senior Liabilities and the Hedging
Liabilities, provided that:

 

(a)                                 any liabilities that have been designated as “New Senior Liabilities”
under the Group Intercreditor Deed or are incurred after 31 December 2009
under any Refinancing Facilities Agreement entered into after such date,

 

(i)                                    in breach of the provisions of the Senior Facilities Agreement, or upon
its repayment in full and cancellation of all undrawn commitments thereunder
(unless there is no Designated Refinancing Facilities Agreement), the
Designated Refinancing Facilities Agreement, or any Refinancing Facilities
Agreement on the date of such designation (excluding any applicable cure
period), or

 

(ii)                                 that the Security Trustee, acting reasonably, has not agreed to act as
security trustee for; and

 

(b)                                prior to the 2014 Redemption Date, any liabilities incurred under the
Senior Secured Notes, any Additional Senior Secured Notes or any Senior Secured
Notes Refinancing,

 

shall not, in each case constitute “Secured
Obligations” for the purpose of this Deed;

 

“Secured Property”
means the Shares and all other rights, moneys, benefits and other property
referred to in Clause 3.1(b);

 

“Security Provider”
means any person who has granted or may at any time hereafter grant any
security interest as security for the Secured Obligations;

 

“Security Trust Agreement”
means the security trust agreement dated 3 March 2006 and amended and
restated on 19 January 2010 between, Deutsche Bank AG, London Branch as
Security Trustee and as Facility Agent, Virgin Media Investment Holdings
Limited and the companies named therein as Original Obligors;

 

“Senior Facilities
Agreement”  means the senior facilities agreement dated 16 March 2010
(as amended, restated, supplemented or novated from time to time) and made
between, inter alia, Virgin Media Inc. as Ultimate Parent, Virgin Media Finance
PLC as Parent, Virgin Media Investment Holdings Limited, Virgin Media Limited,
Virgin Media Wholesale Limited, VMIH Sub Limited and Virgin Media SFA Finance
Limited as Original Borrowers, BNP Paribas London Branch and Deutsche Bank AG,
London Branch as Global Coordinators and Physical Bookrunners, BNP Paribas
London Branch, Deutsche Bank AG, London Branch, Crèdit Agricole Corporate and
Investment Bank, GE Corporate Finance Bank SAS, Goldman Sachs International, 

 

3

 

J.P. Morgan PLC,
Lloyds TSB Corporate Markets, Merrill Lynch International, The Royal Bank of
Scotland plc and UBS Limited as Bookrunners and Mandated Lead Arrangers,
Deutsche Bank AG, London Branch as Facility Agent, Deutsche Bank AG, London
Branch as Security Trustee and the financial and other institutions named in it
as Lenders;

 

“Senior Secured Notes”
has the meaning given to the term “Notes” in the Senior Secured Notes
Indenture;

 

“Senior Secured Notes
Documents” means the Senior Secured Notes Indenture including the
guarantees set out therein, and the Senior Secured Notes;

 

“Senior Secured Notes
lndenture”  means the indenture dated 19 January 2010
governing the $1,000,000,000 6.50% Senior Secured Notes due 2018 and the
£875,000,000 7.00% Senior Secured Notes due 2018, among Virgin Media Inc.,
Virgin Media Investment Holdings Limited, Virgin Media Finance PLC, Virgin
Media Secured Finance PLC, the subsidiary guarantors named therein, The Bank of
New York Mellon, as trustee, registrar and paying agent and The Bank of New
York Mellon (Luxembourg), S.A., as Luxembourg paying agent, as amended,
restated, supplemented or otherwise modified from to time;

 

“Shares” means
any shares in the capital of VMIH in which the Chargor (and/or its respective
nominee or trustee) may, at the date of this Deed or at any time thereafter,
have any right, title, or interest; and,

 

“VMIH” means Virgin Media Investment Holdings Limited a company incorporated in
England and Wales with registered number 3173552 and having its registered
office at 160 Great Portland Street, London W1W 5QA.

 

1.2                             Successors and Assigns

 

The expressions “Beneficiaries”,
“Senior Lenders”, “Senior
Finance Party”, “Chargor”, “Relevant Agent”, “Security Provider”
and “Security Trustee” include, where the
context admits, their respective successors, permitted assigns and transferees
and in the case of the Beneficiaries, their Transferees and, in the case of the
Security Trustee, such other person as may from time to time be appointed as
security trustee for the Beneficiaries pursuant to the provisions of the
Security Trust Agreement.

 

1.3                             Headings

 

Clause headings and the table of contents are
inserted for convenience of reference only and shall be ignored in the
interpretation of this Deed.

 

1.4                             Construction of Certain Terms

 

In this Deed, unless
the context otherwise requires:

 

(a)                                  references to
clauses and the schedules are to be construed as references to the
clauses of, and the schedules to, this Deed and references to this Deed
include its schedules;

 

4

 

(b)                                 references to (or to any
specified provision of) this Deed or any other agreement or document shall be
construed as references to this Deed, that provision, that agreement or that
document as in force for the time being and as from time to time amended,
supplemented, varied, extended, restated, replaced or novated in accordance
with the terms thereof, or, as the case may be, with the agreement of the
relevant parties and (where such consent is, by the terms of any Security
Document or the relevant document, required to be obtained as a condition to
such amendment being permitted) the prior written consent of an Instructing
Party;

 

(c)                                  references to a “regulation” include any present or future regulation, rule,
directive, requirement, request or guideline (whether or not having the force
of law) of any agency, authority, central bank or government department or any
self-regulatory or other national or supra-national authority;

 

(d)                                 words importing the plural
shall include the singular and vice versa;

 

(e)                                  references to a time of day
are to London time;

 

(f)                                    references to a “person” shall be construed as including references to an
individual, firm, company, corporation, unincorporated body of persons or any
state or any agency thereof and that person’s successors in title;

 

(g)                                 references to a “guarantee” include references to an indemnity or other
assurance against financial loss including, without limitation, an obligation
to purchase assets or services as a consequence of a default by any other
person to pay any Indebtedness and “guaranteed”
shall be construed accordingly;

 

(h)                                 references to any enactment
shall be deemed to include references to such enactment as re-enacted, amended
or extended; and

 

(i)                                     references to “business” in relation to the Chargor means any business
referred to in the definition of Group Business in the Relevant Facilities
Agreement which the Chargor engages in, and references to “ordinary
course of business” in relation to the Chargor shall be similarly
construed.

 

1.5                               Effect as a Deed

 

This Deed is intended to take effect as a deed
notwithstanding that the Security Trustee may have executed it under hand only.

