Document:

Continuing Unconditional Guaranty, dated February 21, 2007

 Exhibit 10.3 
 THIS CONTINUING UNCONDITIONAL GUARANTY IS SUBORDINATED IN ALL RESPECTS TO THE INDEBTEDNESS, LIABILITIES AND OBLIGATIONS OWING BY THE GUARANTOR ARISING UNDER OR IN CONNECTION WITH THAT CERTAIN FACILITY AGREEMENT DATED AS OF AUGUST 26,
2004, AS AMENDED FROM TIME TO TIME (THE “FACILITY AGREEMENT”), AND MAY BE COLLECTED AND ENFORCED ONLY IN ACCORDANCE WITH THE TERMS OF THE SUBORDINATION AGREEMENT, DATED AS OF FEBRUARY 21, 2007, BY AND AMONG THE LENDER, AS DEFINED BELOW,
AND THE AGENT UNDER THE FACILITY AGREEMENT (THE “SUBORDINATION AGREEMENT”). 
 CONTINUING UNCONDITIONAL GUARANTY

 This Continuing Unconditional Guaranty (“Guaranty”) is made on February 21, 2007 by MOSCOW CABLECOM CORP., a Delaware
corporation (“Guarantor”), in favor of RME FINANCE LTD, a company incorporated under the laws of Cyprus (the “Lender”). 
 PRELIMINARY STATEMENTS 
 The Guarantor and ZAO COMCOR-TV, a joint-stock corporation organized under
the laws of the Russian Federation (the “Borrower”), entered into a Bridge Facility Agreement of even date herewith (the “Loan Agreement;” terms used in this Guaranty and not otherwise defined shall have the
meanings given to them in the Loan Agreement) with the Lender. Pursuant to the Loan Agreement, the Lender has made, and may in the future make, financial accommodations to the Borrower in accordance with the terms of the Loan Agreement. The
Guarantor will continue to receive certain benefits from such accommodations and is therefore willing to guaranty the prompt payment and performance of the obligations of the Borrower, on the terms set forth in this Guaranty. The extension of
credit by the Lender to the Borrower is necessary and desirable to the conduct and operation of the business of the Borrower and will inure to the financial benefit of the Guarantor. 
 AGREEMENT 
 For value received and in consideration of any loan, advance, or
financial accommodation of any kind whatsoever heretofore, now or hereafter made, given or granted to the Borrower by the Lender (including, without limitation, the loans evidenced by the Notes as made by the Lender to the Borrower pursuant to the
Loan Agreement) and other good and valuable consideration (the sufficiency and receipt of which are hereby acknowledged), the Guarantor hereby agrees as follows: 
 ARTICLE 1 
 GUARANTY 
 1.1 GUARANTY 
 The Guarantor
unconditionally guarantees to the Lender (a) the full and prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter, of all liabilities of the Borrower to the
Lender and (b) the prompt, full and faithful discharge by the Borrower of each and every term, condition, agreement, representation, warranty or covenant now or hereafter made by the Obligors to the Lender, in each case, under these clauses
(a) and (b), pursuant to the Loan Agreement, the Notes, the other Transaction Documents or any document or instrument delivered by the Borrower to the Lender in connection therewith or pursuant thereto (which, together with the liabilities
described in clause (a) of this Section 1.1, are collectively referred to in this Guaranty as the “Borrower’s Liabilities”). The Guarantor further agrees to pay all reasonable out-of-pocket costs and expenses,
including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees paid or incurred by the Lender, in endeavoring to collect all or any part of the Borrower’s Liabilities from, or in prosecuting any action
against the Guarantor or any other guarantor of all or any part of the Borrower’s Liabilities. Guarantor indemnifies the Lender from and against and will pay, immediately upon demand, any cost, loss or liability suffered by the Lender if any
obligation guarantied by it is or becomes unenforceable, invalid or illegal. 
  

 1.2 [RESERVED] 
 1.3 GUARANTY UNCONDITIONAL 
 The Guarantor hereby agrees that, except as hereinafter provided, and to
the extent permitted by applicable law, its obligations under this Guaranty shall be unconditional, irrespective of (a) the validity or enforceability of the Borrower’s Liabilities or any part thereof, or of any Note or other document
evidencing all or any part of the Borrower’s Liabilities, (b) the absence of any attempt to collect the Borrower’s Liabilities from the Borrower or any other guarantor or other action to enforce the same or the release of such person
from liability, (c) the waiver or consent by the Lender with respect to any provision of any instrument evidencing the Borrower’s Liabilities, or any part thereof, or any other agreement heretofore, now or hereafter executed by the
Borrower and delivered to Lender, (d) the failure by the Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the Borrower’s Liabilities, (e) the
institution of any proceeding under Chapter 11 of Title 11 of the United States Code (11 U.S.C. §101 et seq.), as amended (the “Bankruptcy Code”), or any similar domestic or foreign case or proceeding, by or against the
Borrower, or the Lender’s election in any such proceeding of the application of Section 1111(b)(2) of the Bankruptcy Code, (f) any borrowing or grant of a security interest by the Borrower as debtor-in-possession, under
Section 364 of the Bankruptcy Code, (g) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the Lender’s claim(s) for repayment of the Borrower’s Liabilities, or (h) any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
 1.4 WAIVERS 
 (a) The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of receivership or bankruptcy
of the Borrower, protest or notice with respect to the Borrower’s Liabilities and all demands whatsoever, and covenants that this Guaranty will not be discharged, except by complete performance of the obligations and liabilities contained
herein. Upon the occurrence and during the continuance of an Event of Default under the Loan Agreement, the Lender may, at its sole election, proceed directly and at once, without notice, against the Guarantor to collect and recover the full
amount or any portion of the Borrower’s Liabilities, without first proceeding against any other Person, or against any security or collateral for the Borrower’s Liabilities. 
 (b) The Guarantor hereby waives any and all claims (including, without limitation, any claim for reimbursement, contribution or subrogation) of the
Guarantor against the Borrower, any endorser or any other guarantor of all or any part of the Borrower’s Liabilities, or against any of the Borrower’s properties, arising by reason of any payment by the Guarantor to the Lender pursuant to
the provisions hereof. 
 (c) The Guarantor hereby waives the benefit of any act or omission by Lender which directly or indirectly results
in or aids the discharge of Borrower from any Obligations by operation of law or otherwise. The Guarantor waives any defense arising by reason of any disability or other defense of the Borrower or by reason of the cessation from any cause whatsoever
of the liability of the Borrower. The Guarantor waives any setoff, defense or counterclaim that the Guarantor or the Borrower may have against the Lender. 
 1.5 NO SUBROGATION 
 The Guarantor hereby unconditionally and irrevocably agrees not to exercise any
rights that it may now have or hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of the Borrower’s Liabilities under or in respect of this Guaranty, the Loan Agreement, the Notes, the
other Transaction Documents or any document or instrument delivered by the Borrower to the Lender in connection therewith or pursuant thereto, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of the Lender against the Borrower or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount shall be paid to
any Guarantor in violation of the immediately preceding sentence at any time prior to the indefeasible payment in full in cash of the Borrower’s Liabilities and all other amounts payable under 

