Document:

Exhibit
10.2

 

AMENDED AND RESTATED PROPERTY
MANAGEMENT AGREEMENT

 

THIS AMENDED AND RESTATED PROPERTY  MANAGEMENT
AGREEMENT (this “Agreement”)
is made and entered into as of January 13, 2010, by and among Reit
Management & Research LLC, a Delaware limited liability company (“Managing Agent”), and Hospitality Properties
Trust, a Maryland real estate investment trust (the “Company”), on
behalf of itself and those of its subsidiaries as may from time to time own
properties subject to this Agreement (each, an “Owner”
and, collectively, “Owners”).

 

W I T N E S S E T H :

 

WHEREAS, Owners and Managing Agent are parties to a Master
Management Agreement, dated as of January 1, 2006 (as amended, the “Original
Agreement”), pursuant to which Owners have engaged Managing Agent to manage
certain of the office and other properties which are not hospitality or travel
center properties (such types of properties, the “Properties”) from time
to time subject to this Agreement (the “Managed
Premises”); and

 

WHEREAS, Owners and Managing Agent wish to amend and
restate the Original Agreement as hereinafter provided;

 

NOW,
THEREFORE, in consideration of the premises and the
agreements herein contained, Owners and Managing Agent hereby agree that the
Original Agreement is hereby amended and restated to read in its entirety as
follows:

 

1.                                       Engagement.  Subject to the terms and conditions
hereinafter set forth, Owners hereby continue to engage Managing Agent to
provide the property management and administrative services with respect to the
Managed Premises contemplated by this Agreement.  Managing Agent hereby accepts such continued
engagement as managing agent and agrees to devote such time, attention and
effort as may be appropriate to operate and manage the Managed Premises in a
diligent, orderly and efficient manner. 
Managing Agent may subcontract out some or all of its obligations
hereunder to third party managers; provided, however, that, in
any such event, Managing Agent shall be and remain primarily liable to Owners
for performance hereunder.

 

Notwithstanding anything to the contrary set forth in this Agreement,
the services to be provided by Managing Agent hereunder shall exclude all
services (including, without limitation, any garage management or cafeteria
management services) whose performance by a manager to any Owner could give
rise to an Owner’s receipt of “impermissible tenant service income” as defined
in §856(d)(7) of the Internal Revenue Code of 1986 (as amended or
superseded hereafter) or could in any other way jeopardize an Owner’s federal
or state tax qualification as a real estate 

 

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investment trust.  Managing Agent shall not perform any such
service and if, in the event Managing Agent shall inadvertently perform any such
service, no compensation therefor shall be paid or payable hereunder.

 

2.                                       General
Parameters.  Any or all
services may be performed or goods purchased by Managing Agent under
arrangements jointly with or for other properties owned or managed by Managing Agent
and the costs shall be reasonably apportioned. 
Managing Agent may employ personnel who are assigned to work exclusively
at the Managed Premises or partly at the Managed Premises and other buildings
owned and/or managed by Managing Agent. 
Wages, benefits and other related costs of centralized accounting
personnel and employees employed by Managing Agent and assigned to work
exclusively or partly at the Managed Premises shall be fairly apportioned and
reimbursed, pro rata, by Owners in addition to the Fee and Construction
Supervision Fee (each as defined in Section 6).

 

3.                                       Duties.  Without limitation, Managing Agent agrees to
perform the following specific duties:

 

(a)                                  To seek tenants for the Managed Premises in accordance with
market rents and to negotiate leases including renewals thereof and to lease
space to tenants, at rentals, and for periods of occupancy all on market
terms.  To employ appropriate means in
order that the availability of rental space is made known to potential tenants,
including, but not limited to, the employment of brokers.  The brokerage and legal expenses of
negotiating such leases and leasing such space shall be paid by the applicable
Owner.

 

(b)                                 To collect all rents and other income from the Managed
Premises and to give receipts therefor, both on behalf of Owners, and deposit
such funds in such banks and such accounts as are named, from time to time, by
Owners, in agency accounts for and under the name of Owners.  Managing Agent shall be empowered to sign
disbursement checks on these accounts.

 

(c)                                  To make contracts for and to supervise any repairs and/or
alterations to the Managed Premises, including tenant improvements and
decoration of rental space on reasonable commercial terms.

 

(d)                                 For Owners’ account and at its expense, to hire, supervise
and discharge employees as required for the efficient operation and maintenance
of the Managed Premises.

 

(e)                                  To obtain, at Owners’ expense, appropriate insurance for the
Managed Premises protecting Owners and Managing Agent while acting on behalf of
Owners against all normally insurable risks relating to the Managed Premises
and complying with 

 

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the requirements of Owners’
mortgagee, if any, and to cause the same to be provided and maintained by all
tenants with respect to the Managed Premises to the extent required by the
terms of such tenants’ leases. 
Notwithstanding the foregoing, Owners may determine to purchase
insurance directly for their own account.

 

(f)                                    To promptly notify the applicable Owner’s insurance carriers,
as required by the applicable policies, of any casualty or injury to person or
property at the Managed Premises, and complete customary reports in connection
therewith.

 

(g)                                 To procure seasonably all supplies and other materials
necessary for the proper operation of the Managed Premises, at Owners’ expense.

 

(h)                                 To pay promptly from rental receipts, other income derived
from the Managed Premises, or other monies made available by Owners for such
purpose, all costs incurred in the operation of the Managed Premises which are
expenses of Owners hereunder, including wages or other payments for services
rendered, invoices for supplies or other items furnished in relation to the
Managed Premises, and pay over forthwith the balance of such rental receipts,
income and monies to Owners or as Owners shall from time to time direct.  (In the event that the sum of the expenses to
operate and the compensation due Managing Agent exceed gross receipts in any
month and no excess funds from prior months are available for payment of such
excess, Owners shall pay promptly the amount of the deficiency thereof to
Managing Agent upon receipt of statements therefor.)

 

(i)                                     To keep Owners apprised of any material developments in the
operation of the Managed Premises.

 

(j)                                     To establish reasonable rules and regulations for
tenants of the Managed Premises.

 

(k)                                  On behalf of and in the name of Owner, to institute or
defend, as the case may be, any and all legal actions or proceedings relating
to operation of the Managed Premises.

 

(l)                                     To maintain the books and records of Owners reflecting the
management and operation of the Managed Premises, making available for
reasonable inspection and examination by Owners or its representatives, all
books, records and other financial data relating to the Managed Premises.

 

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(m)                               To prepare and deliver seasonably to tenants of the Managed
Premises such statements of expenses or other information as shall be required
on the landlord’s part to be delivered to such tenants for computation of rent,
additional rent, or any other reason.

 

(n)                                 To aid, assist and cooperate with Owners in matters relating
to taxes and assessments and insurance loss adjustments, notify Owners of any
tax increase or special assessments relating to the Managed Premises and to
enter into contracts for tax abatements services.

 

(o)                                 To provide such emergency services as may be required for the
efficient management and operation of the Managed Premises on a 24-hour basis.

 

(p)                                 To enter into contracts on commercially reasonable terms for
utilities (including, without limitation, water, fuel, electricity and
telephone) and for building services (including, without limitation, cleaning
of windows, common areas and tenant space, ash, rubbish and garbage hauling,
snow plowing, landscaping, carpet cleaning and vermin extermination), and for
other services as are appropriate to first class office space.

 

(q)                                 To seek market terms for all items purchased or services contracted
by it under this Agreement.

 

(r)                                    To take such action generally consistent with the provisions
of this Agreement as Owners might with respect to the Managed Premises if
personally present.

 

(s)                                  To, from time to time, or at any time requested by the Board
of Trustees of the Company (the “Trustees”), make reports of its
performance of the foregoing services to the Company.

 

4.                                       Authority.  Owners give to Managing Agent the authority
and powers to perform the foregoing duties on behalf of Owners and authorize
Managing Agent to incur such reasonable expenses, specifically contemplated in Section 2,
on behalf of Owners as are necessary in the performance of those duties.

 

5.                                       Special
Authority of Managing Agent.  In addition to, and not in limitation of, the
duties and authority of Managing Agent contained herein, Managing Agent shall
perform the following duties:

 

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(a)                                  Terminate tenancies and sign and serve in the name of Owners
such notices therefor as may be required for the proper management of the
Managed Premises.

 

(b)                                 At Owners’ expense, institute and prosecute actions to evict
tenants and recover possession of rental space, and recover rents and other
sums due; and when expedient, settle, compromise and release such actions or
suits or reinstate such tenancies.

 

6.                                       Compensation.

 

(a)                                  In consideration of the services to be rendered by Managing
Agent hereunder, Owners agree to pay and Managing Agent agrees to accept as its
sole compensation (i) a management fee (the “Fee”)
equal to three percent (3%) of the gross collected rents actually received by
Owners from the Managed Premises, such gross rents to include all fixed rents,
percentage rents, additional rents, operating expense and tax escalations, and
any other charges paid to Owners in connection with occupancy of the Managed
Premises, but excluding any amounts collected from tenants to reimburse Owners
for the cost of capital improvements or for expenses incurred in curing any
tenant default or in enforcing any remedy against any tenant; and (ii) a
construction supervision fee (the “Construction
Supervision Fee”) in connection with all interior and exterior
construction renovation or repair activities at the Managed Premises,
including, without limitation, all tenant and capital improvements in, on or
about the Managed Premises, undertaken during the term of this Agreement, other
than ordinary maintenance and repair, equal to five percent (5%) of the cost of
such construction which shall include the costs of all related professional
services and the cost of general conditions.

 

(b)                                 Unless otherwise agreed, the Fee shall be due and payable
monthly, in arrears based on a reasonable annual estimate or budget with an
annual reconciliation within thirty (30) days after the end of each calendar
year.  The Construction Supervision Fee
shall be due and payable periodically, as agreed by Managing Agent and Owners,
based on actual costs incurred to date.

 

(c)                                  Notwithstanding anything herein to the contrary, Owners shall
reimburse Managing Agent for reasonable travel expenses incurred when traveling
to and from the Managed Premises while performing its duties in accordance with
this Agreement; provided, however, that, reasonable travel expenses shall
not include expenses incurred for travel to and from the Managed Premises by
personnel assigned to work exclusively at the Managed Premises.

 

(d)                                 Managing Agent shall be entitled to no other additional
compensation, whether in the form of commission, bonus or the like for its
services under this Agreement.  Except as
otherwise specifically provided herein with respect to payment by Owners of
legal fees, accounting fees, salaries, wages, fees and charges of parties hired

 

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by Managing Agent on behalf of
Owners to perform operating and maintenance functions in the Managed Premises,
and the like, if Managing Agent hires third parties to perform services
required to be performed hereunder by Managing Agent without additional charge
to Owners, Managing Agent shall (except to the extent the same are reasonably
attributable to an emergency at the Managed Premises) be responsible for the
charges of such third parties.

 

7.                                       Term
of Agreement.  This
Agreement shall continue in force and effect until December 31, 2010, and
shall be automatically renewed for successive one year terms annually
thereafter unless notice of non-renewal is given by the Company, on behalf of
itself and Owners,  or Managing Agent
before the end of the term.  It is
expected that the terms and conditions may be reviewed by the Independent
Trustees as defined in the Company’s Bylaws, as amended as of the date hereof
(the “Independent Trustees”), of the Compensation Committee of the Board
of Trustees of the Company at least annually.

 

Notwithstanding any other
provision of this Agreement to the contrary, this Agreement, or any extension
thereof, may be terminated (a) by either the Company, on behalf of itself
and the Owners, or Managing Agent upon sixty (60) days’ written notice to the
other party, which termination, if by the Company, must be approved by a
majority vote of the Independent Trustees of the Compensation Committee of the
Board of Trustees of the Company, or if by Managing Agent, must be approved by
a majority vote of the directors of Managing Agent; and (b) by Managing
Agent upon five (5) business days written notice to the Company if there
is a Change of Control.  This Agreement
may be terminated with respect to less than all of the properties comprising
the Managed Premises to accommodate any sale of some properties comprising the
Managed Premises with Managing Agent’s consent.

 

For purposes of this
Agreement, a “Change of Control” shall mean:  (a) the acquisition by any person or
entity, or two or more persons or entities acting in concert, of beneficial
ownership (such term, for purposes of this Section 7, having the
meaning provided such term in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) of 9.8% or more, or rights, options or warrants to acquire
9.8% or more, or any combination thereof, of the Company’s outstanding common
shares of beneficial interest or other voting interests of the Company,
including voting proxies for such shares, or the power to direct the management
and policies of the Company, directly or indirectly (excluding Managing Agent
and its affiliates and persons or entities that beneficially own 9.8% or more
of the Company’s outstanding common shares of beneficial interest as of
immediately prior to the execution and delivery of this Agreement by the
parties hereto); (b) the merger or consolidation of the Company with or
into any other entity (other than the merger or consolidation of any entity
into the Company that does not result in a Change in Control of the Company
under clauses (a), (c), or (d) of this definition); (c) any one or
more sales or conveyances to any person or entity of all or any material
portion of the assets (including capital stock or other equity interests) or
business of the Company and its subsidiaries taken as a whole; or (d) the
cessation, for any reason, of the individuals who at the beginning of any 36
consecutive month period constituted the Trustees (together with any new
trustees whose election by the Trustees or whose nomination for election by the
shareholders of the Company

 

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was approved by a vote of a majority of the trustees
then still in office who were either trustees at the beginning of any such
period or whose election or nomination for election was previously so approved)
to constitute a majority of the Trustees then in office; provided, however, a
Change of Control of the Company shall not include the acquisition by any
person or entity, or two or more persons or entities acting in concert, of
beneficial ownership of 9.8% or more of the Company’s outstanding common shares
of beneficial interest or other voting interests of the Company if such
acquisition is approved by the Trustees in accordance with the Company’s
organizational documents and if such acquisition is otherwise in compliance
with applicable law.

 

Section 8 hereof shall
govern the rights, liabilities and obligations of the parties upon termination
of this Agreement; and, except as provided in Section 8, such
termination shall be without further liability of either party to the other,
other than for breach or violation of this Agreement prior to termination.

 

8.                                       Termination
or Expiration.  Upon
termination or expiration of this Agreement with respect to any of the Managed
Premises for any reason whatsoever, Managing Agent shall as soon as practicable
turn over to Owners all books, papers, funds, records, keys and other items
relating to the management and operation of such Managed Premises, including,
without limitation, all leases in the possession of Managing Agent and shall
render to Owners a final accounting with respect thereto through the date of
termination.  Owners shall be obligated
to pay all compensation for services rendered by Managing Agent hereunder prior
and up to the effective time of such termination, including, without
limitation, any Fees and Construction Supervision Fees, and shall pay and
reimburse to Managing Agent all expenses and costs incurred by Managing Agent
prior and up to the effective time of such termination which are otherwise
payable or reimbursable to Managing Agent pursuant to the terms of this
Agreement.  The amount of such fees paid
as compensation pursuant to the foregoing sentence shall be subject to
adjustment in accordance with the annual reconciliation contemplated by Section 6(b) and
consistent with past practices in performing such reconciliation.

 

9.                                       Assignment
of Rights and Obligations.

 

(a)                                  Without Owners’ prior written consent, Managing Agent shall
not sell, transfer, assign or otherwise dispose of or mortgage, hypothecate or
otherwise encumber or permit or suffer any encumbrance of all or any part of
its rights and obligations hereunder, and any transfer, encumbrance or other
disposition of an interest herein made or attempted in violation of this
paragraph shall be void and ineffective, and shall not be binding upon
Owners.  Notwithstanding the foregoing,
Managing Agent may assign its rights and delegate its obligations under this
Agreement to any successor in interest who shall acquire substantially all the
assets of Managing Agent and substantially all of the personnel that are
utilized by Managing Agent to perform services under this Agreement.

 

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(b)                                 Owners, without Managing Agent’s consent, may assign its
rights and obligations hereunder to any mortgagee with respect to, or successor
Owners of, the Managed Premises, but not otherwise.

 

(c)                                  Consistent with the foregoing paragraphs (a) and (b),
the terms “Owners” and “Managing Agent” as used in this Agreement shall mean
the original parties hereto and their respective mortgagees, successors,
assigns, heirs and legal representatives.

 

10.                                 Indemnification
and Insurance.

 

(a)                                  Owners agree to defend, indemnify and hold harmless Managing
Agent from and against all costs, claims, expenses and liabilities (including
reasonable attorneys’ fees) arising out of Managing Agent’s performance of its
duties in accordance with this Agreement including, without limitation, injury
or damage to persons or property occurring in, on or about the Managed Premises
and violations or alleged violations of any law, ordinance, regulation or order
of any governmental authority regarding the Managed Premises except any injury,
damage or violation resulting from Managing Agent’s fraud, gross negligence or
willful misconduct in the performance of its duties hereunder.

 

(b)                                 Owners and Managing Agent shall maintain such commercially
reasonable insurance as shall from time to time be mutually agreed by Owners
and Managing Agent.

 

11.                                 Notices.  Any notice, report or other communication
required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when delivered in person, upon confirmation of
receipt when transmitted by facsimile transmission, on the next business day if
transmitted by a nationally recognized overnight courier or on the third
business day following mailing by first class mail, postage prepaid, in each
case as follows (or at such other United States address or facsimile number for
a party as shall be specified by like notice):

 

If
to the Company or the Owners:

 

Hospitality
Properties Trust

400 Centre Street

Newton, Massachusetts 02458

Attention:  President 

Facsimile No.:  (617) 969-5730

 

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If
to Managing Agent:

 

Reit
Management & Research LLC

400 Centre Street

Newton, Massachusetts 02458

Attention:  President 

Facsimile No.:  (617) 928-1305

 

12.                                 Limitation
of Liability.

 

(a)                                  Neither Owners nor Managing Agent shall be personally liable
hereunder, all such liability being limited in the case of Owners to the
interest of Owners in the Managed Premises and in the case of Managing Agent,
to its interest hereunder.

 

(b)                                 The Declarations of Trust establishing certain Owners, a copy
of each, together with all amendments thereto (the “Declarations”),
are duly filed with the Department of Assessments and Taxation of the State of
Maryland, provide that the names of such Owners refers to the trustees under
such Declarations collectively as trustees, but not individually or
personally.  No trustee, officer,
shareholder, employee or agent of such Owners shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against, such
Owners.  All persons and entities dealing
with such Owners, in any way, shall look only to the respective assets of such
Owners for the payment of any sum or the performance of any obligation of such
Owners.  In any event, all liability of
such Owners hereunder is limited to the interest of such Owners in the Managed
Premises and, in the case of Managing Agent, to its interest hereunder.

 

13.                                 Additional
Properties.  Unless
Owners and Managing Agent otherwise agree in writing, all Properties from time
to time acquired by Owners or their affiliates shall automatically become
subject to this Agreement without amendment hereof.

 

14.                                 Modification
of Agreement.  This
Agreement may not be modified, altered or amended in any manner except by an
amendment in writing, duly executed by the parties hereto.

 

15.                                 Independent
Contractor.  This
Agreement is not one of general agency by Managing Agent for Owners, but one
with Managing Agent engaged as an independent contractor.  Nothing in this Agreement is intended to
create a joint venture, partnership, tenancy-in-common or other similar
relationship between Owners and Managing Agent for any purposes whatsoever,
and, without limiting the generality of the foregoing, neither the terms of
this Agreement nor the fact that Owners and Managing Agent have joint interests
in any one or more investments, ownership or other interests in any one or more
entities or may have common 

 

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officers or employees or a
tenancy relationship shall be construed so as to make them such partners or
joint venturers or impose any liability as such on either of them.

 

16.                                 Law
Governing.  This
Agreement shall be governed by and in accordance with the laws of The
Commonwealth of Massachusetts.

 

17.                                 Successors
and Assigns.  This
Agreement shall be binding upon any successors or permitted assigns of the
parties hereto as provided herein.

 

18.                                 No
Third Party Beneficiary.  Except as otherwise provided in Section 21(i),
no person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this Agreement.

 

19.                                 Severability.                            If any one or
more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired, unless the provisions held invalid, illegal or unenforceable
shall substantially impair the benefits of the remaining provisions hereof.

 

20.                                 Survival.  The provisions of Sections  6, 8,
10, 11, 12, 16, 18, 19, 20, 21
and 22 of this Agreement shall survive the termination hereof.

 

21.                                 Arbitration.

 

(a)               Any disputes, claims or controversies between the parties (i) arising
out of or relating to this Agreement or the provision of services by Managing
Agent pursuant to this Agreement, or (ii) brought by or on behalf of any
shareholder of the Owners (which, for purposes of this Section 21,
shall mean any shareholder of record or any beneficial owner of shares of the
Owners, or any former shareholder of record or beneficial owner of shares of
the Owners), either on his, her or its own behalf, on behalf of the Owners or
on behalf of any series or class of shares of the Owners or shareholders of the
Owners against the Owners or any trustee, officer, manager (including Reit
Management & Research LLC or its successor), agent or employee of the
Owners, including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of this Agreement
or the Declarations of Trust or the Bylaws of the Owners (all of which are
referred to as “Disputes”), or relating in any way to such a Dispute or
Disputes shall, on the demand of any party to such Dispute be resolved through
binding and final arbitration in accordance with the Commercial Arbitration Rules (the
“Rules”) of the American Arbitration Association (“AAA”) then in
effect, except as those Rules may be modified in this Section 21.  For the avoidance of 

 

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doubt, and not as a
limitation, Disputes are intended to include derivative actions against
trustees, officers or managers of the Owners and class actions by a shareholder
against those individuals or entities and the Owners.  For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.

 

(b)              There shall be three arbitrators.  If there are only two parties to the Dispute
(with, for purposes of this Section 21, any and all Owners involved
in the Dispute treated as one party), each party shall select one arbitrator
within 15 days after receipt by respondent of a copy of the demand for
arbitration.  Such arbitrators may be
affiliated or interested persons of such parties.  If either party fails to timely select an
arbitrator, the other party to the Dispute shall select the second arbitrator
who shall be neutral and impartial and shall not be affiliated with or an
interested person of either party.  If
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, shall each select, by the vote of a
majority of the claimants or the respondents, as the case may be, one
arbitrator.  Such arbitrators may be
affiliated or interested persons of the claimants or the respondents, as the
case may be.  If either all claimants or
all respondents fail to timely select an arbitrator then such arbitrator (who
shall be neutral, impartial and unaffiliated with any party) shall be appointed
by the parties who have appointed the first arbitrator.  The two arbitrators so appointed shall
jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.  If the third
arbitrator has not been appointed within the time limit specified herein, then
the AAA shall provide a list of proposed arbitrators in accordance with the
Rules, and the arbitrator shall be appointed by the AAA in accordance with a
listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.

 

(c)               The place of arbitration shall be Boston, Massachusetts
unless otherwise agreed by the parties.

 

(d)              There shall be only limited documentary discovery of
documents directly related to the issues in dispute, as may be ordered by the
arbitrators.

 

(e)               In rendering an award or decision (the “Award”), the
arbitrators shall be required to follow the laws of The Commonwealth of
Massachusetts.  Any arbitration
proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. §1 et seq.  The
Award shall be in writing and may, but shall not be required to, briefly state
the findings of fact and conclusions of law on which it is based.

 

(f)                 Except to the extent expressly provided by this Agreement or
as otherwise agreed by the parties, each party involved in a Dispute shall bear
its own costs and 

 

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expenses (including
attorneys’ fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys’ fees) or,
in a derivative case or class action, award any portion of the Owners’ award to
the claimant or the claimant’s attorneys. 
Each party (or, if there are more than two parties to the Dispute, all
claimants, on the one hand, and all respondents, on the other hand,
respectively) shall bear the costs and expenses of its (or their) selected
arbitrator and the parties (or, if there are more than two parties to the
Dispute, all claimants, on the one hand, and all respondents, on the other
hand) shall equally bear the costs and expenses of the third appointed
arbitrator.

 

(g)              An Award shall be final and binding upon the parties thereto
and shall be the sole and exclusive remedy between such parties relating to the
Dispute, including any claims, counterclaims, issues or accounting presented to
the arbitrators.  Judgment upon the Award
may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or
with respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.

 

(h)              Any monetary award shall be made and payable in U.S. dollars
free of any tax, deduction or offset. 
Each party against which the Award assesses a monetary obligation shall
pay that obligation on or before the 30th day following the date of the Award
or such other date as the Award may provide.

 

(i)                  This Section 21 is intended to benefit and be
enforceable by the shareholders, directors, officers, managers (including
Managing Agent or its successor), agents or employees of the Owners and the
Owners and shall be binding on the shareholders of the Owners and the Owners,
as applicable, and shall be in addition to, and not in substitution for, any
other rights to indemnification or contribution that such individuals or
entities may have by contract or otherwise.

 

22.                                 Consent
to Jurisdiction and Forum.  This Section 22 is subject to,
and shall not in any way limit the application of, Section 21; in
case of any conflict between this Section 22 and Section 21,
Section 21 shall govern.  The
exclusive jurisdiction and venue in any action brought by any party hereto
pursuant to this Agreement shall lie in any federal or state court located in
Boston, Massachusetts.  By execution and
delivery of this Agreement, each party hereto irrevocably submits to the
jurisdiction of such courts for itself and in respect of its property with
respect to such action. The parties irrevocably agree that venue would be
proper in such court, and hereby waive any objection that such court is an
improper or inconvenient forum for the resolution of such action.  The parties further agree and consent to the
service of any process required by any such court by delivery of a copy thereof
in accordance with Section 11  

 

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and that any such delivery
shall constitute valid and lawful service of process against it, without
necessity for service by any other means provided by statute or rule of
court.

 

23.                                 Entire
Agreement.  This
Agreement constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof and supersedes and cancels any pre-existing
agreements with respect to such subject matter.

 

24.                                 Other
Agreements.                                      The Company and
Managing Agent are also parties to a Business Management Agreement, dated as of
the date hereof, as in effect from time to time (the “Business Management
Agreement”).  The parties agree that
this Agreement does not include or otherwise address the rights and obligations
of the parties under the Business Management Agreement and that the Business
Management Agreement provides for its own separate rights and obligations of
the parties thereto, including without limitation separate compensation payable
by the Company to Managing Agent thereunder for services to be provided by the
Managing Agent pursuant to the Business Management Agreement.

 

[Signature Page To
Follow.]

 

13

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amended and Restated Property Management Agreement as a sealed
instrument as of the date above first written.

 

 

	
   

  	
  MANAGING
  AGENT:

  
	
   

  	
   

  
	
   

  	
  REIT
  MANAGEMENT & RESEARCH LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John C. Popeo

  
	
   

  	
  Name:
  John C. Popeo

  
	
   

  	
  Title:
  Executive Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OWNERS:

  
	
   

  	
   

  
	
   

  	
  HOSPITALITY
  PROPERTIES TRUST, on its own behalf and on behalf of its subsidiaries

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Murray

  
	
   

  	
  Name: John G. Murray

  
	
   

  	
  Title: President and Chief
  Operating Officer

  

 

14Exhibit 4.1

 

EXECUTION
VERSION

 

 

VIRGIN
MEDIA SECURED FINANCE PLC,

as Issuer

 

 

VIRGIN
MEDIA INC.,

as Parent

 

 

VIRGIN
MEDIA FINANCE PLC,

as VM FinanceCo

 

 

VIRGIN
MEDIA INVESTMENT HOLDINGS LIMITED,

as the Company

 

 

THE
SUBSIDIARY GUARANTORS PARTIES HERETO,

 

 

U.S.$1,000,000,000
of 6.50% Senior Secured Notes due 2018

 

£875,000,000
of 7.00% Senior Secured Notes due 2018

 

 

 

INDENTURE

 

Dated
as of January 19,
2010

 

 

THE
BANK OF NEW YORK MELLON

as
Trustee and Paying Agent

 

 

THE
BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

as
Luxembourg Paying Agent

 

 

 

 

CROSS-REFERENCE
TABLE*

 

	
  Trust Indenture Act
  Section

  	
   

  	
  Indenture Section

  
	
  310(a)(1)

  	
   

  	
   

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
   

  	
  N.A.

  
	
  (a)(5)

  	
   

  	
   

  	
  7.03

  
	
  (b)

  	
   

  	
   

  	
  7.10

  
	
  (c)

  	
   

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
   

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
   

  	
   

  	
  2.05

  
	
  (b)

  	
   

  	
   

  	
  13.03

  
	
  (c)

  	
   

  	
   

  	
  13.03

  
	
  313(a)

  	
   

  	
   

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
   

  	
  N.A.

  
	
  (b)(2)

  	
   

  	
   

  	
  7.06; 7.07

  
	
  (c)

  	
   

  	
   

  	
  7.06; 13.02

  
	
  (d)

  	
   

  	
   

  	
  7.06

  
	
  314(a)

  	
   

  	
   

  	
   

  	
  4.03; 13.02;
  13.05

  
	
  (b)

  	
   

  	
   

  	
  N.A.

  
	
  (c)(1)

  	
   

  	
   

  	
  13.04

  
	
  (c)(2)

  	
   

  	
   

  	
  13.04

  
	
  (c)(3)

  	
   

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
   

  	
  13.05

  
	
  (f)

  	
   

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
   

  	
   

  	
  7.01

  
	
  (b)

  	
   

  	
   

  	
  7.05; 13.02

  
	
  (c)

  	
   

  	
   

  	
  7.01

  
	
  (d)

  	
   

  	
   

  	
  7.01

  
	
  (e)

  	
   

  	
   

  	
  6.11

  
	
  316(a) (last
  sentence)

  	
   

  	
   

  	
   

  	
  2.09

  
	
  (a)(1)(A)

  	
   

  	
   

  	
  6.05

  
	
  (a)(1)(B)

  	
   

  	
   

  	
  6.04

  
	
  (a)(2)

  	
   

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
  6.07

  
	
  (c)

  	
   

  	
   

  	
  2.12

  
	
  317(a)(1)

  	
   

  	
   

  	
   

  	
  6.08

  
	
  (a)(2)

  	
   

  	
   

  	
  6.09

  
	
  (b)

  	
   

  	
   

  	
  2.04

  
	
  318(a)

  	
   

  	
   

  	
   

  	
  13.01

  
	
  (b)

  	
   

  	
   

  	
  N.A.

  
	
  (c)

  	
   

  	
   

  	
  13.01

  

 

N.A. means not applicable.

*  This Cross
Reference Table is not part of this Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1 DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
  Section 1.02

  	
  Other Definitions

  	
  32

  
	
  Section 1.03

  	
  Incorporation by Reference of Trust
  Indenture Act

  	
  33

  
	
  Section 1.04

  	
  Rules of Construction

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2 THE NOTES

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Form and Dating

  	
  34

  
	
  Section 2.02

  	
  Execution and Authentication

  	
  35

  
	
  Section 2.03

  	
  Registrar and Paying Agent

  	
  35

  
	
  Section 2.04

  	
  Paying Agent to Hold Money in Trust

  	
  36

  
	
  Section 2.05

  	
  Holder Lists

  	
  36

  
	
  Section 2.06

  	
  Transfer and Exchange

  	
  36

  
	
  Section 2.07

  	
  Replacement Notes

  	
  49

  
	
  Section 2.08

  	
  Outstanding Notes

  	
  49

  
	
  Section 2.09

  	
  Treasury Notes

  	
  50

  
	
  Section 2.10

  	
  Temporary Notes

  	
  50

  
	
  Section 2.11

  	
  Cancellation

  	
  50

  
	
  Section 2.12

  	
  Defaulted Interest

  	
  51

  
	
  Section 2.13

  	
  Additional Amounts

  	
  51

  
	
  Section 2.14

  	
  Currency Indemnity

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3 REDEMPTION AND PREPAYMENT

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Notices to Trustee

  	
  54

  
	
  Section 3.02

  	
  Selection of Notes to Be Redeemed or
  Purchased

  	
  54

  
	
  Section 3.03

  	
  Notice of Redemption

  	
  55

  
	
  Section 3.04

  	
  Effect of Notice of Redemption

  	
  55

  
	
  Section 3.05

  	
  Deposit of Redemption or Purchase Price

  	
  56

  
	
  Section 3.06

  	
  Notes Redeemed or Purchased in Part

  	
  56

  
	
  Section 3.07

  	
  Optional Redemption

  	
  56

  
	
  Section 3.08

  	
  Mandatory Redemption

  	
  57

  
	
  Section 3.09

  	
  Offer to Purchase by Application of Excess
  Proceeds

  	
  57

  
	
  Section 3.10

  	
  Redemption of Notes for Changes in
  Withholding Taxes

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4 COVENANTS

  	
  60

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  Payment of Notes

  	
  60

  
	
  Section 4.02

  	
  Maintenance of Office or Agency

  	
  60

  
	
  Section 4.03

  	
  Ongoing Reporting

  	
  61

  
	
  Section 4.04

  	
  Compliance Certificates

  	
  61

  
	
  Section 4.05

  	
  Taxes

  	
  61

  
	
  Section 4.06

  	
  [Intentionally Omitted]

  	
  62

  
	
  Section 4.07

  	
  Restricted Payments

  	
  62

  
	
  Section 4.08

  	
  Restrictions on Distributions from
  Restricted Subsidiaries

  	
  66

  
	
  Section 4.09

  	
  Incurrence of Indebtedness

  	
  68

  
	
  Section 4.10

  	
  Sales of Assets and Subsidiary Stock

  	
  72

  
	
  Section 4.11

  	
  Transactions with Affiliates

  	
  74

  
	
  Section 4.12

  	
  Liens

  	
  76

  

 

ii

 

	
  Section 4.13

  	
  Business Activities

  	
  76

  
	
  Section 4.14

  	
  Corporate Existence

  	
  76

  
	
  Section 4.15

  	
  Offer to Repurchase Upon Change of Control

  	
  77

  
	
  Section 4.16

  	
  Sale/Leaseback Transactions

  	
  79

  
	
  Section 4.17

  	
  Designation of Restricted and Unrestricted
  Subsidiaries

  	
  79

  
	
  Section 4.18

  	
  [Intentionally omitted]

  	
  80

  
	
  Section 4.19

  	
  Guarantees of Indebtedness by Restricted
  Subsidiaries

  	
  80

  
	
  Section 4.20

  	
  Anti-Layering

  	
  82

  
	
  Section 4.21

  	
  Further Instruments and Acts

  	
  82

  
	
  Section 4.22

  	
  Listing

  	
  82

  
	
  Section 4.23

  	
  Calculation of Sterling Denominated
  Restrictions

  	
  82

  
	
  Section 4.24

  	
  Covenant Suspension

  	
  82

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5 SUCCESSORS

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  Merger, Consolidation, or Sale of Assets

  	
  83

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6 DEFAULTS AND REMEDIES

  	
  85

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Events of Default

  	
  85

  
	
  Section 6.02

  	
  Acceleration

  	
  87

  
	
  Section 6.03

  	
  Other Remedies

  	
  88

  
	
  Section 6.04

  	
  Waiver of Past Defaults

  	
  88

  
	
  Section 6.05

  	
  Control by Majority

  	
  88

  
	
  Section 6.06

  	
  Limitation on Suits

  	
  88

  
	
  Section 6.07

  	
  Rights of Holders to Receive Payment

  	
  89

  
	
  Section 6.08

  	
  Collection Suit by Trustee

  	
  89

  
	
  Section 6.09

  	
  Trustee May File Proofs of Claim

  	
  89

  
	
  Section 6.10

  	
  Priorities

  	
  90

  
	
  Section 6.11

  	
  Undertaking for Costs

  	
  90

  
	
  Section 6.12

  	
  Stay, Extension and Usury Laws

  	
  90

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7 TRUSTEE

  	
  90

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Duties of Trustee

  	
  90

  
	
  Section 7.02

  	
  Rights of Trustee

  	
  91

  
	
  Section 7.03

  	
  Individual Rights of Trustee

  	
  93

  
	
  Section 7.04

  	
  Trustee’s Disclaimer

  	
  94

  
	
  Section 7.05

  	
  Notice of Defaults

  	
  94

  
	
  Section 7.06

  	
  Reports by Trustee to Holders

  	
  94

  
	
  Section 7.07

  	
  Compensation and Indemnity

  	
  94

  
	
  Section 7.08

  	
  Replacement of Trustee

  	
  95

  
	
  Section 7.09

  	
  Successor Trustee by Merger, etc.

  	
  96

  
	
  Section 7.10

  	
  Eligibility; Disqualification

  	
  96

  
	
  Section 7.11

  	
  Preferential Collection of Claims Against
  Issuer

  	
  96

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8 LEGAL DEFEASANCE AND COVENANT
  DEFEASANCE

  	
  97

  
	
   

  	
   

  	
   

  
	
  Section 8.01

  	
  Option to Effect Legal Defeasance or
  Covenant Defeasance

  	
  97

  
	
  Section 8.02

  	
  Legal Defeasance and Discharge

  	
  97

  
	
  Section 8.03

  	
  Covenant Defeasance

  	
  97

  
	
  Section 8.04

  	
  Conditions to Legal Defeasance or Covenant
  Defeasance

  	
  98

  
	
  Section 8.05

  	
  Deposited Money and Government Securities
  to be Held in Trust; Other Miscellaneous Provisions

  	
  99

  
	
  Section 8.06

  	
  Repayment to Issuer

  	
  100

  

 

iii

 

	
  Section 8.07

  	
  Reinstatement

  	
  100

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER

  	
  100

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  Without Consent of Holders

  	
  100

  
	
  Section 9.02

  	
  With Consent of Holders

  	
  102

  
	
  Section 9.03

  	
  Compliance with Trust Indenture Act

  	
  103

  
	
  Section 9.04

  	
  Revocation and Effect of Consents

  	
  103

  
	
  Section 9.05

  	
  Notation on or Exchange of Notes

  	
  104

  
	
  Section 9.06

  	
  Trustee to Sign Amendments, etc.

  	
  104

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10 SATISFACTION AND DISCHARGE

  	
  104

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Satisfaction and Discharge

  	
  104

  
	
  Section 10.02

  	
  Application of Trust Money

  	
  105

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11 GUARANTEES

  	
  105

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
  Guarantees

  	
  105

  
	
  Section 11.02

  	
  Limitation on Liability

  	
  107

  
	
  Section 11.03

  	
  Successors and Assigns

  	
  107

  
	
  Section 11.04

  	
  No Waiver

  	
  108

  
	
  Section 11.05

  	
  Modification

  	
  108

  
	
  Section 11.06

  	
  Execution of Supplemental Indenture for
  Future Guarantors

  	
  108

  
	
  Section 11.07

  	
  Non-Impairment

  	
  108

  
	
  Section 11.08

  	
  Release of Guarantees

  	
  108

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12 COLLATERAL, SECURITY AND
  INTERCREDITOR DEEDS

  	
  110

  
	
   

  	
   

  	
   

  
	
  Section 12.01

  	
  The Collateral

  	
  110

  
	
  Section 12.02

  	
  Limitations on the Collateral

  	
  111

  
	
  Section 12.03

  	
  Impairment of Security Interests

  	
  112

  
	
  Section 12.04

  	
  Release of Liens on the Collateral

  	
  112

  
	
  Section 12.05

  	
  Additional Intercreditor Deeds

  	
  113

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13 MISCELLANEOUS

  	
  114

  
	
   

  	
   

  	
   

  
	
  Section 13.01

  	
  Trust Indenture Act Controls

  	
  114

  
	
  Section 13.02

  	
  Notices

  	
  114

  
	
  Section 13.03

  	
  Communication by Holders with Other Holders

  	
  115

  
	
  Section 13.04

  	
  Certificate and Opinion as to Conditions
  Precedent

  	
  116

  
	
  Section 13.05

  	
  Statements Required in Certificate or
  Opinion

  	
  116

  
	
  Section 13.06

  	
  Rules by Trustee and Agents

  	
  116

  
	
  Section 13.07

  	
  No Personal Liability of Directors,
  Officers, Employees and Stockholders

  	
  116

  
	
  Section 13.08

  	
  Governing Law

  	
  116

  
	
  Section 13.09

  	
  No Adverse Interpretation of Other
  Agreements

  	
  117

  
	
  Section 13.10

  	
  Successors

  	
  117

  
	
  Section 13.11

  	
  Severability

  	
  117

  
	
  Section 13.12

  	
  Counterpart Originals

  	
  117

  
	
  Section 13.13

  	
  Table of Contents, Headings, etc.

  	
  117

  
	
  Section 13.14

  	
  Submission to Jurisdiction; Appointment of
  Agent

  	
  117

  

 

iv

 

EXHIBITS

 

	
  Exhibit A

  	
  FORM OF
  NOTE

  
	
  Exhibit B

  	
  FORM OF
  SENIOR GUARANTEE

  
	
  Exhibit C

  	
  FORM OF
  SENIOR SECURED GUARANTEE

  
	
  Exhibit D

  	
  FORM OF
  CERTIFICATE OF TRANSFER

  
	
  Exhibit E

  	
  FORM OF
  CERTIFICATE OF EXCHANGE

  

 

v

 

INDENTURE, dated as of January 19, 2010, among Virgin Media Secured Finance
PLC, a public limited company organized under the laws of England and Wales
(the “Issuer”), Virgin Media Inc., a Delaware
corporation (“Parent”), Virgin Media Finance
PLC, a public limited company incorporated under the laws of England and Wales
(“VM FinanceCo”), Virgin Media Investment
Holdings Limited, a limited company incorporated under the laws of England and
Wales (the “Company”), certain subsidiaries of the
Parent from time to time parties hereto (the “Subsidiary
Guarantors”), the Bank of New York Mellon, as trustee (the “Trustee”) and paying agent (the “Paying Agent”)
and The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg Paying Agent
(and together with the Paying Agent, the “Paying Agents”).

 

Each party agrees as follows for the benefit of the
other parties and for the equal and ratable benefit of the Holders (as defined
herein) of (a) the U.S. dollar-denominated 6.50% Senior Secured Notes due 2018 (the “Dollar Notes”) and (b) the pound sterling-denominated
7.00% Senior Secured
Notes due 2018 (the “Sterling Notes”).
The Dollar Notes and the Sterling Notes, collectively, are referred to herein as the “Notes.”
Except as set forth in Section 3.07 or Article 9 hereof, all series
of Notes will be treated as a single class.

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01           Definitions.

 

“144A Global Note” means a Global Note substantially in the form of Exhibit A
hereto bearing the applicable Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
respective Depositary therefor or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Dollar Notes or
the Sterling Notes, as the case may be, sold in reliance on Rule 144A.

 

“2004 Indenture”
means the indenture dated as of April 13, 2004, between VM FinanceCo, NTL
Incorporated, Cable Communications Funding Corp., NTL (UK) Group, Inc.,
NTL Communications Limited, NTL Investment Holdings Limited and The Bank of New
York as trustee.

 

“2006 Indenture”
means the indenture dated as of July 25, 2006 between VM FinanceCo, NTL
Incorporated, NTL:Telewest LLC, NTL Holdings Inc., NTL (UK) Group, Inc.,
NTL Communications Limited, NTL Investment Holdings Limited, The Bank of New
York as trustee and paying agent and The Bank of New York (Luxembourg) S.A. as
Luxembourg paying agent.

 

“2014 Notes” means the £375 million of 9.75% Senior
Notes due 2014, the $425 million of 8.75% Senior Notes due 2014 and the €225
million of 8.75% Senior Notes due 2014 issued by VM FinanceCo pursuant to the
2004 Indenture.

 

“2014 Notes Repayment” means the date on
which the 2014 Notes are repaid or otherwise defeased in full.

 

“Additional
Assets” means:

 

(1)           any Property or assets (other than Indebtedness and
Capital Stock) to be used by the Company, the Issuer or a Restricted
Subsidiary;

 

 

(2)           the Capital Stock of a Person that becomes a
Restricted Subsidiary as a result of the acquisition of such Capital Stock by
the Company, the Issuer or another Restricted Subsidiary; or

 

(3)           Capital Stock constituting a minority interest in any
Person that at such time is a Restricted Subsidiary;

 

provided, however, that
any such Restricted Subsidiary described in clause (2) or (3) above
is primarily engaged in a Permitted Business.

 

“Additional Notes”
means additional notes (other than the Initial Notes) of any series having
identical terms and conditions to the Notes that may be issued from time to
time under this Indenture in accordance with the terms hereof, including
Sections 2.02 and 4.09 hereof.  Except as
set forth in Section 3.07 or Article 9 hereof, any Additional Notes
may be treated with the Notes as a single class and may vote on all matters with
such Notes.

 

“Additional
Subsidiary Guarantee” means the guarantee of the Notes by each
Additional Subsidiary Guarantor.

 

“Additional
Subsidiary Guarantor”  means a
Subsidiary Guarantor that is required to guarantee the Notes under Section 4.19
and Section 11.06 hereof.

 

“Affiliate”
of any specified Person means any other Person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used
with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

 

“Affiliate
Guarantors” means CableTel West Riding Limited, a private limited
company incorporated under the laws of England and Wales, ntl Glasgow Holdings
Limited, a private limited company incorporated under the laws of England and
Wales, ntl Kirklees Holdings Limited, a private limited company incorporated
under the laws of England and Wales, ntl Kirklees, a private unlimited company
incorporated under the laws of England and Wales, CableTel Scotland Limited, a
private limited company incorporated under the laws of Scotland, and ntl
Glasgow, a private unlimited company incorporated under the laws of Scotland,
and any other Subsidiary of the Parent which provides a Note Guarantee
following the Closing Date that is not a Subsidiary of the Company.