 

1.6                               Agreement Definitions

 

Unless the context otherwise requires or unless
otherwise defined in this Deed, words and expressions defined in the Group
Intercreditor Deed and (unless otherwise Interpretation defined in the Group
lntercreditor Deed) the Relevant Facilities Agreement shall have the same
meaning when used in this Deed (including its recitals).

 

5

 

1.7                               Implied Covenants

 

The following provisions of the Law of Property
(Miscellaneous Provisions) Act 1994 will not apply to Clause 3.1 (Charges) or Clause 5.1 (Supporting Documents):

 

(a)                                  the words “other than any charges, encumbrances or rights which that
person does not and could not reasonably be expected to know about” in section
3(1);

 

(b)                                 the words “except to the extent that” and all the words thereafter in
section 3(2); and

 

(c)                                  section 6(2).

 

1.8                               Nominees

 

If the Security Trustee causes or requires the
Secured Property to be registered in the name of a nominee for the Security
Trustee, any reference in this Deed to the Security Trustee shall, if the
context so permits or requires, be construed as a reference to each of the
Security Trustee and such nominee.

 

1.9                               Third Party Rights

 

(a)                                  A person which is not a party to this Deed (a “third party”)
shall have no rights to enforce any of its provisions except that:

 

(i)                                   a third party shall have those rights it would have had if the Contracts
(Rights of Third Parties) Act 1999 had not come into effect;

 

(ii)                                Clause 15.12 (Protection of Third
Parties) shall be enforceable by any third party referred to in such
clause as if such third party were a party to this Deed; and

 

(iii)                             a person who is a co-trustee (with the Security Trustee) for the
Beneficiaries under the Security Trust Agreement whether or not it is a party
to the Security Trust Agreement.

 

(b)                                 The parties to this Deed may without the consent of any third party vary
or rescind this Deed.

 

1.10                        Certificates

 

A certificate of any Beneficiary as to the amount
of the Secured Obligation owed to it shall be prima facie
evidence of the existence and amount of such Secured Obligation.

 

1.11                        Statutes

 

Any reference in this Deed to a statute or
statutory provision shall, unless the contrary is indicated, be construed as a
reference to such statute or statutory provision as the same shall have been
amended or re-enacted.

 

6

 

1.12                        Group Intercreditor Deed

 

This Deed should be read and construed subject to
the terms of the Group Intercreditor Deed. In the event of any inconsistency
between the terms of this Deed and the Group Intercreditor Deed, the terms of
the Group Intercreditor Deed shall prevail.

 

1.13                        Secured Obligations

 

It is acknowledged and agreed that (without
prejudice to the extension of the Secured Obligations to any other Indebtedness
from time to time included within the definition thereof):

 

(a)                                  as at the date hereof, the Secured Obligations shall include all
Liabilities under the Senior Facilities Agreement; and

 

(b)                                 as from the 2014 Redemption Date, the Secured Obligations shall include
all Liabilities under the Senior Facilities Agreement and all Liabilities under
the Senior Secured Notes Documents.

 

2.                                      COVENANT TO PAY

 

2.1                               Covenant to Pay

 

The Chargor agrees as primary obligor and not only
as surety that it will pay and discharge the Secured Obligations promptly on
demand of the Security Trustee.

 

2.2                               Payments

 

Any payment made by the Chargor under this Deed
shall be made free and clear of and without any deduction for or on account of
any set-off or counterclaim and in such manner as the Security Trustee may
require.

 

3.                                      CHARGING CLAUSE

 

3.1                               Charges

 

The Chargor, with full title guarantee and as a
continuing security for the payment and discharge of the Secured Obligations
hereby mortgages and charges and agrees to mortgage and charge to the Security
Trustee to hold the same on trust for the Beneficiaries on the terms set out in
the Group Intercreditor Deed and the Security Trust Agreement:

 

(a)                                  all its rights, title and interest in and to the Shares by way of a
first equitable charge (until the Shares are transferred to the Security
Trustee or its nominee or agent pursuant to Clause 7.2 (Transfer of
Secured Property)) or legal mortgage (following such transfer); and

 

(b)                                 by way of first fixed charge all rights, moneys, benefits and other
property which may at any time accrue or be offered or arise by way of conversion,
redemption, bonus, preference, option, distribution, interest or otherwise in 

 

7

 

respect
of any of the Shares or in substitution or exchange for any of the Shares.

 

3.2                               Dividends and Voting Rights

 

Subject to Clause 7 (Certain
powers of the Security Trustee and the Beneficiaries, Enforcement),
and notwithstanding Clause 3.1 (b), the Chargor may, prior to the Enforcement
Date, in its absolute discretion (a) exercise all voting and other rights
and powers attached to the Secured Property and (b) receive, retain and
deal with free from this Deed (but subject to the Group Intercreditor Deed) all
dividends paid on and received by it in respect of the Secured Property.

 

3.3                               Suspense Accounts

 

Any money received by the Security Trustee pursuant
to this Deed (whether before or after any Incapacity of the Chargor or any
Charged Company) may be placed to the credit of an interest-bearing suspense
account with a view to preserving the rights of the Beneficiaries to prove for
the whole of their respective claims against the Chargor or any other person
liable or may be applied in or towards satisfaction of such of the Secured
Obligations as the Security Trustee may from time to time conclusively
determine in accordance with the terms of the Group Intercreditor Deed and the
Security Trust Agreement notwithstanding any appropriation (or purported
appropriation) by the Chargor.

 

4.                                      REPRESENTATIONS AND WARRANTIES

 

4.1                               Representations and Warranties

 

The Chargor hereby represents and warrants to the
Security Trustee as trustee for the Beneficiaries that:

 

(a)                                  Shares Fully Paid

 

the Shares are fully paid or credited as fully paid
and no calls have been, or can be, made in respect of the Shares and the terms
of each Share and of the Memorandum and Articles of Association of the Charged
Company do not restrict or otherwise limit the Chargor’s right to transfer or
charge the Shares;

 

(b)                                 Due Incorporation

 

it is duly incorporated, validly existing as a
limited liability company and has all requisite corporate power and authority
to own its property and other assets and to carry on its business as it is now
being conducted and is authorised to do business in each jurisdiction where
such qualification or authorisation is required, except where the failure to so
qualify, to be so authorised or to be in good standing would not have a
material adverse effect on the Chargor’s ability to perform any of its
obligations under this Deed;

 

(c)                                  Powers of the Chargor

 

it has all requisite power to execute, deliver and
perform its obligations under this Deed and compliance has been made with all
necessary requirements and 

 

8

 

all necessary action has been taken to authorise
the execution, delivery and performance of the same;

 