 
this Guaranty, such amount shall be received and held in trust for the benefit of the Lender, shall be segregated from other property and funds of the
Guarantor and shall forthwith be paid or delivered to the Lender in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Borrower’s Liabilities and all other amounts payable under this
Guaranty, whether matured or unmatured, in accordance with the terms of the Notes and the Loan Agreement, or to be held as collateral for any Borrower’s Liabilities or other amounts payable under this Guaranty thereafter arising. After the
Loan Agreement has been terminated and the Notes canceled and the indefeasible payment in full in cash of the Borrower’s Liabilities and all other amounts payable under this Guaranty has occurred, except in the case of a Reinstatement Event (as
defined below), the Agent and the Lender will, at the Guarantor’s request and expense, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by
subrogation to the Guarantor of an interest in the Borrower’s Liabilities resulting from such payment made by the Guarantor pursuant to this Guaranty. 
 1.6 LENDER RIGHTS WITH RESPECT TO BORROWER’S LIABILITIES 
 The Lender is hereby authorized,
without notice or demand and without affecting the liability of the Guarantor hereunder, at any time and from time to time to (a) increase the amount of, renew, extend, accelerate or otherwise change the time for payment of, or other terms
relating to the Borrower’s Liabilities or otherwise modify, amend or change the terms of any debenture, note or other agreement, document or instrument now or hereafter executed by the Borrower and delivered to the Lender; (b) accept
partial payments on the Borrower’s Liabilities; (c) take and hold security or collateral for the payment of the Borrower’s Liabilities guaranteed hereby, or for the payment of this Guaranty, or for the payment of any other guaranties
of the Borrower’s Liabilities or other liabilities of the Borrower, and exchange, enforce, waive and release any such security or collateral; (d) apply such security or collateral and direct the order or manner of sale thereof as in their
sole discretion they may determine; and (e) settle, release, compromise, collect or otherwise liquidate the Borrower’s Liabilities and any security or collateral therefor in any manner, without affecting or impairing the obligations of the
Guarantor hereunder. The Lender shall have the exclusive right to determine the time and manner of application of any payments or credits, whether received from the Borrower or any other source, and such determination shall be binding on the
Guarantor. All such payments and credits may be applied, reversed and reapplied, in whole or in part, to any of the Borrower’s Liabilities as the Lender shall determine in its sole discretion without affecting the validity or
enforceability of this Guaranty. 
 1.7 INFORMATION 
 The Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower, and any and all endorsers of any instrument or document evidencing all or any part of the
Borrower’s Liabilities and of all other circumstances bearing upon the risk of nonpayment of the Borrower’s Liabilities or any part thereof that diligent inquiry would reveal, and the Guarantor hereby agrees that the Lender shall not have
any duty to advise the Guarantor of information known to any of them regarding such condition or any such circumstances or to undertake any investigation not a part of its respective regular business routines. If the Lender, in its sole
discretion, undertakes at any time or from time to time to provide any such information to the Guarantor, the Lender shall not be under any obligation to update any such information or to provide any such information to the Guarantor on any
subsequent occasion. 
 1.8 REINSTATEMENT 
 The Guarantor consents and agrees that the Lender shall not be under any obligation to marshal any assets in favor of the Guarantor or against or in payment of any or all of the Borrower’s Liabilities. The
Guarantor further agrees that, to the extent that the Borrower makes a payment or payments to the Lender or the Lender receives any proceeds of collateral, which payment or payments or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to the Borrower, its estate, trustee, receiver or any other party, including, without limitation, the Guarantor, under any bankruptcy law or state or federal statutory or common law,
then to the extent of such payment or repayment, the Borrower’s Liabilities or the part thereof which has been paid, reduced or satisfied by such amount, and the Guarantor’s obligations hereunder with respect to such portion of the
Borrower’s Liabilities, shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred. Notwithstanding anything else to the contrary contained herein, the Guarantor
consents and agrees that this Guaranty shall continue to be effective or be reinstated, as the case may 

 
be, if at any time any payment of any of the Borrower’s Liabilities is rescinded or must otherwise be returned by any Lender or any other Person upon
the insolvency, bankruptcy or reorganization of the Borrower or the Guarantor or otherwise, all as though such payment had not been made (each such continuation or reinstatement, a “Reinstatement Event”). 
 1.9 ASSIGNMENTS BY LENDER 
 The Lender
may, to the extent and in the manner set forth in the Loan Agreement, sell or assign the Borrower’s Liabilities or any part thereof, or grant participations therein, and in any such event each and every permitted assignee or holder of, or
participant in, all or any of the Borrower’s Liabilities shall have the right to enforce this Guaranty, by suit or otherwise for the benefit of such assignee, holder, or participant, as fully as if herein by name specifically given such right.

