Document:

EXHIBIT 10.28

MEMBERSHIP INTERESTS PURCHASE AGREEMENT

 

MEMBERSHIP
INTERESTS PURCHASE AGREEMENT

THIS MEMBERSHIP INTERESTS PURCHASE AGREEMENT
(this “Agreement”), dated August 20, 2007 (“Agreement Date”), is entered into
by and between GAMECO HOLDINGS, INC.,
a Delaware corporation (“Seller”), and JACOBS
ENTERTAINMENT, INC., a
Delaware corporation (“Buyer”). 
Capitalized terms not defined in context are defined in Section 12.15.

RECITALS

A.            Seller is the sole member of JALOU FOX, LLC, a Louisiana limited liability company (“Fox”);

B.            Fox owns and operates a truck stop,
convenience store, restaurant, fueling operation and video draw poker gaming
parlor located at 52367 Highway 16, Denham Springs, Louisiana 70706 and a bar
and video gaming parlor located at 52359 Highway 16, Denham Springs, Louisiana
70706 (collectively, “St. Helena”); and

C.            Seller desires to sell to Buyer, and
Buyer desires to purchase from Seller, upon the terms and subject to the
conditions of this Agreement, all of the membership interests of Fox
(collectively, the “Membership Interests”).

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing
recitals and the mutual agreements, terms, conditions, covenants,
representations and warranties hereinafter set forth, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

Article 1.

PURCHASE AND
SALE OF MEMBERSHIP INTERESTS

1.1.          Purchase
and Sale of Membership Interests.  At the Closing and effective as of the
Closing Date, (a) Seller will sell, transfer and assign, free and clear of all
Liens or Claims whatsoever, all of the Membership Interests to Buyer or its
designee or nominee, and (b) Buyer will purchase the Membership Interests from
Seller and deliver to Seller the Purchase Price (as defined in Section 1.2).

1.2.          Purchase
Price.  The
purchase price for the Membership Interests (the “Purchase Price”) shall be
Thirteen Million Seven Hundred and Forty-Two Thousand Eight Hundred and
Thirteen Dollars ($13,742,813.00), to be adjusted by Buyer and Seller for the
actual amount of working capital as of the Closing Date.  Notwithstanding anything in this Agreement to
the contrary, the Purchase Price shall be paid as follows:

 1
 

1.2.1.                     Thirteen
Million Two Hundred and Forty-Two Thousand Eight Hundred and Thirteen Dollars
($13,242,813.00) (the “Initial Purchase Price”) shall be paid to the Seller via
wire transfer of immediately available funds on the Closing Date.

1.2.2.                     Five
Hundred Thousand Dollars ($500,000.00) shall be with held from the Purchase
Price pending the calculation by Buyer and confirmation by Seller of the amount
of working capital of Fox as of the Closing Date (such amount, the “Working
Capital Amount”).   Upon such calculation
and confirmation, the parties shall adjust the Purchase Price as appropriate,
such that the Working Capital Amount shall constitute the remainder of the
Purchase Price due to Seller, and Buyer shall remit the Working Capital Amount
to Seller via wire transfer.  Such
calculation, confirmation and remission shall occur not later than ten (10)
business days after the Closing Date.

1.2.3.                     The
final Purchase Price for the Membership Interests shall be the Initial Purchase
Price plus the Working Capital Amount.

1.3.          Transfer
Taxes. 
Buyer and Seller shall share equally any and all transfer or similar
Taxes (but excluding all withholding taxes computed on the basis of net income)
— (“Transfer Taxes”) imposed upon either party hereto as a result of the
transactions contemplated hereby.  To the
extent any exemptions from such Transfer Taxes are available, Buyer and Seller
shall cooperate to prepare any certificates or other documents necessary to
claim such exemptions.

Article 2.

CLOSING AND DELIVERIES

2.1.          General.  The closing of the transactions contemplated
herein (the “Closing”) shall take place at the offices of Hahn Loeser &
Parks, LLP, 3300 BP Tower, 200 Public Square, Cleveland, Ohio 44114-2301 on
September 4, 2007, or such other time, date and place as the parties may
agree.  The effective time of closing
shall be 12:01 a.m. (the “Effective Time”) on the date of the Closing (the “Closing
Date”).

2.2.          Seller’s
Closing Deliveries.  On the Closing Date,
Seller shall deliver, or caused to be delivered, to Buyer the following items:

2.2.1.                     Membership Interests.  An instrument of assignment, in form and
substance reasonably acceptable to the Buyer and Buyer’s legal counsel,
conveying the Membership Interests to Buyer, together with the certificates of
membership interests issued by Fox;

2.2.2.                     Limited Liability Company
Records.  All of the original limited
liability company records, including company record book, etc., for Fox;

 2
 

2.2.3.                     Officer’s Certificate.  A certificate of an officer of Seller to the
effect that the conditions set forth in Sections 8.1 and 8.2 have
been satisfied;

2.2.4.                     Good Standing Certificates.  A good standing/full force and effect
certificate, as applicable, dated not more than thirty (30) days prior to the
Closing Date, for the Seller and Fox;

2.2.5.                     Secretary’s Incumbency
Certificate.  A certificate of the
Secretary for the Seller certifying (a) the current officers of the Seller and
Fox, (b) a current copy of the Seller’s Certificate of Incorporation and the
Articles of Organization for Fox, (c) a current copy of the Seller’s By-laws
and the Operating Agreement of Fox, and (d) a copy of the Seller’s resolution
authorizing the sale contemplated by this Agreement; and

2.2.6.                     Updates
to Schedules.  An update to each of
the Schedules attached to this Agreement identifying any changes between the
Agreement Date and the Closing Date.

2.3.          Buyer’s
Closing Deliveries.  On the Closing Date,
Buyer shall deliver, or cause to be delivered, to Seller the following items:

2.3.1.                     Wire Transfer.  The Initial Purchase Price paid via wire
transfer in immediately available funds to an account specified by Seller prior
to the Closing;

2.3.2.                     Officer’s Certificate.  A certificate of an officer of Buyer to the
effect that the conditions set forth in Sections 9.1 and 9.2 have
been satisfied;

2.3.3.                     Good Standing Certificate.  A good standing certificate, dated not more
than thirty (30) days prior to the Closing Date, for the Buyer;

2.3.4.                     Secretary’s Incumbency
Certificate.  A certificate of the
Secretary for the Buyer certifying (a) the current officers of the Buyer, (b) a
copy of the Buyer’s Certificate of Incorporation and By-laws and (c) a copy of
the Buyer’s resolution authorizing the sale contemplated by this Agreement.

Article 3.

DUE DILIGENCE

3.1.          Due Diligence Period. Beginning on
the Agreement Date and continuing thereafter until the Closing Date (“Due
Diligence Period”), Buyer shall have the right to perform the following due
diligence pursuant to the terms and conditions hereof:

 3
 

3.2.          General Testing and Inspections.  Buyer shall have the right, during the Due
Diligence Period, to conduct such engineering, environmental, general business
and feasibility studies, audits, test, reviews and/or surveys of St. Helena and
Fox’s assets, liabilities, operations (including gaming operations and
records), financial performance and affairs, as the Buyer deems necessary,
including soil tests, borings, drainage tests and similar tests on any land or
improvements owned or leased by Fox, and audits and reviews of any of the
financial and business records, operations, documents and instruments of the
Seller pertaining to Fox or its operations. 
Such studies shall be conducted by the Buyer and its agents at the Buyer’s
sole cost and expense.  Subject to
reasonable advance notice, the Seller and Fox agree to allow Buyer and its
agents access to all assets, records, documents and instruments of Fox to
conduct such studies and audits, provided such access shall not unreasonably
interfere with the activities of the Seller or Fox.  Buyer shall, and does hereby, save, defend,
indemnify and hold the Seller and Fox harmless from and against all claims,
lawsuits, judgments, losses, liabilities or expenses of any kind or nature
which may be asserted against or incurred by the Seller or Fox as the result of
the Buyer’s or its agents’ actions and activities conducted pursuant to this Section
3.2. The Buyer shall keep the results of all due diligence activities
confidential unless specifically directed or required to disclose the same
under any federal, state or local law, rule or regulation or upon the order of
any court or Governmental Body. 
Notwithstanding any other provisions of this Agreement or any documents
contemplated hereby to the contrary, the obligation of the Buyer to defend,
indemnify and hold harmless the Seller and Fox under this Section 3.2
shall survive the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby or the termination of this Agreement.

3.3.          Title Insurance.  Prior to the Closing, Buyer may cause to have
delivered to Buyer a commitment from a title insurance company reasonably
acceptable to Buyer to issue, as of the Closing Date for any real property
owned or leased by Fox in the customary form prescribed for use in the State of
Louisiana, an Owner’s Policy of Title Insurance (collectively, the “Title
Policy”).  Seller shall deliver any
information as reasonably may be required by Buyer’s title insurance company
under the requirements section of the title insurance commitment or otherwise
in connection with the issuance of Buyer’s title insurance policy.  Seller shall provide an affidavit of title or
such other information as Buyer’s title insurance company may reasonably
require in order for the title insurance company to delete the standard
exceptions and to insure over the “gap” (i.e., the period of time between the
effective date of the title insurance company’s last checkdown of title and the
Closing Date) and to cause the title insurance company to delete all standard
exceptions from the final title insurance policy.

3.4.          Financial Statements.  Prior to the Closing Date, Seller has
delivered, or caused to be delivered, to the Buyer an audited Statement of
Income and Balance Sheet for Fox for the full calendar year ending on December
31, 2006 (collectively, the “Financial Statements”), in such detail as may be
reasonably requested by the Buyer.

Article 4.

SELLER’S
REPRESENTATIONS AND WARRANTIES

Seller represents and
warrants to Buyer as follows:

 4
 

4.1.          Organization
and Authorization.

4.1.1.                     Seller is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware.

4.1.2.                     Fox
is a limited liability company duly organized, validly existing and in full
force and effect under the laws of the State of Louisiana.  Fox does not have any subsidiaries.

4.2.          Validity
of Agreements. 
Seller has the power and authority to enter into this Agreement and all
other agreements and instruments executed and delivered or to be executed and
delivered under this Agreement (the “Transaction Documents”) to which Seller is
a party.  The execution, delivery and
performance by Seller of this Agreement, the Transaction Documents and the
other documents and certificates contemplated therein have been duly authorized
by all necessary corporate action on the part of Seller.  This Agreement is, and when executed and
delivered at the Closing, the Transaction Documents to which Seller is a party
and all other documents and certificates contemplated therein will be, the
legal, valid and binding obligations of Seller, enforceable against Seller in
accordance with their terms.

4.3.          Non-Contravention.  The execution and delivery by Seller of this
Agreement, the Transaction Documents to which Seller is a party and all other
documents and certificates contemplated therein and the consummation and
performance by Seller of the transactions contemplated by this Agreement and
the Transaction Documents will not (i) violate any provision of the Certificate
of Incorporation or the By-laws of Seller or Articles of Organization or
Operating Agreement of Fox, (ii) violate or result in any default under, or the
acceleration of (whether by the giving of notice or the passage of time or
both), any obligation under any contract, note, bond, mortgage, indenture, or
lease to which Seller or Fox is a party or by which Seller or Fox is bound that
would, in any such event, be material, or (iii) violate any constitutional
provision, statute, rule, law, regulation, award, order, ordinance, judgment,
decree, citation, policy, standard, interpretation, writ or injunction of any
Governmental Body (collectively, “Law”).

4.4.          Capitalization.  The Membership Interests represent the only
authorized, issued and outstanding equity interests of Fox.  The Membership Interests are duly and validly
issued and outstanding and are fully paid and nonassessable.  The Membership Interests have not been issued
in violation of, and are not subject to, and there are no, outstanding options
or other conversion or exchange rights relating to the Membership
Interests.  There are no authorized or
outstanding options under which the Seller or Fox may be obligated to issue or
sell any equity interests of Fox.  Except
as identified on Schedule 4.4, there are no agreements, commitments,
contacts or rights of first refusal relating to the issuance, sale or transfer
of any equity interest of or profit participation in Fox.  At the Closing, Buyer shall receive the
Membership Interests free and clear of all Liens and Claims whatsoever.  As of the Closing, Fox shall not be subject to
any obligation (contingent or otherwise) to repurchase or otherwise acquire or
retire any equity interests (including Membership Interests).  Seller has full legal and beneficial
ownership of the Membership Interests. 
The Membership Interests have not been registered under any securities
laws of any Governmental Body.

 5
 

4.5.          Title to Property.  As of the Agreement Date, except as disclosed
on Schedule 4.5, Fox has good and valid title to, or a valid and
enforceable leasehold interest in, all of its properties and assets, tangible
or intangible, as reflected in Fox’s Financial Statements, and the schedules
attached thereto, and the same are free and clear of all Liens and Claims
except (a) Liens to be released at or prior to Closing, (b) such Liens that are
disclosed by the Title Policy (including real property taxes that are a lien
but not yet due and owing) for St. Helena and the records of the Secretary of
State of Louisiana and (c) those Liens and Claims identified on Schedule 4.5.

4.6.          Tax Matters.  Except as set forth on Schedule 4.6,
Seller and Fox, as applicable, have timely filed or will timely file, in the
manner provided by Law, all Tax Returns for periods prior to and including the
Closing Date which are required to be filed with respect of the income or
operations of Seller.  All such Tax
Returns are complete and correct in all material respects and have been
prepared in material compliance with all applicable laws and regulations.
Seller has paid or will pay all Taxes owed for the taxable periods covered by
such Tax Returns (whether or not shown thereon) in the manner provided by
Law.  None of the assets of Fox is
subject to any Liens for any Taxes, and to the Seller’s actual knowledge there
is no basis upon which such a Lien could be asserted.

4.7.          Environmental
Liability. 
Except as set forth on Schedule 4.7 and the documents referred to
therein, to the Seller’s actual knowledge, there has been no release,
threatened release, spill, leak, discharge or emission of any Hazardous
Materials to the air, surface water, groundwater or soil at St. Helena
requiring corrective action under any applicable Environmental Laws.  To the Seller’s actual knowledge, there has
been no material release, threatened release, spill, leak, discharge or
emission of any Hazardous Materials to the air, surface water, groundwater or
soil at St. Helena that is a violation of any applicable Environmental
Laws.  “Hazardous Materials” means any
hazardous or toxic substance or waste or any contaminant or pollutant regulated
or otherwise creating liability under any Environmental Laws, including,
without limitation, “hazardous substances” as defined by the Comprehensive
Environmental Response Compensation and Liability Act, as amended, “toxic
substance” as defined by the Toxic Substance Control Act, as amended, “hazardous
wastes” as defined by the Resource Conservation and Recovery Act, as amended, “hazardous
materials” as defined by the Hazardous Materials Transportation Act, as
amended, thermal discharges, radioactive substances, PCBs, natural gas,
petroleum products or byproducts and crude oil. 
“Environmental Laws” means all Laws relating to pollution, worker health
and worker safety, or the environment, and all other Laws relating to
emissions, discharges, releases or threatened releases of Hazardous Materials
into the environment or otherwise relating to the generation, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous
Materials.  Fox is and has been in
material compliance with all Environmental Laws, provided any noncompliance has
not had and is not likely to have a Material Adverse Effect on Fox or its
operations.  Buyer acknowledges that St.
Helena contains a fueling operation for the sale and dispersal to the general
public of gas and diesel fuels.  Except
as set forth on Schedule 4.7 and the documents referred to therein,
neither the Seller nor Fox has received any written notice, report or other
information regarding any actual or alleged violation of Environmental Laws
relating to St. Helena.

 6
 

4.8.          Seller Inter-company Loans.  Notwithstanding the contents of the Financial
Statements or any other language to contrary contained in this Agreement, any
loans, notes payable or other debt obligations between the Seller and Fox or
between Fox and any other subsidiaries of the Seller (collectively, the “Seller
Inter-company Loans”) shall be retired by the Seller from the proceeds of the
Purchase Price and shall not be a part of the transfer of the Membership
Interests at Closing.  In no event shall
the Buyer, nor any of its subsidiaries, including, but not limited to, Fox following
the Closing, have any liability for any of the Seller Inter-company Loans.

4.9.          Consents, etc.  Except as identified on
Schedule 4.9 or the matters described in Section 6, any registration,
declaration or filing with, or consent, approval, license, permit or other
authorization or order by, any governmental or regulatory authority, domestic
or foreign, that is required in connection with the valid execution, delivery,
acceptance and performance by the Seller and Fox under this Agreement or the
consummation by the Seller and Fox of any of the transactions contemplated
hereby has been or will be completed, made or obtained on or before the Closing
Date.

4.10.        Litigation, etc.  Except as set forth on Schedule 4.10,
to the Seller’s actual knowledge there are no Claims against the Seller or Fox
or any of their respective assets, or pending or threatened by the Seller or
Fox against any third party, at law or in equity, or before or by any
Governmental Body.  To the Seller’s
actual knowledge, Fox is not subject to any judgment, order or decree of any
court or other Governmental Body (excepting various licensing necessary for its
customary and on-going operations).

4.11.        Brokers’
Fees.  No
investment banker, broker, finder or other intermediary has been retained by or
is authorized to act on behalf of Seller or Fox who might be entitled to any
fee or commission from Buyer upon consummation of the transactions contemplated
by this Agreement.

4.12.        No
Adverse Change.  From the
Agreement Date to the Closing Date, there shall be no adverse change in the
operating results, assets, liabilities, operations, prospects, employee
relations or customer or supplier relations of Fox which has had or could
reasonably be expected to have a Material Adverse Effect.

4.13.        Conduct
Pending Closing. 
From the Agreement Date until the Closing Date, Seller shall: (i) use
commercially reasonable efforts to cause St. Helena to be operated and to carry
on its respective businesses in the ordinary course consistent with its past
practice; and (ii) not permit or cause the distribution of any assets from Fox,
including, but not limited to, cash and other current assets, excepting only those distributions and payments made in the
ordinary course of Fox’s business.

Article 5.

BUYER’S REPRESENTATIONS
AND WARRANTIES

Buyer hereby
represents and warrants to Seller as follows:

 7
 

5.1.          Organization
and Power. Buyer is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware.

5.2.          Authorization
and Validity of Agreements.  The execution, delivery
and performance by Buyer of this Agreement, the Transaction Documents and the
other documents and certificates contemplated therein has been duly authorized
by all necessary corporate action on the part of Buyer.  Buyer has the power and authority to enter
into this Agreement, the Transaction Documents and the other documents and
certificates contemplated to be executed herein and to consummate the
transactions contemplated thereby.  This
Agreement and the Transaction Documents and the other documents and
certificates contemplated herein constitute the legal, valid and binding
obligations of Buyer, enforceable against it in accordance with their
respective terms.

5.3.          Non-Contravention.  The execution and delivery by Buyer of this
Agreement, the Transaction Documents and the other documents and certificates
contemplated therein and the consummation and performance by Buyer of the
transactions contemplated herein will not (i) violate any provision of the
Certificate of Incorporation or By-laws of Buyer, (ii) violate, or be in
conflict with any provision of, or constitute a default under, or result in the
termination of, or accelerate the performance required by, or cause the
acceleration of the maturity of any liability or other obligation to which
Buyer is a party, or (iii) violate any Law.

5.4.          Brokers’
Fees.  No
investment banker, broker, finder or other intermediary has been retained by or
is authorized to act on behalf of Buyer who might be entitled to any fee or
commission from Seller upon consummation of the transactions contemplated by
this Agreement.

5.5.          Non-Registration. The Buyer understands and agrees
that the Membership Interests are not registered under the Securities Act of
1933, as amended (the “Securities Act”), nor the securities laws of any state,
and, accordingly, the Membership Interests may not be offered, sold, pledged,
hypothecated or otherwise transferred or disposed of in the absence of
registration or the availability of an exemption from registration under the
Securities Act and any applicable state securities laws.

5.6.          Devices.  The Buyer acknowledges that all Devices
operated at St. Helena are owned and operated therein by a third-party,
licensed device owner, to-wit; Southern Trading Corporation, a Louisiana
corporation.  All such Devices are
operated pursuant to a Device Placement Agreement between Fox and Southern
Trading Corporation, a copy of which has been provided to the Buyer.

5.7.          Licensure.  The Buyer acknowledges that the activities of
the video draw poker gaming parlors and the alcohol, tobacco and lottery sales,
as applicable, conducted at St. Helena are subject to licensing and regulation
by various federal, state and local Governmental Bodies.  The Buyer further acknowledges that
appropriate notifications to the Louisiana State gaming authorities of the
consummation of the transactions contemplated by this Agreement will be
required promptly following the Closing hereunder.

 8
 

Article 6.

SURVIVAL

The representations and warranties contained in Sections
4.1 through 4.8 and Sections 5.1 through 5.7, inclusive, shall
survive the execution and delivery of this Agreement and consummation of the
transactions provided for in this Agreement without limitation as to time.  The representations and warranties contained
in Sections 4.9 through 4.13 shall survive the Closing hereunder and
shall continue in effect for a period of one (1) year from and after the
Closing Date.

Article 7.

MUTUAL
COVENANTS AND AGREEMENTS

7.1.          Expenses.  Except as otherwise specifically provided in
this Agreement and the Transaction Documents, each party shall bear its own
expenses in connection with and in performance of this Agreement and the
Transaction Documents.  Buyer shall be
solely responsible for all of its costs incurred in its due diligence
activities, including, but not limited to, the costs of any surveys,
environmental site assessment studies, title policies and title commitments and
any and all costs, expenses or fees relating to its financing of the
transaction contemplated in this Agreement.

7.2.          Cooperation.  Each party shall cause every Person that is a
shareholder, director, officer or employee of any party hereto or Fox to use
all commercially reasonable efforts to assist in the satisfaction of such party’s
obligations hereunder and in the consummation of the transactions contemplated
herein.

Article 8.

CONDITIONS
PRECEDENT TO THE OBLIGATION OF BUYER TO CLOSE

The obligation of Buyer
to consummate the transactions contemplated by this Agreement is subject to the
fulfillment, prior to or on the Closing Date, of each of the following
conditions precedent, any one or more of which may be waived by Buyer in
writing:

8.1.          Compliance with Covenants.  Seller shall have performed and complied in
all material respects with all covenants, obligations and agreements required
by this Agreement to be performed or complied with by it at or prior to the
Closing Date.

8.2.          Representation and Warranties.  The representations and warranties of Seller
contained in this Agreement shall be true and correct in all material respects
on the Closing Date as if made on such date, except for any changes permitted
by the terms of this Agreement.

8.3.          Actions of Seller at Closing.  At the Closing and unless otherwise waived by
Buyer, Seller shall have delivered to Buyer those deliveries set forth in Section
2.2.

 9

8.4.          Financing.  Buyer shall have obtained the financing necessary to
consummate the transaction.

8.5.          No
Material Adverse Effect.  From and after the
Agreement Date, there shall not have been any event or change in the Seller or
Fox which has had a Material Adverse Effect.

8.6.          Financial
Statements.  Excepting only normal recurring
changes related to the usual operations of St. Helena, Fox shall not suffered
or incurred a material change in its Financial Statements between December 31,
2006 and the Closing Date.

Article 9.

CONDITIONS PRECEDENT TO THE OBLIGATION OF SELLER TO CLOSE

The obligation of Seller to consummate the
transactions contemplated by this Agreement is subject to the fulfillment,
prior to or on the Closing Date, of each of the following conditions precedent,
any one or more of which may be waived by Seller in writing:

9.1.          Compliance with Covenants.  Buyer shall have performed and complied in
all material respects with all covenants, obligations and agreements required
by this Agreement to be performed or complied with by it at or prior to the
Closing Date.

9.2.          Representation and Warranties.  The representations and warranties of Buyer
contained in this Agreement shall be true and correct in all material respects
on the Closing Date as if made on such date, except for any changes expressly
permitted by the terms of this Agreement.

9.3.          Actions of Buyer at Closing.  At the Closing and unless otherwise waived by
Seller, Buyer shall have delivered to Seller those deliveries set forth in Section
2.3.

Article 10.

TERMINATION OF
AGREEMENT

10.1.        Termination of Agreement.  This Agreement may be terminated at any time
prior to the Closing Date only as follows:

10.1.1.               By Mutual Agreement.  If Seller and Buyer both agree to terminate
the Agreement.

10.1.2.               By Buyer.  Buyer may terminate this Agreement at anytime
prior to the Closing for any reason or no reason in the sole discretion of the
Buyer.

10.1.3.               By Seller.  Seller may terminate this Agreement by giving
written notice to Buyer if Buyer has materially
breached any of its covenants contained in this Agreement or if there is any
inaccuracy in any of the representations or warranties made by Buyer, if Seller
has previously notified Buyer in writing of such breach 

 10
 

or inaccuracy and the breach or inaccuracy has continued without cure
for a period of five (5) days after such notice.

10.2.        Effect of Termination.  In the event of a termination (prior to the
consummation of the Closing) by either party, this Agreement shall thereafter
be null and void and of no further force or effect and each party shall be
solely responsible for any and all costs or expenses it has incurred hereunder.

Article 11.

INDEMNIFICATION

11.1.        Seller’s Agreement to Indemnify.

11.1.1.               Buyer Claims.  Subject to the terms and conditions of this Article
11, Seller shall indemnify, defend and hold harmless Buyer or any of its
officers, directors, shareholders, employees or agents from and against any and
all Claims, causes of actions, losses, damages, deficiencies, Taxes, liabilities,
obligations, reimbursements, costs and expenses of any kind or nature,
penalties, fines, expenses (including reasonable attorneys’ and experts’ fees
and expenses) and all amounts paid in investigation, defense or settlement of
any of the foregoing (collectively, “Losses”) suffered or incurred by any of
them arising from, relating to or otherwise in respect of (a) any inaccuracy in
any representations or warranties contained in Article 4 of this
Agreement, (b) any breach or non-fulfillment by Seller of any of its covenants
contained in this Agreement, the Transaction Documents or any agreement
delivered pursuant to this Agreement, or (c) any Losses arising from or related
to the Seller’s operation of St. Helena prior to the Closing Date
(collectively, “Buyer Claims”).