(d)                                 Binding Obligations

 

this Deed constitutes its valid and legally binding
obligations enforceable in accordance with its terms subject, to the extent
applicable, to equivalent qualifications to those contained in the legal
opinions referred to in part 1 of schedule 3 to the Senior Facilities Agreement
(or upon its repayment in full and cancellation of all undrawn commitments
thereunder such equivalent provision in the Relevant Facilities Agreement)
which relate to Security Documents governed by English law;

 

(e)                                 No Conflict with Other Obligations

 

the execution and delivery of, the performance of
its obligations under, and compliance with the provisions of, this Deed by it,
will not:

 

(i)                                   contravene any existing applicable law, statute, rule or regulation
or any judgment. decree or permit to which it is subject except where such
contravention would not or would not be likely to have a material adverse
effect on the ability of the Chargor to perform any of its obligations under or
otherwise to comply with the terms of this Deed;

 

(ii)                                contravene or conflict with any provision of its Memorandum and Articles
of Association;

 

(iii)                             conflict with, or result in any breach of any of the terms of, or
constitute a default under, any agreement constituting or evidencing
Indebtedness of the Chargor to which the Chargor is a party or is subject or by
which it or any of its property is bound except where such breach or default
would not or would not be likely to have a material adverse effect on the
ability of the Chargor to perform any of its obligations under or otherwise to
comply with the terms of this Deed; or

 

(iv)                            result in the creation or imposition of or oblige the Chargor to create
any Encumbrance (other than those created by the Security Documents) on any of
the Chargor’s material undertakings, assets, rights or revenues;

 

(f)                                   Choice of Law

 

the choice by the Chargor of English Law to govern
this Deed is valid and binding;

 

(g)                                No Filings Required

 

it is not necessary to ensure the legality,
validity, enforceability or admissibility in evidence of this Deed that it or
any other instrument be notarised, filed, recorded, registered or enrolled in
any court, public office in the United Kingdom (save for any registration
pursuant to section 860 of the 

 

9

 

Companies Act 2006, to the extent required
thereunder) or that any stamp, registration or similar tax or charge be paid in
the United Kingdom on or in relation to this Deed;

 

(h)                                 No Disposals

 

save as contemplated in or not prohibited by this
Deed or in each of the Senior Finance Documents, it has not transferred,
mortgaged, charged or otherwise disposed of (or agreed to transfer, mortgage,
charge or otherwise dispose of) whether by way of security or otherwise, the
benefit of all or any of its right, title and interest in and to the Secured
Property;

 

(i)                                     Consents Obtained

 

every consent, authorisation, licence or approval
of, or registration with or declaration to, governmental or public bodies or
authorities or courts required by the Chargor (i) to authorise the
execution and delivery of this Deed or the performance by the Chargor of its
obligations under this Deed or (ii) to ensure the validity, enforceability
or admissibility in evidence of this Deed has been obtained or made and is in
full force and effect and there has been no material default in the observance
of the conditions or restrictions (if any) imposed in, or in connection with,
any of the same which would, in any such case, adversely affect the execution,
delivery, validity, enforceability or admissibility in evidence of this Deed or
the performance by the Chargor of its obligations under this Deed; and

 

(j)                                     No Security from any Obligor

 

it has not requested, taken or received any
Encumbrance from any Obligor for any obligations or Liabilities of any Obligor
to it.

 

4.2                               Repetition Representations and Warranties

 

The representations and warranties in Clause 4.1 (Representations and Warranties) shall be deemed to be
repeated by the Chargor on and as of the date of this Deed and on the date on
which all or any of the representations and warranties contained in Clause 21
of the Senior Facilities Agreement, or upon its repayment in full and
cancellation of all undrawn commitments thereunder such equivalent provision in
the Relevant Facilities Agreement, are deemed to be repeated pursuant to the
relevant provisions thereof.

 

5.                                      COVENANTS BY THE CHARGOR

 

5.1                               Supporting Documents

 

The Chargor hereby covenants with the Security
Trustee that during the continuance of the security created by this Deed it
will at all times deposit with the Security Trustee or its nominees and permit
the Security Trustee or its nominees during the continuance of this security to
hold and retain:

 

10

 

(a)                                 Certificates

 

all stock and share certificates and documents of
title relating to the Shares together with any other documents of title
relating to the Secured Property;

 

(b)                                Transfers

 

such stock transfer forms or other instruments of
transfer in respect of the Shares and, if appropriate, the other Secured
Property duly completed in favour of the Security Trustee or its nominees or
otherwise as the Security Trustee may reasonably direct; and

 

(c)                                 Further Documents

 

all such other documents as are in its possession
or which it can reasonably obtain as the Security Trustee may from time to time
reasonably require for perfecting its title to the Shares and/or the Secured
Property (duly executed by or signed on behalf of the registered holder) or for
vesting or enabling it to vest the same in itself or its nominees or in any
purchaser to the intent that the Security Trustee may at any time without
notice present them for registration.

 

5.2                               Continuing Covenant

 

The Chargor hereby further covenants with the
Security Trustee, its nominee or any Receiver, that during the continuance of
the security created by this Deed the Chargor will at all times:

 

(a)                                  Prompt Payment

 

duly and promptly pay all calls, instalments or other
payments which from time to time become due in respect of the Shares, and
neither the Security Trustee nor any of the Beneficiaries shall in any
circumstances incur any liability whatsoever in respect of any calls,
instalments or otherwise in connection with the Shares;

 

(b)                                 New Certificates

 

after an Event of Default has occurred and is
continuing, use reasonable endeavours to procure that the directors of the
Charged Company (i) duly register all transfers of the Shares from time to
time lodged with them by or on behalf of the Security Trustee, its nominee or
any Receiver and (ii) issue, and deliver to the Security Trustee, its
nominee or any Receiver, a new certificate or certificates for the Shares in
the name of the Security Trustee, its nominee or any Receiver as soon as
reasonably possible following receipt of such transfers from the Security
Trustee”, its nominee or any Receiver;

 

(c)                                  Negative Undertakings

 

not (without the prior written consent of the
Security Trustee, its nominee or any Receiver) or as otherwise permitted or not
restricted under each of the Senior Finance Documents:

 

11

 

(i)                                   create or permit to subsist any Encumbrance on or over the Secured
Property or any part thereof or interest therein (other than any Encumbrance
created hereby);

 

(ii)                                permit any person other than the Chargor, the Security Trustee, any
nominee of the Security Trustee or any Receiver to be registered as holder of
the Secured Property or of any part thereof;

 

(iii)                             sell, transfer, assign or otherwise dispose of the Secured Property
(other than a sale, transfer, assignment or disposal of all of the Shares to
the Security Trustee) or any part thereof or interest therein or attempt or
agree so to do;