 ARTICLE 2 
 REPRESENTATIONS AND WARRANTIES 
 The Guarantor hereby represents and warrants that:
 (a) it is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware; 
 (b) it is duly authorized and empowered to execute and deliver this Guaranty; 
 (c) all corporate action on the part of the Guarantor requisite for the due execution and delivery of this Guaranty and the due granting and creation of
the security interests referred to herein has been duly and effectively taken; 
 (d)
the principal business address is located at c/o Moscow CableCom Corp., 595 Madison Ave., 38th Floor, New York, NY
10022; 
 (e) the execution, delivery and performance of this Guaranty will not result in any violation of, conflict with, or result in a
breach of, any of the terms of, or constitute a default under, any Material Contracts, court orders or consent decrees, the Certificate of Incorporation or the By-laws, as amended, of the Guarantor; 
 (f) this Guaranty is a valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, except as the
enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors generally; 
 (g) neither Guarantor nor its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) under applicable law; 
 (h) the incurrence of
Guarantor’s obligations under this Guaranty will not cause Guarantor to (i) become insolvent; (ii) be left with unreasonably small capital for any business or transaction in which Guarantor is presently engaged or plans to be engaged;
or (iii) be unable to pay its debts as such debts mature; and 
 (i) all representations and warranties contained in this Guaranty shall
be true at the time of Guarantor’s execution of this Guaranty, and shall continue to be true so long as this Guaranty is in effect. 

 ARTICLE 3 
 MISCELLANEOUS 
 3.1 SUCCESSORS AND ASSIGNS; ASSIGNMENT BY GUARANTOR 
 This Guaranty shall be binding upon the Guarantor and upon the successors (including without limitation, any receiver, trustee or debtor in possession of
or for the Guarantor) of the Guarantor and shall inure to the benefit of the Lender and their respective successors and permitted assigns. Notwithstanding anything contained herein to the contrary, this Guaranty may not be assigned by the
Guarantor without the prior written consent of the Lender. 
 3.2 TERM OF GUARANTY 
 This Guaranty shall continue in full force and effect, and the Lender shall be entitled to make loans and advances and extend financial accommodations to
the Borrower on the faith hereof, until the Loan Agreement has been terminated and the Notes canceled and the indefeasible payment in full in cash of the Borrower’s Liabilities and all other amounts payable under this Guaranty has
occurred. The Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and acknowledges that this Guaranty is continuing in nature and applies to all Borrower’s Liabilities, whether existing now or in the
future. 
 3.3 SEVERABILITY 
 Wherever possible each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision
shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
 3.4 GOVERNING LAW 
 THIS GUARANTY
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WHEREIN THE TERMS OF THIS GUARANTY WERE NEGOTIATED, EXCLUDING TO THE GREATEST EXTENT PERMITTED BY LAW ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF ANY
JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 3.5 CONSENT TO JURISDICTION 
 (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
United States District Court for the Southern District of New York (the “Court”) in any action or proceeding arising out of or relating to this Agreement or any of the other Transaction Documents to which it is a party or to whose benefit
it is entitled, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the right that any party may otherwise have to bring any action or proceeding relating to this
Agreement or any of the other Transaction Documents in the courts of any other jurisdiction. 
 (b) Each of the parties hereto
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or in relation to this
Agreement or any other Transaction Document to which it is a party in such Court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in such Court. 
 3.6 WAIVER OF JURY TRIAL 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION
DOCUMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
  

 IN WITNESS WHEREOF, this Guaranty has been duly executed by the undersigned as of the date first
written above. 
  

			
	MOSCOW CABLECOM CORP.
		
	By:	 	 /s/ Andrew Intrater

	Name:	 	Andrew Intrater
	Title:	 	ChairmanAmendment Agreement No. 5

 Exhibit 10.4 
 DATED 21 FEBRUARY, 2007 
  

	 	(1)	MOSCOW CABLECOM CORP. 

	 	  	(as “Company”) 

  

	 	(2)	ZAO COMCOR-TV 

	 	  	(as “Borrower”) 

  

	 	(3)	OTHERS (as referred to herein) 

  

	 	(4)	RME FINANCE LTD (formerly known as 

	 	  	COLUMBUS NOVA DF LIMITED) 

	 	  	(as “Original Lender”) 

  

	 	(5)	RME FINANCE LTD (formerly known as 

	 	  	COLUMBUS NOVA DF LIMITED) 

	 	  	(as “Agent” and “Security Agent”) 

  

 AMENDMENT AGREEMENT No. 5 
 TO $28,500,000 FACILITY AGREEMENT 
 DATED 26 AUGUST 2004 
  

 This Amendment Agreement is made and entered into as of February 21, 2007 (this “Agreement”), by
and among: 
  

	 	(1)	MOSCOW CABLECOM CORP., a Delaware corporation (the “Company”), 

  

	 	(2)	ZAO COMCOR-TV, a closed joint stock company organized under the laws of the Russian Federation and a wholly-owned subsidiary of the Company (the “Borrower”),

  

	 	(3)	THE SUBSIDIARIES of the Company identified on the signature pages hereto (collectively, the “Subsidiary Guarantors”), 

  

	 	(4)	RME FINANCE LTD, formerly known as Columbus Nova DF Limited, a company incorporated under the laws of Cyprus (the “Original Lender”), 

  

	 	(5)	RME FINANCE LTD, formerly known as Columbus Nova DF Limited, as Agent and Security Agent of the Finance Parties (in such capacity the “Agent”),

