Document:

Exhibit 4.33

 

 

BIRMINGHAM CABLE LIMITED (BCL)

 

and

 

DEUTSCHE BANK AG, LONDON BRANCH (as Security Trustee)

 

SECURITY AGREEMENT

in respect of shares in Birmingham Cable Finance
Limited

 

Date:
19 January 2010

 

Mourant du Feu & Jeune

 

22 Grenville Street, St Helier, Jersey JE4 8PX, Channel Islands

T +44 (0)1534 609 000  F +44
(0)1534 609 333

www.mourant.com

 

Cayman | Guernsey | Jersey | London

 

 

THIS SECURITY AGREEMENT is made 19 January 2010

 

BETWEEN:

 

1.                                       BIRMINGHAM CABLE LIMITED (“BCL”); 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, 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 BCL are satisfied that BCL is entering into
this Security Agreement for the purposes of its business and that its doing so
benefits BCL.

 

(E)                                 The Security Trustee holds the benefit of this Security Agreement 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 SECURITY AGREEMENT WITNESSES as follows:-

 

1.                                       INTERPRETATION

 

1.1.                              In this Security Agreement and the recitals hereto:

 

“2006 Security Agreement” means the Jersey security agreement
dated 3 March 2006 between BCL and the Security Trustee in respect of the
Collateral as amended by a supplemental agreement dated 19 January 2010.

 

“Acknowledgement of Notice” means an acknowledgement of receipt of a
notice in the form set out in Schedule 3 or such other form as may be approved
by the Security Trustee.

 

“Beneficiaries” means the First Beneficiaries and the Second
Beneficiaries.

 

“Collateral” means the Shares and the Rights.

 

“Company” means Birmingham Cable Finance Limited, a company
incorporated in Jersey with registration number 60972 whose registered office
is at 22 Grenville Street, St. Helier, Jersey, JE4 8PX.

 

“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.

 

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“Designated Secured
Obligations” means Financial Indebtedness in the form of notes or
other such similar instruments of any member of the Group that is designated as
“Designated Secured Obligations” by written notice from  Virgin Media Investment Holding Limited or
its successors in title from time to time to the Security Trustee which notice
will certify that the Financial Indebtedness is an instrument for which Rule 3-16
of Regulation S-X under the Securities Act (“Rule 3-16”)
is applicable or will become applicable upon registration of such instrument or
an instrument exchangeable for such instrument pursuant to a contractual
requirement.

 

“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 BCL 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)          any Event of Default (as defined in the Senior
Facilities Agreement or, upon its repayment in full and cancellation of all
undrawn commitments thereunder, the Designated Refinancing Facility Agreement);

 

(b)         any event of default (howsoever described) under any
other Senior Finance Document; and

 

(c)          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 (and, in the case
of a partnership, includes the termination or change in composition of the partnership).

 

“Liabilities”
means any one or more of the Senior Liabilities, the Hedging Liabilities and
the Intergroup Liabilities collectively, and “Liability” means any of them.

 

“Notice of Assignment of Collateral” means a notice of
assignment with respect to the Collateral or any part thereof substantially in
the form set out in Schedule 2.

 

“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 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 Designated
Refinancing Facilities Agreement immediately prior to such termination.

 

“Rights” means from time to time all moneys, dividends,
rights, options, bonuses, new shares, stock, debentures, warrants,
distributions, rights to take up securities or other securities of whatever
nature (including, without limitation, any security resulting from any
conversion, consolidation or subdivision of the Shares or rights arising from a
reduction of capital or corpus liquidation or scheme of arrangement)
attributable to the Shares or the securities or new rights previously described
howsoever arising.

 

“Rule 3-16” has the meaning given to such term in the
definition of “Designated Secured Obligations”.

 

2

 

“SEC” means the United States
Securities and Exchange Commission.

 

“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,

 

(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
Security Agreement.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Security Interest” means a security interest, mortgage,
charge, pledge, lien or other encumbrance which shall take effect in accordance
with the law of the jurisdiction in which the relevant asset is situate and
without limit to the foregoing shall include an interest in property created
pursuant to the provisions of the Security Interests (Jersey) Law 1983.

 

“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 Security Agreement between, 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 August 2007, 15 May 2008, 10 November 2008, 30 October 2009
and 8 January 2010 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 Network 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.

 

“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 

 

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trustee, registrar and paying agent and The
Bank of New York Mellon (Luxembourg), S.A., as Luxembourg paying agent.

 

“Shares” means the shares specified in Schedule 1 and any
legal or beneficial interest in any other shares in the Company now or
hereafter owned by BCL.

 

“Transfer” means a blank stock transfer in registrable form
duly executed by BCL but with the identity of the transferee and the date not
completed and in a form which complies with the provisions of the Companies
(Jersey) Law 1991, as amended, and the relevant provisions (if any) of the
memorandum and articles of association of the Company.

 

1.2.                              Unless the context otherwise
requires or unless otherwise defined in this Security Agreement, 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 Security Agreement (including its recitals).

 

1.3.                              Unless the context otherwise requires:

 

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

 

(b)                                 words importing a gender shall include all genders;

 

(c)                                  references to Clauses and Schedules are to be construed as references to
clauses of and schedules to this Security Agreement;

 

(d)                                 clause headings are used for convenience only and shall not affect the
interpretation hereof;

 

(e)                                  references herein to any agreement or document (including, without
limitation, references to this Security Agreement) shall be deemed to include
references to such agreement or other document as varied, supplemented or
replaced from time to time;

 

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

 

(g)                                 references to a person includes its successors and assigns.

 

2.                                       SECURITY INTEREST IN THE COLLATERAL

 

2.1.                              For good and valuable consideration, receipt whereof is hereby
acknowledged, BCL, to the intent that the Security Trustee shall have Security
Interests pursuant to this Security Agreement in all of BCL’s right, title and
interest in and to the Collateral, hereby:

 

(a)                                  agrees that the Security Trustee (or its nominee) shall have possession
of the certificates of title to the Collateral pursuant to the terms of this
Security Agreement and undertakes to deposit forthwith with the Security
Trustee (or its nominee) such certificates of title; and

 

(b)                                 assigns to the Security Trustee title to the Collateral;

 

as security for the due and punctual
performance of the Secured Obligations, such security ranking in priority immediately
after the Security Interests created by the 2006 Security Agreement until such
time as the Security Interests created by the 2006 Security Agreement are
wholly discharged in accordance with Article 7 of the Security Interests
(Jersey) Law 1983).

 

2.2.                              To the extent that the Security Trustee (or its
nominee) has possession of the certificates of title to the Collateral and/or
title to the Collateral pursuant to the 2006 Security 

 

4

 

Agreement it shall hold such
certificates of title and/or title pursuant to the 2006 Security Agreement and
this Security Agreement.

 

2.3.                              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:

 

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

 

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

 

2.4.                              BCL shall deliver to the Security Trustee:

 

(a)                                  on the date hereof such number of Transfers in respect
of the Shares as the Security Trustee may reasonably require so as to enable
the Shares to be registered in the name of the Security Trustee, or its
nominees or agents, together with all such consents or waivers as may be
necessary to enable such registration to take place; and

 

(b)                                 on the date BCL acquires any Rights, such number of
duly executed Transfers in respect of such Rights as the Security Trustee may
reasonably require so as to enable such Rights to be registered in the name of
the Security Trustee, or its nominees or agents, together with all such
consents or waivers as may be necessary to enable such registration to take
place.

 

2.5.                              BCL undertakes to deposit forthwith with the Security Trustee an
executed Notice of Assignment of Collateral duly completed (but undated) with
respect to the Collateral and covenants to procure that the Company executes
and delivers a duly completed Acknowledgement of Notice with respect to such
Notice of Assignment of Collateral within 3 Business Days of the date of the
Notice of Assignment of Collateral.

 

2.6.                              BCL covenants from time to time upon demand to execute
and deliver to the Security Trustee such transfers, blank transfers,
assignments and notices and to make such payments and do all such acts and
things as the Security Trustee may reasonably specify to protect or perfect the
Security Trustee’s Security Interests in the Collateral or any of them or, on
or after the Enforcement Date, to facilitate the realisation of the Collateral.

 

2.7.                              Upon irrevocable payment and discharge in full of the
Secured Obligations and there being no obligations on any Beneficiary to make
any of the Secured Obligations available then, subject to the provisions of
Clause 4.3, the Security Trustee will at the request and expense of BCL
re-transfer to BCL all the right, title and interest of the Security Trustee in
or to the Collateral free from any Security Interest created pursuant hereto
and from any other securities or trusts whatsoever.

 

3.                                       RULE 3-16 LIMITATION

 

3.1.                              The provisions of Clause 2.1 of this Security
Agreement notwithstanding, the Security Interests in the Collateral shall not
secure the Designated Secured Obligations insofar as the existence of Security
Interests in the Collateral securing such Designated Secured Obligations would
result in Rule 3-16 requiring separate financial statements of the Company
to be filed with the SEC, for so long as such requirement is in existence and
provided that no member of the Group files or is otherwise required to file
separate financial statements of the Company with the SEC under a separate rule or
regulation; provided that the Security Interests will secure all the Secured
Obligations including the Designated Secured Obligations if any member of the
Group takes any action in the form of a reorganisation, merger or other
restructuring, a principal purpose of which is to provide for the limitation of
the Security Interests in the Shares (or other securities issued by the Company
forming part of the Collateral) pursuant to this Clause 3.1.

 

5

 

3.2.                              In the event that Rule 3-16 is amended, modified
or interpreted by the SEC to require (or is replaced with another rule or
regulation, or any other law, rule or regulation is adopted, which would
require) the filing with the SEC (or any other United States federal or state
governmental agency) of separate financial statements of the Company due to the
fact that BCL has granted Security Interests in the Shares or other securities
issued by the Company (to the extent comprised within the Collateral) as
security for any Designated Secured Obligations, then the Security Interests
created pursuant to Clause 2.1 of this Security Agreement shall not secure the
Designated Secured Obligations for so long as such financial statement
requirement would otherwise have been applicable to the Company provided that
no member of the Group files or is otherwise required to file separate
financial statements of the Company with the SEC or such other governmental
agency under a separate rule or regulation in which event the security
interests will secure all the Secured Obligations including the Designated
Secured Obligations.

 

4.                                       PRESERVATION OF SECURITY

 

4.1.                              All Security Interests created pursuant to this
Security Agreement shall be continuing and not satisfied by any intermediate
payment or satisfaction of the whole or any part of the Secured Obligations but
shall secure the ultimate balance of the Secured Obligations.

 

4.2.                              All Security Interests created pursuant hereto shall
be in addition to and shall not be affected by any other security now or
hereafter held by the Security Trustee for all or any of the Secured
Obligations.

 

4.3.                              Where any discharge (whether in respect of this
Security Agreement, any other Senior Finance Document or otherwise) is made in
whole or in part or any arrangement is made on the faith of any payment,
security or other disposition which is avoided or must be repaid on bankruptcy,
liquidation or otherwise without limitation, this Security Agreement and the
liability of BCL under this Security Agreement shall continue as if there had
been no such discharge or arrangement.