 

(iv)                            suffer or permit the Charged Company to cancel, increase, create or
issue or agree to issue or put under option or agree to put under option any
equity or other share capital or obligation now or hereafter convertible into
equity or other share capital of or in the Charged Company of any class or call
any uncalled capital provided,
however, that the Charged Company may issue or agree to issue equity or other
share capital to the Chargor provided that
such equity or other share capital is the subject of an Encumbrance in favour
of, and to the satisfaction of, the Security Trustee;

 

(v)                               suffer or permit the Charged Company to make any alteration to, grant
any rights in relation to re-organise, redeem or purchase or otherwise reduce
its equity or any other share capital or reserves or any uncalled or unpaid
liability in respect thereof or reduce the amount (if any) for the time being
standing to the credit of its share premium account or capital redemption or
other undistributable reserve in any manner save for any alteration as
aforesaid which arises directly in connection with an issue of equity or other
share capital to the Chargor which is permitted under paragraph (iv) above
but which does not involve any action or event otherwise prohibited by this
Clause 5.2(c)(v);

 

(vi)                            convene any meeting with a view either to the alteration of any of the
provisions of the Charged Company’s Memorandum and Articles of Association in
any way which would restrict the ability of the Security Trustee to exercise
its rights under this Deed or to passing a resolution that such Charged Company
be wound up;

 

(vii)                         do or cause or permit to be done anything which may in any material way (i) depreciate,
jeopardise or otherwise prejudice the value or marketability of the Secured
Property or (ii) prejudice the validity, binding effect or enforceability
of the Encumbrances created or evidenced by this Deed; and

 

(viii)                      save as permitted pursuant to Clause 3.2 (Dividends
and Voting Rights), receive, retain or deal with any dividends,
distributions, interest or other moneys in respect of the Secured Property; and

 

12

 

(d)                                No Encumbrance

 

not take or receive any Encumbrance from the
Charged Company or any other Obligor in respect of the liability of the Chargor
under this Deed.

 

6.                                      FURTHER ASSURANCE

 

6.1                               Further Assurance

 

The Chargor shall if and when required by the
Security Trustee execute such further Encumbrances and assurances in favour of
the Security Trustee and/or any Beneficiary and do all such acts and things as
the Security Trustee may from time to time reasonably require over or in
relation to all or any of the Secured Property to secure the Secured
Obligations or to perfect or protect the security intended to be created by
this Deed over the Secured Property or any part thereof or to facilitate the
realisation of the same.

 

6.2                               Certain Documentary Requirements

 

Such further Encumbrances or assurances shall be
prepared by or on behalf of the Security Trustee at the expense of the Chargor
(such expense to be reasonable and properly incurred) and shall contain (a) an
immediate power of sale without notice; (b) a clause excluding section 93
of the Law of Property Act 1925 and the restrictions contained in section 103
of the Law of Property Act 1925; and (c) such other clauses for the
benefit of the Beneficiaries as the Security Trustee may reasonably require.

 

6.3                               l.aw of Property (Miscellaneous Provisions) Act
1994

 

The obligations of each Chargor under this Clause 6
are in addition to the covenants for further assurance implied by the Law of
Property (Miscellaneous Provisions) Act 1994.

 

7.                                      CERTAIN POWERS OF THE SECURITY TRUSTEE AND THE
BENEFICIARIES, ENFORCEMENT

 

7.1                               Voting Rights after the Enforcement Date

 

The Security Trustee and its nominees at the
discretion of the Security Trustee may at any time after the Enforcement Date
exercise in the name of the Chargor or otherwise at any time whether before or
after demand for payment and without any further consent or authority on the
part of the Chargor any voting rights and all powers given to trustees by
section 10(3) and (4) Trustee Act 1925 (as amended by section 9
Trustee Investments Act 1961) in respect of the Secured Property or property
subject to a trust and any powers or rights which may be exercisable by the
person in whose name the Shares or other Secured Property are registered. Until
the Enforcement Date, the Security Trustee will exercise all voting and other
rights and powers attached to the Secured Property which are transferred to it
pursuant to Clause 7.2 (Transfer of Secured
Property) as the Chargor may from time to time in writing direct provided that the Security Trustee shall be under no
obligation to comply with any such direction where compliance would in the
Security Trustee’s reasonable opinion, be prejudicial to the security created
by this Deed.

 

13

 

7.2                               Transfer of Secured Property

 

The Chargor will if so requested by the Security
Trustee after an Event of Default has occurred and so long as the same is
continuing transfer all or any of the Secured Property to the Security Trustee
or such nominees or agents as the Security Trustee may select and will use its
reasonable endeavours to procure that the Charged Company duly registers any
transfers of any Secured Property to the Security Trustee or its nominees or
agents or any transfers of any of the Secured Property duly executed by the
Security Trustee or its nominees or agents pursuant to any power conferred by
this Deed forthwith upon presentation to the Charged Company provided that, for the avoidance of doubt, the Security
Trustee may not request any such transfer of the Secured Property prior to the
occurrence of an Event of Default.

 

7.3                               Notices

 

The Security Trustee will, promptly after receipt.
forward to the Chargor copies of all notices, documents or other communications
received by it in respect of the Secured Property.

 

7.4                               Power of Sale

 

At any time on or after the Enforcement Date, the
Security Trustee may (without notice to the Chargor) sell or otherwise dispose
of the Secured Property or any part of it and shall be entitled to apply the
proceeds of such sale or other disposal in paying the costs of such sale or
other disposal and thereafter in or towards the discharge of the Secured
Obligations or otherwise as provided for in the Group lntercreditor Deed, the
Security Trust Agreement or this Deed.

 

7.5                               Statutory Powers

 

For the purposes of all powers implied by statute.
the Secured Obligations shall be deemed to have become due and payable on the
dale of this Deed.

 

7.6                               Law of Property Act

 

At any time on or after the Enforcement Date or if
requested by the Chargor, the Security Trustee may, without further notice,
without the restrictions contained in sections 93 and 103 of the Law of
Property Act 1925 and whether or not a Receiver shall have been appointed,
exercise all the powers conferred upon mortgagees by the Law of Property Act
1925 as varied or extended by this Deed and all the powers and discretions
conferred by this Deed on a Receiver either expressly or by reference and also,
in the case of the Secured Property, all rights or powers which may be
exercisable by the registered holder or beneficial owner of the same.

 

7.7                               Distributions

 

On or after the Enforcement Date all dividends,
interest and other distributions relating to the Secured Property may be
applied by the Security Trustee as though they were proceeds of sale under this
Deed.