 (collectively, the “Parties”). 
 WHEREAS: 
 (A) The Company, the Borrower, the Obligors, the Original Lender, the Agent and the
Security Agent entered into a $28,500,000 Facility Agreement on the 26th day of August 2004 (as amended and supplemented from time to time, the “Loan Agreement”). 
 (B) The Original Lender, Agent and Security Agent, changed its legal name from “COLUMBUS NOVA DF LIMITED” to “RME FINANCE LTD” such
change of name having been certified by the certificate of change of name No. HE149098/HE46, dated February 1, 2006, by the Registrar of Companies, Republic of Cyprus. 
 (C) The Company, the Borrower and RME FINANCE LTD have proposed to enter into a Bridge Facility Agreement, of even date herewith (as amended, modified or
supplemented from time to time in accordance with the terms thereof the “Bridge Loan Agreement”), providing for, among other things the incurrence of indebtedness by the Borrower and the guaranty of such indebtedness by the Company
pursuant to the terms thereof and the other Transaction Documents, as that term is defined therein (collectively, as amended, modified or supplemented from time to time in accordance with the terms thereof, together with the Bridge Loan Agreement,
the “Bridge Loan Documents”). 
 (D) The Company, Renova Media Enterprises Ltd., a Bahamian corporation, and Galaxy Merger
Sub Corporation, a Delaware corporation (“Sub”), have entered into that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, modified or supplemented from time to time in accordance with the terms thereof,
the “Merger Agreement”), providing for the merger of Sub, in accordance with and subject to the terms thereof, with and into the Company, with the Company being the surviving corporation (the “Merger”). 

(E) The Company has advised the Agent that certain Events of Default have occurred and exist under the Loan Agreement resulting from (collectively,
the “Existing Defaults”) the matters identified on Schedule 1 attached hereto. 
 (F) Pursuant to the Loan Agreement, the
Borrower and the Company are prohibited from incurring indebtedness under the Bridge Loan Agreement and the Company is prohibited from entering into the Merger Agreement and from consummating the Merger (the “Proposed
Transactions”). The Obligors have requested that the Original Lender and Agent consent to the Pending Transactions and waive the Existing Defaults. Subject to and on the terms set forth herein, the Original Lender and Agent have agreed to
provide such consents and waivers. 
 (G) The Parties have further agreed to amend the Loan Agreement on the terms set out below. 

 

 1 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION. 

  

	 	1.1.	Capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement. 

  

	 	1.2.	“Effective Date”. This Agreement shall become effective on the date on which the Agent has notified the Company that it has received in form and substance
satisfactory to the Agent appropriate corporate authorizations of the Obligors party hereto authorizing the entry into and the performance of this Agreement. 

  

	 	1.3.	References to Clauses and Schedules herein are to Clauses and Schedules in the Loan Agreement. References to Sections herein are to sections in this Agreement.

  

	 	1.4.	The Original Lender’s, the Agent’s and the Security Agent’s previous legal name “COLUMBUS NOVA DF LIMITED” shall be deleted in all instances it appears in
the Loan Agreement, and the Original Lender’s, the Agent’s and the Security Agent’s new legal name “RME FINANCE LTD” shall be inserted in place thereof. The Parties acknowledge and agree that the references to “RME
MANAGEMENT LTD.” and “RME MNAGEMENT LTD.” in Amendment No. 3 to the Loan Agreement dated as of May 5, 2006 and in Amendment No. 4 to the Loan Agreement dated as of September 21, 2006 were in error, and all such
references are, and shall be deemed to be, to “RME FINANCE LTD, formerly known as COLUMBUS NOVA DF LIMITED”. 

  

	2.	LIMITED CONSENT AND WAIVER 

  

	 	2.1.	The Original Lender and the Agent hereby consent to the Proposed Transactions. The Agent and the Original Lender further agree that a cancellation or suspension of the obligation of
RME FINANCE LTD, as lender under the Bridge Loan Agreement, to provide a Loan on a Funding Date, as that term is defined in the Bridge Loan Agreement, in accordance with its terms (other than as a result of an Event of Default under the Bridge Loan
Agreement) shall not, by itself, give rise to an Event of Default under the Loan Agreement. 

  

	 	2.2.	The Original Lender and the Agent hereby waive the Existing Defaults. 

  

	 	2.3.	The Obligors party hereto consent to the dissolution of Ney Technology, Inc. and New Jersey Precious Metals, Inc., and waive any rights to notice of, or rights to consent to, such
entities’ dissolution or retirement from the Loan Agreement. 

  

	3.	AMENDMENTS TO THE LOAN AGREEMENT. 

  

	 	3.1.	The Parties hereby agree that the provisions of the Loan Agreement are hereby amended or supplanted, as applicable, with effect on and from the Effective Date in the following
manner: 

  

	 	3.1.1.	The following new defined terms are inserted into Section 1.1 of the Loan Agreement in alphabetical order: 

  

	 	  	“2007 Bridge Debt” means any and all loans, advances, obligations and liabilities of the Company and the Borrower now existing or hereafter arising, primary or
secondary, arising under or relating to the 2007 Bridge Loan Agreement, the Notes (as that term is defined therein), the Guaranty (as that term is defined therein), and any other Transaction Document (as that term is defined therein), in each case
as amended from time to time including (i) all principal of and interest (including any interest which accrues after the commencement of any case, proceeding or other actions relating to the bankruptcy, insolvency or reorganization of the
Borrower or the Company) on any loans or other extensions of credit under the 2007 Bridge Loan Agreement, or any Notes issued thereunder and all costs of collection, fees and expenses associated therewith, (ii) all other amounts payable by the
Borrower or the Company under any such Transaction Document. 

  

 2 

	 	  	“2007 Bridge Loan Agreement” means the Bridge Facility Agreement dated as of February 21, 2007, by and among the Borrower, the Company and RME FINANCE LTD, a
corporation formed under the laws of Cyprus, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof. 

  

	 	  	“Amendment No. 5” means the Amendment Agreement No. 5 to $28,500,000 Facility Agreement, dated as of February 21, 2007, by and among the Company, the
Borrower, the other Obligors, the Original Lender, the Agent and the Security Agent. 

  

	 	  	“Merger Agreement” means the Agreement and Plan of Merger, dated as of February 21, 2007, by and among RENOVA MEDIA ENTERPRISES LTD., the Company and GALAXY
MERGER SUB CORPORATION, a Delaware corporation, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof. 