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Applicable Premium”
means, with respect to a Note at any time, the greater of (1) 1.0% of the
principal amount of such Note at such time and (2) the excess (to the
extent positive) of (A) the present value at such time of (i) the
redemption price of such Note at January 15, 2014 (such redemption price being described
in the table appearing in Section 3.07(a) of this Indenture exclusive
of any accrued and unpaid interest) plus (ii) any required interest
payments due on such Note through January 15, 2014 (including any accrued and unpaid
interest) computed using a discount rate equal to the Treasury Rate, in the
case of the Dollar Notes and the Gilt Rate, in the case of the Sterling Notes,
in each case plus 50 basis points, over (B) the principal amount of such Note.

 

2

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests
in any Global Note, the rules and procedures of the Depositary with
respect thereto that apply to such transfer or exchange.

 

“Asset Disposition”
means any sale, lease (other than operating leases entered into in the ordinary
course of business), transfer or other disposition (or series of related sales,
leases, transfers or dispositions), including any disposition by means of a
merger, consolidation, or similar transaction (each referred to for the
purposes of this definition as a “disposition”), of any shares of Capital Stock
of the Company or a Restricted Subsidiary (other than directors’ qualifying
shares or shares required by applicable law to be held by a Person other than
the Issuer or a Restricted Subsidiary) or any assets of the Company or any
Restricted Subsidiary other than:

 

(a)           a disposition to the Company, the Issuer or any
Subsidiary Guarantor;

 

(b)           a disposition by the Company or a Restricted
Subsidiary to a Restricted Subsidiary;

 

(c)           for purposes of Section 4.10 only, a disposition
subject to Section 4.07 or a disposition of assets to a joint venture as
part of a transaction that is a Permitted Investment;

 

(d)           any disposition permitted under Section 5.01;

 

(e)           a sale of Temporary Cash Investments in the ordinary
course of business;

 

(f)            a disposition of inventory, consumer equipment,
communications capacity and worn out or obsolete equipment or assets in the
ordinary course of business;

 

(g)           issuance of Capital Stock by a Restricted Subsidiary
to the Company, the Issuer or another Restricted Subsidiary;

 

(h)           any sale or other disposition of Receivables and
Related Assets to a Receivables Subsidiary pursuant to or in connection with a
Qualified Receivables Transaction;

 

(i)            any sale or disposition deemed to occur in connection
with creating or granting a Permitted Lien;

 

(j)            any disposition of the Capital Stock or all or
substantially all Property of any Unrestricted Subsidiary; provided, however,
that such disposition shall include the concurrent transfer of all liabilities
(contingent or otherwise) attributable to the Property being transferred;
provided further, however, that such disposition shall not, after giving effect
to any related agreements, result nor be likely to result in any material
liability, tax or other adverse consequences to the Company or any Restricted
Subsidiary;

 

(k)           the licensing or sublicensing of intellectual property
or other general intangibles and licenses, leases or subleases of other
Property in the ordinary course of business which do not materially interfere
with the business of the Company and the Restricted Subsidiaries;

 

(l)            assets or Capital Stock acquired in an acquisition
which the Company, the Issuer or any Restricted Subsidiary sells within 6
months of such acquisition;

 

(m)          the disposition of any Interest Rate Agreements or
Currency Agreements no longer required for the purposes for which any such
agreement was originally entered into;

 

3

 

(n)           disposals of assets pursuant to Sale/Leaseback
Transactions not constituting Indebtedness where the aggregate Fair Market
Value of any assets disposed of in reliance on this paragraph (n) does
not, together with the aggregate principal amount of all outstanding
Indebtedness incurred under Section 4.09(b)(7) exceed £150 million
(or its equivalent in other currencies) in any financial year of the Company
and any disposals of assets pursuant to Sale/Leaseback Transactions
constituting Indebtedness to the extent such Indebtedness is otherwise permitted
under this Indenture;

 

(o)           disposals of non-core assets acquired in connection
with any acquisition permitted pursuant to the terms of this Indenture;

 

(p)           any disposals constituted by licenses of intellectual
property rights;

 

(q)           any disposals in connection with a Content
Transaction;

 

(r)            (i) any disposal of assets made pursuant to the
establishment of a Permitted Joint Venture or (ii) any disposal of assets
to a Permitted Joint Venture which is otherwise permitted hereunder and in
relation to which the requirements of Section 4.10(a)(1) are
satisfied;

 

(s)           foreclosure on assets;

 

(t)            surrender or waiver of contract rights or the
settlement, release or surrender of contract, tort or other claims of any kind;

 

(u)           any disposition of assets to a Person who is providing
services related to such assets, the provision of which have been or are to be
outsourced by the Company or any Restricted Subsidiary to such Person;
provided, however, that (A) if the outsourcing relates to non-core
business activities, the Company shall provide an Officer’s Certificate and (B) if
the outsourcing relates to core business activities, the Board of Directors
shall certify, in either case, that in the opinion of the Officer or the Board
of Directors, as applicable, the outsourcing transaction will be economically
beneficial to the Company and the Restricted Subsidiaries (considered as a
whole) and that the costs of such outsourcing are fair; provided further,
however, that the Fair Market Value of the assets disposed of, when taken
together with all other dispositions made pursuant to this clause (u), do not
exceed 5% of Total Assets; or

 

(v)           a disposition of Capital Stock or assets in a
transaction or series of related transactions with an aggregate Fair Market
Value of less than £30 million.

 

“Attributable Debt”
in respect of a Sale/Leaseback Transaction means, as at the time of
determination, the present value (discounted at the interest rate reasonably
determined in good faith by a responsible financial or accounting officer of
the Issuer to be the interest rate implicit in such Sale/Leaseback Transaction
in accordance with GAAP) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended).

 

“Average Life”
means, as of the date of determination, with respect to any Indebtedness or
Preferred Stock, the quotient obtained by dividing:

 

(1)           the sum of the products of the numbers of
years from the date of determination to the dates of each successive scheduled
principal payment of such Indebtedness or scheduled 

 

4

 

redemption or similar payment with respect to such Preferred Stock
multiplied by the amount of such payment by

 

(2)           the sum of all such payments.

 

“Bank
Indebtedness” means any and all amounts payable under or in respect
of an agreement, instrument or other document relating to a Credit Facility
(including security documents, fee letters and intercreditor agreements or
deeds related thereto), including principal, premium (if any), interest
(including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Person liable thereunder whether
or not a claim for post-filing interest is allowed in such proceedings), fees,
charges, expenses, reimbursement obligations, Guarantees and all other amounts
payable thereunder or in respect thereof, and any and all Refinancing
Indebtedness Incurred in respect of any such amount (including amounts in
respect of Refinancing Indebtedness), whether Incurred under or in respect of
an agreement relating to a Credit Facility or otherwise.

 

“Bankruptcy Law”
means (a) the U.K. Insolvency Act 1986 or any other bankruptcy,
insolvency, liquidation or similar laws of general application and (b) the
United States Bankruptcy Code of 1978 or any similar U.S. federal or state law
for the relief of debtors.

 

“BBC Guarantees”
means the guarantees required to be given by certain Restricted Subsidiaries in
favor of BBC Worldwide Limited pursuant to the shareholder agreements relating
to the UKTV Joint Ventures.

 

“Board of Directors”
means the Board of Directors of the Issuer or any committee thereof duly
authorized to act on behalf of the Board of Directors of the Issuer or with
respect to clause (2) of the definition of “Change of Control,” the Board
of Directors of Parent or the Company.

 

“Business Day”
means each day which is not a Saturday, Sunday or other day on which banking
institutions are not required by law or regulation to be open in the State of
New York or London, England.

 

“Business Division
Transaction” means any creation or participation in any joint
venture with respect to any assets, undertakings and/or businesses of the
Company and the Restricted Subsidiaries which comprise all or part of the
ntl:Telewest business division (or its predecessor or successors), to or with
any other entity or person whether or not the Company or any of the Restricted
Subsidiaries, excluding the contribution to (but not the use by) any joint
venture of the backbone assets utilized by the Company and the Restricted
Subsidiaries and excluding any Subsidiary included in or owned by the
ntl:Telewest business division but not engaged in the business of that
division.

 

“Capital Stock”
of any Person means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in
(however designated) equity of such Person, including any Preferred Stock, but
excluding any debt securities convertible into such equity.

 

“Capitalized Lease
Obligation” means an obligation that is required to be classified
and accounted for as a capitalized lease for financial reporting purposes in
accordance with GAAP, and the amount of Indebtedness represented by such
obligation shall be the capitalized amount of such obligation determined in
accordance with GAAP; and the Stated Maturity thereof shall be the date of the
last payment of rent or any other amount due under such lease.

 

“Change of Control”
means the occurrence of any of the following events:

 

5

 

(1)           any “person” or “group” of related persons (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act),
except Parent or any Wholly-Owned Subsidiary of Parent in the case of Voting
Stock of the Company, is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that for purposes of this clause (1) such
person or group shall be deemed to have “beneficial ownership” of all shares
that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of
Parent, the Company or the Issuer (for the purposes of this clause (1), such
person shall be deemed to beneficially own any Voting Stock of an entity held
by any other entity (the “parent entity”), if such other person is the
beneficial owner (as defined in this clause (1)), directly or indirectly, of
more than 50% of the voting power of the Voting Stock of such parent entity);

 

(2)           during any period of two consecutive years,
individuals who at the beginning of such period constituted the Board of
Directors of Parent, the Company or the Issuer, as the case may be (together
with any new directors whose election to such Board of Directors or whose
nomination for election by the stockholders of such company was approved by a
vote of a majority of the directors of such company then still in office who
were either directors at the beginning of such period or whose election or
nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors of Parent, the Company or the
Issuer, as the case may be, then in office;

 

(3)           the adoption of a plan relating to the liquidation or
dissolution of Parent, the Company or the Issuer; or

 

(4)           the merger or consolidation of Parent, any other
Virgin Media Holding Company, the Company or the Issuer with or into another
Person (other than Parent, any other Virgin Media Holding Company, the Company
or the Issuer or any other Wholly Owned Subsidiary of Parent) or the merger of
another Person (other than Parent, any Virgin Media Holding Company, the
Company, the Issuer or any other Wholly Owned Subsidiary of Parent) with or
into Parent, any Virgin Media Holding Company, the Company or the Issuer or the
sale of all or substantially all the assets of Parent, any Virgin Media Holding
Company, the Company or the Issuer to another Person (other than Parent, any
Virgin Media Holding Company, the Company, the Issuer or any other Wholly Owned
Subsidiary of Parent), and, in the case of any such merger or consolidation,
the securities of Parent, any Virgin Media Holding Company, the Company or the
Issuer that are outstanding immediately prior to such transaction are changed
into or exchanged for cash, securities or Property, unless pursuant to such transaction
such securities are changed into or exchanged for, in addition to any other
consideration, securities of the surviving Person or transferee that represent
immediately after such transaction, at least a majority of the aggregate voting
power of the Voting Stock of the surviving Person or transferee.

 

Notwithstanding the
foregoing, a Change of Control shall not be deemed to have occurred if a Virgin
Media Holding Company that is not then a Subsidiary of Parent becomes the
ultimate parent of the Company and, if such Virgin Media Holding Company had
been Parent, no Change of Control would have otherwise occurred; provided,
however, that such Virgin Media Holding Company guarantees the Notes on a
senior basis.

 

“Clearstream” means Clearstream Banking, S.A.

 

“close of business” shall mean 5:00 p.m. New York City time.

 

“Closing Date”
means January 19, 2010.

 

6

 

“Code” means the
U.S. Internal Revenue Code of 1986, as amended.

 

“Collateral” means all property and assets, whether now owned or
hereafter acquired, in which Liens are, from time to time, purported to be
granted to secure the Notes, the VM FinanceCo Guarantee (subject to the
completion of the 2014 Notes Repayment), the Note Guarantee by the Company and
the Subsidiary Guarantees pursuant to the Collateral Documents.

 

“Collateral Documents” means the mortgages, deeds of trust,
deeds to secure debt, security agreements, security trust agreements, pledge
agreements, agency agreements and other instruments and documents executed and
delivered pursuant to this Indenture or any of the foregoing, as the same may
be amended, supplemented or otherwise modified from time to time and pursuant
to which Collateral is pledged, assigned or granted to or on behalf of the
Security Trustee for the ratable benefit of the Holders and the Trustee or
notice of such pledge, assignment or grant is given.

 

“Common Depositary” means The Bank of New York
Mellon as common depositary for Euroclear and Clearstream as depositary for the
Sterling Global Notes, together with its successors in such capacity.

 

“Company” has the meaning assigned to it in
the preamble to this Indenture.

 

“Consolidated Interest
Expense” means, for any period, the total interest expense of the
Company and the Restricted Subsidiaries on a Consolidated basis including,
without duplication:

 

(1)           interest expense attributable to Purchase Money
Indebtedness and Capitalized Lease Obligations and the interest expense
attributable to leases constituting part of a Sale/Leaseback Transaction,

 

(2)           amortization of debt discount and debt issuance costs,

 

(3)           capitalized interest and interest paid in the form of
additional Indebtedness,

 

(4)           cash or non-cash interest expense,

 

(5)           commissions, discounts and other fees and charges
attributable to letters of credit and bankers’ acceptance financing,

 

(6)           interest accruing on any Indebtedness of any other
Person to the extent such Indebtedness is Guaranteed by, or secured by a Lien
on the assets of, the Issuer or any Restricted Subsidiary,

 

(7)           net costs associated with Hedging Obligations
(including amortization of fees),

 

(8)           dividends in respect of all Disqualified Stock of the
Company and all Preferred Stock of any of the Subsidiaries of the Company, to
the extent held by Persons other than the Issuer or a Wholly Owned Subsidiary
of the Company,

 

(9)           interest Incurred in connection with Investments in
discontinued operations and

 

(10)         the cash contributions to any employee share ownership
plan or similar trust to the extent such contributions are used by such plan or
trust to pay interest or fees to any Person (other than the Company) in
connection with Indebtedness Incurred by such plan or trust.

 

7

 

“Consolidated Net Income”
means, for any period, the Consolidated net income (loss) of the Company and
the Restricted Subsidiaries for such period; provided, however, that there
shall not be included in such Consolidated Net Income:

 

(1)           any net income (or loss) of any Person (other than the
Company or a Restricted Subsidiary) if such Person is not a Subsidiary, or is
an Unrestricted Subsidiary, except that, subject to the limitations contained
in clause (4) below, the Company’s or any Restricted Subsidiary’s equity
in the net income of any such Person for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash or Temporary Cash
Investments distributed by such Person during such period to the Company or a
Restricted Subsidiary as a dividend or other similar distribution or return;

 

(2)           any net income (or loss) of any Restricted Subsidiary
to the extent such Restricted Subsidiary is subject to restrictions, directly
or indirectly, on the payment of dividends or the making of distributions by
such Restricted Subsidiary, directly or indirectly, to the Issuer (other than
any restriction permitted under clause (A), (C) (solely to the extent
relating to clause (A)), (H) or (J) (to the extent that assets of the
joint ventures subject to such restriction do not exceed 2.5% of Total Assets)
of Section 4.08(b)), except that, subject to the limitations contained in
clause (4) below, the Company’s  or
any Restricted Subsidiary’s equity in the net income of any such Restricted
Subsidiary for such period shall be included in such Consolidated Net Income up
to the aggregate amount of cash or Temporary Cash Investments distributed by
such Restricted Subsidiary during such period to the Company or another
Restricted Subsidiary as a dividend or other similar distribution;

 

(3)           any gain (or loss) realized upon the sale or other
disposition of any asset of the Company or any Restricted Subsidiary (including
pursuant to any Sale/Leaseback Transaction) and any gain (or loss) realized
upon the sale or other disposition of any Capital Stock of any Person, in each
case, that is not sold or otherwise disposed of in the ordinary course of
business;

 

(4)           any item classified as a restructuring, extraordinary,
unusual, non-recurring or other non-operating gain or loss, including the costs
of, and accounting for, financial instruments;

 

(5)           any impairment loss of the Company or the Restricted
Subsidiaries relating to goodwill or other intangible assets;

 

(6)           the cumulative effect of a change in accounting
principles;

 

(7)           all deferred financing costs written off in connection
with the early extinguishment of Indebtedness, net of taxes;

 

(8)           any foreign currency transaction or translation gains
or losses, net of taxes; and

 

(9)           any premium, penalty or fee paid in relation to any
repayment, prepayment, redemption or purchase of any Indebtedness.

 

Notwithstanding the foregoing, for the purpose of Section 4.07
only, there shall be excluded from Consolidated Net Income any repurchases,
repayments, redemptions or releases of Investments, proceeds realized on the
sale or liquidation of Investments, and dividends, repayments of loans or
advances or other transfers of assets from Unrestricted Subsidiaries to the
Company or a Restricted Subsidiary to the extent 

 

8

 

such amounts increase the
amount of Restricted Payments permitted under Section 4.07 pursuant to
clauses (C)(iv) of paragraph (a) thereof.

 

“Consolidation”
means the consolidation of the accounts of each of the Restricted Subsidiaries
(excluding the Affiliate Guarantors) with those of the Company in accordance
with GAAP consistently applied and together with the accounts of the Affiliate
Guarantors on a combined basis (including eliminations of intercompany
transactions and balances, as appropriate); provided, however, that “Consolidation”
will not include consolidation of the accounts of any Unrestricted Subsidiary,
but the interest of the Company or any Restricted Subsidiary in an Unrestricted
Subsidiary will be accounted for as an investment. The term “Consolidated” has
a correlative meaning.

 

“Content” means
any rights to broadcast, transmit, distribute or otherwise make available for
viewing, exhibition or reception (whether in analogue or digital format and
whether as a channel or an internet service, a teletext-type service, an
interactive service, or an enhanced television service or any part of any of
the foregoing, or on a pay-per-view basis, or near video-on-demand, or
video-on-demand basis or otherwise) any one or more of audio and/or visual
images, audio content, or interactive content (including hyperlinks,
re-purposed web-site content, database content plus associated templates,
formatting information and other data including any interactive applications or
functionality), text, data, graphics, or other content, by means of any means
of distribution, transmission or delivery system or technology (whether now
known or herein after invented).

 

“Content Business”
means the business of the Company and the Restricted Subsidiaries consisting of
ownership or licensing of Content.

 

“Content Transaction”
means any sale, transfer, demerger, contribution, spin-off or distribution of,
any creation or participation in any joint venture and/or entering into any
other transaction or taking any action with respect to, in each case, any
assets, undertakings and/or businesses of the Company and the Restricted
Subsidiaries which comprise all or part of the Content Business, to or with any
other entity or person whether or not the Company or any of the Restricted
Subsidiaries.

 

“Convertible Senior Notes”
means the $1,000,000,000 of 6.50% Convertible Senior Notes due 2016 issued
pursuant to an indenture dated as of April 16, 2008 between the Parent and
the Bank of New York, as trustee.

 

“Credit Facility”
means any debt facility or commercial paper facility (including the Existing
Credit Facility) or ancillary facility, in each case with a lender or a
syndicate of commercial bank lenders or other financial institutions, providing
for revolving credit loans, term loans, receivables financing or letters of
credit, in each case, as amended, restated, refunded, renewed, replaced or
Refinanced in whole or in part from time to time by a lender or a syndicate of
commercial bank lenders or other financial institutions.

 

“Currency Agreement”
means with respect to any Person any foreign exchange contract, currency swap
agreements or other similar agreement or arrangement to which such Person is a
party or of which it is a beneficiary.

 

“Custodian” means

 

(a)           in the case of any Dollar Global Note held through
DTC, the Trustee, as custodian for DTC with respect to such Global Note, and

 

9

 

(b)           in the case of any Sterling Global Note held through
Euroclear or Clearstream, the Common Depositary.

 

“Default”
means any event which is, or after notice or passage of time or both would be,
an Event of Default.

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.06 hereof, substantially in the form
of Exhibit A hereto except that such Note shall not bear the Global Note
Legend or the “Schedule of Exchanges of Interests in the Global Note” attached
hereto.

 

“Depositary” means, with respect to any Global Note, the Person
specified in Section 2.03 hereof as the Depositary with respect to such
Global Note or any successor thereto appointed as Depositary hereunder and
having become such pursuant to the applicable provision of this Indenture.

 

“Designated Non-Cash
Consideration” means the Fair Market Value of non-cash consideration
received by the Company, the Issuer or any Restricted Subsidiary in connection
with an Asset Disposition that is so designated pursuant to an Officer’s
Certificate, setting forth the basis of such valuation. The aggregate Fair
Market Value of the Designated Non-Cash Consideration, taken together with the
Fair Market Value at the time of receipt of all other Designated Non-Cash
Consideration then held by the Company, the Issuer or any Restricted
Subsidiary, may not exceed the greater of (x) £250 million in the
aggregate or (y) 1.00% of Total Assets, at the time of the receipt of the
Designated Non-Cash Consideration (with the Fair Market Value being measured at
the time received and without giving effect to subsequent changes in value).

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock which by
its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable or exercisable) or upon the happening of any event:

 

(1)           matures or is mandatorily redeemable (other than
redeemable only for Capital Stock of such Person that is not itself
Disqualified Stock) pursuant to a sinking fund obligation or otherwise;

 

(2)           is convertible or exchangeable for Indebtedness or
Disqualified Stock (excluding Capital Stock convertible or exchangeable solely
at the option of the Company or a Restricted Subsidiary; provided, however,
that any such conversion or exchange shall be deemed an Incurrence of Indebtedness
or Disqualified Stock, as applicable); or

 

(3)           is redeemable or may become (in accordance with its
terms) upon the occurrence of certain events or otherwise redeemable or
repurchasable at the option of the holder thereof, in whole or in part,

 

in the case of each of
clauses (1), (2) and (3), on or prior to 180 days following the Stated
Maturity of the Notes; provided, however, that any Capital Stock that would not
constitute Disqualified Stock but for provisions thereof giving holders thereof
the right to require such Person to repurchase or redeem such Capital Stock
upon the occurrence of an “asset sale” or “change of control” occurring prior
to 180 days following the Stated Maturity of the Notes shall not constitute
Disqualified Stock if the “asset sale” or “change of control” provisions
applicable to such Capital Stock are not more favorable to the holders of such
Capital Stock than the provisions of Sections 4.10 and 4.15.

 

10

 

“Dollar Equivalent” means with respect to any
monetary amount in pounds sterling, at any time for the determination thereof,
the amount of U.S. Dollars obtained by converting the pounds sterling involved
in such computation into U.S. Dollars at the spot rate for the purchase of U.S.
Dollars with pounds sterling as published under the “Currencies” section of the
homepage of the Wall Street Journal (http:/www.online.wsj.com) on the date
two Business Days prior to such determination.

 

“Dollar Global Note” means a Global Note representing Dollar
Notes.

 

“Dollar Notes”
means the U.S. dollar denominated 6.50% Senior Secured Notes due 2018 of the Issuer.

 

“EBITDA”
for any period means the Consolidated Net Income for such period plus, without
duplication, the following to the extent deducted in calculating such
Consolidated Net Income of the Company and the Restricted Subsidiaries:

 

(1)           income tax expense;

 

(2)           Consolidated Interest Expense;

 

(3)           depreciation expense;

 

(4)           amortization expense (excluding amortization expense
attributable to a prepaid cash item that was paid in a prior period);

 

(5)           all other non-cash charges (excluding any such
non-cash charge to the extent it represents an accrual of or reserve for cash
expenditures in any future period) less all non-cash items of income (excluding
any such non-cash item of income to the extent it will result in receipt of
cash payments in any future period);

 

(6)           other cash charges for professional fees and services
incurred in connection with the planning, negotiating, documenting or other
activities related to a proposed financing, acquisition or disposition
transaction involving a Permitted Business if such transaction is abandoned;

 

(7)           the amount of minority interest expense deducted in
calculating Consolidated Net Income;

 

(8)           the amount of any restructuring charge deducted for
such period in calculating Consolidated Net Income;

 

(9)           recapitalization items, net;

 

(10)         share of income or loss on equity Investments; and

 

(11)         asset impairments,

 

in each case for such
period.

 

Notwithstanding the foregoing, the provision for taxes
based on the income or profits of, and the depreciation and amortization and
non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net
Income to compute EBITDA only to the extent (and in the same proportion) that
the net 

 

11

 

income of such Restricted
Subsidiary was included in calculating Consolidated Net Income and, except for
Affiliate Guarantors, only to the extent that a corresponding amount would be
permitted at the date of determination to be dividended or distributed,
directly or indirectly, to the Company by such Restricted Subsidiary without
breaching or violating a restriction, directly or indirectly, applicable to
such Restricted Subsidiary (disregarding for this purpose any restriction
permitted under clause (A), (C) (solely to the extent relating to clause
(A)) or (H) of Section 4.08(b)).

 

“Enforcement Control Event” shall have the meaning ascribed thereto
in the Group Intercreditor Deed.

 

“Equity Offering”
means a public or private sale for cash of Capital Stock that is a sale of
Capital Stock of the Company or any Virgin Media Holding Company (not including
convertible debt or other equity-linked securities or purchases of Capital
Stock of the Company or any Virgin Media Holding Company funded by a sale of
debt, convertible debt or other equity-linked securities of the Company or any
Virgin Media Holding Company).

 

“Euroclear” means Euroclear Bank S.A./N.V.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

 

“Exchange Notes” means any Notes issued in an Exchange Offer pursuant
to Section 2.06(f) hereof. References to the “Notes” in this
Indenture shall include any Exchange Notes and any Private Exchange Notes
issued hereunder.

 

“Exchange Offer” has the meaning set forth in any Registration Rights
Agreement.

 

“Exchange Offer Registration Statement” has the meaning set forth in any
Registration Rights Agreement.

 

“Excluded
Assets” means any of the following:

 

(1)           any Rule 3-16
Excluded Collateral;

 

(2)           any assets
securing Purchase Money Indebtedness and Capitalized Lease Obligations;

 

(3)           any assets
secured pursuant to clauses (9), (10), (13) (with respect to clauses (9) and
(10) only), (17), (20) or (21) of the definition of “Permitted Liens”;

 

(4)           any interest
in any Excluded Subsidiary, any non-recourse special purpose vehicles or any
joint venture; and

 

(5)           any assets
that are expressly excluded from the collateral securing the Existing Credit
Facility or any Pari Passu Lien Obligations outstanding from time to time.

 

“Excluded Subsidiary” means:

 

(1)           any Subsidiary of
the Company which is a dormant subsidiary;

 

(2)           Flextech
Interactive Limited;

 

(3)           Fawnspring Limited;
and

 

12

 

(4)           NTL South Herts and
its Subsidiaries, until such time as NTL South Herts becomes a wholly-owned
Subsidiary of the Company.

 

“Existing Credit Facility”
means the Senior Facilities Agreement dated March 3, 2006 between Virgin
Media Inc. as Ultimate Parent and the other parties thereto, as the same may be
amended, modified, supplemented, extended or replaced from time to time, in
each case in accordance with the terms of this Indenture.

 

“Existing Notes”
means (i) the 2014 Notes, (ii) the $550 million of 9.125% Senior
Notes due 2016 issued by VM FinanceCo pursuant to the 2006 Indenture (iii) the
$1.35 billion of 9.50% Senior Notes due 2016 and the €180 million of 9.50%
Senior Notes due 2016 issued by VM FinanceCo pursuant to the June 2009
Indenture, and (iii) the $600 million of 8.375% Senior Notes due 2019 and
the £350 million of 8.875% Senior Notes due 2019 issued by VM FinanceCo
pursuant to the November 2009 Indenture.

 

“Fair Market Value”
means, with respect to any asset or Property, the price which could be
negotiated in an arm’s-length transaction between a willing seller and a
willing buyer, neither of whom is under undue pressure or compulsion to
complete the transaction.

 

“Fawnspring Limited” refers to ntl Fawnspring Limited a private limited
company incorporated under the laws of England and Wales.

 

“Fitch” means Fitch
Ratings or any successor to its rating business.

 

“Flextech Interactive
Limited” refers to Flextech Interactive Limited a private limited company
incorporated under the laws of England and Wales.

 

“GAAP” means
generally accepted accounting principles in the United States of America as in
effect as of the Closing Date. All ratios and computations based on GAAP
contained in this Indenture shall be computed in conformity with GAAP as in
effect at the Closing Date.

 

“Gilt Rate”
means, as of any redemption date, the yield to maturity as of such redemption
date of UK Government Obligations with a fixed maturity (as compiled by the Office for
National Statistics and published in the most recent Financial Statistics that
have become publicly available at least two Business Days in London prior to
such redemption date (or, if such Financial Statistics are no longer published,
any publicly available source of similar market data selected by the Company in
good faith)) most nearly equal to the period from such redemption date to January 15,
2014; provided, however, that if the period
from such redemption date to January 15, 2014 is not equal to the fixed
maturity of UK Government Obligations for which a yield is given, the Gilt Rate
shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the yields of UK Government Obligations for which
such yields are given, except that if the period from such redemption date to January 15,
2014 is less than one year, the weekly average yield on actually traded UK
Government Obligations denominated in pounds sterling adjusted to a fixed
maturity of one year shall be used.

 

“Global Notes”
means, individually and collectively, the Global Notes, substantially in the
form of Exhibit A hereto (including the Global Note Legend thereon and the
“Schedule of Exchange of Interests in the Global Note” attached thereto) issued
in accordance with Section 2.01 or 2.06 hereof.

 

“Global Note Legend”
means the legend set forth in Section 2.06(f), which is required to be
placed on all Global Notes issued under this Indenture.

 

13

 

“Group Intercreditor Deed”
means the Group Intercreditor Deed originally entered into on March 3,
2006 between Deutsche Bank AG London Branch as Facility Agent and Security
Trustee, the Original Borrowers, the Original Guarantors, the Senior Lenders,
the Lessors, the Lessees, the Hedge Counterparties, the Lessor’s Agent, the
Intergroup Debtors and the Intergroup Creditors (each as defined therein) as
the same may be amended, modified, supplemented, extended or replaced from time
to time.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such
Person:

 

(1)           to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation of such other
Person (whether arising by virtue of partnership arrangements, or by agreement
to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise); or

 

(2)           entered into for purposes of assuring in any other
manner the obligee of such Indebtedness or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part);

 

provided, however, that
the term “Guarantee” shall not include endorsements for collection or deposit
in the ordinary course of business or (ii) a contractual commitment by a
Person to make an Investment in another Person so long as such Investment is
reasonably expected to constitute a Permitted Investment under clause (1) or
(2) of the definition of “Permitted Investment.”  The term “Guarantee” used as a verb has a
corresponding meaning. The term “Guarantor” shall mean any Person Guaranteeing
any obligation.

 

“Hedging Obligations”
of any Person means the obligations of such Person pursuant to any Interest
Rate Agreement or any Currency Agreement.

 

“High Yield Intercreditor Deed” means the High Yield Intercreditor Deed
first entered into among the Issuer, the Company, Credit Suisse First Boston,
The Bank of New York and the senior lenders party thereto, on April 13,
2004, as the same may be amended, modified, supplemented, extended or replaced
from time to time, in each case in accordance with the terms of this Indenture,
including by the accession of the Trustee thereto.

 

“Holder” means
each Person in whose name the Notes are registered on the Registrar’s books.

 

“Incur” means
issue, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the
time such Person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the
time it becomes a Subsidiary. The term “Incurrence” when used as a noun shall
have a correlative meaning.

 

Solely for purposes of determining compliance with Section 4.09,
the following will not be deemed to be the Incurrence of Indebtedness: (1) amortization
of debt discount or the accretion of principal with respect to a non-interest
bearing or other discount security; (2) the payment of regularly scheduled
interest in the form of additional Indebtedness of the same instrument or the
payment of regularly scheduled dividends on Capital Stock in the form of
additional Capital Stock of the same class and with the same terms; (3) the
obligation to pay a premium in respect of Indebtedness arising in connection
with the issuance of a notice of redemption or the making of a mandatory offer
to purchase 

 

14

 

such Indebtedness; and (4) a
change in GAAP that results in an obligation of such Person that exists at such
time, and is not theretofore classified as Indebtedness, becoming Indebtedness.

 

“Indebtedness”
means, with respect to any Person on any date of determination, without
duplication:

 

(1)           the principal of and premium (if any) in respect of
indebtedness of such Person for borrowed money;

 

(2)           the principal of and premium (if any) in respect of
obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments (other than loan notes or similar instruments issued solely
by way of consideration for the acquisition of assets in order to defer capital
gains or equivalent taxes where such loan notes or similar instruments are not
issued for the purpose of financing but are issued for tax purposes);

 

(3)           all obligations of such Person in respect of letters
of credit, bankers’ acceptances or other similar instruments (including
reimbursement obligations with respect thereto), other than reimbursement
obligations with respect to letters of credit securing obligations (other than
obligations described in (1), (2) and (5) of this definition) entered
into in the ordinary course of business of such Person to the extent such
letters of credit are not drawn upon or, if and to the extent drawn upon such
drawing is reimbursed no later than the fifth Business Day following receipt by
such Person of a demand for reimbursement following payment of the letter of
credit;

 

(4)           all obligations of such Person to pay the deferred and
unpaid purchase price of Property or services (except Trade Payables), which
purchase price is due more than six months after the date of placing such
Property in service or taking delivery and title thereto or the completion of
such services and whose primary purpose is for financing;

 

(5)           all Capitalized Lease Obligations and all Attributable
Debt of such Person;

 

(6)           the amount of all obligations of such Person with
respect to the redemption, repayment or other repurchase of any Disqualified
Stock or, with respect to any Subsidiary of such Person, any Preferred Stock
(but excluding, in each case, any accrued dividends);

 

(7)           all obligations referred to in other clauses of this
definition of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided, however,
that the amount of Indebtedness of such Person shall be the lesser of: (A) the
Fair Market Value of such asset at such date of determination and (B) the
amount of such Indebtedness of such other Persons;

 

(8)           Hedging Obligations of such Person; and

 

(9)           all obligations of the type referred to in clauses (1) through
(8) of other Persons and all dividends of other Persons for the payment of
which, in either case, such Person is responsible or liable, directly or indirectly,
as obligor, guarantor or otherwise, including by means of any Guarantee.

 

The amount of Indebtedness of any Person at any date
shall be the outstanding balance at such date of all unconditional obligations
as described above and the maximum liability, upon the occurrence of the
contingency giving rise to the obligation, of any contingent obligations at
such date as determined 

 

15

 

in accordance with GAAP.
The amount of Indebtedness under Hedging Obligations of a Person will be
calculated by reference to the net liability of such Person thereunder (as
determined in accordance with GAAP as of the date of the most recent financial
statements distributed to Holders under Section 4.03).

 

“Indenture” means
this Indenture, as amended or supplemented from time to time.

 

“Independent Financial
Advisor” means an investment banking, financial advisory, valuation
or accounting firm of international standing or any third-party appraiser of
international standing; provided that such firm or appraiser is not an
Affiliate of the Company.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a
Participant.

 

“Initial
Notes” means the $1,000,000,000 aggregate principal amount of Dollar
Notes and the £875,000,000 aggregate principal amount of Sterling Notes, as the
case may be, issued under this Indenture on the date hereof.

 

“Initial Purchasers” means in
respect of (i) the Dollar Notes, J.P. Morgan Securities Inc., Goldman,
Sachs & Co., BNP Paribas, CALYON, Credit Suisse Securities (Europe)
Limited, Deutsche Bank Securities Inc., GE Capital Markets, Inc., HSBC
Securities (USA) Inc., Lloyds TSB Bank plc, The Royal Bank of Scotland plc, UBS
Securities LLC, Barclays Capital Inc., Merrill Lynch International and
Citigroup Global Markets Limited and (ii) in respect of the Sterling
Notes, J.P. Morgan Securities Ltd., Goldman, Sachs & Co., BNP Paribas,
CALYON, Credit Suisse Securities (Europe) Limited, Deutsche Bank AG, London
Branch, GE Corporate Finance Bank SAS, HSBC Bank plc, Lloyds TSB Bank plc, The
Royal Bank of Scotland plc, UBS Limited, Barclays Bank PLC, Merrill Lynch
International and Citigroup Global Markets Limited and such other initial
purchasers party to the purchase agreement entered into in connection with the
offer and sale of the Notes on the Closing Date and any similar purchase
agreement in connection with any Additional Notes.

 

“Intercreditor Deeds”
means the High Yield Intercreditor Deed and the Group Intercreditor Deed.

 

“Interest Rate Agreement”
means with respect to any Person any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement or other similar agreement or arrangement to
which such Person is party or of which it is a beneficiary.

 

“Intra-Group Services” means:

 

(1)           the sale of
programming or other Content by the Parent or any of its Subsidiaries to the
Company or any Restricted Subsidiary on arms’ length terms;

 

(2)           the lease or
sublease of office space, other premises or equipment on arms’ length terms by
the Company or the Restricted Subsidiaries to the Parent or any of its
Subsidiaries or by the Parent or any of its Subsidiaries to the Company or the
Restricted Subsidiaries;

 

(3)           the
provision or receipt of other services, facilities or other arrangements (in
each case not constituting Indebtedness) in the ordinary course of business, by
the Company or the Restricted Subsidiaries to or from the Parent or any of its
Subsidiaries including, without limitation, (i) the employment of
personnel, (ii) provision of employee healthcare or other benefits, (iii) acting
as agent to buy equipment, other assets or services or to trade with
residential

 

16

 

or business customers, and (iv) the
provision of audit, accounting, banking, IT, telephony, office, administrative,
compliance, payroll or other similar services provided that the consideration
for the provision thereof is, in the reasonable opinion of the Company, no less
than cost; and

 

(4)           the
extension, in the ordinary course of business and on terms no less favourable
to the Company or the Restricted Subsidiaries than arms’ length terms, by or to
the Company or the Restricted Subsidiaries to or by the Parent or any of its
Subsidiaries of trade credit not constituting Financial Indebtedness in
relation to the provision or receipt of Intra-Group Services referred to in
paragraphs (1), (2) or (3) above.

 

“Investment”
in any Person means any direct or indirect advance, loan (other than advances
to customers in the ordinary course of business that are of a type that will be
recorded as accounts receivable on the balance sheet of the lender) or other
extension of credit (including by way of Guarantee or similar arrangement) or
capital contribution to (including by means of any transfer of cash or other
Property to others or any payment for Property or services for the account or
use of others), or any purchase or acquisition of Capital Stock, Indebtedness
or other similar instruments issued by such Person, or any prepayment,
repayment, repurchase, redemption, retirement, refinancing or defeasance of
Indebtedness of such Person, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP.
For purposes of Sections 4.07 and 4.17 of this Indenture:

 

(1)           “Investment” shall include the portion (proportionate
to the Company’s or a Restricted Subsidiary’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the
Company or any Restricted Subsidiary at the time that such Subsidiary is
designated an Unrestricted Subsidiary; provided, however, that upon a
redesignation of such Subsidiary as a Restricted Subsidiary, the Company or
Restricted Subsidiary, as applicable, shall be deemed to continue to have a
permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to:

 

(A)          the Company’s
or Restricted Subsidiary’s “Investment” in such Subsidiary at the time of such
redesignation, less

 

(B)           the portion
(proportionate to the Company’s or Restricted Subsidiary’s equity interest in
such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary
at the time of such redesignation; and

 

(2)           any Property transferred to or from an Unrestricted
Subsidiary shall be valued at its Fair Market Value at the time of such
transfer.

 

“Investment Grade Rating”
means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3
(or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P, or an
equivalent rating by any other Rating Agency.

 

“Issuer”  has the meaning assigned to it in the preamble to this
Indenture.

 

“June 2009 Indenture” means the indenture dated as of June 3,
2009 between VM FinanceCo, Virgin Media Inc., Virgin Media Group LLC, Virgin
Media Holdings Inc., Virgin Media (UK) Group, Inc., Virgin Media
Communications Limited, Virgin Media Investment Holdings Limited, The Bank of
New York Mellon as trustee and paying agent and The Bank of New York Mellon
(Luxembourg) S.A. as Luxembourg paying agent.

 

17

 

“Letter of Transmittal”
means the letter of transmittal to be prepared by the Issuer and sent to all
Holders for use by such Holders in connection with an Exchange Offer.

 

“Leverage Ratio”
means the ratio of:

 

(1)           the outstanding Indebtedness of the Company and the
Restricted Subsidiaries on a Consolidated basis, to

 

(2)           the Pro Forma EBITDA.

 

“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or charge of
any kind (including any conditional sale or other title retention agreement or
lease in the nature thereof).

 

“Member State”
means any country that was a member of the European Union as of July 25,
2006.

 

“Merger Date”
means March 3, 2006.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to its rating
business.

 

“Net Available Cash”
from an Asset Disposition means cash payments received (including, only when
and as received, any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise and
proceeds from the sale or other disposition of any securities received as
consideration, but excluding any other consideration received in the form of
assumption by the acquiring Person of Indebtedness or other obligations
relating to the properties or assets that are the subject of such Asset
Disposition or received in any other non-cash form) therefrom, in each case net
of:

 

(1)           all legal, accounting and investment banking fees and
expenses, title and recording tax expenses, commissions and other fees and
expenses incurred, and all national, regional, state, provincial, foreign and
local taxes required to be paid as a consequence of such Asset Disposition,

 

(2)           all payments made on any Indebtedness which is secured
by any assets subject to such Asset Disposition, in accordance with the terms
of any Lien upon or other security agreement of any kind with respect to such
assets, or which must by its terms, or in order to obtain a necessary consent
to such Asset Disposition, or by applicable law be repaid out of the proceeds
from such Asset Disposition,

 

(3)           all distributions and other payments required to be
made to minority interest holders in Subsidiaries or joint ventures as a result
of such Asset Disposition and

 

(4)           appropriate cash amounts to be provided by the seller
as a reserve, in accordance with GAAP, against any liabilities associated with
the Property or other assets disposed of in such Asset Disposition and retained
by the Company, the Issuer or any Restricted Subsidiary after such Asset
Disposition.

 

“Net Cash Proceeds,”
with respect to any issuance or sale of Capital Stock, means the cash proceeds
of such issuance or sale net of attorneys’ fees, accountants’ fees,
underwriters’ or placement agents’ fees, discounts or commissions and
brokerage, consultant and other fees actually incurred in connection with such
issuance or sale and net of taxes paid or payable as a result thereof.

 

18

 

“Non-Recourse Debt”
means Indebtedness:

 

(1)           as to which neither the Company, the Issuer nor any
other Restricted Subsidiary (a) provides any Guarantee or credit support
of any kind (including any undertaking, Guarantee, indemnity, agreement or
instrument that would constitute Indebtedness) or (b) is directly or
indirectly liable (as a guarantor or otherwise);

 

(2)           no default with respect to which (including any rights
that the holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any
holder of any other Indebtedness of the Company, the Issuer or any other
Restricted Subsidiary to declare a default under such other Indebtedness or
cause the payment thereof to be accelerated or payable prior to its stated
maturity; and

 

(3)           the explicit terms of which provide there is no
recourse against any of the assets of the Company, the Issuer or any other
Restricted Subsidiary.

 

“Note Guarantee”
means the guarantee of the Notes by each Note Guarantor.

 

“Note Guarantor”
means the Parent, the Company, VM FinanceCo and the Subsidiary Guarantors.

 

“November 2009 Indenture” means the indenture dated as of November 9,
2009 between VM FinanceCo, Virgin Media Inc., Virgin Media Group LLC, Virgin
Media Holdings Inc., Virgin Media (UK) Group, Inc., Virgin Media
Communications Limited, Virgin Media Investment Holdings Limited, The Bank of
New York Mellon as trustee and paying agent and The Bank of New York Mellon
(Luxembourg) S.A. as Luxembourg paying agent.

 

“Notes” has the
meaning assigned to it in the preamble to this Indenture. The Initial Notes and
any Additional Notes shall be treated as a single class for all purposes under
this Indenture, except as described under Section 3.07 or Article 9
hereof, and, unless the context otherwise requires, all references to the Notes
shall include the Initial Notes, any Exchange Notes, and Private Exchange Notes
and any Additional Notes.

 

“NTL South Herts” refers to ntl (South Hertfordshire) Limited a private
limited company incorporated under the laws of England and Wales.

 

“Officer” of a
Person means the Chairman of the Board, the Chief Executive Officer, the Chief
Financial Officer, Deputy Chief Financial Officer, the President, any Vice
President, the Treasurer, Assistant Treasurer, the Secretary or Assistant
Secretary, or any Director.

 

“Officer’s Certificate”
means a certificate signed by an Officer.

 

“Opinion of Counsel”
means a written opinion from legal counsel of recognized standing in a form
reasonably satisfactory to the addressee of such opinion. The counsel may be an
employee of, or counsel to, the Issuer or the Trustee.

 

“Parent” has the
meaning assigned to it in the preamble to this Indenture.

 

“Parent Guarantee”  means the unsecured guarantee of the Notes by the Parent.

 

19

 

“Pari Passu Lien Obligations” means any Additional Notes and any other
Indebtedness that has Pari Passu Lien Priority relative to the Notes with
respect to the Collateral.

 

“Pari Passu Lien Priority” means, relative to specified
Indebtedness and other obligations, having equal or substantially equal Lien
priority to the Notes and the Note Guarantees, as the case may be, on the
Collateral (taking into account any intercreditor agreements).