 

14

 

7.8                               Subsequent Encumbrances

 

If the Security Trustee or any Beneficiary receives
notice of any subsequent Encumbrance affecting the Secured Property or any part
thereof, such Beneficiary may open a new account for the Chargor. If it does
not do so then, unless such Security Trustee or such Beneficiary gives express
written notice to the contrary to the Chargor, it shall nevertheless be treated
as if it had opened a new account at the time when it received such notice and
as from that time all payments made by or on behalf of the Chargor to the
Security Trustee or such Beneficiary shall be credited or be treated as having
been credited to the new account and shall not operate to reduce the amount due
from the Chargor to the Security Trustee or such Beneficiary at the time when
it received such notice.

 

7.9                               Realisation Accounts

 

If the Security Trustee (whether by the appointment
of a Receiver or otherwise) enforces the Security the Security Trustee (or such
Receiver) may:

 

(a)                                  open and maintain with such bank or banks (or other financial
institutions) as it thinks fit one or more Realisation Accounts;

 

(b)                                 pay the proceeds of any recoveries effected by it into any such number
of Realisation Accounts as it considers appropriate; and

 

(c)                                  subject to the payment of any claims having priority to this Security,
withdraw amounts standing to the credit of the Realisation Accounts to:

 

(i)                                   discharge all costs, charges and expenses incurred and payments made by
the Security Trustee (or such Receiver) in the course of such enforcement;

 

(ii)                                pay remuneration to the Receiver as and when the same becomes due and
payable; and

 

(iii)                             discharge the Secured Obligations as and when the same become due and
payable.

 

7.10                        Right of Appropriation

 

To the extent that the Secured Property constitutes
“financial collateral” and this Deed constitutes a “security financial
collateral arrangement” (as defined in the Financial Collateral Arrangements
(No.2) Regulations 2003 (SI 2003 No.3226)), the Security Trustee may
appropriate all or any part of the Secured Property in or towards satisfaction
of the Secured Obligations, the value of the property so appropriated being
such amount as the Security Trustee shall determine in a commercially
reasonable manner.

 

15

 

8.                                      APOINTMENT AND POWERS OF RECEIVER

 

8.1                               Appointment

 

The Security Trustee may at any time on or after
the Enforcement Date or if requested to do so by the Chargor, by instrument in
writing and without notice to the Chargor appoint anyone or more persons as
Receivers of such part of the Secured Property as may be permitted by law, each
such person being entitled to act individually as well as jointly and being for
all purposes deemed to be the agent of the Chargor and shall as such agent be
deemed to be in the same position as a Receiver duly appointed by a mortgagee
under the Law of Property Act 1925. The Security Trustee may from time to time
by writing under its hand remove any Receiver so appointed by it and may,
whenever it may deem expedient, appoint a new Receiver in the place of any
Receiver whose appointment may for any reason have terminated.

 

8.2                               Receiver as Agent

 

A Receiver shall be the agent of the Chargor and
(subject to the provisions of this Deed) the Chargor shall be solely
responsible for his acts or defaults and for his remuneration.

 

8.3                               Powers of Receiver

 

A Receiver shall have all the powers conferred from
time to time on receivers and administrative receivers by statute (in the case
of powers conferred by the Law of Property Act 1925, without the restrictions
contained in section 103 of that Act) and power on behalf and at the expense of
the Chargor (notwithstanding liquidation of the Chargor) to do or omit to do
anything which the Chargor could do or omit to do in relation to the Secured
Property or any part thereof.  In
particular (but without limitation) a Receiver shall have power to do all or
any of the following acts and things:

 

(a)                                  Take Possession

 

take possession of, collect and get in all or any
of the Secured Property and exercise in respect of the Shares all voting or
other powers or rights available to a registered holder thereof in such manner
as he may think fit and bring, defend or discontinue any proceedings or submit
to arbitration in the name of the the Chargor or otherwise as may seem
expedient to him;

 

(b)                                 Borrow Money

 

raise or borrow any money from or incur any other
Liability to the Security Trustee or the Beneficiaries or others on such terms
with or without security as he may think fit and so that any such security may
be or include a charge on the whole or any part of the Secured Property ranking
in priority to this security or otherwise;

 

16

 

(c)                                  Dispose of Assets

 

without the restrictions imposed by section 103 Law
of Property Act 1925 or the need to observe any of the provisions of sections
99 and 100 of such Act, sell by public auction or private contract, surrender
or accept surrenders, grant licences or otherwise dispose of or deal with all
or any of the Secured Property or concur in so doing in such manner for such
consideration and generally on such terms and conditions as he may think fit
with full power to convey, surrender, accept surrenders or otherwise transfer
or deal with such Secured Property in the name and on behalf of the Chargor or
otherwise and so that covenants and contractual obligations may be granted and
assumed in the name of and so as to bind the Chargor (or other estate owner) if
he shall consider it necessary or expedient so to do; any such sale, or
disposition may be for cash, debentures or other obligations, shares, stock, or
other valuable consideration and be payable immediately or by instalments
spread over such period as he shall think fit and so that any consideration
received or receivable shall ipso facto
forthwith be and become charged with the payment of all the Secured
Obligations;

 

(d)                                 Make Calls and Legal Proceedings

 

make calls conditionally or unconditionally on the
members of the Chargor in respect of uncalled capital and institute, continue,
enforce, defend, settle or discontinue any actions, suits or proceedings in
relation to the Secured Property or any part thereof or submit to arbitration
as he may think fit;

 

(e)                                  Execute Documents

 

sign any document, execute any deed and do all such
other acts and things as may be considered by him to be incidental or conducive
to any of the matters or powers aforesaid or to the realisation of the security
of the Security Trustee and the Beneficiaries and to use the name of the
Chargor for all the purposes aforesaid; and

 

(f)                                    Insolvency Act Powers

 

do all the acts and things described in schedules J
to the Insolvency Act 1986 as if the words “he” and “him” referred to the
Receiver and “company” referred to the Chargor.

 

8.4                               Remuneration

 

The Security Trustee may from time to time
determine the remuneration of any Receiver and section 109(6) Law of
Property Act 1925 shall be varied accordingly. A Receiver shall be entitled to
remuneration appropriate to the work and responsibilities involved upon the
basis of charging from time to time adopted by the Receiver in accordance with
the current practice of his firm.

 

17

 

9.                                      ENFORCEMENT

 

9.1                               When Enforceable

 

If (and only if) the Enforcement Date has occurred
then the charges created pursuant to this Deed shall become enforceable. Section 103
Law of Property Act 1925 shall not apply in respect of any Secured Property.