  

	 	  	“Qualified Take-Out Lender” means the Person making a “Superior Proposal” (as that term is defined in the Merger Agreement), an Affiliate of such
Person or an investment bank or commercial or finance lender (regularly engaged in the business of lending money, and is not a direct competitor of the Original Lender or its Affiliates), who extends a loan to the Borrower to prepay the 2007 Bridge
Debt in connection with such Superior Proposal (“Third Party Lender”), which Superior Proposal has been memorialized in a definitive written agreement to consummate the transactions contemplated thereby, duly executed and delivered
by the Company and such Person, and on the basis of which the Company has caused the Merger Agreement to be terminated pursuant to Section 9.3(e) thereof. 

  

	 	3.1.2.	The word “and” is deleted from the end of Clause 17.7(d), and the period at the end of Clause 17.7(e) is replaced with “; and”. 

  

	 	3.1.3.	New Clauses 17.7(f) and 17.7(g) are inserted into the Loan Agreement immediately following Clause 17.7(e), that read as follows: 

  

	 	  	“(f) indebtedness of the Borrower owing to RME FINANCE LTD or its permitted successors and assigns that, at all times, satisfies each and all of the following requirements:

 (i) the aggregate original principal amount of such indebtedness does not exceed $45,000,000; 
 (ii) such indebtedness is not secured by any form of Security over any assets of the Borrower, any Guarantor, or any other member of the
Group; 
 (iii) such indebtedness is not guarantied by, and no credit support is provided by, any Person other than the
Company; 
 (iv) all of such indebtedness is incurred pursuant to, and is on substantially the terms and conditions set forth
in, the 2007 Bridge Loan Agreement and evidenced by one or more unsecured subordinated promissory notes in the form attached to the 2007 Bridge Loan Agreement as Exhibit A thereto (collectively the “2007 Bridge Notes”); and

 (v) such indebtedness, and any rights and powers of the holder with respect thereto, are, at all times, subject to a valid
and binding subordination agreement in substantially the form attached as Exhibit A to the Amendment No. 5. 
  

	 	    	(g) indebtedness of the Borrower owing to the Qualified Take-Out Lender that satisfies each and all of the following requirements: 

 (i) prior to or simultaneously with the incurrence of such indebtedness, the 2007 Bridge Debt is indefeasibly repaid in full, in cash;

  

 3 

 (ii) all of the proceeds of such indebtedness are first used exclusively to repay the
2007 Bridge Debt; 
 (iii) the aggregate principal amount of such indebtedness does not exceed the outstanding amount of the
2007 Bridge Debt plus an amount equal to any remaining unfunded principal under the 2007 Bridge Loan Agreement (which sum, in any event, shall not exceed $45,000,000 in the aggregate); 
 (iv) such indebtedness is not secured by any form of Security over any assets of the Borrower, any Guarantor, or any other member of the
Group; 
 (v) such indebtedness is not guarantied by, and no credit support is provided by, any Person other than the Company
or the Person or an Affiliate of such Person making a Superior Proposal, if applicable; 
 (vi) all of such indebtedness is
incurred pursuant to, and is on terms and conditions that, both individually and in the aggregate, are the same or better (from the prospective of the Borrower and the Company) than those set forth in the 2007 Bridge Loan Agreement and the 2007
Bridge Notes; and 
 (vii) such indebtedness, and any rights and powers of the holder with respect thereto, are at all times
subject to a valid and binding subordination agreement in substantially the form attached as Exhibit A to Amendment No. 5.” 
 4.
CONTINUING OBLIGATIONS. 
 The Obligors acknowledge and agree that the Loan Agreement and the guaranties, security agreements, pledge
agreements, documents, instruments and other agreements entered into in connection therewith, each as amended from time to time, shall be and continue in full force and effect in accordance with their respective terms and hereby are ratified and
confirmed in all respects. Neither the execution, delivery, and performance of this Agreement and nor any Bridge Loan Document shall operate, or be construed to operate, as a waiver of, or, other than as expressly set forth herein, as an amendment
of, any right, power, or remedy of the Original Lender or Agent under the Loan Agreement or any of the documents, deeds, instruments or agreements entered into in connection therewith. The consents and waivers provided herein: (a) in no way
shall be deemed an agreement by the Agent or the Original Lender to waive any covenant, liability or obligation of any Obligor or any third party or to waive any right, power, or remedy of the Agent or the Original Lender; (b) shall not limit
or impair the Agent or the Original Lender’s right to demand strict performance of each Obligor’s liabilities and obligations to the Agent and the Original Lender under the Loan Agreement at all times following consummation of the Proposed
Transactions; (c) in no way shall obligate the Agent or the Original Lender to make any future waivers, consents or modifications to the Loan Agreement, and (d) is not a continuing waiver with respect to any failure to perform any
obligation. Nothing in this Agreement shall constitute a satisfaction of any Obligor’s obligations under the Loan Agreement. 
 5. REPRESENTATIONS
AND WARRANTIES. 
 Each Obligor hereby represents and warrants to the Original Lender and the Agent that: (a) each of the
representations and warranties set forth in the Loan Agreement are true and correct as of the date hereof, (b) that, other than the Existing Defaults, no default or Event of Default or failure of condition has occurred or exists, or would exist
with notice or lapse of time or both under the Loan Agreement. 
 6. COSTS. 
 The Company shall, within three Business Days of demand, reimburse the Original Lender for the amount of all costs and expenses (including reasonable
legal fees) incurred by the Original Lender, the Agent and the Security Agent in connection herewith. 
  

 4 

 7. NO THIRD PARTY RIGHTS. 
 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act of 1999, or under any other applicable law, to enforce any term of or enjoy any right under, any term of
this Agreement. 
 8. COUNTERPARTS. 
 This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 
 9. GOVERNING LAW. 
 This Agreement shall be governed by English law. The provisions of Clause 34 of the Loan Agreement shall
be incorporated herein, mutatis mutandis. Each of the Parties shall do all such things as may reasonably be with in its power and execute and deliver all such deeds and documents as may be necessary to give effect to this Agreement. 
 [The Remainder of Page Left Blank] 
  

 5 

 IN WITNESS whereof the parties have executed and delivered this Agreement as a deed the day and year first written
above. 
  