 

5.                                       UNDERTAKINGS

 

5.1.                              BCL hereby undertakes with the Security Trustee that
during the continuance of the Security Interests created pursuant to this
Security Agreement it will:

 

(a)                                  deposit with the Security Trustee forthwith (to be
held at the risk of BCL save where BCL suffers any loss, costs or expenses as a
result of the Security Trustee’s gross negligence or wilful default):

 

(i)                                     all certificates and documents of title relating to the Collateral and
such deeds of transfer in blank and other documents as the Security Trustee may
from time to time reasonably require for perfecting the title of the Security
Trustee to the Collateral (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; and

 

(ii)                                  all such other documents relating to the Collateral as are in its
possession or which it can reasonably obtain as the Security Trustee may from
time to time reasonably require;

 

(b)                                 duly and promptly pay all calls, instalments or other moneys which may
from time to time become due in respect of any of the Collateral, it being
acknowledged by BCL that neither the Security Trustee nor any of the
Beneficiaries shall in any circumstances incur any liability whatsoever in
respect of any such calls, instalments or other moneys;

 

(c)                                  forthwith inform the Security Trustee of any claim or notice relating to
the Collateral received from any other party and likely materially to prejudice
the value of the Collateral and of all matters relevant thereto;

 

6

 

(d)                                 not, save as otherwise permitted or not restricted under each of the
Senior Finance Documents (without the prior consent in writing of the Security
Trustee) redeem or purchase any of its own shares or participate in or permit
any purchase or redemption of any of the Collateral by the Company, or sell,
transfer or otherwise dispose of any part of the Collateral; and

 

(e)                                  save to the extent expressly permitted or not restricted under each of
the Senior Finance Documents, not, without the prior consent in writing of the
Security Trustee, grant any option with respect to any of the Shares.

 

6.                                       POWER TO SELL COLLATERAL

 

6.1.                              At any time on or after the occurrence of an Event of Default the
Security Trustee shall have the right to give written notice thereof to BCL
and, if the Event of Default is, in the reasonable opinion of the Security
Trustee, capable of remedy, require it to be remedied and BCL hereby agrees
that, without requiring any order of the Jersey Court, the Security Trustee
shall have the power to sell the Collateral in or towards payment or discharge
of the Secured Obligations, which power shall become exercisable either:

 

(a)                                  immediately upon the service of such notice if the Event of Default is,
in the reasonable opinion of the Security Trustee, incapable of remedy; or

 

(b)                                 14 days after such service if the Event of Default is not remedied within
that period.

 

7.                                       POWERS OF THE SECURITY TRUSTEE ON A POWER OF SALE BEING EXERCISABLE

 

7.1.                              The power to sell the Collateral under Clause 6 shall, notwithstanding
any delay or waiver of any previous default, include the power to do all acts
and things and exercise all rights, powers and remedies that BCL could do or
exercise in relation to the Collateral including, without limitation, the power
to:

 

(a)                                  take possession and assume control of the Collateral;

 

(b)                                 receive all dividends and other distributions (whether monetary or
otherwise) made in respect of the Collateral;

 

(c)                                  sell, or agree to sell, the Collateral on such terms as the Security
Trustee thinks fit and:

 

(i)                                     whether by public auction, private treaty or by tender;

 

(ii)                                  for cash or on terms that payment of all or any part of the purchase
price is deferred (whether at interest or not and whether with or without
security);

 

(iii)                               in one lot or in parcels;

 

(iv)                              whether or not in conjunction with the sale of other property by the
Security Trustee or any other person; and

 

(v)                                 whether with or without special provisions as to title or time or mode of
payment of the purchase money or otherwise;

 

(d)                                 grant to any person an option to purchase all or any part of the
Collateral upon such terms as the Security Trustee thinks fit;

 

(e)                                  exchange with any person any part of the Collateral for an interest in
property of any tenure and the property so acquired may be dealt with by the
Security Trustee as if it were part of the Collateral and, for that purpose,
the Security Trustee may 

 

7

 

require
that a Security Interest is created over that property in favour of the
Security Trustee;

 

(f)                                    carry out and enforce, or refrain from carrying out or enforcing, rights
and obligations of BCL which may arise in connection with the Collateral or
which may be obtained or incurred in the exercise of the rights, powers and
remedies of the Security Trustee;

 

(g)                                 cause the name of the Security Trustee, or its nominees or agents, to be
inserted on the Transfers delivered under Clause 2 and effect the registration
of the Transfers and the Rights in favour of the Security Trustee, or its
nominees or agents, with the effect that the Security Trustee, or its nominees
or agents, shall become the registered owner of the Shares and the Rights and
shall enjoy the same rights as any third party purchaser for value of the
Shares and the Rights; and

 

(h)                                 institute, conduct, defend, settle, arrange, compromise and submit to
arbitration any claims, questions or disputes whatsoever which may arise in
respect of any Security Interest created pursuant hereto or in any way relating
to this Security Agreement and to execute releases or other discharges in
relation thereto.

 

PROVIDED HOWEVER that the Security Trustee
agrees that (without prejudice to the provisions of Clause 8.2) before the
Enforcement Date it will not exercise the powers set out at Clauses 7.1(a),
(b), (c), (d) or (e) above.

 

7.2.                              On or after the Enforcement Date and notwithstanding
any other provisions hereof the rights and powers of the Security Trustee with
respect to the Collateral shall be unfettered and without limitation to the
foregoing the Security Trustee may without being subject to the proviso to
Clause 7.1 and without regard to the provisions of Clauses 8.1 and 8.2 exercise
any of the powers set out in Clause 7.1 without further notice to BCL.

 

8.                                       DIVIDENDS AND VOTING RIGHTS

 

8.1.                              Subject to Clause 8.2, BCL may exercise the right to
vote, if any, in respect of the Shares and all dividends and other moneys paid
on the Collateral may be retained by BCL.

 

8.2.                              BCL covenants and agrees with the Security Trustee
that:

 

(a)                                  the Security Trustee and its nominees at the
discretion of the Security Trustee may after an Event of Default has occurred
and so long as the same is continuing exercise in the name of BCL or otherwise
at any time, whether before or after demand for payment and without any further
consent or authority on the part of BCL (but subject to Clause 8.2(d)), any
voting rights in respect of the Collateral;

 

(b)                                 after an Event of Default has occurred and so long as
the same is continuing the Security Trustee may cause the name of the Security
Trustee, or its nominees or agents, to be inserted on the Transfers delivered
under Clause 2 and effect the registration of the Transfers in favour of the
Security Trustee, or its nominees or agents, with the effect that the Security
Trustee, or its nominees or agents, shall become the registered owner of the
Shares and the Rights;

 

(c)                                  until the Enforcement Date, the Security Trustee will
hold all dividends, distributions, interest and other moneys paid on and
received by it in respect of any Collateral which is transferred to it, or its
nominees or agents, pursuant to Clause 8.2(b) for the account of BCL and
will, subject to any right of set-off, pay such dividends, interest and other
moneys to BCL upon request; and

 

8

 

(d)                                 until the Enforcement Date, the Security Trustee will
exercise all voting and other rights and powers attached to the Collateral
transferred to it pursuant to Clause 8.2(b) as BCL 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 Security Agreement.

 

8.3.                              Subject to the provisions of the Senior Finance
Documents, if BCL receives any cash dividend or any other property which forms
part of the Collateral after the same are registered in the name of the
Security Trustee in accordance with the terms hereof, or its nominees or
agents, BCL shall promptly pay the amount of any such cash dividend and deliver
any such other property received by it to the Security Trustee and the Security
Trustee shall apply such amount or other property in accordance with the
provisions of the Senior Finance Documents.

 

8.4.                              Subject to the provisions of the Senior Finance
Documents, on or after the Enforcement Date, all dividends interest and other
distributions relating to the Collateral may be applied by the Security Trustee
as though they were proceeds of sale.

 

9.                                       LIABILITY TO PERFORM

 

9.1.                              It is expressly agreed that, notwithstanding anything
to the contrary herein contained, BCL shall remain liable to observe and
perform all of the conditions and obligations assumed by it in respect of the
Collateral and the Security Trustee shall be under no obligation or liability
by reason of or arising out of this Security Agreement.  The Security Trustee shall not be required in
any manner to perform or fulfil any obligations of BCL in respect of the
Collateral, or to make any payment, or to make any enquiry as to the nature or
sufficiency of any payment received by it, or to present or file any claim or
take any other action to collect or enforce the payment of any amount to which
it may have been or to which it may be entitled hereunder at any time or times.

 

10.                                 REGISTRATION

 

BCL authorises the Security Trustee after the
Enforcement Date to transfer or cause all or any of the Collateral to be
transferred to and registered in the name of any purchasers or transferees from
the Security Trustee.

 

11.                                 APPLICATION OF PROCEEDS

 

All moneys received or held by the Security
Trustee in respect of the Collateral after the Security Interests created
pursuant to this Security Agreement have become enforceable shall be applied by
the Security Trustee in accordance with the provisions of the Group
Intercreditor Deed and the Security Trust Agreement in or towards payment of
the Secured Obligations in such order as the Security Trustee sees fit but
without prejudice to the right of the Security Trustee to recover any shortfall
from BCL or any other person.

 

12.                                 PROTECTION OF PURCHASER

 

No purchaser or other person dealing with the
Security Trustee or with its attorneys shall be concerned to enquire (i) whether
any power exercised or purported to be exercised by it, him or them has become
exercisable, (ii) whether any money remains due on the security hereby
created, (iii) as to the propriety or regularity of any of his, its or
their actions or (iv) as to the application of any money paid to him, it
or them.  In the absence of mala fides on the part of such purchaser or other person
such dealings shall be deemed so far as regards the safety and protection of
such purchaser or other person to be within the powers hereby conferred and to
be valid accordingly.  The remedy of BCL
in respect of any impropriety or irregularity whatever in the exercise of such
powers shall be in damages only.

 

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13.                                 DELEGATION

 

The Security Trustee may at any time:

 

(a)                                  delegate to any person(s) all or any of its
rights, powers and discretions hereunder on such terms (including power to
subdelegate) as the Security Trustee sees fit; and

 

(b)                                 employ security trustees, managers, employees,
advisers and others on such terms as the Security Trustee sees fit for any of
the purposes set out herein.

 

14.                                 INDEMNITY

 

14.1.                        BCL 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 Interests created
by or pursuant to this Security Agreement or any of the Collateral 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 BCL (both before and after judgment).

 

14.2.                        The Beneficiaries, the Security Trustee and any
attorney, agent or other person appointed by the Security Trustee under this
Security Agreement and the officers and employees of each of the aforementioned
(each an “Indemnified Party”) shall be entitled
to be indemnified out of the Collateral 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 Security Agreement; or

 

(b)                                 any breach by BCL of any of its obligations under this
Security Agreement;

 

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

 

14.3.                        The Security Trustee shall not be liable for any losses arising in
connection with the proper exercise or purported exercise of any of its rights,
powers and discretions in good faith hereunder and in particular without
limitation the Security Trustee in possession shall not be liable to account
for anything except actual receipts.

 

10

 

15.                                 WAIVERS; REMEDIES CUMULATIVE

 

No waiver of any of the terms hereof shall be effective
unless in writing signed by the Security Trustee.  No delay or omission by the Security Trustee
shall constitute a waiver. Any waiver may be on such terms as the Security
Trustee sees fit.  The rights, powers and
discretions of the Security Trustee herein are additional to and not exclusive
of those provided by law, by any agreement with or security in favour of the
Security Trustee or otherwise.

 

16.                                 THE SECURITY TRUST AGREEMENT

 

BCL and the Security Trustee hereby acknowledge that the
covenants of BCL contained in this Security Agreement and the other rights,
title and interests constituted by this Security Agreement and the Collateral
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 Security Agreement are held by the
Security Trustee subject to and on the terms of the trusts declared in the
Security Trust Agreement.