11.1.2.               Cap.  No Buyer Claims shall be asserted pursuant to
Section 11.1.1 until the aggregate Losses suffered or incurred by Buyer
are equal to or greater than $100,000 (the “Threshold Amount”), in which event
the Buyer Claims may be asserted only to the extent of the Losses in excess of
such amount, excluding individual Losses that are less than the Threshold
Amount.  With respect to Buyer Claims
asserted pursuant to Section 11.1.1, no indemnification shall be made in
excess of the Purchase Price (the “Cap”).

11.2.        Buyer’s Agreement to Indemnify.

11.2.1.               Seller’s Claims.  Subject to the terms and conditions of this Article
11, Buyer agrees to indemnify, defend and hold harmless Seller and any of
its officers, directors, shareholders, employees or agents from and against all
Losses suffered or incurred by any of them arising from, relating to or
otherwise in respect of (i) any inaccuracy in any 

 11
 

representations or warranties contained in Article 5 of this
Agreement, (ii) any breach or non-fulfillment by Buyer of any of its covenants
contained in this Agreement, the Transaction Documents or any agreement
delivered pursuant to this Agreement or (iii) any Losses arising from or
related to the Buyer’s operation of St. Helena on or after the Closing Date
(collectively, “Seller Claims”).

11.2.2.               Cap.  No Seller Claims shall be asserted pursuant
to Section 11.2.1 until the aggregate Losses suffered or incurred by
Seller are equal to or greater than the Threshold Amount, in which event the
Seller Claims may be asserted to the full extent of the Losses suffered or
incurred by Seller, excluding individual Losses that are less than the
Threshold Amount.  Additionally, with
respect to Seller Claims asserted pursuant to Section 11.2.1, no
indemnification shall be made in excess of the Cap.

11.3.        Procedures for Resolution and Payment of
Third-Party Claims for Indemnification.

11.3.1.               Notice and Control.  Except as otherwise provided herein, in the
event any third party asserts a Claim with respect to any matter as to which
the indemnities in this Agreement relate, the party or parties against whom the
Claim is asserted (whether singular or plural, the “Indemnitee”) shall give
prompt written notice to the other party or parties (whether singular or
plural, the “Indemnitor”) in reasonable detail so that the Indemnitor is or
will be able to reasonably understand the basis of the Claim; provided that the
failure of the Indemnitee to provide such notice shall not relieve the
Indemnitor of its obligations hereunder except to the extent the Indemnitor is
materially prejudiced thereby. Thereafter, the Indemnitor shall have the right
at its election to take over the defense or settlement of the third party Claim
at its own expense by giving prompt notice to the Indemnitee.  If the Indemnitor does not give such notice
and does not proceed diligently so to defend the third party Claim within 30
days after receipt of the notice of the third party Claim, the Indemnitor shall
be bound by any defense or settlement that the Indemnitee may make as to those
Claims and shall reimburse the Indemnitee for its Losses related to the defense
or settlement of the third party Claim. 
Subject to Indemnitor retaining control of the Claim or settlement thereof,
the Indemnitee shall, at its option and expense, have the right to participate
in the defense of any such Claims defended by the Indemnitor (except that
Indemnitor shall not be responsible for the fees and expenses of counsel to
Indemnitee unless agreed to in writing). The parties shall cooperate in
defending against any asserted third party Claims.

 12
 

11.3.2.               Claim Resolution.  Anything in this Section 11.3 to the
contrary notwithstanding, (a) if there is a reasonable probability that a third
party Claim may materially and adversely affect the Indemnitee other than as a
result of money damages or other money payments, the Indemnitee shall have the
right, at its own cost and expense, to defend, compromise or settle such Claim;
provided, however, that if such
Claim is settled without the Indemnitor’s consent (which consent shall not be
unreasonably withheld or delayed), the Indemnitee shall be deemed to have
waived all rights hereunder against the Indemnitor for money damages arising
out of such Claim, and (b) the Indemnitor shall not, without the written
consent of the Indemnitee, settle or compromise any Claim or consent to the
entry of any judgment (i) which does not include as an unconditional term
thereof the giving by the claimant or the plaintiff to the Indemnitee a release
from all liability in respect to such Claim or (ii) if such settlement,
compromise or consent involves the imposition of equitable remedies or the
imposition of any obligations on such Indemnitee other than financial
obligations for which such Indemnitee will be fully indemnified hereunder.

11.4.        Remedies Exclusive; No Other Remedies.  The remedies contained in this Article 11
shall be the parties’ sole and exclusive remedies for any post-Closing Claims
made in connection with this Agreement. 
Each party hereto hereby waives and releases, and covenants not to seek
or assert, any other Claims or remedies in the event that the Closing occurs.

11.5.        Limitation of Damages.  In no event shall any party to this Agreement
be liable to any other party for consequential, punitive or other similar
damages.

Article 12.

MISCELLANEOUS

12.1.        Reformation and Severability.  If any provision of this Agreement is held to
be illegal, invalid or unenforceable under present or future Laws effective
during the term hereof, in lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as part of this Agreement a
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable consistent with
the intentions of the parties hereto, and the legality, validity and
enforceability of the remaining provisions hereof shall not in any way be
affected or impaired thereby.  Likewise,
each representation, warranty and covenant contained herein shall have
independent significance and, if any party hereto has breached any
representation, warranty or covenant contained herein in any respect, the fact
that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which
such party has not breached shall not detract from or mitigate the fact that
the party is in breach of the first representation, warranty or covenant.

 13
 

12.2.        Further Assurances.  All parties agree and obligate themselves,
and their respective officers, directors, shareholders, members, managers,
employees and agents, to promptly execute any additional documents and
instruments and take any other actions necessary and proper for the complete
and expeditious implementation and satisfaction of the provisions and intent of
this Agreement.  In addition, the Seller
agrees that during and subsequent to the sale transaction, it shall have a
continuing duty to supply such reasonable information and documentation and to
perform such acts as may be required by any federal, state or local authority
or the Liquor and Gaming Laws of the State of Louisiana, including, but not
limited to, making its books and records available to the Buyer or its designee
on an as-needed, reasonable basis after the Closing; provided, however, in no event whatsoever shall the Seller
be required to pay or be responsible for the payment of any monies in
connection therewith.

12.3.        Liquor and Gaming Laws of
the State of Louisiana. 
Each of the parties agree that this Agreement is and shall be subject to
the Liquor and Gaming Laws of the State of Louisiana and to the oversight of
the Louisiana State Police and the Gaming Control Board of the State of
Louisiana.

12.4.        Notices.  Any notice or other communication required or
permitted hereunder shall be in writing and shall be deemed to be properly
given when personally delivered (by hand or by courier), when sent by certified
or registered mail, postage prepaid and return receipt requested, when sent by
facsimile transmission, or when delivered by overnight or similar delivery
services, fees prepaid, to the party entitled to receive such notice at the
address (or facsimile number) set forth below or at such other address (or
facsimile number) as such party shall provide in a written notice to the others
in accordance with the terms of this Section 12.4.  Except as otherwise specifically provided in
this Agreement, notice shall be deemed to be received by the party to whom such
notice was sent, in the case of notice given by personal delivery, on the date
of delivery, in the case of notice given by certified mail (or by such
comparable method), three (3) business days after mailing, in the case of
notice by overnight delivery service, on the date of delivery to such overnight
delivery service, and, in the case of notice by facsimile transmission, on the
date of actual transmission.

If to Seller, to                                                                       Gameco Holdings, Inc.

1231 Main Avenue

Cleveland, Ohio 44113

Facsimile:  (216) 861-6315

Attention:  Michael A. Brachna

With a copy to:                                                           Stanley R. Gorom III, Esq.

Hahn Loeser & Parks, LLP

200 Public Square - Suite 3300

Cleveland, Ohio  44114

Facsimile: (216) 274-2460

 14
 

If to Buyer, to:                                                                   Jacobs Entertainment, Inc.

240 Main Street

Black Hawk, Colorado 80422

Facsimile:  (303) 582-0239

Attention:  Stephen R. Roark

With a copy to:                                                           Samuel E. Wing, Esq.

Jones & Keller

1625 Broadway, Suite 1600

Denver, Colorado 80202

Facsimile: (303) 573-0769

And to:                                                                                                       Robert A. Weible, Esq.

Baker & Hostetler, LLP

3200 National City Center

1900 East Ninth Street

Cleveland, Ohio 44114

Facsimile: (216) 696-0740

12.5.        Headings and Interpretations.  The headings of Articles and Sections
contained in this Agreement are for convenience only and shall not be deemed to
control or affect the meaning or construction of any provision of this
Agreement.

12.6.        Waiver.  The failure of any party to insist, in any
one or more instances, upon performance of any of the terms, covenants or
conditions of this Agreement shall not be construed as a waiver or a relinquishment
of any right or Claim granted or arising hereunder or of the future performance
of any such term, covenant or condition, and such failure shall in no way
effect the validity of this Agreement or the rights and obligations of the
parties hereto. Additionally, no waiver of any breach of this Agreement shall
be a waiver of any subsequent breach.  No
waiver shall be effective unless made in writing and signed by the party
granting such waiver.

12.7.        Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
which when taken together shall constitute one and the same instrument.

12.8.        Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Louisiana, without regard
to principles of conflict of laws, and the parties expressly agree that venue,
for all purposes hereunder, shall rest exclusively with the state and federal
courts of the State of Louisiana.

12.9.        Assignability and Binding Effect.  This Agreement shall inure to the benefit of,
and be binding upon, the parties hereto and their respective successors and
permitted assigns. This Agreement together with the Transaction Documents and
the rights and obligations hereunder may not be assigned by either party
without the express written consent of the other.

12.10.      Amendments.  This Agreement may not be modified, amended
or supplemented except by an agreement in writing signed by each of the parties
hereto.

 15
 

12.11.      Third Parties.  Nothing herein expressed or implied is
intended or shall be construed to confer upon or give to any Person other than
the parties hereto and their successors or permitted assigns, any rights or
remedies under or by reason of this Agreement.

12.12.      Entire Agreement.  This Agreement and the Transaction Documents
together with the schedules and exhibits hereto and thereto, shall constitute
the entire agreement between the parties hereto with respect to the
transactions contemplated hereby and shall supersede all prior negotiations,
letters of intent, understandings and agreements. A disclosure of any
information in a schedule attached hereto, or delivery pursuant to the terms
hereof, shall be considered a disclosure of such information in any other
schedules in which the same information may otherwise be required to be
included in accordance with the terms of this Agreement.

12.13.      Other Interpretive Matters.  In this Agreement, unless a clear contrary
intention appears:  (a) the singular
number includes the plural number and vice versa; (b) reference to any Person
includes such Person’s successors and assigns but only if such successors and
assigns are permitted by this Agreement and reference to a Person in a
particular capacity excludes such Person in any other capacity; (c) reference
to any gender includes each other gender; (d) reference to any agreement
(including this Agreement and the schedules hereto), document or instrument
means such agreement, document or instrument as amended or modified and in
effect from time to time in accordance with the terms thereof and, if
applicable, the terms hereof (and without giving effect to any amendment or
modification that would not be permitted in accordance with the terms hereof);
(e) reference to any applicable law means such applicable law as amended,
modified, codified or reenacted, in whole or in part, and in effect from time
to time, including rules and regulations promulgated thereunder and reference
to any particular provision of any applicable law shall be interpreted to
include any revision of or successor to that provision regardless of how
numbered or classified; (f) reference to any Article or Section means such
Article or Section hereof; (g) “hereunder,” “hereof,” “hereto” and words of similar
import shall be deemed references to this Agreement as a whole and not to any
particular Section or other provision hereof; and (h) “including” (and with
correlative meaning “include”) means including without limiting the generality
of any description preceding such term.

12.14.      Certain Assistance in Income Tax
Preparation and Audits and Other Matters.

12.14.1.         Tax Preparation.

12.14.1.1.                                                Buyer
and Seller shall furnish, at no cost to the other, such data as the other party
may reasonably require to prepare Tax Returns. 
If additional data is required by Seller or Buyer for preparation of Tax
Returns or tax examinations, such additional information (including
reproduction of Tax Returns, tax assessments, and records) shall be furnished,
at no cost and within a reasonable time after requested in writing.

 16
 

12.14.1.2.                                                Buyer
and Seller shall retain, until the applicable statutes of limitations
(including any extensions) have expired, copies of all Tax Returns, supporting
work schedules, and other records or information which may be relevant to such
Tax Returns for all tax periods or portions thereof ending prior to the Closing
Date.  Copies of all such Tax Returns
shall be promptly provided to any party upon request of the same.

12.14.2.                                                         Tax
Audits; Other Reviews.  Buyer and
Seller shall provide reasonable assistance to each other with any tax audits or
other administrative or judicial proceedings involving Fox at no cost to the
other. Neither party shall, without the prior written consent of the other,
unless required by law, initiate any contact or voluntarily enter into any
agreement with, or volunteer any information to, the taxing authorities with
regard to Tax Returns or declarations of the other party.

12.15.      Additional Definitions.  The following definitions shall apply:

12.15.1.1.                                          Claim
means any actual, threatened or potential claim (whether oral or written),
demand, litigation, action, suit, investigation, proceeding, hearing,
complaint, assessment or judgment, administrative or judicial, at law or in
equity.

12.15.2.                                                         Devices
shall mean “Video Draw Poker Devices” as defined in the Video Draw Poker
Devices Control Law, Louisiana Revised Statutes.

12.15.3.                                                         Governmental
Body means any federal, state, county, parish, local or foreign
governmental authority, quasi-governmental authority or any regulatory,
administrative or other agency, department, commission, tribunal, board,
bureau, instrumentality, any political or other subdivision, or any body
thereof, or any federal, state, county, local or foreign court or arbitrator.

12.15.4.                                                         Lien
means any mortgage, pledge, security interest, encumbrance, covenant,
condition, restriction, easement, claim, lien or charge of any kind (including,
without limitation, any conditional sale or other title retention agreement or
lease in the nature thereof), any sale of receivables with recourse, or any
filing or agreement to file a financing statement as debtor under the Uniform
Commercial Code or any similar statute.

12.15.5.                                                         Liquor
and Gaming Laws of the State of Louisiana shall mean the laws promulgated
in the Louisiana Revised Statutes Title 27:301 et 

 17
 

seq., and Title 26:1 et seq. and the Louisiana Administrative Code
provisions interpreting the same.

12.15.6.                                                         Material
Adverse Effect means any matter or matters which would, alone or in the
aggregate, have a material adverse effect on 
(i) the financial condition, operating results, assets, liabilities,
operations, condition (financial or otherwise), business or prospects of Fox or
the Seller, (ii) any material violation by the Seller or Fox of the Liquor and
Gaming Laws of the State of Louisiana, (iii) the revocation or suspension, for
any period of time, of any liquor or gaming license issued by the State of
Louisiana to Fox.

12.15.7.                                                         Person
means an individual, corporation, Governmental Body, association, partnership,
limited liability company, limited liability partnership, trust, or any other
entity or organization.

12.15.8.                                                         Tax
means the domestic federal, state, and local income, payroll, withholding,
excise, social security, sales, use, ad valorum, real and personal property,
occupancy, business, capital stock, franchise, transfer, employment and
unemployment, and any other tax, fee, duty, assessment or governmental charge
of any kind whatsoever (including, without limitation, all interest, penalties
and estimated taxes).

12.15.9.                                                         Tax
Return means returns, reports, claims for refund, information returns or
other documents (including, without limitation, any related or supporting
schedules, statements or information) filed or required to be filed.

12.16.      Incorporation.   Any and all Schedules or other documents
referred to herein or attached hereto are incorporated herein as if fully
rewritten in this Agreement.

(The Remainder of this Page Intentionally
Blank)

(Signatures to Follow)

 18
 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the Agreement Date.

	
  

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
   

  	
  JACOBS ENTERTAINMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen R. Roark

  
	
   

  	
   

  	
  Stephen R. Roark, President

  
	
   

  	
   

  	
   

  
	
   

  	
  SELLER:

  
	
   

  	
   

  	
   

  
	
   

  	
  GAMECO HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stan W. Guidroz

  
	
   

  	
   

  	
  Stan W. Guidroz, Executive Vice President

  

 

 19

LIST
OF SCHEDULES

Schedule 4.4          Capitalization

Schedule 4.5          Liens, Claims and Title Exceptions

Schedule 4.6          Tax Matters

Schedule 4.7          Environmental Matters

Schedule 4.9          Consents

Schedule 4.10        Litigation

Schedule 4.4

Capitalization

None.

Schedule 4.5

[Liens, Claims and Title Exceptions]

None.

Schedule 4.6

Tax Matters

None.

Schedule 4.7

Environmental Matters

Terracon Consultants, Inc. performed a limited site investigation on the
property owned by Fox, the results of which investigation were submitted to the
Louisiana Department of Environmental Quality (the “LDEQ”) in February
2006.  The LDEQ requested limited
groundwater sampling, and a monitoring well was installed to collect a
representative groundwater sample for methyl ter-butyl ether (commonly known as
MTBE) in June 2006.  The resulting
sample(s) demonstrated the existence of MTBE at levels below applicable RECAP
screening standards.  The LDEQ issued a “No
Further Action” letter dated June 30, 2006 to Fox with regard to the
investigation.

Schedule 4.9

Consents

The transfer contemplated by this Agreement
will require notification by the Buyer to the Louisiana State Police within ten
(10) days of its completion.

Schedule 4.10

Litigation

None.Exhibit 4.1

AGREEMENT

UP TO €2,300,000,000

CREDIT FACILITIES

FOR

TELENET BIDCO NV

ARRANGED BY

ABN
AMRO BANK N.V.

BNP
PARIBAS S.A.

J.P. MORGAN PLC

WITH

BNP
PARIBAS

as
Facility Agent

AND

KBC BANK NV

as
Security Agent

Originally dated 1 August 2007 and
as amended and restated by a supplemental agreement dated 22 August 2007

Allen & Overy LLP

CONTENTS

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Interpretation

  	
   

  	
  1

  
	
  2.

  	
   

  	
  Facilities

  	
   

  	
  34

  
	
  3.

  	
   

  	
  Purpose

  	
   

  	
  36

  
	
  4.

  	
   

  	
  Conditions Precedent

  	
   

  	
  37

  
	
  5.

  	
   

  	
  Utilisation

  	
   

  	
  38

  
	
  6.

  	
   

  	
  Repayment

  	
   

  	
  39

  
	
  7.

  	
   

  	
  Prepayment and Cancellation

  	
   

  	
  40

  
	
  8.

  	
   

  	
  Interest

  	
   

  	
  46

  
	
  9.

  	
   

  	
  Terms

  	
   

  	
  47

  
	
  10.

  	
   

  	
  Market Disruption

  	
   

  	
  48

  
	
  11.

  	
   

  	
  Taxes

  	
   

  	
  49

  
	
  12.

  	
   

  	
  Increased Costs

  	
   

  	
  52

  
	
  13.

  	
   

  	
  Mitigation

  	
   

  	
  52

  
	
  14.

  	
   

  	
  Payments

  	
   

  	
  53

  
	
  15.

  	
   

  	
  Guarantee and Indemnity

  	
   

  	
  55

  
	
  16.

  	
   

  	
  Representations and Warranties

  	
   

  	
  58

  
	
  17.

  	
   

  	
  Information Covenants

  	
   

  	
  64

  
	
  18.

  	
   

  	
  Financial Covenant

  	
   

  	
  68

  
	
  19.

  	
   

  	
  General Covenants

  	
   

  	
  70

  
	
  20.

  	
   

  	
  Default

  	
   

  	
  78

  
	
  21.

  	
   

  	
  The Administrative Parties

  	
   

  	
  83

  
	
  22.

  	
   

  	
  Evidence and Calculations

  	
   

  	
  89

  
	
  23.

  	
   

  	
  Fees

  	
   

  	
  89

  
	
  24.

  	
   

  	
  Indemnities and Break Costs

  	
   

  	
  90

  
	
  25.

  	
   

  	
  Expenses

  	
   

  	
  92

  
	
  26.

  	
   

  	
  Amendments and Waivers

  	
   

  	
  92

  
	
  27.

  	
   

  	
  Changes to the Parties

  	
   

  	
  95

  
	
  28.

  	
   

  	
  Disclosure of Information

  	
   

  	
  99

  
	
  29.

  	
   

  	
  Set-off

  	
   

  	
  100

  
	
  30.

  	
   

  	
  Pro Rata Sharing

  	
   

  	
  101

  
	
  31.

  	
   

  	
  Severability

  	
   

  	
  102

  
	
  32.

  	
   

  	
  Counterparts

  	
   

  	
  102

  
	
  33.

  	
   

  	
  Notices

  	
   

  	
  102

  
	
  34.

  	
   

  	
  Language

  	
   

  	
  104

  
	
  35.

  	
   

  	
  Governing Law

  	
   

  	
  104

  
	
  36.

  	
   

  	
  Enforcement

  	
   

  	
  104

  
	
  37.

  	
   

  	
  Waiver of Trial by Jury

  	
   

  	
  105

  

 

 2
 

 

	
  Schedule

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Original Parties

  	
   

  	
  106

  
	
   

  	
   

  	
  Part 1

  	
  Guarantors

  	
   

  	
  106

  
	
   

  	
   

  	
  Part 2

  	
  Commitments

  	
   

  	
  106

  
	
  2.

  	
   

  	
  Conditions Precedent Documents

  	
   

  	
  107

  
	
   

  	
   

  	
  Part 1

  	
  To be delivered before the First Request

  	
   

  	
  107

  
	
   

  	
   

  	
  Part 2

  	
  For an Additional Obligor

  	
   

  	
  109

  
	
  3.

  	
   

  	
  Form of Request

  	
   

  	
  111

  
	
  4.

  	
   

  	
  Calculation of the Mandatory Cost

  	
   

  	
  112

  
	
  5.

  	
   

  	
  Form of Transfer Certificate

  	
   

  	
  115

  
	
  6.

  	
   

  	
  Existing Security

  	
   

  	
  117

  
	
  7.

  	
   

  	
  Form of Compliance Certificate

  	
   

  	
  121

  
	
  8.

  	
   

  	
  Form of Accession Agreement

  	
   

  	
  122

  
	
  9.

  	
   

  	
  Form of Telenet Additional Facility Accession
  Agreement

  	
   

  	
  123

  
	
  10.

  	
   

  	
  Form of Resignation Request

  	
   

  	
  125

  
	
  11.

  	
   

  	
  Form of Additional Facility Notice

  	
   

  	
  126

  
	
  12.

  	
   

  	
  Additional Facility Accession Agreement

  	
   

  	
  127

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
   

  	
  132

  

 

 3

THIS
AGREEMENT is dated 1 August 2007

BETWEEN:

(1)                                  TELENET BIDCO NV (HR
Mechelen 89835, Enterprise No. 0473.416.418) as original borrower (in this
capacity, the Original Borrower);

(2)                                  THE PARTIES
listed in Part 1 of Schedule 1 (Original Parties) as original guarantors (in
this capacity, each an Original Guarantor and together the Original Guarantors);

(3)                                  ABN
AMRO BANK N.V., BNP PARIBAS S.A.,
and J.P. MORGAN PLC as mandated lead arrangers (in this capacity each a Mandated Lead Arranger and together the Mandated Lead Arrangers);

(4)                                  THE FINANCIAL INSTITUTIONS listed in Part 2 of Schedule 1 (Original Parties) as initial original
lenders (the Initial Original Lenders);

(5)                                  BNP
PARIBAS  as
facility agent (in this capacity the Facility
Agent); and

(6)                                  KBC
BANK NV  as
security agent (in this capacity, the Security
Agent).

IT IS AGREED as
follows:

1.                                      INTERPRETATION

1.1                               Definitions

In
this Agreement:

Accession Agreement means
a letter, substantially in the form of Schedule 8 (Form of Accession
Agreement), with such amendments as the Facility Agent may approve or
reasonably require.

Accounting Principles
means accounting principles and practices generally applied in Belgium,
including IFRS, as the same are from time to time in force or applied.

Acquisition
means the acquisition by the Company of 100 per
cent. of the issued share capital of MixtICS NV on 9 August 2002.

Acquisition
Business Plan means, in respect of a
Majority Acquisition or JV Minority Acquisition, a business plan for the Target
to be acquired which has been reviewed by PricewaterhouseCoopers (or such other
leading firm of independent and internationally recognised consultants or
accountants appointed by the Company) and which sets out the management plan
for the period from the date of the proposed Majority Acquisition or JV
Minority Acquisition  (as applicable)
(taking into account the Acquisition Cost of such Majority Acquisition or JV
Minority Acquisition and financial projections relating to the Target) up to
and including the latest Final Maturity Date and based on assumptions which are
no more aggressive (when taken as a whole) than those used in preparation of
the Business Plan dated on or about the date of this Agreement.