 

9.2                               Authority

 

No purchaser or other person shall be bound or concerned
to see or enquire whether the right of the Security Trustee or any Receiver to
exercise any of the powers conferred by this Deed bas arisen or not or be
concerned with notice to the contrary or with the propriety of the exercise or
purported exercise of such powers.

 

10.                               INDEMNITIES, EXCLUSION OF LIABILITY, COSTS AND
EXPENSES

 

10.1                        Enforcement Costs

 

The Chargor hereby undertakes with the Security
Trustee to pay on demand all costs, charges and expenses which the Security
Trustee or any Receiver shall certify as sustained or incurred by it as a
consequence of the enforcement, preservation or attempted preservation of any
of the security created by or pursuant to this Deed or any of the Secured
Property on a full indemnity basis, together with interest at the Default Rate
from the date falling 30 days after the date of demand for payment of such
expenses to the date of payment by the Chargor (both before and after
judgment).

 

10.2                        No Liability as Mortgagee in Possession

 

None of the Beneficiaries, the Security Trustee or
any Receiver shall be liable to account as mortgagee or heritable creditor in
possession in respect of all or any of the Secured Property or be liable for
any loss upon realisation or for any neglect or default of any nature whatsoever
for which a mortgagee in possession may be liable as such except in the case of
fraud, wilful misconduct or gross negligence on the part of a Beneficiary, the
Security Trustee or a Receiver (as the case may be).

 

10.3                        Indemnity

 

The Beneficiaries, the Security Trustee and any
Receiver, attorney, agent or other person appointed by the Security Trustee
under this Deed and the officers and employees of each of the aforementioned
(each an “Indemnified Party”) shall be entitled
to be indemnified out of the Secured Property in respect of all costs, losses,
actions, claims, demands or liabilities whether in contract, tort, delict or
otherwise and whether arising at common law, in equity or by statute which may
be incurred by, or made against, any of them (or by or against any manager,
agent, officer or employee for whose liability act or omission any of them may
be answerable) at any time relating to or arising directly or indirectly out of
or as a consequence of:

 

(a)                                  anything done or omitted in the exercise or purported exercise of the
powers contained in this Deed; or

 

18

 

(b)                                 any breach by the Chargor of any of its obligations under this Deed,

 

except in the case of fraud, wilful misconduct or
gross negligence on the part of an Indemnified Party.

 

10.4                        Powers of the Security Trustee

 

To the fullest extent permitted by law, all or any
of the powers, authorities and discretions of a Receiver in respect of the
Secured Property may, if a Receiver has been or could have been appointed, be
exercised by the Security Trustee in relation to the whole or any part of the
Secured Property whether or not a Receiver is or has been appointed.

 

11.                               POWER OF ATTORNEY

 

11.1                        Power of Attorney

 

The Chargor by way of security for the performance
of its obligations under this Deed, hereby irrevocably appoints each of the
Security Trustee and any Receiver of all or any part of the Secured Property
and their respective delegates and sub-delegates each to be its attorney acting
severally (or jointly with any other such attorney or attorneys) in its name
and on its behalf:

 

(a)                                  to execute and complete on or after the Enforcement Date any documents
or instruments which the Security Trustee or such Receiver may require for
perfecting the title of the Security Trustee to the Secured Property or for
vesting the same in the Security Trustee, its nominee or any purchaser;

 

(b)                                 to sign, execute, seal and deliver and otherwise perfect any further
security document referred to in Clause 5 (Covenants by the Chargors);
and

 

(c)                                  otherwise generally on or after the Enforcement Date to sign, seal,
execute and deliver all deeds, assurances, agreements and documents and to do
all acts and things which may be required for the full exercise of all or any
of the powers conferred on the Security Trustee or a Receiver under this Deed
or which may be deemed expedient by the Security Trustee or a Receiver in
connection with any disposition, realisation or getting in by the Security
Trustee or such Receiver of the Secured Property or any part thereof or in
connection with any other exercise of any power under this Deed.

 

11.2                        Ratification

 

The Chargor ratifies and confirms and agrees to
ratify and confirm all acts and things which any attorney as is mentioned in
Clause 11.1 (Power of Attorney) shall do or
purport to do in the exercise of his powers under such clause.

 

11.3                        General Power

 

This appointment shall operate as a general power
of attorney under section 10 of the Powers of Attorney Act 1971 and the Chargor
hereby covenants with the Security Trustee and separately with any such
Receiver to ratify and confirm any document, act or thing and all transactions
which any such attorney may lawfully execute or do.

 

19

 

12.          CONTINUING SECURITY AND OTHER MATTERS

 

12.1                        Continuing Security

 

This Deed and the obligations of the Chargor under
this Deed shall:

 

(a)                                  secure the ultimate balance of the Secured Obligations notwithstanding
the dissolution, bankruptcy, liquidation or other Incapacity or any change in
the constitution of the Chargor or in the name or style thereof and shall be a
continuing security notwithstanding any settlement of account or other matter
whatsoever;

 

(b)                                 be in addition to, and shall not merge with or otherwise prejudice or
affect, any present or future Security Documents, Encumbrance, right or remedy
held by or available to the Beneficiaries or any of them and/or the Security
Trustee and may be enforced notwithstanding the same; and

 

(c)                                  not merge with or be in any way prejudiced or affected by the existence
of any such Security Documents, Encumbrance, rights or remedies or by the same
being or becoming wholly or in part void, voidable or unenforceable on any
ground whatsoever or by the Beneficiaries or any of them and/or the Security
Trustee dealing with, exchanging, releasing, varying or failing to perfect or
enforce any of the same, or giving time for payment or indulgence or
compounding with any other person liable.

 

12.2                        Security Documents

 

Neither the Security Trustee nor any of the
Beneficiaries shall be obliged to resort to any other Security Document or
other means of payment now or hereafter held by or available to it before
enforcing this Deed and no action taken or omitted by the Security Trustee or
any of the Beneficiaries in connection with any such Security Document or other
means of payment shall discharge, reduce, prejudice or affect the liability of
the Chargor nor shall the Security Trustee or any of the Beneficiaries be
obliged to account for any money or other property received or recovered in
consequence of any enforcement or realisation of any such Security Document or
other means of payment.

 

12.3                        New Accounts

 

Notwithstanding that the charge hereby created
ceases to be continuing for any reason whatsoever the Security Trustee or any
of the Beneficiaries may continue any account of the Chargor or other Security
Provider or open one or more new accounts and the liability of the Chargor
hereunder shall not in any manner be reduced or affected by any subsequent
transaction or receipts or payments into or out of  any such account.