 

17.                                 ATTORNEY

 

17.1.                        BCL by way of security irrevocably appoints the Security Trustee to be
its attorney in its name and on its behalf, subject to the terms of this
Security Agreement:

 

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

 

(b)                                 to sign, execute, seal and deliver and otherwise perfect any further
security document referred to in Clause 2.6 in accordance with the terms
thereof; and

 

(c)                                  otherwise generally on or after the Enforcement Date to sign, seal,
execute and deliver all deeds, assurances, agreements and documents 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 Security Agreement or
which may be deemed expedient by the Security Trustee in connection with any
disposition, realisation or getting in by the Security Trustee of the
Collateral or any part thereof or in connection with any other exercise of any
power under this Security Agreement.

 

17.2.                        BCL ratifies and confirms and agrees to ratify and confirm all acts and
things which the attorney as is named in Clause 17.1 shall properly do or
purport to do in the exercise of his powers under such Clause.

 

18.                                 NOTICES

 

All notices, requests, demands and other communications
to be given under this Security Agreement shall be deemed to be duly given or
made when delivered or despatched in accordance with clause 20 (Notices) of the
Group Intercreditor Deed.

 

19.                                 WAIVER OF DEFENCES

 

19.1.                        Any right which at any time BCL may have under the
existing or future laws of Jersey whether by virtue of the droit de discussion
or otherwise to require that recourse be had to the assets of any other person
before any claim is enforced against BCL in respect of the obligations assumed
by BCL under or in connection with any Senior Finance Document is hereby waived.

 

19.2.                        Any right which at any time BCL may have under the
existing or future laws of Jersey whether by virtue of the droit de division or
otherwise to require that any liability under 

 

11

 

any guarantee or
indemnity given in or in connection with any Senior Finance Document be divided
or apportioned with any other person or reduced in any manner whatsoever is
hereby waived.

 

19.3.                        The liability of BCL shall not
be affected nor shall the Security Interests hereby created be discharged or
diminished by reason of:

 

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

 

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

 

19.4.                        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) BCL agrees that without the
prior written consent of the Security Trustee it will not:

 

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

 

(b)                                 save as otherwise permitted or
not restricted in the Senior Finance Documents, the Refinancing Facilities
Agreement and the Group Intercreditor Deed, demand or accept repayment in whole
or in part of any obligations or liabilities now or hereafter due to BCL from
any other 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 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 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 Security Provider or have the benefit of, or share
in, any payment from or composition with any Security Provider or other
Security Document now or hereafter held by the Security Trustee or any of the
Beneficiaries for any obligations or liabilities of 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 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 Security Trust Agreement.

 

19.5.                        If contrary to Clause 5.1
or 19.4 BCL 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.

 

12

 

19.6.                        BCL hereby agrees not to assert
or enforce (whether by or in a legal or equitable proceeding or otherwise) any,
“claims” (as defined in section 101(4) of
the United States Bankruptcy Code) against any other Security Provider, whether
arising under any applicable law or otherwise, to which the Security Provider
is or would be entitled.  It is hereby acknowledged
by the Security Trustee that this Clause 19.6 does not restrict the right
of BCL to assert or enforce any “claims”
against any other Security Provider to the extent that such “claims” arise
after all the Security Providers have been released from all their respective
obligations and liabilities hereunder.

 

20.                                 MISCELLANEOUS

 

20.1.                        No variation of this Security Agreement shall be valid unless it is in
writing and signed by or on behalf of each of the parties hereto.

 

20.2.                        BCL hereby agrees that after the
Enforcement Date the Security Trustee and/or each other Beneficiary may at any
time without notice, notwithstanding any settlement of account or other matter
whatsoever, combine or consolidate all or any of its then existing accounts
wheresoever situate (including accounts in the name of the Security Trustee,
such Beneficiary or of BCL 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 any sum standing to the credit of any
one or more such accounts in or towards satisfaction of the Secured Obligations
owed to the Security Trustee and/or such other Beneficiary which, to the extent
not then payable, shall automatically become payable to the extent necessary to
effect such set-off.

 

20.3.                        BCL may not assign or transfer
any of its rights or obligations under this Security Agreement.

 

21.                                 PROPER LAW

 

21.1.                        This Security Agreement shall be governed by and construed in accordance
with the laws of the Island of Jersey and the parties hereto hereby submit to
the non-exclusive jurisdiction of the Jersey courts in connection herewith.

 

21.2.                        BCL irrevocably waives (and irrevocably agrees not to raise) any
objection which it may have now or subsequently to the laying of the venue of
any proceedings and any claim that any such proceedings have been brought in an
inconvenient forum and further irrevocably agrees that a judgment in any
proceedings brought in Jersey will be conclusive and binding upon BCL.

 

22.                                 SEVERABILITY OF PROVISIONS

 

22.1.                        If any provision of this Security Agreement is prohibited or
unenforceable in any jurisdiction, such prohibition or unenforceability shall
not invalidate the remaining provisions hereof or affect the validity or
enforceability of such provisions in any other jurisdiction.

 

23.                                 COUNTERPARTS

 

23.1.                        This Security Agreement may be executed in any number of counterparts and
all of such counterparts taken together shall be deemed to constitute one and
the same instrument.

 

13

 

IN WITNESS WHEREOF the parties have caused this Security Agreement to be duly executed the
day and year first above written.

 

 

	
  SIGNED for and on behalf of  

  	
  )

  	
   

  
	
  BIRMINGHAM CABLE LIMITED by

  	
  )

  	
   

  
	
   

  	
  )

  	
  /s/ ROBERT MACKENZIE  

  
	
   

  	
  )

  	
  Robert Mackenzie, a director

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
  /s/ ROBERT GALE

  
	
   

  	
  )

  	
  Robert Gale, a director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by  

  	
  )

  	
  /s/ NICOLA DAWES 

  	
   

  	
  /s/ V. MAYELL

  
	
  duly authorised for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH in the presence of:-

  	
  )

  )

  	
  Nicola Dawes 

  	
   

  	
  V. Mayell

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ BEN WILKINSON  

  
	
   

  	
   

  	
  Ben Wilkinson  

  Solicitor  

  White & Case LLP  

  5 Old Broad Street  

  London

  
	
   

  	
   

  	
  EC2N 1DW

  

 

14

 

SCHEDULE 1

 

Shares

 

175,020 ordinary shares of £1.00 each in the
share capital of the Company registered in the name of BCL.

 

15

 

SCHEDULE 2

 

Notice
of Assignment of Collateral

 

	
  To:

  	
   

  	
  Birmingham Cable Finance Limited (the “Company”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Birmingham Cable
  Limited (“BCL”)

  
	
   

  	
   

  	
   

  
	
  And From:

  	
   

  	
  Deutsche Bank AG, London Branch as security
  trustee pursuant to the terms of the Security Agreement (as defined below)
  (the “Security Trustee”)

  

 

We hereby give you notice that by a security
agreement dated on or about [ ] 2010 (the “Security
Agreement”), BCL has assigned to the Security Trustee the
Collateral. Capitalised terms not otherwise defined herein shall have the
respective meanings given to them in the Security Agreement (a copy of which
has been provided to you)

 

We irrevocably and unconditionally authorise
and instruct you:

 

(1)                                  to enter the name of
                                                                                                    (insert name of transferee) in the register of members of the
Company as the holder of the Shares;

 

(2)                                  to disclose to the Security Trustee such information
relating to the Collateral as it may from time to time require; and

 

(3)                                  to comply with all instructions given to you from time
to time and at any time by the Security Trustee or by its nominees or agents
without any enquiry by you as to the justification or validity of such
instructions.

 

This notice may not be varied or revoked
without the Security Trustee’s prior written consent.

 

We shall be grateful if you will sign and
forward to the Security Trustee at                                                                                            the
enclosed form of acknowledgement.

 

This notice shall be governed by and construed
in accordance with the laws of Jersey.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  For and on behalf of

  	
   

  	
  For and on behalf of

  
	
  BCL

  	
   

  	
  the Security Trustee

  

 

16

 

SCHEDULE 3

 

Acknowledgement of Notice

 

	
  To:

  	
  Deutsche Bank AG, London Branch as security
  trustee pursuant to the terms of the Security Agreement

  
	
   

  	
   

  
	
  From:

  	
  Birmingham Cable Finance Limited (the “Company”)

  

 

We hereby acknowledge receipt of a notice (the “Notice”) dated [ ] 2010 addressed to us by you and Birmingham Cable Limited (“BCL”).  Capitalised
terms not otherwise defined herein shall have the respective meanings given to
them in the Notice.

 

We confirm that:

 

(a)                                  we accept the authorisations and instructions
contained in the Notice and we undertake to act in accordance and comply with
the terms of the Notice;

 

(b)                                 we confirm that the person named in paragraph (1) of
the Notice has been entered in the register of members of the Company as the
holder of the Shares;

 

(c)                                  we do not have any claims or demands, any rights of
counter-claim, rights of set-off or any other equities against BCL in respect
of the Collateral and will not hereafter make any such claims or demands or
exercise any such rights;

 

(d)                                 we have not, at the date of this acknowledgement,
received any notice that any third party has or will have any right or interest
whatsoever in the Collateral or is taking any action whatsoever against the
same; and

 

(e)                                  if we become aware of any matter referred to in
paragraph (d) above, we will immediately inform you in writing thereof.

 

Terms not otherwise defined herein shall have
the respective meanings given to them in the Notice.

 

This acknowledgement shall be governed by and
construed in accordance with the laws of Jersey.

 

	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  For and on behalf of

  	
   

  
	
  Birmingham Cable Finance Limited

  	
   

  

 

17Exhibit
4.34

 

EXECUTION COPY

 

 

January 19, 2010

 

 

AMENDED AND RESTATED PLEDGE
AGREEMENT

 

 

between

 

 

NTL VICTORIA LIMITED

as Pledgor

 

 

and

 

 

DEUTSCHE BANK AG, LONDON BRANCH

as Security Trustee and Pledgee

 

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  CONSTRUCTION; DEFINITIONS

  	
  2

  
	
   

  	
   

  	
   

  
	
  2.

  	
  SECURITY FOR OBLIGATIONS

  	
  6

  
	
   

  	
   

  	
   

  
	
  3.

  	
  PLEDGE OF SECURITIES, ETC.

  	
  6

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  PLEDGE

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.2

  	
  PROCEDURES

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.3

  	
  SUBSEQUENTLY ACQUIRED COLLATERAL

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.4

  	
  TRANSFER TAXES

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.5

  	
  CERTAIN REPRESENTATIONS AND WARRANTIES REGARDING THE
  COLLATERAL

  	
  10

  
	
   

  	
   

  	
   

  
	
  4.

  	
  APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.

  	
  10

  
	
   

  	
   

  	
   

  
	
  5.

  	
  VOTING, ETC., WHILE NO EVENT OF DEFAULT

  	
  11

  
	
   

  	
   

  	
   

  
	
  6.

  	
  DISTRIBUTIONS

  	
  11

  
	
   

  	
   

  	
   

  
	
  7.

  	
  REMEDIES; ENFORCEMENT

  	
  11

  
	
   

  	
   

  	
   

  
	
  8.

  	
  REMEDIES, CUMULATIVE, ETC.

  	
  12

  
	
   

  	
   

  	
   

  
	
  9.

  	
  APPLICATION OF PROCEEDS

  	
  13

  
	
   

  	
   

  	
   

  
	
  10.

  	
  PURCHASERS OF COLLATERAL

  	
  13

  
	
   

  	
   

  	
   

  
	
  11.

  	
  INDEMNITY

  	
  13

  
	
   

  	
   

  	
   

  
	
  12.