Acquisition
Cost means, in relation to a Majority Acquisition
and a JV Minority Acquisition, the value of the consideration for that Majority
Acquisition or JV Minority Acquisition (as 

 1
 

applicable)
at the time of completion of the Majority Acquisition or JV Minority
Acquisition and for this purpose:

(a)                                  the value at the time of completion of the Majority Acquisition or JV
Minority Acquisition of any consideration to be paid or delivered after the
time of completion of the Majority Acquisition or JV Minority Acquisition will
be determined in accordance with the Accounting Principles;

(b)                                 if the entity acquired becomes a member of the Group as a result of the
Majority Acquisition, the aggregate principal amount of Financial Indebtedness
of any entity acquired outstanding at the time of completion of the Majority
Acquisition (including without limitation any Lending Transaction (as defined
in Clause 19.15(f) (Loans and guarantees) made by a member of the Group in
connection with the relevant Majority Acquisition) will be counted as part of
the consideration for that Majority Acquisition;

(c)                                  if the entity acquired does not become a member of the Group as a result
of the JV Minority Acquisition, the aggregate principal amount of Financial
Indebtedness of the entity acquired at the time of completion of the JV
Minority Acquisition will be counted as part of the consideration for that JV
Minority Acquisition to the extent of the aggregate principal amount of the
payment and repayment obligations in respect of such Financial Indebtedness
assumed or guaranteed by any member of the Group; and

(d)                                 subject to paragraphs (a), (b) and (c) above, the value at the time of
completion of the Majority Acquisition or JV Minority Acquisition of any
non-cash consideration will be determined in accordance with the Accounting
Principles,

expressed
in euros, if required, using the Agent’s Spot Rate of Exchange on the date of
completion of the relevant Majority Acquisition or JV Minority Acquisition.

Additional Borrower
means a member of the Group which becomes a Borrower after the date of this
Agreement pursuant to Clause 27.7 (Additional Borrowers).

Additional Facility Advance has
the meaning given to it in the UPC Facility Agreement.

Additional Facility Accession Agreement means an agreement in the form of Schedule 12 (Additional Facility
Accession Agreement), with such amendments as the UPC Facility Agent may
approve or reasonably require.

Additional Facility Lender has
the meaning given to it in the UPC Facility Agreement.

Additional
Guarantor means a member of the Group
which becomes a Guarantor after the date of this Agreement pursuant to Clause
27.8 (Additional Guarantors).

Additional
Obligor means an Additional Borrower
or an Additional Guarantor.

Administrative Party
means a Mandated Lead Arranger or an Agent and, where the context so admits or
requires, includes each of them.

Affiliate
means a Subsidiary or a Holding Company of a person or any other Subsidiary of
that Holding Company.

Agent means the Facility
Agent or the Security Agent.

 2
 

Agent’s
Spot Rate of Exchange means the spot rate
of exchange as determined by the Facility Agent for the purchase of euros in
the London foreign exchange market with the relevant currency in which any part
of the Acquisition Cost for a Majority Acquisition or JV Minority Acquisition
is incurred at or about 11.00 a.m. on a particular day.

Annuity Fees
means the amounts payable by Vlaanderen to Interkabel Vlaanderen CVBA pursuant
to Sections 5, 6 and 7 of the contribution deed dated 23 September 1996
pursuant to which Interkabel Vlaanderen CVBA effected a contribution in kind of
usage rights to a cable network to Vlaanderen, as amended on 28 May 1998.

Anti-Terrorism
Law means each of:

(a)                                  Executive Order No. 13224 of 23 September 2001 - Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (the Executive Order);

(b)                                 the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56
(commonly known as the USA Patriot Act);

(c)                                  the Money Laundering Control Act of 1986, Public Law 99-570; and

(d)                                 any similar law enacted in the United States of America subsequent to
the date of this Agreement.

Approved Stock Options
means any options, warrants, rights to purchase or other equivalents (however
designated) issued or granted by a member of the Group to any former, present
or future officers, consultants, directors and/or employees of any member of
the Group or its Affiliates to subscribe for share capital or similar rights of
ownership in that member of the Group provided that the maximum aggregate
amount of such options, warrants, rights to purchase or other equivalents
(however designated) shall not exceed 3 per cent. of its issued share capital.

Auditors
means PricewaterhouseCoopers or such other firm of independent public
accountants of international standing which may be appointed by the Company in
accordance with this Agreement as its auditors.

Availability Period
means:

(a)                                  in the case of the Term Loan A Facility and the Term Loan B Facility,
with respect to the first €1,300,000,000 available to be drawn under the Term
Loan A Facility and/or the Term Loan B Facility, the period from and including
the date of this Agreement to and including 31 October 2007;

(b)                                 in the case of any amount of the Term Loan B Facility in excess of the
first €1,300,000,000 drawn under the Term Loan A Facility and/or the Term Loan
B Facility, the period from and including the date of this Agreement to and
including the date falling 6 months after the date of this Agreement;

(c)                                  in the case of the Term Loan C Facility, the period from and including
the date of this Agreement to and including the date falling 6 months after the
date of this Agreement;

 3
 

(d)                                 in the case of the Revolving Facility, the period from and including the
date of this Agreement to and including the date falling one month before the
Revolving Facility Final Maturity Date; and

(e)                                  in the case of a Telenet Additional Facility, the period agreed between
the Company and the relevant Telenet Additional Facility Lenders in the applicable
Telenet Additional Facility Accession Agreement.

Basel
II Costs  means any amount referred to in paragraph (c) of Clause 12.2
(Exceptions).

Belgacom
Interconnect Agreement means the
interconnection agreement with Belgacom N.V. dated 19 December 1997.

Beneficiaries has the meaning given to it in the Intercreditor Agreement.

Borrower
means the Original Borrower or an Additional Borrower.

Break Costs
means the amount (if any) which a Lender is entitled to receive under
Clause 24.3 (Break Costs).

Business means any business of the Group:

(a)                                  that consists of the upgrade, construction, creation, development,
marketing, acquisition (to the extent permitted under this Agreement),
operation, utilisation and maintenance of networks that use existing or future
technology for the transmission, reception and delivery of voice, video and/or
other data (including networks that transmit, receive and/or deliver services
such as multi-channel television and radio, programming, telephony, Internet
services and content, high speed data transmission, video, multi-media and
related activities) ; or

(b)                                 that supports, is incidental to or is related to any such business; or

(c)                                  that comprises being a Holding Company of one or more persons engaged in
such business,

and
references to business or ordinary
course of business shall be similarly construed.

Business Day
means a day (other than a Saturday or a Sunday) on which banks are open for
general business in London, Paris and Brussels and which is also a TARGET Day.

Business
Plan means:

(a)                                  the business plan of the Group delivered to the Facility Agent by the
Company dated on or about the date of this Agreement; or

(b)                                 any revised business plan of the Group delivered to the Facility Agent
by the Company after the date of this Agreement.

Capital
Expenditure means any expenditure which
is or will be treated as a capital expenditure in the audited consolidated
financial statements of the Group in accordance with the Accounting Principles.

change
of control has the meaning given to it in
Clause 7.2 (Mandatory prepayment – change of control).

 4
 

Clientele Fees
means the fees payable by a member of the Group to Interkabel Vlaanderen CVBA
pursuant to a clientele fee agreement dated 23 September 1996 as amended on 28
May 1998.

Closing
Date  means the date of first utilisation under the Facilities.

Code means the United States Internal Revenue Code of 1986, as amended and any
rule or regulation issued thereunder from time to time in effect.

Commitment
means a Term Loan B Facility Commitment, a Term Loan A Facility Commitment, a
Term Loan C Facility Commitment, a Revolving Facility Commitment or a Telenet
Additional Facility Commitment and, where the context so admits or requires,
includes each of them.

Company means Telenet BidCo
NV (a company registered in Belgium with registration number HR Mechelen
89835, Enterprise No. 0473.416.418).

Compliance Certificate
means a certificate substantially in the form of Schedule 7 (Form of Compliance
Certificate) setting out, among other things, calculations of the financial
covenant.

Consolidated
Annualised EBITDA means, in the case of a
Measurement Period Consolidated EBITDA for the two financial quarters ending on
the last day of that Measurement Period multiplied by two.

Consolidated Cash and Cash Equivalents means, at any time:

(a)                                  cash in hand or on deposit with any acceptable bank which, in either
case, is remittable to the Kingdom of Belgium;

(b)                                 certificates of deposit, maturing within one year after the relevant
date of calculation, issued by an acceptable bank;

(c)                                  any investment in marketable obligations issued or guaranteed by the
government of the United States of America, the U.K. or the Kingdom of Belgium
or by an instrumentality or agency of the government of the United States of
America, the U.K. or the Kingdom of Belgium having an equivalent credit rating;

(d)                                 open market commercial paper:

(i)                                     for which a recognised trading market exists;

(ii)                                  issued in the United States of America, the U.K. or the Kingdom of
Belgium;

(iii)                               which matures within one year after the relevant date of calculation;
and

(iv)                              which has a credit rating of A-1 or higher by S&P and P-1 or higher
by Moody’s, or, if no rating is available in respect of the commercial paper or
indebtedness, the issuer of which has, in respect of its long-term debt
obligations, a rating of AA or higher by S&P and Aa2 or higher by Moody’s;
or

(e)                                  any other instrument, security or investment approved by the Majority
Lenders,

 5
 

in
each case, to which any member of the Group is beneficially entitled at that
time and is capable of being applied against Consolidated Total
Borrowings.  An acceptable bank for this
purpose is a commercial bank or trust company which has a rating of A or higher
by S&P and A-2 or higher by Moody’s or a comparable rating from a
nationally recognised credit rating agency for its long-term debt obligations.

Consolidated EBITDA
means the consolidated net pre-taxation profits of the Reporting Group for a
Measurement Period:

(a)                                  including the net pre-taxation profit or loss of a member of the
Reporting Group or business or assets acquired during that Measurement Period
for the part of that Measurement Period when it was not a member of the
Reporting Group and/or the business or assets were not owned by a member of the
Reporting Group; but

(b)                                 excluding the net pre-taxation profit or loss attributable to any member
of the Reporting Group or to any business or assets sold during that
Measurement Period,

and
all as adjusted by (to the extent included in paragraph (a) or (b) above or):

(i)                                     adding back all interest and periodic finance charges, including
acceptance commission, commitment fee and the interest element of rental
payments on finance or capital lease payments (whether, in each case, paid,
payable or accrued) incurred by the Reporting Group in that period;

(ii)                                  adding back or deducting any loss or gain attributable to minority
interests; and

(iii)                               adding back depreciation, amortisation and any other non-cash charges.

Consolidated Total Borrowings
means, in respect of the Reporting Group, at any time, the aggregate of the
following:

(a)                                  the outstanding principal amount of any moneys borrowed;

(b)                                 the outstanding principal amount of any acceptance under any acceptance
credit;

(c)                                  the outstanding principal amount of any bond, note, debenture, loan
stock or other similar instrument;

(d)                                 the capitalised element of indebtedness under any Finance Lease;

(e)                                  the outstanding principal amount of all moneys owing in connection with
the sale or discounting of receivables (otherwise than on a non-recourse
basis);

(f)                                    the outstanding principal amount of any indebtedness arising from any
deferred payment agreements arranged primarily as a method of raising finance
or financing the acquisition of an asset other than any trade credit on normal
commercial terms deferred for no more than 90 days;

(g)                                 any fixed or minimum premium amount on the scheduled repayment or
scheduled redemption of any instrument referred to in paragraph (c) above;

(h)                                 the outstanding principal amount of any indebtedness arising in
connection with any other transaction (including any forward sale or purchase
agreement) which has the commercial effect of a borrowing;

 6
 

(i)                                     the outstanding principal amount of any indebtedness in respect of any
counter-indemnity obligation of a type referred to in paragraph (i) of
the definition of Financial Indebtedness; and

(j)                                     the outstanding principal amount of any indebtedness of any person other
than a member of the Group of a type referred to in paragraphs (a) – (i) above
which is the subject of a guarantee, indemnity or similar assurances against
financial loss given by a member of the Group,

and
so that where any amount falls within more than one of the preceding
paragraphs, that amount shall be included only once.

Dangerous
Substance means any radioactive
emissions and any natural or artificial substance (whether in solid or liquid
form or in the form of a gas or vapour and whether alone or in combination with
any other substance) which, taking into account the concentrations and
quantities present and the manner in which it is being used or handled, it is
reasonably foreseeable will cause harm to man or any other living organism or
damage to the Environment including any controlled, special, hazardous, toxic,
radioactive or dangerous waste.

Default means:

(a)                                  an Event of Default; or

(b)                                 an event or circumstance which would be (with the expiry of a grace
period or the giving of notice) an Event of Default.

Deferral
means an Equity Funded Deferral, as repaid or prepaid from time to time, and
any refinancing thereof.

Deferral Debt has
the meaning given to that term in paragraph (o) of the definition of Permitted
Financial Indebtedness in this Clause 1.1.

Designated Party means any person listed:

(a)                                  in the Annex to the Executive Order;

(b)                                 on the “Specially Designated Nationals and Blocked Persons” list
maintained by the Office of Foreign Assets Control of the United States
Department of the Treasury; or

(c)                                  in any successor list to either of the foregoing.

Double Tax Treaty
means any convention between the government of the Kingdom of Belgium and any
other government for the avoidance of double taxation and the prevention of
fiscal evasion with respect to taxes on income and capital gains.

Environment
means the media of air, water and land (wherever occurring) and in relation to
the media of air and water includes, without limitation, the air and water
within buildings and the air and water within other natural or man-made
structures above or below ground and any water contained in any underground strata.

Environmental Approval
means any authorisation required by an Environmental Law.

Environmental Claim
means any claim by any person in connection with:

 7
 

(a)                                  a breach, or alleged breach, of an Environmental Law;

(b)                                 any accident, fire, explosion or other event of any type involving an
emission or substance which is capable of causing harm to any living organism
or the environment; or

(c)                                  any other environmental contamination,

which
might result in any liability on any Party.

Environmental Law
means any law or regulation concerning:

(a)                                  the protection of health and safety;

(b)                                 the environment; or

(c)                                  any emission or substance which is capable of causing harm to any living
organism or the environment.

Equity Funded Deferrals
means any cash element of the consideration payable in respect of the
Acquisition, subject to an aggregate maximum principal amount of €198,000,000,
payment of which is deferred.

ERISA
means the United States Employee Retirement
Income Security Act of 1974, as amended.

ERISA
Affiliate means each trade or
business, whether or not incorporated, that would be treated as a single
employer with any member of the Group under section 414 of the United States
Internal Revenue Code of 1986, as amended. 
When any provision of this Agreement relates to a past event, the term ERISA Affiliate includes any person that was an ERISA
Affiliate of a member of the Group at the time of that past event.

EURIBOR means for a Term of
any Loan or overdue amount denominated in euro:

(a)                                  the applicable Screen Rate; or

(b)                                 if no Screen Rate is available for that Term of that Loan or overdue
amount, the arithmetic mean (rounded upward to four decimal places) of the
rates as supplied to the Facility Agent at its request quoted by the Reference
Banks to leading banks in the European interbank market,

as
of 11.00 a.m. (Paris time) on the Rate Fixing Day for the offering of
deposits in euro for a period comparable to that Term.

euro means the single
currency of the Participating Member States.

Event of Default
means an event specified as such in Clause 20 (Default).

Existing Security
means the existing security entered into in connection with the Existing Senior
Facility and the Senior Notes and Senior Discount Notes as set out in Schedule
6 (Existing Security).

Existing Senior Facility
means the €1,000,000,000 credit facilities provided to the Company pursuant to
a credit agreement dated 10 May 2006 between (amongst others) the Company and
KBC Bank NV as security agent.

 8
 

Facility
means the Term Loan B Facility, the Term Loan A Facility, the Term Loan C
Facility, the Revolving Facility and each Telenet Additional Facility and,
where the context so admits or requires, includes each of them.

Facility Office
means the office notified by a Lender to the Facility Agent:

(a)                                  on or before the date it becomes a Lender; or

(b)                                 by not less than five Business Days’ notice,

as
the office(s) through which it will perform its obligations under this
Agreement.

Fee Letter
means any letter entered into by reference to this Agreement between one or
more Administrative Parties and an Obligor setting out the amount of certain
fees referred to in this Agreement.

Final Maturity Date
means:

(a)                                  the Term Loan B Facility Final Maturity Date;

(b)                                 the Term Loan A Facility Final Maturity Date;

(c)                                  the Term Loan C Facility Final Maturity Date; or

(d)                                 the Revolving Facility Final Maturity Date.

Finance Document
means:

(a)                                  this Agreement;

(b)                                 a Security Document;

(c)                                  a Fee Letter;

(d)                                 the Intercreditor Agreement;

(e)                                  each Telenet Additional Facility Accession Agreement;

(f)                                    a Hedging Document;

(g)                                 any subordination agreement relating to Subordinated Shareholder Loans;

(h)                                 the Syndication Letter;

(i)                                     a Transfer Certificate;

(j)                                     an Accession Agreement;

(k)                                  a Resignation Request; or

(l)                                     any other document designated as such by the Facility Agent and the
Company.

Finance Lease
means any contract treated as a finance or capital lease in accordance with
Accounting Principles.

 9
 

Finance Party
means a Lender, a Hedging Bank or an Administrative Party.

Financial Indebtedness
means any indebtedness for or in respect of:

(a)                                  moneys borrowed and debit balances at banks;

(b)                                 any acceptance credit (including any dematerialised equivalent);

(c)                                  any bond, note, debenture, loan stock or other similar instrument;

(d)                                 any Finance Lease provided that indebtedness in respect of network
leases shall only be included in this paragraph (d) for the purposes of Clause
20.5 (Cross-default and cross acceleration);

(e)                                  receivables sold or discounted (other than any receivables to the extent
they are sold or discounted on a non-recourse basis);

(f)                                    the acquisition cost of any asset to the extent payable after its
acquisition or possession by the party liable where the deferred payment is
arranged primarily as a method of raising finance or financing the acquisition
of that assets;

(g)                                 (for the purposes of Clause 20.5 (Cross-default and cross acceleration)
only) any derivative transaction protecting against or benefiting from
fluctuations in any rate or price (and, at any time, the then marked to market
value of the derivative transaction will be used to calculate its amount);

(h)                                 any other transaction (including any forward sale or purchase agreement)
which has the commercial effect of a borrowing;

(i)                                     any counter-indemnity obligation in respect of any guarantee, indemnity,
bond, letter of credit or any other instrument issued by a bank or financial
institution; or

(j)                                     any guarantee, indemnity or similar assurance against financial loss of
any person in respect of any item referred to in the above paragraphs,

provided
that indebtedness which has been cash-collateralised shall not be included in
any calculation of Financial Indebtedness to the extent so cash-collateralised
and indebtedness which is in the nature of equity (other than redeemable
shares) shall not be regarded as Financial Indebtedness.

Funds
Flow Statement means a funds flow statement
in agreed form continuing details of the flow of funds on the Closing Date.

Group means the Company
and its Subsidiaries other than a Non-Recourse Subsidiary.

Guarantor means an Original Guarantor or an Additional Guarantor.

Hedging Bank has
the meaning given to it in the Intercreditor Agreement.

Hedging Documents
means:

(a)                                  any hedging arrangements entered or to be entered into by any member of
the Group in accordance with or as permitted by this Agreement, including,
without limitation, the Hedging Letter; and

 10
 

(b)                                 any other hedging arrangements designated a Hedging Document by the
Facility Agent and the Company.

Hedging
Letter has the meaning given to that term in Part 1 of
Schedule 2 (Conditions Precedent Documents).

Holdco means Telenet
Communications NV (a company registered in Belgium with registration number HR
Mechelen 090032, Enterprise No. 0473.416.814).

Holding Company of
any other person, means a company in respect of which that other person is a
Subsidiary.

IFRS
means international accounting standards within
the meaning of IAS Regulation 1606/2002 to the extent applicable to the
relevant financial statements.

Increased Cost
means:

(a)                                  an additional or increased cost;

(b)                                 a reduction in the rate of return from a Facility or on a Finance Party’s
(or its Affiliate’s) overall capital; or

(c)                                  a reduction of an amount due and payable under any Finance Document,

which
is incurred or suffered by a Finance Party or any of its Affiliates but only to
the extent attributable to that Finance Party having entered into any Finance
Document or funding or performing its obligations under any Finance Document.

Information
Memorandum means the document in the
form approved by the Company which, at the request of the Company was prepared
in relation to this Agreement and distributed by the Mandated Lead Arrangers in
connection with the syndication of the Facilities.

Information
Package means the Information Memorandum and the
written materials to be provided/presented to certain prospective lenders at a
management presentation meeting prior to the bank presentation meeting and/or
to prospective lenders at the bank presentation meeting to be held on or
shortly after the date of this Agreement in relation to the Facilities.

Infosys
Technologies Agreement means the software
services agreement with Infosys Technologies Limited dated 19 April 2001.

Intellectual Property Rights
means all know-how, patents, trademarks, service marks, designs, business
names, domain names, topographical or similar rights, copyrights, database rights
and other intellectual property rights and any interests (including by way of
licence) in any of the foregoing (in each case whether registered or not and
including all applications for the same) of any member of the Group.

Intercreditor Agreement means
the intercreditor agreement entered into or to be entered into between (amongst
others) the Facility Agent (on behalf of all of the Finance Parties), the
Security Agent and the Obligors.

Interkabel Contribution Deed
means the notarial deeds passed before notary Kiebooms on 23 September 1996 and
18 May 1998 whereby Interkabel Vlaanderen CV contributed usage rights over the
PICs cable networks to Vlaanderen.

 11
 

Joint Venture
means any joint venture entity, whether a company, unincorporated firm,
undertaking, association, joint venture or partnership or any other entity.

Lender means:

(a)                                  an Original Lender;

(b)                                 any Telenet Additional Facility Lender; or

(c)                                  any person which becomes a Lender after the date of this Agreement.

LIBOR
means for a Term of any Loan denominated in
U.S. Dollars:

(a)                                  the applicable Screen Rate; or

(b)                                 if no Screen Rate is available for that Term of that Loan or overdue
amount, the arithmetic mean (rounded upward to four decimal places) of the
rates, as supplied to the Facility Agent at its request, quoted by the
Reference Banks to leading banks in the London interbank market,

as
of 11:00 am (London time) on the Rate Fixing Day for the offering of deposits
in U.S. Dollars for a period comparable to that Term.

Licence
means each approval, consent, authorisation and
licence from, and all filings, registrations and agreements with any
governmental or regulatory authority, in each case granted, issued, made or
entered into pursuant to any Telecommunications and Cable Law necessary in
order to enable each member of the Group to carry on its business as may be
permitted by the terms of this Agreement.

Loan means a Term Loan B
Facility Loan, a Term Loan A Facility Loan, a Term Loan C Facility Loan, a
Revolving Loan or a Telenet Additional Facility Loan and, where the context so
admits or requires, includes each of them.

Majority
Acquisition has the meaning given in
paragraph (d) of the definition of Permitted Acquisition.

Majority Lenders means, at any time, Lenders:

(a)                                  whose share in the outstanding Loans and whose undrawn Commitments then
aggregate two thirds or more of the aggregate of all the outstanding Loans and
the undrawn Commitments of all the Lenders;

(b)                                 if there is no Loan then outstanding, whose undrawn Commitments then
aggregate two thirds or more of the Total Commitments; or

(c)                                  if there is no Loan then outstanding and the Total Commitments have been
reduced to zero, whose Commitments aggregated two thirds or more of the Total
Commitments immediately before the reduction,

provided
that, solely for the purposes of determining whether any amendment or waiver of
any term of the Finance Documents requested by the Company has been approved by
the Majority Lenders, the amount of the Loans and undrawn Commitments of the
Lenders referred to in paragraph (a) above shall be reduced by the amount of
the Loans and undrawn Commitments of any Lender that has not, on or before the
day 10 Business Days after the 

 12
 

date
such request has been notified to the Lenders by the Facility Agent, notified
the Facility Agent of its decision or requested further information to enable
it to make such decision, or has notified the Facility Agent that it is
actively reviewing such request with a view to making such decision.

Management Fees
means any management, consultancy or similar fees payable by any member of the
Group to any Restricted Person.

Mandatory Cost
means the percentage rate per annum calculated by the Facility Agent in
accordance with Schedule 4 (Calculation of the Mandatory Cost) and shall, for
the avoidance of doubt, exclude Basel II Costs.

Margin means:

(a)                                  in respect of a Term Loan B Facility Loan, the applicable Term Loan B
Facility Margin;

(b)                                 in respect of a Term Loan A Facility Loan, the applicable Term Loan A
Facility Margin;

(c)                                  in respect of a Term Loan C Facility Loan, the applicable Term Loan C
Facility Margin;

(d)                                 in respect of a Revolving Loan, the applicable Revolving Facility
Margin; and

(e)                                  in respect of a Telenet Additional Facility Loan, the applicable Telenet
Additional Facility Margin.

Material Adverse Effect
means a material adverse effect on the ability of the Obligors (taken as a
whole) to perform their payment obligations under any Finance Document.

Material
Contracts means:

(a)                                  the Belgacom Interconnect Agreement;

(b)                                 the Infosys Technologies Agreement; and

(c)                                  the Interkabel Contribution Deed,

in
each case including any contract which might be substituted in place of any
contract listed in (a) to (c) above.

Material
Group Member means an Obligor or a
Material Subsidiary.

Material
Subsidiary means, at any time any
Subsidiary of the Company (other than a Non-Recourse Subsidiary) whose
gross assets, earnings before interest, depreciation, amortisation and taxes or
turnover (excluding intra-group items) equal or exceed, respectively, 10 per
cent. of the consolidated gross assets, earnings before depreciation,
amortisation, interest and taxes or turnover (as appropriate) of the Reporting
Group (excluding intra-group items).

For
this purpose:

(i)                                     the gross assets, earnings before interest, depreciation, amortisation
and taxes or turnover of a Subsidiary of the Company will be determined from
its financial 

 13
 

statements (unconsolidated if it has Subsidiaries)
upon which the latest financial statements of the Reporting Group that have
been delivered to the Facility Agent pursuant to Clause 17.1(a) (Financial
statements)are based;

(ii)                                  if a Subsidiary of the Company becomes such a Subsidiary after the date
on which the latest financial statements of the Reporting Entity have been
prepared, the gross assets, earnings before depreciation, amortisation,
interest and taxes or turnover of that Subsidiary will be determined from its
latest financial statements;

(iii)                               the gross assets, earnings before interest, depreciation, amortisation
and taxes or turnover of the Reporting Group will be determined from its latest
financial statements delivered to the Facility Agent pursuant to Clause 17.1(a)
(Financial statements), adjusted (where appropriate) to reflect the gross
assets, earnings before interest, depreciation, amortisation and taxes or
turnover of any company or business subsequently acquired or disposed of;

(iv)                              if a Material Subsidiary disposes of all or substantially all of its
assets to another Subsidiary of the Company, it will immediately cease to be a
Material Subsidiary and the other Subsidiary (if it is not already) will
immediately become a Material Subsidiary; the subsequent financial statements
of those Subsidiaries and the Company will be used to determine whether those
Subsidiaries are Material Subsidiaries or not.