			
	 MOSCOW CABLECOM CORP., as
 Company
and Original Guarantor

		
	By:	 	 /s/ Andrew Intrater

	Name:	 	Andrew Intrater
	Title:	 	Chairman
	
	ZAO COMCOR-TV, as Borrower
		
	By:	 	 /s/ Mikhail Silin

	Name:	 	Mikhail Silin
	Title:	 	General Director
	
	AGI TECHNOLOGY, INC., as Original Guarantor
		
	By:	 	 /s/ Andrew M. O’Shea

	Name:	 	Andrew M. O’Shea
	Title:	 	President
	
	 ANDERSEN LAND CORP., as Original
 Guarantor

		
	By:	 	 /s/ Andrew M. O’Shea

	Name:	 	Andrew M. O’Shea
	Title:	 	President
	
	 ABC MOSCOW BROADBAND
 COMMUNICATION
LIMITED, as Original
 Guarantor

		
	By:	 	 /s/ Andrew M. O’Shea

	Name:	 	Andrew M. O’Shea
	Title:	 	Treasurer

 Signature Page to Amendment Agreement No. 5 

			
	RME FINANCE LTD, as Original Lender
		
	By:	 	 /s/ Vladimir Kuznetsov

	Name:	 	Vladimir Kuznetsov
	Title:	 	Attorney in Fact
	
	 RME FINANCE LTD, as Agent and Security
 Agent

		
	By:	 	 /s/ Vladimir Kuznetsov

	Name:	 	Vladimir Kuznetsov
	Title:	 	Attorney in Fact

 Signature Page to Amendment Agreement No. 5 

 EXHIBIT A 
 TO AMENDMENT NO. 5 
 FORM OF SUBORDINATION AGREEMENT 
 This Subordination Agreement (this “Subordination Agreement”) is made as of February     , 2007 by and
between RME FINANCE LTD, formerly known as AMATOLA ENTERPRISES LIMITED, a company incorporated under the laws of Cyprus, as and in its capacity as Agent and Security Agent pursuant to that certain Facility Agreement, defined below (in such capacity,
the “Agent”) and                     , as lender pursuant to that certain Bridge Agreement as defined below
(“Subordinated Creditor”). 
 A. Pursuant to the Facility Agreement dated as of August 26, 2004 (as amended, modified,
supplemented, restated or extended from time to time, the “Facility Agreement”), by and among MOSCOW CABLECOM CORP., a Delaware corporation (the “Company”), ZAO COMCOR-TV, a closed joint stock company organized
under the laws of the Russian Federation and a wholly-owned subsidiary of the Company (the “Borrower”), and certain subsidiary guarantors of the Company from time to time party thereto (together with the Company, the
“Guarantors” and together with the Company and the Borrower, the “Obligors”), and RME FINANCE LTD, as Agent for itself and the other lenders from time to time party thereto (the “Senior Lenders” or
collectively with the Agent, the “Senior Creditors”), the Senior Creditors have made loans or have extended other credit accommodations to the Borrower that have been unconditionally guarantied by the Guarantors. The obligations of
the Obligors under the Facility Agreement and the documents and instruments entered into in connection therewith are or may be from time to time secured by assets and properties of the Obligors. 
 B. The Borrower and the Company propose to enter into that certain Bridge Facility Agreement, dated as of
[                         , 2007] (as amended from time to time, the “Bridge Agreement”) with
Subordinated Creditor providing for the extension of unsecured loans by Subordinated Creditor to the Borrower in an amount up to $45,000,000 on and subject to the terms and conditions set forth therein, which loans will be guarantied by the Company
pursuant to a Continuing Unconditional Guaranty, of even date with the Bridge Agreement, in favor of Subordinated Creditor (as amended from time to time, the “Guaranty”). Loans made pursuant to the Bridge Agreement will be further
evidenced by one or more unsecured subordinated promissory notes (each a “Note” and collectively, the “Notes”). 
 C. It is a condition to the Agent’s consent to, among other things, the incurrence of indebtedness under the Bridge Agreement that Subordinated Creditor enter into this Subordination Agreement to confirm that, among other things, any
and all amounts owing to Subordinated Creditor (or any subsequent holder of any Note) under or pursuant to the Bridge Agreement or any Note be subordinated in right of payment to the prior payment in full of any and all Senior Debt of the Company
and the Borrower (as defined below). 
 D. Subordinated Creditor is willing to subordinate: (i) all of the Borrower’s and all of
the Company’s respective indebtedness, obligations and liabilities to Subordinated Creditor now existing or hereafter arising, primary or secondary, arising under or relating to the Bridge Agreement, the Notes, the Guaranty or any other
“Transaction Document” (as that term is defined in the Bridge Agreement in effect on the date hereof) and any and all documents, instruments and agreements entered into in connection therewith, in each case as amended from time to
time including all principal of and interest (including any interest which accrues after the commencement of any case, proceeding or other actions relating to the bankruptcy, insolvency or reorganization of the Borrower or the Company) on any loans
or other extensions of credit under or in connection with the Bridge Agreement, and any all costs of collection, fees and expenses associated therewith (the “Subordinated Debt”) to all of the Borrower’s and all of the
Company’s respective indebtedness, obligations, and liabilities to the Senior Creditors now existing or hereafter arising, primary or secondary, arising under or relating to the Facility Agreement, the other “Finance Documents”
(as that term is defined in the Facility Agreement) and any and all documents, instruments and agreements entered into in connection therewith, in each case as amended from time to time including all principal of and interest (including any interest
which accrues after the commencement of any case, proceeding or other actions relating to the bankruptcy, insolvency or reorganization of the Borrower or the Company) on any loans or other extensions of credit under or in connection with the
Facility Agreement, and any all costs of collection, fees and expenses associated therewith (the “Senior Debt”), and (ii) all of Subordinated Creditor’s liens and security interests, if any, in any Obligor’s property,
to all of Agent’s or any other Senior Creditor’s liens and security interests in such property. Capitalized terms not otherwise defined herein, shall have the meanings given in the Facility Agreement. 