  	
  PLEDGEE NOT A LIMITED LIABILITY COMPANY MEMBER

  	
  14

  
	
   

  	
   

  	
   

  
	
  13.

  	
  FURTHER ASSURANCES; POWER-OF-ATTORNEY

  	
  14

  
	
   

  	
   

  	
   

  
	
  14.

  	
  THE PLEDGEE AS SECURITY TRUSTEE

  	
  15

  
	
   

  	
   

  	
   

  
	
  15.

  	
  TRANSFER BY THE PLEDGOR

  	
  15

  
	
   

  	
   

  	
   

  
	
  16.

  	
  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
  PLEDGOR

  	
  15

  
	
   

  	
   

  	
   

  
	
  17.

  	
  LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A
  REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF
  ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBER; CHANGES
  THERETO; ETC.

  	
  17

  
	
   

  	
   

  	
   

  
	
  18.

  	
  PLEDGOR’S OBLIGATIONS ABSOLUTE, ETC.

  	
  18

  
	
   

  	
   

  	
   

  
	
  19.

  	
  SALE OF COLLATERAL WITHOUT REGISTRATION

  	
  18

  
	
   

  	
   

  	
   

  
	
  20.

  	
  TERMINATION; RELEASE

  	
  19

  
	
   

  	
   

  	
   

  
	
  21.

  	
  NOTICES, ETC.

  	
  20

  
	
   

  	
   

  	
   

  
	
  22.

  	
  WAIVER; AMENDMENT

  	
  20

  
	
   

  	
   

  	
   

  
	
  23.

  	
  SUCCESSORS AND ASSIGNS

  	
  20

  
	
   

  	
   

  	
   

  
	
  24.

  	
  HEADINGS DESCRIPTIVE

  	
  21

  

 

i

 

	
  25.

  	
  GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE;
  WAIVER OF JURY TRIAL

  	
  21

  
	
   

  	
   

  	
   

  
	
  26.

  	
  PLEDGOR’S DUTIES

  	
  22

  
	
   

  	
   

  	
   

  
	
  27.

  	
  COUNTERPARTS

  	
  22

  
	
   

  	
   

  	
   

  
	
  28.

  	
  SEVERABILITY

  	
  22

  
	
   

  	
   

  	
   

  
	
  29.

  	
  RECOURSE

  	
  22

  
	
   

  	
   

  	
   

  
	
  30.

  	
  LIMITED OBLIGATIONS

  	
  23

  
	
   

  	
   

  	
   

  
	
  31.

  	
  AMENDMENT AND RESTATEMENT

  	
  23

  

 

	
  ANNEX A

  	
   

  	
  -

  	
   

  	
  SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF
  ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ANNEX B

  	
   

  	
  -

  	
   

  	
  SCHEDULE OF LIMITED
  LIABILITY COMPANY INTERESTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ANNEX C

  	
   

  	
  -

  	
   

  	
  SCHEDULE OF
  CHIEF EXECUTIVE OFFICES

  

 

ii

 

AMENDED AND
RESTATED PLEDGE AGREEMENT

 

AMENDED AND RESTATED PLEDGE AGREEMENT (as amended,
modified, restated and/or supplemented from time to time, this “Agreement”), dated as of March 3, 2006
and amended and restated as of January 19, 2010, among NTL Victoria
Limited (the “Pledgor”) and
Deutsche Bank AG, London Branch, as Security Trustee (together with any
successor Security Trustee, (the “Pledgee”),
for the benefit of the Beneficiaries (as defined below)).  Except as otherwise defined herein, all
capitalized terms used herein and defined in the Senior Facilities Agreement or
the Group Intercreditor Deed shall be used herein as therein defined.

 

W I T N E S
S E T H :

 

WHEREAS,  pursuant to the Senior Facilities Agreement, dated March 3,
2006 as amended and restated on May 22, 2006, July 10, 2006, August 10,
2006, April 4, 2007, May 15, 2008, November 10, 2008, October 30,
2009 and January 8, 2010 (as further amended, restated, supplemented
and/or otherwise modified from time to time, the “Senior
Facilities Agreement”), among Virgin Media Inc., Virgin Media
Finance PLC, Virgin Media Investment Holdings Limited (formerly known as NTL
Investment Holdings Limited) (the “Company”),
Telewest Communications Network Limited, VMIH Sub Limited (formerly known as
NTLIH Sub Limited) as UK Borrowers (the “UK Borrowers”),
Virgin Media Dover LLC (formerly known as NTL Dover LLC) as US Borrower (the “US Borrower” and together with the UK Borrowers, the “Borrowers”), 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 (the “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
(the “Lenders”), the Lenders have made
available to the Borrowers certain credit facilities pursuant to the terms and
subject to the conditions provided therein.

 

WHEREAS, by an intercreditor deed
dated March 3, 2006 as amended and restated on June 13, 2006, July 10,
2006, July 31, 2006, May 15, 2008, October 30, 2009 and January 8,
2010 (as further amended, restated, supplemented and/or otherwise modified from
time to time, the “Group Intercreditor Deed”)
among the Original Senior Borrowers, the Original Facility Agent, the Original
Security Trustee, the Senior Lenders, the Original Senior Guarantors, the Hedge
Counterparties (as each of those terms is defined therein), the Intergroup
Debtors and the Intergroup Creditors (as each of those terms is defined
therein), certain banks, financial institutions and other entities have agreed
to regulate their relationship as creditors on the terms set out therein.

 

WHEREAS, pursuant to the indenture
dated on or about the date hereof (the “Senior Secured Notes
Indenture”) 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 (the “Senior Secured Notes” and, together with the Senior Secured
Notes Indenture and the guarantees set out therein, the “Senior
Secured Notes Documents”), among Virgin Media Inc., the Company,
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, Virgin Media Secured Finance PLC has agreed to issue the Senior
Secured Notes.

 

 

WHEREAS, in connection with the
Senior Facilities Agreement and the Group Intercreditor Deed, the Pledgor and
Security Trustee entered into a pledge agreement dated March 3, 2006 and
amended on December 23, 2009 (the “Original Pledge Agreement”),
pursuant to which the Pledgor granted in favor of the Security Trustee, for the
benefit of the Beneficiaries, a security interest in and lien on their
respective partnership interests in the Collateral described therein as
security and collateral for the due and punctual payment and performance by the
Borrowers of their respective obligations described therein.

 

WHEREAS, Pledgor
and Security Trustee desire to amend and restate the Original Pledge Agreement
to, among other things, provide for the security for the due and
punctual payment and performance of the Secured Obligations on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
foregoing and other benefits accruing to the Pledgor, the receipt and
sufficiency of which are hereby acknowledged, the Pledgor hereby makes the
following representations and warranties to the Pledgee for the benefit of the
Beneficiaries and hereby covenants and agrees with the Pledgee for the benefit
of the Beneficiaries as follows:

 

1.                                      CONSTRUCTION;
DEFINITIONS

 

(a)                                  This Pledge Agreement 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 Pledge
Agreement and the Group Intercreditor Deed, the terms of the Group
Intercreditor Deed shall prevail.  Unless the
context otherwise requires or unless otherwise provided or defined herein, all
capitalized terms used herein and defined in the Group Intercreditor Deed and
(unless otherwise defined in the Group Intercreditor Deed) the Relevant
Facilities Agreement shall be used herein as therein defined.

 

(b)                                 Reference to
singular terms shall include the plural and vice versa.

 

(c)                                  References to (or to any specified provision of) this
Agreement or any other agreement or document shall be construed as references
to this Agreement, 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, and/or replaced 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.

 

(d)                                 The following
capitalized terms used herein shall have the definitions specified below:

 

“Adverse Claim” shall have
the meaning given such term in Section 8-102(a)(1) of the UCC.

 

“Agent” means the Facility
Agent, the US Paying Agent, the Administrative Agent and the Relevant Agent.

 

2

 

“Agreement” means this
Pledge Agreement.

 

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

 

“Certificated Security”
shall have the meaning given such term in Section 8-102(a)(4) of the
UCC.

 

“Clearing Corporation”
shall have the meaning given such term in Section 8-102(a)(5) of the
UCC.

 

“Collateral” shall have the meaning set forth in Section 3.1
hereof.

 

“Commitments” means, in respect of a Senior Lender, its
Commitment as defined in the Senior Facilities Agreement, and in respect of any
other Senior Finance Party, the aggregate of the principal amount advanced by
it that has not been repaid, in each case under the Senior Finance Documents,
and (without duplication) its uncancelled commitment to extend further credit
to the Obligors under the Senior Finance Documents.

 

“Designated Secured Obligations” means
Financial Indebtedness in the form of notes or other such similar instruments
of any member of the Group that is designated as “Designated Secured
Obligations” by written notice from the Company and its successors in title
from time to time to the Security Trustee, which notice will certify that the
Financial Indebtedness is an instrument for which Rule 3-16 of Regulation
S-X under the Securities Act (“Rule 3-16”)
is applicable or will become applicable upon registration of such instrument or
an instrument exchangeable for such instrument pursuant to a contractual
requirement.

 

“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 Pledgor 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” shall mean each of:

 

(i)                                     a Senior Default; and

 

(ii)                                  an event of default or termination event (however described) under any
Hedging Agreement.

 

“Excluded Charged Assets” in relation to
any Designated Secured Obligations means any shares, membership interests,
partnership interests, equity participations or other equivalent (however
designated) ownership interests (the “Ownership Interests”)
in, or other securities of, a Subsidiary of Virgin Media Inc. (excluding the
Ownership Interests in or other securities issued by Virgin Media Investments
Limited or any successor entity upon any merger, reorganization or other
restructuring effecting it) that are owned by the Pledgor to the extent that
pledging such Ownership Interests or other securities under this Agreement to
secure such Designated Secured Obligations would result in Rule 3-16
requiring separate financial statements of such Subsidiary to be filed with the
SEC, but (i) only to the extent necessary to not be subject to such
requirement, (ii) only for so long as such requirement is in existence 

 

3

 

and (iii) only if no member of the Group files or is otherwise
required to file separate financial statements of such Subsidiary with the SEC
under a separate rule or regulation; provided that no Ownership Interests
or securities will constitute Excluded Charged Assets if any member of the
Group takes any action in the form of a reorganization, merger or other
restructuring, a principal purpose of which is to provide for the limitation of
the pledge of any Ownership Interests or other securities pursuant to the
proviso in Section 3.1.

 

“Group  Intercreditor
Deed” shall have the meaning set forth in the recitals.

 

“Indemnitees” shall have
the meaning set forth in Section 11 hereof.

 

“Limited Liability Company Assets” shall
mean all assets, whether tangible or intangible and whether real, personal or
mixed (including, without limitation, all limited liability company capital and
interest in other limited liability companies), at any time owned by the
Pledgor and represented by any Limited Liability Company Interest.

 

“Limited Liability Company Interests”
shall mean the entire limited liability company membership interest at any time
owned by the Pledgor in any limited liability company.

 

“Location” of the Pledgor
has the meaning given such term in Section 9-307 of the UCC.

 

“Obligations” shall have the meaning set
forth in Section 2 hereof.

 

“Original Pledge Agreement” shall have
the meaning set forth in the recitals hereto.

 

“Ownership Interests” has the meaning
given to such term in the definition of “Excluded Charged Assets”.

 

“Pledgee” shall have the
meaning set forth in the first paragraph hereof.

 

“Pledgor” shall have the
meaning set forth in the first paragraph hereof.

 

“Proceeds” shall have the
meaning given such term in Section 9-102(a)(64) of the UCC.