 

“Participant”
means, with respect to any Depositary, a Person who is a participant of or has
an account with such Depositary (and, with respect to DTC, shall include
Euroclear and Clearstream).

 

“Permitted Business”
means any business engaged in by the Company, the Issuer or any other
Restricted Subsidiary on the Closing Date and any Related Business.

 

“Permitted Investment”
means an Investment by the Company, the Issuer or any other Restricted
Subsidiary in:

 

(1)           the Company, any Restricted Subsidiary or a Person
that will, upon the making of such Investment, become a Restricted Subsidiary;

 

(2)           another Person if as a result of such Investment such
other Person is merged or consolidated with or into, or transfers or conveys
all or substantially all its assets to, the Company or any Restricted
Subsidiary;

 

(3)           cash and Temporary Cash Investments;

 

(4)           receivables owing to the Company, the Issuer or any
other Restricted Subsidiary if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms;
provided, however, that such trade terms
may include such concessionary trade terms as the Company, the Issuer or any
such Restricted Subsidiary deems reasonable under the circumstances;

 

(5)           payroll, travel and similar advances to cover matters
that are expected at the time of such advances ultimately to be treated as
expenses for accounting purposes and that are made in the ordinary course of
business;

 

(6)           loans, advances or Guarantees of loans or advances to
employees (including for relocation) made in the ordinary course of business of
the Company or such Restricted Subsidiary and not exceeding £5 million in the
aggregate outstanding at any one time;

 

(7)           shares, obligations or securities received in
settlement of debts created in the ordinary course of business and owing to the
Company, the Issuer or any other Restricted Subsidiary or in satisfaction of
judgments;

 

(8)           any Person to the extent such Investment represents
the non-cash portion of the consideration received for an Asset Disposition
that was made pursuant to and in compliance with Section 4.10 hereof;

 

(9)           any Person, if such Investment is in existence on the
Closing Date and any Investment in any Person to the extent such Investment
Refinances an Investment in such Person existing on the Closing Date in an
amount not exceeding the amount of the Investment being Refinanced; provided, however, that such new Investment is on terms and

 

20

 

conditions no less favorable to the Company, the
Issuer or any other Restricted Subsidiary than the Investment being Refinanced;

 

(10)         Guarantees permitted to be Incurred by Section 4.09
hereof;

 

(11)         loans granted as a result of a subscriber being
allowed terms, in the ordinary course of trade, whereby it does not have to pay
for services provided to it for a period of time after the provision of such
services;

 

(12)         the BBC Guarantees;

 

(13)         lease, utility and workers’ compensation, performance
and other similar deposits made in the ordinary course of business;

 

(14)         Hedging Obligations permitted under this Indenture;

 

(15)         repurchases of the Notes;

 

(16)         Investments resulting from the disposition of assets
in transactions excluded from the definition of “Asset Disposition” pursuant to
the exclusions from such definition;

 

(17)         any Person where such Investment was acquired by the
Company, the Issuer or any other Restricted Subsidiary (i) in exchange for
any other Investment or accounts receivable held by the Company, the Issuer or
any such Restricted Subsidiary in connection with or as a result of a
bankruptcy, workout, reorganization or recapitalization of the issuer of such
other Investment or accounts receivable or (ii) as a result of a
foreclosure by the Company, the Issuer or any such Restricted Subsidiary with
respect to any secured Investment or other transfer of title with respect to
any secured Investment in default;

 

(18)         any Receivables Subsidiary organized in connection
with a Qualified Receivables Transaction that, in the good faith determination
of the Company, is necessary or advisable to effect such Qualified Receivables
Transaction; and

 

(19)         any Person; provided, however,
that such Investment (having a Fair Market Value measured on the date such
Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause
(19) since the Closing Date, shall not exceed at the time the Investment is
made the greater of (a) 2.0% of Total Assets or (b) £100 million; provided, further, however, that Investments made in any
Unrestricted Subsidiary pursuant to this clause (19) shall not increase the
amount of Restricted Payments permitted to be made under Section 4.07 upon
any redesignation of any such Unrestricted Subsidiary as a Restricted
Subsidiary.

 

“Permitted Joint Ventures”
means one or more joint ventures formed by (i) the contribution of all or
any part of the Content Business to a joint venture formed by the Company or
any of the Restricted Subsidiaries with one or more joint venturers; and (ii) the
contribution of some or all of the assets of the ntl:Telewest business division
pursuant to a Business Division Transaction to a joint venture formed by the
Company or any of the Restricted Subsidiaries with one or more joint venturers.

 

“Permitted Liens”
means, with respect to any Person:

 

21

 

(1)                                  pledges or deposits by such Person under
worker’s compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than
for the payment of Indebtedness) or leases to which such Person is a party, or
deposits to secure public or statutory obligations of such Person or deposits
of cash or Temporary Cash Investments to secure surety or appeal bonds to which
such Person is a party, or deposits as security for contested taxes or customs
duties in connection with the importation of goods or for the payment of rent,
in each case Incurred in the ordinary course of business;

 

(2)                                  Liens imposed by law, such as statutory
Liens for landlords and carriers’, warehousemen’s and mechanics’ Liens, in each
case for sums not yet delinquent or being contested in good faith or other
Liens arising out of judgments or awards against such Person with respect to
which such Person shall then be proceeding with an appeal or other proceedings
for review;

 

(3)                                  Liens for taxes, assessments or
government charges or claims not yet due or payable or subject to penalties for
non-payment or which are being contested in good faith;

 

(4)                                  Liens in favor of issuers of surety
bonds, performance bonds or letters of credit, bankers’ acceptances or other
obligations of a like nature provided by the Company or a Restricted Subsidiary
in the ordinary course of business;

 

(5)                                  survey exceptions, encumbrances,
easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, utility agreements, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real
property or Liens incidental to the conduct of the business of such Person or
to the ownership of its properties which were not Incurred in connection with
Indebtedness and which do not in the aggregate materially adversely affect the
value of said properties or materially impair their use in the operation of the
business of such Person;

 

(6)                                  Liens securing Purchase Money
Indebtedness and Capitalized Lease Obligations Incurred to finance the
construction, purchase or lease of, or repairs, improvements or additions to,
assets or Property of such Person; provided, however, that the Lien may not
extend to any other assets or Property owned by such Person or any of its
Subsidiaries at the time the Lien is Incurred, and the original principal
amount of the Indebtedness secured by the Lien may not be Incurred more than
180 days after the later of the acquisition, completion of construction,
repair, improvement, addition or commencement of full operation of the Property
subject to the Lien;

 

(7)                                  (i) Liens to secure Bank
Indebtedness or any Pari Passu Lien Obligation Incurred pursuant to clause (1) of
Section 4.09(b) and (ii) Liens to secure Indebtedness Incurred
pursuant to clauses (a), (b)(4) (to the extent relating to Indebtedness
incurred under clause (a)) or (b)(16) of Section 4.09; provided that any
such Indebtedness shall have Pari Passu Lien Priority or junior lien priority
relative to the Notes and the Note Guarantees and the lenders or holders of
such Indebtedness or their representative shall have acceded to the
Intercreditor Deeds, as applicable, and provided
further, in the case of clause (ii) only,
that at the time of Incurrence of such Liens and after giving effect thereto,
such Incurrence would not, on a pro forma basis, cause the ratio of (1) the
outstanding Indebtedness of the Company and the Restricted Subsidiaries
representing the Notes, the Existing Credit Facility and other Pari Passu Lien
Obligations to (2) the Pro Forma EBITDA, to exceed 3.75:1.0;

 

22

 

(8)                                  Liens existing on the Closing Date
(excluding Liens referred to in clause (7));

 

(9)                                  Liens on Property or shares of another
Person at the time such other Person becomes a Subsidiary of such Person;
provided, however, that such Liens are not created, Incurred or assumed in
connection with, or in contemplation of, such other Person becoming such a
Subsidiary; provided further, however, that such Liens do not extend to any
other Property owned by such Person or any of its Subsidiaries unless otherwise
permitted hereunder;

 

(10)                            Liens on Property at the time such Person
or any of its Subsidiaries acquires the Property, including any acquisition by
means of a merger or consolidation with or into such Person or any Subsidiary
of such Person; provided, however, that such Liens are not created, Incurred or
assumed in connection with, or in contemplation of, such acquisition; provided
further, however, that the Liens do not extend to any other Property owned by
such Person or any of its Subsidiaries unless otherwise permitted hereunder;

 

(11)                            Liens securing Indebtedness or other
obligations of a Subsidiary of such Person owing to the Company, a Restricted
Subsidiary or the Issuer (other than Indebtedness or other obligations owing by
the Issuer or a Note Guarantor to a Subsidiary that is not a Note Guarantor);

 

(12)                            Liens securing Hedging Obligations
permitted to be Incurred under this Indenture so long as such obligations
relate to Indebtedness that is, and is permitted under this Indenture to be,
secured by a Lien on the same Property securing such obligations or cash
collateral or customary Liens Incurred in connection with Hedging Obligations;

 

(13)                            Liens to secure any Refinancing (or
successive Refinancings) as a whole, or in part, of any Indebtedness secured by
any Lien referred to in the foregoing clauses (6), (8), (9) and (10);
provided, however, that:

 

(A)                                  such new
Lien shall be limited to all or part of the same Property that secured the
original Lien (plus improvements to or on such Property) and

 

(B)                                the
Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of:

 

(i)                                     the
outstanding principal amount or, if greater, committed amount of the
Indebtedness secured by Liens described under clause (6), (8), (9) or (10) at
the time the original Lien became a Permitted Lien under this Indenture; and

 

(ii)                                  an amount
necessary to pay any fees and expenses, including premiums, related to such
Refinancings;

 

(14)                            Liens securing the Notes, the Note
Guarantee by the Company and the Subsidiary Guarantees and other obligations of
the Company and any Restricted Subsidiaries under this Indenture;

 

(15)                            Liens of a Restricted Subsidiary that is
not the Issuer or a Note Guarantor securing Indebtedness of a Restricted
Subsidiary that is not the Issuer or a Note Guarantor;

 

23

 

(16)                            Liens in favor of the Issuer, the Company
or a Subsidiary Guarantor;

 

(17)                            Liens to secure Receivables and Related
Assets as part of a Qualified Receivables Transaction;

 

(18)                            Liens arising by virtue of any statutory
or common law provisions (or by agreement to the same effect) relating to
banker’s Liens, contractual rights of set-off or similar rights and remedies as
to deposit accounts or other funds maintained with a depository or financial
institution;

 

(19)                            Liens arising from U.S. Uniform
Commercial Code financing statement filings (or similar filings in other
applicable jurisdictions) regarding operating leases entered into by the Person
in the ordinary course of business;

 

(20)                            Liens in connection with any
Sale/Leaseback Transaction permitted pursuant to Section 4.16 hereof; and

 

(21)                            Liens Incurred in the ordinary course of
business of the Issuer, the Company or any Restricted Subsidiary with respect
to obligations (other than Indebtedness for borrowed money) that do not exceed
£50 million at any time outstanding.

 

“Person”
means any individual, corporation, partnership, limited liability company,
joint venture, association, joint stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any
other entity.

 

“Preferred Stock,”
as applied to the Capital Stock of any Person, means Capital Stock of any class
or classes (however designated) that is preferred as to the payment of
dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such Person, over shares of Capital
Stock of any other class of such Person.

 

“principal” of a
Note means the principal of the Note plus the premium, if any, payable on the
Note which is due or overdue or is to become due at the relevant time.

 

“Private Placement Legend” means the legend set forth in Section 2.06(g)(1) to
be placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions of this Indenture.

 

“Pro Forma
EBITDA” means, for any period, the EBITDA of the Company and the
Restricted Subsidiaries, after giving effect to the following:

 

if:

 

(1)                                  since the beginning of such period, the
Company or any Restricted Subsidiary shall have made any Asset Disposition or
an Investment (by merger or otherwise) in any Restricted Subsidiary (or any
Person that becomes a Restricted Subsidiary) or an acquisition;

 

(2)                                  the transaction giving rise to the need
to calculate Pro Forma EBITDA is such an Asset Disposition, Investment or acquisition;
or

 

(3)                                  since the beginning of such period any
Person that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since 

 

24

 

the beginning of such period shall have made such an
Asset Disposition, Investment or acquisition,

 

EBITDA for such period
shall be calculated in good faith by a responsible financial or accounting
officer of the Company after giving pro forma effect to such Asset Disposition,
Investment or acquisition as if such Asset Disposition (and the application of
the proceeds therefrom), Investment or acquisition occurred on the first day of
such period.

 

“Property”
means, with respect to any Person, any interest of such Person in any kind of
property or asset, whether real, personal or mixed, or tangible or intangible,
including Capital Stock in, and other securities of, any other Person.

 

“Public Debt”
means any Indebtedness consisting of bonds, debentures, notes or other similar debt
securities issued in (1) a public offering registered under the Securities
Act or (2) a private placement to institutional investors that is
underwritten for resale in accordance with Rule 144A or Regulation S under
the Securities Act, whether or not it includes registration rights entitling
the holders of such debt securities to registration thereof with the SEC for
public resale. The term “Public Debt,” for the avoidance of doubt, shall not be
construed to include any Indebtedness issued to institutional investors in a
direct placement of such Indebtedness that is not underwritten by an
intermediary (it being understood that, without limiting the foregoing, a
financing that is distributed to not more than ten Persons (provided that
multiple managed accounts and Affiliates of any such Persons shall be treated
as one Person for the purposes of this definition) shall not be deemed
underwritten), or any Bank Indebtedness under any Credit Facility (including
any such Bank Indebtedness under any such Credit Facility that is provided by a
lender which finances its ability to provide such Indebtedness through the
incurrence of Public Debt), Capitalized Lease Obligation or recourse transfer
of any financial asset or any other type of Indebtedness Incurred in a manner
not customarily viewed as a “securities offering”.

 

“Purchase Money
Indebtedness” means Indebtedness:

 

(1)                                  consisting of the deferred purchase price
of an asset, conditional sale obligations, obligations under any title
retention agreement and other purchase money obligations, in each case where
the maturity of such Indebtedness does not exceed the anticipated useful life
of the asset being financed, and

 

(2)                                  Incurred to finance the acquisition by
the Company or a Restricted Subsidiary of such asset, including additions and
improvements;

 

provided, however, that
the original principal amount of such Indebtedness is Incurred within 180 days
after the acquisition by the Company or such Restricted Subsidiary of such
asset.

 

“QIB” means a “qualified institutional buyer” as defined in
Rule 144A.

 

“Qualified
Receivables Transaction” means any transaction or series of
transactions that may be entered into by the Company, the Issuer or any other
Restricted Subsidiary pursuant to which the Company, the Issuer or any other
Restricted Subsidiary may sell, convey or otherwise transfer to:

 

(1)                                  a Receivables Subsidiary (in the case of
a transfer by the Company, the Issuer or any other Restricted Subsidiary); and

 

(2)                                  any other Person (in the case of a
transfer by a Receivables Subsidiary),

 

25

 

or may grant a security
interest in, any Receivables and Related Assets.

 

“Rating
Agency” means each of Fitch, Moody’s and S&P, or if none of
Fitch, Moody’s or S&P, shall make a rating on the Notes publicly available,
a nationally recognized statistical rating agency or agencies, as the case may
be, selected by the Issuer (as certified by a resolution of its Board of
Directors), shall be substituted for Fitch, Moody’s or S&P, as the case may
be.

 

“Receivables and Related
Assets” means accounts receivable, instruments, chattel paper,
obligations, general intangibles and other similar assets, including interests
in merchandise or goods, the sale or lease of which give rise to the foregoing,
related contractual rights, Guarantees, insurance proceeds, collections, other
related assets and assets that are customarily transferred, or in respect of
which security interests are customarily granted, in connection with asset
securitization transactions involving accounts receivable, and proceeds of all
the foregoing.

 

“Receivables Fees”
means distributions or payments made directly or by means of discounts with
respect to any participation interest issued or sold in connection with, and
other fees paid to a Person that is not a Restricted Subsidiary in connection
with, any Qualified Receivables Transaction.

 

“Receivables Subsidiary”
means a Subsidiary of the Company that engages in no activities other than in
connection with the financing of accounts receivable and that is designated by
the Board of Directors (as provided below) as a Receivables Subsidiary and:

 

(1)                                  has no Indebtedness or other Obligation
(contingent or otherwise) that:

 

(A)                                  is
guaranteed by the Company, the Issuer or any Restricted Subsidiary, other than
contingent liabilities pursuant to Standard Securitization Undertakings;

 

(B)                                is recourse
to or obligate the Company or any Restricted Subsidiary in any way other than
pursuant to Standard Securitization Undertakings; or

 

(C)                                subjects any
Property or assets of the Company or any Restricted Subsidiary, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings;

 

(2)                                  has no contract, agreement, arrangement
or undertaking (except in connection with a Qualified Receivables Transaction)
with the Company or any Restricted Subsidiary other than on terms no less
favorable to the Company or such Restricted Subsidiary than those that might be
obtained at the time from Persons that are not Affiliates of the Issuer, other
than fees payable in the ordinary course of business in connection with
servicing accounts receivables; and

 

(3)                                  neither the Company nor any Restricted
Subsidiary has any obligation to maintain or preserve such Receivables
Subsidiary’s financial condition or cause such Receivables Subsidiaries to
achieve certain levels of operating results.

 

Any such designation by the Board of Directors shall
be evidenced to the relevant Trustee by filing with such Trustee a copy of the
resolution of the Board of Directors giving effect to such designation and an
Officer’s Certificate certifying, to such Officer’s knowledge and belief after
consulting with counsel that such designation complied with the foregoing conditions.

 

26

 

“Refinance”
means, in respect of any Indebtedness, to refinance, extend, renew, refund,
repay, prepay, redeem, defease or retire, or to issue other Indebtedness
exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“Refinancing Indebtedness”
means any Indebtedness that Refinances any other Indebtedness, including any
successive Refinancings, so long as:

 

(1)                                  such Indebtedness is in an aggregate
principal amount (or if Incurred with original issue discount, an aggregate
issue price) not in excess of the sum of:

 

(A)                                  the
aggregate principal amount (or if Incurred with original issue discount, the
aggregate accreted value) then outstanding of the Indebtedness being
Refinanced, and

 

(B)                                    an amount
necessary to pay any fees and expenses, including premiums and defeasance
costs, related to such Refinancing,

 

(2)                                  the Average Life of such Indebtedness is
equal to or greater than the Average Life of the Indebtedness being Refinanced,

 

(3)                                  the Stated Maturity of such Indebtedness
is no earlier than the Stated Maturity of the Indebtedness being Refinanced,
and

 

(4)                                  to the extent such Indebtedness directly
or indirectly Refinances Indebtedness of a Restricted Subsidiary Incurred
pursuant to clause (b)(5) of Section 4.09, such Refinancing
Indebtedness is Incurred only by such Restricted Subsidiary;

 

provided, however, that
Refinancing Indebtedness shall not include:

 

(y)                                 Indebtedness of a Restricted Subsidiary
that is not the Company, the Issuer or a Subsidiary Guarantor that Refinances
Indebtedness of the Company, the Issuer or a Subsidiary Guarantor or

 

(z)                                   Indebtedness of the Company or a
Restricted Subsidiary that Refinances Indebtedness of an Unrestricted
Subsidiary.

 

“Registration Rights Agreement” means the Registration Rights Agreement,
to be dated the date of this Indenture, among the Company, the Issuer, the
Parent, VM FinanceCo and the Initial Purchasers relating to the Notes and any
similar agreement entered into in connection with any Additional Notes.

 

“Regulation S” means Regulation S promulgated under the Securities
Act.

 

“Regulation S Global Note” means a Global Note bearing the
applicable Global Note Legend and the Private Placement Legend and deposited
with or on behalf of the respective Depositary (or the common depositary)
therefor and registered in the name of the respective Depositary (or the common
depositary) therefor or its nominee, issued in a denomination equal to the
outstanding principal amount of the Dollar Notes or the Sterling Notes, as the
case may be, initially sold in reliance on Rule 903.

 

“Related
Business” means any business related, ancillary or complementary to
the businesses of the Company, the Issuer and the Restricted Subsidiaries on
the Closing Date including, without limitation,

 

27

 

all forms of television,
telephony and internet services and any services relating to carriers,
networks, broadcast or communications services, or Content.

 

“Responsible
Officer” means any officer within the corporate trust and agency
department of the Trustee, including any vice president, assistant vice
president, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by such
officers, or to whom any corporate trust matter is referred because of such
individual’s knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Restricted Definitive Note” means a Definitive Note bearing the
Private Placement Legend.

 

“Restricted Global Note” means a Global Note bearing the Private
Placement Legend.

 

“Restricted
Subsidiary” means the Issuer and any other Subsidiary of the Company
together with any Affiliate Guarantor, in each case other than any Unrestricted
Subsidiary.

 

“Rule 144” means Rule 144 promulgated under the Securities
Act.

 

“Rule 144A” means Rule 144A promulgated under the Securities
Act.

 

“Rule 3-16 Excluded Collateral” means, with respect to any Lien on
Capital Stock or other securities issued by Subsidiaries of either the Company
or the Affiliate Guarantors (other than Virgin Media Investments Limited and,
following the 2014 Notes Repayment, the Company), under any Collateral
Documents, to the extent necessary and for so long as required for such
Subsidiary not to be subject to any requirement pursuant to Rule 3-16 of
Regulation S-X under the Securities Act to file separate financial statements
with the SEC (or any other governmental agency), the Capital Stock or other
securities of such Subsidiary shall not be included in the Collateral with
respect to the Notes and shall not be subject to the Liens securing the Notes
solely to the extent necessary to render such requirement inapplicable.

 

“Rule 902” means Rule 902 promulgated under
the Securities Act.

 

“Rule 903” means Rule 903 promulgated under the Securities
Act.

 

“Rule 904” means Rule 904 promulgated under the Securities
Act.

 

“S&P”
means Standard and Poor’s Rating Service, a division of McGraw-Hill Companies, Inc.,
or any successor to its rating business.

 

“Sale/Leaseback Transaction”
means an arrangement relating to Property now owned or hereafter acquired by
the Company or any Restricted Subsidiary whereby the Company or any Restricted
Subsidiary transfers such Property to a Person and the Company or such
Restricted Subsidiary leases it from such Person, other than leases between the
Company and any Restricted Subsidiary or between Restricted Subsidiaries.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

28

 

“Security Trustee”
means Deutsche Bank AG, London Branch
until a successor replaces it and, thereafter, means the successor.

 

“Shelf
Registration Statement” has the meaning set forth in any
Registration Rights Agreement.

 

“Significant
Subsidiary” means any Restricted Subsidiary which, together with the
Restricted Subsidiaries of such Restricted Subsidiary, accounted for more than
10% of the Consolidated Net Income or 10% of the Total Assets, in each case,
for the most recently completed fiscal year.

 

“Standard Securitization
Undertakings” means representations, warranties, covenants and
indemnities entered into by the Company, the Issuer or any other Restricted
Subsidiary that are customary in an accounts receivable transaction.

 

“Stated Maturity”
means, with respect to any security, the date specified in such security as the
fixed date on which the final payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision (but
excluding any provision providing for the repurchase of such security at the option
of the holder thereof upon the happening of any contingency beyond the control
of the issuer unless such contingency has occurred).

 

“Sterling Global Note” means a Global Note representing
Sterling Notes.

 

“Sterling Equivalent”
means with respect to any monetary amount in a currency other than pounds
sterling, at any time of determination thereof, the amount of pounds sterling
obtained by converting such foreign currency involved in such computation into
pounds sterling at the average of the spot rates for the purchase and sale of
pounds sterling with the applicable foreign currency as quoted on or recorded
in any recognized source of foreign exchange rates within two Business Days
prior to such determination. Whenever it is necessary to determine whether the
Issuer has complied with any covenant in this Indenture or whether a Default
has occurred and an amount is expressed in a currency other than pounds
sterling, such amount shall be treated as the Sterling Equivalent determined as
of the date such amount is initially determined in such currency.

 

“Sterling Notes”
means the pounds sterling denominated 7.00% Senior Secured Notes due 2018 of the Issuer.

 

“Subordinated Obligation”
means any Indebtedness of the Issuer or a Note Guarantor (whether outstanding
on the Closing Date or thereafter Incurred) that is subordinate or junior in
right of payment to the Notes (in the case of the Issuer) or the Note Guarantee
(in the case of a Note Guarantor) pursuant to a written agreement.

 

“Subsidiary” of
any Person means any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital
Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by:

 

(1)                                  such Person,

 

(2)                                  such Person and one or more Subsidiaries
of such Person or

 

(3)                                  one or more Subsidiaries of such Person.

 

29

 

“Subsidiary Guarantee”
means each Guarantee of the obligations with respect to the Notes issued by a
Subsidiary of the Parent pursuant to the terms of this Indenture.

 

“Subsidiary Guarantor”
means each Restricted Subsidiary in existence on the Closing Date that provides
a Subsidiary Guarantee on the Closing Date (and any other Restricted Subsidiary
that provides a Subsidiary Guarantee in accordance with this Indenture);
provided that upon release or discharge of such Restricted Subsidiary from its
Subsidiary Guarantee in accordance with this Indenture, such Restricted
Subsidiary ceases to be a Subsidiary Guarantor.

 

“Tax Sharing
Agreement” means the tax cooperation agreement entered into with effect
as of the 3rd day of March, 2006, by and between (i) Parent and (ii) the
Company and Telewest Communications Networks Limited.

 

“Temporary Cash Investments”
means any of the following:

 

(1)                                  any investment in direct obligations of
any country that is a Member State or the United States of America or any
agency thereof or obligations Guaranteed by any country that is a Member State
or the United States of America or any agency thereof, and whose long-term debt
is rated “A” (or such similar equivalent rating) or higher by at least one
nationally recognized statistical rating organization (as defined in Rule 436
of the Securities Act);

 

(2)                                  investments in checking accounts, time
deposit accounts, certificates of deposit, bankers’ acceptances and money
market deposits maturing within one year of the date of acquisition thereof
issued by a bank or trust company that is organized under the laws of the
United States of America, any state thereof or any foreign country recognized
by the United States of America having capital, surplus and undivided profits
aggregating in excess of £250 million (or the foreign currency equivalent
thereof) and whose long-term debt is rated “A” (or such similar equivalent
rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 of the Securities Act);

 

(3)                                  repurchase obligations with a term of not
more than 60 days for underlying securities of the types described in clause (1) above
entered into with a bank meeting the qualifications described in clause (2) above;

 

(4)                                  investments in commercial paper, maturing
not more than 180 days after the date of acquisition, issued by a corporation
(other than an Affiliate of the Issuer) organized and in existence under the
laws of the United States of America or any foreign country recognized by the
United States with a rating at the time as of which any investment therein is
made of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according
to S&P; and

 

(5)                                  investments in securities with maturities
of one year or less from the date of acquisition issued or fully guaranteed by
any country that is a Member State, any state, commonwealth or territory of the
United States of America, or by any political subdivision or taxing authority thereof,
and rated at least “A” by S&P or “A” by Moody’s.

 

“TIA” means the
U.S. Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as in effect
on the date on which this Indenture is qualified under the TIA.

 

30

 

“Total Assets”
means, as of any date of determination, the fixed assets and current assets
shown on the most recent Consolidated balance sheet of the Company and the
Restricted Subsidiaries as certified in an Officer’s Certificate delivered to
the Trustee.

 

“Trade Payables”
means, with respect to any Person, any accounts payable or any indebtedness or
monetary obligation to trade creditors created, assumed or Guaranteed by such
Person arising in the ordinary course of business in connection with the acquisition
of goods or services.

 

“Treasury Rate”
means the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the
most recent Federal Reserve Statistical Release H.15 (519) which has become
publicly available at least two Business Days (but not more than five Business
Days) prior to the redemption date (or, if such Statistical Release is not so
published or available, any publicly available source of similar market data
selected by the Company in good faith)) most nearly equal to the period from
the redemption date to January 15, 2014; provided, however, that if the period from the
redemption date to January 15, 2014 is not equal to the constant maturity of a United
States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury securities for which such yields are given, except that if the period
from the redemption date to January 15, 2014 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

 

“Trustee” means
the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor.

 

“Trust Indenture Act”
means the U.S. Trust Indenture Act of 1939, as amended.

 

“Trust Officer”
means the chairman of the board, the president or any other officer or
assistant officer of the Trustee assigned by the Trustee to administer its
corporate trust matters.

 

“UK Government Obligations”
means sovereign obligations of the UK for the timely payment of which its full
faith and credit is pledged, in each case which are payable in pounds sterling
and not callable or redeemable at the option of the issuer thereof.

 

 “UKTV Joint Ventures” means any joint venture arrangement
relating to the Content Business in existence on the Closing Date or formed
thereafter by the Company or any of the Restricted Subsidiaries with BBC
Commercial Holdings Limited or any of its affiliates.

 

“Uniform Commercial Code” means the New York Uniform Commercial
Code as in effect from time to time.

 

“Unrestricted Definitive Note” means one or more Definitive Notes that
do not bear and are not required to bear the Private Placement Legend.

 

“Unrestricted Global Note” means a Global Note substantially in the
form of Exhibit A attached hereto that bears the applicable Global Note
Legend and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, and that is deposited with or on behalf of and registered in
the name of the Depositary therefor or its nominee, representing a series of
Notes that do not bear and are not required to bear the Private Placement
Legend.

 

 “Unrestricted Subsidiary” means:

 

31

 

(1)                                  any Subsidiary of the Company or any
Affiliate Guarantor that at the time of determination shall be designated an
Unrestricted Subsidiary by the Board of Directors in accordance with Section 4.17;
and

 

(2)                                  any Subsidiary of an Unrestricted
Subsidiary.

 

“U.S. Government
Obligations” means securities that are (a) direct obligations
of the United States of America for the timely payment of which its full faith
and credit is pledged or (b) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the timely payment of which is unconditionally guaranteed as a full
faith and credit obligation of the United States of America, which, in either
case, are not callable or redeemable at the option of the issuer thereof, and
shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S.
Government Obligations held by such custodian for the account of the holder of
such depositary receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the specific payment
of principal of or interest on the U.S. Government Obligations evidenced by
such depositary receipt.

 

“U.S. Person” means a U.S. Person as defined in Rule 902.

 

 “Virgin
Media Communications” means Virgin Media Communications Limited, a company incorporated
under the laws of England and Wales.

 

“Virgin Media Holding
Company” means any Person of which the Company is a direct or
indirect Wholly Owned Subsidiary.

 

 “Voting Stock” of a Person means all classes of Capital Stock
or other interests (including partnership interests) of such Person then
outstanding and normally entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees
thereof.

 

“Wholly Owned Subsidiary”
means (1) in respect of any Person, a Person, all of the Capital Stock of
which (other than directors’ qualifying shares or an immaterial amount of
shares required to be owned by other Persons pursuant to applicable law or to
ensure limited liability) is owned by that Person directly or (2) indirectly
by a Person that satisfies the requirements of clause (1).

 

Section 1.02                                Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Additional Amounts”

  	
   

  	
  2.13

  	
   

  
	
  “Additional Intercreditor
  Deed”

  	
   

  	
  12.05

  	
   

  
	
  “Affiliate Transaction”

  	
   

  	
  4.11

  	
   

  
	
  “Allocable Excess
  Proceeds”

  	
   

  	
  4.10

  	
   

  
	
  “Authentication Order”

  	
   

  	
  2.02

  	
   

  
	
  “Covenant Defeasance”

  	
   

  	
  8.03

  	
   

  
	
  “DTC”

  	
   

  	
  2.03

  	
   

  
	
  “Event of Default”

  	
   

  	
  6.01

  	
   

  
	
  “Excess Proceeds Offer”

  	
   

  	
  4.10

  	
   

  
	
  “Guaranteed Obligations”

  	
   

  	
  11.01

  	
   

  

 

32

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Legal Defeasance”

  	
   

  	
  8.02

  	
   

  
	
  “Offer Amount”

  	
   

  	
  3.09

  	
   

  
	
  “Pari Passu Debt”

  	
   

  	
  4.10

  	
   

  
	
  “Paying Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Private Exchange”

  	
   

  	
  2.06

  	
   

  
	
  “Private Exchange Notes”

  	
   

  	
  2.06

  	
   

  
	
  “Purchase Date”

  	
   

  	
  3.09

  	
   

  
	
  “Registrar”

  	
   

  	
  2.03

  	
   

  
	
  “Reinstatement Date”

  	
   

  	
  4.24

  	
   

  
	
  “Relevant Taxing
  Jurisdiction”

  	
   

  	
  2.13

  	
   

  
	
  “Replacement Collateral
  Documents”

  	
   

  	
  12.04

  	
   

  
	
  “Repurchase Offer”

  	
   

  	
  4.15

  	
   

  
	
  “Restricted Payment”

  	
   

  	
  4.07

  	
   

  
	
  “Successor Company”

  	
   

  	
  5.01

  	
   

  
	
  “Successor Entity”

  	
   

  	
  5.01

  	
   

  
	
  “Suspended Covenants”

  	
   

  	
  4.24

  	
   

  
	
  “Suspension Date”

  	
   

  	
  4.24

  	
   

  
	
  “Suspension Period”

  	
   

  	
  4.24

  	
   

  
	
  “Tax Redemption Date”

  	
   

  	
  3.10

  	
   

  
	
  “Taxes”

  	
   

  	
  2.13

  	
   

  

 

Section 1.03                                Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of the
TIA, the provision is incorporated by reference in and made a part of this
Indenture.

 

The following TIA terms
used in this Indenture have the following meanings:

 

“Commission”
means the SEC;

 

“indenture securities”
means the Notes;

 

“indenture security Holder”
means a Holder;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the
Trustee; and

 

“obligor” on the
Notes means the Issuer and any successor obligor upon the Notes.

 

All other terms used in this Indenture that are defined
by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them.

 

Section 1.04                                Rules of
Construction.

 

Unless the context
otherwise requires:

 

(a)                                  a term has the meaning assigned to it;

 

33

 

(b)                                 an accounting term not otherwise defined
has the meaning assigned to it in accordance with GAAP;

 

(c)                                  “or” is not exclusive;

 

(d)                                 “including” means including without
limitation;

 

(e)                                  words in the singular include the plural,
and in the plural include the singular;

 

(f)                                    “will” shall be interpreted to express a
command;

 

(g)                                 references to sections of or rules under
the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time; and

 

(h)                                 references to any person “acting
reasonably” and correlative expressions shall be construed to mean “acting
reasonably in the interests of the Holders and having regard to the duties of
the Trustee to the Holders.”

 

ARTICLE 2

THE NOTES

 

Section 2.01                                                             Form and
Dating.

 

(a)                                  General.  The Notes shall be issued in series of senior
secured notes consisting of U.S. dollar-denominated 6.50% Senior Secured Notes
due 2018 and pound sterling-denominated 7.00% Senior Secured Notes due
2018.  The Notes and the Trustee’s
certificate of authentication will be substantially in the form of Exhibit A
hereto.  The Notes may have notations,
legends or endorsements required by law, stock exchange rule or
usage.  Each Note will be dated the date
of its authentication.  The Dollar Notes
shall be in minimum denominations of $100,000 and integral multiples of $1,000
in excess thereof. The Sterling Notes shall be in minimum denominations of
£50,000 and integral multiples of £1,000 in excess thereof.

 

The terms and provisions contained in the Notes will
constitute, and are hereby expressly made, a part of this Indenture and the
Issuer and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.  However, to the extent any provision of any
Note conflicts with the express provisions of this Indenture, the provisions of
this Indenture shall govern and be controlling.

 

(b)                                 Global Notes. 
Notes issued in global form will be substantially in the form of Exhibit A
attached hereto (including the Global Note Legend thereon and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto).  Notes issued in definitive form will be
substantially in the form of Exhibit A attached hereto (but without the
Global Note Legend thereon and without the “Schedule of Exchanges of Interests
in the Global Note” attached thereto). 
Each Global Note will represent outstanding Notes of each such series as
will be specified therein and each shall provide that it represents the
aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Trustee or the
Custodian therefor, at the direction of the Trustee, in accordance with Section 2.06
hereof.

 

34

 

(c)                                  Euroclear and Clearstream Procedures Applicable.  The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of
Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream will be applicable to transfers of beneficial
interests in the Global Notes that are held by Participants through Euroclear
or Clearstream.

 

Section 2.02                                Execution
and Authentication.

 

An Officer must sign the Notes for the Issuer by
manual or facsimile signature.

 

If the Officer whose signature is on a Note no longer
holds that office at the time a Note is authenticated, the Note will
nevertheless be valid.

 

A Note will not be valid until authenticated by the
manual or facsimile signature of the Trustee. 
The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

 

On the Closing Date, the Trustee shall, upon receipt
of a written order of the Issuer signed by an Officer (an “Authentication
Order”), authenticate the Initial Notes for original issue up to (i) $1,000,000,000 in aggregate principal amount of 6.50% Senior Secured Notes due 2018 and (ii) £875,000,000
in aggregate principal amount of 7.00% Senior Secured Notes due 2018, as the case may be, and, upon delivery
of any Authentication Order at any time and from time to time thereafter, the
Trustee shall authenticate Additional Notes, Exchange Notes and Private
Exchange Notes for original issue, or Definitive Notes issued pursuant to Section 2.06
hereof, in an aggregate principal amount specified in such Authentication
Order.

 

The Trustee may appoint an authenticating agent
acceptable to the Issuer to authenticate Notes. 
Any such appointment shall be evidenced by an instrument signed by a
Responsible Officer, a copy of which shall be furnished to the Issuer.  Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

 

Section 2.03                                Registrar
and Paying Agent.

 

The Issuer will maintain offices or agencies where
Notes may be presented for registration of transfer or for exchange (each, a “Registrar”) and offices or agencies where Notes may be
presented for payment (each, a “Paying Agent”).  Offices or agencies of the Registrar and
Paying Agent (a) for the Dollar Notes, will be maintained in the Borough
of Manhattan, the City of New York, and, for so long as the Dollar Notes are
listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of
the Luxembourg Stock Exchange, in Luxembourg, and (b) for the Sterling
Notes, will be maintained in the Borough of Manhattan, the City of New York, in
London, England and, for so long as the Sterling Notes are listed on the
Luxembourg Stock Exchange, in Luxembourg. 
The Registrar, acting as agent of the Issuer solely for this purpose,
will keep a register of the Notes and of their transfer and exchange.  The Issuer may appoint one or more
co-registrars and one or more additional paying agents.  The term “Registrar” includes any
co-registrar and the term “Paying Agent”
includes any additional paying agent. 
The Issuer may change any Paying Agent or Registrar without notice to any
Holder.  The Issuer will notify the
Trustee in writing of the name and address of any Paying Agent not a party to
this Indenture.  If the Issuer fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee,
acting as agent of the Issuer solely for this purpose, shall act as such.  The Issuer or any of its Subsidiaries, acting
as agent of the Issuer solely for this purpose, may act as Registrar.

 

35

 

The Issuer initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect
to the Dollar Global Notes and Euroclear and Clearstream to act as a Depositary
with respect to the Sterling Global Notes. 
A nominee of The Bank of New York Mellon will act as Custodian with
respect to the Dollar Global Notes and as Common Depositary for the Sterling
Global Notes on behalf of Euroclear and Clearstream.

 

The Issuer initially appoints the Trustee to act as
the Registrar and Paying Agent in New York and London and to act as Custodian
with respect to the Global Notes, and initially appoints The Bank of New York
Mellon (Luxembourg) S.A. to act as the Registrar and Paying Agent in
Luxembourg.

 

Section 2.04                                Paying Agent
to Hold Money in Trust.

 

The Issuer will require each Paying Agent other than
the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal, premium, if any, or interest on the Notes, and will
notify the Trustee of any default by the Issuer in making any such
payment.  Money held in trust by a Paying
Agent need not be segregated, except as required by law, and in no event shall
any Paying Agent be liable for interest on any money received by it hereunder.  While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee.  The Issuer at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by the Paying Agent.  Upon
payment over to the Trustee, the Paying Agent will have no further liability
for the money.  Upon any bankruptcy or
reorganization proceedings relating to the Issuer, the Trustee and The Bank of
New York Mellon (Luxembourg) S.A. will serve as Paying Agents for the Notes.

 

Section 2.05                                Holder
Lists.

 

The Trustee will preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA
§ 312(a).  If the Trustee is not the
Registrar, the Issuer will furnish to the Trustee at least five Business Days
before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders and the Issuer
shall otherwise comply with TIA § 312(a).

 

Neither the Trustee nor any of its Agents will have
any responsibility or be liable for any aspect of the records in relation to,
or payments made on account of, beneficial ownership interests in the Global
Notes or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

 

Section 2.06                                Transfer and
Exchange.

 

(a)                                  Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a
whole except by the applicable Depositary to a nominee of the applicable
Depositary, by a nominee of the applicable Depositary to the applicable
Depositary or to another nominee of the applicable Depositary, or by the
applicable Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary. 
All Global Notes of a series will be exchanged by the Issuer for Definitive
Notes if:

 

(1)                                  in the case
of a Dollar Global Note, the Issuer delivers to the Trustee notice from the
Depositary (i) that such Depositary is unwilling or unable to continue to
act as Depositary and a successor Depositary is not appointed by the Issuer
within 120 days after the date of such notice 

 

36

 

from the Depositary or (ii) that
such Depositary is no longer a clearing agency registered under the Exchange
Act;

 

(2)                                  in the case
of a Sterling Global Note, the Issuer delivers to the Trustee notice (i) from
Euroclear and Clearstream that they are unwilling or unable to continue to act
as clearing agencies or (ii) from the Common Depositary that the Common
Depositary is unwilling or unable to continue to act as Common Depositary and a
successor Common Depositary is not appointed by the Issuer within 120 days
after the date of such notice from the Common Depositary; or

 

(3)                                  in the case
of any Global Note, there has occurred and is continuing an Event of Default
with respect to such Global Note.

 

Upon the occurrence of any of the events listed in the
preceding clauses (1) and (2) of this Section 2.06(a), or if the
Issuer, in its sole discretion, notifies the Trustee in writing that it elects
to cause the issuance of Definitive Notes under this Indenture, the Issuer
shall execute, and the Trustee shall, upon receipt of an Authentication Order,
authenticate and deliver Definitive Notes of the series and in an aggregate
principal amount equal to the principal amount of the applicable Global Note
tendered in exchange therefor.  The
Issuer will, at the cost of the Issuer (but against such indemnity as the
Registrar or any relevant Agent may require in respect of any tax or other duty
of whatever nature which may be levied or imposed in connection with such
exchange), cause sufficient Definitive Notes to be executed and delivered to
the Trustee for authentication and the Registrar for registration of the
exchange and dispatch to the relevant Holders within 30 days of the relevant
event.  The Trustee or the Registrar
shall, at the cost of the Issuer, deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. 
Definitive Notes issued in exchange for beneficial interests in Global
Notes pursuant to this Section 2.06(a) shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to
instructions from its Participants or Indirect Participants or otherwise, shall
instruct the Trustee. A Global Note may not be exchanged for another Note other
than as provided in this Section 2.06(a); however, beneficial interests in
a Global Note may be transferred and exchanged as provided in Section 2.06(b),
(c), (d) or (e) hereof.

 

(b)                                 Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes will be effected through the applicable
Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures.  Beneficial
interests in the Restricted Global Notes will be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the
Securities Act.  Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(1)                                  Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that transfers of beneficial interests in
a Regulation S Global Note may not be made to a U.S. Person or for the account
or benefit of a U.S. Person prior to the expiration of the 40-day “Distribution
Compliance Period” under Regulation S, unless such person is a “Distributor” as
defined in Rule 902.  Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note.  No written orders or
instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.06(b)(1).

 

37

 

(2)                                  All Other Transfers and Exchanges of Beneficial Interests in Global
Notes.  In connection with
all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above,
the transferor of such beneficial interest must deliver to the Registrar both (i) a
written order from a Participant or an Indirect Participant given to the
applicable Depositary in accordance with the Applicable Procedures directing
the applicable Depositary to credit or cause to be credited a beneficial
interest in another Global Note in an amount equal to the beneficial interest
to be transferred or exchanged, and (ii) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase.

 

Upon
consummation of an Exchange Offer by the Issuer in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(2) shall be deemed to have
been satisfied upon receipt by the Registrar of the instructions contained in
the Letter of Transmittal delivered by the Holder of such beneficial interests
in the Restricted Global Notes.  Upon
satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes or
otherwise applicable under the Securities Act, the Trustee shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

(3)                                  Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the
form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(2) above and the
Registrar receives the following:

 

(A)                              if the
transferee will take delivery in the form of a beneficial interest in a 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit D
hereto, including the certifications in item (1) thereof; and

 

(B)                                if the
transferee will take delivery in the form of a beneficial interest in a
Regulation S Global Note, then the transferor must deliver a certificate in the
form of Exhibit D hereto, including the certifications in item (2) thereof.