 Now, therefore, the parties agree as follows: 
 1. Subordination of Security. Subordinated Creditor hereby subordinates to the Senior Creditors any Security that Subordinate Creditor may have on
any property of any Obligor. Notwithstanding the respective dates of attachment or perfection of the Security of Subordinated Creditor, if any, and the Security of the Senior Creditors, the Security held by or in favor of any Senior Creditor, shall
at all times be prior to the Security of Subordinated Creditor. Nothing herein shall, or be deemed to, impair or prejudice the terms and restrictions under Clauses 17.3 or 17.7 of the Facility Agreement. 
 2. Subordination to Senior Debt. 
 (a) Notwithstanding anything to the contrary contained in the Bridge Agreement or the other Transaction Documents, Subordinated Creditor covenants and agrees, that the Bridge Agreement, the Notes, the Guaranty and the other Transaction
Documents shall be and are issued subject to the provisions of this Subordination Agreement; and each person holding any Note, whether upon original issuance or upon transfer, assignment or exchange thereof accepts and agrees that all payments on or
in respect of the Subordinated Debt shall, to the extent and in the manner set forth in this Subordination Agreement, be subordinated and junior in right of payment, to the prior and indefeasible payment in full in cash of all amounts payable on or
under any and all Senior Debt (including principal, interest, fees, commissions, expenses and indemnities in respect thereof and any interest accruing subsequent to the commencement or filing of any petition in any bankruptcy or insolvency
proceeding at the rate provided for in the documents governing such Senior Debt, whether or not such interest is an allowed claim enforceable against the debtor in a bankruptcy or insolvency proceeding). 
 (b) The Subordinated Creditor will not demand or receive from, or on behalf of, any Obligor (and no Obligor will pay to Subordinated Creditor), directly
or indirectly, all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will the Subordinated Creditor exercise any right or remedy with respect to the any Obligor or any of their assets or
properties, nor will the Subordinated Creditor commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against any Obligor, for so long as any portion of the Senior Debt remains outstanding.
Notwithstanding the foregoing, Subordinated Creditor shall be entitled to receive each regularly scheduled quarterly payment of interest under the Bridge Agreement, as in effect on the date hereof, provided that no Event of Default or event or
circumstance which, with the giving of notice, the lapse of time, or both, would constitute an Event of Default, exists immediately before or after giving effect to such payment. 
 (c) To the extent any payment of Senior Debt (whether by or on behalf of the Company or any other Obligor, as proceeds of Security or enforcement of any
right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to a trustee, receiver, liquidator or other similar party under any bankruptcy, insolvency, receivership, liquidation, fraudulent conveyance
or similar law, then if such payment is recovered by, or paid over to, such trustee, receiver, liquidator or other similar party, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as
if such payment had not occurred. To the extent the obligation to repay any Senior Debt is declared to be fraudulent, invalid or otherwise set aside under any bankruptcy, insolvency, receivership, liquidation, fraudulent conveyance or similar law,
then the obligations so declared fraudulent, invalid or otherwise set aside (and all other amounts which would come due with respect thereto had such obligations not been so affected) shall be deemed to be reinstated and outstanding as Senior Debt
for all purposes hereof as if such declaration, invalidity or setting aside had not occurred. 
 3. Turnover. The Subordinated
Creditor shall immediately deliver to the Agent in the form received (except for endorsement or assignment by the Subordinated Creditor where required by the Agent) for application to the Senior Debt, any payment, distribution, Security or proceeds
received by the Subordinated Creditor in respect of the Subordinated Debt, other than in strict accordance with this Subordination Agreement. Without limiting the foregoing, in the event that, notwithstanding the foregoing, any payment shall be
received by Subordinated Creditor when such payment is prohibited by this Subordination Agreement, such payment shall be held in trust for the sole benefit of, and shall be paid over or delivered to, the Agent for the benefit of the Senior Lenders.

  