Maturity Date
means the last day of the Term of a Revolving Loan.

Measurement Period
means with respect to the first Measurement Period, the two financial quarters
ending on 30 September 2007 and, thereafter, the two financial quarters ending
on 31 December 31 March 30 June and 30 September of each year.

Necessary Authorisations
means all material approvals, consents, authorisations and licences from, all
rights granted by and all filings, registrations and agreements with, any
government or other regulatory authority necessary in order to enable each
member of the Group to carry on its business as may be permitted by the terms
of this Agreement as carried on by it at the relevant time.

Net
Proceeds means the aggregate cash (or
cash equivalent) proceeds received by any member of the Group in consideration
for or otherwise in respect of a relevant disposal, net of all Taxes applicable
on, or to any gain resulting from, that disposal and of all reasonable costs,
fees and expenses properly incurred by continuing members of the Group in
arranging and effecting that disposal.

Net
Total Debt  means, at any time, Total Debt less Consolidated Cash and Cash
Equivalents at that time.

Non-Recourse Subsidiary
means a company or partnership:

(a)                                  is a limited liability company or a limited liability partnership in
which no member of the Group is the general partner;

(b)                                 none of whose indebtedness or any other obligations benefits from any
recourse whatsoever to any member of the Group in respect of the repayment or
payment thereof; and

 14
 

(c)                                  which has been designated as such by the Original Borrower by written
notice to the Facility Agent on or prior to its becoming a Subsidiary of the
Original Borrower which notice shall be accompanied by evidence satisfactory to
the Facility Agent that the requirements of paragraph (b) above will be
complied with at all times in respect of that Subsidiary,

provided
that the Original Borrower may, having obtained the prior consent of the
Majority Lenders and having submitted a Business Plan referred to in paragraph
(b) of the definition of ‘Business Plan’, give written notice to the Facility
Agent at any time that any Non-Recourse Subsidiary is no longer a Non-Recourse
Subsidiary, whereupon it shall cease to be a Non-Recourse Subsidiary and
shall, if it would be a Material Subsidiary immediately after its redesignation
as a member of the Group, accede to this Agreement as an Additional Guarantor
in accordance with Clause 27.8 (Additional Guarantors).

Obligor means a Borrower or
a Guarantor.

Obligor Pledge of Shareholder Loans means the pledges of shareholder loans entered
into between certain Obligors and the Security Agent and any other pledge of
shareholder loans in substantially the same form entered into by an Obligor
pursuant to any such pledge under the terms of this Agreement.

Original Financial Statements
means the audited consolidated financial statements of SuperHoldco for the year
ended 31 December 2006 as prepared or restated in accordance with the Accounting
Principles.

Original Lender means:

(a)                                  an Initial Original Lender; and

(b)                                 any person which has become a New Lender (as defined in Clause 27.3
(Transfers by Lenders) under a Facility other than a Telenet Additional
Facility in accordance with Clause 27 (Changes to the Parties),

which
in each case has not ceased to be a party in accordance with the terms of this
Agreement.

Original
Obligor  means the Company or an Original Guarantor.

Participating Member State
means a member state of the European Union that adopts or has adopted the euro
as its lawful currency under the legislation of the European Economic and
Monetary Union.

Party means a party to
this Agreement.

Permitted Acquisition
means:

(a)                                  any acquisition by any member of the Group pursuant to a Permitted
Disposal by a member of Group;

(b)                                 any Restricted Acquisition of a member of the Group by any other member
of the Group as part of the solvent reorganisation of the Group;

 15
 

(c)                                  any Restricted Acquisition of further share capital (or equivalent) of
an entity which was a member of the Group immediately prior to the completion
of the Restricted Acquisition;

(d)                                 any acquisition by a member of the Group of assets, businesses and
entities located principally in the Kingdom of Belgium, the Netherlands or Luxembourg
or any equity interests in, or debts or securities owed or issued by any such
entity, where upon completion of the acquisition the Target will be a
Subsidiary or the Company or where a member of the Group will own directly or
indirectly greater than a 50 per cent. interest in the assets or assets
constituting the acquired business (a Majority Acquisition)
and the principal activities of such entities are related to the Permitted
Business as at the date of this Agreement and are carried out principally in
Belgium, the Netherlands or Luxembourg, provided that

in
the case of any Majority Acquisition where the Acquisition Cost exceeds
€250,000,000 (or its equivalent), the Company provides to the Facility Agent
within 15 days of the date of any such Majority Acquisition;

(i)                                     a Business Plan prepared for the period beginning on the date of (and
assuming completion of) the relevant acquisition and ending on the Final
Maturity Date and which must demonstrate that, following the relevant
acquisition, the Company will be able to comply with all its obligations
(present and future) under Clause 18 (Financial Covenant) for the period
referred to above; and

(ii)                                  to the extent they are available to the Company, the most recent six-months
management accounts of or relating to the Target, together with a certificate
signed by a managing director of the Company certifying that the copy of such
management accounts provided to the Facility Agent is a true copy; and

(iii)                               an Acquisition Business Plan; and

(iv)                              a certificate signed by a managing director of the Company which
certifies that, if the ratio of the Net Total Debt to Consolidated Annualised
EBITDA was re-calculated for the most recent Measurement Period ending prior to
the date of the Majority Acquisition in respect of which financial statements
have been delivered pursuant to Clause 17.1(a) (Financial statements) (the Relevant Measurement Period) but adding to the:

I.                                         amount of Total Debt used in such calculation any net increase in the
Total Debt since the end of the Relevant Measurement Period or subtracting from
the amount of Total Debt used in such calculation any net deduction in the
Total Debt (in each case taking into account the amount of Total Debt used to
fund the Acquisition Cost); and

II.                                     Consolidated Annualised EBITDA, the annualised earnings before interest,
tax, depreciation and amortisation of the Target for the Relevant Measurement
Period,

the
ratio of Net Total Debt to Consolidated Annualised EBITDA would be less than
5.0:1;

(e)                                  acquisitions of Consolidated Cash and Cash Equivalents; and

 16
 

(f)                                    acquisitions permitted by the Majority Lenders,

provided
that:

(i)                                     in the case of any acquisition falling within paragraphs (a), (d) and
(f) above (other than any acquisition of Consolidated Cash or Cash Equivalents)
no Event of Default has occurred and is continuing at the time of such proposed
acquisition; and

(ii)                                  in the case of any acquisition of any company or partnership, such
company is a company incorporated with limited liability or is a limited
liability partnership provided that the acquisition does not include the
acquisition of the general partner of that limited liability partnership.

Permitted Business means
the carrying on of the Business principally in Belgium, the Netherlands or
Luxembourg.

Permitted Disposal
means:

(a)                                  any disposal (including, for the avoidance of doubt, the outsourcing of
activities that support or are incidental to the Permitted Business) of assets
on arm’s length commercial terms in the ordinary course of business;

(b)                                 any disposal of property or other assets on bona fide arm’s length
commercial terms in the ordinary course of business in consideration for, or to
the extent that the Net Proceeds of disposal are applied within 120 days after
such disposal in the acquisition of, property or other assets of a similar
nature and approximately equal value to be used in the Permitted Business;

(c)                                  the disposal of assets in exchange for other assets similar or superior
as to type, value or quality;

(d)                                 any disposal of assets on bona fide arm’s length commercial terms where
such assets are obsolete or no longer required for the purposes of the
Permitted Business;

(e)                                  the application of cash in payments which are not otherwise restricted
by the terms of this Agreement and the Security Documents including, for the
avoidance of doubt, Permitted Acquisitions and Permitted Payments;

(f)                                    disposals (or the payment of management, consultancy or similar fees):

(i)                                     by an Obligor to another Obligor; or

(ii)                                  from a member of the Group which is not an Obligor, to an Obligor; or

(iii)                               from an Obligor to another member of the Group which is not an Obligor;

(g)                                 disposals arising as a result of any Permitted Security Interest;

(h)                                 disposals made in connection with Approved Stock Options;

(i)                                     the payment, transfer or other disposal of consideration for any
Majority Acquisition, merger or consolidation permitted by Clause 19.10
(Acquisitions and mergers);

(j)                                     the grant of indefeasible rights of use or equivalent arrangements with
respect to network capacity, communications, fibre capacity or conduit, in each
case on arm’s 

 17
 

length commercial terms or on terms that are fair and
reasonable and in the best interests of the Group;

(k)                                  the payment, transfer or other disposal between members of the Group
constituting consideration or investment for or towards or in furtherance of
any Permitted Acquisition, Permitted Joint Venture or a merger or consolidation
permitted by Clause 19.10 (Acquisitions and mergers);

(l)                                     the granting of operating leases or licences of real property on arm’s
length terms;

(m)                               any disposal made as part of a Permitted Transaction;

(n)                                 disposals required by law or under the authority of any government or
agency; and

(o)                                 any disposal (in addition to those described in paragraphs (a) to (n)
above) of any asset, the annualised earnings before interest, tax, depreciation
and amortisation attributable to which for the most recent Measurement Period
ending immediately prior to the date of that disposal (Annualised
EBITDA), when aggregated with the Annualised EBIDTA attributable to
all other disposals of assets other than those described in paragraphs (a) to
(n), does not exceed 15% of the Consolidated Annualised EBITDA for that most
recent Measurement Period (the Disposal Cap).  The Disposal Cap shall be re-credited by a
percentage amount equal to the percentage which the Annualised EBITDA
attributable to any Permitted Acquisition (annualised for the financial year of
the Company in which such Permitted Acquisition is completed) represents of the
Consolidated Annualised EBITDA of the Group in that financial year (taking into
account such Permitted Acquisition), provided that the Disposal Cap may never
exceed an amount equal to 15% of the Consolidated Annualised EBITDA for that
most recent Measurement Period.

Permitted Financial Indebtedness means any Financial Indebtedness:

(a)                                  arising hereunder or under the Security Documents;

(b)                                 permitted pursuant to Clause 19.15 (Loans and guarantees);

(c)                                  incurred through a Subordinated Shareholder Loan made to any member of
the Group;

(d)                                 of any member of the Group arising as a result of the issue by it or a
financial institution of a surety or performance bond in relation to the
performance by such member of the Group of its obligations under contracts
entered into in the ordinary course of its business (other than for the purpose
of raising indebtedness);

(e)                                  approved in writing by the Facility Agent (acting on the instructions of
the Majority Lenders);

(f)                                    in respect of deposits or prepayments constituting Financial
Indebtedness received by any member of the Group from a customer or subscriber
for its services;

(g)                                 owing by any member of the Group being permitted Management Fees or
management, consultancy or similar fees payable to another member of the Group
in respect of which payment has been deferred;

(h)                                 constituting Permitted Payments the payment of which has been deferred;

 18
 

(i)                                     of a company which is acquired by a member of the Group after the date
hereof as an acquisition permitted by Clause 19.10 (Acquisitions and
mergers) where such Financial Indebtedness existed at the date of completion of
such acquisition provided that:

(i)                                     such Financial Indebtedness was not incurred in contemplation of the
acquisition;

(ii)                                  the amount of such Financial Indebtedness is not increased beyond the
amount in existence at the date of completion of the acquisition; and

(iii)                               such Financial Indebtedness is discharged within six months of the date
of completion of the acquisition;

(j)                                     of any member of the Group (other than any Obligor) constituting
Financial Indebtedness to all the holders (or their Affiliates) of the share
capital of any such member of the Group on a basis that is substantially
proportionate to their interests in such share capital (with any
disproportionately large interest received by any member of the Group or any
disproportionately small interest received by any person other than a member of
the Group, in each case relative to its interests in such share capital, being
ignored for this purpose), provided such Financial Indebtedness does not bear
interest (other than by way of addition to its principal amount on a
proportionate basis as described above) and is made on terms that repayment or
pre-payment of such Financial Indebtedness shall only be made to each such
holder:

(i)                                     in proportion to their respective interests in such share capital
(ignoring any disproportionately large interest held by any member of the Group
or any disproportionately small interest received by any person other than a
member of the Group, in each case relative to its interests in such share
capital, for this purpose); and

(ii)                                  only on and in connection with the liquidation or winding up (or
equivalent) of such member of the Group;

(k)                                  arising as a result of any cash pooling arrangements in the ordinary
course of the Group’s banking business to which any member of the Group is a
party;

(l)                                     under:

(i)                                     a financial lease arrangement in relation to the Group’s corporate
headquarters at Liersesteenweg 4, Mechelen, Belgium;

(ii)                                  the Clientele Fees or the Annuity Fees;

(iii)                               any other Finance Leases or guarantees thereof in respect of any assets
leased by any member of the Group entered into in the ordinary course of trade
of the Group in a maximum aggregate amount of €15,000,000;

(m)                               referred to in paragraph (f) of the definition of Financial
Indebtedness, for which the acquisition cost of the assets is payable by a
member of the Group no more than 90 days after its acquisition or possession;

 19

(n)                                 which is incurred by a member of the Group pursuant to or in respect of
any BIPT performance bond subject to an aggregate maximum amount outstanding at
any time of €20,000,000 (or its equivalent);

(o)                                 incurred by the Company and owed to Holdco as a result of the assumption
by Holdco of the Company’s obligations in respect of any of the Deferrals (the Deferral Debt) provided that the relevant
Financial Indebtedness is subordinated as a Subordinated Shareholder Loan
pursuant to the Intercreditor Agreement and Holdco has entered into a Pledge of
Subordinated Shareholder Loan in respect of such indebtedness; and

(p)                                 not included in the preceding paragraphs which does not exceed in
aggregate at any time €50,000,000 (or its equivalent).

Permitted Joint Venture means:

(a)                                  any Restricted Acquisition referred to in paragraph (b) of the
definition of “Permitted Acquisition” and any Acquisition as a result of a
reorganisation of a person that is not a Subsidiary of the Company but in which
a member of the Group has an interest, provided that such reorganisation does
not result in an overall increase in the value of the Group’s interest in that
person, other than adjustments to the basis of any member of the Group’s
interest in accordance with the Accounting Principles;

(b)                              any acquisition by a member of the Group of assets, businesses and
entities located principally in the Kingdom of Belgium, the Netherlands or
Luxembourg or any equity interests in, or debts or securities owed or issued by
any such entity, where upon completion of the acquisition the Target will not
be a Subsidiary of the Company and where a member of the Group will own
directly or indirectly no more than a 50 per cent. interest in the assets or assets
constituting the acquired business (a JV Minority Acquisition)
and the principal activities of such entities are related to the Permitted
Business as at the date of this Agreement and are carried out principally in
Belgium, the Netherlands or Luxembourg, provided that in the case of any JV
Minority Acquisition where the Acquisition Cost exceeds €250,000,000 (or its
equivalent), the Company provides to the Facility Agent within 15 days of the
date of any such JV Minority Acquisition;

(i)                                     a Business Plan prepared for the period beginning on the date of (and
assuming completion of) the relevant acquisition and ending on the Final
Maturity Date and which must demonstrate that, following the relevant
acquisition, the Company will be able to comply with all its obligations
(present and future) under Clause 18 (Financial Covenant) for the period
referred to above; and

(ii)                                  to the extent they are available to the Company, the most recent
six-months management accounts of or relating to the Target, together with a
certificate signed by a managing director of the Company certifying that the
copy of such management accounts provided to the Facility Agent is a true copy;
and

(iii)                               an Acquisition Business Plan; and

(iv)                              a certificate signed by a managing director of the Company which
certifies that, if the ratio of the Net Total Debt to Consolidated Annualised
EBITDA was re-calculated for the most recent Measurement Period ending prior to
the date of the JV Minority Acquisition in respect of which financial statements

 20
 

have been delivered pursuant to Clause 17.1(a)
(Financial statements)(the Relevant Measurement
Period) but adding to the:

I.                                     amount of Total Debt used in such calculation any net increase in the
Total Debt since the end of the Relevant Measurement Period or subtracting from
the amount of Total Debt used in such calculation any net deduction in the
Total Debt (in each case taking into account the amount of Total Debt used to
fund the Acquisition Cost); and

II.                                 Consolidated Annualised EBITDA, the annualised earnings before interest,
tax, depreciation and amortisation of the Target for the Relevant Measurement
Period,

the
ratio of Net Total Debt to Consolidated Annualised EBITDA would be less than
5.0:1,

provided
that no Event of Default has occurred and is continuing at the time of such
proposed acquisition.

Permitted Payment
means any distribution, dividend, transfer of assets, loan or other payment:

(a)                                  to any Restricted Person in relation to transactions carried out on bona
fide arm’s length commercial terms in the ordinary course of business or on
terms which are fair and reasonable and in the best interest of the Group;

(b)                                 by way of payment of Management Fees:

(i)                                     which are paid on bona fide arm’s length terms in the ordinary course of
business to a Restricted Person; or

(ii)                                  of up to €15,000,000 in any financial year,

provided
that, at the time of payment, no Default is outstanding or would occur as a
result of such payment;

(c)                                  by way of payment of principal or interest on Subordinated Shareholder
Loans or by way of distributions, dividends or other payments made by the
Company in respect of its share capital or by way of intercompany loans
described to in Clauses 3.1(a)(i) or 3.1(b)(i) provided that:

(i)                                     the ratio of Net Total Debt to Consolidated Annualised EBITDA is 5:1 or
less prior to making the relevant payment and will be 5:1 or less after such
payment has been made; and

(ii)                                  no Default has occurred and is continuing or would occur as a result of
such payment;

(d)                                 by way of payment to any Restricted Person of consideration for an
acquisition, merger or consolidation permitted by Clause 19.10 (Acquisitions
and mergers).

 21
 

Permitted Security Interest means:

(a)                                  any Security Interest created or evidenced by the Security Documents or
in favour of another Obligor;

(b)                                 any Security Interest listed in Schedule 6 (Existing Security) except to
the extent the principal amount secured by that Security Interest exceeds the
amount stated in that Schedule and provided all such Security Interests are
irrevocably and unconditionally released and discharged on or before the first
Utilisation Date under this Agreement;

(c)                                  any lien arising in the ordinary course of business by way of contract
which secures indebtedness under any agreement for the supply of goods or
services in respect of which payment is not deferred for more than 180 days (or
360 days if such deferral is in accordance with the terms pursuant to which the
relevant goods were acquired or services provided);

(d)                                 any Security Interest imposed by any taxation or governmental authority
in respect of amounts which are being contested by the relevant member of the
Group in good faith and not yet payable for which adequate reserves have been
set aside in the books of the relevant member of the Group in accordance with
the Accounting Principles; or

(e)                                  an Security Interest approved in writing by the Facility Agent (acting
on the instructions of the Majority Lenders);

(f)                                    any Security Interest in favour of any bank incurred in relation to any
cash management arrangements;

(g)                                 any netting or set-off arrangement entered into by a member of the Group
in the ordinary course of business;

(h)                                 any Security Interest securing any Financial Indebtedness referred to in
paragraph (i) of the definition of Permitted Financial Indebtedness above
provided that:

(i)                                     such Security Interest was not created in contemplation of the
acquisition of such company;

(ii)                                  the debt secured by such Security Interest is not increased beyond that
secured at the date the company in question is acquired and such Security
Interest secures only that debt; and

(iii)                               such Security Interest is discharged within 12 months of completion of
the relevant acquisition;

(i)                                     Security Interests arising under agreements entered into in the ordinary
course of business relating to:

(i)                                     network leases;

(ii)                                  the leasing of:

(A)                              buildings;

(B)                                cars; and

 22
 

(C)                                other operational equipment;

(j)                                     any Security Interests causing any retention of title arrangement
contained in any contract for the acquisition of any asset by a member of the
Group in the ordinary course of its business from any person in the ordinary
course of its business and on customary terms unless in relation to such a
retention of title arrangement, there are payments of €15,000,000 or more which
are overdue and unpaid; and

(k)                                  any Security Interest securing indebtedness the amount of which (when
aggregated with the amount of any other indebtedness which has the benefit of a
Security Interest not allowed under the preceding sub-paragraphs) does not
exceed €25,000,000 or its equivalent at any time.

Permitted Transaction
means:

(a)                                  an intra-Group re-organisation of a member of the Group (other than an
Obligor) on a solvent basis (including by way of a solvent dissolution or
liquidation of a Subsidiary of the Company where all the assets of that Subsidiary
remain within the ownership of an Obligor); or

(b)                                 any other transaction agreed by the Majority Lenders.

Plan
means a plan that is subject to section 302 or
regulated by Title IV of ERISA maintained by any member of the Group or any
ERISA Affiliate currently or at any time within the last five years, or to
which any member of the Group or any ERISA Affiliate is required to make
payments or contributions or has made payments or contributions within the past
five years.

Pledge
of Subordinated Shareholder Loans means
each pledge and subordination of Subordinated Shareholder Loans entered into
between certain Restricted Persons and the Security Agent and any other pledge
entered into pursuant to any such pledge or the terms of this Agreement.

Pro Rata Share
means:

(a)                                  for the purpose of determining a Lender’s share in a utilisation of a
Facility, the proportion which its Commitment under that Facility bears to all
the Commitments under that Facility; and

(b)                                 for any other purpose on a particular date:

(i)                                     the proportion which a Lender’s share of the Loans (if any) bears to all
the Loans;

(ii)                                  if there is no Loan outstanding on that date, the proportion which its
Commitment bears to the Total Commitments on that date;

(iii)                               if the Total Commitments have been cancelled, the proportion which its
Commitments bore to the Total Commitments immediately before being cancelled;
or

(iv)                              when the term is used in relation to a Facility, the above proportions
but applied only to the Loans and Commitments for that Facility.

 23
 

For
the purpose of sub-paragraph (iv) above, the Facility Agent will (in its
absolute discretion) determine, in the case of a dispute whether the term in
any case relates to a particular Facility.

Qualifying Lender
means a Lender which is:

(a)                                  a credit institution established in a country of the European Economic
Area or in a country with which the Kingdom of Belgium has concluded a Double
Tax Treaty;

(b)                                 a “non-resident saver” within the meaning of Article 105, 50 of the Royal Decree implementing
the Belgian Income Tax Code 1992;

(c)                                  a “professional investor” within the meaning of Article 105, 30 of the Royal Decree implementing
the Belgian Income Tax Code 1992; or

(d)                                 in the case of a U.S. Borrower only, a Lender which is not described in
Clause 11.5 (U.S. Taxes).

Rate Fixing Day
means the second TARGET Day before the first day of a Term or such other day as
the Facility Agent determines is generally treated as the rate fixing day by
market practice in the relevant interbank market.

Reference Banks means
BNP Paribas S.A., J.P. Morgan plc and ABN AMRO Bank N.V. and any other bank or
financial institution appointed as such in good faith by the Facility Agent in
consultation with the Company.

Repeating
Representations means the representations
which are deemed to be repeated under Clause 16.23 (Times for making
representations and warranties).

Reportable Event means:

(a)                                  an event specified as such in section 4043 of ERISA or any regulation
promulgated thereunder, with respect to a Plan that is subject to Title IV of
ERISA, other than an event in relation to which the requirement to give 30 days
notice of that event is waived by any regulation; or

(b)                                 a failure to meet the minimum funding standard under section 412 of the
Code or section 302 of ERISA with respect to a Plan that is subject to such
sections of the Code and ERISA, whether or not there has been any waiver of
notice or waiver of the minimum funding standard under section 412 of the Code.

Reporting
Entity means SuperHoldco.

Reporting Group
means SuperHoldco and its Subsidiaries.

Request means a request for
a Loan, substantially in the form of Schedule 3 (Form of Request).

Resignation Request
means a letter in the form of Schedule 10 (Form of Resignation Request), with
such amendments as the Facility Agent and the Company may agree.

Restricted Acquisition
means the acquisition, whether by one or a series of transactions, (including,
without limitation, by purchase, subscription or otherwise) of all or any part
of the share capital or equivalent of any company or other person (including,
without limitation, any  

 24
 

partnership
or joint venture) or any asset or assets of any company or other person
(including, without limitation, any partnership or joint venture) constituting
a business or separate line of business of that company or other person.

Restricted Payment
means, in each case whether in cash, securities, property or otherwise:

(a)                                  any direct or indirect distribution, dividend or other payment on
account of any class of share capital or capital stock or other securities;

(b)                                 any payment of principal of, or interest on, any loan; or

(c)                                  any transfer of assets, loan or other payment,

in
each case, to a Restricted Person.

Restricted
Person  means any Affiliate of the Borrower (other than a member of the Group).

Revolving Facility
means the €175,000,000 revolving credit facility made available by the Lenders
under Clause 2.4 (Revolving Facility) of this Agreement.

Revolving Facility Commitment
means:

(a)                                  for an Initial Original Lender, the amount set opposite its name in Part
2 of Schedule 1 (Original Parties) under the heading Revolving Facility
Commitments and the amount of any other Revolving Facility Commitment it
acquires; and

(b)                                 for any other Lender, the amount of any Revolving Facility Commitment it
acquires,

to
the extent not cancelled, transferred or reduced under this Agreement.

Revolving
Facility Final Maturity Date
means the seventh anniversary of the date of this Agreement.

Revolving Loan
means, unless otherwise stated in this Agreement, the principal amount of each
borrowing under the Revolving Facility or the principal amount outstanding of
that borrowing.

Revolving Facility Margin
means 2.125 per cent. per annum.