 

“Registered Organization”
shall have the meaning given such term in Section 9-102(a)(70) of the UCC.

 

“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 Agreement, until such time that a 

 

4

 

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.

 

“Rule 3-16” has the
meaning given to such term in the definition of “Designated Secured Obligations”.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“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 December 31, 2009
under any Refinancing Facilities Agreement entered into after such date,

 

(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 Agreement.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended, as in effect from time to time.

 

“Securities Intermediary”
shall have the meaning given such term in Section 8-102(14) of the UCC.

 

“Security” and “Securities” shall have the meaning given
such term in Section 8-102(a)(15) of the UCC.

 

“Security
Trust Agreement” means the security trust agreement dated
March 3, 2006 and amended and restated on or about the date hereof between
Security Trustee, Facility Agent, the Company, and the companies named therein
as Original Obligors.

 

“Senior Facilities Agreement”
shall have the meaning given such term in the recitals hereto.

 

“Termination Date” shall
have the meaning set forth in Section 20 hereof.

 

“Transmitting Utility” has
the meaning given such term in Section 9-102(a)(80) of the UCC.

 

“UCC” shall mean the
Uniform Commercial Code as in effect in the State of New York from time to
time; provided that all references herein to specific Sections or
subsections of the UCC are references to such Sections or subsections, as the
case may be, of the Uniform Commercial Code as in effect in the State of New
York on the 

 

5

 

date hereof; provided further that if by reason of mandatory
provisions of law, the perfection or the effect of perfection or non-perfection
of the Security Interest in any Collateral or the availability of any remedy
hereunder is governed by the Uniform Commercial Code as in effect on or after
the date hereof in any other jurisdiction, “UCC” means the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions
hereof relating to such perfection or effect of perfection or non-perfection or
availability of such remedy.

 

“Uncertificated Security”
shall have the meaning given such term in Section 8-102(a)(18) of the UCC.

 

2.                                      SECURITY
FOR OBLIGATIONS

 

This Agreement is made by the Pledgor for the benefit of the Pledgee acting
on behalf of the Beneficiaries to secure:

 

(a)                                  the full and
prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all Secured Obligations;

 

(b)                                 any and all
sums advanced by the Pledgee in order to preserve the Collateral (as
hereinafter defined) or preserve its security interest in the Collateral;

 

(c)                                  in the event of
any proceeding for the collection or enforcement of any indebtedness,
obligations or liabilities of the Pledgor referred to in clauses (a) and (b) above,
after an Event of Default shall have occurred and be continuing, the reasonable
expenses of retaking, holding, preparing for sale or lease, selling or
otherwise disposing or realizing on the Collateral, or of any exercise by the
Pledgee of its rights hereunder, together with reasonable attorneys’ fees and
court costs;

 

(d)                                 all amounts
paid by any Indemnitee as to which such Indemnitee has the right to
reimbursement under Section 11 of this Agreement; and

 

(e)                                  all amounts
owing to any Agent or any of its affiliates pursuant to any of the Senior
Finance Documents in its respective capacity as such;

 

all such obligations, liabilities, indebtedness, sums and expenses set
forth in clauses (a) through (e) of this Section 2 being herein
collectively called the “Obligations”,
it being acknowledged and agreed that the “Obligations” shall include (without
limitation) extensions of credit of the types described above, whether
outstanding on the date of this Agreement or extended from time to time after
the date of this Agreement, and (without prejudice to the extension of the
Secured Obligations to any other Indebtedness from time to time included within
the definition thereof) all Liabilities arising under or in connection with the
Senior Facilities Agreement and the Senior Secured Notes Documents.

 

3.                                      PLEDGE
OF SECURITIES, ETC.

 

3.1                                 Pledge

 

To secure the Obligations now or hereafter owed by the Pledgor, the
Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of
the Beneficiaries, and 

 

6

 

does hereby create a continuing security interest (subject to those
Encumbrances permitted to exist with respect to the Collateral pursuant to the
terms of all of the Senior Finance Documents then in effect) in favor of the
Pledgee for the benefit of the Beneficiaries in, all of its right, title and
interest in and to the following, whether now existing or hereafter from time
to time acquired, (the “Collateral”):

 

(a)                                  all Limited
Liability Company Interests owned by the Pledgor from time to time and all of
its right, title and interest in each limited liability company to which each
such Limited Liability Company Interest relates, whether now existing or
hereafter acquired, including, without limitation, to the fullest extent
permitted under the terms and provisions of the documents and agreements
governing such Limited Liability Company Interests and applicable law:

 

(i)                                     all other payments due or to become due to the Pledgor in respect of such
Limited Liability Company Interests, whether under any limited liability
company agreement or otherwise, whether as contractual obligations, damages,
insurance proceeds or otherwise;

 

(ii)                                  all of its claims, rights, powers, privileges, authority, options,
security interests, liens and remedies, if any, under any limited liability
company agreement or operating agreement, or at law or otherwise in respect of
such Limited Liability Company Interests;

 

(iii)                               all of the Pledgor’s rights under any limited liability company agreement
or operating agreement or at law to exercise and enforce every right, power,
remedy, authority, option and privilege of the Pledgor relating to such Limited
Liability Company Interests, including any power to terminate, cancel or modify
any such limited liability company agreement or operating agreement, to execute
any instruments and to take any and all other action on behalf of and in the
name of the Pledgor in respect of such Limited Liability Company Interests and
any such limited liability company, to make determinations, to exercise any
election (including, but not limited to, election of remedies) or option or to
give or receive any notice, consent, amendment, waiver or approval, together
with full power and authority to demand, receive, enforce, collect or receipt
for any of the foregoing or for any Limited Liability Company Asset, to enforce
or execute any checks, or other instruments or orders, to file any claims and
to take any action in connection with any of the foregoing; and

 

(iv)                              all other property hereafter delivered in substitution for or in addition
to any of the foregoing, all certificates and instruments representing or
evidencing such other property and all cash, securities, interest, dividends,
rights and other property at any time and from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
thereof; and

 

(b)                                 all Proceeds of
any and all the foregoing;

 

7

 

provided, however, that
notwithstanding the foregoing, in no event shall the Pledgor be required to
pledge any Excluded Charged Assets to the Security Trustee under this Agreement
to secure the Designated Secured Obligations. 
For the avoidance of doubt,

 

(i)                                     all Collateral
that does not constitute Excluded Charged Assets remains pledged pursuant to
this Agreement to secure all Secured Obligations, including without limitation
the Designated Secured Obligations; and

 

(ii)                                  such Excluded
Charged Assets remain pledged under this Section 3.1 to secure any Secured
Obligations that are not Designated Secured Obligations.

 

In the event that Rule 3-16 is amended, modified or interpreted by
the SEC to require (or is replaced with another rule or regulation, or any
other law, rule or regulation is adopted, which would require) the filing
with the SEC (or any other United States federal or state governmental agency)
of separate financial statements of any such Subsidiary due to the fact that
such Subsidiary’s Ownership Interests or other securities secure any Designated
Secured Obligations, then such Ownership Interests or other securities (as
applicable) of such Subsidiary shall automatically be deemed to be Excluded
Charged Assets for such Designated Secured Obligations but (i) only to the
extent necessary to not be subject to any such financial statement requirement,
(ii) only for so long as such financial statement requirement would
otherwise have been applicable to such Subsidiary and (iii) only if no
member of the Group files or is otherwise required to file separate financial
statements of such Subsidiary with the SEC or such other governmental agency
under a separate rule or regulation. If the circumstances described in
this paragraph apply, this Agreement may be amended or modified, without the
consent of any Senior Finance Party, to the extent necessary to release the
pledge (but only to the extent securing such Designated Secured Obligations and
without prejudice to the pledge securing the Secured Obligations referred to in
clause (ii) of the preceding paragraph) in favor of the Security Trustee
on the relevant Ownership Interests and/or other securities that are so deemed
to constitute Excluded Charged Assets.

 

In the event that Rule 3-16
is amended, modified or interpreted by the SEC to permit (or is replaced with
another rule or regulation, or any other law, rule or regulation is
adopted, which would permit) such Subsidiary’s Ownership Interests and/or other
securities to secure any Designated Secured Obligations in excess of the amount
then pledged without the filing with the SEC (or any other United States
federal or state governmental agency) of separate financial statements of such
Subsidiary, then the Ownership Interests or other securities (as applicable) of
such Subsidiary will automatically be deemed not to be Excluded Charged Assets
for such Designated Secured Obligations, but limited to the extent necessary to
not be subject to any such financial statement requirement. If the
circumstances described in this paragraph apply, this Agreement may be amended
or modified, without the consent of any Senior Finance Party, to the extent
necessary to pledge in favor of the Security Trustee such additional Ownership
Interests or other securities that were deemed to constitute Excluded Charged
Assets.

 

8

 

3.2                                 Procedures

 

(a)                                  To the extent
that the Pledgor at any time or from time to time owns, acquires or obtains any
right, title or interest in any Collateral, such Collateral shall automatically
(and without the taking of any action by the Pledgor) be pledged pursuant to Section 3.1
of this Agreement and, in addition thereto, the Pledgor shall (to the extent
provided below) take the following actions as set forth below (as promptly as
practicable and, in any event, within 10 days after it obtains such Collateral)
for the benefit of the Pledgee and the Beneficiaries:

 

(i)                                     with respect to any Collateral which constitutes a Certificated Security
(other than a Certificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), the Pledgor shall physically deliver
such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed
in blank; and

 

(ii)                                  with respect to any Collateral which constitutes a Certificated Security,
Uncertificated Security, or Limited Liability Company Interest credited on the
books of a Clearing Corporation or Securities Intermediary (including a Federal
Reserve Bank, Participants Trust Company or The Depository Trust Company), the
Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all
actions required (i) to comply with the applicable rules of such
Clearing Corporation or Securities Intermediary, and (ii) to perfect the
security interest of the Pledgee under applicable law (including, in any event,
under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC)
and (y) such other actions as the Pledgee deems necessary or desirable to
effect the foregoing;

 

provided that to the extent that any certificates,
instruments of transfer or other documents of title relating to any Collateral
(“Title Documents”) that are required to be delivered to the Security
Trustee pursuant to this Section 3.2(a) have already been delivered
to Deutsche Bank AG, London Branch in its capacity as security trustee under
and for the purposes of the security interests over such Collateral pursuant to
the Original Pledge Agreement, the requirements of this Section 3.2(a) shall
be deemed satisfied.

 

(b)                                 In addition to
the actions required to be taken pursuant to Section 3.2(a) hereof,
the Pledgor shall take the following additional actions with respect to the
Collateral:

 

(i)                                     with respect to all Collateral of the Pledgor whereby or with respect to
which the Pledgee may obtain “control” thereof within the meaning of Section 8-106
of the UCC (or under any provision of the UCC as same may be amended or
supplemented from time to time, or under the laws of any relevant State other
than the State of New York), the Pledgor shall take all actions as may be
requested from time to time by the Pledgee so that “control” of such Collateral
is obtained and at all times held by the Pledgee; and

 

9

 

(ii)                                  the Pledgor shall from time to time cause appropriate financing statements
(on appropriate forms) under the Uniform Commercial Code as in effect in the
various relevant States, covering all Collateral hereunder (with the form of
such financing statements to be satisfactory to the Pledgee), to be filed in
the relevant filing offices so that at all times the Pledgee’s security
interest in all Collateral which can be perfected by the filing of such
financing statements (in each case to the maximum extent perfection by filing
may be obtained under the laws of the relevant States, including, without
limitation, Section 9-312(a) of the UCC) is so perfected..