 

(4)                                  Transfer and Exchange of Beneficial Interests in a Restricted Global
Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted
Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note if
the exchange or transfer complies with the requirements of Section 2.06(b)(2) above
and:

 

(A)                              such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with any Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in
the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Broker-dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate
(as defined in Rule 144) of the Issuer;

 

(B)                                such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with any Registration Rights Agreement;

 

(C)                                such
transfer is effected by a Broker-dealer pursuant to the Exchange Offer
Registration Statement in accordance with any Registration Rights Agreement; or

 

38

 

(D)                               the
Registrar receives the following:

 

(i)                                     if the
holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted
Global Note, a certificate from such holder in the form of Exhibit E
hereto, including the certifications in item (1)(a) thereof; or

 

(ii)                                  if the
holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit D hereto, including
the appropriate certifications in item (3) thereof;

 

and, in each such case set forth in this subparagraph (D), if the
Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted
Global Note has not yet been issued, the Issuer shall issue and, upon receipt
of an Authentication Order in accordance with Section 2.02 hereof, the
Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above.

 

Beneficial interests in an Unrestricted Global Note
cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Restricted Global Note.

 

(c)                                  Transfer or Exchange of Beneficial Interests for Definitive Notes.  If any one of the events listed in
clauses (1) to (3) of Section 2.06(a) has occurred or the
Issuer has elected pursuant to Section 2.06(a) to cause the issuance
of Definitive Notes, transfers or exchanges of beneficial interests in a Global
Note for a Definitive Note shall be effected, subject to the satisfaction of
the conditions set forth in the applicable subclauses of this Section 2.06(c).

 

(1)                                  Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes. 
If any holder of a beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note
or to transfer such beneficial interest to a Person who takes delivery thereof
in the form of a Restricted Definitive Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)                              if the
holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such holder in the form of Exhibit E hereto, including
the certifications in item (2)(a) thereof;

 

(B)                                if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A,
a certificate to the effect set forth in Exhibit D hereto, including the
certifications in item (1) thereof;

 

39

 

(C)                                if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904, a certificate to the
effect set forth in Exhibit D hereto, including the certifications in item (2) thereof;

 

(D)                               if such
beneficial interest is being transferred to the Issuer or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit D hereto,
including the certifications in item (4) thereof;

 

the Trustee shall cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
hereof, and the Issuer shall execute and, upon receipt of an Authentication
Order, the Trustee shall authenticate and deliver to the Person designated in
the instructions a Restricted Definitive Note in the appropriate principal
amount.  Any Restricted Definitive Note
issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c) shall be registered in such name or names and
in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the
Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Restricted
Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Restricted Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and
shall be subject to all restrictions on transfer contained therein.

 

(2)                                  Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. 
A holder of a beneficial interest in a Restricted Global Note may
exchange such beneficial interest for an Unrestricted Definitive Note or may
transfer such beneficial interest to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note only if:

 

(A)                              such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with any Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in
the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Broker-dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule
144) of the Issuer;

 

(B)                                such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with any Registration Rights Agreement;

 

(C)                                if such
beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in Exhibit
D hereto, including the certifications in item (3)(c) thereof,

 

(D)                               if such
beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a
certificate to the effect set forth in Exhibit D hereto, including the
certifications in item (3)(a) thereof;

 

(E)                                 such
transfer is effected by a Broker-dealer pursuant to the Exchange Offer
Registration Statement in accordance with any Registration Rights Agreement; or

 

40

 

(F)                                 the Registrar
receives the following:

 

(i)                                     if the
holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit E hereto, including the
certifications in item (1)(b) thereof; or

 

(ii)                                  if the
holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such holder
in the form of Exhibit D hereto, including the appropriate certifications in
item (3) thereof;

 

and, in each such case set forth in this subparagraph (F),
if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(3)                                  Beneficial Interests in Unrestricted Global Notes to Unrestricted
Definitive Notes. 
If any holder of a beneficial interest in an Unrestricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive
Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction
of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will
cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer will
execute and, upon receipt of an Authentication Order, the Trustee will
authenticate and deliver to the Person designated in the instructions an
Unrestricted Definitive Note in the appropriate principal amount.  Any Unrestricted Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through
instructions to the Registrar from or through the applicable Depositary and the
Participant or Indirect Participant.  The
Trustee will deliver such Unrestricted Definitive Notes to the Persons in whose
names such Notes are so registered.  Any
Unrestricted Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.

 

(d)                                 Transfer and Exchange of Definitive Notes for Beneficial Interests.

 

(1)                                  Restricted Definitive Notes to Beneficial Interests in Restricted
Global Notes.  If any Holder
of a Restricted Definitive Note proposes to exchange such Restricted Definitive
Note for a beneficial interest in a Restricted Global Note or to transfer such
Restricted Definitive Notes to a Person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)                              if the
Holder of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder
in the form of Exhibit E hereto, including the certifications in item (2)(b) thereof;

 

41

 

(B)                                if such
Restricted Definitive Note is being transferred to a QIB in accordance with Rule
144A, a certificate to the effect set forth in Exhibit D hereto, including the
certifications in item (1) thereof;

 

(C)                                if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to
the effect set forth in Exhibit D hereto, including the certifications in item (2)
thereof;

 

(D)                               if such
Restricted Definitive Note is being transferred to the Issuer or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit D hereto,
including the certifications in item (4) thereof;

 

the Trustee will cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in
the case of clause (A) above, the appropriate Restricted Global Note, in the
case of clause (B) above, the appropriate 144A Global Note, and in the case of
clause (C) or (D) above, the appropriate Regulation S Global Note.

 

(2)                                  Restricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes.  A Holder of a
Restricted Definitive Note may exchange such Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note or transfer such Restricted
Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if:

 

(A)                              such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with any Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-dealer, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

 

(B)                                such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with any Registration Rights Agreement;

 

(C)                                if such
Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect
set forth in Exhibit D hereto, including the certifications in item (3)(c) thereof;

 

(D)                               if such
Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144,
a certificate to the effect set forth in Exhibit D hereto, including the
certifications in item (3)(a) thereof;

 

(E)                                 such
transfer is effected by a Broker-dealer pursuant to the Exchange Offer
Registration Statement in accordance with any Registration Rights Agreement; or

 

(F)                                 the
Registrar receives the following:

 

(i)                                     if the
Holder of such Restricted Definitive Note proposes to exchange such Restricted
Definitive Note for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit E hereto, including the
certifications in item (1)(c) thereof; or

 

42

 

(ii)                                  if the
Holder of such Restricted Definitive Note proposes to transfer such Restricted
Definitive Note to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit D hereto, including the appropriate
certifications in item (3) thereof;

 

and, in each such case set forth in this subparagraph (F),
if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.

 

Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Note and increase or
cause to be increased the aggregate principal amount of the Unrestricted Global
Note.

 

(3)                                  Unrestricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes.  A Holder of an
Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for
a beneficial interest in an Unrestricted Global Note or transfer such
Unrestricted Definitive Note to a Person who takes delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of the relevant Unrestricted Global Note.

 

If any such exchange or transfer from an Unrestricted Definitive Note
to a beneficial interest is effected pursuant to subparagraphs (2)(B) or (2)(D)
above or this subparagraph (3) at a time when an Unrestricted Global Note has
not yet been issued, the Issuer will issue and, upon receipt of an
Authentication Order, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
Unrestricted Definitive Notes so transferred.

 

(e)                                  Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes
and such Holder’s compliance with the provisions of this Section 2.06(e), the
Registrar will register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or
exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar and duly executed by such Holder
or by its attorney, duly authorized in writing. 
In addition, the requesting Holder must provide any additional
certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e).

 

(1)                                  Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be
transferred to and registered in the name of a Person who takes delivery
thereof in the form of a Restricted Definitive Note if the Registrar receives
the following:

 

(A)                              if the
transfer will be made pursuant to Rule 144A under the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit D hereto,
including the certifications in item (1) thereof;

 

43

 

(B)                                if the
transfer will be made pursuant to Rule 903 or Rule 904, then the transferor
must deliver a certificate in the form of Exhibit D hereto, including the
certifications in item (2) thereof; and

 

(C)                                if the transfer
will be made pursuant to any other exemption from the registration requirements
of the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit D hereto, including the certifications required by item (3) thereof.

 

(2)                                  Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be
exchanged by the Holder thereof for an Unrestricted Definitive Note or
transferred to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note if:

 

(A)                              such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with any Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-dealer, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

 

(B)                                such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with any Registration Rights Agreement;

 

(C)                                such
transfer is effected by a Broker-dealer pursuant to the Exchange Offer
Registration Statement in accordance with any Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(i)                                     if the
Holder of such Restricted Definitive Note proposes to exchange such Restricted
Definitive Note for an Unrestricted Definitive Note, a certificate from such
Holder in the form of Exhibit E hereto, including the certifications in item (1)(d)
thereof; or

 

(ii)                                  if the
Holder of such Restricted Definitive Note proposes to transfer such Restricted
Definitive Note to a Person who shall take delivery thereof in the form of an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit
D hereto, including the appropriate certifications in item (3) thereof;

 

and, in each such case set forth in this subparagraph (D),
if the Registrar so requests, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities
Act.

 

(3)                                  Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may
transfer such Unrestricted Definitive Notes to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note.  Upon receipt of a request to 

 

44

 

register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(f)                                    Exchange Offer. 
Upon the occurrence of an Exchange Offer in accordance with any
Registration Rights Agreement, the Issuer will issue and, upon receipt of an
Authentication Order, the Trustee will authenticate:

 

(1)                                  one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes
tendered in an Exchange Offer by Persons that certify in the applicable Letters
of Transmittal that (A) they are not Broker-dealers, (B) they are not participating
in a distribution of the Exchange Notes and (C) they are not affiliates (as
defined in Rule 144) of the Issuer; and

 

(2)                                  Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount
of the Restricted Definitive Notes accepted for exchange in an Exchange Offer.

 

Concurrently with the issuance of such Notes, the
Trustee will cause the aggregate principal amount of the applicable Restricted
Global Notes to be reduced accordingly, and the Issuer will execute and the
Trustee will authenticate and deliver to the Persons designated by the Holders
of Restricted Definitive Notes so accepted Unrestricted Definitive Notes in the
appropriate principal amount.  If, upon
completion (as determined in accordance with any Registration Rights Agreement)
of an Exchange Offer, any Holder holds Notes not exchanged in such Exchange
Offer, the Issuer may thereafter issue and deliver to such Holder, in exchange
(a “Private Exchange”) for those
Notes held by such Holder, a like principal amount of debt securities of the
Issuer issued under this Indenture and identical in all material respects to
such Notes (the “Private Exchange Notes”);
provided that the Issuer shall have
obtained certifications and other evidence reasonably satisfactory to the
Issuer that any such Holder may receive Private Exchange Notes in such Private
Exchange in compliance with applicable securities laws.  The Exchange Notes issued in an Exchange
Offer and the related Private Exchange Notes shall be issued in the same series
under this Indenture and shall have the same CUSIP, Common Code, ISIN and/or
other identification numbers.  For the
avoidance of doubt, interest on any Exchange Notes will accrue (A) from the
later of (i) the last interest payment date on which interest was paid on the
Notes surrendered in exchange therefor or (ii) if the Notes are surrendered for
exchange on a date in a period that includes the record date for an interest
payment date to occur on or after the date of such exchange and as to which
interest will be paid, the date of such interest payment date or (B)  if no interest has been paid on such Notes,
from the date of their original issue.

 

(g)                                 Legends. 
The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated
otherwise in the applicable provisions of this Indenture.

 

(1)                                  Private
Placement Legend.

 

(A)                              Except as
permitted by subparagraph (B) below, each Global Note and each Definitive Note
(and all Notes issued in exchange therefor or substitution thereof) shall bear
the legend in substantially the following form:

 

“THE SECURITY EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE ‘‘SECURITIES ACT’’), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR 

 

45

 

AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY
BE RELYING ON RULE 144A OR REGULATION S UNDER THE SECURITIES ACT. THE HOLDER OF
THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH
SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1) (a) INSIDE
THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY. BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A
UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN
A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY
IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN
CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE
EXEMPTION PROVIDED BY RULE 144 OR REGULATION S FOR RESALE OF THE SECURITY
EVIDENCED HEREBY.”

 

(B)                                Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of
this Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) will not bear the Private Placement Legend.

 

(2)                                  Dollar Global Note Legend. 
Each Dollar Global Note will bear a legend in substantially the following
form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER.

 

46

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.  UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.”

 

(3)                                  Sterling Global Note Legend. 
Each Sterling Global Note will bear a legend in substantially the
following form:

 

“THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
COMMON DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE
COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON
DEPOSITARY OR BY THE COMMON DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (WHICH SHALL INITIALLY BE
THE BANK OF NEW YORK MELLON) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF THE COMMON DEPOSITARY OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO
THE COMMON DEPOSITARY OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN 

 

47

 

AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN
INTEREST HEREIN.”

 

(h)                                 Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note will be returned to or retained and cancelled by
the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note will be increased accordingly and an endorsement will be
made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

(i)                                     General Provisions Relating to Transfers and Exchanges.

 

(1)                                  To permit
registrations of transfers and exchanges, the Issuer will execute and the
Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
Authentication Order or at the Registrar’s request.

 

(2)                                  No service
charge will be made to a Holder of a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to
Sections 2.09, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof).

 

(3)                                  The
Registrar will not be required to register the transfer of or exchange any Note
selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part.

 

(4)                                  All Global
Notes and Definitive Notes issued upon any registration of transfer or exchange
of Global Notes or Definitive Notes will be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange.

 

(5)                                  The Issuer
will not be required:

 

(A)                              to issue, to
register the transfer of or to exchange any Notes during a period beginning at
the opening of business 15 days before the day of any selection of Notes for
redemption under Section 3.02 hereof and ending at the close of business on the
day of selection;

 

(B)                                to register
the transfer of or to exchange any Note selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part; or

 

48

 

(C)                                to register
the transfer of or to exchange a Note between a record date and the next
succeeding interest payment date.

 

(6)                                  Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuer may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Issuer shall be affected by notice to
the contrary.

 

(7)                                  The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the
provisions of Section 2.02 hereof.

 

(8)                                  All
certifications, certificates and Opinions of Counsel required to be submitted to
the Registrar pursuant to this Section 2.06 to effect a registration of
transfer or exchange may be submitted by facsimile.

 

Section 2.07                                Replacement
Notes.

 

If any mutilated Note is surrendered to the Trustee or
the Issuer or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuer will issue and the Trustee,
upon receipt of an Authentication Order, will authenticate a replacement Note
if the Trustee’s requirements are met. 
If required by the Trustee or the Issuer, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and
the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced.  The Issuer may charge for its expenses in
replacing a Note.

 

If, after the delivery of such replacement Note, a
bona fide purchaser of the original Note in lieu of which such replacement Note
was issued presents for payment or registration such original Note, the Trustee
shall be entitled to recover such replacement Note from the Person to whom it
was delivered or any Person taking therefrom, except a bona fide purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Issuer, the
Trustee, any Agent and any authenticating agent in connection therewith.

 

Subject to the provisions of the final sentence of the
preceding paragraph of this Section 2.07, every replacement Note is an
obligation of the Issuer and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued
hereunder.

 

Section 2.08                                Outstanding
Notes.

 

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. 
Except as set forth in Section 2.09 hereof, a Note does not cease to be
outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a
Subsidiary of the Issuer shall not be deemed to be outstanding for purposes of Section
3.07(c) hereof.

 

If a Note is replaced pursuant to Section 2.07 hereof,
it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a bona fide purchaser in whose hands such
Note is a legal, valid and binding obligation of the Issuer.

 

49

 

If the entire principal amount and premium, if any, of
any Note is considered paid under Section 4.01 hereof, it ceases to be
outstanding and interest on it ceases to accrue.

 

If the Paying Agent holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, and is not
prohibited from paying such money to the Holders pursuant to the terms of this
Indenture, then on and after that date such Notes will be deemed to be no
longer outstanding and will cease to accrue interest.

 

For purposes of determining whether the Holders of the
requisite principal amount of Notes have taken any action as herein described,
the principal amount of Dollar Notes and Sterling Notes shall be deemed to be
the Dollar Equivalent of such principal amount of Dollar Notes and Sterling
Notes as of (i) if a record date has been set with respect to the taking of
such action, such date or (ii) if no such record date has been set, the date
the taking of such action by the Holders of such requisite principal amount is
certified to the Trustee by the Issuer.

 

Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an Agent
duly appointed in writing or may be embodied in or evidenced by an electronic
transmission which identifies the documents containing the proposal on which
such consent is requested and certifies such Holders’ consent thereto and
agreement to be bound thereby; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee, and where it is hereby expressly
required, to the Issuer.

 

Section 2.09                                Treasury
Notes.

 

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuer, or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Issuer,
will be considered as though not outstanding to the extent required in order to
qualify this Indenture under the TIA, except that for the purposes of determining
whether the Trustee will be protected in relying on any such direction, waiver
or consent, only Notes that a Responsible Officer of the Trustee actually knows
are so owned will be so disregarded.

 

Section 2.10                                Temporary
Notes.

 

Until certificates representing Notes are ready for
delivery, the Issuer may prepare and the Trustee, upon receipt of an
Authentication Order, will authenticate, temporary Notes.  Temporary Notes will be substantially in the
form of certificated Notes but may have variations that the Issuer considers
appropriate for temporary Notes and as may be reasonably acceptable to the
Trustee.  Without unreasonable delay, the
Issuer will prepare and the Trustee will authenticate Definitive Notes in exchange
for temporary Notes.

 

Holders of temporary Notes will be entitled to all of
the benefits of this Indenture.

 

Section 2.11                                Cancellation.

 

The Issuer at any time may deliver Notes to the
Trustee for cancellation.  The Registrar
and Paying Agent will forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. 
The Trustee and no one else will cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and
will dispose of such canceled Notes (subject 

 

50

 

to the record retention
requirements of the Exchange Act) in its customary manner unless the Issuer
directs the Trustee to deliver canceled Notes to the Issuer.  The Issuer may not issue new Notes to replace
Notes that it has redeemed or paid or that have been delivered to the Trustee
for cancellation.

 

Section 2.12                                Defaulted
Interest.

 

If the Issuer defaults in a payment of interest on the
Notes, it will pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, in accordance with
the terms hereof, to the Persons who are Holders on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01
hereof.  The Issuer will notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment. 
The Issuer will fix or cause to be fixed each such special record date
and payment date in a manner reasonably satisfactory to the Trustee, provided that no such special record date may be less than
10 days prior to the related payment date for such defaulted interest.  At least 10 days before the special record
date, the Issuer will mail or cause to be mailed to Holders a notice that
states the special record date, the related payment date and the amount of such
interest to be paid.

 

Section 2.13                                Additional
Amounts.

 

(a)                                  All payments
made under or with respect to the Notes or the Note Guarantees shall be made free
and clear of, and without withholding or deduction for or on account of, any
present or future tax, duty, levy, impost, assessment or other governmental
charge (including related penalties, interest and other liabilities)
(hereinafter, “Taxes”) imposed or levied by or on behalf of (1) the government
of the United Kingdom, (2) the United States, (3) any other jurisdiction in
which the Issuer or any Note Guarantor is organized or is otherwise resident
for tax purposes, (4) any jurisdiction from or through which payment is made
and (5) any political subdivision or governmental authority or agency of or in
any of the foregoing having the power to tax (each, a “Relevant Taxing
Jurisdiction”), unless the Issuer or any Note Guarantor is required to withhold
or deduct Taxes by law or by the interpretation or administration thereof.

 

(b)                                 If the
Issuer or a Note Guarantor is so required to withhold or deduct any amount for
or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any
payment made under or with respect to the Notes or the Note Guarantees, the
Issuer or the applicable Note Guarantor shall pay such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by the Holders
and beneficial owners (including Additional Amounts) after such withholding or
deduction will not be less than the amount the Holders and beneficial owners
would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay
Additional Amounts does not apply to:

 

(1)                                  any Taxes
that would not have been so imposed but for the existence of any present or
former connection between the relevant Holder or beneficial owner (or between a
fiduciary, settlor, beneficiary, member or shareholder of, or possessor of
power over, the relevant Holder or beneficial owner, if the relevant Holder or
beneficial owner is an estate, nominee, trust, partnership or corporation) and
the Relevant Taxing Jurisdiction (other than the mere receipt of such payment or
the ownership or holding of such Note);

 

(2)                                  any estate,
inheritance, gift, sales, excise, transfer, personal property Tax or similar
Tax;

 

(3)                                  any Taxes
which are payable otherwise than by withholding from payments of (or in respect
of) principal of, or any premium or interest on, the Notes;

 

51

 

(4)                                  any Taxes
that are imposed or withheld by reason of the failure to comply by the Holder
or the beneficial owner of a Note with a request by the Issuer addressed to the
Holder or such beneficial owner (A) to provide information concerning the
nationality, residence, identity or present or former connection with a
Relevant Taxing Jurisdiction of the Holder or such beneficial owner or (B) to
make any declaration or other similar claim or satisfy any certification,
information or reporting requirement, which, in the case of (A) or (B), is
required or imposed by a statute, treaty, regulation or administrative practice
of the Relevant Taxing Jurisdiction as a precondition to exemption from all or
part of such Tax;

 

(5)                                  any
withholding or deduction imposed on a payment to an individual required to be
made pursuant to European Council Directive 2003/48/EC or any other Directive
implementing the conclusions of the ECOFIN Council meeting of November 26-27,
2000 on the taxation of savings income or any law implementing or introduced in
order to conform to, such Directive;

 

(6)                                  any
combination of items (1), (2), (3), (4) and (5) above;

 

(7)                                  any Taxes
that would not have been so imposed, withheld or deducted if the beneficiary of
the payment had presented the Note for payment within 30 days after the date on
which such payment or such Note became due and payable or the date on which
payment thereof is duly provided for, whichever is later (except to the extent
that such beneficiary would have been entitled to Additional Amounts had the
Note been presented on the last day of the 30-day period);

 

(8)                                  any payment
under or with respect to a Note to any Holder who is a fiduciary or partnership
or any Person other than the sole beneficial owner of such payment, to the
extent that a beneficiary or settlor with respect to such fiduciary, a member
of such a partnership or the beneficial owner of such payment would not have
been entitled to the Additional Amounts had such beneficiary, settlor, member
or beneficial owner been the actual Holder of such Note; or

 

(9)                                  any
withholding or deduction that is imposed on a Note presented for payments by or
on behalf of a Holder or beneficial owner who would be able to avoid a
withholding or deduction by presenting the relevant Note to another Paying
Agent in a Member State.

 

(c)                                  If the
Issuer or any Note Guarantor will be obligated to pay Additional Amounts with
respect to any payment under or with respect to the Notes or the relevant Note
Guarantee, as applicable, the Issuer or such Note Guarantor, as applicable,
will deliver to the Trustee at least 30 days prior to the date of that payment
(unless the obligation to pay Additional Amounts arises after the 30th day
prior to that payment date, in which case the Issuer or the Note Guarantor, as
applicable, shall notify the Trustee promptly thereafter but in no event later
than two Business Days prior to the date of payment) notice of payment in the
form of an Officer’s Certificate. In either circumstance, the Officer’s
Certificate must state that Additional Amounts will be payable and the amount
so payable. The Officer’s Certificate must also set forth any other information
necessary to enable the Paying Agent to pay Additional Amounts to Holders and
beneficial owners on the relevant payment date.

 

(d)                                 The Issuer
or any Note Guarantor will (i) make such withholding or deduction and (ii) remit
the full amount deducted or withheld to the Relevant Taxing Jurisdiction in
accordance with applicable law.  The
Issuer will provide the Trustee with official receipts or other documentation
satisfactory to the Trustee evidencing the payment of the Taxes with respect to
which Additional Amounts are paid. 
Certificated copies of such receipts and such other documentation shall
be made available to Holders upon request and will be made available at the
offices of the Paying Agent if the 

 

52

 

Notes
are then listed on the Luxembourg Stock Exchange.  The Issuer will attach to such copies an
Officer’s Certificate stating (x) that the amount of withholding Taxes
evidenced by such copies was paid in connection with any payment made under or
with respect to the Notes or any Note Guarantee and (y) the amount of such
withholding Taxes paid per $1,000 of Notes.

 

(e)                                  Whenever in
this Indenture there is mentioned, in any context, the payment of principal,
purchase prices in connection with a purchase of Notes, interest, or any other
amount payable on or with respect to any of the Notes or any Note Guarantee,
that reference shall be deemed to include payment of Additional Amounts
provided for in this section to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.

 

(f)                                    The Issuer
or a Note Guarantor will pay any present or future stamp, court or documentary
taxes or any other excise or property taxes, charges or similar levies that
arise in any jurisdiction from the execution, delivery, enforcement or
registration of the Notes, the Note Guarantees, this Indenture or any other
related document or instrument, or the receipt of any payments with respect to
the Notes or the Note Guarantees, excluding taxes, charges or similar levies
imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction, and the
Issuer will agree to indemnify the Holders or the Trustee for any such taxes
paid by the Holders or the Trustee.

 

(g)                                 The
preceding provisions of this Section 2.13 will survive any termination,
defeasance or discharge of this Indenture and shall apply mutatis
mutandis to any jurisdiction in which any successor Person to the
Issuer or any Note Guarantor is organized or any political subdivision or
taxing authority or agency thereof or therein.

 

Section 2.14                                Currency
Indemnity

 

(a)                                  The currency
of account and payment for all sums, including damages, payable by the Issuer
or any Note Guarantor under or in connection with the Dollar Notes or the
Sterling Notes, as the case may be, is the U.S. dollar or pound sterling, as
the case may be. Any amount received or recovered in a currency other than U.S.
dollars (in the case of Dollar Notes) or pounds sterling (in the case of the
Sterling Notes), whether as a result of, or the enforcement of, a judgment or
order of a court of any jurisdiction, in the winding-up or dissolution of the
Issuer or any Note Guarantor or otherwise by any Holder of a Dollar Note or a
Sterling Note, as the case may be, or by the Trustee, in respect of any sum
expressed to be due to it from the Issuer or any Note Guarantor will only
constitute a discharge to the Issuer or any Note Guarantor to the extent of the
U.S. dollar amount or pound sterling amount, as the case may be, which the
recipient is able to purchase with the amount so received or recovered in that
other currency on the date of that receipt or recovery (or, if it is not
practicable to make that purchase on that date, on the first date on which it
is practicable to do so).

 

(b)                                 If that U.S.
dollar amount is less than the U.S. dollar amount expressed to be due to the
recipient or the Trustee under any Dollar Note, or if that pound sterling
amount is less than the pound sterling amount expressed to be due to the
recipient or the Trustee under any Sterling Note, the Issuer and any Note
Guarantor will indemnify them against any loss sustained by such recipient as a
result. In any event, the Issuer and any Note Guarantor will indemnify the
recipient against the cost of making any such purchase. For the purposes of
this currency indemnity provision, it will be prima facie
evidence of the matter stated therein for the Holder of a Note or the Trustee
to certify in a manner satisfactory to the Issuer (indicating the sources of
information used) the loss it incurred in making any such purchase. These
indemnities constitute a separate and independent obligation from the Issuer
and any Note Guarantor’s other obligations, will give rise to a separate and
independent cause of action, will apply irrespective of any waiver granted by
any Holder or the Trustee (other than a waiver of the indemnities set 

 

53

 

out
herein) and will continue in full force and effect despite any other judgment,
order, claim or proof for a liquidated amount in respect of any sum due under
any Note or to the Trustee.

 

ARTICLE 3

REDEMPTION AND PREPAYMENT

 

Section 3.01                                Notices to
Trustee.

 

If the Issuer elects to
redeem Notes pursuant to the optional redemption provisions of Section 3.07
hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days
before a redemption date, an Officer’s Certificate setting forth:

 

(a)                                  the clause
of this Indenture pursuant to which the redemption shall occur;

 

(b)                                 the record
date for the redemption and the redemption date;

 

(c)                                  the
principal amount of each series of Notes to be redeemed; and

 

(d)                                 the
redemption price.

 

Section 3.02                                Selection of
Notes to Be Redeemed or Purchased.

 

If less than all of each
series of the Notes are to be redeemed or purchased in an offer to purchase at
any time, the Trustee will select Notes for redemption or purchase as follows:

 

(a)                                  if the
applicable Notes are listed on any national securities exchange (including the
Luxembourg Stock Exchange), in compliance with the requirements of the principal
national securities exchange on which they are listed; or

 

(b)                                 if the
applicable Notes are not listed on any national securities exchange or the
relevant national securities exchange does not have any applicable
requirements, on a pro rata basis,
by lot or by such method as the Trustee, in its sole discretion, shall deem
fair and appropriate,

 

provided
that no Notes of $100,000 or £50,000 in aggregate principal amount, as the case
may be, or less shall be redeemed in part.

 

In the event of partial redemption or purchase by lot,
the particular Notes to be redeemed or purchased will be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption or purchase date by the Trustee from the outstanding Notes not previously
called for redemption or purchase.

 

The Trustee will promptly notify the Issuer and the
Registrar (if not the Issuer) in writing of the Notes selected for redemption
or purchase and, in the case of any Notes selected for partial redemption or purchase,
the principal amount thereof to be redeemed or purchased.  Notes and portions of Notes selected will be
in minimum amounts of $100,000 and integral multiples of $1,000 in excess
thereof or of £50,000 and integral multiples of £1,000 in excess thereof, as the case may
be; except that if all of the Notes of a Holder are to be redeemed or
purchased, the entire outstanding amount of Notes held by such Holder, even if
not a multiple of $1,000 (in excess of $100,000) or £1,000 (in excess of £50,000), as the case may be, shall be redeemed
or purchased.  Except as provided in the
preceding sentence, provisions of this Indenture that apply to Notes called for
redemption or purchase also apply to portions of Notes called for redemption or
purchase.

 

54

 

Section 3.03                                Notice of
Redemption.

 

At least 30 days but not more than 60 days before a
redemption date, the Issuer will mail or cause to be mailed, by first class
mail, a notice of redemption to each Holder whose Notes are to be redeemed at
its registered address, except that redemption notices may be mailed more than
60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes pursuant to Article 8 hereof or a satisfaction and
discharge of this Indenture pursuant to Article 10 hereof.  So long as any series of the Notes is listed
on the Luxembourg Stock Exchange and if required by the rules of the Luxembourg
Stock Exchange, notice will be published in Luxembourg in a daily leading
newspaper with general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the website of the Luxembourg Stock
Exchange (www.bourse.lu).

 

The notice will identify
the Notes to be redeemed and will state:

 

(a)                                  the record date
for the redemption and the redemption date;

 

(b)                                 the
redemption price;

 

(c)                                  if any Note
is being redeemed in part, the portion of the principal amount of such Note to
be redeemed and that, after the redemption date upon surrender of such Note, a
new Note or Notes in principal amount equal to the unredeemed portion will be
issued upon cancellation of the original Note;

 

(d)                                 the name and
address of the Paying Agent;

 

(e)                                  that Notes
called for redemption must be surrendered to the Paying Agent to collect the
redemption price;

 

(f)                                    that, unless
the Issuer defaults in making such redemption payment or the relevant Paying
Agent is prohibited from making such payment pursuant to the terms of this
Indenture, interest on Notes called for redemption ceases to accrue on and
after the redemption date;

 

(g)                                 the
paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

 

(h)                                 that no
representation is made as to the correctness or accuracy of the CUSIP, ISIN or
Common Code number, if any, listed in such notice or printed on the Notes.

 

At the Issuer’s request, the Trustee will give the
notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the
Trustee, at least 45 days prior to the redemption date (unless a shorter period
shall be acceptable to the Trustee in its sole discretion), an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph.

 

Section 3.04                                Effect of
Notice of Redemption.

 

Once notice of redemption is mailed in accordance with
Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price.  Failure to give notice or any defect in the
notice to any Holder shall not affect the validity of the notice to any other
Holder.

 

55

 

Section 3.05                                Deposit of
Redemption or Purchase Price.

 

No later than one Business Day prior to the redemption
or purchase price date, the Issuer will deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of and
accrued and unpaid interest, if any, and Additional Amounts, if any, on all
Notes to be redeemed or purchased on that date other than Notes or portions of
Notes called for redemption that have been delivered by the Issuer to the
Trustee for cancellation.  The Trustee or
the Paying Agent will promptly return to the Issuer any money deposited with
the Trustee or the Paying Agent by the Issuer in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued and unpaid
interest, if any, and Additional Amounts, if any, on, all Notes to be redeemed
or purchased.

 

Neither the Trustee nor any Agent shall be required to
pay out any money without first having been placed in funds.

 

If the Issuer complies with the provisions of the
preceding paragraph, on and after the redemption or purchase date, interest
will cease to accrue on the Notes or the portions of Notes called for
redemption or purchase unless the relevant Paying Agent is prohibited from
making such redemption payment pursuant to the terms of this Indenture.  If a Note is redeemed or purchased on or
after an interest record date but on or prior to the related interest payment
date, then any accrued and unpaid interest shall be paid to the Person in whose
name such Note was registered at the close of business on such record
date.  If any Note called for redemption
or purchase is not so paid upon surrender for redemption or purchase because of
the failure of the Issuer to comply with the preceding paragraph, interest
shall be paid on the unpaid principal, from the redemption or purchase date
until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.01 hereof.

 

Section 3.06                                Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed or purchased
in part, the Issuer will issue and, upon receipt of an Authentication Order,
the Trustee will authenticate for the Holder at the expense of the Issuer a new
Note equal in principal amount to the unredeemed or unpurchased portion of the
Note surrendered.

 

Section 3.07                                Optional
Redemption.

 

(a)                                  Except as
set forth in paragraphs (b) and (c) below or in Section 3.10 hereof, the Issuer
may not redeem the Notes prior to January 15, 2014.  On or after this date, the Issuer may redeem
each series of the Notes, either together or separately, in whole or in part,
on not less than 30 nor more than 60 days’ prior notice, at the following
redemption prices (expressed as percentages of principal amount), plus accrued
and unpaid interest thereon, if any, to the redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date), if redeemed during the 12-month period
commencing on January 15 of the years
set forth below:

 

	
  Redemption Year

  	
   

  	
  Dollar Notes

  Redemption

  Price

  	
   

  	
  Sterling Notes

  Redemption

  Price

  	
   

  
	
  2014

  	
   

  	
  103.250

  	
  %

  	
  103.500

  	
  %

  
	
  2015

  	
   

  	
  101.625

  	
  %

  	
  101.750

  	
  %

  
	
  2016 and thereafter

  	
   

  	
  100.000

  	
  %

  	
  100.000

  	
  %

  

 

56

 

(b)                                 At any time
prior to January 15, 2014, the
Issuer may at its option redeem each series of the Notes, either together or
separately, in whole or in part, on not less than 30 nor more than 60 days’
prior notice, by paying a redemption price equal to the sum of

 

(1)                                  100% of the
principal amount of the Notes to be redeemed, plus

 

(2)                                  the
Applicable Premium,

 

plus accrued and unpaid interest thereon, if any, to
the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).

 

(c)                                  At any time
prior to January 15, 2013, the
Issuer may, on one or more occasions, redeem up to a maximum of 40% of the
original aggregate principal amount of each series of Notes either together or
separately (calculated after giving effect to any issuance of Additional Notes)
with the Net Cash Proceeds of one or more Equity Offerings. The redemption
price of the Dollar Notes is equal to 106.500% of the principal amount thereof,
and the redemption price of the Sterling Notes is equal to 107.000% of the
principal amount thereof each plus accrued and unpaid interest thereon, if any,
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date); provided, however, that:

 

(1)                                  after giving
effect to any such redemption at least 60% of the original aggregate principal
amount of such series of the Notes (calculated after giving effect to any
issuance of Additional Notes) remains outstanding; and

 

(2)                                  any such
redemption by the Issuer must be made within 120 days of such Equity Offering.

 

(d)                                 Any
redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof.  For the avoidance of doubt, the Dollar Notes
and the Sterling Notes shall be treated as separate series for purposes of this
Section 3.07.

 

Section 3.08                                Mandatory
Redemption.

 

The Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

 

Section 3.09                                Offer to
Purchase by Application of Excess Proceeds.

 

In the event that, pursuant to Section 4.10 hereof,
the Issuer is required to commence an offer to all Holders to purchase Notes
(as defined in Section 4.10(b), an “Excess Proceeds Offer”),
it shall follow the procedures specified below.

 

The Excess Proceeds Offer shall be made to all Holders
at a purchase price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest thereon, if any, to the purchase date (subject to the right
of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date as set forth below).  As promptly as practicable following
termination of the offer period (the “Purchase Date”),
the Issuer shall apply all Allocable Excess Proceeds (the “Offer Amount”)
to the purchase of Notes or, if less than the Offer Amount has been tendered,
all Notes tendered in response to the Excess Proceeds Offer.  Payment for any Notes so purchased will be
made in the same manner as interest payments are made.

 

57

 

If the Purchase Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid
interest, will be paid to the Person in whose name a Note is registered at the
close of business on such record date, and no additional interest will be
payable to Holders who tender Notes pursuant to the Excess Proceeds Offer.

 

Upon the commencement of an Excess Proceeds Offer, the
Issuer will send or cause to be sent, by first class mail, to the Trustee and
each of the Holders at the address appearing in the security register, a notice
stating:

 

(a)                                  that the
Excess Proceeds Offer is being made pursuant to this Section 3.09 and Section 4.10
hereof and the length of time the Excess Proceeds Offer will remain open;

 

(b)                                 the Offer
Amount, the purchase price and the Purchase Date;

 

(c)                                  that any
Note not tendered or accepted for payment will continue to accrue interest;

 

(d)                                 that, unless
the Issuer defaults in making such payment, any Note accepted for payment
pursuant to the Excess Proceeds Offer will cease to accrue interest after the
Purchase Date;

 

(e)                                  that Holders
electing to have a Note purchased pursuant to an Excess Proceeds Offer may
elect to have Notes purchased only in minimum denominations of $100,000 or £50,000, as the case may be, and in integral
multiples of $1,000 or £1,000,
respectively, in excess thereof, except that a Holder may elect to
have all of the Notes held by such Holder purchased even if not an integral
multiple of $1,000 (in excess of $100,000) or £1,000
(in excess of £50,000), as the
case may be;

 

(f)                                    that Holders
electing to have a Note purchased pursuant to any Excess Proceeds Offer will be
required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase” attached to the Note completed, or transfer by book-entry
transfer, to the Issuer, a Depositary, if appointed by the Issuer, or a Paying
Agent at the address specified in the notice at least three days before the
Purchase Date;

 

(g)                                 the
procedure for withdrawing an election to tender;

 

(h)                                 that, if the
aggregate principal amount of Notes surrendered by Holders exceeds the Offer
Amount, the Issuer will select the Notes to be purchased on a pro rata basis based on the principal amount of Notes
surrendered (with such adjustments as may be deemed appropriate by the Issuer
so that only Notes in minimum denominations of $100,000 or integral multiples
of $1,000 in excess or of £50,000 or integral
multiples of £1,000 thereof, as
the case may be, will be purchased); and

 

(i)                                     that Holders
whose Notes were purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer).

 

On or before the Purchase Date, the Issuer shall, to
the extent lawful, accept for payment, on a pro rata basis
to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Excess Proceeds Offer, or if less than the Offer Amount has
been tendered, all Notes tendered, and shall deliver to the Trustee an Officer’s
Certificate stating that such Notes or portions thereof were accepted for
payment by the Issuer in accordance with the terms of this Section 3.09.  The Issuer, the Depositary or the Paying
Agent, as the case may be, shall promptly (but in any case not later than five Business
Days after the Purchase Date) mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Issuer for purchase, and the 

 

58

 

Issuer shall promptly
issue a new Note, and the Trustee, upon written request from the Issuer will
authenticate and mail or deliver such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered.  Any Note not so accepted shall be promptly
mailed or delivered by the Issuer to the Holder thereof.  The Issuer will publicly announce the results
of the Excess Proceeds Offer on the Purchase Date.

 

Other than as specifically provided in this Section 3.09,
any purchase pursuant to this Section 3.09 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof.

 

Section 3.10                                Redemption
of Notes for Changes in Withholding Taxes.

 

The Issuer may, at its option, redeem all, but not
less than all, of each series of the then-outstanding Notes at any time upon
giving not less than 30 nor more than 60 days’ notice to the Holders (which
notice shall be irrevocable), at a redemption price equal to 100% of the
principal amount thereof, plus accrued and unpaid interest thereon, if any, to
the redemption date (a “Tax Redemption Date”)
and all Additional Amounts, if any, that will become due on the Tax Redemption
Date as a result of such redemption or otherwise (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date), if the Issuer determines in good faith that (a)
it, or any Note Guarantor with respect to a Note Guarantee, as the case may be,
has become obligated or, on the occasion of the next payment due in respect of
a series of the Notes, would be obligated to pay Additional Amounts with
respect to any payment under or with respect to a series of the Notes or the
relevant Note Guarantee, as applicable, and (b) the payment obligation cannot
be avoided by the Issuer taking reasonable measures available to it (including
making payment through a Paying Agent located in another jurisdiction), as a
result of:

 

(1)                                  any change
in, or amendment to, the laws or treaties (or any regulations, protocols or
rulings promulgated thereunder) of the United Kingdom, the United States or any
other Relevant Taxing Jurisdiction affecting taxation, which change or
amendment becomes effective on or after the Closing Date, or

 

(2)                                  any change
in position regarding the application, administration or interpretation of such
laws, treaties, regulations, protocols or rulings (including a holding,
judgment or order by a court of competent jurisdiction), which change in
position becomes effective on or after the Closing Date.

 

The notice of redemption may not be given earlier than
90 days prior to the earliest date on which the Issuer would be obligated to
make a payment or withholding if a payment in respect of a series of the Notes
were then due and unless, at the time such notice is given, such obligation to
pay such Additional Amounts remains in effect. Prior to the publication or,
where relevant, mailing of any notice of redemption of a series of the Notes
pursuant to the foregoing, the Issuer will deliver to the Trustee an Officer’s
Certificate and Opinion of Counsel to the effect that the circumstances referred
to above exist and the Issuer cannot avoid the obligation by taking reasonable
measures available to it. The Trustee shall accept the Officer’s Certificate
and Opinion of Counsel as sufficient evidence of the satisfaction of the
conditions precedent described above.

 

59

 

ARTICLE 4

COVENANTS

 

Section 4.01                                Payment of
Notes.

 

The Issuer shall pay or cause to be paid the principal
of, premium, if any, and interest and Additional Amounts, if any, on the Notes
on the dates and in the manner provided in the Notes.  Principal, premium, if any, and interest and
Additional Amounts, if any, will be considered paid on the date due if the
Paying Agent holds (i) in the case of the Dollar Notes, as of 10:00 AM New
York time on the due date, or (ii) in the case of the Sterling Notes, as of
10:00 A.M. New York time on the Business Day prior to the due date (or
such other time as the Issuer and the Paying Agent may mutually agree from time
to time), money deposited by the Issuer in immediately available funds and
designated for and sufficient to pay all principal, premium and Additional
Amounts, if any, and interest then due and is not prohibited from paying such
money to the Holders on that date pursuant to the terms of this Indenture.

 

The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at
the rate equal to the then applicable interest rate on the Notes.  The Issuer will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace periods) at
the same rate.

 

If a Paying Agent pays out funds on or after the due
date therefor, or pays out funds (although it is not obligated) on the
assumption that the corresponding payment by the Issuer has been or will be
made and such payment has in fact not been so made by the Issuer, then the
Issuer shall on demand reimburse the Paying Agent for the relevant amount, and
pay interest to the Paying Agent on such amount from the date on which it is
paid out to the date of reimbursement at a rate per annum equal to the cost to
the Paying Agent of funding the amount paid out, as certified by the Paying
Agent and expressed as a rate per annum.

 

Section 4.02                                Maintenance
of Office or Agency.

 

The Issuer shall maintain an office or agency (which
may be an office of the Trustee or an Affiliate of the Trustee, Registrar or
co-registrar) (a) for the Dollar Notes, in the Borough of Manhattan, the
City of New York, and, for so long as the Dollar Notes are listed on the
Luxembourg Stock Exchange, in Luxembourg, and (b) for the Sterling Notes,
in the Borough of Manhattan, the City of New York, in London, England, and for
so long as the Sterling Notes are listed on the Luxembourg Stock Exchange, in
Luxembourg, where (1) Notes may be surrendered for registration of
transfer or for exchange and (2) notices and demands to or upon the Issuer
in respect of the Notes and this Indenture may be served.  The Issuer will give prompt written notice to
the Trustee of the location, and any change in the location, of such office or
agency.

 

The Issuer may also from time to time designate one or
more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such
designation or rescission will in any manner relieve the Issuer of its
obligation to maintain an office or agency in the Borough of Manhattan, the
City of New York and London, England, and for so long as any Notes are listed
on the Luxembourg Stock Exchange, in Luxembourg, for such purposes.  The Issuer will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

 

60

 

Section 4.03                                Ongoing
Reporting.

 

(a)                                  So long as
the Notes are outstanding, the Company will furnish to the Trustee, within the
time periods specified in the SEC’s rules and regulations, without cost to
the Trustee (who, at the Issuer’s expense, will furnish by mail to the
Holders); provided, however, that to the extent
any reports are filed on the SEC’s website, such reports shall be deemed to be
furnished to the Trustee and the Holders:

 

(1)                                  whether or
not required by SEC rules and regulations, quarterly and annual reports of
the Parent, containing substantially the same information required to be
contained in a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K,
as applicable, under the Exchange Act, including financial statements prepared
in accordance with generally accepted accounting principles in the United
States or, if permitted by the SEC, international financial reporting
standards, and a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” (except with respect to (i) guarantor financial
statements, but including condensed information complying with Rule 3-10(d) of
Regulation S-X of the SEC and (ii) financial statements required pursuant
to Rule 3-16 of Regulation S-X of the SEC); provided, however, that only
to the extent reasonably available, at any time that any of Parent’s
Subsidiaries is an Unrestricted Subsidiary that is a Significant Subsidiary or
would in combination with other Unrestricted Subsidiaries be a Significant
Subsidiary, the quarterly and annual financial information required by this
paragraph will include a presentation, either on the face of the financial
statements, in the footnotes thereto, or in “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” or other comparable
section, of the financial condition and results of operations of Parent and the
Restricted Subsidiaries separate from the financial condition and results of operations
of the Unrestricted Subsidiaries of Parent; and

 

(2)                                  such other
reports containing substantially the same information required to be contained
in a Current Report on Form 8-K under the Exchange Act, as in effect on
the Closing Date.