Rollover Loan
means one or more Revolving Loans:

(a)                                  to be made on the same day that a maturing Revolving Loan is due to be
repaid;

(b)                                 the aggregate amount of which is equal to or less than the maturing
Revolving Loan; and

(c)                                  to be made to the same Borrower for the purpose of refinancing a
maturing Revolving Loan.

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

 25
 

Screen Rate
means:

(a)                                  in relation to LIBOR, the British Bankers’ Association Interest
Settlement Rate for the relevant currency and Term; and

(b)                                 in relation to EURIBOR, the percentage rate per annum determined by the
Banking Federation of the European Union,

for
the relevant currency and Term displayed on the appropriate page of the
Telerate screen selected by the Facility Agent. 
If the relevant page is replaced or the service ceases to be available,
the Facility Agent (after consultation with the Company and the Lenders) may
specify another page or service displaying the appropriate rate.

Security Document
means:

(a)                                  the Share Pledge;

(b)                                 any Pledge of Subordinated Shareholder Loans;

(c)                                  any Obligor Pledge of Shareholder Loans;

(d)                                 any other agreement or instrument under which any Obligor may from time
to time grant a Finance Party a Security Interest in respect of an obligation
under any Finance Document; or

(e)                                  any other document designated as such by the Security Agent and the
Company.

Security Interest
means any mortgage, pledge, lien, charge, assignment, hypothecation or security
interest or any other agreement or arrangement having a similar effect.

Security
Provider’s Deed of Accession has
the meaning given to it in the Intercreditor Agreement.

Senior
Discount Notes  means SuperHoldco’s 11.5% Senior Discount Notes due 2014.

Senior
Notes  means Holdco’s 9% Senior Notes due 2013.

Share Pledge
means the share pledge agreement entered into or to be entered into between
(amongst others) Holdco and the Security Agent over Holdco’s entire
shareholding in the Company.

Structural Adjustment has
the meaning given to it in Clause 26.6 (Structural Adjustments).

Subordinated Creditor
means any Restricted Person who has, at any relevant time, entered into a
Pledge of Subordinated Shareholder Loans and the Intercreditor Agreement.

Subordinated Shareholder Loans
means any Financial Indebtedness of any member of the Group owed to a
Subordinated Creditor.

Subsidiary
means an entity of which a person has direct or indirect control or owns
directly or indirectly more than 50 per cent. of the voting capital or similar
right of ownership and control for this purpose means the power to direct the
management and the policies of the entity whether through the ownership of
voting capital, by contract or otherwise.

SuperHoldco
means Telenet Group Holding NV (a limited liability company registered in
Belgium with registration number HR Mechelen 090008 and Enterprise No. 0477.702.333).

 26
 

Supplemental
Agreement means the supplemental
agreement dated 22 August 2007, pursuant to which this Agreement was amended
and restated.

Syndication
means the primary syndication of the Facilities by the Mandated Lead Arrangers.

Syndication Letter means a syndication letter between, among others,
the Mandated Lead Arrangers and the Company.

Target means any assets or entity which is or are the subject of a Majority
Acquisition in accordance with the terms of this Agreement.

TARGET Day
means a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system is open for the settlement of payments in euro.

Tax means any tax, levy, impost, duty or other charge or withholding of a
similar nature (including any penalty or interest imposed with respect
thereto).

Tax Deduction
means a deduction or withholding for or on account of Tax from a payment under
a Finance Document.

Tax Payment
means a payment made by an Obligor to a Finance Party in any way relating to a
Tax Deduction or under any indemnity given by that Obligor in respect of Tax
under any Finance Document.

Telecommunications
and Cable Law means all laws, statutes,
regulations and judgments relating to telecommunications, cable television and
data services applicable to any member of the Group and/or the business carried
on by any member of the Group in any jurisdiction in which a member of the
Group is incorporated or formed or in which such member has its principal place
of business or owns any material assets.

Telenet means Telenet NV
(formerly Telenet Operaties NV) (a company registered in Belgium with
registration number HR Mechelen 82218, Enterprise No. 0439.840.857).

Telenet Additional Facility means an additional term and/or revolving loan
facility referred to in Clause 2.5 (Telenet
Additional Facility) and Telenet Additional Facilities means all or any such Telenet Additional Facilities.

Telenet Additional Facility Accession Agreement means an agreement in the form set out in Schedule 9 (Form of Telenet
Additional Facility Accession Agreement) with such amendments as the Facility
Agent may approve or reasonably require.

Telenet
Additional Facility Availability Period in
relation to a Telenet Additional Facility means the period specified in a
Telenet Additional Facility Accession Agreement for that Telenet Additional
Facility.

Telenet Additional Facility
Commitment means in relation to:

(a)                                  a Telenet Initial Additional Facility Lender, the amount in euros or
U.S. Dollars set out as the Telenet Additional Facility Commitment of a Lender
in the relevant Telenet Additional Facility Accession Agreement and the amount
of any other Telenet Additional Facility Commitment transferred to it under
this Agreement; and

 27
 

(b)                                 any other Telenet Additional Facility Lender, the amount in euros or
U.S. Dollars transferred to it in accordance with this Agreement,

to
the extent not cancelled, transferred or reduced under this Agreement:

Telenet Additional Facility Lender means:

(a)                                  a Telenet Initial Additional Facility Lender; and

(b)                                 any person which has become a New Lender (as defined in Clause 27.3
(Transfers by Lenders) under a Telenet Additional Facility in accordance with
Clause 27 (Changes to the Parties),

which
in each case has not ceased to be a Party in accordance with the terms of this
Agreement.

Telenet Additional Facility Loan means the principal amount of each borrowing under a Telenet Additional
Facility or the principal amount outstanding of that borrowing.

Telenet Additional Facility Margin means the percentage rate set out in the relevant Telenet Additional
Facility Accession Agreement.

Telenet Group
means SuperHoldco and its Subsidiaries.

Telenet
Initial Additional Facility Lender means
a person which becomes a Lender under a Telenet Additional Facility pursuant to
Clause 2.5 (Telenet Additional Facility).

Term means each period
determined under this Agreement by reference to which interest on a Loan or an
overdue amount is calculated.

Term Loan
means a Term Loan B Facility Loan, a Term Loan A Facility Loan, a Term Loan C
Facility Loan or a Telenet Additional Facility Loan.

Term Loan A Facility
means the €425,000,000 term loan facility made available by the Lenders under
Clause 2.2 (Term Loan A Facility).

Term Loan A Facility Commitment means:

(a)                                  for an Initial Original Lender, the amount set opposite its name in Part
2 of Schedule 1 (Original Parties) under the heading Term Loan A Facility
Commitments and the amount of any other Term Loan A Facility Commitment it
acquires; and

(b)                                 for any other Lender, the amount of any Term Loan A Facility Commitment
it acquires,

to
the extent not cancelled, transferred or reduced under this Agreement.

Term
Loan A Facility Final Maturity Date  means the seventh
anniversary of the date of this Agreement.

Term
Loan A Facility
Loan means the principal amount of each borrowing
under the Term Loan A Facility or the principal amount outstanding of that
borrowing.

Term
Loan A Facility Margin means 2.25 per cent.
per annum.

 28
 

Term Loan B Facility means
the €1,475,000,000 term loan facility made available by the Lenders under
Clause 2.1 (Term Loan B Facility ).

Term Loan B Facility Commitment means:

(a)                                  for an Initial Original Lender, the amount set opposite its name in Part
2 of Schedule 1 (Original Parties) under the heading Term Loan B Facility
Commitments and the amount of any other Term Loan B Facility Commitment it
acquires; and

(b)                                 for any other Lender, the amount of any Term Loan B Facility Commitment
it acquires,

to
the extent not cancelled, transferred or reduced under this Agreement.

Term
Loan B Facility Final Maturity Date  means the eighth
anniversary of the date of this Agreement.

Term Loan B Facility Loan
means, unless otherwise stated in this Agreement, the principal amount of each
borrowing under the Term Loan B Facility or the principal amount outstanding of
that borrowing.

Term
Loan B Facility Margin means 2.25 per cent.
per annum.

Term Loan C Facility means
the €225,000,000 term loan facility made available by the Lenders under Clause
2.3 (Term Loan C Facility)).

Term Loan C Facility Commitment means:

(a)                                  for an Initial Original Lender, the amount set opposite its name in Part
2 of Schedule 1 (Original Parties) under the heading Term Loan C Facility
Commitments and the amount of any other Term Loan C Facility Commitment it
acquires; and

(b)                                 for any other Lender, the amount of any Term Loan C Facility Commitment
it acquires,

to
the extent not cancelled, transferred or reduced under this Agreement.

Term
Loan C Facility Final Maturity Date  means the eighth
anniversary of the date of this Agreement.

Term Loan C Facility Loan
means, unless otherwise stated in this Agreement, the principal amount of each
borrowing under the Term Loan C Facility or the principal amount outstanding of
that borrowing.

Term
Loan C Facility Margin means 2.25 per cent.
per annum.

Total Commitments
means:

(a)                                  with respect to the Term Loan B Facility, the Total Term Loan B Facility
Commitments;

(b)                                 with respect to the Term Loan A Facility, the Total Term Loan A Facility
Commitments;

 29
 

(c)                                  with respect to the Term Loan C Facility, the Total Term Loan C Facility
Commitments;

(d)                                 with respect to the Revolving Facility, the Total Revolving Facility
Commitments; or

(e)                                  with respect to each or all of the Telenet Additional Facilities, the
Total Telenet Additional Facility Commitments,

and,
where the context so admits or requires, includes each of them.

Total Debt
means, at any time, the principal amount outstanding at that time of all
Consolidated Total Borrowings of Super Holdco and its Subsidiaries but
excluding:

(a)                                  Subordinated Shareholder Loans; and

(b)                                 the capitalised element of indebtedness under the Clientele Fees and the
Annuity Fees and any Finance Lease entered into as at the date of this
Agreement.

Total Revolving Facility Commitments means the aggregate of the Revolving Facility Commitments of all of the
Lenders, being at the date of this Agreement, the total amount specified as
such in Part 2 of Schedule 1 (Original Parties).

Total
Telenet Additional Facility Commitments  means, with respect
to the Telenet Additional Facilities, the aggregate of all of the Telenet
Additional Facility Commitments of all of the Telenet Additional Facility
Lenders under all of the Telenet Additional Facilities or, when applied to an
individual Telenet Additional Facility, the aggregate of all the Telenet
Additional Facility Commitments of all of the Telenet Additional Facility
Lenders under that Telenet Additional Facility.

Total Term Loan A Facility Commitments
means the aggregate of the Term Loan A Facility Commitments of all of the
Lenders, being at the date of this Agreement, the total amount specified as
such in Part 2 of Schedule 1 (Original Parties).

Total Term Loan B Facility Commitments means the aggregate of the Term Loan B Facility Commitments of all of
the Lenders, being at the date of this Agreement, the total amount specified as
such in Part 2 of Schedule 1 (Original Parties).

Total Term Loan C Facility Commitments means the aggregate of the Term Loan C Facility Commitments of all of
the Lenders, being at the date of this Agreement, the total amount specified as
such in Part 2 of Schedule 1 (Original Parties).

Transfer Certificate
means a certificate, substantially in the form of Schedule 5 (Form of Transfer
Certificate), with such amendments as the Facility Agent may approve or
reasonably require or any other form agreed between the Facility Agent and the
Company.

Treasury Transaction
means any derivative transaction protecting against or benefiting from
fluctuations in any rate or price.

U.K. means the United
Kingdom.

United
States or U.S. means the
United States of America.

 30
 

UPC
B means UPC Broadband Holding B.V., a limited
liability company incorporated under the laws of The Netherlands and registered
with the Chamber of Commerce of Amsterdam (Kamer van Koophandel en Fabrieken
voor Amsterdam) under no. 34139182.

UPC
Business Day means a Business Day as
defined in the UPC Facility Agreement.

UPC
Facility Agent
has the meaning given to it in the UPC Facility Agreement.

UPC Facility Agreement
means the restated senior secured credit facility dated 16 January 2004, as
amended and restated by an amendment agreement dated 24 June 2004 and as
amended and/or restated from time to time between (among others) UPC Broadband
and UPC Financing Partnership as Borrowers, Toronto Dominion (Texas) LLC as
Facility Agent, and TD Bank Europe Limited as Security Agent.

UPC Financing Partnership
means UPC Financing Partnership, a general partnership formed under the laws of
the State of Delaware, United States of America, with its principal place of
business at 4643 South Ulster Street, Suite 1300, Denver, Colorado 80237,
United States of America.

U.S.
Borrower means any Additional
Borrower under this Agreement which is incorporated or formed in or under the
laws of the United States or any jurisdiction thereof, or therein (including
any State or the District of Columbia) or that is engaged in the conduct of a
trade or business within the United States within the meaning of the Code.

U.S.
Dollars means the lawful currency for the time being
of the United States.

U.S. Finance Vehicle means a member of the Group which has been
incorporated specifically for the purpose of becoming a U.S. Borrower under
this Agreement and whose sole function is to act as a finance vehicle for the
Group.

U.S.
Person means a United States person as defined by
section 7701(a)(30) of the Code.

U.S.
Obligor has the meaning given to it
in Clause 20.6(b).

Utilisation Date
means each date on which a Facility is utilised.

Vlaanderen
means Telenet Vlaanderen NV, (a company registered in Belgium with registration
number HR Mechelen 83076 and Enterprise No. 0458.840.088).

1.2                               Construction

(a)                                  In this Agreement, unless the contrary intention appears, a reference
to:

(i)                                     an amendment includes a supplement, novation, restatement or
re-enactment and amended will be construed accordingly;

(ii)                                  assets includes present and future properties, revenues and rights of
every description;

(iii)                               an authorisation includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration or notarisation;

(iv)                              disposal means a sale, transfer, grant, lease or other disposal, whether
voluntary or involuntary, and dispose will be construed accordingly;

 31
 

(v)                                 indebtedness includes any obligation (whether incurred as principal or
as surety) for the payment or repayment of money;

(vi)                              know your customer requirements are the identification checks that a
Finance Party requests in order to meet its obligations under any applicable
law or regulation to identify a person who is (or is to become) its customer;

(vii)                           a person includes any individual, company, corporation, unincorporated
association or body (including a partnership, trust, joint venture or
consortium), government, state, agency, organisation or other entity whether or
not having separate legal personality;

(viii)                        a regulation includes any regulation, rule, official directive, request
or guideline (whether or not having the force of law but, if not having the
force of law, being of a type with which any person to which it applies is
accustomed to comply) of any governmental, inter-governmental or supranational
body, agency, department or regulatory, self-regulatory or other authority or
organisation;

(ix)                                a currency is a reference to the lawful currency for the time being of
the relevant country;

(x)                                   a Default being outstanding means that it has not been remedied or
waived;

(xi)                                a provision of law is a reference to that provision as extended,
applied, amended or re-enacted and includes any subordinate legislation;

(xii)                             a Clause, a Subclause or a Schedule is a reference to a clause or
subclause of, or a schedule to, this Agreement;

(xiii)                          a Party or any other person includes its successors in title, permitted
assigns and permitted transferees;

(xiv)                         a Finance Document or other document includes (without prejudice to any
prohibition on amendments) all amendments however fundamental to that Finance
Document or other document, including any amendment providing for any increase
in the amount of a facility or any additional facility; and

(xv)                            a time of day is a reference to Paris time;

(xvi)                         except as provided to the contrary in this Agreement, an accounting term
used in any of Clause 1.1 (Definitions), or Clause 18 (Financial Covenant) is
to be construed in accordance with the Accounting Principles;

(xvii)                      a liquidator, trustee in bankruptcy, judicial custodian, compulsory
manager, receiver, administrator receiver, administrator or similar officer
includes a curator/curateur, verefferaar/liquidateur, voorlopig bewindvoerder/administrateur  judiciaire, commissaris inzake opschorting/commissaire au sursis and sekwester/séquestre;

(xviii)                   a
security interest includes a mortgage (hypotheek/hypothèque),
a pledge (pand/nantissement), a
privilege (voorrecht/privilège),
a retention of title (eigendomsvoorbehoud/réserve
de propriété), a real surety (zakelijke
zekerheid/sûreté réelle), a transfer by way of security (overdracht ten titel van zekerheid/transfert à

 32
 

 titre de garantie) and a promise or mandate to create any of the security interest
mentioned above;

(xix)                           a person being unable to pay its debts is that person being in a state
of cessation of payments (staking van
betaling/cessation de paiements);

(xx)                              a composition includes gerechtelijk
akkoord/concordat judiciaire;

(xxi)                           an insolvency includes gerechtelijk
akkoord/concordat judiciaire, faillissement/faillite,
voorlopige ontneming van
beheer/déssaisissement provisoire and any other concurrence between
creditors (samenloop van
schuldeisers/concours des créanciers);

(xxii)                        a winding up, liquidation, administration or dissolution includes vereffening/liquidation, ontbinding/dissolution, faillissement/faillite and sluiting van een onderneming/fermeture d’enterprise;
and

(xxiii)                     an
attachment, sequestration, distress, execution or analogous events includes uitvoerend beslag/saisie exécutoire and bewarend beslag/saisie conservatoire.

(b)                                 Unless the contrary intention appears, a reference to a month or months
is a reference to a period starting on one day in a calendar month and ending
on the numerically corresponding day in the next calendar month or the calendar
month in which it is to end, except that:

(i)                                     if the numerically corresponding day is not a Business Day, the period
will end on the next Business Day in that month (if there is one) or the
preceding Business Day (if there is not);

(ii)                                  if there is no numerically corresponding day in that month, that period
will end on the last Business Day in that month; and

(iii)                               notwithstanding sub-paragraph (i) above, a period which commences on the
last Business Day of a month will end on the last Business Day in the next
month or the calendar month in which it is to end, as appropriate.

(c)                                  Unless expressly provided to the contrary in a Finance Document, a person
who is not a party to a Finance Document may not enforce any of its terms under
the Contracts (Rights of Third Parties) Act 1999 and, notwithstanding any term
of any Finance Document, no consent of any third party is required for any
amendment (including any release or compromise of any liability) or termination
of any Finance Document.

(d)                                 Unless the contrary intention appears:

(i)                                     a reference to a Party will not include that Party if it has ceased to
be a Party under this Agreement;

(ii)                                  unless otherwise stipulated, a word or expression used in any other
Finance Document or in any notice given in connection with any Finance Document
has the same meaning in that Finance Document or notice as in this Agreement;
and

(iii)                               any obligation of an Obligor under the Finance Documents which is not a
payment obligation remains in force for so long as any payment obligation of an
Obligor is or may be outstanding under the Finance Documents.

 33
 

(e)                                  The headings in this Agreement do not affect its interpretation.

2.                                      FACILITIES

2.1                               Term Loan B Facility

Subject
to the terms of this Agreement, the Lenders make available to the Borrowers a
term loan facility in an aggregate amount equal to the Total Term Loan B
Facility Commitments.

2.2                               Term Loan A Facility

Subject
to the terms of this Agreement, the Lenders make available to the Borrowers a
term loan facility in an aggregate amount equal to the Total Term Loan A
Facility Commitments.

2.3                               Term Loan C Facility

Subject to the terms of this Agreement, the Lenders make
available to the Borrowers a term loan facility in an aggregate amount equal to
the Total Term Loan C Facility Commitments.

2.4                               Revolving Facility

Subject
to the terms of this Agreement, the Lenders make available to the Borrowers a
revolving credit facility in an aggregate amount equal to the Total Revolving
Facility Commitments.

2.5                               Telenet Additional Facility

(a)                                  Any person may, subject to the terms of this Agreement, become a Lender
by delivering to the Facility Agent a Telenet Additional Facility Accession Agreement
in each case duly completed and executed by that person and the Borrower.  That person shall become a Lender on the date
specified in a Telenet Additional Facility Accession Agreement.

(b)                                 Upon the relevant person becoming a Lender, the Total Commitments shall
be increased by the amount set out in the relevant Telenet Additional Facility
Accession Agreement as that Lender’s Telenet Additional Facility Commitment.

(c)                                  Each Lender will grant to the Borrower a term or revolving loan facility
in the amount specified in the relevant Telenet Additional Facility Accession
Agreement in euros or U.S. Dollars during the Telenet Additional Facility
Availability Period specified in such Telenet Additional Facility Accession
Agreement, subject to the terms of this Agreement.

(d)                                 The execution by the Borrower of a Telenet Additional Facility Accession
Agreement constitutes confirmation by each Guarantor that its obligations under
Clause 15 (Guarantee and Indemnity) shall continue unaffected except that those
obligations shall extend to the Total Commitments as increased by the addition
of the relevant Lender’s Commitment and shall be owed to each Finance Party
including the relevant Lender.

(e)                                  The Company may only arrange a Telenet Additional Facility, and
paragraphs (a) to (d) above shall only take effect if:

(i)                                     after giving effect to the utilisation of the Total Telenet Additional
Facility Commitments under such Telenet Additional Facility, the ratio of Net
Total Debt to Consolidated Annualised EBITDA would not be greater than 5:1; and

 34
 

(ii)                                  the average maturity date of the Telenet Additional Facility (taking
into account any scheduled amortisation and any voluntary or mandatory
cancellation which is anticipated when the Telenet Additional Facility is
arranged) falls after the last Final Maturity Date.

2.6                               Overall facility limits

(a)                                  The aggregate amount of all outstanding advances under a Telenet
Additional Facility shall not at any time exceed the relevant Total Telenet
Additional Facility Commitments for that Telenet Additional Facility.

(b)                                 The aggregate amount of the participations of a Lender in advances under
a Telenet Additional Facility shall not at any time exceed that Lender’s
Telenet Additional Facility Commitment for that Telenet Additional Facility at
that time.

2.7                               Nature of a Finance Party’s rights and obligations

Unless
all the Finance Parties agree otherwise:

(a)                                  the obligations of a Finance Party under the Finance Documents are
several;

(b)                                 failure by a Finance Party to perform its obligations does not affect
the obligations of any other Party under the Finance Documents;

(c)                                  no Finance Party is responsible for the obligations of any other Finance
Party under the Finance Documents;

(d)                                 the rights of a Finance Party under the Finance Documents are separate
and independent rights;

(e)                                  a Finance Party may, except as otherwise stated in the Finance
Documents, separately enforce those rights; and

(f)                                    a debt arising under the Finance Documents to a Finance Party is a
separate and independent debt.

2.8                               Security Agent as creditor of the parallel debt

(a)                                  In this Clause:

Finance
Party Claim means any amount which an
Obligor owes to a Finance Party under or in connection with the Finance
Documents; and

Security
Agent Claim means any amount which an
Obligor owes to the Security Agent under this Clause.

(b)                                 Each Obligor must pay the Security Agent, as an independent and separate
creditor, an amount equal to and in the currency of each Finance Party Claim on
its due date.

(c)                                  The Security Agent may enforce performance of any Security Agent Claim
in its own name as an independent and separate right.  This includes any suit, execution,
enforcement of security, recovery of guarantees and applications for and voting
in respect of any kind of insolvency proceeding.

 35
 

(d)                                 Each Finance Party must, at the request of the Security Agent, perform
any act required in connection with the enforcement of any Security Agent
Claim.  This includes joining in any
proceedings as co-claimant with the Security Agent.

(e)                                  Unless the Security Agent fails to enforce a Security Agent Claim within
a reasonable time after its due date, a Finance Party may not take any action
to enforce the corresponding Finance Party Claim unless it is requested to do
so by the Security Agent.

(f)                                    Each Obligor irrevocably and unconditionally waives any right it may
have to require a Finance Party to join in any proceedings as co-claimant with
the Security Agent in respect of any Security Agent Claim.

(g)                                 Discharge by an Obligor of a Finance Party Claim will discharge the
corresponding Security Agent Claim in the same amount.

(h)                                 Discharge by an Obligor of a Security Agent Claim will discharge the
corresponding Finance Party Claim in the same amount.

(i)                                     The aggregate amount of the Security Agent Claims will never exceed the
aggregate amount of Finance Party Claims.

(j)                                     A defect affecting a Security Agent Claim against an Obligor will not
affect any Finance Party Claim.

(k)                                  A defect affecting a Finance Party Claim against an Obligor will not
affect any Security Agent Claim.

(l)                                     If the Security Agent returns to any Obligor, whether in any kind of
insolvency proceedings or otherwise, any recovery in respect of which it has
made a payment to a Finance Party, that Finance Party must repay an amount
equal to that recovery to the Security Agent.

(m)                               For the avoidance of doubt, the Security Agent Claims and Finance Party
Claims will rank pari passu.

(n)                                 Each of the Finance Parties hereby appoints the Security Agent as its
representative in the sense of Article 5 of the Belgian Financial Collateral
Act of 15 December 2004 (Wet van 15 december 2004
betreffende financiële zekerheden en houdende diverse fiscale bepalingen inzake
zakelijkezekerheidsovereenkomsten en leningen met betrekking tot financiële
instrumenten) for the purpose of creating the Share Pledge.

3.                                      PURPOSE

3.1                               Term Loan B Facility Loans, Term Loan A Facility Loans and Term Loan C
Facility Loans

(a)                                  Each Term Loan B Facility Loan and Term Loan A Facility Loan may only be
used, in the case of the first €1,300,000,000 available to be drawn:

(i)                                     to refinance by intercompany loans or repayment of amounts outstanding,
the Existing Senior Facility, the Senior Discount Notes and the Senior Notes;
and

(ii)                                  to pay any fees and expenses incurred in connection with the Facilities.

(b)                                 Any remaining Term Loan B Facility and Term Loan A Facility may only be
used:

 36
 

(i)                                     to fund a payment to the shareholders of the Company via a dividend or
intercompany loan to be upstreamed to SuperHoldco to fund a capital reduction;
and

(ii)                                  for the general corporate purposes of the Group (including financing a
Permitted Acquisition or Permitted Joint Venture).