 

3.3                                 Subsequently Acquired Collateral

 

If the Pledgor shall acquire (by purchase or otherwise) any additional
Collateral at any time or from time to time after the date hereof, (i) such
Collateral shall automatically (and without any further action being required
to be taken) be subject to the pledge and security interests created pursuant
to Section 3.1 hereof and, furthermore, the Pledgor will thereafter take
(or cause to be taken) all actions (as promptly as practicable and, in any
event, within 10 days after it obtains such Collateral) required with respect
to such Collateral pursuant to and in accordance with the procedures set forth
in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee
(i) a certificate executed by an authorized officer of the Pledgor
describing such Collateral and certifying that the same has been duly pledged
in favor of the Pledgee (for the benefit of the Beneficiaries) hereunder, and (ii) supplements
to Annexes A through C hereto as are necessary to cause such Annexes to be
complete and accurate at such time.

 

3.4                                 Transfer Taxes

 

The pledge of Collateral under Section 3.1 or Section 3.3
hereof shall be accompanied by any transfer tax stamps required in connection
with the pledge of such Collateral.

 

3.5                                 Certain Representations and Warranties
Regarding the Collateral

 

The Pledgor represents and warrants that on the date hereof: (i) the
Limited Liability Company Interests held by the Pledgor consist of the number
and type of interests of the persons described in Annex B hereto; (ii) each
such Limited Liability Company Interest referenced in clause (i) of this
paragraph constitutes that percentage of the issued and outstanding equity
interest of the issuing person set forth in Annex B hereto; (iii) the
exact address of the chief executive office of the Pledgor is listed on Annex C
hereto; and (iv) the Pledgor has complied with the respective procedure
set forth in Section 3.2(a) hereof with respect to the Collateral
described in Annex B hereto.

 

4.                                      APPOINTMENT
OF SUB-AGENTS; ENDORSEMENTS, ETC.

 

The Pledgee shall have the right to appoint one or more sub-agents for
the purpose of retaining physical possession of the Collateral.

 

10

 

5.                                      VOTING, ETC.,
WHILE NO EVENT OF DEFAULT.

 

Unless and until there shall have occurred and be continuing any Event
of Default, the Pledgor shall be entitled to exercise any and all voting and
other consensual rights pertaining to the Collateral owned by it, and to give
consents, waivers or ratifications in respect thereof; provided that, in
each case, no vote shall be cast or any consent, waiver or ratification given
or any action taken or omitted to be taken which would violate, result in a
breach of any covenant contained in, or be inconsistent with any of the terms
of any Security Document or other Senior Finance Document, or which could
reasonably be expected to have the effect of impairing the value of the
Collateral or any part thereof or the position or interests of the
Pledgee.  All such rights of the Pledgor
to vote and to give consents, waivers and ratifications shall cease in case an
Event of Default has occurred and is continuing, and the Enforcement Date has
occurred.

 

6.                                      DISTRIBUTIONS

 

Unless and until there shall have occurred and be continuing an Event
of Default, all cash distributions, cash Proceeds and other cash amounts
payable in respect of the Collateral shall be paid to the Pledgor.  The Pledgee shall be entitled to receive
directly, and to retain as part of the Collateral any and all Proceeds of the
Collateral consisting of:

 

(i)                                     additional stock, notes, certificates, limited liability company
interests, partnership interests, instruments or other securities or property
(including, but not limited to, cash (although such cash may be paid directly
to the Pledgor so long as no Event of Default then exists)) paid or distributed
by way of dividend or otherwise in respect of the Collateral;

 

(ii)                                  additional stock, notes, certificates, limited liability company
interests, partnership interests, instruments or other securities or property
(including, but not limited to, cash (although such cash may be paid directly
to the Pledgor so long as no Event of Default then exists)) paid or distributed
in respect of the Collateral by way of stock-split, spin-off, split-up,
reclassification, combination of shares or similar rearrangement; and

 

(iii)                               additional stock, notes, certificates, limited liability company
interests, partnership interests, instruments or other securities or property
(including, but not limited to, cash (although such cash may be paid directly
to the Pledgor so long as no Event of Default then exists)) which may be paid
in respect of the Collateral by reason of any consolidation, merger, exchange
of stock, conveyance of assets, liquidation or similar corporate or other
reorganization.

 

7.                                      REMEDIES;
ENFORCEMENT

 

If the Enforcement Date shall have occurred, the Pledgee shall be
entitled to exercise all of the rights, powers and remedies (whether vested in
it by this Agreement, the Group Intercreditor Deed, any other Senior Finance
Document or by law) for the protection and enforcement of its rights in respect
of the Collateral, and the Pledgee shall be entitled to exercise all the rights
and remedies of a secured party under the UCC as in effect in any relevant
jurisdiction and also shall be entitled, without 

 

11

 

limitation, to exercise the following rights, which the Pledgor hereby
agrees to be commercially reasonable:

 

(a)                                  to receive all
amounts payable in respect of the Collateral otherwise payable under Section 6
hereof to the Pledgor;

 

(b)                                 to transfer all
or any part of the Collateral into the Pledgee’s name or the name of its nominee
or nominees;

 

(c)                                  to vote (and
exercise all rights and powers in respect of voting) all or any part of the
Collateral (whether or not transferred into the name of the Pledgee) and give
all consents, waivers and ratifications in respect of the Collateral and
otherwise act with respect thereto as though it were the outright owner thereof
(the Pledgor hereby irrevocably constituting and appointing the Pledgee the
proxy and attorney-in-fact of the Pledgor, with full power of substitution to
do so);

 

(d)                                 at any time and
from time to time to sell, assign and deliver, or grant options to purchase,
all or any part of the Collateral, or any interest therein, at any public or
private sale, without demand of performance, advertisement or, notice of
intention to sell or of the time or place of sale or adjournment thereof or to
redeem or otherwise purchase or dispose (all of which are hereby waived by the
Pledgor), for cash, on credit or for other property, for immediate or future
delivery without any assumption of credit risk, and for such price or prices
and on such terms as the Pledgee in its absolute discretion may determine, provided
at least 10 days’ written notice of the time and place of any such sale shall
be given to the Pledgor. The Pledgee shall not be obligated to make any such
sale of Collateral regardless of whether any such notice of sale has
theretofore been given. The Pledgor hereby waives and releases to the fullest
extent permitted by law any right with respect to the Collateral, whether
before or after sale hereunder, and all rights, if any, of marshalling the
Collateral and any other security or the Obligations or otherwise. At any such
sale, unless prohibited by applicable law, the Pledgee on behalf of the
Beneficiaries may bid for and purchase all or any part of the Collateral so
sold free from any such right. Neither the Pledgee nor any other Beneficiary
shall be liable for failure to collect or realize upon any or all of the
Collateral or for any delay in so doing nor shall any of them be under any
obligation to take any action whatsoever with regard thereto; and

 

(e)                                  to set off any
and all Collateral against any and all Obligations.

 

8.                                      REMEDIES,
CUMULATIVE, ETC.

 

Each and every right, power and remedy of the Pledgee provided for in
this Agreement or in any other Senior Finance Document, or now or hereafter
existing at law or in equity or by statute shall be cumulative and concurrent
and shall be in addition to every other such right, power or remedy. The
exercise or beginning of the exercise by the Pledgee or any other Beneficiary
of any one or more of the rights, powers or remedies provided for in this
Agreement or any other Senior Finance Document or now or hereafter existing at
law or in equity or by statute or otherwise shall not preclude the simultaneous
or later exercise by the Pledgee or any other 

 

12

 

Beneficiary of all such other rights, powers or remedies, and no
failure or delay on the part of the Pledgee or any other Beneficiary to exercise
any such right, power or remedy shall operate as a waiver thereof.  No notice to or demand on the Pledgor in any
case shall entitle it to any other or further notice or demand in similar or
other circumstances or constitute a waiver of any of the rights of the Pledgee
or any other Beneficiary to any other or further action in any circumstances
without notice or demand.  The
Beneficiaries agree that this Agreement may be enforced only by the action of
the Pledgee, in each case, acting upon the instruction of the Relevant Agent,
and that no other Beneficiary shall have any right individually to seek to
enforce or to enforce this Agreement or to realize upon the security to be
granted hereby, it being understood and agreed that such rights and remedies
may be exercised by the Pledgee for the benefit of the Beneficiaries upon the
terms of this Agreement and the Security Trust Agreement.

 

9.                                      APPLICATION
OF PROCEEDS

 

All monies collected by the Pledgee upon any sale or other disposition
of the Collateral pursuant to the terms of this Agreement, together with all
other monies received by the Pledgee hereunder, shall be applied in the manner
provided in the Group Intercreditor Deed and the Security Trust Agreement.

 

10.                               PURCHASERS
OF COLLATERAL

 

Upon any sale of the Collateral by the Pledgee hereunder (whether by
virtue of the power of sale herein granted, pursuant to judicial process or
otherwise), the receipt of the Pledgee or the officer making such sale shall be
a sufficient discharge to the purchaser or purchasers of the Collateral so
sold, and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Pledgee or such
officer or be answerable in any way for the misapplication or nonapplication
thereof.

 

11.                               INDEMNITY

 

The Pledgor agrees (i) to
indemnify, reimburse and hold harmless the Pledgee and the Beneficiaries and
their respective successors, assigns, employees, agents and affiliates
(individually an “Indemnitee”, and
collectively, the “Indemnitees”)
from and against any and all obligations, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation,
liabilities for penalties) of whatsoever kind or nature, and (ii) to
reimburse each Indemnitee for all reasonable costs, expenses and disbursements,
including reasonable attorneys’ fees and expenses, in each case arising out of
or resulting from this Agreement or the exercise by any Indemnitee of any right
or remedy granted to it hereunder or under any other Senior Finance Document
(but excluding any obligations, damages, injuries, penalties, claims, demands,
losses, judgments and liabilities (including, without limitation, liabilities
for penalties) or expenses of whatsoever kind or nature to the extent incurred
or arising by reason of gross negligence or willful misconduct of such
Indemnitee (as determined by a court of competent jurisdiction in a final and
non-appealable decision)).  In no event
shall the Pledgee hereunder be liable, in the absence of gross negligence or
willful misconduct on its part (as determined by a court of competent
jurisdiction in a final and non-appealable decision), for any matter or thing
in connection with this Agreement other than to account for monies or other 

 

13

 

property actually received by it in accordance with the terms
hereof.  If and to the extent that the
obligations of the Pledgor under this Section 11 are unenforceable for any
reason, the Pledgor hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under
applicable law. The indemnity obligations of the Pledgor contained in this Section 11
shall continue in full force and effect notwithstanding the full payment of all
Obligations and notwithstanding the discharge thereof.

 

12.                               PLEDGEE
NOT A LIMITED LIABILITY COMPANY MEMBER.

 

(a)                                  Nothing herein
shall be construed to make the Pledgee or any other Beneficiary liable as a
member of any limited liability company and neither the Pledgee nor any other
Beneficiary by virtue of this Agreement or otherwise (except as referred to in
the following sentence) shall have any of the duties, obligations or
liabilities of a member of any limited liability company or as a partner in any
partnership.  The parties hereto
expressly agree that, unless the Pledgee shall become the absolute owner of
Collateral consisting of a Limited Liability Company Interest pursuant hereto,
this Agreement shall not be construed as creating a partnership or joint
venture among the Pledgee, any other Beneficiary, the Pledgor and/or any other
person.