 A-2 

 4. Payment Over of Proceeds Upon Dissolution, Etc. 
 (a) Upon any payment or distribution of assets or securities of any Obligor, of any kind or character, whether in cash, property or securities, upon any
dissolution or winding-up or total or partial liquidation or reorganization of any Obligor, whether voluntary or involuntary or in bankruptcy, insolvency, receivership, liquidation or other proceeding, all amounts due or to become due upon all
Senior Debt (including interest accruing subsequent to the commencement or filing of any petition in any bankruptcy or insolvency proceeding at the rate provided for in the documents governing such Senior Debt, whether or not such interest is an
allowed claim enforceable against the debtor in a bankruptcy case under Title 11 of the United States Code) shall first be indefeasibly paid in full, in cash, before Subordinated Creditor shall be entitled to receive any payment on account of the
Subordinated Debt, or any payment to acquire the Subordinate Debt or any Note for cash, property or securities or any distribution with respect to the Subordinated Debt or any Note of any cash, property or securities. Before any payment may be in
respect of the Subordinated Debt, upon any such dissolution, winding-up, liquidation or reorganization, any payment or distribution of assets or securities of any Obligor of any kind or character, whether in cash, property or securities, to which
Subordinated Creditor the holder of any Note would be entitled, except for the provisions of this Subordination Agreement, shall be made by such Obligor or by any receiver, liquidator, administrator, trustee in bankruptcy, liquidating trustee, agent
or other Person making such payment or distribution, or by Subordinated Creditor or the holder of a Note if received by it, directly to the holders of Senior Debt (pro rata to such holders on the basis of the respective amounts of Senior Debt held
by such holders) or their respective representatives, including the Agent, as their respective interests may appear, to the extent necessary to pay all such Senior Debt indefeasibly in full, in cash, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior Debt. 
 (b) In the event that, notwithstanding the foregoing
provision prohibiting such payment or distribution, any payment or distribution of assets or securities of an Obligor of any kind or character, whether in cash, property or securities, shall be received by the Subordinated Creditor or any holder of
any Note at a time when such payment or distribution is prohibited by Section 4(a) of this Subordination Agreement and before all obligations in respect of Senior Debt are indefeasibly paid in full, in cash, such payment or distribution shall
be received and held in trust for the sole benefit of, and shall be paid over or delivered to, the holders of Senior Debt (pro rata to such holders on the basis of the respective amount of Senior Debt held by such holders) or their respective
representatives, including the Agent, as their respective interests may appear, for application to the payment of Senior Debt remaining unpaid until all such Senior Debt has been indefeasibly paid in full in cash or cash equivalents, after giving
effect to any concurrent payment, distribution or provision therefor to or for the holders of such Senior Debt. 
 5. Subrogation.
Upon the indefeasible payment in full of all Senior Debt in cash, the Subordinated Creditor shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of cash, property or securities of the Borrower and the
Company made on such Senior Debt until the principal of, premium, if any, and interest on the Subordinated Debt shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any
cash, property or securities to which the Subordinated Creditor would be entitled except for the provisions of this Subordination Agreement and no payment over pursuant to the provisions of this Subordination Agreement to the holders of Senior Debt
by the Subordinated Creditor shall, as between the Borrower or the Company, their respective creditors, other than the Senior Creditors, and the Subordinated Creditor, be deemed to be a payment by the Borrower or the Company to or on account of the
Senior Debt; and no payments or distributions of cash, property or securities to or for the benefit of the Subordinated Creditor pursuant to the subrogation provisions hereof which would otherwise have been paid to the Senior Creditors shall be
deemed to be a payment by the Borrower or the Company to or for the account of the holder of the Subordinated Creditor. It is understood that the provisions of this Subordination Agreement are and are intended solely for the purpose of defining the
relative rights of the Subordinated Creditor, on the one hand, and the Senior Creditors, on the other hand. 
 6. Obligations of Company
Unconditional. Nothing contained in this Subordination Agreement is intended to or shall impair, as among the Borrower, the Company and the Subordinated Creditor, the 

  

 A-3 

 
obligations of the Borrower or the Company, which are absolute and unconditional, to pay to the Subordinated Creditor the principal of and interest on the
Subordinated Debt as and when the same shall become due and payable in accordance with its terms, or is intended to or shall affect the relative rights of the Subordinated Creditor and creditors of the Borrower or the Company other than the Senior
Creditors. 
 7. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt. No right of any
present or future Senior Creditors to enforce subordination as provided herein will at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Obligor or by any act or failure to act by any Senior Creditor, or
by any noncompliance by the Borrower or the Company with the terms of the Subordinated Debt, regardless of any knowledge thereof which any such Senior Creditor may have or otherwise be charged with. The provisions of this Subordination Agreement are
intended to be for the benefit of, and shall be enforceable directly by, the Senior Creditors. 
 8. Reliance of Holders of Senior
Debt. Subordinated Creditor acknowledges and agrees that these subordination provisions are, and are intended to be, an inducement to and a consideration of each Senior Creditor, whether such Senior Debt was created or acquired before or after
the creation of the indebtedness evidenced by the Bridge Agreement or the Notes, and each such holder of Senior Debt shall be deemed conclusively to have relied on such subordination provisions in acquiring and holding, or in continuing to hold,
such Senior Debt. 
 9. No Waiver of Subordination Provisions. Without in any way limiting the generality of Section 7, the
Senior Creditors may, at any time and from time to time, without the consent of or notice to the Subordinated Creditor, without incurring responsibility to the Subordinated Creditor and without impairing or releasing the subordination provided in
this Subordination Agreement or the obligations hereunder of the Subordinated Creditor to the Senior Creditors, take such actions with respect to the Senior Debt as they, or any one of them, may deem appropriate, including, without limitation:
(a) change the manner, place or terms of payment or extend the time of payment of, or renew, amend or alter, the Senior Debt (including increasing the principal amount, increasing applicable interest rates) or any instrument evidencing the same
or any agreement under which Senior Debt is outstanding or secured; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (c) release any Person liable in any manner for the
payment or collection of Senior Debt, (d) exercise or refrain from exercising any rights against the Borrower, Company or any other Person, (e) terminating advances to the Borrower, (f) compromising the Senior Debt. No such action or
inaction shall impair or otherwise affect the Senior Creditors’ rights hereunder. 
 10. Legend; Amendments. Subordinated
Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Subordination Agreement. No amendment of the documents evidencing or relating to the
Subordinated Debt shall directly or indirectly modify the provisions of this Subordination Agreement in any manner which might terminate. By way of example, such instruments shall not be amended to (i) increase the rate of interest with respect
to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or any other portion of the Subordinated Debt. The Subordinated Creditor represents, warrants and covenants to the Agent that it does not, and will not, at
any time hold Security for payment of the Subordinated Debt. 
 11. Amendment, Supplement and Waiver. This Subordination Agreement may
only be amended, modified or supplemented by a written instrument executed by the Agent and the Subordinated Creditor. Any amendment or waiver effected in accordance with this Section 11 shall be binding upon the Subordinated Creditor and
the Obligors. 
 12. Successors and Assigns. This Subordination Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the parties hereto. 
 13. Governing Law. This Subordination Agreement shall be construed and enforced in
accordance with, and governed by, the internal laws of the State of New York, excluding that body of law applicable to conflicts of laws. 
 [The Remainder of Page Left Blank] 
  

 A-4 

 IN WITNESS WHEREOF, each party has caused this Subordination Agreement to be executed as of the date
first set forth above. 
  

			
	AGENT:
	
	RME FINANCE LTD, AS AGENT
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SUBORDINATED CREDITOR:
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and Agreed: 
  

THE BORROWER: 
  

			
	ZAO COMCOR-TV
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE COMPANY:
	
	MOSCOW CABLECOM CORP.
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-5

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