 

12.4                        Settlements Conditional

 

Any release, discharge or settlement between the
Chargor and the Security Trustee shall be conditional upon no security,
disposition or payment to the Security Trustee or any of the Beneficiaries by
the Chargor or any other person being void, set aside or ordered to be refunded
pursuant to any enactment or law relating to bankruptcy, 

 

20

 

liquidation, administration or insolvency or for
any other reason whatsoever and if such condition shall not be fulfilled the
Security Trustee shall be entitled to enforce this Deed subsequently as if such
release, discharge or settlement had not occurred and any such payment had not
been made.

 

12.5                        No Release

 

The liability of the Chargor shall not be affected
nor shall the charge hereby created be discharged or diminished by reason of:

 

(a)                                  the Incapacity or any change in the name, style or constitution of any
other Obligor or any other person liable; or

 

(b)                                 the Security Trustee or any of the Beneficiaries compounding with,
discharging, releasing or varying the liability of or granting any time
indulgence or concession to any other Obligor or any other person or renewing,
determining, varying or increasing any accommodation, facility or transaction
in any manner whatsoever or concurring in accepting or varying any compromise,
arrangement or settlement or omitting to claim or enforce payment from any
other Obligor or any other person; or

 

(c)                                  any act or omission which would not have discharged or affected the
liability of the Chargor had it been principal debtor in respect of the Secured
Obligations or by anything done or omitted which but for this provision might
operate to exonerate the Chargor.

 

12.6                        Restriction of the Chargor’s rights

 

Until all the Secured Obligations have been paid,
discharged or satisfied in full (and notwithstanding payment of a dividend in
any liquidation or under any compromise or arrangement or the discharge by any
person of its liability) the Chargor agrees that without the prior written
consent of the Security Trustee (such consent not to be unreasonably withheld)
it will not;

 

(a)                                  exercise its rights of subrogation, reimbursement and indemnity against
any Obligor or any other person;

 

(b)                                 save as otherwise permitted or not restricted by the Senior Finance
Documents, demand or accept repayment in whole or in part of any obligations or
liabilities now or hereafter due to the Chargor from any Obligor or any
Security Provider or demand or accept any guarantee or any other document or
instrument (including, without limitation, any other document or instrument
creating or evidencing a mortgage, charge (whether fixed or floating), pledge, lien.
hypothecation, assignment, trust arrangement, or security interest of any kind)
in respect of such obligations or liabilities or dispose of the same;

 

(c)                                  take any step to enforce any right against any Obligor or any Security
Provider in respect of any such obligations or liabilities; or

 

21

 

(d)                                 claim any set-off or counter-claim in respect of any such obligations or
liabilities against the Charged Company, any other Obligor or any Security
Provider or claim or prove in competition with the Security Trustee or any of
the Beneficiaries in the bankruptcy, liquidation or administration of the
Charged Company, any other Obligor or any Security Provider or have the benefit
of, or share in, any payment from or composition with the Charged Company, any
other Obligor or any Security Provider any Security Document now or hereafter
held by the Security Trustee or any of the Beneficiaries for any obligations or
liabilities of the Charged Company, any other Obligor or any Security Provider
but so that, if so directed by the Security Trustee, it will prove for the
whole or any part of its claim in the liquidation of the Charged Company, any
other Obligor or any Security Provider on terms that the benefit of such proof and
of all money received by it in respect thereof shall be held on trust for the
Security Trustee and applied in or towards discharge of the Secured Obligations
in accordance with the provisions of the Group lntercreditor Deed and the
Security Trust Agreement.

 

12.7                        Recoveries by the Chargor

 

If contrary to Clause 12.6 (Restriction
of the Chargor’s Rights) or 5.2(d} the Chargor takes or receives the
benefit of any security or receives or recovers any money or other property,
such security, money or other property shall be held on trust for the Security
Trustee and shall be delivered to the Security Trustee on demand.

 

13.                               CURRENCIES

 

13.1                        Conversion of Currencies

 

All moneys received or held by the Security
Trustee·or by a Receiver under this Deed at any time on or after the
Enforcement Date in a currency other than a currency in which the Secured
Obligations are denominated may from time to time be sold for such one or more
of the currencies in which the Secured Obligations are denominated as the
Security Trustee or Receiver considers necessary or desirable and the Chargor
shall indemnify the Security Trustee against the full cost (including all
costs, charges and expenses) properly incurred in relation to such sale.
Neither the Security Trustee nor any Receiver shall have any liability to the
Chargor in respect of any loss resulting from any fluctuation in exchange rates
after any such sale.

 

13.2                        Currency Indemnity

 

No payment to the Security Trustee (whether under
any judgment or court order or otherwise) shall discharge the obligation or
liability of the Chargor in respect of which it was made unless and until the
Security Trustee shall have received payment in full in the currency in which
such obligation or liability was incurred. To the extent that the amount of any
such payment shall on actual conversion into such currency fall short of such
obligation or liability expressed in that currency the Security Trustee shall
have a further separate cause of action against the Chargor to recover such
shortfall out of the Secured Property and shall be entitled to enforce the
charges hereby created to recover the amount of the shortfall.

 

22

 

14.                               THE SECURITY TRUST AGREEMENT

 

14.1                        Trust

 

The Chargor and the Security Trustee hereby
acknowledge that the covenants of the Chargor contained in this Deed and the
security and other rights, titles and interests constituted by this Deed and
the Secured Property and all other moneys, property and assets paid to the
Security Trustee or held by the Security Trustee pursuant to or in connection
with this Deed are held by the Security Trustee subject to and on the terms of
the trusts declared in the Security Trust Agreement.

 

15.                               MISCELLANEOUS

 

15.1                        Exchange of Information

 

The Chargor hereby authorises the Security Trustee
and the Beneficiaries to exchange between themselves any information concerning
the Secured Property unless such information is the subject of a duty of
confidentiality on the part of any Beneficiary not to disclose such
information.

 

15.2                        Remedies Cumulative

 

No failure or delay on the part of the Security
Trustee or any of the Beneficiaries to exercise any power, right or remedy
shall operate as a waiver thereof nor shall any single or any partial exercise
or waiver of any power, right or remedy preclude its further exercise or the
exercise of any other power, right or remedy.

 

15.3                        Successors

 

Any appointment or removal of a Receiver (under
Clause 8 (Appointment and Powers of Receiver)) and
any consents under this Deed may be made or given in writing signed or sealed
by any successor of the Security Trustee appointed pursuant to the terms of the
Security Trust Agreement and their respective successors in title and
accordingly the Chargor hereby irrevocably appoints each successor of the
Security Trustee appointed pursuant to the Security Trust Agreement and their
respective successors to be its attorney in the terms and for the purposes set
out therein.