 

The Parent will also make available copies of all
reports required by clauses (1) and (2) above on its website.

 

(b)                                 The Issuer
will at all times comply with TIA §314(a).

 

Section 4.04                                Compliance
Certificates.

 

The
Issuer shall deliver to the Trustee, within 120 days after the end of each
fiscal year, an Officer’s Certificate stating that in the course of the
performance by the signer thereof of his or her duties as an Officer of the
Issuer he or she would normally have knowledge of any Default and whether or
not the signer knows of any Default that occurred during such period (and, if a
Default or Event of Default has occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action the
Issuer is taking or proposes to take with respect thereto).  The Issuer shall otherwise comply with Section 314(a)(4) of
the TIA.

 

Section 4.05                                Taxes.

 

The Company and the Issuer shall pay, and the Company
and the Parent shall cause each Restricted Subsidiary to pay, prior to
delinquency, all Taxes except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not
adverse in any material respect to the Holders.

 

61

 

Section 4.06                                [Intentionally
Omitted]

 

Section 4.07                                Restricted
Payments.

 

(a)                                  The Company
will not, and will not permit any Restricted Subsidiary to, directly or
indirectly:

 

(1)                                  declare or
pay any dividend, make any distribution on or in respect of its Capital Stock
or make any similar payment to the direct or indirect holders of its Capital
Stock, except (A) pro rata dividends or distributions payable solely in
its Capital Stock (other than Disqualified Stock) and (B) dividends,
distributions or any similar payment payable to the Company or any other
Restricted Subsidiary (and, if the Company or such Restricted Subsidiary has
stockholders other than the Company, the Issuer or other Restricted
Subsidiaries, to its other stockholders on a basis that is no more favorable to
such other stockholders than a pro rata basis);

 

(2)                                  purchase,
repurchase, redeem, retire or otherwise acquire for value any Capital Stock of
the Company;

 

(3)                                  purchase,
repurchase, redeem, retire, defease or otherwise acquire for value, prior to
scheduled maturity, scheduled repayment or scheduled sinking fund payment any
Subordinated Obligations (other than (a) Subordinated Obligations owed to
the Issuer and (b) the purchase, repurchase, redemption, retirement,
defeasance or other acquisition for value of Subordinated Obligations of the
Company or any Restricted Subsidiary acquired in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each case,
due within one year of the date of acquisition); or

 

(4)                                  make any
Investment (other than a Permitted Investment) in any Person

 

(any such dividend,
distribution, payment, purchase, redemption, repurchase, defeasance,
retirement, or other acquisition or Investment being herein referred to as a “Restricted Payment”), if at the time the Company or such
Restricted Subsidiary makes such Restricted Payment:

 

(A)                              a Default
will have occurred and be continuing (or would result therefrom);

 

(B)                                the Company
could not Incur at least £1.00 of additional Indebtedness under paragraph (a) of
Section 4.09; or

 

(C)                                the
aggregate amount of such Restricted Payment and all other Restricted Payments
(the amount so expended, if other than in cash, to be determined in good faith
by the Board of Directors) declared or made subsequent to July 25, 2006 would
exceed the sum of:

 

(i)                                     an amount
equal to 100% of EBITDA since the Merger Date to the end of the most recent
fiscal quarter, taken as a single accounting period, less the product of 1.4
times the Consolidated Interest Expense since the Merger Date to the end of the
most recent fiscal quarter, taken as a single accounting period;

 

(ii)                                  the proceeds
received by the Company from the issue or sale of its Capital Stock (other than
Disqualified Stock) subsequent to July 25, 2006 (other than an issuance or
sale to (x) the Company or a Subsidiary of the 

 

62

 

Company or (y) an employee share
ownership plan or other trust to the extent funded or required to be funded by
the Company or any of its Subsidiaries);

 

(iii)                               the amount
by which Indebtedness of the Company is reduced on the Company’s Consolidated
balance sheet upon the conversion or exchange of any Indebtedness of the
Company issued after July 25, 2006 which is convertible or exchangeable
for Capital Stock (other than Disqualified Stock) of the Company issued to
Persons not including the Company (less the amount of any cash or the Fair
Market Value of other Property distributed by the Company upon such conversion
or exchange); and

 

(iv)                              without duplication, the sum of

 

(x)            the aggregate amount returned to the
Company, the Issuer or any other Restricted Subsidiary in cash on or with
respect to Investments (other than Permitted Investments) made subsequent to July 25,
2006 whether through interest payments, principal payments, dividends or other
distributions;

 

(y)           the net proceeds received and retained by
the Company or any Restricted Subsidiary from the disposition, retirement or
redemption of all or any portion of such Investments (other than Permitted
Investments and other than to the Company or any Restricted Subsidiary); and

 

(z)            upon redesignation of an Unrestricted
Subsidiary as a Restricted Subsidiary subsequent to July 25, 2006, in
accordance with Section 4.17, the Fair Market Value (valued as provided in
the definition of “Investment”) of the net assets of such Subsidiary;

 

provided, however, that the amount under this clause (iv) shall
not exceed the aggregate amount of all such Investments (other than Permitted
Investments) made subsequent to July 25, 2006  (and treated as a Restricted Payment) by the
Company or any Restricted Subsidiary in such Person, which amount was included
in the calculation of the amount of Restricted Payments.

 

For purposes of calculating the aggregate amount of
Restricted Payments in Section 4.07(a)(C) above declared or made
subsequent to July 25, 2006 and prior to the date of this Indenture, any
Restricted Payment which was not included in the calculation of the amount of
Restricted Payments under Section 4.07(a)(C) of the 2006 Indenture
shall also not be included in such calculation under Section 4.07(a)(C).

 

(b)                                 The
provisions of the foregoing paragraph (a) will not prohibit:

 

(1)                                  any
purchase, repurchase, redemption, retirement or other acquisition for value of
Capital Stock or Disqualified Stock of the Company or any Restricted Subsidiary
made by exchange for, or out of the proceeds of the sale within 90 days of,
Capital Stock or Disqualified Stock of, the Company (other than Capital Stock
issued or sold to the Company or any of its Subsidiaries or an employee share
ownership plan or other trust to the extent funded by the 

 

63

 

Company or any of its Subsidiaries)
or through a substantially concurrent contribution to the equity of the
Company; provided, however,
that:

 

(A)                              such
purchase, repurchase, redemption, retirement or other acquisition for value
will be excluded in the calculation of the amount of Restricted Payments, and

 

(B)                                the Net Cash
Proceeds from such sale applied in the manner set forth in this clause (1) will
be excluded from the calculation of amounts under clause (C)(ii) of
paragraph (a) above;

 

(2)                                  any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance
or other acquisition for value of Subordinated Obligations of the Company or
any Restricted Subsidiary made by exchange for, or out of the proceeds of the
sale within 90 days of, Indebtedness of the Company or such Restricted
Subsidiary that is permitted to be Incurred pursuant to Section 4.09 and
that is subordinated to the Notes to at least the same extent as such
Subordinated Obligations or any Restricted Payment made to facilitate such
transaction; provided, however, that such prepayment, repayment,
purchase, repurchase, redemption, retirement, defeasance or other acquisition
for value will be excluded from the calculation of the amount of Restricted
Payments;

 

(3)                                  any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance
or other acquisition for value of Subordinated Obligations of the Company or
any Restricted Subsidiary from Net Available Cash to the extent permitted by Section 4.10
or any Restricted Payment made to facilitate such transaction; provided, however, that
such prepayment, repayment, purchase, repurchase, redemption, retirement,
defeasance or other acquisition for value will be excluded from the calculation
of the amount of Restricted Payments;

 

(4)                                  any
prepayment, repayment, purchase, repurchase, redemption, retirement, defeasance
or other acquisition for value of Subordinated Obligations of the Company or
any Restricted Subsidiary made by exchange for, or out of the proceeds of the
substantially concurrent sale of, Subordinated Obligations of the Company or
any Restricted Subsidiary that qualifies as Refinancing Indebtedness or any
Restricted Payment made to facilitate such transaction; provided,
however, that such prepayment,
repayment, purchase, repurchase, redemption, retirement, defeasance or other
acquisition for value will be excluded from the calculation of the amount of
Restricted Payments;

 

(5)                                  dividends
paid within 60 days after the date of declaration thereof if at such date of
declaration such dividends would have complied with this Section 4.07; provided, however, that
such dividends will be included (without duplication) in the calculation of the
amount of Restricted Payments;

 

(6)                                  any
purchase, repurchase, redemption, retirement or other acquisition for value of
Capital Stock, or options to purchase Capital Stock, of the Company or any of
the Restricted Subsidiaries from employees, former employees, directors or
former directors or consultants of the Company or any of the Restricted
Subsidiaries (or permitted transferees of such employees, former employees,
directors or former directors or consultants), pursuant to the terms of
agreements (including employment agreements) or plans (or amendments thereto)
under which such individuals purchase or sell or are granted the option to
purchase or sell, shares of such Capital Stock; provided,
however, that the aggregate amount of
such purchases, repurchases, redemptions, retirements and other acquisitions
for value will not exceed £20 million in any calendar year; provided further, that such purchases, repurchases,
redemptions, retirements and 

 

64

 

other acquisitions for value will be
included in the calculation of the amount of Restricted Payments;

 

(7)                                  any payment
of dividends, other distributions or other amounts by the Company for the
purposes set forth in clauses (A) and (B) below; provided,
however, that such dividends,
distributions or other payments will be excluded from the calculation of the
amount of Restricted Payments:

 

(A)                              to a Virgin
Media Holding Company in amounts required for such Virgin Media Holding Company
to pay taxes and other fees or amounts required to maintain its corporate
existence and provide for other expenses in an aggregate amount of up to £50
million per year; and

 

(B)                                amounts
payable for any income or corporate taxes or pursuant to the Tax Sharing
Agreement;

 

(8)                                  any
purchase, repurchase, redemption, retirement or other acquisition for value of
Capital Stock deemed to occur upon exercise of options, warrants or other
securities, if such Capital Stock represents a portion of the exercise price of
such options, warrants or other securities; provided, however,
that such purchase, repurchase, redemption, retirement or other acquisition for
value will be excluded from the calculation of the amount of Restricted
Payments;

 

(9)                                  after the
designation of any Restricted Subsidiary as an Unrestricted Subsidiary,
distributions (including by way of dividend) consisting of cash, Capital Stock
or Property of such Unrestricted Subsidiary that in each case is held by the
Company, the Issuer or any Restricted Subsidiary; provided,
however, that (x) such distribution
or disposition shall include the concurrent transfer of all liabilities
(contingent or otherwise) attributable to the Property being transferred; (y) any
Property received from any Unrestricted Subsidiary (other than Capital Stock
issued by any Unrestricted Subsidiary) may be transferred by way of
distribution or disposition pursuant to this clause (9) only if such
Property, together with all related liabilities, is so transferred in a
transaction that is substantially concurrent with the receipt of the proceeds
of such distribution or disposition by the Company or such Restricted
Subsidiary; and (z) such distribution or disposition shall not, after
giving effect to any related agreements, result nor be likely to result in any
material liability, tax or other adverse consequences to the Company and the
Restricted Subsidiaries on a consolidated basis; provided
further, however,
that such distributions will be excluded from the calculation of the amount of
Restricted Payments, it being understood that proceeds from the disposition of
any cash, Capital Stock or Property of an Unrestricted Subsidiary that are so
distributed will not increase the amount of Restricted Payments permitted under
clause (a)(C)(iv) above;

 

(10)                            dividends on
common stock of the Company or any Affiliate Guarantor up to £60 million per
year; provided, in each case, that such
Restricted Payments will be included in the calculation of the amount of
Restricted Payments;

 

(11)                            payments of
any Receivables Fees; provided, however, that such Restricted Payments will be excluded from
the calculation of the amount of Restricted Payments;

 

(12)                            any
Restricted Payment used to make payments of interest with respect to (i) the
Convertible Senior Notes and the Existing Notes and (ii) any other
Indebtedness of the Parent or any of its Subsidiaries provided that the net proceeds of any such
other Indebtedness described in clause (ii) are or were (A) used in
the prepayment, repayment, redemption, defeasance, retirement 

 

65

 

or purchase of the Convertible Senior
Notes or the Existing Notes or any Indebtedness of the Company or any
Restricted Subsidiary, in each case, in whole or in part, or (B) contributed
to or otherwise loaned or transferred to the Company or any Restricted
Subsidiary; provided that any
such Restricted Payments under (i) and (ii) above will be excluded
from the calculation of the amount of Restricted Payments;

 

(13)                            any Content
Transaction, provided that, after giving pro forma effect thereto, the Company
could Incur at least £1.00 of additional Indebtedness under paragraph (a) of
Section 4.09; provided that
such Restricted Payments will be excluded from the calculation of the amount of
Restricted Payments;

 

(14)                            any Business
Division Transaction; provided that
after giving pro forma effect thereto, the Company could Incur at least £1.00
of additional Indebtedness under paragraph (a) of Section 4.09;

 

(15)                            any prepayment,
repayment, purchase, repurchase, redemption, retirement, defeasance or other
acquisition for value of the 2014 Notes or any Restricted Payment to facilitate
such transaction; provided that
such Restricted Payments will be excluded from the calculation of the amount of
Restricted Payments;

 

(16)                            any
prepayment, repayment, repurchase, redemption, retirement, defeasance or other
acquisition for value of the Existing Notes (other than the 2014 Notes) in an
amount not exceeding in any financial year of the Company ten per cent
(10%)  in aggregate principal amount of
such Existing Notes outstanding at the Closing Date or any Restricted Payment
to facilitate such transaction; provided
that in the event that any such amount available for the prepayment, repayment,
repurchase, redemption, retirement, defeasance or other acquisition for value
of Existing Notes in any financial year of the Company is not utilized in full,
then the maximum amount available for such purposes in the following financial
years of the Company shall be increased by such unutilized amount; provided  further
that such Restricted Payments will be excluded from the calculation of the
amount of Restricted Payments;

 

(17)                            any
Restricted Payment from the Company or any Restricted Subsidiary to the Parent
or any other Subsidiary of the Parent which is not a Restricted Subsidiary; provided that such Subsidiary advances the
proceeds of any such Restricted Payment to the Company or any other Restricted
Subsidiary, as applicable, within 3 days of receipt thereof and that such
Restricted Payments do not exceed an amount equal to ten per cent (10%) of
Total Assets at any one time; provided
further that such Restricted
Payments will be excluded from the calculation of the amount of Restricted
Payments; and

 

(18)                            any other
Restricted Payments in an aggregate amount, when taken together with all other
Restricted Payments made pursuant to this clause (18), not to exceed £75
million; provided, however, that (A) such Restricted Payments will be
included in the calculation of the amount of Restricted Payments and (B) at
the time of any Restricted Payment referred to in this clause (18), no Default
or Event of Default has occurred and is continuing (or would result from such
Restricted Payment).

 

Section 4.08                                Restrictions
on Distributions from Restricted Subsidiaries.

 

(a)                                  The Company
will not permit any Restricted Subsidiary (other than the Issuer and the
Affiliate Guarantors) to create or otherwise cause or permit to exist or become
effective any consensual 

 

66

 

encumbrance
or restriction on the ability of any Restricted Subsidiary (other than the
Issuer and the Affiliate Guarantors) to:

 

(1)                                  pay
dividends or make any other distributions on its Capital Stock or pay any
Indebtedness or other obligations owed to the Company or any Restricted
Subsidiary of which it is a Subsidiary;

 

(2)                                  make any
loans or advances to the Company or any Restricted Subsidiary of which it is a
Subsidiary; or

 

(3)                                  transfer any
of its Property or assets to the Company or any Restricted Subsidiary of which
it is a Subsidiary.

 

(b)                                 The
provisions of Section 4.08(a) will not prohibit:

 

(A)                              any
encumbrance or restriction pursuant to (i) applicable law, rule,
regulation, order or governmental license, permit or concession or (ii) an
agreement in effect on the Closing Date (including this Indenture, the
Subsidiary Guarantees, the Existing Credit Facility, the Intercreditor Deeds
and the indentures governing the Existing Notes);

 

(B)                                in respect
of a Restricted Subsidiary acquired by the Company, the Issuer or any
Restricted Subsidiary after the Closing Date, any encumbrance or restriction
with respect to such Restricted Subsidiary arising prior to the date on which
such Restricted Subsidiary was acquired by the Company or any Restricted
Subsidiary (other than an encumbrance relating to Indebtedness Incurred as
consideration for, in contemplation of, or to provide all or any portion of the
funds or credit support utilized to, consummate the transaction or series of
related transactions pursuant to which such Restricted Subsidiary became a
Restricted Subsidiary or was otherwise acquired by the Company or any
Restricted Subsidiary) and outstanding on such date;

 

(C)                                any
encumbrance or restriction pursuant to an agreement effecting a Refinancing of
Indebtedness Incurred pursuant to an agreement referred to in clause (A) or
(B) of this Section 4.08(b) or this clause (C) or contained
in any amendment or modification to an agreement referred to in clause (A) or
(B) of this Section 4.08(b) or this clause (C); provided, however, that
the encumbrances and restrictions, taken as a whole, contained in any such
Refinancing agreement or amendment or modification are no less favorable in any
material respect to the Holders than the encumbrances and restrictions
contained in such predecessor agreements;

 

(D)                               in the case
of Section 4.08(a)(3), any encumbrance or restriction

 

(i) that restricts in a customary manner the subletting,
assignment or transfer of any Property or asset that is subject to a lease,
license or similar contract,

 

(ii) encumbering Property at the time such Property was
acquired by the Company or any Restricted Subsidiary so long as such
restriction relates solely to the Property so acquired (other than any
encumbrance or restriction created as consideration for, in contemplation of,
in connection with or pursuant to the provision of, all or any portion of the
funds or credit support utilized to consummate the transaction or series of
related transactions 

 

67

 

pursuant to which such Property was otherwise acquired by the
Company or any Restricted Subsidiary),

 

(iii) under agreements relating to Purchase Money
Indebtedness or Capitalized Lease Obligations Incurred that impose customary
restrictions on the Property subject to such Purchase Money Indebtedness or
Capitalized Lease Obligations,

 

(iv) relating to Indebtedness that is permitted to be
Incurred and secured without also securing the Notes or the applicable Note
Guarantee pursuant to Section 4.09, Section 4.12 and Section 4.19  that limit the right of the debtor to dispose
of the Property securing such Indebtedness, or

 

(v) customarily imposed on the transfer of copyrighted
or patented materials or other intellectual property and customer provisions in
agreements that restrict the assignment of such agreements or any rights
thereunder;

 

(E)                                 any
encumbrance created in connection with a Qualified Receivables Transaction
permitted under Section 4.09;

 

(F)                                 any customary
encumbrance or restriction imposed with respect to a Restricted Subsidiary
pursuant to an agreement entered into for the sale or disposition of all or
substantially all the Capital Stock or assets of such Restricted Subsidiary
pending the closing of such sale or disposition;

 

(G)                                any
customary encumbrance or restriction on cash or other deposits or net worth
imposed on customers under contracts entered into in the ordinary course of
business;

 

(H)                               any
encumbrance or restriction pursuant to an agreement governing (i) any Bank
Indebtedness or other Pari Passu Lien Obligations of the Company or a
Restricted Subsidiary permitted to be Incurred subsequent to the Closing Date
pursuant to clauses (a), (b)(1), (b)(4) or (b)(16) of Section 4.09,
or (ii) any Indebtedness permitted to be Incurred pursuant to clause (a) of
Section 4.09 if the encumbrances and restrictions contained in any such
agreement, taken as a whole, do not materially prejudice the ability of the
Issuer to make payments on the Notes;

 

(I)                                    encumbrances
or restrictions existing under or by reason of provisions in asset sale
agreements entered into in the ordinary course of business; and

 

(J)                                   encumbrances
or restrictions existing under or by reason of provisions in joint venture
arrangements and other similar arrangements or arrangements with minority
interests in any Restricted Subsidiary.

 

Section 4.09                                Incurrence
of Indebtedness.

 

(a)                                  The Company
will not, and will not cause or permit any Restricted Subsidiary to, Incur,
directly or indirectly, any Indebtedness; provided, however, that the Company and any Restricted Subsidiary may
Incur Indebtedness if on the date of such Incurrence and after giving effect
thereto the Leverage Ratio would not exceed 5.5:1.0.

 

68

 

(b)                                 Notwithstanding
the foregoing paragraph (a), the Company and any Restricted Subsidiary may
Incur the following Indebtedness:

 

(1)                                  Bank
Indebtedness (including, without limitation, Bank Indebtedness Incurred under
the Existing Credit Facility) or any other Pari Passu Lien Obligation
(including the Notes issued on the Closing Date) in an aggregate principal
amount at any one time outstanding not exceeding £5,300,000,000;

 

(2)                                  Indebtedness
of the Company owed to and held by any Restricted Subsidiary or Indebtedness of
a Restricted Subsidiary owed to and held by the Company or any Restricted
Subsidiary; provided, however, that (A) any
subsequent issuance or transfer of any Capital Stock or any subsequent transfer
of such Indebtedness or any other event that results in any such Indebtedness
being held by a Person other than the Company or a Restricted Subsidiary shall
be deemed to constitute the Incurrence of such Indebtedness by the obligor
thereon or (B) if the Issuer or the Company is the obligor on such
Indebtedness, such Indebtedness is expressly subordinated for the benefit of
the Holders to the prior payment in full in cash of all obligations with
respect to the Notes or the Note Guarantee by the Company, as the case may be;

 

(3)                                  Indebtedness
(A) represented by the Notes and the Exchange Notes (not including any
Additional Notes); and (B) outstanding on the Closing Date (other than the
Indebtedness described in clauses (1) and (2) of this paragraph (b));

 

(4)                                  Indebtedness
consisting of Refinancing Indebtedness Incurred in respect of any Indebtedness
described in clauses (3) or (4) of this paragraph (b) or under
paragraph (a);

 

(5)                                  Indebtedness
of a Restricted Subsidiary acquired by the Company, the Issuer or any other
Restricted Subsidiary after the Closing Date Incurred and outstanding on or
prior to the date on which such Restricted Subsidiary was acquired by the
Company, the Issuer or any other Restricted Subsidiary (other than Indebtedness
Incurred in contemplation of, in connection with, as consideration in, or to
provide all or any portion of the funds or credit support utilized to
consummate, the transaction or series of related transactions pursuant to which
such Restricted Subsidiary became a Subsidiary of or was otherwise acquired by
the Company, the Issuer or any other Restricted Subsidiary) or any Refinancing
Indebtedness in respect thereof, not exceeding £75 million in the aggregate at
any one time outstanding;

 

(6)                                  Indebtedness
(A) in respect of performance, bid, completion, surety or appeal bonds
provided by the Company, the Issuer and any other Restricted Subsidiary in the
ordinary course of their business and (B) under Interest Rate Agreements
and Currency Agreements entered into for bona fide hedging purposes of the
Company, the Issuer and any other Restricted Subsidiary in the ordinary course
of business;

 

(7)                                  Purchase
Money Indebtedness and Capitalized Lease Obligations Incurred after the Closing
Date for the purpose of financing all or any part of the purchase price or cost
of construction or improvement (including the cost of design, development,
construction, acquisition, transportation, installation, improvement and
migration) of assets; provided, however, that the aggregate principal amount of Indebtedness
Incurred pursuant to this clause (7), together with all other outstanding
Indebtedness Incurred after the Closing Date pursuant to this clause (7), shall
not exceed as of the date of Incurrence the greater of (A) 2.75% of Total
Assets and (B) £150 million;

 

69

 

(8)                                  (i) Guarantees
of the Notes and related guarantees to be issued in exchange for such
Guarantees pursuant to any Registration Rights Agreement, (ii) Guarantees
by a Restricted Subsidiary in favor of the U.K. HM Revenue and Customs in
connection with the U.K. tax liability of the Company or any Restricted
Subsidiary (including, without limitation, any VAT liabilities), Guarantees of
other Indebtedness not otherwise prohibited by this Section 4.09 and
Guarantees of Indebtedness which by its terms must be Guaranteed if the Notes
are Guaranteed;

 

(9)                                  Indebtedness
of the Company, the Issuer or any other Restricted Subsidiary arising from the
honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business;
provided, however,
that such Indebtedness is extinguished within five Business Days of its
Incurrence;

 

(10)                            Indebtedness
constituting reimbursement obligations with respect to letters of credit,
bankers’ acceptances or other similar instruments or obligations issued in the
ordinary course of business, including letters of credit in respect of workers’
compensation claims or other Indebtedness Incurred with respect to
reimbursement-type obligations regarding workers’ compensation claims and under
other similar legislation; provided, however, that upon the drawing or other funding of such
letters of credit or other instruments or obligations, such drawings or
fundings are reimbursed within 30 days;

 

(11)                            Indebtedness
arising from agreements of the Company, the Issuer or any other Restricted
Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, Incurred in connection with the disposition
of any business, assets or Capital Stock of a Subsidiary, other than Guarantees
or other credit support of Indebtedness or other obligations of any Person
(other than the Company or any Restricted Subsidiary) acquiring all or any
portion of such business, assets or Capital Stock or any Affiliate of such
Person; provided that such Indebtedness is not
reflected on the balance sheet of the Company, the Issuer or any other
Restricted Subsidiary (contingent obligations referred to in a footnote to
financial statements and not otherwise reflected on the balance sheet will be
deemed not to be reflected on such balance sheet for purposes of this clause
(11));

 

(12)                            the
Incurrence of Indebtedness consisting of guarantees of loans or other
extensions of credit made to or on behalf of officers, directors, employees or
consultants of the Company, the Issuer or any other Restricted Subsidiary for
the purpose of permitting such persons to purchase Capital Stock of the
Company, the Issuer or any other Restricted Subsidiary, in an amount not to
exceed £10 million at any one time outstanding;

 

(13)                            the
Incurrence of Indebtedness by a Receivables Subsidiary in a Qualified
Receivables Transaction that is not recourse to the Company, the Issuer or any
of their Subsidiaries (except for Standard Securitization Undertakings) in an
amount not to exceed £300 million at any one time outstanding;

 

(14)                            the accrual
of interest, the accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional indebtedness
with the same terms, and the payment of dividends on Disqualified Stock in the
form of additional shares of the same class of Disqualified Stock (where the
payment of such dividends is not part of a financing transaction);

 

(15)                            Indebtedness
of the Company, the Issuer or any other Restricted Subsidiary relating to any
VAT liabilities or deferral of PAYE taxes with the agreement of the U.K. HM
Revenue and Customs; and

 

70

 

(16)                            Indebtedness
(other than Indebtedness permitted to be Incurred pursuant to the foregoing
paragraph (a) or any other clause of this paragraph (b)) in an aggregate
principal amount on the date of Incurrence that, when added to all other
Indebtedness Incurred pursuant to this clause (16) and then outstanding, will
not exceed the greater of (A) 3.0% of Total Assets and (B) £300 million.

 

(c)                                  For purposes
of determining the outstanding principal amount of any particular Indebtedness
Incurred pursuant to this Section 4.09:

 

(1)                                  Bank
Indebtedness Incurred on or prior to the Closing Date shall be treated as
Incurred pursuant to clause (1) of paragraph (b) above

 

(2)                                  Indebtedness
permitted by this Section 4.09 need not be permitted solely by reference
to one provision permitting such Indebtedness but may be permitted in part by
one such provision and in part by one or more other provisions of this Section 4.09
permitting such Indebtedness;

 

(3)                                  in the event
that Indebtedness meets the criteria of more than one of the types of
Indebtedness described in this Section 4.09, the Company, in its sole
discretion (except as specified in this paragraph (c)), shall classify or
reclassify from time to time such Indebtedness and only be required to include
the amount of such Indebtedness in one of such clauses; and

 

(4)                                  the
outstanding principal amount of any particular Indebtedness shall be counted
only once and any obligations arising under any Guarantee, Lien, letter of
credit or similar instrument supporting such Indebtedness permitted to be
Incurred under this Section 4.09 shall not be double counted.

 

(d)                                 For the
purposes of determining compliance with any pound sterling-denominated
restriction on the Incurrence of Indebtedness denominated in a currency other
than pounds sterling, the sterling-equivalent principal amount of such
Indebtedness Incurred pursuant thereto shall be calculated based on the
relevant currency exchange rate in effect on the date that such Indebtedness
was Incurred, in the case of term Indebtedness, or first committed, in the case
of revolving credit Indebtedness, provided that (x) the
sterling-equivalent principal amount of any such Indebtedness outstanding on
the Closing Date shall be calculated based on the relevant currency exchange
rate in effect on the Closing Date, (y) if such Indebtedness is Incurred
to Refinance other Indebtedness denominated in a currency other than pounds
sterling, and such refinancing would cause the applicable sterling-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such Refinancing, such pound sterling-denominated
restriction shall be deemed not to have been exceeded so long as the principal
amount of such Refinancing Indebtedness does not exceed the principal amount of
such Indebtedness being Refinanced based on the exchange rate between the
currency of the Indebtedness being Refinanced and the currency of the
Refinancing Indebtedness and (z) the sterling-equivalent principal amount
of Indebtedness denominated in a currency other than pounds sterling and
Incurred pursuant to any Credit Facility shall be calculated based on the
relevant currency exchange rate in effect on, at the Company’s option, (i) the
Closing Date, (ii) any date on which any of the respective commitments
under the Credit Facility shall be reallocated between or among facilities or
subfacilities thereunder, or (iii) the date of such Incurrence. The
principal amount of any Indebtedness Incurred to Refinance other Indebtedness,
if Incurred in a different currency from the Indebtedness being Refinanced,
shall be calculated based on the currency exchange rate applicable to the
currencies in which such respective Indebtedness is denominated that is in
effect on the date of such Refinancing.

 

71

 

Section 4.10                                Sales of
Assets and Subsidiary Stock.

 

(a)                                  The Company
will not, and will not permit any Restricted Subsidiary to, make any Asset
Disposition unless:

 

(1)                                  the Company
or such Restricted Subsidiary receives consideration at the time of such Asset
Disposition at least equal to the Fair Market Value of the shares and assets
subject to such Asset Disposition;

 

(2)                                  at least 75%
of the consideration thereof received by the Company or such Restricted
Subsidiary is in the form of cash, Temporary Cash Investments or Additional
Assets; and

 

(3)                                  an amount
equal to 100% of the Net Available Cash from such Asset Disposition is applied
by the Company or such Restricted Subsidiary, as the case may be,

 

(A)                              first, to the extent the
Company or any Restricted Subsidiary elects (or is required by the terms of any
Indebtedness), to prepay or repay, purchase, repurchase, redeem, retire,
defease or otherwise acquire for value Indebtedness of the Company or any
Restricted Subsidiary, other than Indebtedness that is either unsecured or is
Pari Passu Debt or Indebtedness that is subordinate or junior in right of
payment to the Notes and the Note Guarantees;

 

(B)                                second, to the extent of the balance of Net
Available Cash after application in accordance with clause (A), to the extent
the Company or such Restricted Subsidiary elects, to invest in Additional
Assets or any capitalized expense related thereto (including by means of an
Investment in Additional Assets or any capitalized expense related thereto by a
Restricted Subsidiary with Net Available Cash received by the Company or a
Restricted Subsidiary);

 

(C)                                third, to the extent of the balance of such Net Available
Cash not applied in accordance with clauses (A) and (B) within 366 days from
the later of such Asset Disposition or the receipt of such Net Available Cash (provided, however, that
such 366-day period shall be extended by up to 180 days to the extent a binding
contractual commitment to reinvest in or purchase Additional Assets or any
capitalized expense related thereto shall have been entered into by such 366th
day to the extent such commitment remains in effect and the planned
reinvestment or purchase has not been abandoned or cancelled), to make an
Excess Proceeds Offer (as defined in paragraph (b) of this Section 4.10)
to purchase Notes pursuant to and subject to the conditions set forth in
paragraph (b) of this Section 4.10, subject to proration as described in
paragraph (b) below or an offer to purchase any other Public Debt or
similar securities of the Company or any Restricted Subsidiary outstanding on
the date of such Excess Proceeds Offer that is pari passu
in right of payment with the Notes or any Guarantee from the Company or any
Restricted Subsidiary and subject to terms and conditions in respect of Asset
Dispositions similar in all material respects to the covenant described
hereunder and requiring the Company and any Restricted Subsidiary to make an
offer to purchase such Indebtedness at substantially the same time as such
Excess Proceeds Offer (the “Pari Passu Debt”); and

 

(D)                               fourth, to the extent of the balance of
such Net Available Cash after application in accordance with clauses (A), (B) and
(C) (including any amounts for Notes 

 

72

 

not tendered in any Excess Proceeds
Offer), for any general corporate purpose permitted by the terms of this
Indenture;

 

provided, however, that in connection with any prepayment or repayment,
purchase, repurchase, redemption, retirement, defeasance or other acquisition
for value of Indebtedness pursuant to clause (A), (C) or (D) above,
other than in connection with Bank Indebtedness Incurred under any revolving
facility the Company or such Restricted Subsidiary will retire such
Indebtedness and will cause the related loan commitment (if any) to be
permanently reduced in an amount equal to the principal amount so permanently
prepaid or repaid, purchased, repurchased, redeemed, retired, defeased or
otherwise acquired for value unless the Company or such Restricted Subsidiary
can incur such Indebtedness on such date under this Indenture; and

 

provided  further, that in the event of any Asset
Disposition of Collateral, the Company or such Restricted Subsidiary shall (i) pledge
any Additional Assets referred to in clause (B) above in favor of the
Notes and (ii) deposit any Net Available Cash, pending application in
accordance with the above provisions, in bank accounts such that such Net
Available Cash forms part of the Collateral; provided
that, in each case, if such assets (y) are required to be pledged for the
benefit of the Existing Credit Facility or any other Pari Passu Lien Obligation
or (z) would have been required to be pledged under Section 4.19.

 

(b)                                 In the event
of an Asset Disposition that requires the purchase of Notes pursuant to clause
(a)(3)(C) of this Section 4.10, the Issuer will be required to purchase
Notes tendered pursuant to an offer by the Issuer for the Notes (an “Excess Proceeds Offer”), which Excess Proceeds Offer shall
be in the amount of the Allocable Excess Proceeds, on a pro rata basis
according to principal amount, at a purchase price equal to 100% of the
principal amount thereof, plus accrued and unpaid interest thereon, if any, to
the purchase date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), in
accordance with the procedures (including prorating in the event of
over-subscription and calculation of the principal amount of Notes denominated
in different currencies) set forth in this Indenture. To the extent that any
portion of the amount of Net Available Cash remains after compliance with the
preceding sentence and Section 3.09, the Issuer may apply the remaining
Net Available Cash in accordance with clause (a)(3)(D) of this Section 4.10.
The Issuer will not be required to make an Excess Proceeds Offer for Notes (or
any offer for any other Indebtedness) pursuant to this Section 4.10 if the
Net Available Cash available therefor (after application of the proceeds as
provided in clauses (a)(3)(A) and (a)(3)(B)) is less than £40 million for
any particular Asset Disposition (which lesser amount will be carried forward
for purposes of determining whether an Excess Proceeds Offer is required with
respect to the Net Available Cash from any subsequent Asset Disposition). Upon
completion of each Excess Proceeds Offer, the amount of Allocable Excess
Proceeds will be reset at zero.

 

The term “Allocable Excess Proceeds” means the product of:

 

(y)                                  the amount of
Net Available Cash remaining after application in accordance with clauses
(a)(3)(A) and (a)(3)(B) above, and

 

(z)                                    a fraction,

 

(1)                                  the numerator
of which is the aggregate principal amount of the Notes outstanding on the date
of an Excess Proceeds Offer, plus accrued and unpaid interest thereon, if any,
to such date, and

 

73

 

(2)                                  the denominator
of which is the sum of the aggregate principal amount of the Notes outstanding
on the date of such Excess Proceeds Offer, plus accrued and unpaid interest
thereon, if any, to such date, and the aggregate principal amount (or accreted
value in the case of Indebtedness with original issue discount) of any Pari
Passu Debt plus accrued and unpaid interest thereon, if any, to such date.

 

(c)                                  For the
purposes of this Section 4.10, the following are deemed to be cash:

 

(1)                                  Indebtedness
and other liabilities shown on the most recent balance sheets of the Company
and any Restricted Subsidiary prior to the date of such Asset Disposition (other
than Subordinated Obligations) (i) that are assumed by the transferee of
any such assets and (ii) for which the Company and the Restricted
Subsidiaries are released from all liability at the time of such Asset
Disposition;

 

(2)                                  any
securities, notes or other obligations received by the Company or any such
Restricted Subsidiary from such transferee that are converted, sold or
exchanged by the Company or such Restricted Subsidiary into cash or Temporary
Cash Investments within 90 days, to the extent of the cash or Temporary Cash
Investments received in that conversion, sale or exchange; and

 

(3)                                  any
Designated Non-Cash Consideration.

 

(d)                                 The Issuer
will comply with the requirements of Section 14(e) of the Exchange Act and
any applicable securities laws or regulations in connection with the repurchase
of Notes pursuant to this Section 4.10. To the extent that the provisions
of any securities laws or regulations conflict with provisions of this Section 4.10,
the Issuer will comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under this Section 4.10
by virtue thereof.

 

Section 4.11                                Transactions
with Affiliates.

 

(a)                                  The Company
will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, enter into any transaction or series of related transactions
(including the purchase, sale, lease or exchange of any Property or the
rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) unless such transaction is on terms:

 

(1)                                  that are not
materially less favorable to the Company or such Restricted Subsidiary, as the
case may be, than those that could be obtained at the time of such transaction
in arm’s-length dealings with a Person who is not such an Affiliate;

 

(2)                                  that, in the
event such Affiliate Transaction involves an aggregate amount in excess of £25
million:

 

(A)                              are set
forth in writing; and

 

(B)                                have been
approved by a majority of the members of the Board of Directors having no
personal stake in such Affiliate Transaction; and

 

(3)                                  that, in the
event such Affiliate Transaction involves an aggregate amount in excess of £100
million, have been determined by an Independent Financial Advisor to be fair,
from a financial standpoint, to the Company and the Restricted Subsidiaries.

 

74

 

(b)                                 The
provisions of the foregoing paragraph (a) will not apply to:

 

(1)                                  any
Restricted Payment permitted to be paid or made pursuant to Section 4.07;

 

(2)                                  transactions
between the Company and any Restricted Subsidiary (other than a Receivables
Subsidiary) or between Restricted Subsidiaries (other than a Receivables
Subsidiary);

 

(3)                                  sales of
accounts receivable or any participations therein to a Receivables Subsidiary
in connection with any Qualified Receivables Transaction;

 

(4)                                  in respect
of clauses (2) and (3) of paragraph (a) above, only, any
issuance of securities, or other payments, awards or grants in cash, securities
(including stock options and similar rights) or similar transfers to employees,
directors and consultants of the Parent, the Company, or any Restricted
Subsidiary and any of their Subsidiaries pursuant to, or for the purpose of
funding, employment arrangements, stock options and share ownership plans;

 

(5)                                  in respect
of clauses (2) and (3) of paragraph (a) above, only, any loans
or advances, or Guarantees of third-party loans, to directors, officers,
employees and consultants in the ordinary course of business in accordance with
past practices of the Parent, the Company or any Restricted Subsidiary, as
applicable;

 

(6)                                  the payment
of reasonable fees and indemnities (including under customary insurance) to
directors, officers and consultants of the Parent, the Company, any Restricted
Subsidiary and any of their Subsidiaries;

 

(7)                                  any tax
sharing agreement or arrangement and payments pursuant thereto between or among
the Parent, the Company, any Virgin Media Holding Company, the Issuer and any
other Restricted Subsidiaries not otherwise prohibited by this Indenture;

 

(8)                                  commercial
transactions on arm’s-length terms entered into in the ordinary course of
business of which the disinterested directors of the Company have been
notified, or if there are no disinterested directors, the directors;

 

(9)                                  transactions
with Affiliates in their capacity as holders of Indebtedness or Capital Stock
of the Issuer, the Company or any Restricted Subsidiary, so long as such
Affiliates are treated no more favorably than holders of such Indebtedness or
Capital Stock generally;

 

(10)                            transactions
with Affiliates in their capacity as borrowers of Indebtedness from the Issuer,
the Company or any Restricted Subsidiary, so long as such Affiliates are
treated no more favorably than holders of such Indebtedness or Capital Stock
generally;

 

(11)                            any
agreement in effect on the Closing Date or any amendment or other modification
thereto (so long as such amendment or other modification is not disadvantageous
to the Holders in any material respect) or any transactions pursuant thereto;

 

(12)                            the issuance
and sale of Capital Stock of the Parent or the Company to (A) any officer,
director or consultant of the Company, any Restricted Subsidiary or any other
Virgin Media Holding Company pursuant to agreements outstanding on the Closing
Date, or (B) any Virgin Media Holding Company or any Restricted
Subsidiary;

 

75

 

(13)                            the entering
into, maintaining or performing of any employee contract, collective bargaining
agreement, benefit plan, program or arrangement, related trust agreement or any
other similar arrangement for or with any employee, officer, director or
consultant heretofore or hereafter entered into in the ordinary course of
business, including vacation, health, insurance, deferred compensation, severance,
retirement, savings or other similar plans, programs or arrangements;

 

(14)                            any
insurance arrangements entered into in the ordinary course of business with a
captive insurance company;

 

(15)                            transactions
between any Restricted Subsidiary and VM FinanceCo and/or Virgin Media
Communications, or between the Company and VM FinanceCo and/or Virgin Media
Communications, in each case, to effect or facilitate a transfer of any
property or asset from the Company and/or any Restricted Subsidiary to another
Restricted Subsidiary and/or the Company, as applicable;

 

(16)                            transactions
relating to the provision of Intra-Group Services in the ordinary course of
business; or

 

(17)                            any
transaction in the ordinary course of business between or among the Issuer or
any Restricted Subsidiary and any Affiliate of the Company that is an
Unrestricted Subsidiary or a joint venture or similar entity (including a
Permitted Joint Venture) that would constitute an Affiliate Transaction solely
because the Issuer or a Restricted Subsidiary owns an equity interest in or
otherwise controls such Unrestricted Subsidiary, joint venture or similar
entity.

 

Section 4.12                                Liens.

 

The Company will not, and will not permit any
Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any
consensual Lien of any nature whatsoever (other than Permitted Liens) on any of
its Property or assets (including Capital Stock of a Restricted Subsidiary),
whether owned at the Closing Date or thereafter acquired.

 

Section 4.13                                Business
Activities.

 

The Company will not, and will not permit any
Restricted Subsidiary to, engage in any business, other than a Permitted
Business, except for any businesses that are immaterial to the business as a
whole.

 

Section 4.14                                Corporate
Existence.

 

Subject to Article 5
hereof, the Issuer and each Note Guarantor shall do or cause to be done all
things necessary to preserve and keep in full force and effect:

 

(1)                                  its
corporate existence, and the corporate, partnership or other existence of each
of the Restricted Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the
Issuer or any such Restricted Subsidiary; and

 

(2)                                  the rights
(charter and statutory), licenses and franchises of the Issuer, each Note
Guarantor and the Restricted Subsidiaries;

 

provided,
however, that the
Issuer and each Note Guarantor shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence
of any of the Restricted 

 

76

 

Subsidiaries, if
the Board of Directors or an Officer of the Issuer shall determine that the
preservation thereof is no longer necessary or desirable in the conduct of the
business of the Issuer, each Note Guarantor and the Restricted Subsidiaries,
taken as a whole.

 

The foregoing shall not
prohibit a sale, transfer or conveyance of a Restricted Subsidiary (other than
the Issuer) or any of its assets in compliance with the terms of this
Indenture.

 

Section 4.15                                Offer to
Repurchase Upon Change of Control.

 

(a)                                  Upon the
occurrence of a Change of Control, each Holder will have the right to require
the Issuer to purchase all or any part of such Holder’s Notes at a purchase
price in cash equal to 101% of the principal amount thereof, plus accrued and
unpaid interest thereon, if any, to the date of purchase (subject to the right
of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date); provided, however, that notwithstanding the occurrence of a Change of
Control, the Issuer shall not be obligated to purchase the Notes pursuant to
this section in the event that it has exercised its right to redeem all of the
Notes pursuant to Section 3.07 hereof.