(c)                                  Any Term Loan C Facility Loan may be used:

(i)                                     to fund a payment to the shareholders of the Company via a dividend or
intercompany loan to be upstreamed to SuperHoldco to fund a capital reduction;
and

(ii)                                  for the general corporate purposes of the Group (including financing a
Permitted Acquisition or Permitted Joint Venture).

3.2                               Revolving Facility Loans

Each
Revolving Facility Loan may only be used for the general corporate purposes of
the Group (including financing a Permitted Acquisition or Permitted Joint
Venture).

3.3                               Telenet Additional Facility Loans

Each
Telenet Additional Facility Loan may only be used for the general corporate
purposes of the Group (including funding the payment of permitted dividends or
intercompany loans by the Company, financing a Permitted Acquisition and/or
refinancing amounts outstanding under any other Facility (including any Telenet
Additional Facility)).

3.4                               No obligation to monitor

No
Finance Party is bound to monitor or verify the utilisation of a Facility.

4.                                      CONDITIONS PRECEDENT

4.1                               Conditions precedent documents

The
obligations of each Lender under Clause 5.4 (Advance of Loan) to make a Loan
are subject to the condition precedent that the Facility Agent has notified the
Company and the Lenders that it has received (or waived receipt of) all of the
documents and evidence set out in Part 1 of Schedule 2 (Conditions Precedent
Documents) in form and substance satisfactory to the Facility Agent.  The Facility Agent must give this
notification to the Company and the Lenders promptly upon being so satisfied.

4.2                               Further conditions precedent

The
obligations of each Lender to participate in any Loan are subject to the
further conditions precedent that on both the date of the Request and the
Utilisation Date for that Loan:

(a)                                  in the case of a Rollover Loan, no Event of Default is outstanding or
would result from the Loan; or

(b)                                 in any other case:

(i)                                     the Repeating Representations are, and will be immediately after the
Loan is drawn, correct in all material respects; and

(ii)                                  no Default is outstanding or would result from the Loan; and

 37
 

(iii)                               no change of control has occurred where the event has not been waived by
the Majority Lenders).

4.3                               Initial utilisation – pro forma covenant compliance

(a)                                  The Company may not request or obtain the first Loan under this
Agreement unless the Company certifies to the Facility Agent (providing
reasonable detail of the relevant calculations) that the ratio of Net Total
Debt to Consolidated Annualised EBITDA, taking the amount of such Loan into
account, would not be greater than 5.0:1.

(b)                                 For the purposes of paragraph (a) above, Consolidated Annualised EBITDA
shall be calculated by reference to Consolidated EBITDA for the most recent
financial quarter ending prior to the date of the proposed Loan multiplied by
four (with Consolidated EBITDA being calculated for that financial quarter on
the same basis as Consolidated EBITDA for a Measurement Period).

4.4                               Maximum number

Unless
the Facility Agent agrees, a Request may not be given if, as a result, there
would be more than 15 Loans outstanding.

5.                                      UTILISATION

5.1                               Giving of Requests

(a)                                  A Borrower may borrow a Loan by giving to the Facility Agent a duly
completed Request.

(b)                                 Unless the Facility Agent otherwise agrees, the latest time for receipt
by the Facility Agent of a duly completed Request is 10.00 a.m. (Paris time)
one Business Day before the Rate Fixing Day for the proposed borrowing.

(c)                                  Each Request is irrevocable.

5.2                               Completion of Requests

(a)                                  A Request for a Loan will not be regarded as having been duly completed
unless:

(i)                                     it identifies the Borrower;

(ii)                                  it identifies the Facility the Loan applies to;

(iii)                               the Utilisation Date is a Business Day falling within the relevant
Availability Period or the Telenet Additional Facility Availability Period (as
the case may be); and

(iv)                              the proposed Term complies with this Agreement.

(b)                                 Only one Loan may be requested in each subsequent Request.

(c)                                  No Requests may be delivered to the Facility Agent within 5 Business
Days of each other.

(d)                                 No Request for a Term Loan B Facility Loan may be submitted by a
Borrower until the Term Loan A Facility has been drawn in full or will be drawn
in full simultaneously with the relevant Term Loan B Facility Loan.

 38
 

(e)                                  No request for a Term Loan C Facility Loan may be submitted by a
Borrower until both the Term Loan B Facility and the Term Loan A Facility has
been drawn in full or will be drawn in full simultaneously with the relevant
Term Loan C Facility Loan.

5.3                               Amount of Loan

(a)                                  Except as provided below, the amount of a Loan must be a minimum amount
of €5,000,000 and an integral multiple of €1,000,000.

(b)                                 The amount of the Loan may also be the balance of the relevant undrawn
Total Commitments or such other amount as the Facility Agent (acting on behalf
of the Lenders) may agree.

5.4                               Advance of Loan

(a)                                  The Facility Agent must promptly notify each Lender of the details of
the requested Loan and the amount of its share in that Loan.

(b)                                 The amount of each Lender’s share of the Loan will be its Pro Rata Share
on the proposed Utilisation Date.

(c)                                  No Lender is obliged to participate in a Loan if, as a result:

(i)                                     its share in the Loans under a Facility would exceed its Commitment for
that Facility; or

(ii)                                  the Loans would exceed the Total Commitments.

(d)                                 If the conditions set out in this Agreement have been met, each Lender
must make its share in the Loan available to the Facility Agent for the
relevant Borrower through its Facility Office on the Utilisation Date.

6.                                      REPAYMENT

6.1                               Repayment of Term Loan B Facility Loans

All
amounts outstanding under the Term Loan B Facility must be repaid in full on
the Term Loan B Facility Final Maturity Date.

6.2                               Repayment of Term Loan A Facility Loans

All
amounts outstanding under the Term Loan A Facility must be repaid in full on
the Term Loan A Facility Final Maturity Date.

6.3                               Repayment of Term Loan C Facility Loans

All amounts outstanding under the Term Loan C Facility must
be repaid in full on the Term Loan C Facility Final Maturity Date.

6.4                               Repayment of Revolving Loans

(a)                                  Each Borrower must repay each Revolving Loan made to it in full on its
Maturity Date.

(b)                                 Subject to the other terms of this Agreement, any amounts repaid under
paragraph (a) above may be re-borrowed.

 39

6.5                               Repayment of Telenet Additional Facility Loans

Each
Telenet Additional Facility Loan will be repaid on such dates as the Company
and the Telenet Additional Facility Lenders may agree in the Telenet Additional
Facility Accession Agreement relating to that Telenet Additional Facility Loan.

7.                                      PREPAYMENT AND CANCELLATION

7.1                               Mandatory prepayment – illegality

(a)                                  A Lender must notify the Facility Agent and the Company promptly if it
becomes aware that it is unlawful in any applicable jurisdiction for that Lender
to perform any of its obligations under a Finance Document or to fund or
maintain its share in any Loan.

(b)                                 After notification under paragraph (a) above the Facility Agent must
notify the Company and:

(i)                                     each Borrower must repay or prepay the share of that Lender in each Loan
made to it on the date specified in paragraph (c) below; and

(ii)                                  the Commitments of that Lender will be immediately cancelled.

(c)                                  The date for repayment or prepayment of a Lender’s share in a Loan will
be:

(i)                                     the last day of the current Term of that Loan; or

(ii)                                  if earlier, the date specified by the Lender in the notification under
paragraph (a) above and which must not be earlier than the last day of any
applicable grace period allowed by law.

7.2                               Mandatory prepayment – change of control

(a)                                  For the purposes of this Clause:

a change of control occurs if: (i) any person or group of
persons (other than a Permitted Holder or Permitted Holders and other than
through a Permitted Holder) becomes the beneficial owner of a majority of the
aggregate voting power of all outstanding shares of the Company or otherwise
controls the Company; or (ii) no Permitted Holder controls (directly or
indirectly) the Company.

control
means the power of a person:

(i)                                 by means of the holding of shares or the possession of voting power in
or in relation to any other person; or

(ii)                              by virtue of any powers conferred by the articles of association or
other documents regulating any other person,

to
direct or cause the direction of the management and policies of that other
person;

Permitted
Holder means any of the following:

(i)                                     UGC Europe, Inc.;

(ii)                                  in the event of a Spin-Off, the Spin Parent and any Subsidiary of the
Spin Parent; and

 40
 

(iii)                               each Subsidiary of UGC Europe, Inc.;

Spin-Off
means a transaction by which all outstanding
ordinary shares of SuperHoldco or any of its Subsidiaries directly or
indirectly owned by Liberty Global, Inc. are distributed to all of Liberty
Global, Inc.’s shareholders in proportion to such shareholders’ holdings in
Liberty Global, Inc. at the time of such transaction either directly or
indirectly through the distribution of shares in a company holding such
SuperHoldco shares or Subsidiary’s shares; and

Spin
Parent means the company the shares of which are
distributed to the shareholders of Liberty Global, Inc. pursuant to the
Spin-Off.

(b)                                 The Company must promptly notify the Facility Agent if it becomes aware
of any change of control.

(c)                                  After a change of control, if the Majority Lenders so require, the
Facility Agent must, by notice to the Company:

(i)                                     cancel the Total Commitments; and

(ii)                                  declare all outstanding Loans, together with accrued interest and all
other amounts accrued under the Finance Documents, to be due and payable on a
date not less than 30 days after the date of that notice.

Any
such notice will take effect in accordance with its terms.

7.3                               Mandatory prepayment from disposal proceeds

(a)                                  Other than as provided in paragraphs (b) and (c) below, on a Permitted
Disposal (other than a disposal in accordance with paragraphs (a) to (n) of the
definition of Permitted Disposals), the Company shall, upon receipt of the
proceeds of such Permitted Disposal, immediately prepay an amount of the
Facilities equal to five times the Annualised EBITDA of the person or asset disposed
of for the most recent Measurement Period for which financial statements have
been delivered pursuant to Clause 17.1(a) (Financial statements), provided that
the amount to be prepaid shall not exceed the Net Proceeds.

For
the purposes of this paragraph (a), Annualised EBITDA of a person or asset for
a Measurement Period shall be the earnings before interest, tax, depreciation
and amortisation for the two financial quarters ending on the last day of that
Measurement Period multiplied by two.

(b)                                 No prepayment in accordance with paragraph (a) above is required where
the amount of any such prepayment in respect of one or a series of connected
transactions would be less than €200,000,000.

(c)                                  No prepayment is required in accordance with paragraph (a) above in
connection with any Permitted Disposal where an amount equal to the amount that
would otherwise be required to be prepaid under paragraph (a) above is promptly
deposited in a Blocked Account (as defined in Clause 7.4 (Date for prepayment)
below) on terms that the principal amount deposited may only be released in
order to make prepayments in accordance with this Clause 7.3 or to reinvest in
assets in the Permitted Business (for the avoidance of doubt, including
Permitted Acquisitions and Capital Expenditure).  Any amount so deposited that has not been so
reinvested (or contracted to be so reinvested) within 12 months of the relevant
Permitted Disposal shall be applied in prepayment of the Facilities.

 41
 

7.4                               Date for prepayment

Each
amount of the Facilities to be prepaid under Clause 7.3 (Mandatory prepayment
from disposal proceeds) and Clause 18.4 (Cure provisions) shall be applied in
prepayment of the Facility within the period required by the relevant Clause or
deposited before the end of such period with the Security Agent in an account
(or accounts) (each a Blocked Account)
in the name of any Obligor bearing interest at rates customarily offered by the
Security Agent in such circumstances, secured (if requested by the Security
Agent) by a first ranking pledge in favour of the Security Agent on behalf of
the Beneficiaries, in form and substance satisfactory to the Security Agent
together with such other documents and evidence and legal opinions as the
Security Agent may reasonably require, at the Obligors’ expense, on terms that
the principal amount so deposited may only be released by making the relevant
prepayment on the last day of the Term or (as applicable) Terms falling immediately
thereafter, in accordance with Clause 7.5 (Order of application), until the
prepayment obligations under Clause 7.3 (Mandatory prepayment from disposal
proceeds) and Clause 18.4 (Cure provisions) have been satisfied or otherwise as
permitted under Clause 7.3(c) above.

7.5                               Order of application

(a)                                  The amount of each prepayment of the Facilities made under Clause 7.3
(Mandatory prepayment from disposal proceeds) and Clause 18.4 (Cure provisions)
shall be applied:

(i)                                     first against the Term Loan B Facility, the Term Loan A Facility, the
Term Loan C Facility and the Telenet Additional Facilities that are term loan
facilities in such proportion as may be specified to the Facility Agent by the
Company not less than two Business Days before the date on which the prepayment
is due to be made and against all the outstanding Loans made under the relevant
Facility pro rata; and

(ii)                                  second against the Revolving Facility and any Telenet Additional
Facility that is a revolving facility in such proportion as may be specified to
the Facility Agent by the Company not less than two Business Days before the
date on which the prepayment is due to be made and against all the outstanding
Loans made under the relevant Facility pro rata,

in
each case with a corresponding permanent cancellation of the relevant
Commitments (pro rata between the Commitments
of the Lenders under the relevant Facility).

(b)                                 If the Company does not give a notice to the Facility Agent specifying
how amounts are to be applied in prepayment under Clause 7.3 (Mandatory
prepayment from disposal proceeds) within the time period specified in
paragraph (a) above, the amount of the relevant prepayment shall be applied
against all outstanding Term Loans pro rata in
accordance with paragraph (a) above.

7.6                               Voluntary prepayment

(a)                                  The Company may, by giving not less than five Business Days’ prior
notice to the Facility Agent, prepay (or ensure that a Borrower prepays) any
Loan at any time in whole or in part.

(b)                                 A prepayment of part of a Loan must be in a minimum amount of €5,000,000
and an integral multiple of €1,000,000.

 42
 

7.7                               Automatic cancellation

The
Commitments of each Lender under a Facility will be automatically cancelled at
the close of business on the last day of the Availability Period for that Facility.

7.8                               Voluntary cancellation

(a)                                  Subject to paragraph (b) below, the Company may, by giving not less than
five Business Days’ prior notice to the Facility Agent, cancel the unutilised
amount of the Total Commitments in whole or in part.

(b)                                 The Company must first cancel the whole of the unutilised Total Term Loan C Facility Commitment before
it can cancel the unutilised amount of any other Total Commitment.

(c)                                  Partial cancellation of the Total Commitments must be in a minimum
amount of €5,000,000 and an integral multiple of €1,000,000.

(d)                                 Any cancellation in part will be applied against the relevant Commitment
of each Lender pro rata.

7.9                               Right of repayment and cancellation of a single Lender

(a)                                  If an Obligor is, or will be, required to pay to a Lender:

(i)                                     a Tax Payment; or

(ii)                                  an Increased Cost,

the
Company may, while the requirement continues, give notice to the Facility Agent
requesting prepayment and cancellation in respect of that Lender.

(b)                                 After notification under paragraph (a) above:

(i)                                     each Borrower must repay or prepay that Lender’s share in each Loan made
to it on the date specified in paragraph (c) below; and

(ii)                                  the Commitments of that Lender will be immediately cancelled.

(c)                                  The date for repayment or prepayment of a Lender’s share in a Loan will
be:

(i)                                     the last day of the current Term for that Loan; or

(ii)                                  if earlier, the date specified by the Company in its notification.

7.10                        Prepayment of Term Loans

(a)                                  Any partial prepayment of a Term Loan will be applied against the
participations of the Lenders in that Loan pro
rata.

(b)                                 No amount of a Term Loan prepaid under this Agreement may subsequently
be re-borrowed.

 43
 

7.11                        Re-borrowing of Revolving Loans

Any
voluntary prepayment of a Revolving Loan under Clause 7.6 (Voluntary
prepayment) may be re-borrowed on the terms of this Agreement.  Any other prepayment of a Revolving Loan may
not be re-borrowed.

7.12                        Miscellaneous provisions

(a)                                  Any notice of prepayment and/or cancellation under this Agreement is
irrevocable and must specify the relevant date(s) and the affected Loans and
Commitments.  The Facility Agent must
notify the Lenders promptly of receipt of any such notice.

(b)                                 All prepayments under this Agreement must be made with accrued interest
on the amount prepaid.  No premium or
penalty is payable in respect of any prepayment except for Break Costs.

(c)                                  The Majority Lenders may agree a shorter notice period for a voluntary
prepayment or a voluntary cancellation.

(d)                                 No prepayment or cancellation is allowed except in accordance with the
express terms of this Agreement.

(e)                                  No amount of the Total Commitments cancelled under this Agreement may
subsequently be reinstated.

7.13                        Roll in to UPCB Facility

(a)                                  Subject to the provisions of this Subclause, at any time, by not less than
5 Business Days’ notice to the Facility Agent substantially in the form of
Schedule 11 (Form of Additional Facility Notice) (an Additional Facility Notice) and stating the proposed effective
date, which effective date must be a Business Day and a UPC Business Day (the Conversion Effective Date), the Company may require:

(i)                                     each Original Lender; and

(ii)                                  each Telenet Additional Facility Lender who has at the Conversion
Effective Date advanced Telenet Additional Facility Loans to the Borrower,

to
become (and each such Lender must become) an Additional Facility Lender under
clause 2.2 (Additional Facilities) of the UPC Facility Agreement by
delivery to the UPC Facility Agent, no later than the Conversion Effective
Date, of Additional Facility Accession Agreements, each in the form of Schedule
12 (Additional Facility Accession Agreement) (with such changes (if any) as may
be agreed between the Lenders, UPCB and the UPC Facility Agent.  Where a Lender that is not a U.S. Person
elects to lend to UPC Financing Partnership and not to UPC B pursuant to an
Additional Facility Accession Agreement the Lender shall provide those forms
described in Clause 11.5 (U.S. Taxes) to the Facility Agent (with a copy to the
Borrower (as defined in the UPC Facility Agreement)).

(b)                                 Paragraph (a) above shall not be effective unless:

(i)                                     on the date of the Additional Facility Notice:

(A)                              no Event of Default has occurred and is continuing; and

 44
 

(B)                                no Default under (and as defined in) the UPC Facility Agreement has
occurred and is continuing or would occur as a result of the effectiveness of
the Additional Facility Notice; and

(ii)                                  on the date of the Additional Facility Notice and the proposed
Conversion Effective Date:

(A)                              the Majority Lenders have consented to: (i) any changes that have been
made to clauses 17.2(a) (Financial ratios) or 17.4 (Cure provisions) of the UPC
Facility Agreement; (ii) any changes that have been made to any of the defined
financial terms used in that clause 17.2(a); and (iii) any breaches or events
of default relating to that clause 17.2(a) that have either been waived in
accordance with the terms of the UPC Facility Agreement or have not been cured
in accordance with the terms of clause 17.4 (Cure provisions) of the UPC
Facility Agreement, after the date of this Agreement; and

(B)                                a Permitted Holder (or Permitted Holders) (as defined in Clause 7.2(a))
beneficially owns, directly or indirectly, at least 75 per cent. of the
aggregate voting power of all outstanding shares of the Company.

(c)                                  The Lenders agree that the UPC Facility Agent be authorised to sign on
their behalf any Additional Facility Accession Agreement substantially in the
same form as that set out in Schedule 12 (Additional Facility Accession
Agreement) (with such changes as all the Lenders may approve) to be entered
into pursuant to this Clause and the UPC Facility Agent is authorised to
complete any Additional Facility Accession Agreement by setting out details of
each Lender and each Lender’s Commitment, which shall be:

(i)                                     each Original Lender as at the date of the relevant Additional Facility
Accession Agreement and an amount equal to that Original Lender’s aggregate
Commitments under the Term Loan A Facility, Term Loan B Facility and Revolving
Facility and the amount of its Telenet Additional Facility Commitment (if any)
as at the date of the relevant Additional Facility Accession Agreement; or

(ii)                                  if all Original Lenders have (as will on the relevant Conversion
Effective Date) become Additional Facility Lenders, each Telenet Additional
Facility Lender under a Telenet Additional Facility that is the subject of a
notice from the Company under Clause 7.13(a) (Roll in to UPCB Facility).

(d)                                 Each Lender agrees that its right to be prepaid under this Clause 7.13
from the proceeds of the Additional Facility Advance made pursuant to an
Additional Facility Accession Agreement shall be netted against its obligations
to fund its participation in that Additional Facility Advance as an Additional
Facility Lender under the relevant Additional Facility Accession Agreement.

(e)                                  The Company shall procure that any Additional Facility Advances made
pursuant to an Additional Facility Accession Agreement are used solely for the
purposes permitted under that Additional Facility Accession Agreement.

(f)                                    For the avoidance of doubt the Finance Parties shall not be entitled to
any fees for entering into an Additional Facility Accession Agreement pursuant
to this Clause.

 45
 

8.                                      INTEREST

8.1                               Calculation of interest

The
rate of interest on each Loan for each Term is the percentage rate per annum
equal to the aggregate of the applicable:

(a)                                  Margin;

(b)                                 EURIBOR; and

(c)                                  Mandatory Cost.

8.2                               Payment of interest

Except
where it is provided to the contrary in this Agreement, each Borrower must pay
accrued interest on each Loan made to it on the last day of each Term and also,
if the Term is longer than six months, on the dates falling at six-monthly
intervals after the first day of that Term.

8.3                               Interest on overdue amounts

(a)                                  If an Obligor fails to pay any amount payable by it under the Finance
Documents, it must immediately on demand by the Facility Agent pay interest on
the overdue amount from its due date up to the date of actual payment, both
before, on and after judgment.

(b)                                 Interest on an overdue amount is payable at a rate determined by the
Facility Agent to be one per cent. per annum above the rate which would have
been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount.  For this purpose, the Facility Agent may
(acting reasonably):

(i)                                     select successive Terms of any duration of up to three months; and

(ii)                                  determine the appropriate Rate Fixing Day for that Term.

(c)                                  Notwithstanding paragraph (b) above, if the overdue amount is a
principal amount of a Loan and becomes due and payable before the last day of
its current Term, then:

(i)                                     the first Term for that overdue amount will be the unexpired portion of
that Term; and

(ii)                                  the rate of interest on the overdue amount for that first Term will be
one per cent. per annum above the rate then payable on that Loan.

After
the expiry of the first Term for that overdue amount, the rate on the overdue
amount will be calculated in accordance with paragraph (b) above.

(d)                                 Interest (if unpaid) on an overdue amount will be compounded with that
overdue amount at the end of each of its Terms but will remain immediately due
and payable.

8.4                               Notification of rates of interest

The
Facility Agent must promptly notify each relevant Party of the determination of
a rate of interest under this Agreement.

 46
 

9.                                      TERMS

9.1                               Selection – Term Loans

(a)                                  Each Term Loan has successive Terms.

(b)                                 A Borrower must select the first Term for a Term Loan in the relevant
Request and each subsequent Term in an irrevocable notice received by the Facility
Agent not later than 10.00 a.m. (Paris time) three Business Days before
the Rate Fixing Day for that Term.  Each
Term for a Term Loan will start on its Utilisation Date or on the expiry of its
preceding Term.

(c)                                  If a Borrower fails to select a Term for an outstanding Term Loan under
paragraph (b) above, that Term will, subject to the other provisions of this
Clause, be three months.

(d)                                 Subject to the following provisions of this Clause, each Term for a Term
Loan will be one, two, three or six months or:

(i)                                     any shorter period agreed by the Company and the Facility Agent; or

(ii)                                  any longer period agreed by the Company and the Majority Lenders.

(e)                                  Until the Mandated Lead Arrangers have notified the Company that
Syndication has been completed, each Term for a Term Loan will be one month or
such shorter period as the Company and the Mandated Lead Arrangers shall agree.

9.2                               Selection – Revolving Loans

(a)                                  Each Revolving Loan has one Term only.

(b)                                 A Borrower must select the Term for a Revolving Loan in the relevant
Request.

(c)                                  Subject to the following provisions of this Clause, each Term for a
Revolving Loan will be one, two, three or six months or any other period agreed
by the Company and the Facility Agent.

(d)                                 Until the Mandated Lead Arrangers have notified the Company that
Syndication has been completed, each Term for a Revolving Loan will be one
month or such period as the Company and the Mandated Lead Arrangers shall
agree.

9.3                               Consolidation – Term Loans

Unless
a Borrower otherwise requests a Term for a Term Loan will end on the same day
as the current Term for any other Term Loan denominated in the same currency as
that Term Loan and borrowed by that Borrower under the same Facility.  On the last day of those Terms, those Term
Loans will be consolidated and treated as one Term Loan under the relevant
Facility.

9.4                               No overrunning the Final Maturity Date

If a
Term in respect of a Loan under a Facility would otherwise overrun the Final
Maturity Date for that Facility, it will be shortened so that it ends on the
Final Maturity Date for that Facility.

 47
 

9.5                               Other adjustments

The
Facility Agent and the Company may enter into such other arrangements as they
may agree for the adjustment of Terms and the consolidation and/or splitting of
Loans under a Facility.

9.6                               Notification

The
Facility Agent must notify each relevant Party of the duration of each Term
promptly after ascertaining its duration.

10.                               MARKET DISRUPTION

10.1                        Failure of a Reference Bank to supply a rate

If
LIBOR/EURIBOR is to be calculated by reference to the Reference Banks but a
Reference Bank does not supply a rate by 12.00 noon (local time) on a Rate
Fixing Day, the applicable LIBOR/EURIBOR will, subject as provided below, be
calculated on the basis of the rates of the remaining Reference Banks.

10.2                        Market disruption

(a)                                  In this Clause, each of the following events is a market
disruption event:

(i)                                     LIBOR/EURIBOR is to be calculated by reference to the Reference Banks
but no, or only one, Reference Bank supplies a rate by 12.00 noon (local time)
on the Rate Fixing Day; or

(ii)                                  the Facility Agent receives by close of business on the Rate Fixing Day
notification from Lenders whose shares in the relevant Loan exceed 35 per cent.
of that Loan that the cost to them of obtaining matching deposits in the
relevant interbank market is in excess of LIBOR/EURIBOR for the relevant Term.