 

(b)                                 Except as
provided in the last sentence of paragraph (a) of this Section 12,
the Pledgee, by accepting this Agreement, did not intend to become a member of
any limited liability company or otherwise be deemed to be a co-venturer with
respect to the Pledgor, any limited liability company and/or any other person
either before or after an Event of Default shall have occurred.  The Pledgee shall have only those powers set
forth herein and the Beneficiaries shall assume none of the duties, obligations
or liabilities of a member of any limited liability company or the Pledgor
except as provided in the last sentence of paragraph (a) of this Section 12.

 

13.                               FURTHER
ASSURANCES; POWER-OF-ATTORNEY

 

(a)                                  The Pledgor
agrees that it will join with the Pledgee in executing any encumbrance or
assurance and, at the Pledgor’s own expense, if necessary, file and refile
under the UCC or any other applicable law such financing statements,
continuation statements and other documents, in form reasonably acceptable to
the Pledgee, in such offices as the Pledgee may reasonably deem necessary or
appropriate, and agrees to do such further acts and things and to execute and
deliver to the Pledgee such additional conveyances, assignments, agreements and
instruments as the Pledgee may reasonably require or deem advisable to carry
into effect the purposes of this Agreement or to further assure and confirm
unto the Pledgee its rights, powers and remedies hereunder or thereunder.

 

(b)                                 The Pledgor
hereby constitutes and appoints the Pledgee its true and lawful
attorney-in-fact, irrevocably, with full authority in the place and stead of
the Pledgor and in the name of the Pledgor or otherwise, from time to time
after the occurrence and during the continuance of an Event of Default, in the
Pledgee’s discretion, to act, require, demand, receive and give acquittance for

 

14

 

any and all monies and
claims for monies due or to become due to the Pledgor under or arising out of
the Collateral, to endorse any checks or other instruments or orders in
connection therewith and to file any claims or take any action or institute any
proceedings and to execute any instrument which the Pledgee may deem necessary
or advisable to accomplish the purposes of this Agreement, which appointment as
attorney is coupled with an interest.

 

14.                               THE
PLEDGEE AS SECURITY TRUSTEE

 

The Pledgee will hold, as Security Trustee, in accordance with this
Agreement all items of the Collateral at any time received under this
Agreement. It is expressly understood, acknowledged and agreed by each
Beneficiary that by accepting the benefits of this Agreement each such Beneficiary
acknowledges and agrees that the obligations of the Pledgee as holder of the
Collateral and interests therein and with respect to the disposition thereof,
and otherwise under this Agreement, are only those expressly set forth in this
Agreement, in the Group Intercreditor Deed, the Security Trust Agreement and in
the other Senior Finance Documents.  The
Pledgee shall act hereunder on the terms and conditions set forth herein, the
Group Intercreditor Deed, the Security Trust Agreement and in the other Senior
Finance Documents.

 

15.                               TRANSFER
BY THE PLEDGOR

 

Except as permitted pursuant to or not restricted by any of the Senior
Finance Documents (i) prior to the date all Secured Obligations (other
than contingent indemnification obligations not then due) and all other amounts
owing under and with respect to the Senior Finance Documents have been paid in
full and all Commitments under the Senior Finance Documents have been
terminated, and (ii) thereafter, pursuant to the other Security Documents,
no Pledgor will sell or otherwise dispose of, grant any option with respect to,
or mortgage, pledge or otherwise encumber any of the Collateral or any interest
therein.

 

16.                               REPRESENTATIONS,
WARRANTIES AND COVENANTS OF THE PLEDGOR

 

(a)                                  The Pledgor
represents, warrants and covenants that:

 

(i)                                     it is a limited company validly existing under the laws of England and
has all requisite limited company power and authority to own its property and
other assets;

 

(ii)                                  it is the legal, beneficial and record owner of, and has good and
marketable title to, all of its Collateral and that it has sufficient interest
in all of its Collateral in which a security interest is purported to be
created hereunder for such security interest to attach (subject, in each case,
to no pledge, lien, mortgage, hypothecation, security interest, charge, option,
Adverse Claim or other encumbrance whatsoever, except the liens and security
interests created by this Agreement or permitted under the Senior Finance
Documents);

 

(iii)                               it has full power, authority and legal right to pledge all the Collateral
pledged by it pursuant to this Agreement;

 

15

 

(iv)                              this Agreement has been duly authorized, executed and delivered by the
Pledgor and constitutes a legal, valid and binding obligation of the Pledgor
enforceable against the Pledgor in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and by general equitable principles (regardless of
whether enforcement is sought in equity or at law);

 

(v)                                 except to the extent already obtained or made, no consent of any other
party (including, without limitation, any stockholder, partner, member or
creditor of the Pledgor or any of its Subsidiaries) and no consent, license,
permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is
required to be obtained by the Pledgor in connection with (a) the
execution, delivery or performance of this Agreement by the Pledgor, (b) the
validity or enforceability of this Agreement against the Pledgor (except as set
forth in clause (iii) above), (c) the perfection or enforceability of
the Pledgee’s security interest in the Pledgor’s Collateral or (d) except
for compliance with or as may be required by applicable securities laws, the
exercise by the Pledgee of any of its rights or remedies provided herein;

 

(vi)                              neither the execution, delivery or performance by the Pledgor of this
Agreement, or any other Senior Finance Document to which it is a party, nor
compliance by it with the terms and provisions hereof and thereof nor the
consummation of the transactions contemplated therein:  (i) will contravene any provision of any
applicable law, statute, rule or regulation, or any applicable order,
writ, injunction or decree of any court, arbitrator or governmental
instrumentality, domestic or foreign, applicable to the Pledgor; (ii) will
conflict or be inconsistent with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose)
any Encumbrance (except pursuant to the Senior Finance Documents) upon any of
the properties or assets of the Pledgor pursuant to the terms of any indenture,
lease, mortgage, deed of trust, credit agreement, loan agreement or any other
material agreement, contract or other instrument to which the Pledgor or any of
its Subsidiaries is a party or is otherwise bound, or by which it or any of its
properties or assets is bound or to which it may be subject; or (iii) will
violate any provision of the certificate of formation or limited liability
company agreement (or equivalent organizational documents), as the case may be,
of the Pledgor;

 

(vii)                           all of the Pledgor’s Collateral has been duly and validly issued, is
fully paid and, to the extent relevant, non-assessable and is subject to no
options to purchase or similar rights;

 

(viii)                        the pledge, collateral assignment and delivery to the Pledgee of the
Pledgor’s Collateral consisting of Certificated Securities pursuant to 

 

16

 

this Agreement
creates a valid and perfected first priority security interest in such
Certificated Securities, and the proceeds thereof, subject to no prior lien or
Encumbrance or to any agreement purporting to grant to any third party a lien
or Encumbrance on the property or assets of the Pledgor (other than the
Encumbrances permitted under the Senior Finance Documents then in effect) and
the Pledgee is entitled to all the rights, priorities and benefits afforded by
the UCC or other relevant law as enacted in any relevant jurisdiction to
perfect security interests in respect of such Collateral; and

 

(ix)                                “control” (as defined in Section 8-106 of the UCC) has been obtained
by the Pledgee over all of the Pledgor’s Collateral consisting of Securities
with respect to which such “control” may be obtained pursuant to Section 8-106
of the UCC, except to the extent that the obligation of the Pledgor to provide
the Pledgee with “control” of such Collateral has not yet arisen under this
Agreement.

 

(b)                                 The Pledgor
covenants and agrees that it will defend the Pledgee’s right, title and
security interest in and to the Pledgor’s Collateral and the proceeds thereof
against the claims and demands of all persons whomsoever.

 

17.                               LEGAL
NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A
TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL
IDENTIFICATION NUMBER; CHANGES THERETO; ETC.

 

The exact legal name of the Pledgor, the type of organization of the
Pledgor, whether or not the Pledgor is a Registered Organization, the
jurisdiction of organization of the Pledgor, the Pledgor’s Location, the
organizational identification number (if any) of the Pledgor, and whether or
not the Pledgor is a Transmitting Utility, is listed on Annex A hereto.  Save as permitted by the Senior Finance
Documents the Pledgor shall not change its legal name, its type of
organization, its status as a Registered Organization (in the case of a Registered
Organization), its status as a Transmitting Utility or as a person which is not
a Transmitting Utility, as the case may be, its jurisdiction of organization,
its Location, or its organizational identification number (if any), except that
any such changes shall be permitted (so long as not in violation of the
applicable requirements of the Senior Finance Documents and so long as same do
not involve (x) a Registered Organization ceasing to constitute same or (y) the
Pledgor changing its jurisdiction of organization or Location from the United
States or a State thereof to a jurisdiction of organization or Location, as the
case may be, outside the United States or a State thereof) if (i) it shall
have given to the Pledgee not less than 15 days’ prior written notice of each
change to the information listed on Annex A, together with a supplement to
Annex A which shall correct all information contained therein for the Pledgor,
and (ii) in connection with the respective such change or changes, it
shall have taken all action reasonably requested by the Pledgee to maintain the
security interests of the Pledgee in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect.  In addition, to the extent that the Pledgor
does not have an organizational identification number on the date hereof and
later obtains one, the Pledgor shall promptly thereafter deliver a notification
to the Pledgee of such organizational identification number and shall take all
actions reasonably satisfactory to the Pledgee to the extent necessary to
maintain 

 

17

 

the security interest of the Pledgee in the Collateral intended to be
granted hereby fully perfected and in full force and effect.

 

18.                               PLEDGOR’S
OBLIGATIONS ABSOLUTE, ETC.

 

The obligations of the Pledgor under this Agreement shall be absolute
and unconditional and shall remain in full force and effect without regard to,
and shall not be released, suspended, discharged, terminated or otherwise
affected by, any circumstance or occurrence whatsoever (other than termination
of this Agreement pursuant to Section 20), including, without limitation:

 

(a)                                  any renewal,
extension, amendment or modification of, or addition or supplement to or
deletion from any Senior Finance Document (other than this Agreement in
accordance with its terms), or any other instrument or agreement referred to
therein, or any assignment or transfer of any thereof;

 

(b)                                 any waiver,
consent, extension, indulgence or other action or inaction under or in respect
of any such agreement or instrument including, without limitation, this
Agreement (other than a waiver, consent or extension with respect to this
Agreement in accordance with its terms);

 

(c)                                  any furnishing
of any additional security to the Pledgee or its assignee or any acceptance
thereof or any release of any security by the Pledgee or its assignee;

 

(d)                                 any limitation
on any party’s liability or obligations under any such instrument or agreement
or any invalidity or unenforceability, in whole or in part, of any such
instrument or agreement or any term thereof; or

 

(e)                                  any bankruptcy,
insolvency, reorganization, composition, adjustment, dissolution, liquidation
or other like proceeding relating to the Pledgor or any Subsidiary of the
Pledgor, or any action taken with respect to this Agreement by any trustee or
receiver, or by any court, in any such proceeding, whether or not the Pledgor
shall have notice or knowledge of any of the foregoing.

 

19.                               SALE OF
COLLATERAL WITHOUT REGISTRATION

 

If at any time when the Pledgee shall determine to exercise its right
to sell all or any part of the Collateral consisting of Securities, Limited
Liability Company Interests or partnership interests pursuant to Section 7
hereof, and such Collateral or the part thereof to be sold shall not, for any
reason whatsoever, be effectively registered under the Securities Act, as then
in effect, the Pledgee may, in its sole and absolute discretion, sell such
Collateral or part thereof by private sale in such manner and under such
circumstances as the Pledgee may deem necessary or advisable in order that such
sale may legally be effected without such registration.  Without limiting the generality of the
foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may
proceed to make such private sale notwithstanding that a registration statement
for the purpose of registering such Collateral or part thereof shall have been
filed under such Securities Act, (ii) may approach and negotiate with a
single possible purchaser to effect such sale, and (iii) may restrict such
sale to a purchaser who will represent and agree that such purchaser is
purchasing for its own account, for investment, and not with a view to the
distribution or sale of such Collateral or part thereof.  In the event of 

 

18

 

any such sale, the Pledgee shall incur no responsibility or liability
for selling all or any part of the Collateral at a price which the Pledgee, in
its sole and absolute discretion, may in good faith deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher
price might be realized if the sale were deferred until the registration as
aforesaid.