 

(b)                                 Within 30
days following any Change of Control giving rise to the obligations under this Section 4.15
or, at the Issuer’s option, at any time prior to a Change of Control but
following the public announcement thereof, the Issuer shall mail a notice to
each Holder with a copy to the Trustee (the “Repurchase
Offer”) stating:

 

(1)                                  that a
Change of Control has occurred (or will occur) and that such Holder has the
right to require the Issuer to repurchase all or a portion of such Holder’s
Notes at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest thereon, if any, to the date of
repurchase (subject to the right of Holders of record on the relevant record
date to receive interest on the relevant interest payment date);

 

(2)                                  the
circumstances and relevant facts regarding such Change of Control;

 

(3)                                  if a Change
of Control has been publicly announced but has not occurred at the time such
notice is mailed, that the Repurchase Offer is conditioned on the consummation
of such Change of Control occurring prior to or concurrent with the repurchase;

 

(4)                                  the
repurchase date (which shall be no earlier than 30 days nor later than 60 days
from the date such notice is mailed);

 

(5)                                  that any
Note not tendered will continue to accrue interest;

 

(6)                                  that, unless
the Issuer defaults in the payment of the purchase price, all Notes accepted
for payment pursuant to the Repurchase Offer will cease to accrue interest
after the repurchase date;

 

(7)                                  that Holders
electing to have any Notes purchased pursuant to a Repurchase Offer will be
required to surrender the Notes, with the form entitled “Option of Holder to
Elect Purchase” attached to the Notes completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the third
Business Day preceding the repurchase date;

 

(8)                                  that Holders
will be entitled to withdraw their election if the Paying Agent receives, not
later than the close of business on the second Business Day preceding the
repurchase date, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the 

 

77

 

principal amount of Notes delivered
for purchase, and a statement that such Holder is withdrawing his election to
have the Notes purchased; and

 

(9)                                  that Holders
whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $1,000 in principal amount or an integral
multiple thereof, or equal to £1,000
in principal amount or an integral multiple thereof, as the
case may be.

 

The Issuer will comply with the requirements of Section 14(e) of
the Exchange Act and any applicable securities laws or regulations in
connection with the repurchase of Notes pursuant to this Section 4.15. To
the extent that the provisions of any securities laws or regulations conflict
with provisions of this Section 4.15, the Issuer will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Section 4.15 by virtue thereof.

 

(c)                                  On the
repurchase date, the Issuer will, to the extent lawful:

 

(1)                                  accept for
payment all Notes or portions thereof properly tendered pursuant to the
Repurchase Offer;

 

(2)                                  deposit with
the relevant Paying Agent an amount equal to the purchase price in respect of
all Notes or portions of Notes properly tendered; and

 

(3)                                  deliver or
cause to be delivered to the Trustee the Notes properly accepted together with
an Officer’s Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased by the Issuer.

 

The relevant Paying Agent will promptly mail to each
Holder of Notes properly tendered the purchase price for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any; provided that
each new Note will be in a minimum principal amount of $100,000 or an integral
multiple of $1,000 in excess thereof, or in a minimum principal amount of
£50,000 or an integral multiple of £1,000 in excess thereof, as the case may
be.

 

If, at the time of the Change of Control, any series
of the Notes is listed on the Luxembourg Stock Exchange and if required by the rules
of the Luxembourg Stock Exchange, notice will be published in Luxembourg as set
forth in Section 3.03 hereof.

 

The Issuer will publicly announce the results of the
Repurchase Offer on or as soon as practicable after the repurchase date.  If any series of the Notes is listed on the
Luxembourg Stock Exchange and if required by the rules of the Luxembourg
Stock Exchange notice will be published in Luxembourg as set forth in Section 3.03
hereof.

 

(d)                                 The Issuer
will not be required to make a Repurchase Offer upon a Change of Control if a
third party makes the Repurchase Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture
applicable to a Repurchase Offer made by the Issuer and purchases all Notes
validly tendered and not withdrawn under such Repurchase Offer. The Issuer
shall not be required to effect more than one Repurchase Offer, including repurchasing
all Notes validly tendered and not withdrawn under such Repurchase Offer, for
each Change of Control.

 

78

 

Section 4.16                                Sale/Leaseback
Transactions.

 

The Company will not, and will not permit any Restricted
Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any
Property unless:

 

(a)                                  the Company
or such Restricted Subsidiary would be entitled to:

 

(1)                                  Incur
Indebtedness in an amount equal to the Attributable Debt with respect to such
Sale/Leaseback Transaction pursuant to Section 4.09; and

 

(2)                                  create a
Lien on such Property securing such Attributable Debt pursuant to Section 4.12;

 

(b)                                 the net
proceeds received by the Company or such Restricted Subsidiary in connection
with such Sale/Leaseback Transaction represent the Fair Market Value of such
Property; and

 

(c)                                  the transfer
of such Property is permitted by, and the Company or such Restricted Subsidiary
applies the proceeds of such transaction in compliance with Section 4.10.

 

Section 4.17                                Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)                                  The Board of
Directors may designate any Restricted Subsidiary of the Company or any
Affiliate Guarantor (including any newly acquired or newly formed Subsidiary)
other than the Issuer to be an Unrestricted Subsidiary if:

 

(1)                                  no Default
or Event of Default shall have occurred and be continuing at the time of or
after giving effect to such designation;

 

(2)                                  such
Restricted Subsidiary and any of its Subsidiaries do not own any Capital Stock
or Indebtedness of, or own or hold any Lien on any Property of, the Company or
any Restricted Subsidiary other than a Subsidiary of the Restricted Subsidiary
to be designated an Unrestricted Subsidiary;

 

(3)                                  either:

 

(A)                              the
Restricted Subsidiary to be so designated has total Consolidated assets of
£1,000 or less; or

 

(B)                                if such
Restricted Subsidiary has Consolidated assets greater than £1,000, then the
Company would be permitted to make an Investment under Section 4.07 after
giving effect to such designation in the amount specified in the definition of “Investment”;

 

(4)                                  all of the
Indebtedness of such Restricted Subsidiary and its Subsidiaries shall, at the
date of designation, and will at all times thereafter, consist of Non-Recourse
Debt unless the Guarantee or other credit support related to any such
Indebtedness could be Incurred by the Company or the relevant Restricted
Subsidiary under this Indenture;

 

(5)                                  such
Restricted Subsidiary is a Person with respect to which neither the Company nor
any other Restricted Subsidiary has any direct or indirect obligation:

 

79

 

(A)                              to subscribe
for additional Capital Stock of such Person; or

 

(B)                                to maintain
or preserve such Person’s financial condition or to cause such Person to
achieve any specified levels of operating results; and

 

(6)                                  on the date
such Restricted Subsidiary is designated an Unrestricted Subsidiary, such
Restricted Subsidiary is not a party to any agreement, contract, arrangement or
understanding with the Company, the Issuer or any other Restricted Subsidiary
with terms substantially less favorable to the Company, the Issuer or any other
Restricted Subsidiary than those that might have been obtained from Persons who
are not Affiliates of the Company other than transactions that comply with Section 4.11.

 

In the event of any such designation, the Company
shall be deemed to have made an Investment constituting a Restricted Payment
pursuant to Section 4.07.

 

(b)                                 The Board of
Directors may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary if immediately after giving effect to such designation:

 

(1)                                  no Default
or Event of Default shall have occurred and be continuing at the time of and
after giving effect to such designation,

 

(2)                                  the Company
could Incur £1.00 of additional Indebtedness under paragraph (a) of Section 4.09,
and

 

(3)                                  all Liens
and Indebtedness of such Unrestricted Subsidiary outstanding immediately
following such designation would, if incurred at that time, have been permitted
to be Incurred for all purposes of this Indenture.

 

(c)                                  Any such
designation of a Subsidiary as a Restricted Subsidiary or Unrestricted
Subsidiary by the Board of Directors shall be evidenced to the Trustee by
promptly filing with the Trustee a copy of the resolution of the Board of
Directors giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing provisions.

 

Section 4.18                                [Intentionally
omitted]

 

Section 4.19                                Guarantees
of Indebtedness by Restricted Subsidiaries.

 

(a)                                  No
Restricted Subsidiary (other than the Issuer or a Note Guarantor) shall guarantee
or otherwise become obligated under any Indebtedness under the Existing Credit
Facility or any Pari Passu Lien Obligations unless such Restricted Subsidiary
is or becomes an Additional Subsidiary Guarantor on the date on which such
other guarantee or Indebtedness is Incurred (or as soon as reasonably
practicable thereafter) and, if applicable, executes and delivers to the
Trustee a supplemental Indenture (and such documentation relating thereto as
the Trustee may reasonably require pursuant to the terms of this Indenture)
pursuant to which such Restricted Subsidiary will provide an Additional
Subsidiary Guarantee (which Additional Subsidiary Guarantee shall be senior to
or pari passu with such Restricted Subsidiary’s guarantee of such other
Indebtedness); provided that,

 

(1)                                  an
Additional Subsidiary Guarantor’s Additional Subsidiary Guarantee may be
limited in amount to the extent required by fraudulent conveyance, thin
capitalization, corporate benefit, financial assistance or other similar laws
(but, in such a case (A) each of the Company and the Restricted
Subsidiaries will use their reasonable best efforts to overcome the relevant 

 

80

 

legal limit and will procure that the
relevant Restricted Subsidiary undertakes all whitewash or similar procedures
which are legally available to eliminate the relevant limit and (B) the
relevant guarantee shall be given on an equal and ratable basis with the
guarantee of any other Indebtedness giving rise to the obligation to guarantee
the Notes); and

 

(2)                                  for so long
as it is not permissible under applicable law for a Restricted Subsidiary to
become an Additional Subsidiary Guarantor, such Restricted Subsidiary need not
become an Additional Subsidiary Guarantor (but, in such a case, each of the
Company and the Restricted Subsidiaries will use its reasonable best efforts to
overcome the relevant legal prohibition precluding the giving of the guarantee
and will procure that the relevant Restricted Subsidiary undertakes all
whitewash or similar procedures which are legally available to eliminate the
relevant legal prohibition, and shall give such guarantee at such time (and to
the extent) that it thereafter becomes permissible).

 

The preceding paragraphs shall not apply to (1) the
granting by such Restricted Subsidiary of a Permitted Lien under circumstances
which do not otherwise constitute the guarantee of Indebtedness of the Company
or the Issuer; or (2) the guarantee by any Restricted Subsidiary of
Indebtedness that refinances Indebtedness which benefited from a guarantee by
any Restricted Subsidiary Incurred in compliance with this covenant immediately
prior to such refinancing.

 

(b)                                 VM FinanceCo
shall, within 60 days of the 2014 Notes Repayment, enter into Collateral Documents
providing Liens over substantially the same assets as it provides for the
benefit of the Existing Credit Facility or any Pari Passu Lien Obligations.

 

(c)                                  Within 60
days of the delivery by the Company of the financial statements for any fiscal
year starting with the fiscal year ended December 31,  2010 under Section 4.03, the Company
shall cause any Restricted Subsidiary to become a Note Guarantor under this
Indenture so that the Issuer and the Note Guarantors on a Consolidated basis
represent not less than seventy-five per cent (75%) of the EBITDA of the
Company and the Restricted Subsidiaries for such fiscal year.

 

(d)                                 Each
Restricted Subsidiary that becomes a Note Guarantor on or after the Closing
Date shall also become a party to the Collateral Documents or execute separate
Collateral Documents, as applicable, and the Intercreditor Deeds, as
applicable, and shall as promptly as practicable execute and deliver such
security instruments, financing statements, mortgages, deeds of trust (in
substantially the same form as those executed and delivered with respect to the
Collateral) and certificates and opinions of counsel (to the extent, and
substantially in the form, delivered on the Closing Date (but no greater scope)
as may be necessary to vest in the Security Trustee a valid security interest
(subject to Permitted Liens) upon all its properties and assets (other than the
Excluded Assets) as security for the Notes or the Subsidiary Guarantees and as
may be necessary to have such property or asset added to the Collateral as
required under the Collateral Documents and this Indenture, and thereupon all
provisions of this Indenture relating to the Collateral shall be deemed to
relate to such properties and assets to the same extent and with the same force
and effect; provided, however, that if granting such security interest, as the
case may be, in any such property or asset requires the consent of a third
party, the Company will use commercially reasonable efforts to obtain such
consent with respect to the security interest for the benefit of the Security
Trustee on behalf of the Holders.

 

(e)                                  No Lien
shall be required to be granted over any asset if such Lien may result in (i) any
breach of corporate benefit, financial assistance, fraudulent preference or thin
capitalisation laws or regulations or other considerations under applicable law
of any applicable jurisdiction, (ii) a significant risk to the officers of
the relevant grantor of the Lien of contravention of their fiduciary duties
and/or of civil or criminal liability in any applicable jurisdiction or (iii) costs
that are disproportionate to the benefit 

 

81

 

obtained
by the beneficiaries of such Lien; provided that with respect to clause (iii) such
Lien has not also been provided to the benefit of the Existing Credit Facility
or any other Pari Passu Lien Obligations.

 

Section 4.20                                Anti-Layering

 

The Company will not, and will not permit any
Restricted Subsidiary to, Incur Indebtedness that is subordinated in right of
payment to other Indebtedness of the Company or any Restricted Subsidiary,
unless such Indebtedness Incurred by the Company or a Restricted Subsidiary is
also subordinated to the Notes; provided, however, that no Indebtedness will be
deemed to be contractually subordinated in right of payment to any other
Indebtedness of the Company and the Restricted Subsidiaries solely by virtue of
being unsecured, by virtue of being secured with different collateral, by
virtue of being secured on a junior priority basis or by virtue of the
application of waterfall or other payment-ordering provisions.

 

Section 4.21                                Further
Instruments and Acts

 

Upon the request of the Trustee, but without the
affirmative duty on the Trustee to do so, the Issuer and each Note Guarantor
will execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture and the High Yield Intercreditor Deed.

 

Section 4.22                                Listing

 

The Issuer will use its commercially reasonable
efforts to list and maintain the listing of the Notes on the Luxembourg Stock
Exchange or another comparable exchange.

 

Section 4.23                                Calculation
of Sterling Denominated Restrictions

 

Except as provided in Section 4.09(d), for
purposes of determining compliance with any sterling-denominated restriction in
this Indenture, the Sterling Equivalent amount for purposes hereof that is
denominated in a non-sterling currency shall be calculated based on the
relevant currency exchange rate in effect on the date such non-sterling amount
is incurred or made, as the case may be.

 

Section 4.24                                Covenant
Suspension

 

From and after the first day on which (i) the
Notes have been assigned an Investment Grade Rating by at least two Rating
Agencies and (ii) no Default or Event of Default under this Indenture has
occurred and is continuing (the “Suspension Date”)
the Company and the Restricted Subsidiaries shall cease to be subject to the
following sections of this Indenture:  Section 3.09, Section 4.05,
Section 4.07, Section 4.08, Section 4.09, Section 4.10, Section 4.11,
Section 4.13, Section 4.16, Section 4.17 (b)(2)  and Section 5.01(a)(3) (collectively,
the “Suspended Covenants”).

 

If at any time following the
Suspension Date one or more Rating Agencies downgrades the rating assigned to
the Notes to below an Investment Grade Rating with the result that less than
two Rating Agencies maintain an Investment Grade Rating with respect to the
Notes (such date being the “Reinstatement Date”),
then the Suspended Covenants will thereafter be reinstated and again be
applicable pursuant to the terms of this Indenture, unless and until the Notes
subsequently again attain an Investment Grade Rating by two or more Rating
Agencies. The period of time between the Suspension Date and the Reinstatement
Date shall be referred to as the “Suspension Period”.

 

No action taken by either
the Company or any of the Restricted Subsidiaries during the Suspension Period
with respect to a Suspended Covenant (including, for the avoidance of doubt,
any 

 

82

 

failure to comply with a Suspended Covenant) nor the
compliance or performance by the Company or any of the Restricted Subsidiaries
with any contractual obligation entered into during the Suspension Period with
respect to a Suspended Covenant will constitute a Default, Event of Default or
breach of any kind under this Indenture, the Notes or the Guarantees and will
not result in any reduction of any amounts available under any of the baskets
as of the Suspension Date that may apply under the Suspended Covenants.

 

ARTICLE 5

SUCCESSORS

 

Section 5.01                                Merger,
Consolidation, or Sale of Assets.

 

(a)                                  The Company
will not consolidate with or merge with or into, or convey, transfer or lease
all or substantially all its assets to, any Person, unless:

 

(1)                                  the Company
is the surviving corporation or the resulting, surviving or transferee Person
other than the Company (the “Successor Company”)
will be a corporation organized and existing under the laws of any country that
is a Member State, Bermuda, the Cayman Islands, the United States of America,
any State thereof or the District of Columbia, and the Successor Company will
expressly assume, by agreements, executed and delivered to the Trustee, in form
and substance reasonably satisfactory to the Trustee, all the obligations of
the Company under the Notes, this Indenture, any Registration Rights Agreement,
the Collateral Documents and the Intercreditor Deeds, as applicable, and shall
cause such amendments, supplements or other instruments to be executed, filed,
and recorded in such jurisdictions as may be required by applicable law to
preserve and protect the Lien on the Collateral owned by or transferred to the
Successor Company, together with such financing statements or comparable
documents as may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing statement or a
similar document under the Uniform Commercial Code or other similar statute or
regulation of the relevant states or jurisdictions, as applicable;

 

(2)                                  immediately
after giving effect to such transaction (and treating any Indebtedness not
previously an obligation of the Company which becomes an obligation of the Successor
Company or any Restricted Subsidiary as a result of such transaction as having
been Incurred by the Successor Company or such Restricted Subsidiary at the
time of such transaction), no Default or Event of Default shall have occurred
and be continuing;

 

(3)                                  immediately
after giving effect to such transaction, the Company, if it is the surviving
corporation, or the Successor Company, would be able to Incur an additional
£1.00 of Indebtedness under paragraph (a) of Section 4.09;

 

(4)                                  each Note
Guarantor (unless it is the other party to the transaction above, in which case
clause (1) shall apply) shall have by supplemental indenture confirmed
that its Note Guarantee shall apply to such Person’s obligations in respect of
this Indenture and the Notes and its obligations under the Collateral Documents
and the Intercreditor Deeds, as applicable, shall continue to be in effect, and
shall cause such amendments, supplements or other instruments to be executed,
filed, and recorded in such jurisdictions as may be required by applicable law
to preserve and protect the Lien on the Collateral owned by such Note Guarantor
that is a Subsidiary Guarantor, together with such financing statements or
comparable documents as may be required to perfect any security interests in
such Collateral which may be perfected by the filing of a financing statement
or a similar document under the Uniform Commercial Code or other similar
statute or regulation of the relevant states or jurisdictions, as applicable;
and

 

83

 

(5)                                  the Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with the provisions described in this
paragraph; provided, that in giving such opinion,
such counsel may rely on an Officer’s Certificate as to compliance with clauses
(2) and (3) above and as to any matters of fact.

 

The Successor Company will succeed to, and be substituted
for, and may exercise every right and power of, the Company under this
Indenture, and upon such substitution, the predecessor Company will be released
from its obligations under this Indenture and the Notes, but, in the case of a
conveyance, transfer or lease of all or substantially all its assets, such
predecessor Company will not be released from the obligation to pay the
principal of and interest on the Notes.

 

Clauses (2) and (3) of this Section 5.01(a) will
not apply to any transaction in which (A) any Restricted Subsidiary
consolidates with, merges into or transfers all or part of its properties and
assets to the Company or (B) (i) the Company consolidates or merges
with or into or transfers all or substantially all of its assets to an
Affiliate incorporated or organized for the purpose of changing the legal
domicile of the Company, reincorporating the Company in another jurisdiction or
changing its legal structure to a corporation or other entity or (ii) the
Company consolidates or merges with or into or transfers all or substantially
all of its assets to a Restricted Subsidiary so long as all assets of the
Restricted Subsidiaries immediately prior to such transaction (other than
Capital Stock of such Restricted Subsidiary) are owned by such Restricted
Subsidiary and the Restricted Subsidiaries immediately after the consummation
thereof.

 

(b)                                 The Issuer
and each Note Guarantor will not consolidate with or merge with or into, or
convey, transfer or lease all or substantially all of its assets to any Person
unless:

 

(1)                                  the
resulting, surviving or transferee Person if other than the Issuer or such Note
Guarantor (the “Successor Entity”) will be a
corporation organized and existing under the laws of a country that is a Member
State, Bermuda, the Cayman Islands, the United States of America, any State
thereof or the District of Columbia, and such Person (if not the Issuer or such
Note Guarantor) will expressly assume, by a supplemental indenture, executed
and delivered to the Trustee, in form and substance satisfactory to the
Trustee, all the obligations of the Issuer or such Note Guarantor under this
Indenture, the Note Guarantee, any Registration Rights Agreement, the
Collateral Documents and the Intercreditor Deeds, as applicable, and shall
cause such amendments, supplements or other instruments to be executed, filed,
and recorded in such jurisdictions as may be required by applicable law to
preserve and protect the Lien on the Collateral owned by or transferred to the
Successor Guarantor, together with such financing statements or comparable
documents as may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing statement or a
similar document under the Uniform Commercial Code or other similar statute or
regulation of the relevant states or jurisdictions, as applicable;

 

(2)                                  immediately
after giving effect to such transaction (and treating any Indebtedness not
previously an obligation of the Issuer or such Note Guarantor which becomes an
obligation of the Successor Entity or any Restricted Subsidiary as a result of
such transaction as having been Incurred by the Successor Entity or any
Restricted Subsidiary at the time of such transaction), no Default or Event of
Default shall have occurred and be continuing;

 

(3)                                  each Note
Guarantor shall have delivered a written instrument in form and substance
satisfactory to the Trustee confirming its Note Guarantee in respect of this
Indenture and the Notes and its obligations under any Registration Rights Agreement,
Collateral Documents 

 

84

 

and the Intercreditor Deeds, as
applicable, shall continue to be in effect and shall cause such amendments,
supplements or other instruments to be executed, filed, and recorded in such
jurisdictions as may be required by applicable law to preserve and protect the
Lien on the Collateral owned by such Subsidiary Guarantor, together with such
financing statements or comparable documents as may be required to perfect any
security interests in such Collateral which may be perfected by the filing of a
financing statement or a similar document under the Uniform Commercial Code or
other similar statute or regulation of the relevant states or jurisdictions as
applicable; and

 

(4)                                  the Issuer
will have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with this Indenture; provided that in giving such opinion, such counsel may rely
on an Officer’s Certificate as to compliance with clause (2) above and as
to any matters of fact.

 

Notwithstanding the foregoing, the Company or any
Restricted Subsidiary may consolidate with, merge into or transfer all or part
of its properties and assets to the Issuer or any Note Guarantor; provided, however, that
neither the Company nor any Restricted Subsidiary shall be permitted to
consolidate with, merge into or transfer all or part of its properties and
assets to any Note Guarantor if following such consolidation, merger or
transfer such Note Guarantor would be prohibited by applicable law from
continuing to provide a Note Guarantee or the amount of such Note Guarantee
would be required to be limited to a greater extent than immediately prior to
such consolidation, merger or transfer.

 

ARTICLE 6

DEFAULTS AND
REMEDIES

 

Section 6.01                                Events of
Default.

 

(a)                                  Each of the
following is an “Event of Default”:

 

(1)                                  a default in
any payment of interest on, or Additional Amounts with respect to, any Note
when due and payable continued for 30 days;

 

(2)                                  a default in
the payment of principal of or premium, if any, on any Note when due and
payable at its Stated Maturity, upon optional redemption, upon required
repurchase, upon declaration or otherwise;

 

(3)                                  the failure
to comply with obligations under Article 5;

 

(4)                                  the failure
to comply for 30 days after notice with any obligations under Section 4.10  or Section 4.15 (in each case, other
than a failure to purchase Notes, which will constitute an Event of Default
under Section 6.01(a)(2));

 

(5)                                  the failure
to comply for 60 days after notice with any other agreement contained in the
Notes, this Indenture, the Collateral Documents and the Intercreditor Deeds;
provided, however, that the Company shall have 90 days after receipt of such
notice to remedy, or receive a waiver for, any failure to comply with its
obligations to file its annual quarterly and current reports in accordance with
Section 4.03 or to comply with Section 314(a)(1) of the Trust
Indenture Act so long as the Company is attempting to cure sure failure as
promptly as reasonably practicable;

 

85

 

(6)                                  the failure
by the Company, the Issuer or any other Restricted Subsidiary or any other Virgin
Media Holding Company to pay any Indebtedness within any applicable grace
period after final maturity, or the acceleration of any such Indebtedness by
the holders thereof because of a default, if, in each case, the total amount of
such Indebtedness unpaid or accelerated exceeds £50 million or its equivalent
in another currency;

 

(7)                                  (A) a
proceeding is commenced seeking a decree or order for (i) relief in
respect of the Company, the Issuer or a Significant Subsidiary in an
involuntary case under any applicable Bankruptcy Law, (ii) appointment of
a receiver, liquidator, assignee, custodian, trustee, examiner, administrator,
sequestration or similar official of the Company, the Issuer or a Significant
Subsidiary or for all or substantially all of the property and assets of the
Company, the Issuer or a Significant Subsidiary or (iii) the winding up or
liquidation of the affairs of the Company, the Issuer or a Significant
Subsidiary (other than, except in the case of the Issuer, a solvent winding up
or liquidation in connection with a transfer of assets among the Company and
the Restricted Subsidiaries) and, in each case, such proceeding shall remain
unstayed and in effect for a period of 30 consecutive days; or (B) other
than, except in the case of the Issuer, in relation to a solvent winding up or
liquidation in connection with a transfer of assets among the Company and the
Restricted Subsidiaries, the Company, the Issuer or a Significant Subsidiary (i) commences
a voluntary case (including taking any action for the purpose of winding up)
under any applicable Bankruptcy Law, or consents to the entry of an order for
relief in an involuntary case under any such law, (ii) consents to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, examiner, administrator, sequestration or similar official of the
Company, the Issuer or a Significant Subsidiary or for all or substantially all
of the property and assets of the Company, the Issuer or a Significant
Subsidiary or (iii) effects any general assignment for the benefit of
creditors;

 

(8)                                  the
rendering of any judgment or decree for the payment of money in excess of £50
million or its equivalent in another currency against the Company or any
Restricted Subsidiary if such judgment or decree remains outstanding for a
period of 60 days following such judgment or decree and is not discharged,
waived or stayed before the end of such period;

 

(9)                                  any Note
Guarantee of the Company or a Significant Subsidiary or any of the Intercreditor
Deeds ceases to be in full force and effect (except as contemplated by the
terms thereof) or the Company or a Significant Subsidiary or Person acting by
or on behalf of either the Company or a Significant Subsidiary denies or
disaffirms in writing the Company’s or a Significant Subsidiary’s obligations
under this Indenture or any Note Guarantee (other than by reason of the
termination of this Indenture or such Note Guarantee or the release of such
Note Guarantee in accordance with such Note Guarantee or this Indenture); or

 

(10)                            with respect
to any Collateral having a fair market value in excess of £100 million,
individually or in the aggregate, (A) the failure of the Lien with respect
to such Collateral under the Collateral Documents, at any time, to be in full
force and effect in any material respect for any reason other than in
accordance with their terms and the terms of this Indenture and other than the
satisfaction in full of all obligations under this Indenture and discharge of
this Indenture if such Default continues for 60 days after receipt of notice by
the Trustee of such event, (B) the declaration by any court of competent
jurisdiction in a judicial proceeding that the Lien with respect to such
Collateral created under the Collateral Documents or under this Indenture is
invalid or unenforceable, if such Default continues for 60 days or (C) the
assertion in writing by the Company or any Note Guarantor, in any pleading in
any court of competent jurisdiction, that any such Lien is invalid or unenforceable
and any such Default continues for 60 days.

 

86

 

The foregoing will constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary
or involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

 

(b)                                 A default
under clause (4) or (5) of Section 6.01(a) will not
constitute an Event of Default until the Trustee notifies the Issuer or the
Holders of at least 25% in aggregate principal amount of the outstanding Notes
notify the Issuer and the Trustee of the default and the Company, the Issuer or
the relevant Restricted Subsidiary, as applicable, does not cure such default
within the time specified in clause (4) or (5) of Section 6.01(a) after
receipt of such notice. Such notice must specify the Default, demand that it be
remedied and state that such notice is a notice of Default. When a Default or
an Event of Default is cured within the time specified, it ceases. In the event of a declaration of acceleration of the Notes
because an Event of Default described in clause (a)(6) of this Section 6.01
has occurred and is continuing, the declaration of acceleration of the Notes
shall be automatically annulled if the event of default or payment default
triggering such Event of Default pursuant to clause (a)(6) of this Section 6.01
shall be remedied or cured, or waived by the holders of the Indebtedness, or the
Indebtedness that gave rise to such Event of Default shall have been discharged
in full, within 30 days after the declaration of acceleration with respect
thereto and if (A) the annulment of the acceleration of the Notes would
not conflict with any judgment or decree of a court of competent jurisdiction
and (B) all existing Events of Default, except nonpayment of principal,
premium or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived.

 

(c)                                  The Issuer
will deliver to the Trustee, within 30 days after the occurrence thereof,
written notice in the form of an Officer’s Certificate of any event which is,
or with the giving of notice or lapse of time or both would become, an Event of
Default, its status and what action the Issuer is taking or proposes to take in
respect thereof.

 

Section 6.02                                Acceleration.

 

Subject to the terms of the Group Intercreditor Deed
and the provisions of Section 6.01(b), if an Event of Default (other than
an Event of Default under the bankruptcy provisions described in clause (7) of
Section 6.01(a) with respect to the Issuer, any Note Guarantor or any
Significant Subsidiary) occurs and is continuing and is known to the Trustee,
the Trustee or the Holders of at least 25% in aggregate principal amount of the
outstanding Notes by notice to the Issuer may declare the principal of and
accrued but unpaid interest on all the Notes to be due and payable. Upon such a
declaration, such principal and interest will be due and payable immediately.
If an Event of Default under the bankruptcy provisions described in clause (7) of
Section 6.01(a) with respect to the Issuer, any Note Guarantor or any
Significant Subsidiary occurs, the unpaid principal of and interest on all the
Notes will become immediately due and payable without any declaration or other
act on the part of the Trustee or any Holders. 
Notwithstanding the above, if the Issuer exercises its covenant
defeasance option under Article 8 hereof, payment of the Notes may not be
accelerated pursuant to this Section 6.02 because of the occurrence of an
Event of Default specified in clauses (4), (6), (7) or (8) of Section 6.01
or non-compliance with clause (a)(3) of Section 5.01.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may on
behalf of all of the Holders rescind an acceleration and its consequences if
the rescission would not conflict with any judgment or decree and if all
existing Events of Default (except nonpayment of principal, interest, Special
Interest or premium that has become due solely because of the acceleration)
have been cured or waived.

 

87

 

Section 6.03                                Other
Remedies.

 

If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to
collect the payment of principal, premium, if any, and interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.
Following such Event of Default, the Trustee is entitled to require all Agents
to act under its direction.

 

The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon
an Event of Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Event of Default. 
No remedy is exclusive of any other remedy. All remedies are cumulative
to the extent permitted by law.

 

Section 6.04                                Waiver of
Past Defaults.

 

Subject to Section 6.07 and Section 9.02
hereof, the Trustee, upon receipt of written notice from the Holders of not
less than a majority in aggregate principal amount of the Notes then
outstanding, may on behalf of the Holders of all of the Notes rescind an
acceleration or waive any existing Default or Event of Default and its
consequences hereunder except a continuing Default or Event of Default in the
payment of interest or the premium on, or the principal of the Notes (including
in connection with an offer to purchase). 
Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

 

Section 6.05                                Control by
Majority.

 

The Holders of a majority in aggregate principal
amount of the outstanding Notes may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee,
or of exercising any trust or power conferred on the Trustee, in respect of the
Notes.  However, the Trustee may refuse
to follow any direction that the Trustee determines (after consultation with
counsel) conflicts with law, this Indenture or the Intercreditor Deeds or that
the Trustee determines is unduly prejudicial to the rights of any other Holder
or that may involve the Trustee in personal liability or expense; provided that the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with any
such direction.  Prior to taking any
action under this Indenture, the Trustee will be entitled to reasonable
indemnification satisfactory to it against all losses and expenses caused by
taking or not taking such action.

 

Section 6.06                                Limitation
on Suits.

 

(a)                                  Except to
enforce the right to receive payment of principal, premium (if any) or interest
when due, no Holder may pursue a remedy with respect to this Indenture or the
Notes unless:

 

(1)                                  such Holder
has previously given the Trustee written notice that an Event of Default is
continuing;

 

(2)                                  Holders of
at least 25% in aggregate principal amount of the outstanding Notes have
requested the Trustee in writing to pursue the remedy;

 

(3)                                  such Holders
have provided the Trustee security or indemnity satisfactory to the Trustee
against any loss, liability or expense;

 

88

 

(4)                                  the Trustee
has not complied with such written request within 60 days after the
receipt of such request and the security or indemnity reasonably satisfactory
to the Trustee; and

 

(5)                                  the Holders
of a majority in aggregate principal amount of the outstanding Notes have not
given the Trustee a direction inconsistent with such request within such 60-day
period.

 

(b)                                 A Holder may
not use this Indenture to prejudice the rights of another Holder of a Note or
to obtain a preference or priority over another Holder.

 

Section 6.07                                Rights of
Holders to Receive Payment.

 

Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal, premium, if any, and
interest on the Note held by such Holder, on or after the respective due dates
expressed in the Note (including in connection with an offer to purchase), or
to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such
Holder.

 

Section 6.08                                Collection
Suit by Trustee.

 

If an Event of Default specified in Section 6.01(a)(1) or
(2) occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Issuer
or any other obligor on the Notes for the whole amount then due and owing
(together with interest on any unpaid interest to the extent lawful) and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

Section 6.09                                Trustee May File
Proofs of Claim.

 

The Trustee is authorized to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the properly incurred
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to
the Issuer, any other obligor upon the Notes, their creditors or their property
and shall be entitled and empowered to collect, receive and distribute any
money or other property payable or deliverable on any such claims and any
custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof.  To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise.  Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or
to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

 

89

 

Section 6.10                                Priorities.

 

If the Trustee collects any money pursuant to this Article 6,
it shall pay out the money, subject to the terms of the Intercreditor Deeds, in
the following order:

 

First:                               to the Trustee, its agents and attorneys for amounts
due under Section 7.07 hereof, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the
costs and expenses of collection;

 

Second:                to Holders for amounts due and unpaid on the Notes for
principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for
principal, premium, if any and interest, respectively; and

 

Third:                           to the Issuer or to such party as a court of competent
jurisdiction shall direct.

 

The Trustee may fix a record date and payment date for
any payment to Holders pursuant to this Section 6.10.

 

Section 6.11                                Undertaking
for Costs.

 

In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant.  This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07
hereof, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes, or to any suit initiated by any Holder for the enforcement
of the payment of any principal of or interest on any Note, on or after its
maturity date.

 

Section 6.12                                Stay,
Extension and Usury Laws.

 

The Issuer shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not, by
resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law has been enacted.

 

ARTICLE 7

TRUSTEE

 

Section 7.01                                Duties of
Trustee.

 

(a)                                  If an Event
of Default has occurred and is continuing, the Trustee will exercise such of
the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in its exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs.

 

90

 

(b)                                 Except
during the continuance of an Event of Default:

 

(1)                                  the duties
of the Trustee will be determined solely by the express provisions of this
Indenture and the Trustee need perform only those duties that are specifically
set forth in this Indenture and no others, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(2)                                  in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture.  However, with respect
to certificates or opinions specifically required to be furnished to it
hereunder, the Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture.

 

(c)                                  The Trustee
may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

 

(1)                                  this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)                                  the Trustee
will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts;

 

(3)                                  the Trustee
will not be liable with respect to any action it takes or omits to take in good
faith in accordance with a direction received by it pursuant to Section 6.02,
6.04 or 6.05 hereof; and

 

(4)                                  no provision
of this Indenture will require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it, it
being understood that the Trustee shall not be required to advance its own
funds in connection with its duties and responsibilities as Trustee.

 

(d)                                 Whether or
not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of
this Section 7.01.

 

(e)                                  The Trustee
will be under no obligation to exercise any of its rights and powers under this
Indenture or the Intercreditor Deeds at the request of any Holders, unless such
Holders have provided to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense.

 

(f)                                    The Trustee
will not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. 
Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

 

Section 7.02                                Rights of
Trustee.

 

(a)                                  The Trustee
may conclusively rely upon any document (whether in original or facsimile form)
believed by it to be genuine and to have been signed or presented by the proper
Person.  The Trustee need not investigate
any fact or matter stated in the document.

 

91

 

(b)                                 Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both.  The
Trustee will not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel.  The Trustee may consult with counsel and the
advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)                                  The Trustee
may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any attorney or agent appointed with due care.

 

(d)                                 The Trustee
will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it
by this Indenture.

 

(e)                                  Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuer will be sufficient if signed by an Officer
of the Issuer.

 

(f)                                    The Trustee
will be under no obligation to exercise any of the rights or powers vested in
it by this Indenture or the Intercreditor Deeds at the request or direction of
any of the Holders unless such Holders have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction.

 

(g)                                 The Trustee
shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, direction, order, approval, bond, debenture, note, other
evidence of indebtedness or other paper or document but the Trustee, in its
sole and absolute discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer, personally or by
agent or attorney at the sole expense of the Issuer and shall incur no
liability of any kind by reason of such inquiry or investigation.

 

(h)                                 The Trustee
will have no duty to inquire as to the Issuer’s performance of the covenants in
Article 4 hereof.  In addition, the
Trustee will not be deemed to have knowledge of any Default or Event of Default
except any Default or Event of Default of which a Responsible Officer of the
Trustee has received written notification identifying the Notes or Indenture or
obtained actual knowledge.

 

(i)                                     Neither the
Trustee nor any clearing system through which the Notes are traded shall have
any obligation or duty to monitor, determine or inquire as to compliance, and
shall not be responsible or liable for compliance, with restrictions on
transfer, exchange, redemption, purchase or repurchase, as applicable, of
minimum denominations imposed under this Indenture or under applicable law or
regulation with respect of any transfer, exchange, redemption, purchase or
repurchase, as applicable, of interest in any Note.

 

(j)                                     The Trustee
is not required to give any bond or surety with respect to the performance of
its duties or the exercise of its powers under this Indenture.

 

(k)                                  In the event
the Trustee receives inconsistent or conflicting requests and indemnity from
two or more groups of Holders, each representing less than a majority in
aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee, in its sole discretion, may
determine what action, if any, will be taken.

 

92

 

(l)                                     The
permissive right of the Trustee to take the actions enumerated in this
Indenture or the Intercreditor Deeds will not be construed as an obligation or
duty to do so and the Trustee will not be answerable other than for its own
negligence or willful default.

 

(m)                               Delivery of
reports, information and documents to the Trustee under Section 4.03 is for
informational purposes only and the Trustee’s receipt of the foregoing will not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuer’s
compliance with any of their covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates or Opinions of Counsel,
as applicable).

 

(n)                                 The rights,
privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and will be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.

 

(o)                                 The Trustee
may request that the Issuer deliver an Officer’s Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any person authorized to sign an Officer’s Certificate, including
any person specified as so authorized in any such certificate previously
delivered and not superseded.

 

(p)                                 Under no
circumstances will the Trustee be liable to the Company for any consequential
loss (being loss of business, goodwill, opportunities or profit) even if
advised of the possibility of such loss or damage.

 

(q)                                 The Trustee
will not be liable if prevented or delayed in performing any of its obligations
by reason of any present or future law applicable to it, by any governmental or
regulatory authority or by any circumstances beyond its control.

 

(r)                                    In no event
shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of, or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God; it being
understood that the Trustee shall use reasonable best efforts which are
consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

 

(s)                                  The Trustee
will be entitled to assume without inquiry, that the Issuer has performed in
accordance with all of the provisions of this Indenture or Intercreditor Deeds,
unless notified to the contrary.

 

Section 7.03                                Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer
or any Affiliate of the Issuer with the same rights it would have if it were
not Trustee.  However, in the event that
the Trustee acquires any conflicting interest (within the meaning of the Trust
Indenture Act) it must eliminate such conflict within 90 days, apply to
the SEC for permission to continue as trustee or resign.  Any Paying Agent or Registrar may do the same
with like rights and duties.  The Trustee
is also subject to Sections 7.10 and 7.11 hereof.

 

93

 

Section 7.04                                Trustee’s
Disclaimer.

 

The Trustee will not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, the Notes or
any Note Guarantee and it shall not be accountable for the Issuer’s use of the
proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s
direction under any provision of this Indenture, it will not be responsible for
the use or application of any money received by any Paying Agent other than the
Trustee, and it will not be responsible for any statement or recital herein or
any statement in the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than its certificate of
authentication.

 

Section 7.05                                Notice of
Defaults.

 

If a Default (or an Event of Default) occurs and is
continuing and is known to the Trustee, the Trustee will mail to each Holder a
notice of the Default or Event of Default within the earlier of 90 days
after it occurs or 30 days after it is known to a Trust Officer or written
notice of it is received by the Trustee. 
Except in the case of a Default or Event of Default in payment of
principal of, premium, if any, or interest on any Note (including payments
pursuant to the redemption provisions of such Note), the Trustee may withhold
the notice if and so long as a committee of its Trust Officers in good faith
determines that withholding the notice is in the interests of the Holders.

 

Section 7.06                                Reports by
Trustee to Holders.

 

(a)                                  Within
60 days after each February 15 beginning with the February 15
following the Closing Date, and for so long as Notes remain outstanding, the
Trustee will mail to the Holders a brief report dated as of such reporting date
that complies with TIA § 313(a) (but if no event described in TIA
§ 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). 
The Trustee also will comply with TIA § 313(b)(2).  The Trustee will also transmit by mail all
reports as required by TIA § 313(c).

 

(b)                                 A copy of
each report at the time of its mailing to the Holders will be mailed by the
Trustee to the Issuer and filed by the Trustee with the SEC and each stock
exchange on which the Notes are listed in accordance with TIA § 313(d).  The Issuer will promptly notify the Trustee
when the Notes are listed on any stock exchange or delisted therefrom.

 

Section 7.07                                Compensation
and Indemnity.

 

(a)                                  The Issuer
and each Note Guarantor, jointly and severally, will pay to the Trustee from
time to time such compensation for its acceptance of this Indenture and
services hereunder and thereunder as the Issuer and the Trustee shall from time
to time agree in writing.  The Trustee’s
compensation will not be limited by any law on compensation of a trustee of an
express trust.  The Issuer and each Note
Guarantor, jointly and severally, will reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or
made by it, including costs of collection, in addition to the compensation for
its services.  Such expenses will include
the reasonable compensation, disbursements, expenses and advances of the
Trustee’s agents, counsel, accountants and experts.

 

(b)                                 The Issuer
and each Note Guarantor, jointly and severally, will indemnify the Trustee, and
hold it harmless, against any and all losses, claims, damages, liabilities or
expenses (including properly incurred attorney’s fees) incurred by it arising
out of or in connection with the acceptance or administration of this trust and
its duties under this Indenture or under the Intercreditor Deeds, including the
costs and expenses of enforcing this Indenture against the Issuer (including
this Section 7.07) and defending itself against any claim (whether
asserted by the Issuer, or any Holder or any other Person) or 

 

94

 

liability
in connection with the exercise or performance of any of its powers or duties
hereunder.  The Trustee will notify the
Issuer promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the
Issuer will not relieve the Issuer of its obligations hereunder.  At the Trustee’s sole discretion, the Issuer
will defend the claim and the Trustee will provide reasonable cooperation and
may participate at the Issuer’s expense in the defense.  Alternatively, the Trustee may at its option
have separate counsel of its own choosing and the Issuer will pay the properly
incurred fees and expenses of such counsel; provided that
the Issuer will not be required to pay such fees and expenses if it assumes the
Trustee’s defense and there is, in the opinion of the Trustee, no conflict of
interest between the Issuer and the Trustee in connection with such defense and
no Default or Event of Default has occurred and is continuing.  The Issuer need not pay for any settlement
made without its written consent, which consent shall not be unreasonably
withheld.  The Issuer need not reimburse
any expense or indemnify against any loss or liability to the extent incurred
by the Trustee through its negligence, bad faith or willful misconduct.

 

(c)                                  The
obligations of the Issuer under this Section 7.07 and any Lien arising
hereunder will survive the resignation or removal of the Trustee, the discharge
of the Issuer’s obligations pursuant to Article 10 or the termination of
this Indenture.

 

(d)                                 To secure
the Issuer’s payment obligations in this Section 7.07, the Trustee will
have a Lien prior to the Notes on all money or property held or collected by
the Trustee, except that held in trust to pay principal and interest on
particular Notes.  Such Lien will survive
the satisfaction and discharge of this Indenture.

 

(e)                                  When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(a)(7) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

 

(f)                                    The Trustee
will comply with the provisions of TIA § 313(b)(2) to the extent
applicable.

 

Section 7.08                                Replacement
of Trustee.

 

(a)                                  A
resignation or removal of the Trustee and appointment of a successor Trustee
will become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.08.

 

(b)                                 The Trustee
may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Issuer.  The
Holders of a majority in principal amount of the then outstanding Notes may
remove the Trustee by so notifying the Trustee and the Issuer in writing.  The Issuer may remove the Trustee if:

 

(1)                                  the Trustee
fails to comply with Section 7.10 hereof;

 

(2)                                  the Trustee
is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law;

 

(3)                                  a custodian
or public officer takes charge of the Trustee or its property; or

 

(4)                                  the Trustee
becomes incapable of acting.