(b)                                 The Facility Agent must promptly notify the Company and the Lenders of a
market disruption event.

(c)                                  After notification under paragraph (b) above, the rate of interest on
each Lender’s share in the affected Loan for the relevant Term will be the
aggregate of the applicable:

(i)                                     Margin;

(ii)                                  rate notified to the Facility Agent by that Lender as soon as
practicable, and in any event before interest is due to be paid in respect of
that Term, to be that which expresses as a percentage rate per annum the cost
to that Lender of funding its share in that Loan from whatever source it may
reasonably select; and

(iii)                               Mandatory Cost.

10.3                        Alternative basis of interest or funding

(a)                                  If a market disruption event occurs and the Facility Agent or the
Company so requires, the Company and the Facility Agent must enter into
negotiations for a period of not more than 30 days with a view to agreeing an
alternative basis for determining the rate of interest and/or funding for the
affected Loan.

 48
 

(b)                                 Any alternative basis agreed will be, with the prior consent of all the
Lenders, binding on all the Parties.

11.                               TAXES

11.1                        General

In
this Clause Tax Credit means a credit against
any Tax or any relief or remission for Tax (or its repayment).

11.2                        Tax gross-up

(a)                                  Each Obligor must make all payments to be made by it under the Finance
Documents without any Tax Deduction, unless a Tax Deduction is required by law.

(b)                                 If:

(i)                                     Lender is not, or ceases to be, a Qualifying Lender; or

(ii)                                  an Obligor or a Lender is aware that an Obligor must make a Tax
Deduction (or that there is a change in the rate or the basis of a Tax
Deduction),

it
must promptly notify the Facility Agent. The Facility Agent must then promptly
notify the affected Parties.

(c)                                  Except as provided below, if a Tax Deduction is required by law to be
made by an Obligor or the Facility Agent, the amount of the payment due from
the Obligor will be increased to an amount which (after making the Tax
Deduction) leaves an amount equal to the payment which would have been due if
no Tax Deduction had been required.

(d)                                 Except as provided below, an Obligor is not required to make an
increased payment under paragraph (c) above to a Lender that is not, or has
ceased to be, a Qualifying Lender in respect of that Obligor in excess of the
amount that the Obligor would have had to pay had the Lender been, or not
ceased to be, a Qualifying Lender in respect of that Obligor.

(e)                                  Paragraph (d) above will not apply if the Lender has ceased to be a
Qualifying Lender by reason of any change after the date it became a Lender
under this Agreement in (or in the interpretation, administration, or
application of) any law or double taxation agreement or Double Tax Treaty or
any published practice or concession of any relevant taxing authority.

(f)                                    If an Obligor is required to make a Tax Deduction, that Obligor must
make the minimum Tax Deduction allowed by law and must make any payment
required in connection with that Tax Deduction within the time allowed by law.

(g)                                 Within 30 days of making either a Tax Deduction or a payment required in
connection with a Tax Deduction, the Obligor making that Tax Deduction must
deliver to the Facility Agent for the relevant Finance Party evidence
satisfactory to that Finance Party (acting reasonably) that the Tax Deduction
has been made or (as applicable) the appropriate payment has been paid to the
relevant taxing authority.

11.3                        Tax indemnity

(a)                                  Except as provided below, the Company must indemnify a Finance Party
against any loss or liability which that Finance Party (in its absolute
discretion) determines will be or has been 

 49
 

suffered
(directly or indirectly) by that Finance Party for or on account of Tax in
relation to a payment received or receivable (or any payment deemed to be
received or receivable) under a Finance Document.

(b)                                 Paragraph (a) above does not apply to any Tax assessed on a Finance
Party under the laws of the jurisdiction in which:

(i)                                     that Finance Party is incorporated or, if different, the jurisdiction
(or jurisdictions) in which that Finance Party has a Facility Office and is
treated as resident for tax purposes; or

(ii)                                  that Finance Party’s Facility Office is located in respect of amounts
received or receivable in that jurisdiction,

if
that Tax is imposed on or calculated by reference to the net income received or
receivable by that Finance Party. 
However, any payment deemed to be received or receivable, including any
amount treated as income but not actually received by the Finance Party, such
as a Tax Deduction, will not be treated as net income received or receivable
for this purpose.

(c)                                  A Finance Party making, or intending to make, a claim under paragraph
(a) above must promptly notify the Company of the event which will give, or has
given, rise to the claim.

11.4                        Tax Credit

If
an Obligor makes a Tax Payment and the relevant Finance Party (in its absolute
discretion) determines that:

(a)                                  a Tax Credit is attributable to that Tax Payment; and

(b)                                 it has used and retained that Tax Credit,

the
Finance Party must pay an amount to the Obligor which that Finance Party
determines (in its absolute discretion) will leave it (after that payment) in
the same after-tax position as it would have been if the Tax Payment had not
been required to be made by the Obligor.

11.5                        U.S. Taxes

A
U.S. Borrower shall not be required to pay any additional amount pursuant to
Clause 11.2 (Tax gross-up) in respect of Taxes of the United States or any
political subdivision thereof which arise or are imposed as a result of the
failure of a Lender to provide the forms described in Clauses 11.5(a) or (b),
or a connection of a Lender as described in Clause 11.5(c) below, with respect
to a sum payable by it pursuant to this Agreement to a Lender if on the date
such Lender becomes a Party to this Agreement or has designated a new Facility
Office either:

(a)                                  in the case of a Lender which is not a U.S. person,

(i)                                     such Lender has not provided the Borrower with two accurate and complete
original signed copies including all necessary attachments of (i) U.S. Internal
Revenue Service Form W-8BEN (or successor form) or (ii) U.S. Internal Revenue
Service Form W-8ECI (or successor form), or (iii) (if appropriate)
Internal Revenue Service Form W-8IMY, certifying, in each case, to such Lender’s
entitlement as of such date to a complete exemption from United 

 50
 

States withholding with respect to all amounts payable
pursuant to the Finance Documents; or

(ii)                                  after the date such Lender becomes a Party to this Agreement, when a
lapse in time or change in circumstances renders the previous certification of
such Lender made pursuant to Clause 11.5(a)(i) above obsolete or inaccurate,
such Lender has not delivered to the Company two new accurate and complete
original signed copies of U.S. Internal Revenue Service Form W-8ECI or Form
W-8BEN, as the case may be, and such other forms as may be required in order to
confirm or establish the entitlement of such Lender to a continued exemption
from United States withholding tax with respect to amounts payable pursuant to
the Finance Documents;

(b)                                 in the case of a Lender which is a U.S. Person,

(i)                                     such Lender has not provided the Borrower with two accurate and complete
original signed copies, including all necessary attachments, of U.S. Internal
Revenue Service Form W-9 (or successor form); or

(ii)                                  after the date such Lender becomes a Party to this Agreement, when a
lapse in time or change in circumstances renders the previous certification of
such Lender made pursuant to Clause 11.5(b)(i) above obsolete or inaccurate,
such Lender has not delivered to the Company two new accurate and complete
original signed copies of U.S. Internal Revenue Service Form W-9, as the case
may be, and such other forms as may be required in order to confirm or
establish the entitlement of such Lender to a continued exemption from Untied
States withholding tax with respect to amounts payable pursuant to the Finance
Documents; or

(c)                                  such Lender is subject to such Tax by reason of any connection between
the jurisdiction imposing such Tax and the Lender or its Facility Office other
than a connection arising solely from this Agreement or any transaction
contemplated hereby.

11.6                        Stamp taxes

The
Company must pay and indemnify each Finance Party against any stamp duty,
registration or other similar Tax payable in connection with the entry into,
performance or enforcement of any Finance Document, except for any such Tax
payable in connection with the entry into a Transfer Certificate.

11.7                        Value added taxes

Any
amount payable under a Finance Document by an Obligor is exclusive of any value
added tax or any other Tax of a similar nature which might be chargeable in
connection with that amount.  If any such
Tax is chargeable, the Obligor must pay to the Finance Party (in addition to
and at the same time as paying that amount) an amount equal to the amount of
that Tax.

Where
a Finance Document requires any Party to reimburse a Finance Party for any
costs or expenses, that Party must also at the same time pay and indemnify the
Finance Party against all value added tax or any other Tax of a similar nature
incurred by the Finance Party in respect of those costs or expenses but only to
the extent that the Finance Party (acting reasonably) determines that neither
it nor any other member of any group of which it is a 

 51
 

member
for value added tax purposes is entitled to credit or repayment from the
relevant tax authority in respect of the Tax.

11.8                        Confirmation by Lenders

Each
Initial Original Lender hereby confirms that, as at the date of this Agreement,
it is a Qualifying Lender.

12.                               INCREASED COSTS

12.1                        Increased Costs

Except as provided below in this Clause, the Company
must pay to a Finance Party the amount of any Increased Cost incurred by that
Finance Party or any of its Affiliates as a result of:

(a)                                  the introduction of, or any change in, or any change in the
interpretation, administration or application of, any law or regulation; or

(b)                                 compliance with any law or regulation made after the date of this
Agreement.

12.2                        Exceptions

The
Company need not make any payment for an Increased Cost to the extent that the
Increased Cost is:

(a)                                  compensated for under another Clause or would have been but for an
exception to that Clause;

(b)                                 attributable to a Finance Party or its Affiliate wilfully failing to
comply with any law or regulation; or

(c)                                  attributable to the implementation or application of or compliance with
the “International Convergence of Capital Measurement and Capital Standards, a
Revised Framework” published by the Basel Committee on Banking Supervision in
June 2004 in the form existing on the date of this Agreement (Basel II) or any other law or regulation
which implements Basel II (whether such implementation, application or
compliance is by a government, regulator, Finance Party or any of its
Affiliates).

12.3                        Claims

A
Finance Party intending to make a claim for an Increased Cost must notify the
Facility Agent of the circumstances giving rise to and the amount of the claim,
following which the Facility Agent will promptly notify the Company.

Each
Finance Party must, as soon as practicable after a demand by the Facility
Agent, provide a certificate confirming the amount of its Increased Cost.

13.                               MITIGATION

13.1                        Mitigation

(a)                                  Each Finance Party must, in consultation with the Company, take all
reasonable steps to mitigate any circumstances which arise and which result or
would result in:

 52
 

(i)                                     any Tax Payment or Increased Cost being payable to that Finance Party;

(ii)                                  that Finance Party being able to exercise any right of prepayment and/or
cancellation under this Agreement by reason of any illegality; or

(iii)                               that Finance Party incurring any cost of complying with the minimum
reserve requirements of the European Central Bank,

including
transferring its rights and obligations under the Finance Documents to an
Affiliate or changing its Facility Office.

(b)                                 Paragraph (a) above does not in any way limit the obligations of any
Obligor under the Finance Documents.

(c)                                  The Company must indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of any step taken by it
under this Subclause.

(d)                                 A Finance Party is not obliged to take any step under this Subclause if,
in the opinion of that Finance Party (acting reasonably), to do so may
reasonably be expected to be prejudicial to it.

13.2                        Conduct of business by a Finance Party

No
term of this Agreement will:

(a)                                  interfere with the right of any Finance Party to arrange its affairs
(Tax or otherwise) in whatever manner it thinks fit;

(b)                                 oblige any Finance Party to investigate or claim any credit, relief,
remission or repayment available to it in respect of Tax or the extent, order
and manner of any claim; or

(c)                                  oblige any Finance Party to disclose any information relating to its
affairs (Tax or otherwise) or any computation in respect of Tax.

14.                               PAYMENTS

14.1                        Place

Unless
a Finance Document specifies that payments under it are to be made in another
manner, all payments by a Party (other than the Facility Agent) under the
Finance Documents must be made to the Facility Agent to its account at such
office or bank in the principal financial centre of a Participating Member
State or London, as it may notify to that Party for this purpose by not less
than five Business Days’ prior notice.

14.2                        Funds

Payments
under the Finance Documents to the Facility Agent must be made for value on the
due date at such times and in such funds as the Facility Agent may specify to
the Party concerned as being customary at the time for the settlement of
transactions in that currency in the place for payment.

14.3                        Distribution

(a)                                  Each payment received by the Facility Agent under the Finance Documents
for another Party must, except as provided below, be made available by the
Facility Agent to that Party by 

 53
 

payment
(as soon as practicable after receipt) to its account with such office or bank
in the principal financial centre of a Participating Member State or London, as
it may notify to the Facility Agent for this purpose by not less than five
Business Days’ prior notice.

(b)                                 The Facility Agent may (with the consent and at the expense of the
Company) apply any amount received by it for an Obligor in or towards payment
(as soon as practicable after receipt) of any amount due from that Obligor
under the Finance Documents or in or towards the purchase of any amount of any
currency to be so applied.

(c)                                  Where a sum is paid to the Facility Agent under this Agreement for
another Party, the Facility Agent is not obliged to pay that sum to that Party
until it has established that it has actually received it.  However, the Facility Agent may assume that
the sum has been paid to it, and, in reliance on that assumption, make
available to that Party a corresponding amount. 
If it transpires that the sum has not been received by the Facility
Agent, that Party must immediately on demand by the Facility Agent refund any
corresponding amount made available to it together with interest on that amount
from the date of payment to the date of receipt by the Facility Agent at a rate
calculated by the Facility Agent to reflect its cost of funds.

14.4                        Currency

(a)                                  Unless a Finance Document specifies that payments under it are to be
made in a different manner, the currency of each amount payable under the
Finance Documents is determined under this Clause.

(b)                                 Amounts payable in respect of Taxes, fees, costs and expenses are
payable in the currency in which they are incurred.

(c)                                  Each other amount payable under the Finance Documents is payable in euro
or U.S. Dollars (as applicable).

14.5                        No set-off or counterclaim

All
payments made by an Obligor under the Finance Documents must be calculated and
made without (and free and clear of any deduction for) set-off or counterclaim.

14.6                        Business Days

(a)                                  If a payment under the Finance Documents is due on a day which is not a
Business Day, the due date for that payment will instead be the next Business
Day in the same calendar month (if there is one) or the preceding Business Day
(if there is not) or whatever day the Facility Agent determines is market practice.

(b)                                 During any extension of the due date for payment of any principal under
this Agreement interest is payable on that principal at the rate payable on the
original due date.

14.7                        Partial payments

(a)                                  If any Administrative Party receives a payment insufficient to discharge
all the amounts then due and payable by the Obligors under the Finance
Documents, the Administrative Party must apply that payment towards the
obligations of the Obligors under the Finance Documents in the following order:

 54
 

(i)                                     first, in
or towards payment pro rata of any unpaid fees, costs and expenses of the
Administrative Parties under the Finance Documents;

(ii)                                  secondly, in or towards
payment pro rata of any accrued interest or fee due but unpaid under this
Agreement;

(iii)                               thirdly, in
or towards payment pro rata of any principal amount due but unpaid under this
Agreement; and

(iv)                              fourthly, in
or towards payment pro rata of any other sum due but unpaid under the Finance
Documents.

(b)                                 The Facility Agent must, if so directed by all the Lenders, vary the
order set out in sub-paragraphs (a)(ii) to (iv) above.

(c)                                  This Subclause will override any appropriation made by an Obligor.

14.8                        Timing of payments

If a
Finance Document does not provide for when a particular payment is due, that
payment will be due within three Business Days of demand by the relevant
Finance Party.

15.                               GUARANTEE AND INDEMNITY

15.1                        Guarantee and indemnity

(a)                                  Subject to Subclause 15.9 (Limitations) each Guarantor jointly and
severally and irrevocably and unconditionally:

(i)                                     guarantees to each Finance Party punctual performance by each Obligor of
all its obligations under the Finance Documents;

(ii)                                  undertakes with each Finance Party that, whenever an Obligor does not
pay any amount when due under or in connection with any Finance Document, it
must immediately on demand by the Facility Agent pay that amount as if it were
the principal obligor in respect of that amount; and

(iii)                               indemnifies each Finance Party immediately on demand against any loss or
liability suffered by that Finance Party if any obligation guaranteed by it is
or becomes unenforceable, invalid or illegal; the amount of the loss or
liability under this indemnity will be equal to the amount the Finance Party
would otherwise have been entitled to recover.

(b)                                 This guarantee is an independent guarantee and not a surety
(borg/cautionment).

15.2                        Continuing guarantee

This
guarantee is a continuing guarantee and will extend to the ultimate balance of
all sums payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

15.3                        Reinstatement

(a)                                  If any discharge (whether in respect of the obligations of any Obligor
or any security for those obligations or otherwise) or arrangement is made in
whole or in part on the faith of any 

 55
 

payment,
security or other disposition which is avoided or must be restored on
insolvency, liquidation, administration or otherwise without limitation, the
liability of each Guarantor under this Clause will continue or be reinstated as
if the discharge or arrangement had not occurred.

(b)                                 Each Finance Party may concede or compromise any claim that any payment,
security or other disposition is liable to avoidance or restoration.

15.4                        Waiver of defences

The
obligations of each Guarantor under this Clause will not be affected by any
act, omission or thing which, but for this provision, would reduce, release or
prejudice any of its obligations under this Clause (whether or not known to it
or any Finance Party).  This includes:

(a)                                  any time or waiver granted to, or composition with, any person;

(b)                                 any release of any person under the terms of any composition or
arrangement;

(c)                                  the taking, variation, compromise, exchange, renewal or release of, or
refusal or neglect to perfect, take up or enforce, any rights against, or
security over assets of, any person;

(d)                                 any non-presentation or non-observance of any formality or other
requirement in respect of any instrument or any failure to realise the full
value of any security;

(e)                                  any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of any person;

(f)                                    any amendment (however fundamental) of a Finance Document or any other
document or security;

(g)                                 any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Finance Document or any other document or
security; or

(h)                                 any insolvency or similar proceedings.

15.5                        Immediate recourse

(a)                                  Each Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or
enforce any other right or security or claim payment from any person before
claiming from that Guarantor under this Clause.

(b)                                 This waiver applies irrespective of any law or any provision of a
Finance Document to the contrary.

15.6                        Appropriations

Until
all amounts which may be or become payable by the Obligors under or in
connection with the Finance Documents have been irrevocably paid in full, each
Finance Party (or any trustee or agent on its behalf) may without affecting the
liability of any Guarantor under this Clause:

 56
 

(a)                                  refrain from applying or enforcing any other moneys, security or rights
held or received by that Finance Party (or any trustee or agent on its behalf)
against those amounts; or

(b)                                 apply and enforce them in such manner and order as it sees fit (whether
against those amounts or otherwise); and

(c)                                  hold in an interest-bearing suspense account any moneys received from
any Guarantor or on account of that Guarantor’s liability under this Clause.

15.7                        Non-competition

Unless:

(a)                                  all amounts which may be or become payable by the Obligors under or in
connection with the Finance Documents have been irrevocably paid in full; or

(b)                                 the Facility Agent otherwise directs,

no
Guarantor will, after a claim has been made or by virtue of any payment or
performance by it under this Clause:

(i)                                     be subrogated to any rights, security or moneys held, received or
receivable by any Finance Party (or any trustee or agent on its behalf);

(ii)                                  be entitled to any right of contribution or indemnity in respect of any
payment made or moneys received on account of that Guarantor’s liability under
this Clause;

(iii)                               claim, rank, prove or vote as a creditor of any Obligor or its estate in
competition with any Finance Party (or any trustee or agent on its behalf); or

(iv)                              receive, claim or have the benefit of any payment, distribution or
security from or on account of any Obligor, or exercise any right of set-off as
against any Obligor.

Each
Guarantor must hold in trust for and immediately pay or transfer to the
Facility Agent for the Finance Parties any payment or distribution or benefit
of security received by it contrary to this Clause or in accordance with any
directions given by the Facility Agent under this Clause.

15.8                        Additional security

This
guarantee is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Beneficiary.

15.9                        Limitations

(a)                                  This guarantee does not apply to any liability to the extent that it
would result in the guarantee constituting unlawful financial assistance under
any laws applicable to a Guarantor.

(b)                                 Notwithstanding any other provision of this Clause 15, the obligations
of each U.S. Guarantor under this Clause 15, shall be limited to a maximum
aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance as a fraudulent transfer or
conveyance under Section 548 of Title 11 of the United States Bankruptcy Code,
any applicable provisions of comparable state law or any applicable case law
(collectively, 

 57
 

the Fraudulent Transfer Laws), in each case after giving effect
to all other liabilities of such U.S. Guarantor, contingent or otherwise, that
are relevant under the Fraudulent Transfer Laws and after giving effect as
assets to the value (as determined under the applicable provisions of the
Fraudulent Transfer Laws) of any rights to subrogation, contribution,
reimbursement, indemnity or similar rights of such U.S. Guarantor pursuant to
(i) applicable law or (ii) any agreement providing for an equitable allocation
among such U.S. Guarantors and other Affiliates of the Group of the obligations
arising under guarantees by such parties.

For
the purposes of this Clause 15, U.S. Guarantor
means each Guarantor incorporated (or in the case of a non-corporate Guarantor,
formed and subsisting) in the United States of America (or any of its states or
territories or any political or legal subdivision thereof).

(c)                                  Notwithstanding any other provision of this Clause 15, the liability of
UPC Belgium NV pursuant to this Clause 15 shall be limited, at any time, to an
amount equal to the net assets of UPC Belgium NV (determined in accordance with
Article 617 of the Belgian Company Code (Wetboek van
vennootschappen) and accounting principles generally accepted in
Belgium) at the time each relevant demand is made under the guarantee.

15.10                 Third Parties

Any
counterparty to any Hedging Document may rely on this Clause 15 and enforce
its terms under the Contracts (Rights of Third Parties) Act 1999.

16.                               REPRESENTATIONS AND WARRANTIES

16.1                        Representations and warranties

The
representations set out in this Clause are made by each Obligor or (if it so
states) the Company to each Finance Party. 
Each Obligor makes the representations set out in this Clause in respect
of itself and (where applicable) in respect of its Subsidiaries.

16.2                        Status

(a)                                  It is a limited liability company, duly incorporated and validly
existing under the laws of its jurisdiction of incorporation.

(b)                                 It and each of its Subsidiaries has the power to own its assets and
carry on its business as it is being conducted.

(c)                                  In respect of the Original Borrower, it is resident for all purposes in
the Kingdom of Belgium.

16.3                        Powers and authority

It
has the power:

(a)                                  to enter into and comply with all obligations expressed on its part
under the Finance Documents; and

(b)                                 (in the case of a Borrower) to borrow under this Agreement; and

(c)                                  (in the case of a Guarantor) to give the guarantee in Clause 15
(Guarantee and Indemnity),

 58
 

and
has taken all necessary actions to authorise the execution, delivery and
performance of the Finance Documents to which it is or will be a party and the
transactions contemplated by those Finance Documents.

16.4                        Legal validity

(a)                                  Each Finance Document to which it is or will be a party constitutes, or
when executed in accordance with its terms will constitute, its legal, valid
and binding obligations enforceable, subject to any relevant reservations or
qualifications as to matters of law contained in any legal opinion referred to
in Part 1 of Schedule 2 (Conditions Precedent Documents) or (as applicable)
Part 2 of Schedule 2 (Conditions Precedent Documents), in accordance with its
terms.

(b)                                 The choice of English law as the governing law of the Finance Documents
and its irrevocable submission to the jurisdiction of the courts of England in
respect of any proceedings relating to the Finance Documents (in each case
other than any Finance Document which is expressed to be governed by a law
other than English law) will be recognised and enforced in its jurisdiction of
incorporation, subject to any relevant reservation or qualification as to
matters of law contained in any legal opinion referred to in paragraph (a)
above.

(c)                                  Any judgment obtained in England in relation to the Finance Documents
will be recognised and enforced in its jurisdiction of incorporation, subject
to any relevant reservation or qualification as to matters of law contained in
any legal opinion referred to in paragraph (a) above.

16.5                        Non-conflict

The
execution and delivery by it of, the Finance Documents to which it is a party,
and its performance of the transactions contemplated thereby will not violate:

(a)                                  in any material respect, any law or regulation or official judgment or
decree applicable to it;

(b)                                 in any material respect, its constitutional documents; or

(c)                                  any agreement or instrument to which it is a party or binding on any of
its assets or binding upon any other member of the Group or any other member of
the Group’s assets, where such violation would or is reasonably likely to have
a Material Adverse Effect.

16.6                        No Event of Default

(a)                                  No Event of Default has occurred and is outstanding or will result from
the entry into of, or the performance of any transaction contemplated by, any
Finance Document.

(b)                                 Neither it nor any other member of the Group is in default under any
law, regulation or agreement to which it is subject, except for a default which
will not have or be reasonably likely to have a Material Adverse Effect.

16.7                        Authorisations

(a)                                  Subject to any relevant reservations or qualifications contained in any
legal opinion referred to in Clause 16.4 (Legal validity), all material and
necessary authorisations, registrations, consents, approvals, licences, and
filings required by it in connection with the execution, 

 59
 

validity
or enforceability of the Finance Documents to which it is a party and
performance of the transactions contemplated by the Finance Documents have been
obtained (or, if applicable, will be obtained within the required time period)
and are validly existing.

(b)                                 The Licences are in full force and effect and each member of the Group
is in compliance in all material respects with all provisions thereof such that
the Licences are not the subject of any pending or, to the best of its
knowledge, threatened attack, suspension or revocation by a competent authority
except, in each case, to the extent that any lack of effect, non-compliance or
attack, suspension or revocation of a Licence would not have or be reasonably
likely to have a Material Adverse Effect.

(c)                                  All the Necessary Authorisations are in full force and effect, each
member of the Group is in compliance in all material respects with all
provisions thereof and the Necessary Authorisations are not the subject of any
pending or, to the best of its knowledge, threatened attack or revocation by
any competent authority except, in each case, to the extent that any lack of
effect, non-compliance or attack or revocation of a Necessary Authorisation
would not have or be reasonably likely to have a Material Adverse Effect.