 

15.4                        Consolidation

 

Section 93 of the Law of Property Act 1925
shall not apply to the security created by this Deed or to any security given
to the Security Trustee or any of the Beneficiaries pursuant to this Deed.

 

15.5                        Reorganisation

 

This Deed shall remain binding on the Chargor
notwithstanding any change in the constitution of the Security Trustee or any
of the Beneficiaries or its absorption or amalgamation with, or the acquisition
of all or part of its undertaking by, any other person, or any reconstruction
or reorganisation of any kind. The security granted by this Deed shall remain
valid and effective in all respects in favour of the Security Trustee as
trustee for the Beneficiaries.

 

23

 

15.6                        Unfettered Discretion

 

Save as otherwise provided herein, any ability or
power which may be exercised or any determination which may be made under this
Deed by the Security Trustee may be exercised or made in its absolute and
unfettered discretion and it shall not be obliged to give reasons therefor.

 

15.7                        Provisions Severable

 

Each of the provisions of this Deed is severable
and distinct from the others and if at any time one or more of such provisions
is or becomes invalid, illegal or  unenforceable the
validity, legality and enforceability of the remaining provisions of this Deed
shall not in any way be affected or impaired thereby.

 

15.8                        No Assignment by Chargor

 

The Chargor may not assign or transfer any of its
rights or obligations under this Deed and the Chargor undertakes not to seek to
assign or transfer all or any of its rights and obligations under this Deed.

 

15.9                        Security Trustee’s Rights

 

The Security Trustee may assign or transfer all or
any of its rights under this Deed without the consent of the Chargor.

 

15.10                 Counterparts

 

This Deed may be executed in any number of
counterparts and by the different parties hereto in separate counterparts each
of which, when executed and delivered, shall constitute an original, but all
counterparts together shall constitute one and the same instrument.

 

15.11                 Release

 

Upon the satisfaction in full of all of the Secured
Obligations and there no longer being any obligation on any Beneficiary to make
any of the Secured Obligations available, the Security Trustee shall, at the
request and cost of the Chargor, execute and do all such deeds, acts and things
as may be necessary to release the Secured Property from the security
constituted, and to reassign the property and assets assigned to the Security
Trustee, hereby.

 

15.12                 Protection of Third Parties

 

No purchaser, mortgagee or other person or company
dealing with the Security Trustee or any Receiver or the agents of any of them
shall be concerned to enquire whether the Secured Obligations have become due
and payable or whether any power which the Security Trustee or any Receiver is
purporting to exercise has become exercisable or whether any of the Secured
Obligations remains outstanding or to see to the application of any money paid
to the Security Trustee or to such Receiver.

 

24

 

15.13                 Delegation by Security Trustee

 

The Security Trustee may at any time and from time
to time delegate by power of attorney or in any other manner to any person or
persons all of any of the powers, authorities and discretions which are for the
time being exercisable by the Security Trustee under this Deed in relation to
all or any part of the Secured Property. Any such delegation may be made upon
such term (including power to sub-delegate) and subject to such regulations as
the Security may think fit. The Security Trustee shall not be in any way liable
or responsible to the Chargor for any loss or damage arising from any act,
default, omission or misconduct on the part of any such delegate or
sub-delegate save in the case of fraud or wilful misconduct.

 

15.14                 Redemption of Prior Mortgages

 

The Security Trustee may at any time after the
Security has become enforceable, redeem any prior encumbrance over all or any
part of the Secured Property or procure the transfer thereof to itself and may
settle and pass the accounts of the prior mortgagee, chargee or encumbrancer.
Any accounts so settled and passed shall be conclusive and binding on the
Chargor. All principal interest, costs, charges and expenses of and incidental
to such redemption and transfer shall be paid by the Chargor to the Security
Trustee on demand.

 

16.                               NOTICES

 

16.1                        Mode of Service

 

Any notice or demand for payment by the Security
Trustee under this Deed shall, without prejudice to any other effective mode of
making the same. be deemed to have been properly served on the Chargor in the
manner and at the address set out in Clause 20 (Notices)
of the Group lntercreditor Deed.

 

16.2                        Notices Conclusive

 

Any such notice or demand or any certificate as to
the amount at any time secured by this Deed shall. save for manifest error. be
conclusive and binding upon the Chargor if signed by an officer of the Security
Trustee.

 

17.                               GOVERNING LAW

 

17.1                        Law

 

This Deed, including
all non-contractual obligations arising out of or in connection with it, shall
be governed by English law.

 

18.                               JURISDICTION

 

18.1                        Courts of England

 

The Chargor irrevocably agrees for the benefit of
the Security Trustee that the courts of England shall have jurisdiction to hear
and determine any suit, action or proceedings and to settle any disputes which
may arise out of or in connection with 

 

25

 

this Deed (respectively. “Proceedings”
and “Disputes”) and for such purposes,
irrevocably submits to the jurisdiction of such courts.

 

18.2                        Appropriate forum

 

The Chargor irrevocably waives any objection which
it might now or hereafter have to Proceedings being brought or Disputes settled
in the courts of England and agrees not to claim that any such court is not a
convenient or appropriate forum.

 

18.3                        Proceedings in other jurisdiction

 

Nothing in Clause 18.1 (Courts of
England) shall (and nor shall it be construed so as to) limit the
right of the Senior Finance Parties to take Proceedings against the Chargor in
any other court of competent jurisdiction nor shall the taking of Proceedings
in anyone or more jurisdictions preclude the taking of Proceedings in any other
jurisdiction (whether concurrently or not) if and to the extent permitted by
applicable law.

 

IN WITNESS
whereof this Deed has been executed and delivered as a deed by or on behalf of
the parties on the date stated at the beginning of this Deed.

 

26

 

SIGNATORIES

 

Executed
as a deed by 

VIRGIN MEDIA FINANCE PLC

 

 

	
  acting by Robert
  Gale, a director,

  	
   

  	
  /s/ ROBERT GALE

  
	
   

  	
   

  	
  Director

  
	
  in the presence
  of:

  	
   

  	
   

  

 

 

	
  /s/ JOY ONIKOYI

  	
   

  	
   

  
	
  Name: Joy Onikoyi

  	
   

  	
   

  
	
  Address: 99 City
  Road, London, EC1Y 1AX

  	
   

  	
   

  
	
  Occupation:
  Solicitor

  	
   

  	
   

  

 

27

 

THE SECURITY TRUSTEE

 

DEUTSCHE BANK AG, LONDON
BRANCH

 

 

	
  By:

  	
  /s/ V.ADAMS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  V. Adams

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax Number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
   

  

 

28

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