 

95

 

(c)                                  If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Issuer will promptly appoint a successor Trustee.  Within one year after the successor Trustee
takes office, the Holders of a majority in principal amount of the then outstanding
Notes may appoint a successor Trustee to replace the successor Trustee
appointed by the Issuer.

 

(d)                                 If a
successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders
of at least 10% in principal amount of the then outstanding Notes may petition
at the expense of the Issuer any court of competent jurisdiction for the
appointment of a successor Trustee.

 

(e)                                  If the
Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10, such Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(f)                                    A successor
Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer.  Thereupon,
the resignation or removal of the retiring Trustee will become effective, and
the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture.  The
successor Trustee will mail a notice of its succession to Holders.  The retiring Trustee will promptly transfer
all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.07 hereof.  Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07
hereof will continue for the benefit of the retiring Trustee.

 

Section 7.09                                Successor
Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act will be
the successor Trustee.

 

Section 7.10                                Eligibility;
Disqualification.

 

There will at all times be a Trustee hereunder that is
a corporation organized and doing business under the laws of the United States
or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by U.S.
federal or state authorities and that has a combined capital and surplus of at
least $100 million as set forth in its most recent published annual report
of condition.

 

This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee shall comply with TIA
§ 310(b); provided, however, that there
shall be excluded from the operation of TIA § 310(b)(1) any indenture
or indentures under which other securities or certificates of interest or
participation in other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

Section 7.11                                Preferential
Collection of Claims Against Issuer.

 

The Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated therein.

 

96

 

ARTICLE 8

LEGAL DEFEASANCE
AND COVENANT DEFEASANCE

 

Section 8.01                                Option to
Effect Legal Defeasance or Covenant Defeasance.

 

The Company and the Issuer may, at the option of its
Board of Directors evidenced by a resolution set forth in an Officer’s
Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof
be applied to all outstanding Notes, the Note Guarantees, this Indenture, the
Intercreditor Deeds and the Collateral Documents, and cause the release of all Liens
on the Collateral granted under the Collateral Documents upon compliance with
the conditions set forth below in this Article 8.

 

Section 8.02                                Legal
Defeasance and Discharge.

 

Upon the Company’s or the Issuer’s exercise under Section 8.01
hereof of the option applicable to this Section 8.02, the Issuer will,
subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Notes, the Note Guarantees, this Indenture, the Intercreditor
Deeds and the Collateral Documents, and cause the release of all Liens on the
Collateral granted under the Collateral Documents on the date the conditions
set forth below are satisfied (hereinafter, “Legal
Defeasance”).  For this
purpose, Legal Defeasance means that the Issuer will be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, which
will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in clauses (a) and
(b) below, and to have satisfied all its other obligations under such
Notes, the Note Guarantees,  this
Indenture, the Intercreditor Deeds and the Collateral Documents, and cause the
release of all Liens on the Collateral granted under the Collateral Documents
(and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following provisions
which will survive until otherwise terminated or discharged hereunder:

 

(a)                                  the rights
of Holders of outstanding Notes to receive payments in respect of the principal
of, or interest or premium, if any, on such Notes when such payments are due
from the trust referred to in Section 8.04 hereof;

 

(b)                                 the Issuer’s
obligations with respect to the Notes concerning issuing temporary Notes,
registration of Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust set forth in Article 2 hereof;

 

(c)                                  the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s
obligations in connection therewith; and

 

(d)                                 this Article 8.

 

Subject to compliance with this Article 8, the
Issuer and the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

Section 8.03                                Covenant
Defeasance.

 

Upon the Company’s or the Issuer’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03, the Issuer will,
subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from each of its obligations under the covenants contained
in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10 (including Section 3.09),
4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.19, 4.20, 4.21, 4.22, Section 5.01(a)(3) and
Section 12.03  hereof with respect
to the outstanding Notes on and after 

 

97

 

the date the conditions
set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be
deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes will not
be deemed outstanding for accounting purposes). 
For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Issuer may omit to comply with and will have no
liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to
comply will not constitute a Default or an Event of Default under Section 6.01
hereof, but, except as specified above, the remainder of this Indenture and
such Notes will be unaffected thereby. 
In addition, upon the Company’s or the Issuer’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03 hereof, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof,
Sections 6.01(a) (4), (6), (7) (as it relates to Significant
Subsidiaries and Note Guarantors) and (8) hereof will not constitute
Events of Default.

 

Section 8.04                                Conditions
to Legal Defeasance or Covenant Defeasance.

 

In order to exercise either Legal Defeasance or
Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(a)                                  The Company
or the Issuer must irrevocably deposit in trust (subject to Section 8.05
hereof) with the Trustee cash in U.S. dollars, U.S. Government Obligations or a
combination thereof (in the case of the Dollar Notes) or cash in pounds
sterling, UK Government Obligations or a combination thereof (in the case of
the Sterling Notes), the principal of and interest on which will be sufficient,
in the opinion of an Independent Financial Advisor, to pay the principal of,
premium, if any, and interest on the outstanding Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be, as
specified in an Officer’s Certificate, and the Issuer must specify whether the
Notes are being defeased to maturity or to a particular redemption date;

 

(b)                                 in the case
of an election under Sections 8.01 and 8.02 hereof, the Issuer has delivered
to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that:

 

(1)                                  the Issuer
has received from, or there has been published by, the Internal Revenue Service
a ruling; or

 

(2)                                  since the
date of this Indenture, there has been a change in the applicable U.S. federal
income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal or U.K. income
tax purposes as a result of such deposit and Legal Defeasance and will be
subject to U.S. federal and U.K. income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and
Legal Defeasance had not occurred;

 

(c)                                  in the case
of an election under Sections 8.01 and 8.03 hereof, the Issuer must
deliver to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee confirming that the Holders of the outstanding Notes will not recognize
income, gain or loss for U.S. federal or U.K. income tax purposes as a result
of such deposit and Covenant Defeasance and will be subject to U.S. federal and
U.K. income tax on the same amounts, in the same manner and at the same times
as would have been the case if such deposit and Covenant Defeasance had not
occurred;

 

98

 

(d)                                 no Default
or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit);

 

(e)                                  such Legal
Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than
this Indenture) to which the Issuer or any of the Restricted Subsidiaries is a
party or by which the Issuer or any of the Restricted Subsidiaries is bound and
is not prohibited by the Intercreditor Deeds;

 

(f)                                    the Issuer
must deliver to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of Notes
being defeased over the other creditors of the Issuer with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Issuer
or others;

 

(g)                                 the Issuer
must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance have been complied with; and

 

(h)                                 the Issuer
provides the Trustee all other documents or other information that the Trustee
may reasonably require in connection with the defeasance.

 

Section 8.05                                Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.

 

Subject to Section 8.06 hereof, all money and
U.S. Government Obligations or UK Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes will
be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent as the Trustee may determine, to the Holders of such Notes of
all sums due and to become due thereon in respect of principal, premium, if
any, and interest, but such money need not be segregated from other funds
except to the extent required by law. 
Money and securities so held in trust are not subject to the
Intercreditor Deeds and the Trustee is not prohibited from paying such funds to
Holders by the terms of this Indenture or the Intercreditor Deeds.

 

The Issuer will pay and indemnify the Trustee against
any Taxes imposed or levied on or assessed against the cash or U.S. Government
Obligations or UK Government Obligations deposited pursuant to Section 8.04
hereof or the principal and interest received in respect thereof other than any
such Taxes which by law are for the account of the Holders of the outstanding
Notes.

 

The obligations of the Issuer under this Section 8.05
shall survive the resignation or renewal of the Trustee and/or satisfaction and
discharge of this Indenture.

 

Notwithstanding anything in this Article 8 to the
contrary, the Trustee will deliver or pay to the Issuer from time to time upon
the request of the Issuer any money or U.S. Government Obligations or UK
Government Obligations held by it as provided in Section 8.04 hereof
which, in the opinion of an Independent Financial Advisor, expressed in a
written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04(a) hereof), are in excess of the
amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

99

 

Section 8.06           Repayment to
Issuer.

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the
Issuer, in trust for the payment of the principal of, premium, if any, or
interest on any Note and remaining unclaimed for two years after such
principal, premium, if any, or interest has become due and payable shall be
paid to the Issuer on its request or (if then held by the Issuer) will be
discharged from such trust; and the Holder of such Note will thereafter be
permitted to look only to the Issuer for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Issuer cause to be published once, in the New
York Times and the Financial
Times, notice that such money remains unclaimed and that, after a
date specified therein, which will not be less than 30 days from the date
of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Issuer.

 

Section 8.07           Reinstatement.

 

If the
Trustee or Paying Agent is unable to apply any U.S. dollars, U.S. Government
Obligations, pounds sterling or UK Government Obligations in accordance with Section 8.02
or 8.03 hereof, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuer’s obligations under this Indenture and the
Notes will be revived and reinstated as though no deposit had occurred pursuant
to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.02
or 8.03 hereof, as the case may be; provided, however,
that, if the Issuer makes any payment of principal of, premium, if any, or
interest on any Note following the reinstatement of its obligations, the Issuer
will be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           Without
Consent of Holders.

 

(a)           Notwithstanding Section 9.02
of this Indenture, the Parent, the Issuer, the Subsidiary Guarantors and the
Trustee may amend or supplement this Indenture, the Notes, the Subsidiary
Guarantees, the Intercreditor Deeds and the Collateral Documents without the
consent of any Holder to:

 

(1)           cure any ambiguity,
omission, defect or inconsistency; provided that
such amendment does not, in the opinion of the Trustee, adversely affect the
rights of any Holder in any material respect;

 

(2)           provide for the
assumption by a successor corporation in accordance with this Indenture of the
obligations of the Issuer under this Indenture, the Notes, the Subsidiary
Guarantees and the Collateral Documents;

 

(3)           provide for
uncertificated Notes in addition to or in place of certificated Notes (provided, however, that
the uncertificated Notes are issued in registered form for purposes of Section 163(f) of
the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code);

 

(4)           add additional
Guarantees with respect to the Notes;

 

100

 

(5)           add to the
covenants of the Issuer for the benefit of the Holders or to surrender any
right or power conferred upon the Company, any Restricted Subsidiary or any of
their Subsidiaries;

 

(6)           make any change
that does not materially adversely affect the rights of any Holder in any
respect, subject to the provisions of this Indenture, the Notes, the Subsidiary
Guarantees, the Intercreditor Deeds and the Collateral Documents;

 

(7)           provide for the
issuance of Additional Notes;

 

(8)           mortgage, pledge,
hypothecate or grant a security interest in any Property for the benefit of any
Person or add additional Collateral to secure the Notes and Subsidiary
Guarantees; provided, however,
that the granting of such security interest is not prohibited by this Indenture
and Section 4.12 is complied with;

 

(9)           release Note
Guarantees and/or Liens in favor of the Security Trustee in the Collateral in
accordance with the terms of this Indenture, the Intercreditor Deeds and the
Collateral Documents, as applicable;

 

(10)         comply with any requirement of the
SEC in connection with the qualification of this Indenture under the TIA;

 

(11)         provide for a reduction in the
minimum denominations of the Notes;

 

(12)         provide for the issuance of Exchange
Notes or Private Exchange Notes, which are identical to Exchange Notes except
that they are not freely transferable;

 

(13)         make any amendment to the provisions
of this Indenture relating to the transfer and legending of Notes as permitted
by this Indenture, including, without limitation to facilitate the issuance and
administration of the Notes; provided, however, that (i) compliance with
this Indenture as so amended would not result in Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such
amendment does not materially and adversely affect the rights of Holders to
transfer Notes;

 

(14)         add additional secured parties to the
extent Liens securing obligations held by such parties are permitted under this
Indenture;

 

(15)         enter into additional or supplemental
Collateral Documents;

 

(16)         subject to clauses (A) and (B) of
the last paragraph of Section 9.02, enter into any amendments or
supplements to any of the Intercreditor Deeds or any Additional Intercreditor
Deed or any Collateral Documents that is not prohibited by the terms of this
Indenture and the Intercreditor Deed or Additional Intercreditor Deed, as
applicable; and

 

(17)         provide for the succession of any
parties to the Collateral Documents (and other amendments that are
administrative or ministerial in nature) in connection with an amendment,
renewal, extension, substitution, refinancing, restructuring, replacement,
supplementing or other modification from time to time of any agreement in
accordance with the terms of this Indenture and the relevant Collateral
Document.

 

101

 

(b)           After an amendment
becomes effective, the Issuer is required to mail to Holders a notice briefly describing
such amendment. However, the failure to give such notice to all Holders, or any
defect therein, will not impair or affect the validity of the amendment. In
addition, for so long as the Notes are listed on the Luxembourg Stock Exchange
and the rules of such exchange so require, the Issuer will inform such
exchange of any amendment, supplement or waiver and will publish notice of such
amendment, supplement or waiver in Luxembourg in a daily newspaper with general
circulation in Luxembourg (which is expected to be the Luxemburger
Wort) or on the website of the Luxembourg Stock Exchange
(www.bourse.lu).

 

(c)           Upon the request of
the Issuer, and upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee will join with the Issuer in the execution of any amended
or supplemental indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee will not be obligated to enter into
such amended or supplemental indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.

 

Section 9.02           With Consent
of Holders.

 

Except
as provided below in this Section 9.02, the Parent, the Company, the Issuer,
the Subsidiary Guarantors and the Trustee may amend or supplement this
Indenture, the Notes and the Note Guarantees with the consent of the Holders of
at least a majority in principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a tender
offer or exchange offer for, or purchase of, the Notes) and, subject to this
Indenture and the Notes, any existing Default or Event of Default (other than a
Default or Event of Default in the payment of the principal of, premium, if
any, or interest on the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture or the Notes may be waived with the consent of the Holders of a majority
in principal amount of the Notes then outstanding (including, without
limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes); provided, however,
that if any amendment, waiver or other modification would only affect the
Dollar Notes or the Sterling Notes only the consent of the Holders of at least
a majority in principal amount of the then-outstanding Notes of the affected
series (and not the consent of the Holders of any other series of Notes) shall
be required.  Section 2.08 hereof
shall determine which Notes are considered to be “outstanding” for purposes of
this Section 9.02.

 

Upon
the request of the Issuer, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders as aforesaid, and
upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee will join with the Issuer in the execution of such amended
or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but
will not be obligated to, enter into such amended or supplemental indenture.

 

It is
not necessary for the consent of the Holders under this Section 9.02 to
approve the particular form of any proposed amendment or waiver, but it is
sufficient if such consent approves the substance thereof.

 

After
an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Issuer will mail to the Holders affected thereby a notice
briefly describing the amendment, supplement or waiver.  Any failure of the Issuer to mail such
notice, or any defect therein, will not, however, in any way impair or affect the
validity of any such amended or supplemental indenture or waiver.  Subject to Section 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes then
outstanding may waive compliance in a particular instance by the Issuer with
any provision of this Indenture or the Notes. 

 

102

 

However, without the consent of each Holder affected,
an amendment, supplement or waiver under this Section 9.02 may not (with
respect to any Notes held by a non-consenting Holder):

 

(a)           reduce the
principal amount of Notes whose Holders must consent to an amendment or waiver;

 

(b)           reduce the rate of
or extend the time for payment of interest on any Note;

 

(c)           reduce the
principal of or extend the Stated Maturity of any Note;

 

(d)           reduce the premium
payable upon the redemption of any Note or change the time at which any Note
may be redeemed pursuant to Section 3.07 hereof;

 

(e)           make any Note
payable in money other than that stated in the Note;

 

(f)            impair the right of
any Holder to receive payment of principal of, and interest on, such Holder’s
Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

 

(g)           make any change in
the amendment provisions which require each Holder’s consent or in the waiver
provisions described in this sentence; and

 

(h)           modify the Note
Guarantees in any manner materially adverse to the Holders.

 

In
addition, (A) without the consent of at least seventy-five per cent (75%)
in aggregate principal amount of Notes then outstanding, no amendment or
supplement may:

 

(1)           release any Note Guarantor or the Company from any of
its obligations under its Note Guarantee, as the case may be, except in
accordance with the terms of this Indenture; and

 

(2)           modify any Collateral Document or the provisions in
this Indenture dealing with Collateral Documents or application of trust moneys
in any manner, taken as a whole, materially adverse to the Holders or otherwise
release all or substantially all of the Collateral except in accordance with
the terms of this Indenture; and

 

(B)           without the consent of each affected Holder, no
amendment or supplement to any Intercreditor Deed may be made that materially
adversely affects (x) the ranking (as it relates to the right to receive
payments on enforcement) of the Notes and Note Guarantees with respect to any
Pari Passu Lien Obligations and (y) the subordination (as it relates to
the right to receive payments on enforcement) of Subordinated Obligations to
the Notes and Note Guarantees as set forth in the Intercreditor Deeds;

 

Section 9.03           Compliance
with Trust Indenture Act.

 

Every
amendment or supplement to this Indenture or the Notes will be set forth in an
amended or supplemental indenture that complies with the TIA as then in effect.

 

Section 9.04           Revocation
and Effect of Consents.

 

Until
an amendment, supplement or waiver becomes effective, a consent to it by a
Holder is a continuing consent by the Holder and every subsequent Holder that
evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. 
However, any such 

 

103

 

Holder or subsequent Holder may revoke the consent as
to its Note if the Trustee receives written notice of revocation before the
date the waiver, supplement or amendment becomes effective.  An amendment, supplement or waiver becomes
effective in accordance with its terms and thereafter binds every Holder.

 

Section 9.05           Notation on
or Exchange of Notes.

 

The
Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. 
The Issuer in exchange for all Notes may issue and the Trustee shall,
upon receipt of an Authentication Order, authenticate new Notes that reflect
the amendment, supplement or waiver.

 

Failure
to make the appropriate notation or issue a new Note will not affect the
validity and effect of such amendment, supplement or waiver.

 

Section 9.06           Trustee to
Sign Amendments, etc.

 

The
Trustee will sign any amended or supplemental indenture authorized pursuant to
this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee.  In executing any amended or supplemental
indenture, the Trustee will be provided with and (subject to Section 7.01
hereof) will be fully protected in relying upon, in addition to the documents
required by Section 13.04 hereof, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture.

 

ARTICLE 10

SATISFACTION AND DISCHARGE

 

Section 10.01         Satisfaction
and Discharge.

 

This
Indenture will be discharged and will cease to be of further effect as to all
Notes and Note Guarantees issued hereunder, when:

 

(a)           either:

 

(1)           all the Notes that
have been authenticated, except lost, stolen or destroyed Notes that have been
replaced or paid and applicable Notes for whose payment money has theretofore
been deposited in trust and thereafter repaid to the Issuer in accordance with
this Indenture, have been delivered to the Trustee for cancellation; or

 

(2)           all the Notes that
have not been delivered to the Trustee for cancellation have become due and
payable by reason of the mailing of a notice of redemption or otherwise or will
become due and payable within one year and the Issuer has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders, cash in U.S. dollars or U.S. Government
Obligations, in the case of the Dollar Notes, or cash in pounds sterling or UK
Government Obligations, in the case of the Sterling Notes, in such amounts as
will be sufficient without consideration of any reinvestment of interest, to
pay and discharge the entire Indebtedness on the applicable Notes not delivered
to the Trustee for cancellation for principal, premium and Additional Amounts,
if any, and accrued interest to the date of maturity or redemption;

 

104

 

(b)           no Default or Event
of Default has occurred and is continuing on the date of such deposit or will
occur as a result of such deposit and such deposit will not result in a breach
or violation of, or constitute a default under, any other instrument to which
the Issuer is a party or by which the Issuer is bound;

 

(c)           the Issuer has paid
or caused to be paid all sums payable by it under this Indenture; and

 

(d)           the Issuer has
delivered irrevocable instructions to the Trustee under this Indenture to apply
the deposited money toward the payment of the applicable Notes at maturity or
the redemption date, as the case may be.

 

In addition, the Issuer must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding
the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to subclause (2) of clause (a) of
this Section, the provisions of Section 10.02 and Section 8.06 will
survive.  In addition, nothing in this Section 10.01
will be deemed to discharge those provisions of Section 7.07 hereof, that,
by their terms, survive the satisfaction and discharge of this Indenture.

 

Section 10.02         Application
of Trust Money.

 

Subject
to the provisions of Section 8.06, all money deposited with the Trustee
pursuant to Section 10.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and
interest for whose payment such money has been deposited with the Trustee; but
such money need not be segregated from other funds except to the extent
required by law.

 

If the
Trustee or Paying Agent is unable to apply any money or securities in
accordance with Section 10.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s
obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 10.01; provided that if the Issuer has made any payment of
principal of, premium, if any, or interest on any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or
Government Securities held by the Trustee or Paying Agent.

 

ARTICLE 11

GUARANTEES

 

Section 11.01         Guarantees.

 

(a)           Each Note Guarantor
hereby jointly and severally irrevocably and unconditionally guarantees to each
Holder and to the Trustee and its successors and assigns (1) the full and
punctual payment when due, whether at Stated Maturity, by acceleration, by
redemption or otherwise, of all obligations of the Issuer under this Indenture
(including obligations to the Trustee) and the Notes, whether for payment of
principal of, or interest, premium, if any, on, the Notes and all other
monetary obligations of the Issuer under this Indenture and the Notes and (2) the
full and punctual performance within applicable grace periods of all other
obligations of the Issuer whether for fees, expenses, indemnification or
otherwise under this Indenture and the Notes (all the foregoing being
hereinafter collectively called the 

 

105

 

“Guaranteed Obligations”).  Each Note Guarantor further agrees that the
Guaranteed Obligations may be extended or renewed, in whole or in part, without
notice or further assent from each such Note Guarantor, and that each such Note
Guarantor shall remain bound under this Article 11 notwithstanding any
extension or renewal of any Guaranteed Obligation.  The Note Guarantees will be substantially in
the form of Exhibit B or C hereto.

 

(b)           Each Note Guarantor
waives presentation to, demand of payment from and protest to the Issuer of any
of the Guaranteed Obligations and also waives notice of protest for
nonpayment.  Each Note Guarantor waives
notice of any default under the Notes or the Guaranteed Obligations.  The obligations of each Note Guarantor
hereunder shall not be affected by (1) the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any right or remedy against
the Issuer or any other Person under this Indenture, the Notes or any other
agreement or otherwise; (2) any extension or renewal of any thereof; (3) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Notes or any other agreement; (4) the release of
any security held by any Holder or the Trustee for the Guaranteed Obligations
or any of them; (5) the failure of any Holder or Trustee to exercise any
right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any
change in the ownership of such Note Guarantor, except as provided in
Sections 11.02(b) and (c).

 

(c)           Each Note Guarantor
hereby waives any right to which it may be entitled to have its obligations
hereunder divided among the Note Guarantors, such that such Note Guarantor’s
obligations would be less than the full amount claimed.  Each Note Guarantor hereby waives any right
to which it may be entitled to have the assets of the Issuer first be used and
depleted as payment of the Issuer’s or such Note Guarantor’s obligations
hereunder prior to any amounts being claimed from or paid by such Note
Guarantor hereunder.  Each Note Guarantor
hereby waives any right to which it may be entitled to require that the Issuer
be sued prior to an action being initiated against such Note Guarantor. For the avoidance of doubt (notwithstanding the foregoing),
each Note Guarantor waives the droit de
division and the droit de
discussion or any right having similar effect which may be claimed
under the laws of the Island of Jersey.

 

(d)           Each Note Guarantor
further agrees that its Guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and
waives any right to require that any resort be had by any Holder or the Trustee
to any security held for payment of the Guaranteed Obligations.

 

(e)           Except as expressly
set forth in Sections 8.02, 11.02, 11.06, 11.08 and the Intercreditor
Deeds, the obligations of each Note Guarantor hereunder shall not be subject to
any reduction, limitation, impairment or termination for any reason, including
any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any defense of setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Guaranteed Obligations or otherwise.  Without limiting the generality of the
foregoing, the obligations of each Note Guarantor herein shall not be
discharged or impaired or otherwise affected by the failure of any Holder or
the Trustee to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, wilful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of any Note Guarantor or would otherwise operate as a
discharge of any Note Guarantor as a matter of law or equity.

 

(f)            Except as expressly
set forth in Sections 8.02, 11.02, 11.06, 11.08 and the Intercreditor
Deeds, each Note Guarantor agrees that its Guarantee shall remain in full force
and effect until payment in full of all the Guaranteed Obligations.  Each Note Guarantor further agrees that its
Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part 

 

106

 

thereof, of principal of or interest
on any Guaranteed Obligation is rescinded or must otherwise be restored by any
Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or
otherwise.

 

(g)           In furtherance of
the foregoing and not in limitation of any other right which any Holder or the
Trustee has at law or in equity against any Note Guarantor by virtue hereof,
upon the failure of the Issuer to pay the principal of or interest on any
Guaranteed Obligation when and as the same shall become due, whether at
maturity, by acceleration, by redemption or otherwise, or to perform or comply
with any other Guaranteed Obligation, each Note Guarantor hereby promises to
and shall, upon receipt of written demand by the Trustee, forthwith pay, or
cause to be paid, in cash, to the Holders or the Trustee an amount equal to the
sum of (1) the unpaid principal amount of such Guaranteed Obligations, (2) accrued
and unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by law) and (3) all other monetary obligations of the Issuer to
the Holders and the Trustee.

 

(h)           Each Note Guarantor
further agrees that, as between it, on the one hand, and the Holders and the
Trustee, on the other hand, (1) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the
purposes of any Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (2) in the event of any declaration of
acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become
due and payable by such Guarantor for the purposes of Section 11.01.

 

(i)            Each Note Guarantor
also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in
enforcing any rights under Section 11.01.

 

(j)            The Company shall
procure that each of the Note Guarantors shall provide Note Guarantees within
45 days of the Closing Date, provided that Note Guarantors representing at
least 50% of the EBITDA of the Company and the Restricted Subsidiaries on a
combined basis for the fiscal year ended December 31, 2008 shall have
provided Note Guarantees as of the Closing Date.

 

(k)           Upon request of the
Trustee, each Note Guarantor shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

 

Section 11.02         Limitation
on Liability.

 

Any term or provision of this Indenture to the
contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by any Note Guarantor shall not exceed the
maximum amount that can be hereby guaranteed by the applicable Note Guarantor
without rendering the Guarantee, as it relates to such Note Guarantor, voidable
under applicable law relating to ultra vires, fraudulent conveyance, fraudulent
transfer, corporate benefit or similar laws affecting the rights of creditors
generally or other considerations under applicable law.

 

Section 11.03         Successors
and Assigns.

 

This Article 11
shall be binding upon each Note Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this
Indenture and in the Notes shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this
Indenture.

 

107

 

Section 11.04         No Waiver.

 

Neither
a failure nor a delay on the part of either the Trustee or the Holders in
exercising any right, power or privilege under this Article 11 shall
operate as a waiver thereof, nor shall a single or partial exercise thereof
preclude any other or further exercise of any right, power or privilege.  The rights, remedies and benefits of the Trustee
and the Holders herein expressly specified are cumulative and not exclusive of
any other rights, remedies or benefits which either may have under this Article 11
at law, in equity, by statute or otherwise.

 

Section 11.05         Modification.

 

No
modification, amendment or waiver of any provision of this Article 11, nor
the consent to any departure by any Note Guarantor therefrom, shall in any
event be effective unless the same shall be in writing and signed by the
Trustee, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given.  No notice to or demand on any Note Guarantor
in any case shall entitle such Note Guarantor to any other or further notice or
demand in the same, similar or other circumstances.

 

Section 11.06         Execution of
Supplemental Indenture for Future Guarantors.

 

(a)           Each Subsidiary
which is required to become a Subsidiary Guarantor pursuant to Section 4.19,

 

(b)           each Virgin Media Holding Company that is
not a Subsidiary of Parent that guarantees the Notes on a senior basis as
contemplated in the last paragraph of the definition of “Change of Control,” shall
promptly execute and deliver to the Trustee a supplemental indenture pursuant
to which such Subsidiary or Virgin Media Holding Company shall become a Note
Guarantor under this Article 11 and shall guarantee the Guaranteed
Obligations.  Concurrently with the
execution and delivery of such supplemental indenture, the Issuer shall deliver
to the Trustee an Opinion of Counsel and an Officer’s Certificate to the effect
that such supplemental indenture has been duly authorized, executed and
delivered by such Subsidiary or Virgin Media Holding Company and that, subject
to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance
or transfer and other similar laws relating to creditors’ rights generally and
to the principles of equity, whether considered in a proceeding at law or in
equity, the Guarantee of such Note Guarantor is a legal, valid and binding
obligation of such Note Guarantor, enforceable against such Note Guarantor in
accordance with its terms and or to such other matters as the Trustee may
reasonably request.

 

Section 11.07         Non-Impairment

 

The
failure to endorse a Note Guarantee on any Note shall not affect or impair the
validity thereof.

 

Section 11.08         Release of
Guarantees.

 

(a)           Subject to the
following paragraph and the terms of the Intercreditor Deeds, each Note
Guarantee, once it becomes due, is a continuing guarantee and shall (a) remain
in full force and effect until payment in full of all the Guaranteed
Obligations, (b) be binding upon each Note Guarantor and its successors
and (c) inure to the benefit of, and be enforceable by, the Trustee, the
Holders and their successors, transferees and assigns.

 

108

 

(b)           Each Note Guarantee
by a Note Guarantor will be automatically and unconditionally released and
discharged, and each Note Guarantor and its obligations under the Note
Guarantee, this Indenture, the Collateral Documents and the Intercreditor Deeds
will be released and discharged:

 

(1)           upon the defeasance
or discharge of the Notes as provided in Article 8 or Article 10, in
each case in accordance with the terms of this Indenture;

 

(2)           upon an enforcement
action, pursuant to the terms of the Group Intercreditor Deed;

 

(3)           with respect to an
Additional Subsidiary Guarantee given under Section 4.19, upon release of
the guarantee that gave rise to the requirement to issue such Additional
Subsidiary Guarantee so long as no Event of Default would arise as a result and
no other Indebtedness that would give rise to an obligation to give an
Additional Subsidiary Guarantee is at that time guaranteed by the relevant
Subsidiary Guarantor; and

 

(4)           with respect to
Subsidiary Guarantors only, upon:

 

(A)          any sale, exchange,
transfer or disposition of (whether by merger, consolidation or the sale of)
the Capital Stock of such Subsidiary Guarantor after which the applicable
Subsidiary Guarantor is no longer a Restricted Subsidiary or the sale of all or
substantially all the assets (other than by lease) of such Subsidiary
Guarantor, whether or not such Subsidiary Guarantor is the surviving
corporation in such transaction to a Person which is not the Company or a
Restricted Subsidiary; provided that such sale, exchange, transfer or
disposition is made in compliance with this Indenture, including Section 4.10
(it being understood that only such portion, if any, of the Net Available Cash
as is required to be applied on or before the date of such release in
accordance with the terms of this Indenture needs to be applied in accordance
therewith at such time) and Section 5.01;

 

(B)           the release or
discharge of such Subsidiary Guarantor from its Guarantee of Indebtedness of
the Company and the Subsidiary Guarantors under the Existing Credit Facility or
any Pari Passu Lien Obligation (including by reason of the termination of the
Existing Credit Facility or any Pari Passu Lien Obligation) and/or the
Guarantee that resulted in the obligation of such Subsidiary Guarantor to
guarantee the Notes, if such Subsidiary Guarantor would not then otherwise be
required to guarantee the Notes pursuant to this Indenture (and treating any
Guarantees of such Subsidiary Guarantor that remain outstanding as Incurred at
least 30 days prior to such release or discharge), except a discharge or
release by or as a result of payment under such Guarantee; provided that if
such Person has Incurred any Indebtedness or issued any Preferred Stock or
Disqualified Stock in reliance on its status as a Subsidiary Guarantor under Section 4.09,
such Subsidiary Guarantor’s obligations under such Indebtedness, Disqualified
Stock or Preferred Stock, as the case may be, so Incurred are satisfied in full
and discharged or are otherwise permitted to be Incurred by a Restricted
Subsidiary (other than a Subsidiary Guarantor) under Section 4.09; or

 

(C)           the proper
designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an
Unrestricted Subsidiary;

 

109

 

(5)           in the case
of clause (4)(A) above only, such Subsidiary Guarantor delivering to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for in this Indenture relating to such
transaction have been complied with.

 

(c)           Each Holder
hereby authorizes the Trustee to take all actions, including the granting of
releases or waivers under the Intercreditor Deeds, to effectuate any release in
accordance with the provisions of this Section 11.08, subject to customary
and reasonably satisfactory protections and indemnifications provided by the
Company to the Trustee.

 

ARTICLE 12

COLLATERAL, SECURITY AND INTERCREDITOR DEEDS

 

Section 12.01         The
Collateral.

 

(a)           The due and
punctual payment of the principal of, premium, if any, and interest on the
Notes and the Note Guarantees (other than the Parent Guarantee and, prior to
the 2014 Notes Repayment, the Note Guarantee of VM FinanceCo) thereof when and
as the same shall be due and payable, whether on an interest payment date, at
maturity, by acceleration, repurchase, redemption or otherwise, interest on the
overdue principal of and interest (to the extent lawful), if any, on the Notes
and the Note Guarantees thereof and performance of all other obligations under this
Indenture, and the Notes and the Note Guarantees (other than the Parent
Guarantee and, prior to the 2014 Notes Repayment, the Note Guarantee of VM
FinanceCo) thereof and the Collateral Documents, shall be secured by Liens,
subject to Permitted Liens, as provided in the Collateral Documents which the
Company and the Note Guarantors (other than the Parent and, prior to the 2014
Notes Repayment, VM FinanceCo), as the case may be, have entered into
simultaneously with the execution of this Indenture and shall be secured by all
Collateral Documents hereafter delivered as required or permitted by this
Indenture, the Collateral Documents and the Intercreditor Deeds.

 

(b)           The Company
and the Note Guarantors hereby agree that the Security Trustee shall hold the Collateral
in trust for the benefit of all of the Holders and the Trustee, in each case
pursuant to the terms of the Collateral Documents and the Intercreditor Deeds
and the Security Trustee and the Trustee are is hereby authorized to execute
and deliver the Collateral Documents and the Intercreditor Deeds (including any
other agreements, deeds or other documents in relation thereto) on behalf of
all of the Holders.

 

(c)           Each Holder,
by its acceptance of any Notes and the Note Guarantees thereof, and the Trustee,
by entering into this Indenture, consents and agrees to and accepts the terms
of the Collateral Documents and the Intercreditor Deeds as the same may be in
effect or as may be amended from time to time in accordance with their terms
and irrevocably authorizes and directs the Security Trustee to:

 

(A)          perform the
duties and exercise the rights power and discretion that are specifically given
to it under the Collateral Documents and the Intercreditor Deeds together with
any other incidental rights, power and discretions; and

 

(B)           execute each
Collateral Document, waiver, modification, amendment, renewal or replacement
expressed to be executed by the Security Trustee on its behalf.

 

(d)           The Trustee
and each Holder, by accepting the Notes and the Note Guarantees thereof,
acknowledges that, as more fully set forth in the Collateral Documents and the
Intercreditor Deeds, the 

 

110

 

Collateral
as now or hereafter constituted shall be held for the benefit of all the
Holders and the Trustee, and that the Lien of this Indenture and the Collateral
Documents in respect of the Trustee and the Holders is subject to and qualified
and limited in all respects by the Collateral Documents and the Intercreditor
Deeds and actions that may be taken thereunder.

 

(e)           The Company
shall procure that each of the Note Guarantors (other than the Parent and,
prior to the 2014 Notes Repayment, VM Finance Co) shall provide the Liens,
subject to Permitted Liens, pursuant to the Collateral Documents and the
Intercreditor Deeds within 45 days of the Closing Date; provided that Note
Guarantors representing at least 50% of the EBITDA of the Company and the
Restricted Subsidiaries on a combined basis for the financial year ended December 31,
2008 shall have granted Liens on their assets on the Closing Date.

 

(f)            Subject to
the terms of this Indenture and the Collateral Documents, the Issuer and the
Note Guarantors shall have the right to remain in possession and retain
exclusive control of the Collateral securing the Notes, to freely operate the
Collateral and to collect, invest and dispose of any income therefrom.

 

Section 12.02         Limitations
on the Collateral.

 

(a)           The Capital
Stock and other securities of a Subsidiary of the Company or the Affiliate
Guarantors (other than Virgin Media Investments Limited and, following the 2014
Notes Repayment, the Company), that are owned by the Company or any Note
Guarantor will constitute Collateral only to the extent that such Capital Stock
and other securities can secure the Notes without Rule 3-16 of Regulation
S-X under the Securities Act (or any other law, rule or regulation)
requiring separate financial statements of such Subsidiary to be filed with the
SEC (or any other governmental agency). 
In the event that Rule 3-16 of Regulation S-X under the Securities
Act requires or 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 governmental agency) of separate financial statements of any such
Subsidiary, due to the fact that such Subsidiary’s Capital Stock and other
securities secure the Notes, then the Capital Stock and other securities of
such Subsidiary shall automatically be deemed not to be part of the Collateral
(but only to the extent necessary to not be subject to any such financial
statement requirement and only for so long as such financial statement
requirement would otherwise have been applicable to such Subsidiary).  In such event, the Collateral Documents may
be amended or modified, without the consent of any Holder, to the extent
necessary to release the security interests in the shares of Capital Stock and
other securities that are so deemed to no longer constitute part of the
Collateral.

 

(b)           In the event
that Rule 3-16 of Regulation S-X under the Securities Act permits or 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 Capital Stock and other
securities to secure the Notes in excess of the amount then pledged without the
filing with the SEC (or any other governmental agency) of separate financial
statements of such Subsidiary, then the Capital Stock and other securities of
such Subsidiary shall automatically be deemed to be a part of the Collateral
(but only to the extent necessary to not be subject to any such financial
statement requirement). In such event, the Collateral Documents may be amended
or modified, without the consent of any Holder, to the extent necessary to
subject to the Liens under the Collateral Documents such additional Capital
Stock and other securities.

 

(c)           The Liens will
further be limited as necessary to recognize certain defenses generally
available to providers of Liens (including those that relate to fraudulent
conveyance or transfer, thin capitalization, voidable preference, financial
assistance, corporate purpose, capital maintenance or similar 

 

111

 

laws,
regulations or defenses affecting the rights of creditors generally) or other
considerations under applicable law.

 

Section 12.03         Impairment
of Security Interests.

 

(a)           Neither the
Company nor any Restricted Subsidiary will take or omit to take any action
which would materially adversely affect or impair the Liens in favor of the
Security Trustee, the Trustee and the Holders with respect to the Collateral
(it being understood that the Incurrence of Permitted Liens or other actions
permitted as described under Article 4 shall under no circumstances be
deemed to materially impair the Security Interest with respect to the
Collateral). Neither the Company nor any Restricted Subsidiary shall grant to
any Person, or permit any Person to retain (other than the Security Trustee,
for the benefit of the Trustee and the Holders and the other beneficiaries
described in the Collateral Documents), any interest whatsoever in the Collateral,
other than Permitted Liens. Notwithstanding the foregoing, the Collateral may
be discharged and released, and the Collateral Documents amended accordingly,
pursuant to the terms of this Indenture, the Intercreditor Deeds or any
Additional Intercreditor Deeds, provided, however, that, following an
Enforcement Control Event, no Collateral Document may be amended, extended,
renewed, restated, supplemented or otherwise modified or replaced, unless
contemporaneously with any such action, either (i) the Company delivers to
the Trustee a certificate from an officer of the relevant Person which confirms
the solvency of the Person granting such Lien after giving effect to the
transactions contemplated by such amendment, extension, renewal, restatement,
supplement or other modification or replacement, and in the case of any company
incorporated in England and Wales, it is not, and will not as a result of the
incurrence of such Lien become unable to pay its debts within the meaning of
section 123 of the Insolvency Act 1986 or (ii) an opinion of counsel in
form and substance reasonably satisfactory to the Security Trustee and the
Trustee, confirming that, after giving effect to any transactions related to
such amendment, extension, renewal, restatement, supplement, modification or
release (followed by an immediate retaking of a lien of at least equivalent
ranking over the same assets), the Lien or Liens created under the Collateral
Documents, so amended, extended, renewed, restated, supplemented, modified or
released and replaced are valid Liens not otherwise subject to any limitation,
imperfection or new hardening period, in equity or at law, that such Lien or
Liens were not otherwise subject to immediately prior to such amendment,
extension, renewal, restatement, supplement, modification or replacement. The
Trustee shall (subject to customary and reasonably satisfactory protections and
indemnifications from the Issuer) consent to such amendments without the need
for instructions from the Holders.

 

(b)           Neither the Company
nor any Restricted Subsidiary will enter into any agreement that requires the
proceeds received from any sale of Collateral to be applied to repay, redeem,
defease or otherwise acquire or retire any Indebtedness of any Person, other
than as permitted by this Indenture, the Notes, the Subsidiary Guarantees, the
Collateral Documents and the Intercreditor Deeds. The Company will, and will
cause each Subsidiary Guarantor to, at its sole cost and expense, execute and
deliver all such agreements and instruments as necessary, or as the Trustee
reasonably requests, to more fully or accurately describe the assets and
property intended to be Collateral or the obligations intended to be secured by
the Collateral Documents.

 

Section 12.04         Release of
Liens on the Collateral.

 

The Liens on the Collateral will be released with
respect to the Notes:

 

(a)           upon the
defeasance or discharge of the Notes as provided in Article 8 or Article 10,
in each case in accordance with the terms of this Indenture;

 

(b)           upon an
enforcement action pursuant to the terms of the Group Intercreditor Deed;

 

112

 

(c)           as to any
property constituting Collateral (A) that is sold or otherwise disposed of
by the Company or any of the Restricted Subsidiaries in a transaction permitted
by Section 4.10 and by the Collateral Documents, to the extent of the
interest sold or disposed of, or otherwise not prohibited by this Indenture and
the Collateral Documents; (B) otherwise in accordance with, and as expressly
provided for under this Indenture; or (C) that no longer secures any
obligations under the Existing Credit Facility or any Pari Passu Lien
Obligations;

 

(d)           if the
Collateral is owned by a Note Guarantor that is released from its Note
Guarantee in accordance with this Indenture; and

 

(e)           with the
consent of Holders of at least seventy-five percent (75%) in aggregate
principal amount of the Notes (including, without limitation, consents obtained
in connection with a tender offer or exchange offer for, or purchase of, the
Notes).

 

To the extent required by
this Indenture for the release of principal properties that constitute
Collateral, the Issuer will furnish to the Trustee, prior to each proposed
release of such Collateral pursuant to the Collateral Documents and this
Indenture, an Officer’s Certificate, an Opinion of Counsel and any other
documentation reasonably required by the Trustee as required by this Indenture.

 

In addition, in connection
with the incurrence of any Pari Passu Lien Obligations, the Company can request
that all or part of the Liens on the Collateral with respect to the Notes be
released under the then existing Collateral Documents if the Pari Passu Lien
Obligations are to be secured on the Collateral under new collateral documents
(the “Replacement Collateral Documents”); provided that the Security Trustee
and the Trustee, for the benefit of the Holders, also enters into the
Replacement Collateral Documents which provide for Liens on the Collateral
which are equal, or substantially equal, to the Liens provided for the benefit
of any Pari Passu Lien Obligations; and provided further that a board
resolution be provided to the Trustee from any company granting any liens under
any applicable Replacement Collateral Document certifying that, in the case of
any company incorporated in England and Wales, it is not, and will not as a
result of the incurrence of such Lien become unable to pay its debts within the
meaning of section 123 of the Insolvency Act 1986 (or successor law) or, for all
other companies, it is solvent under the laws of its jurisdiction of
incorporation. The Holders authorize and direct the Security Trustee and the
Trustee, upon request of the Company, to so release any Liens on the
Collateral, as required, and to enter into any such Replacement Collateral
Documents. The entering into any Replacement Collateral Documents may result in
renewed hardening periods under applicable law in the relevant jurisdictions
and may limit the recovery in an enforcement proceeding. Upon compliance by the
Issuer or the Note Guarantors, as the case may be, with the conditions
precedent set forth above, as applicable, the Trustee or the Security Trustee
shall as soon as reasonably practicable cause to be released and reconveyed to
the Issuer, or its Note Guarantors, as the case may be, the released
Collateral.

 

Section 12.05         Additional
Intercreditor Deeds.

 

In connection with the Incurrence of any Indebtedness
by the Parent or any of its Subsidiaries, the Trustee shall, at the request of
the Company, enter into with the Company, the relevant Restricted Subsidiaries
and the holders of such Indebtedness (or their duly authorized representatives)
one or more intercreditor agreements or deeds (including a restatement,
replacement, amendment or other modification of either of the Intercreditor
Deeds) (an ‘‘Additional Intercreditor Deed”),
on substantially 

 

113

 

the same terms (other
than, prior to an Enforcement Control Event, with respect to rights to provide
notice or instructions or other administrative matters) as the relevant
Intercreditor Deed (or terms (i) not materially less favorable to the
Holders and/or (ii) substantially similar as applies to the Existing
Credit Facility or any Pari Passu Lien Obligations) with respect to
subordination, payment blockage, limitation on enforcement and release of
Guarantees, priority and release of security; provided,
further, that such Additional
Intercreditor Deed will not impose any personal obligations on the Trustee or
adversely affect the personal rights, duties, liabilities, indemnification or
immunities of the Trustee under this Indenture or the Intercreditor Deeds. In
connection with the foregoing, the Company shall furnish to the Trustee such
documentation in relation thereto as it may reasonably require.