 

20.                               TERMINATION;
RELEASE

 

(a)                                  On the
Termination Date, this Agreement shall terminate (provided that all indemnities
set forth herein including, without limitation, in Section 11 hereof shall
survive any such termination) and the Pledgee, at the request and expense of
the Pledgor, will execute and deliver to the Pledgor a proper instrument or
instruments acknowledging the satisfaction and termination of this Agreement,
and will duly release from the security interest created hereby and assign,
transfer and deliver to the Pledgor (without recourse and without any representation
or warranty) such of the Collateral as may be in the possession of the Pledgee
and as has not theretofore been sold or otherwise applied or released pursuant
to this Agreement, together with any moneys at the time held by the Pledgee or
any of its sub-agents hereunder.  As used
in this Agreement, “Termination Date”
shall mean the date upon which the Commitments under the Senior Finance
Documents have been terminated, no Documentary Credit (as defined in the
Relevant Facilities Agreement) is outstanding (and all Advances have been paid
in full), all Documentary Credits have been terminated, and all other
Obligations (other than indemnities described in the Senior Finance Documents
which are not then due and payable) then due and payable have been paid in
full.

 

(b)                                 In the event
that any part of the Collateral is sold or otherwise disposed of to a person
other than an Obligor and (x) such disposal is permitted or not restricted
under any of the Senior Finance Documents, or (y) is otherwise released
with the consent of the Instructing Party in accordance with the terms of the
Group Intercreditor Deed, and in the case of clauses (x) and (y), the
proceeds of such sale or disposition (or from such release) are applied in
accordance with the terms of the Senior Finance Documents to the extent
required to be so applied, the Pledgee, at the request and expense of the
Pledgor, will duly release from the security interest created hereby (and will
execute and deliver such documentation, including termination or partial
release statements and the like in connection therewith) and assign, transfer
and deliver to the Pledgor (without recourse and without any representation or
warranty) such of the Collateral as is then being (or has been) so sold or
released and as may be in the possession of the Pledgee (or, in the case of
Collateral held by any sub-agent designated pursuant to Section 4 hereto,
such sub-agent) and has not theretofore been released pursuant to this
Agreement.

 

(c)                                  At any time
that the Pledgor desires that Collateral be released as provided in the
foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and
the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a
certificate signed by an authorized officer of the Pledgor stating that the
release of the respective Collateral is permitted pursuant to Section 20(a) or
(b) hereof.  If reasonably requested
by the Pledgee (although the Pledgee shall have no obligation to make any such
request), the Pledgor shall furnish 

 

19

 

appropriate legal opinions
(from counsel, reasonably acceptable to the Pledgee) to the effect set forth in
the immediately preceding sentence.

 

21.                               NOTICES, ETC.

 

Except as otherwise specified herein, all notices, requests, demands or
other communications to or upon the respective parties hereto shall be sent or
delivered by mail, telegraph, telex, telecopy, cable or courier service and all
such notices and communications shall, when mailed, telegraphed, telexed, telecopied,
or cabled or sent by courier, be effective when deposited in the mails,
delivered to the telegraph company, cable company or overnight courier, as the
case may be, or sent by telex or telecopier, except that notices and
communications to the Pledgee or the Pledgor shall not be effective until
received by the Pledgee or the Pledgor, as the case may be.  All notices and other communications shall be
in writing and addressed as follows:

 

(a)                                  if to the
Pledgor, at:

 

	
  Address:

  	
  NTL Victoria Limited

  
	
   

  	
  c/o Virgin Media Limited

  
	
   

  	
  160 Great Portland Street

  
	
   

  	
  London W1W 5QA

  
	
  Attention:

  	
  FAO Group Legal Director

  
	
  Telefax:

  	
  020 7299 6000

  

 

(b)                                 if to the
Pledgee, at:

 

	
  Address:

  	
  Winchester House

  
	
   

  	
  1 Great Winchester Street

  
	
   

  	
  London EC2N 2DB England

  
	
  Attention:

  	
  Nicola
  Dawes and Rajeen Thaheria

  
	
  Telefax:

  	
  +44
  (20) 7547 6419

  

 

22.                               WAIVER;
AMENDMENT

 

None of the terms and conditions of this Agreement may be changed,
waived, modified or varied in any manner whatsoever except in accordance with
the provisions of the Senior Finance Documents.

 

23.                               SUCCESSORS
AND ASSIGNS

 

This Agreement shall create a continuing security interest in the
Collateral and shall (i) remain in full force and effect, subject to
release and/or termination as set forth in Section 20, (ii) be
binding upon the Pledgor, its successors and assigns; provided, however,
that the Pledgor shall not assign any of its rights or obligations hereunder
without the prior written consent of the Pledgee, and (iii) inure,
together with the rights and remedies of the Pledgee hereunder, to the benefit
of the Pledgee, the Beneficiaries and their respective successors, transferees
and assigns.  All agreements, statements,
representations and warranties made by the Pledgor herein or in any certificate
or other instrument delivered by the Pledgor or on its behalf under this
Agreement shall be considered to have been relied upon by the Beneficiaries and
shall survive the execution and delivery of this Agreement and the other
Security

 

20

 

Documents regardless of any investigation made by the Beneficiaries or
on their behalf.

 

24.                               HEADINGS
DESCRIPTIVE

 

The headings of the several Sections of this Agreement are inserted for
convenience only and shall not in any way affect the meaning or construction of
any provision of this Agreement.

 

25.                               GOVERNING
LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL

 

(a)                                  THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT OR ANY OTHER SENIOR FINANCE DOCUMENT MAY BE BROUGHT IN
THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW
YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PLEDGOR HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE
PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK
PERSONAL JURISDICTION OVER THE PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER SENIOR FINANCE
DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS
PERSONAL JURISDICTION OVER THE PLEDGOR. 
THE PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT
OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
THE PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE,
SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  THE PLEDGOR HEREBY IRREVOCABLY WAIVES ANY
OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER
ANY OTHER SENIOR FINANCE DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY
INVALID OR INEFFECTIVE.  NOTHING HEREIN
SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY
BENEFICIARIES, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE PLEDGOR IN ANY
OTHER JURISDICTION.

 

21

 

(b)                                 THE PLEDGOR
HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER SENIOR FINANCE
DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

(c)                                  EACH OF THE
PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT, THE OTHER SENIOR FINANCE DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

 

26.                               PLEDGOR’S DUTIES

 

It is expressly agreed, anything herein contained to the contrary
notwithstanding, that the Pledgor shall remain liable to perform all of the
obligations, if any, assumed by it with respect to the Collateral and the
Pledgee shall not have any obligations or liabilities with respect to any
Collateral by reason of or arising out of this Agreement, except for the
safekeeping of Collateral actually in Pledgee’s possession, nor shall the
Pledgee be required or obligated in any manner to perform or fulfill any of the
obligations of the Pledgor under or with respect to any Collateral.

 

27.                               COUNTERPARTS

 

This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but both of which shall together
constitute one and the same instrument. 
A set of counterparts executed by all the parties hereto shall be lodged
with the Pledgor and the Pledgee.

 

28.                               SEVERABILITY

 

Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

29.                               RECOURSE

 

This Agreement is made with full recourse to the Pledgor and pursuant
to and upon all the representations, warranties, covenants and agreements on
the part of the Pledgor contained herein and in the other Senior Finance
Documents and otherwise in writing in connection herewith or therewith.

 

22

 

30.                               LIMITED
OBLIGATIONS

 

It is the desire and intent of the Pledgor and the Beneficiaries that
this Agreement shall be enforced against the Pledgor to the fullest extent
permissible under the laws applied in each jurisdiction in which enforcement is
sought.

 

31.                               AMENDMENT
AND RESTATEMENT

 

This Agreement shall amend and restate in its entirety the Original
Pledge Agreement, and all obligations of the Pledgor thereunder shall be deemed
replaced and extended as obligations under this Agreement and be governed
hereby without novation.  In no event
shall such amendment and restatement be construed as a termination of the
obligations under the Original Pledge Agreement.

 

23

 

IN WITNESS WHEREOF, the Pledgor and the
Pledgee have caused this Agreement to be executed by their duly elected
officers duly authorized as of the date first above written.

 

	
  NTL VICTORIA LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ ROBERT MACKENZIE

  	
   

  
	
   

  	
  Name: Robert Mackenzie

  	
   

  
	
   

  	
  Title: Authorised Signatory of Virgin Media Directors Limited

  

 

 

	
  Accepted and agreed to:

  	
   

  
	
   

  	
   

  
	
  DEUTSCHE BANK AG, LONDON BRANCH

  	
   

  
	
  as Security Trustee and Pledgee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ N. DAWES

  	
   

  
	
   

  	
  Name: N. Dawes

  	
   

  
	
   

  	
  Title: V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ V. MAYELL

  	
   

  
	
   

  	
  Name: V. Mayell

  	
   

  
	
   

  	
  Title: A.V.P.

  	
   

  

 

 

ANNEX
A

to

PLEDGE
AGREEMENT

 

	
  SCHEDULE
  OF LEGAL NAMES, TYPE OF ORGANIZATION

  (AND WHETHER A REGISTERED ORGANIZATION AND/OR

  A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, 

  LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exact Legal 

  Name of the 

  Pledgor

  	
   

  	
  Type of 

  Organization

  	
   

  	
  Registered 

  Organization? 

  (Yes/No)

  	
   

  	
  Jurisdiction of

  Organization

  	
   

  	
  Pledgor’s 

  Location (for

  purposes of NY

  UCC § 9-307)

  	
   

  	
  Pledgor’s 

  Organization

  Identification

  Number (or, if it 

  has none, so

  indicate)

  	
   

  	
  Transmitting

  Utility? 

  (Yes/No)

  	
   

  
	
  NTL Victoria Limited

  	
   

  	
  Private Limited Company

  	
   

  	
  No

  	
   

  	
  UK

  	
   

  	
  UK

  	
   

  	
  05685196

  	
   

  	
  No

  	
   

  

 

 

ANNEX B

to

PLEDGE AGREEMENT

 

	
  SCHEDULE
  OF LIMITED LIABILITY COMPANY INTERESTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.             NTL
  VICTORIA LIMITED

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name of Issuing 

  Limited Liability 

  Company

  	
   

  	
  Type of
  Interest

  	
   

  	
  Percentage
  Owned

  	
   

  	
  Sub-clause
  of Section 

  3.2(a) of Pledge 

  Agreement

  	
   

  
	
  Virgin Media Dover LLC

  	
   

  	
  LLC Interest

  	
   

  	
  100

  	
  %

  	
  n/a

  	
   

  

 

 

ANNEX C

to

PLEDGE AGREEMENT

 

SCHEDULE
OF CHIEF EXECUTIVE OFFICES

 

	
  Name of Pledgor

  	
   

  	
  Address(es)
  of Chief Executive Office

  
	
  NTL Victoria Limited

  	
   

  	
  160 Great Portland
  Street, 

  London W1W 5QA, England

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