 

In relation to the Intercreditor Deeds or an
Additional Intercreditor Deed, the Trustee shall consent on behalf of the
holders to the payment, repayment, purchase, repurchase, defeasance,
acquisition, retirement or redemption of any obligations subordinated to the
Notes thereby; provided, however, that such transaction would
comply with Section 4.07.

 

ARTICLE 13

MISCELLANEOUS

 

Section 13.01         Trust
Indenture Act Controls.

 

The Indenture has been qualified under the Trust
Indenture Act, is subject to that Act and contains provisions which define the
rights of Holders under the Notes.  If
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA § 318(c), the duties imposed by the TIA will control.

 

Section 13.02         Notices.

 

Any notice or communication by the Issuer or the
Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested),
telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others’ address:

 

If to the Issuer or any Note Guarantor:

 

Virgin
Media Secured Finance PLC.

909 Third Avenue

Suite 2863

New
York, NY 10022

Telecopier:
+1 212-906-8440

Attention:
Secretary and General Counsel

 

with a copy to:

 

160
Great Portland Street

London
W1W 5QA

United
Kingdom

Telecopier:
+44 125 675 2000

Attention: Secretary and General Counsel

 

114

 

with a copy to:

 

Fried,
Frank, Harris, Shriver & Jacobson (London) LLP

99 City Road

EC1Y
1AX

Telecopier:
+44 207 972 9602

Attention: Timothy E. Peterson

 

If to the Trustee:

 

One
Canada Square

London E14 5AL

United Kingdom

Telecopier No. +44 207 964 2536

Attention: Corporate Trust Administration

 

The Issuer, any Note Guarantor or the Trustee, by
notice to the others may designate additional or different addresses for
subsequent notices or communications.

 

In addition, notices to the Holders shall be given by
publishing such notices, as long as the Notes are listed on the Luxembourg
Stock Exchange and the rules of such Exchange so require, in a leading
daily newspaper of general circulation in Luxembourg (which is expected to be
the Luxemburger Wort) or on the website of
the Luxembourg Stock Exchange (www.bourse.lu).

 

All notices and communications (other than those sent
to Holders) will be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication to a Holder will be mailed
by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on
the register kept by the Registrar.  Any
notice or communication will also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA.  Failure to mail a notice or communication to
a Holder or any defect in it will not affect its sufficiency with respect to
other Holders.

 

If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

 

If the Issuer mails a notice or communication to
Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

Section 13.03         Communication
by Holders with Other Holders.

 

Holders may communicate pursuant to TIA § 312(b) with
other Holders with respect to their rights under this Indenture or the
Notes.  The Issuer, the Note Guarantors,
the Trustee, the Registrar and anyone else shall have the protection of TIA
§ 312(c).

 

115

 

Section 13.04         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer to the
Trustee to take any action under this Indenture, the Issuer shall furnish to
the Trustee:

 

(1)           an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 13.05 hereof) stating
that, in the opinion of the signer, all conditions precedent and covenants, if
any, provided for in this Indenture relating to the proposed action have been
complied with; and

 

(2)           an Opinion
of Counsel in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 13.05 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and
covenants have been complied with.

 

Section 13.05         Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) must comply with the
provisions of TIA § 314(e) and must include:

 

(1)           a statement
that the Person making such certificate or opinion has read such covenant or
condition;

 

(2)           a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

 

(3)           a statement
that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with;
and

 

(4)           a statement
as to whether or not, in the opinion of such Person, such condition or covenant
has been complied with.

 

Section 13.06         Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or at a meeting of Holders.  The
Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 13.07         No Personal
Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or future director, officer,
employee, incorporator or shareholder of Parent, the Company, the Issuer, or
any Note Guarantor, as such, will have any liability for any obligations of
Parent, the Issuer or any Note Guarantor under the Parent Guarantee, the Notes,
the Note Guarantees or this Indenture, or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases such liability.  The waiver and release are part of the
consideration for issuance of the Notes.

 

Section 13.08         Governing
Law.

 

THIS INDENTURE AND THE NOTES WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT 

 

116

 

TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 13.09         No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any
other Person.  Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

Section 13.10         Successors.

 

All agreements of the Issuer in this Indenture and the
Notes will bind its successors.  All
agreements of the Trustee in this Indenture will bind its successors.

 

Section 13.11         Severability.

 

In case any provision in this Indenture or in the
Notes is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or
impaired thereby.

 

Section 13.12         Counterpart
Originals.

 

The parties may sign any number of copies of this
Indenture.  Each signed copy will be an
original, but all of them together represent the same agreement.

 

Section 13.13         Table of
Contents, Headings, etc.

 

The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions
hereof.

 

Section 13.14         Submission
to Jurisdiction; Appointment of Agent.

 

The Issuer and each Note Guarantor irrevocably submit
to the non-exclusive jurisdiction of any New York state or U.S. federal court
located in the Borough of Manhattan in the City and State of New York over any
suit, action or proceeding arising out of or relating to this Indenture.  The Issuer and each Note Guarantor
irrevocably waive, to the fullest extent permitted by law, any objection which
they may have, pursuant to New York law or otherwise, to the laying of the
venue of any such suit, action or proceeding brought in such a court and any
claim that any such suit, action or proceeding brought in such a court has been
brought in any inconvenient forum.  In
furtherance of the foregoing, the Issuer and each Note Guarantor hereby
irrevocably designates and appoints Parent (at its office at 909 Third Avenue, Suite 2863,
New York, New York 10022) as its agent to receive service of all process
brought against them with respect to any such suit, action or proceeding in any
such court in the City and State of New York, such service being hereby
acknowledged by it to be effective and binding service in every respect.  Copies of any such process so served shall
also be given to the Issuer in accordance with Section 3.01 hereof, but
the failure of the Issuer to receive such copies shall not affect in any way
the service of such process as aforesaid.

 

117

 

Nothing in this Section shall limit the right of
the Trustee or any Holder to bring proceedings against the Issuer in the courts
of any other jurisdiction or to serve process in any other manner permitted by
law.

 

[Signatures
on following pages]

 

118

 

SIGNATURES

 

Dated as of January 19,
2010

 

	
   

  	
  VIRGIN
  MEDIA SECURED FINANCE PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MEDIA INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRYAN H. HALL

  
	
   

  	
  Name: Bryan H. Hall

  
	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MEDIA FINANCE PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MEDIA INVESTMENT HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MEDIA INVESTMENTS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN MEDIA LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST
  COMMUNICATIONS GROUP LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST
  COMMUNICATIONS NETWORKS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  M&NW
  NETWORK II LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  M&NW
  NETWORK LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  BUSINESS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  FINANCE LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TVS
  PENSION FUND TRUSTEES LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MEDIA PAYMENTS LTD

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  MOBILE TELECOMS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN
  NET LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANDOVER
  CABLEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANGLIA
  CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  BCMV
  LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BERKHAMSTED
  PROPERTIES & BUILDING CONTRACTORS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
  BIRMINGHAM
  CABLE CORPORATION LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BIRMINGHAM
  CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  BRAVO
  TV LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLE
  CAMDEN LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLE
  ENFIELD LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLE
  HACKNEY & ISLINGTON LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Virgin
  Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE 

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  CABLE HARINGEY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLE LONDON LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLE TELEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  CABLE THAMES VALLEY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL (UK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL CARDIFF LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL CENTRAL HERTFORDSHIRE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  CABLETEL HERTFORDSHIRE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL HERTS AND BEDS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL INVESTMENTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL NEWPORT

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  CABLETEL NORTH BEDFORDSHIRE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL SURREY AND HAMPSHIRE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL TELECOM SUPPLIES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  CABLETEL WEST GLAMORGAN LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CABLETEL WEST RIDING LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMBRIDGE CABLE SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMBRIDGE HOLDING COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

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  CCL CORPORATE COMMUNICATION SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRAL CABLE HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHALLENGE TV

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COLUMBIA MANAGEMENT LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  COMTEL CABLE SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMTEL COVENTRY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL SHELF 16 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT-TRACK DEBT RECOVERY LTD

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  CRYSTAL PALACE RADIO LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIAMOND CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIGITAL TELEVISION NETWORK LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DTELS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  EAST COAST CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ED STONE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMS INVESTMENTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENABLIS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  EUROBELL (HOLDINGS) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (IDA) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (NO. 2) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (NO. 3) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  EUROBELL (NO. 4) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (SOUTH WEST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (SUSSEX) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL (WEST KENT) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  EUROBELL CPE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL INTERNET SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EUROBELL LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FILEGALE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  FLEXIMEDIA LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH (1992) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH (KINDERNET INVESTMENT) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  FLEXTECH (TRAVEL CHANNEL) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH BROADBAND LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH BROADCASTING LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH BUSINESS NEWS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  FLEXTECH CHILDRENS CHANNEL LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH DIGITAL BROADCASTING LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEXTECH DISTRIBUTION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  FLEXTECH FAMILY CHANNEL LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEXTECH IVS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEXTECH MEDIA HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEXTECH MUSIC PUBLISHING LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  FLEXTECH VIDEO GAMES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEXTECH-FLEXINVEST LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GENERAL CABLE GROUP LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GENERAL CABLE HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  GENERAL CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HEARTLAND CABLEVISION (UK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HEARTLAND CABLEVISION II (UK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTS CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  IMMINUS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INTERACTIVE DIGITAL SALES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JEWEL HOLDINGS

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LANBASE EUROPEAN HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  LANBASE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LICHFIELD CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LIVING TV LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MAZA LIMITED

  
	
   

  	
   

  
	
   

  	
  By:  Virgin Media
  Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT
  MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  METRO HERTFORDSHIRE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  METRO SOUTH WALES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MIDDLESEX CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTHAMPTON CABLE TELEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  NTL (AYLESBURY AND CHILTERN) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (B) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (BROADLAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CITY & WESTMINSTER) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL (COUNTY DURHAM) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CRUK)

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC HOLDINGS)

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) CORPORATION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL (CWC) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) MANAGEMENT LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) NO. 2 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) NO. 3 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL (CWC) NO. 4 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) PROGRAMMING LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (CWC) UK

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (EALING) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL (FENLAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (GREENWICH AND LEWISHAM) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (HAMPSHIRE) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (HARROGATE) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL (HARROW) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (KENT) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (LAMBETH AND SOUTHWARK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (LEEDS) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL (NORWICH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (PETERBOROUGH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (SOUTH EAST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (SOUTH LONDON) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL (SOUTHAMPTON AND EASTLEIGH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (SUNDERLAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (THAMESMEAD) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (V)

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature Page to
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  NTL (WANDSWORTH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (WEARSIDE) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (WEST LONDON) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL (YORCAN) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL (YORK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL ACQUISITION COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL BOLTON CABLEVISION HOLDING COMPANY

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL BUSINESS (IRELAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL CABLECOMMS BOLTON

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS BROMLEY

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS BURY AND ROCHDALE

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS CHESHIRE

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL CABLECOMMS DERBY

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS EAST LANCASHIRE

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS GREATER MANCHESTER

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS GROUP LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  NTL CABLECOMMS HOLDINGS NO. 1 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS HOLDINGS NO. 2 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS LANCASHIRE NO. 1

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS LANCASHIRE NO. 2

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  NTL CABLECOMMS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS MACCLESFIELD

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS MANCHESTER LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS OLDHAM AND TAMESIDE

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL CABLECOMMS SOLENT

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS STAFFORDSHIRE

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS STOCKPORT

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS SURREY

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL CABLECOMMS SUSSEX

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS WESSEX

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS WEST SURREY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS WIRRAL

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL CAMBRIDGE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL CHARTWELL HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL COMMUNICATIONS SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL DARLINGTON LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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  NTL DERBY CABLEVISION HOLDING COMPANY

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL EQUIPMENT NO. 1 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL EQUIPMENT NO. 2 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL GLASGOW HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL HOLDINGS (BROADLAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL HOLDINGS (EAST LONDON) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL HOLDINGS (FENLAND) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL HOLDINGS (LEEDS) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
  NTL
  HOLDINGS (NORWICH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  HOLDINGS (PETERBOROUGH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  INTERNET LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  INTERNET SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL
  IRISH HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  KIRKLEES

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  KIRKLEES HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL
  MANCHESTER CABLEVISION HOLDING COMPANY

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  MICROCLOCK SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  MIDLANDS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  MILTON KEYNES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
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  NTL
  NATIONAL NETWORKS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  NETWORKS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  PARTCHEER COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  RECTANGLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to Indenture]

 

 

	
   

  	
  NTL
  SIDEOFFER LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  SOLENT TELEPHONE AND CABLE TV COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  SOUTH CENTRAL LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  SOUTH WALES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL
  STREETUNIQUE PROJECTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STREETUNIT PROJECTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STREETUSUAL SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STREETVISION SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL
  STREETVITAL SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STREETWARM SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STREETWIDE SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STRIKEAGENT TRADING LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL
  STRIKEAMOUNT TRADING LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  STRIKEAPART TRADING LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  SYSTEMS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  TECHNICAL SUPPORT COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to Indenture]

 

 

	
   

  	
  NTL
  TEESSIDE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  TELECOM SERVICES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  UK TELEPHONE AND CABLE TV HOLDING COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  VICTORIA II LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  NTL
  VICTORIA LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  WESTMINSTER LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  WINSTON HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NTL
  WIRRAL TELEPHONE AND CABLE TV COMPANY

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  OXFORD CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SCREENSHOP LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SECURE BACKUP SYSTEMS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SHEFFIELD CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  SOUTHERN EAST ANGLIA CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOUTHWESTERN BELL INTERNATIONAL HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STAFFORD COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE 

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SWINDON CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TAMWORTH CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (CENTRAL LANCASHIRE) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (COTSWOLDS) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST COMMUNICATIONS (LIVERPOOL) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (LONDON SOUTH) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (MIDLANDS AND NORTH WEST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST COMMUNICATIONS (MIDLANDS) LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (NOMINEES) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (NORTH EAST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

 

	
   

  	
  TELEWEST COMMUNICATIONS (NORTH WEST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (SOUTH EAST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (SOUTH THAMES ESTUARY) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST COMMUNICATIONS (SOUTH WEST) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (ST. HELENS & KNOWSLEY) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS (TYNESIDE) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST COMMUNICATIONS (WIGAN) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST COMMUNICATIONS HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST PARLIAMENTARY HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEWEST UK LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELSO COMMUNICATIONS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE CABLE CORPORATION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  THE YORKSHIRE CABLE GROUP LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THESEUS NO. 1 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THESEUS NO. 2 LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TROUBLE TV LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

 

	
   

  	
  TVS TELEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UNITED ARTISTS INVESTMENTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN MEDIA TELEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN MEDIA TELEVISION RIGHTS LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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Page to Indenture]

 

 

	
   

  	
  VIRGIN MOBILE GROUP (UK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIRGIN MOBILE HOLDINGS (UK) LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VISION NETWORKS SERVICES UK LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VMIH SUB LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

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Page to Indenture]

 

 

	
   

  	
  WESSEX CABLE LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WINDSOR TELEVISION LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  XL DEBT RECOVERY AGENCY LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  X-TANT LIMITED

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
   

  	
  YORKSHIRE CABLE COMMUNICATIONS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In the presence of the following witness:

  	
   

  	
  CABLETEL SCOTLAND LIMITED

  
	
   

  	
   

  	
   

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In the presence of the following witness:

  	
   

  	
  NTL GLASGOW

  
	
   

  	
   

  	
   

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In the presence of the following witness:

  	
   

  	
  PROSPECTRE LIMITED

  
	
   

  	
   

  	
   

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature
Page to Indenture]

 

 

	
  In the presence of the following witness:

  	
   

  	
  TELEWEST COMMUNICATIONS (DUNDEE & PERTH) LIMITED

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In the presence of the following witness:

  	
   

  	
  TELEWEST COMMUNICATIONS (MOTHERWELL) LIMITED

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In the presence of the following witness:

  	
   

  	
  TELEWEST COMMUNICATIONS (SCOTLAND HOLDINGS) LIMITED

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to Indenture]

 

 

	
  In the presence of the following
  witness:

  	
  TELEWEST COMMUNICATIONS (SCOTLAND)
  LIMITED

  
	
   

  	
   

  
	
  /s/ MANOJ BHUNDIA

  	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its
  director

  
	
  Name: Manoj Bhundia

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
  Address: 99 City Road, London, EC1Y 1AX

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media
  Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NNS U.K. HOLDINGS 2, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NNS U.K. HOLDINGS 1 LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH CABLECOMMS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH CABLECOMMS L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH CABLECOMMS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
				

 

[Signature
Page to Indenture]

 

 

	
   

  	
  NTL (TRIANGLE) LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL BROMLEY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL CABLECOMMS GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL CHARTWELL HOLDINGS 2, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL CHARTWELL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL NORTH CABLECOMMS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
  NTL NORTH CABLECOMMS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL PROGRAMMING SUBSIDIARY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL SOLENT COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL SOUTH CABLECOMMS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL SOUTH CABLECOMMS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL SURREY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
  NTL SUSSEX COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL UK CABLECOMMS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL WESSEX COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL WINSTON HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NTL WIRRAL COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOUTH CABLECOMMS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
  SOUTH CABLECOMMS L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOUTH CABLECOMMS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WINSTON INVESTORS L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIRMINGHAM CABLE FINANCE LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHARTWELL INVESTORS L.P.

  
	
   

  	
   

  
	
   

  	
  By: NTL Chartwell Holdings Limited, its
  general partner

  
	
   

  	
   

  
	
   

  	
  By: Virgin Media Directors Limited, its
  director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
  Title: Director of Virgin Media
  Directors Limited

  

 

[Signature
Page to Indenture]

 

 

	
   

  	
   

  	
  AVON CABLE LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COTSWOLDS CABLE LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  EDINBURGH CABLE LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ESTUARIES CABLE LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  TCI/US WEST CABLE COMMUNICATIONS GROUP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TYNESIDE CABLE LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  UNITED CABLE (LONDON SOUTH) LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  LONDON SOUTH CABLE PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: United Cable (London) South Limited Partnership, its managing
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, United Cable (London) South Limited
  Partnership’s general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, United Cable (London) South Limited
  Partnership’s general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  AVON CABLE JOINT VENTURE, by its partners:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Avon Cable Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, Avon Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, Avon Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (South West) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  TELEWEST COMMUNICATIONS (COTSWOLDS) VENTURE, by its partners:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cotswolds Cable Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, Cotswolds Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, Cotswolds Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (Cotswolds) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  TELEWEST COMMUNICATIONS (LONDON SOUTH) JOINT VENTURE, by its
  partners:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  London South Cable Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: United Cable (London South) Limited Partnership, its managing
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, United Cable (London South) Limited
  Partnership’s general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, United Cable (London South) Limited
  Partnership’s general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (London South) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  TELEWEST COMMUNICATIONS (NORTH EAST) PARTNERSHIP, by its partners:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tyneside Cable Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, Tyneside Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, Tyneside Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (North East) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (Tyneside) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
   

  	
  TELEWEST COMMUNICATIONS (SCOTLAND) VENTURE, by its partners:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Edinburgh Cable Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 1 Limited, Edinburgh Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Theseus No. 2 Limited, Edinburgh Cable Limited Partnership’s
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin Media Directors Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telewest Communications (Scotland) Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Virgin Media Directors Limited, its director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
   

  	
  Name: Robert Mackenzie

  
	
   

  	
   

  	
  Title: Director of Virgin
  Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  TELEWEST
  COMMUNICATIONS (SOUTH EAST) PARTNERSHIP, by its partners:

  
	
   

  	
   

  
	
   

  	
  Estuaries
  Cable Limited Partnership

  
	
   

  	
   

  
	
   

  	
  By:
  Theseus No. 1 Limited, Estuaries Cable Limited Partnership’s general
  partner

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
  By:
  Theseus No. 2 Limited, Estuaries Cable Limited Partnership’s general
  partner

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
  Telewest
  Communications (South East) Limited

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  
	
   

  	
   

  
	
   

  	
  Telewest
  Communications (South Thames Estuary) Limited

  
	
   

  	
   

  
	
   

  	
  By:
  Virgin Media Directors Limited, its director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ROBERT MACKENZIE

  
	
   

  	
  Name:
  Robert Mackenzie

  
	
   

  	
  Title:
  Director of Virgin Media Directors Limited

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  VIRGIN
  MEDIA DOVER LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  M. MICHAEL SILVERMAN

  
	
   

  	
  Name:
  M. Michael Silverman

  
	
   

  	
  Title:
  Treasurer

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  FUTURE
  ENTERTAINMENT S.Á R.L.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  EMMA JONES

  
	
   

  	
  Name:
  Emma Jones

  
	
   

  	
  Title:
  Manager

  

 

[Signature Page to
Indenture]

 

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  MICHAEL LEE

  
	
   

  	
  Name:
  Michael Lee

  
	
   

  	
  Title:
  Senior Associate

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON

  
	
   

  	
  (LUXEMBOURG)
  S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  MICHAEL LEE

  
	
   

  	
  Name:
  Michael Lee

  
	
   

  	
  Title: Authorised
  Signatory

  

 

[Signature Page to
Indenture]

 

 

Exhibit A

 

[Form of
Face of Note]

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]

 

 

[REGULATION
S/RULE 144A]

CUSIP: [·]

ISIN: [·]

Common
Code: [·]

 

       [6.50][7.00]% Senior Secured Note due
2018

 

	
  No.

  	
   

  	
  [$            ] [£              ]

  

 

VIRGIN
MEDIA SECURED FINANCE PLC

 

Virgin Media Secured Finance PLC (the “Issuer”) promises to pay to [CEDE & CO.]/[The Bank
of New York Depositary (Nominees) Limited] or its registered assigns, the
principal sum of [U.S. dollars][pounds sterling] on January 15, 2018.

 

Interest Payment Dates: June 15 and December 15,
commencing June 15, 2010.

 

Record Dates: June 1
and December 1.

 

Dated:  [·]

 

 

IN
WITNESS WHEREOF, the Issuer has caused this Note to be signed by its duly
authorized director, officer or other authorized signatory.

 

	
   

  	
  VIRGIN MEDIA SECURED
  FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:  

  
	
   

  	
   

  	
  Title:

  

 

 

Certificate
of Authentication

 

This
is one of the [6.50][7.00]% Senior Secured Notes due 2018 referred to in the within-mentioned
Indenture.

 

Dated:
[·],

 

	
   

  	
  THE BANK OF NEW YORK
  MELLON

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

[Form of  Reverse of Note]

 

[6.50][7.00]%
Senior Secured Note due 2018

 

(1)   INTEREST.  Virgin
Media Secured Finance PLC, a public limited company organized under the laws of
England and Wales (the “Issuer”),
promises to pay interest on the principal amount of this Note at [6.50][7.00]%
per annum from January 19, 2010 until maturity.  The Issuer will pay interest semi-annually in
arrears on June 15 and December 15 of each year, or if any such day
is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). 
Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
issuance; provided that the first Interest Payment
Date shall be June 15, 2010. The Issuer will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, and on overdue installments of interest, if any
(without regard to any applicable grace periods), from time to time on demand
at the same rate to the extent lawful. 
Interest will be computed on the basis of a 360-day year of twelve
30-day months.

 

(2)   METHOD OF PAYMENT. 
The Issuer will pay interest on the Notes to the Persons who are
registered Holders at the close of business on the June 1 or December 1
immediately preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to
defaulted interest.  The Notes will be payable
as to principal, premium, if any, and interest at the office or agency of the
Issuer maintained for such purpose as provided in the Indenture or, at the
option of the Issuer, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of and interest and
premium, if any, on all Global Notes and all other Notes the Holders of which
will have provided wire transfer instructions to the Issuer or the Paying
Agent.  Such payment will be in such coin
or currency of the United States as at the time of payment is legal tender for
payment of public and private debts.

 

(3)   PAYING AGENT AND REGISTRAR. 
Initially, the Trustee will act as Paying Agent and Registrar and The
Bank of New York Mellon (Luxembourg) S.A. will act as Paying Agent in
Luxembourg.  The Issuer may change any
Paying Agent or Registrar without notice to any Holder.  The Issuer or any of its Subsidiaries may act
as Registrar.

 

(4)   INDENTURE.  The Issuer
issued the Notes under an Indenture, dated as of January 19, 2010 (the “Indenture”), among the Issuer, Parent, the Company, the
Subsidiary Guarantors parties thereto, the Trustee and The Bank of New York
Mellon (Luxembourg) S.A.  The terms of
the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “TIA”).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of such
terms.  To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.  The Notes are senior secured obligations of
the Issuer.  Unless otherwise defined
herein, capitalized terms used herein have the meanings assigned to them in the
Indenture.

 

(5)   OPTIONAL REDEMPTION.

 

(a)   Except as
set forth in paragraphs (b) and (c) below or in Section 3.10 of
the Indenture, the Issuer may not redeem the Notes prior to January 15,
2014. At any time on or after January 15, 2014, the Issuer may redeem the
Notes, in whole or in part, on not less than 30 nor more than 60 days’ prior
notice, at the following redemption prices (expressed as percentages of
principal amount), plus 

 

A-1

 

accrued and unpaid interest thereon, if any, to the
redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant Interest Payment Date), if
redeemed during the 12-month period commencing on January 15 of the years
set forth below:

 

	
  Redemption
  Year

  	
   

  	
  Redemption Price

  	
   

  
	
  2014

  	
   

  	
  [103.250%][103.500%]

  	
   

  
	
  2015

  	
   

  	
  [101.625%][101.750%]

  	
   

  
	
  2016
  and thereafter

  	
   

  	
  100.000%

  	
   

  

 

(b)   At any time
prior to January 15, 2014, the Issuer may at its option redeem the Notes
in whole or in part, on not less than 30 nor more than 60 days’ prior notice,
by paying a redemption price equal to the sum of 100% of the principal amount
of the Notes to be redeemed, plus the Applicable Premium, plus accrued and
unpaid interest thereon, if any, to the redemption date (subject to the right
of Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date).

 

(c)   At any time
prior to January 15, 2013, the Issuer may, on one or more occasions,
redeem up to a maximum of 40% of the original aggregate principal amount of the
Notes (calculated after giving effect to any issuance of Additional Notes) with
the Net Cash Proceeds of one or more Equity Offerings, at a redemption price
equal to [106.500][107.000]% of the principal amount thereof, plus accrued and
unpaid interest thereon, if any, to the redemption date (subject to the right
of Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date); provided,  however, that after giving effect to any such redemption at
least 60% of the original aggregate principal amount of such series of the
Notes (calculated after giving effect to any issuance of Additional Notes)
remains outstanding; and any such redemption by the Issuer must be made within
120 days of such Equity Offering.

 

(6)   MANDATORY REDEMPTION. 
The Issuer is not required to make mandatory redemption or sinking fund
payments with respect to the Notes.

 

(7)   REPURCHASE AT OPTION OF
HOLDER.

 

(a)   Upon the
occurrence of a Change of Control, unless the Issuer has exercised its right to
redeem the Notes as described in Section 3.07 of the Indenture, each
Holder will have the right to require the Issuer to purchase all or any part of
such Holder’s Notes at a purchase price in cash equal to 101% of the principal
amount thereof, plus accrued and unpaid interest thereon, if any, to the date
of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant Interest Payment Date).  Within 30 days following any Change of
Control, the Issuer will mail a notice to each Holder setting forth the
procedures governing the Repurchase Offer as set forth in the Indenture.

 

(b)   In the
event of an Asset Disposition that requires the purchase of Notes pursuant to
clause (a)(3)(C) of Section 4.10 of the Indenture, the Issuer will be
required to commence an Excess Proceeds Offer pursuant to Sections 3.09
and 4.10(b) of the Indenture to purchase the maximum principal amount of
Notes that may be purchased out of the Allocable Excess Proceeds at an offer price
in cash in an amount equal to 100% of the principal amount thereof plus accrued
and unpaid interest thereon, if any, to the date fixed for the closing of such
offer (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant Interest Payment Date) in accordance with
the procedures set forth in the Indenture.

 

A-2

 

(8)   NOTICE OF REDEMPTION. 
Notice of redemption shall be given in accordance with Section 3.03
of the Indenture and the effect of notice of redemption is set forth in Section 3.04
of the Indenture.

 

(9)   DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form
without coupons in minimum denominations of [$100,000][£50,000]  and integral multiples of [$1,000][£1,000] in
excess thereof.  The transfer of Notes
may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other
things, to furnish appropriate endorsements and transfer documents.  The Registrar may not require a Holder to pay
any taxes and fees, except as otherwise set forth in the Indenture.  The Registrar need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except
for the unredeemed portion of any Note being redeemed in part.  Also, the Registrar need not exchange or
register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date
and the corresponding Interest Payment Date.

 

(10)  SECURITY.  The Initial Notes and Additional Notes are
treated as a single class of securities under the Indenture and shall be
secured by Liens and security interests, subject to Permitted Liens, in the
Collateral on the terms and conditions set forth in the Indenture, the
Intercreditor Deeds and the Collateral Documents. The Security Trustee holds
the Collateral in trust for the benefit of the Trustee and the Holders, in each
case pursuant to the Collateral Documents and the Intercreditor Deeds. Each
Holder, by accepting this Note, consents and agrees to the terms of the
Collateral Documents and the Intercreditor Deeds as the same may be in effect
or may be amended from time to time in accordance with their terms and the
Indenture and authorizes and directs the Security Trustee to enter into the
Collateral Documents and the Intercreditor Deeds, and to perform its
obligations and exercise its rights thereunder in accordance therewith.

 

(11)  PERSONS DEEMED OWNERS.  The registered Holder of a Note may be
treated as its owner for all purposes, except as otherwise ordered by a court
of competent jurisdiction.

 

(12)  AMENDMENT, SUPPLEMENT AND
WAIVER.  The provisions of the
Indenture governing amendment, supplement and waiver are set forth in Article 9
of the Indenture.

 

(13)  DEFAULTS AND REMEDIES.  Events of Default and Remedies are set forth
in Article 6 of the Indenture.

 

(14)  TRUSTEE DEALINGS WITH
ISSUER.  The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from and
perform services for the Issuer or its Affiliates, and may otherwise deal with
the Issuer or its Affiliates, as if it were not the Trustee.

 

(15)  NO RECOURSE AGAINST OTHERS.  No past, present or future director, officer,
employee, incorporator or shareholder of Parent, the Company, VM FinanceCo, the
Issuer or any Subsidiary Guarantor, as such, will have any liability for any
obligations of Parent, VM FinanceCo, the Issuer or any Subsidiary Guarantor
under the Parent Guarantee, the VM FinanceCo Guarantee, the Notes, the
Subsidiary Guarantees or the Indenture, or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases such liability.  The waiver and release are part of the
consideration for issuance of the Notes.

 

(16)  AUTHENTICATION.  This Note will not be valid until
authenticated by the manual or facsimile signature of the Trustee or an
authenticating agent.

 

A-3

 

(17)  ABBREVIATIONS.  Customary abbreviations may be used in the
name of a Holder or an assignee, such as: 
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).

 

(18)  ADDITIONAL RIGHTS OF
HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.  In addition to the rights provided to Holders
under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes may have all the rights set forth in the Registration Rights
Agreement, dated as of January 19, 2010, among the Issuer and the other
parties named on the signature pages thereof or, in the case of Additional
Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will
have the rights set forth in one or more registration rights agreements, if
any, among the Issuer and the other parties thereto, relating to rights given
by the Issuer to the purchasers of any Additional Notes (collectively, the “Registration
Rights Agreement”).

 

(19)  CUSIP, ISIN NUMBERS AND
COMMON CODES.  The Issuer has
caused CUSIP and ISIN numbers and Common Codes to be printed on the Notes and
the Trustee may use CUSIP and ISIN numbers and Common Codes in notices of
redemption as a convenience to Holders. 
No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

 

(20)  GOVERNING LAW.  THIS NOTE WILL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY).

 

The Issuer will furnish to any Holder upon written
request and without charge a copy of the Indenture.  Requests may be made to:

 

Virgin
Media Secured Finance PLC

909
Third Avenue, Suite 2863

New
York, New York 10022

United
States of America

Attention:
Secretary and General Counsel

 

A-4

 

ASSIGNMENT
FORM

 

To assign this Note, fill in the form below:

 

	
  (I) or (we) assign
  and transfer this Note to:

  	
   

  
	
   

  	
  (Insert assignee’s
  legal name)

  

 

	
   

  
	
  (Insert assignee’s soc.
  sec. or tax I.D. no.)

  

 

	
   

  

 

	
   

  

 

	
   

  

 

	
   

  

(Print or type
assignee’s name, address and zip code)

 

	
  and irrevocably appoint

  	
   

  

to transfer this Note on
the books of the Issuer.  The agent may
substitute another to act for him.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign exactly as
  your name appears on the face of this Note)

  

 

	
  Signature
  Guarantee*:

  	
   

  	
   

  

 

*              Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable
to the Trustee).

 

A-5

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the
appropriate box below:

 

o Section 4.10                      o Section 4.15

 

If you want to elect to have only part of the Note
purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of
the Indenture, state the amount you elect to have purchased:

 

$                  

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign exactly as
  your name appears on the face of this Note)

  
	
   

  	
   

  
	
   

  	
  Tax
  Identification No.:

  	
   

  
						

 

	
  Signature
  Guarantee*:

  	
   

  	
   

  

 

*                                         Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor acceptable to the
Trustee).

 

A-6

 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

 

The following exchanges of a part of this Global Note
for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global Note or Definitive Note for an interest in this
Global Note, have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount

  of

  this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount

  of

  this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such 

  decrease

  (or increase)

  	
   

  	
  Signature of authorized

  officer of Trustee or

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-7

 

EXHIBIT
B

 

[FORM OF
SENIOR GUARANTEE]

 

For value received, each of
the undersigned (the “Senior Guarantors”),
to the extent set forth in and subject to the terms of the Indenture, dated as
of January 19, 2010 (the “Indenture”),
among Virgin Media
Secured Finance PLC, a public limited company organized under the laws of
England and Wales (the “Issuer”),
Virgin Media Inc., a Delaware corporation (“Parent”),
Virgin Media Finance PLC, a public limited company incorporated under the laws
of England and Wales, Virgin Media Investment Holdings Limited, a limited
company incorporated under the laws of England and Wales, certain subsidiaries
of the Parent from time to time parties hereto, the Bank of New York Mellon, as
trustee (the “Trustee”) and paying agent and
The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg Paying Agent,
hereby jointly and severally with one another irrevocably and unconditionally
guarantees to each Holder and to the Trustee and its successors and assigns (1) the
full and punctual payment when due, whether at Stated Maturity, by
acceleration, by redemption or otherwise, of all obligations of the Issuer
under the Indenture (including obligations to the Trustee) and the Notes,
whether for payment of principal of or interest on or premium, if any, on the
Notes and all other monetary obligations of the Issuer under the Indenture and
the Notes and (2) the full and punctual performance within applicable
grace periods of all other obligations of the Issuer whether for fees,
expenses, indemnification or otherwise under the Indenture and the Notes (all
the foregoing being hereinafter collectively called the “Guaranteed
Obligations”).  Each Senior
Guarantor further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from such Note
Guarantor, and that such Note Guarantor shall remain bound under this Guarantee
notwithstanding any extension or renewal of any Guaranteed Obligation.

 

The obligations of each Senior Guarantor to the
Holders and to the Trustee pursuant to this Guarantee and the Indenture are
expressly set forth in Article 11 of the Indenture, and reference is
hereby made to the Indenture for the precise terms and limitations of this
Guarantee.  Each Holder of the Note to
which this Guarantee is endorsed, by accepting such Note, agrees to and shall
be bound by such provisions.

 

Each Senior Guarantee will be limited to an amount not
to exceed the maximum amount that can be guaranteed by such Senior Guarantor
without rendering such Senior Guarantee voidable under applicable law relating
to ultra vires, fraudulent conveyance, fraudulent transfer, corporate benefit
or similar laws affecting the rights of creditors generally.

 

[Signatures
on following page]

 

B-1

 

IN WITNESS WHEREOF, each Senior Guarantor has caused
this Guarantee to be signed by a duly authorized officer.

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

B-2

 

EXHIBIT C

 

[FORM OF
SENIOR SECURED GUARANTEE]

 

For value received, each of
the undersigned (the “Senior Secured Guarantors”),
to the extent set forth in and subject to the terms of the Indenture, dated as
of January 19, 2010 (the “Indenture”),
among Virgin Media
Secured Finance PLC, a public limited company organized under the laws of
England and Wales (the “Issuer”),
Virgin Media Inc., a Delaware corporation (“Parent”),
Virgin Media Finance PLC, a public limited company incorporated under the laws
of England and Wales, Virgin Media Investment Holdings Limited, a limited
company incorporated under the laws of England and Wales, certain subsidiaries
of the Parent from time to time parties hereto, the Bank of New York Mellon, as
trustee (the “Trustee”) and paying agent and
The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg Paying Agent,
hereby jointly and severally with one another irrevocably and unconditionally
guarantees to each Holder and to the Trustee and its successors and assigns (1) the
full and punctual payment when due, whether at Stated Maturity, by
acceleration, by redemption or otherwise, of all obligations of the Issuer
under the Indenture (including obligations to the Trustee) and the Notes,
whether for payment of principal of or interest on or premium, if any, on the
Notes and all other monetary obligations of the Issuer under the Indenture and
the Notes and (2) the full and punctual performance within applicable
grace periods of all other obligations of the Issuer whether for fees,
expenses, indemnification or otherwise under the Indenture, the Notes, the
Collateral Documents and the Intercreditor Deeds (all the foregoing being
hereinafter collectively called the “Guaranteed Obligations”).  Each Senior Secured Guarantor further agrees
that the Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from such Note Guarantor, and that such
Note Guarantor shall remain bound under this Guarantee notwithstanding any
extension or renewal of any Guaranteed Obligation.

 

The obligations of each Senior Secured Guarantor to
the Holders and to the Trustee pursuant to this Guarantee and the Indenture are
expressly set forth in Articles 11 and 12 of the Indenture, and reference is
hereby made to the Indenture for the precise terms and limitations of this
Guarantee.  Each Holder of the Note to
which this Guarantee is endorsed, by accepting such Note, agrees to and shall
be bound by such provisions.

 

Each Senior Secured Guarantee will be limited to an
amount not to exceed the maximum amount that can be guaranteed by such Senior
Secured Guarantor without rendering such Senior Secured Guarantee voidable
under applicable law relating to ultra vires, fraudulent conveyance, fraudulent
transfer, corporate benefit or similar laws affecting the rights of creditors
generally.

 

[Signatures
on following page]

 

1

 

IN WITNESS WHEREOF, each Senior Secured Guarantor has
caused this Guarantee to be signed by a duly authorized officer.

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

2

 

EXHIBIT D

 

FORM OF
CERTIFICATE OF TRANSFER

 

Virgin Media Secured Finance PLC

900 Third Avenue, Suite 2863

New York, New York 10022

United States of America

 

The Bank of New York Mellon

[·]

 

Re:  [6.50][7.00]% Senior
Secured Notes due 2018

 

([CUSIP/ISIN/Common
Code]
                        )

 

Reference is hereby made to the Indenture, dated as of January 19,
2010 (the “Indenture”), among Virgin Media Secured Finance PLC, a
public limited company organized under the laws of England and Wales (the “Issuer”), Virgin Media Inc., a Delaware corporation (“Parent”), Virgin Media Finance PLC, a public limited company
incorporated under the laws of England and Wales, Virgin Media Investment
Holdings Limited, a limited company incorporated under the laws of England and
Wales, certain subsidiaries of the Parent from time to time parties hereto, the
Bank of New York Mellon, as trustee (the “Trustee”) and
paying agent and The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg
Paying Agent.  Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

, (the “Transferor”) owns and proposes to transfer the Note[s] or
beneficial interest in such Note[s] specified in Annex A hereto, in the
principal amount of
[$/£]                      
(the “Transfer”), to 
                                                      
(the “Transferee”), as further specified in
Annex A hereto.  In connection with the
Transfer, the Transferor hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

1.  £   Check if Transferee will take delivery of a
beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A.  The Transfer is being effected pursuant to
and in accordance with Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the
Transferor reasonably believed and believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and
such Person and each such account is a “qualified institutional buyer” within
the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A
and such Transfer is in compliance with any applicable blue sky securities laws
of any state of the United States.  Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and under the Securities Act.

 

2.  £   Check if Transferee will take delivery of a
beneficial interest in the Regulation S Global Note or a Definitive Note
pursuant to Regulation S. 
The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and, accordingly, the Transferor 

 

3

 

hereby further certifies
that (i) the Transfer is not being made to a Person in the United States
and (x) at the time the buy order was originated, the Transferee was
outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the 40-day “Distribution Compliance
Period” under Regulation S, the transfer is not being made to a U.S. Person or
for the account or benefit of a U.S. Person (other than a “Distributor” as
defined in Rule 902 of Regulation S) and the transferred beneficial
interest will be held immediately after such Transfer through Euroclear or
Clearstream, Luxembourg.  Upon
consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Regulation S Global Note and/or the Definitive Note and
in the Indenture and under the Securities Act.

 

3.  £   Check if Transferee will take delivery of a
beneficial interest in an Unrestricted Global Note or of an Unrestricted
Definitive Note.

 

(a)  £   Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and
in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes or Restricted Definitive Notes and in the
Indenture.

 

(b)  £   Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 

(c)  £   Check if Transfer is Pursuant to an Effective Registration Statement.  The
Transfer is being effected in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States pursuant to
an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act.

 

(d)  £   Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in 

 

4

 

accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 

4.  £   Check if Transfer is to the Issuer or any of its Subsidiaries.  The transfer is being effected in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States.

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Issuer.

 

	
   

  	
   

  
	
   

  	
  [Insert Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

5

 

ANNEX
A TO CERTIFICATE OF TRANSFER

 

1.             The
Transferor owns and proposes to transfer the following:

 

[CHECK
ONE OF (a) OR (b)]

 

(a)                £  
a beneficial interest in the:

 

(i)                               £  
144A Global Note (CUSIP
                  ),
or

 

(ii)                            £  
Regulation S Global Note (CUSIP
                  )

 

(b)               £   
a Restricted Definitive Note.

 

2.             After
the Transfer the Transferee will hold:

 

[CHECK
ONE]

 

(a)                £  
a beneficial interest in the:

 

(i)                               £  
144A Global Note (CUSIP
                  ),
or

 

(ii)                            £  
Regulation S Global Note (CUSIP
                  ),
or

 

(iii)                         £  
Unrestricted Global Note (CUSIP
                  );
or

 

(b)               £  
a Restricted Definitive Note; or

 

(c)                £  
an Unrestricted Definitive Note,

 

in accordance with the
terms of the Indenture.

 

E-6

 

EXHIBIT E

 

FORM OF
CERTIFICATE OF EXCHANGE

 

Virgin Media Secured Finance PLC

900 Third Avenue, Suite 2863

New York, New York 10022

United States of America

 

The Bank of New York Mellon

[·]

 

Re:  [6.50][7.00]% Senior
Secured Notes due 2018

 

([CUSIP/ISIN/Common
Code]
                        )

 

Reference is hereby made to the Indenture, dated as of January 19,
2010 (the “Indenture”), among Virgin Media Secured Finance PLC, a
public limited company organized under the laws of England and Wales (the “Issuer”), Virgin Media Inc., a Delaware corporation (“Parent”), Virgin Media Finance PLC, a public limited company
incorporated under the laws of England and Wales, Virgin Media Investment
Holdings Limited, a limited company incorporated under the laws of England and
Wales, certain subsidiaries of the Parent from time to time parties hereto, the
Bank of New York Mellon, as trustee (the “Trustee”) and
paying agent and The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg
Paying Agent.  Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

, (the “Owner”) owns and proposes to exchange the Note[s] or
beneficial interest in such Note[s] specified herein, in the principal amount
of [$/£]
                        
(the “Exchange”).  In connection with the Exchange, the Owner
hereby certifies that:

 

1.             Exchange of Restricted Definitive Notes or
Beneficial Interests in a Restricted Global Note for Unrestricted Definitive
Notes or Beneficial Interests in an Unrestricted Global Note

 

(a)  £         Check if Exchange is from beneficial interest in a Restricted Global
Note to beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act of 1933, as
amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

 

(b)  £         Check if Exchange is from beneficial interest in a Restricted Global
Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note in an equal principal amount, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,

 

1

 

(ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted
Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

(c)  £         Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest in an Unrestricted Global Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

 

(d)  £         Check if Exchange is from Restricted Definitive Note to Unrestricted
Definitive Note.  In
connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note in an equal principal amount, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.             Exchange of Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

 

(a)  £         Check if Exchange is from beneficial interest in a Restricted Global
Note to Restricted Definitive Note. 
In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a Restricted Definitive Note in an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being
acquired for the Owner’s own account without transfer.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and under the Securities Act.

 

(b)  £         Check if Exchange is from Restricted Definitive Note to beneficial
interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s
Restricted Definitive Note for a beneficial interest in the [CHECK ONE] £ 144A Global Note, £ Regulation S Global Note, in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and
under the Securities Act.

 

2

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Issuer.

 

	
   

  	
   

  
	
   

  	
  [Insert Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

3

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