16.8                        Financial statements

Its
financial statements most recently delivered to the Facility Agent (which, in
the case of the Company at the date of this Agreement, are the Original
Financial Statements):

(a)                                  have been prepared in all material respects in accordance with the
Accounting Principles, consistently applied; and

(b)                                 give a true and fair view of (if audited) or fairly represent (if unaudited)
its financial condition (consolidated, if applicable) as the date to which they
were drawn up,

except,
in each case, as disclosed to the contrary in those financial statements.

16.9                        No material adverse change

There
has been no material adverse change in the business, assets or consolidated
financial position of the Group (taken as a whole) since the date to which the
Original Financial Statements were drawn up.

16.10                 Litigation and insolvency proceedings

(a)                                  No litigation, arbitration or administrative proceedings of or before
any court, arbitral body or agency have been started against any member of the
Group and, to its knowledge, no such proceedings are threatened, where in any
such case, there is a reasonable likelihood of an adverse outcome to any member
of the Group where that outcome is of a nature which would or is reasonably
likely to have a Material Adverse Effect.

(b)                                 None of the circumstances referred to in Clause 20.7 (Insolvency
proceedings) are pending or, to its knowledge, threatened against it or any
member of the Group.

16.11                 Business Plan

To
the best of its knowledge after due inquiry, as of the date of the Business
Plan:

(a)                                  the factual information relating to the Group contained in the Business
Plan is accurate in all material respects;

 60
 

(b)                                 the financial projections and forecasts contained in the Business Plan
were based on and arrived at after due and careful consideration and have been
prepared on the basis of assumptions believed by the Company to be reasonable
as of the date of the projections;

(c)                                  there are no material facts or circumstances which have not been
disclosed to the Lenders in writing prior to the date of the Business Plan and
which would make any material factual information referred to in (a) above
untrue, inaccurate or misleading in any material respect as at the date of the
Business Plan, or any such opinions, projections, or assumptions referred to in
(b) below misleading in any material respect as at the date of the Business
Plan.

16.12                 No misleading information

To
the best of its knowledge after due enquiry:

(a)                                  any factual information contained in the Information Memorandum or the
Information Package was true and accurate in all material respects as at the
date of the relevant report or document containing the information or (as the
case may be) as at the date the information is expressed to be given;

(b)                                 any financial projection or forecast contained in the Information
Memorandum or the Information Package has been prepared on the basis of recent
historical information and on the basis of reasonable assumption and was fair
(as at the date of the relevant report or document containing the projection or
forecast) and arrived at after careful consideration;

(c)                                  the expressions of opinion or intention provided by or on behalf of an
Obligor for the purposes of the Information Memorandum or the Information
Package were made after careful consideration and (as at the date of the
relevant report or document containing the expression of opinion or intention)
were fair and based on reasonable grounds; and

(d)                                 no event or circumstance has occurred or arisen and no information has
been omitted from the Information Memorandum or the Information Package and no
information has been given or withheld that results in the information,
opinions, intentions, forecasts or projections contained in the Information
Memorandum or the Information Package being untrue or misleading in any
material respect as at the date of that Information Memorandum or Information
Package.

16.13                 Tax liabilities

(a)                                  No claims are being asserted against it or any member of the Group with
respect to Taxes which are reasonably likely to be determined adversely to it
or to such member of the Group and which, if adversely determined, would or is
reasonably likely to have a Material Adverse Effect.

(b)                                 It is not materially overdue in the filing of any Tax returns required
to be filed by it (where such late filing might result in any material fine or
penalty on it) and it has paid within any period required by law all Taxes
shown to be due on any Tax returns required to be filed by it or on any
assessments made against it (other than Tax liabilities being contested by it
in good faith and where it has made adequate reserves for such liabilities or
where such overdue filing, or non-payment, or a claim for payment, of which in
each such case would not have or be reasonably likely to have a Material
Adverse Effect).

 61

16.14                 Security
Interests

Its
execution and delivery of this Agreement does not necessitate and will not
result in the creation or imposition of any Security Interest over any of its
material assets or those of any member of the Group (except for any Security
Interest created pursuant to the Security Documents).

16.15                 Intellectual
Property Rights

(a)                                  It (and each member of the Group) owns or has the legal right to use all
the Intellectual Property Rights which are required for the conduct of the
business of the Group as a whole from time to time or are required by it (or
such member) in order for it to carry on such business as it is then being
conducted, except where the failure to do so would not have or be reasonably
likely to have a Material Adverse Effect.

(b)                                 As far as it is aware it does not (nor does any member of the Group), in
carrying on its business, infringe any Intellectual Property Rights of any
third party in any way which would or is reasonably likely to have a Material
Adverse Effect.

(c)                                  None of the Intellectual Property Rights owned by any member of the
Group is, to its knowledge, being infringed nor, to its knowledge, is there any
threatened infringement of those Intellectual Property Rights, by any third
party which, in either case, would or is reasonably likely to have a Material
Adverse Effect.

(d)                                 All registered Intellectual Property Rights owned by it (or any member
of the Group) are subsisting and all actions (including payment of all fees)
required to maintain the same in full force and effect have been taken except
where the absence of such rights or the failure to take any such action would
not have or be reasonably likely to have a Material Adverse Effect.

16.16                 Environmental
laws

(a)                                  It and each other member of the Group:

(i)                                     have obtained all requisite Environmental Approvals required for the
carrying on of its business as currently conducted;

(ii)                                  have at all times complied with the terms and conditions of such
Environmental Approvals; and

(iii)                               have at all times complied with all other applicable Environmental Law,

which
in each such case, if not obtained or complied with, would or is reasonably
likely to have a Material Adverse Effect.

(b)                                 There is no Environmental Claim in existence, pending or, to the best of
its knowledge, threatened, against it which is reasonably likely to be decided
against it and which, if so decided, would or is reasonably likely to have a
Material Adverse Effect.

(c)                                  So far as it is aware, no Dangerous Substance has been used, disposed
of, generated, stored, transported, dumped, released, deposited, buried or
emitted at, on, from or under any premises (whether or not owned, leased,
occupied or controlled by it or any member of the Group and including any
offsite waste management or disposal location utilised by it or any member of
the Group) in circumstances where this would be reasonably likely to result in
a liability on it which would or is reasonably likely to have a Material
Adverse Effect.

 62
 

16.17                 Ownership
of assets

It
and each member of the Group has good title to or valid leases or licences of
or is otherwise entitled to use all assets necessary to conduct its business
except where the failure to do so would not have or be reasonably likely to
have a Material Adverse Effect.

16.18                 Material
Contracts

(a)                                  Each Material Contract to which any member of the Group is a party
constitutes, or will when executed constitute, the legal, valid and binding
obligation of such member, subject to the application of any relevant
insolvency, bankruptcy or similar laws or other laws affecting the interests of
creditors generally, enforceable against it in accordance with its terms, save
where failure so to constitute would not have a Material Adverse Effect.

(b)                                 No member of the Group is in breach of any of its material obligations
under any Material Contract to which such member is a party, nor (to the best
of its knowledge and belief), is any other party thereto, in each case in such
a manner or to such an extent as would or is reasonably likely to have a
Material Adverse Effect.  To the best of
its knowledge and belief there is no material dispute between any member of the
Group and any other party to a Material Contract and there have been no
amendments to any Material Contract in the form provided to the Facility Agent
prior to the date of this Agreement which would or is reasonably likely to have
a Material Adverse Effect.

16.19                 ERISA

Neither
it nor any member of the Group or ERISA Affiliate maintains, contributes to or
has any obligation to contribute to or any liability under, any Plan, or in the
past five years has maintained or contributed to or had any obligation to, or
liability under, any Plan.

16.20                 United
States Regulations

Neither
it nor any member of the Group is:

(a)                                  a public utility as defined in the United States Federal Power Act of
1920; or subject to regulation thereunder;

(b)                                 required to be registered as an investment company as defined in the
United States Investment Company Act of 1940 or subject to regulation
thereunder; or

(c)                                  subject to regulation under any United States Federal or State law or
regulation that limits its ability to incur or guarantee indebtedness.

16.21                 Anti-Terrorism
Laws

To
the best of its knowledge, neither it nor any member of the Group:

(a)                                  is, or is controlled by, a Designated Party;

(b)                                 has received funds or other property from a Designated Party; or

(c)                                  is in material breach of or is the subject of any action or
investigation under any Anti-Terrorism Law.

 63
 

It
and each of its Affiliates have taken commercially reasonable measures to
ensure compliance with the Anti-Terrorism Laws.

16.22                 Margin
stock

(a)                                  (In the case of the Borrowers only) the proceeds of the Facilities have
been and will be used only for the purposes described in Clause 3 (Purpose).

(b)                                 Neither it nor any member of the Group is engaged principally in the
business of extending credit for the purpose of purchasing or carrying margin
stock (within the meaning of Regulations U and X of the Board of Governors of
the United States Federal Reserve System), and no portion of any Loan has been
or will be used, directly or indirectly, to purchase or carry margin stock or
to extend credit to others for the purpose of purchasing or carrying margin
stock.

16.23                 Times
for making representations and warranties

(a)                                  The representations and warranties set out in this Clause 16
(Representations and Warranties) are made by each Original Obligor on the date
of this Agreement and (except for Clauses 16.7 (Authorisations), 16.9 (No
material adverse change), 16.10 (Litigation and insolvency proceedings), 16.11
(Business Plan), 16.12 (No misleading information), 16.13 (Tax Liabilities),
16.14 (Security Interests), 16.17 (Ownership of assets),  and 16.19 (ERISA) are deemed to be made again
by each relevant Obligor on the date of each Request, the first day of each
Term and on each Utilisation Date with reference to the facts and circumstances
then existing.

(b)                                 The representations and warranties set out in this Clause 16
(Representations and Warranties) (except Clauses 16.8 (Financial statements),
16.9 (No material adverse change), 16.11 (Business Plan) and 16.12 (No
misleading information) are repeated by each Additional Obligor with respect to
itself on the date of the Accession Agreement relating to that Additional
Obligor, with reference to the facts and circumstances then subsisting.

(c)                                  The representation and warranty in Clause 16.11 (Business Plan) will be
deemed to be repeated on the date any updated Business Plan is delivered to the
Facility Agent by the Company, but only in respect of that updated Business
Plan, by reference to the facts and circumstances existing on the relevant
date.

(d)                                 The representation and warranty in 16.12 (No misleading information)
will be made on the date of this Agreement and deemed to be made on the Closing
Date.

(e)                                  When a representation and warranty is repeated, it is applied to the
circumstances existing at the time of repetition.

17.                               INFORMATION COVENANTS

17.1                        Financial statements

(a)                                  The Obligors must supply to the Facility Agent in sufficient copies for
all the Lenders:

(i)                                     the audited consolidated financial statements for the Reporting Entity
for each of its financial years commencing with 2007; and

 64
 

(ii)                                  the unaudited quarterly consolidated management accounts of the
Reporting Entity for each of its financial quarters in each of its financial
years commencing with the quarter ended 30 September 2007.

(b)                                 All financial statements must be supplied as soon as they are available
and:

(i)                                     in the case of the Reporting Entity’s audited financial statements, within
150 days; and

(ii)                                  in the case of the quarterly financial statements of the Reporting
Entity, within 60 days (or, in the case of the quarterly financial statements
of the Reporting Entity for its fourth financial quarter, within 150 days),

of
the end of the relevant financial period.

17.2                        Form of financial statements

(a)                                  The Company must ensure that each set of financial statements of the
Reporting Entity supplied under this Agreement gives (if audited) a true and
fair view of, or (if unaudited) fairly represents, the financial condition
(consolidated or otherwise) of the relevant person as at the date to which
those financial statements were drawn up.

(b)                                 The Company must notify the Facility Agent of any change to the basis of
which any consolidated financial statements are prepared, such changes only to
be made to reflect a change in Accounting Principles.

(c)                                  If requested by the Facility Agent, the Company must supply to the
Facility Agent a statement (providing reasonable detail) with such financial
statements either:

(i)                                     confirming that the change(s) would have no effect on the operation of
the ratio set out in Clause 18 (Financial Covenant); or

(ii)                                  unless otherwise agreed in writing by the Facility Agent (acting upon
the instructions of the Majority Lenders), if the change(s) would have such an
effect, containing a reconciliation demonstrating the effect of the change(s)
(and, for the purpose of calculating the ratio set out in Clause 18 (Financial
Covenant), such financial statements will be treated as though adjusted by that
reconciliation so as to exclude the effect of the changes).

17.3                        Compliance Certificate

(a)                                  The Company must supply to the Facility Agent a Compliance Certificate
with each set of its financial statements sent to the Facility Agent under this
Agreement.

(b)                                 A Compliance Certificate must be signed by a director of the Company.

17.4                        Budgets

The
Company must supply to the Facility Agent not later than 90 days after the last
day of each of its financial years, an annual budget for the immediately
following financial year.

 65
 

17.5                        Information – miscellaneous

The
Obligors must supply to the Facility Agent, in sufficient copies for all the
Lenders if the Facility Agent so requests:

(a)                                  copies of all documents despatched by any of the Obligors to its
creditors generally at the same time as they are despatched;

(b)                                 promptly upon becoming aware of them, details of any litigation,
arbitration or administrative proceedings which are current, threatened or
pending and which might, if adversely determined, have a Material Adverse
Effect;

(c)                                  a copy of any material report or other notice, statement or circular,
sent or delivered by any member of the Group whose shares are pledged to the
Security Agent pursuant to any Security Document to any person in its capacity
as shareholder of such member of the Group, which materially adversely effects
the interest of the Finance Parties under such Security Document; and

(d)                                 promptly on request, such further information regarding the financial
condition and operations of the Group as any Finance Party through the Facility
Agent may reasonably request.

17.6                        Notification of Default

(a)                                  Unless the Facility Agent has already been so notified by another
Obligor, each Obligor must notify the Facility Agent of any Default (and the
steps, if any, being taken to remedy it) promptly upon becoming aware of its
occurrence.

(b)                                 Promptly on request by the Facility Agent, the Company must supply to
the Facility Agent a certificate, signed by two of its authorised signatories
on its behalf, certifying that no Default is outstanding or, if a Default is
outstanding, specifying the Default and the steps, if any, being taken to
remedy it.

(c)                                  Any Obligor must promptly upon becoming aware of it notify the Facility
Agent of:

(i)                                     any Reportable Event;

(ii)                                  the termination of or withdrawal from, or any circumstances reasonably
likely to result in the termination of or withdrawal from, any Plan subject to
Title IV of ERISA; and

(iii)                               material non-compliance with any law or regulation relating to any Plan
which would or is reasonably likely to have a Material Adverse Effect.

17.7                        Inspection rights

Each
Obligor shall, if required by the Facility Agent (acting on the instructions of
the Majority Lenders), at any time whilst an Event of Default is continuing or
the Facility Agent has reasonable grounds to believe that an Event of Default
may exist and at other times if the Facility Agent has reasonable grounds for
such request, permit representatives of the Facility Agent upon reasonable prior
written notice to the Company to:

(a)                                  visit and inspect the properties of any member of the Group during
normal business hours;

 66
 

(b)                                 inspect its books and records other than records which the relevant
member of the Group is prohibited by law, regulation or contract from
disclosing to the Facility Agent; and

(c)                                  discuss with its principal officers and Auditors its business, assets,
liabilities, financial position, results of operations and business prospects
provided that (i) any such discussion with the Auditors shall only be on the
basis of the audited financial statements of the Group and any compliance
certificates issued by the Auditors and (ii) representatives of the Company
shall be entitled to be present at any such discussion with the Auditors.

17.8                        Know your customer requirements

(a)                                  Each Obligor must promptly on the request of any Finance Party supply to
that Finance Party any documentation or other evidence which is reasonably
requested by that Finance Party (whether for itself, on behalf of any Finance
Party or any prospective new Lender) to enable a Finance Party or prospective
new Lender to carry out and be satisfied with the results of all applicable
know your customer requirements.

(b)                                 Each Lender must promptly on the request of the Facility Agent supply to
the Facility Agent any documentation or other evidence which is reasonably
required by the Facility Agent to carry out and be satisfied with the results
of all know your customer requirements.

17.9                        Use of websites

(a)                                  Except as provided below, the Company may deliver any information under
this Agreement to a Lender by posting it on to an electronic website if:

(i)                                     the Facility Agent, in consultation with the Lenders, agrees;

(ii)                                  the Company and the Facility Agent designate an electronic website for
this purpose;

(iii)                               the Company notifies the Facility Agent of the address of and password
for the website; and

(iv)                              the information posted is in a format agreed between the Company and the
Facility Agent.

The
Facility Agent must supply each relevant Lender with the address of and
password for the website.

(b)                                 Notwithstanding the above, the Company must supply to the Facility Agent
in paper form a copy of any information posted on the website together with
sufficient copies for:

(i)                                     any Lender not agreeing to receive information via the website; and

(ii)                                  any other Lender, if that Lender so requests.

(c)                                  the Company must promptly upon becoming aware of its occurrence, notify
the Facility Agent if:

(i)                                     the website cannot be accessed;

 67
 

(ii)                                  the website or any information on the website is infected by any
electronic virus or similar software;

(iii)                               the password for the website is changed; or

(iv)                              any information to be supplied under this Agreement is posted on the
website or amended after being posted.

If
the circumstances in paragraph (i) or (ii) above occur, the Company must supply
any information required under this Agreement in paper form.

18.                               FINANCIAL COVENANT

18.1                        Interpretation

(a)                                  Except as provided to the contrary in this Agreement, an accounting term
used in this Clause is to be construed in accordance with Accounting Principles
on which the preparation of the Original Financial Statement was based.

(b)                                 No item must be credited or deducted more than once in any calculation
under this Clause.

18.2                        Net Total Debt to Consolidated Annualised EBITDA

The
Company must ensure that the ratio of Net Total Debt to Consolidated Annualised
EBITDA for each Measurement Period is not greater than 6.25:1.

18.3                        Calculations

For
the purposes of Clause 18.2 (Net Total Debt to Consolidated Annualised EBITDA),
Net Total Debt for any Measurement Period will be calculated on the basis of
Net Total Debt outstanding on the last day of that Measurement Period.

18.4                        Cure provisions

(a)                                  The Company may cure a breach of the financial ratio set out in Clause
18.2 (Net Total Debt to Consolidated Annualised EBITDA) by procuring that
additional equity is injected into the Group by one or more Restricted Persons
and/or additional Subordinated Shareholder Loans are provided to the Group in
an aggregate amount equal to the amount which, if had been deducted from Net
Total Debt for the Measurement Period in respect of which the breach arose,
would have avoided the breach.

(b)                                 A cure under paragraph (a) above will not be effective unless:

(i)                                     the required amount of additional equity or the proceeds of Subordinated
Shareholder Loans is received by the Group before delivery of the financial
statements delivered under Clause 17.1(a) (Financial statements) which show
that Clause 18.2 (Net Total Debt to Consolidated Annualised EBITDA) has been
breached; and

(ii)                                  the proceeds of the relevant additional equity or Subordinated
Shareholder Loans are applied in full in or towards repayment or prepayment of
Revolving Loans in accordance with Clause 7 (Prepayment and Cancellation) and,
to the extent of any surplus after such repayment or prepayment for the
purposes of the Permitted Business.

 68
 

(c)                                  No cure may be made under this Clause 18.4:

(i)                                     in respect of more than five Measurement Periods during the life of the
Facilities; or

(ii)                                  in respect of consecutive Measurement Periods.

18.5                        Determinations

(a)                                  Financial Indebtedness of the Group originally denominated in any
currency other than euro that has been swapped, directly or indirectly through
one or more foreign exchange hedging transactions, into euro, will be taken
into account at its euro equivalent using the effective exchange rate in the
relevant foreign exchange hedging transactions.

(b)                                 Notwithstanding paragraph (a) and Clause 18.1(a) (Interpretation),  Hedged Debt (as defined below) will be taken
into account at its euro equivalent calculated using the same weighted average
exchange rates for the relevant Measurement Period used in the profit and loss
statements of the relevant accounts of the Group for calculating the euro
equivalent of EBITDA denominated in the same currency as the currency in which
that Hedged Debt is denominated or into which it has been swapped, as described
below.

Hedged
Debt means:

(i)                                     Financial Indebtedness of the Group originally denominated in any
currency other than euro in which any member of the Group earns EBITDA (a functional currency) and that has not been swapped, directly
or indirectly through one or more foreign exchange hedging transactions, into
euro; and

(ii)                                  Financial Indebtedness of the Group that has been swapped, directly or
indirectly through one or more foreign exchange hedging transactions, into a
functional currency.

(iii)                               If there is a dispute as to any interpretation of or computation for
Clause 18 (Financial Covenant), the interpretation or computation of the
Company shall prevail.

18.6                        Material Subsidiaries

(a)                                  Subject to paragraph (d) below, the Company shall procure that, at all
times, the aggregate gross assets, earnings before interest, tax, depreciation
and amortisation or turnover, of the Obligors (on an unconsolidated basis and
excluding intra group items) equal or exceed, respectively 85 per cent. of the
Consolidated EBITDA, consolidated gross assets or consolidated turnover (as
appropriate) of the Company (excluding intra group items).

(b)                                 For this purpose:

(i)                                     the gross assets, earnings before interest, tax, depreciation and
amortisation or turnover of a Subsidiary of the Company will be determined from
its financial statements (unconsolidated if it has Subsidiaries) upon which the
latest consolidated financial statements of the Company that have been
delivered to the Facility Agent are based;

(ii)                                  if a Subsidiary of the Company becomes such a Subsidiary of the Company
after the date on which the latest financial statements of the Company have
been prepared that have been delivered to the Facility Agent, the gross assets,
earnings before interest,

 69
 

tax,
depreciation and amortisation or turnover of that Subsidiary will be determined
from its latest financial statements;

(iii)                               the consolidated gross assets, Consolidated EBITDA or consolidated
turnover of the Company will be determined from its latest financial statements
that have been delivered to the Facility Agent, adjusted (where appropriate) to
reflect the gross assets, earnings before income tax, depreciation and
amortisation or turnover of any company or business subsequently acquired or
disposed of; and

(iv)                              if a Material Subsidiary disposes of all or substantially all of its
assets to another member of the Group, it will immediately cease to be a
Material Subsidiary and the other Subsidiary (if it is not already) will
immediately become a Material Subsidiary; the subsequent financial statements
of those Subsidiaries and the Company will be used to determine whether those
Subsidiaries are Material Subsidiaries or not.

(c)                                  Subject to paragraph (d) below, the Company must ensure that each
Material Subsidiary becomes a Guarantor within 30 days of the delivery to the
Facility Agent of the first financial statements and the accompanying
Compliance Certificate pursuant to Clause 17 (Information Covenants) which
confirm that such Material Subsidiary has become a Material Subsidiary.

(d)                                 Guarantors will not be required to give guarantees or enter into
Security Documents if that would contravene any legal prohibition or result in
a risk of personal or criminal liability on the part of any officer provided
that the Guarantor shall use all reasonable endeavours to overcome any such
obstacle.

19.                               GENERAL COVENANTS

19.1                        General

Each
Obligor agrees to be bound by the covenants set out in this Clause relating to
it and, where the covenant is expressed to apply to each member of the Group,
each Obligor must ensure that each of its Subsidiaries performs that covenant.

19.2                        Authorisations

Each
Obligor must:

(a)                                  obtain or cause to be obtained, maintain and comply with the terms of:

(i)                                     every material consent, authorisation, licence or approval of, or filing
or registration with or declaration to, governmental or public bodies or
authorities or courts; and

(ii)                                  every material notarisation, filing, recording, registration or
enrolment in any court or public office,

in
each case required under any law or regulation to enable it to perform its
obligations under, or for the validity, enforceability or admissibility in
evidence of any Finance Document to which it is a party; and

(b)                                 obtain or cause to be obtained every Necessary Authorisation and ensure
that:

 70
 

(i)                                     none of the Necessary Authorisations is revoked, cancelled, suspended,
withdrawn, terminated, expires and is not renewed or otherwise ceases to be in
full force and effect; and

(ii)                                  no Necessary Authorisation is modified and no member of the Group
commits any breach of the terms or conditions of any Necessary Authorisation,

which,
in each case, would or is reasonably likely to have a Material Adverse Effect.

19.3                        Compliance with laws

Each
Obligor will, and will procure that each member of the Group will, comply in
all material respects with all applicable laws, rules, regulations and orders
of any governmental authority having jurisdiction over it or any of its assets
except where failure to do so would not be reasonably likely to have a Material
Adverse Effect.

19.4                        Pari passu ranking

Each
Obligor must ensure that its payment obligations under the Finance Documents
rank at least pari passu with all the claims of its other present and future
unsecured and unsubordinated creditors (save for those obligations mandatorily
preferred by law applying to companies generally).

19.5                        Negative pledge

Each
Obligor will not permit any Security Interest (other than the Permitted
Security Interests) by any member of the Group to subsist, arise or be created
or extended over all or any part of their respective present or future undertakings,
assets, rights or revenues to secure or prefer any present or future
indebtedness of any member of the Group or any other person.

19.6                        Disposals

(a)                                  Except as provided below, no Obligor or member of the Group may, either
in a single transaction or in a series of transactions and whether related or
not and whether voluntary or involuntary, dispose of any asset.

(b)                                 Paragraph (a) above does not apply to any Permitted Disposal.

19.7                        Financial Indebtedness

(a)                                  Except as provided below, each Obligor shall ensure that no member of
the Group may incur or otherwise permit to remain outstanding any Financial
Indebtedness.

(b)                                 Paragraph (a) above does not apply to Permitted Financial Indebtedness.

19.8                        Permitted Business

Each
Obligor will ensure that it and its Subsidiaries which are members of the Group
engage:

(a)                                  in no material activity outside the Permitted Business; and/or

(b)                                 in the business of acting as the holder of shares and/or interests in
other members of the Group (which shall include the raising of Permitted
Financial Indebtedness and the on-lending of such Financial Indebtedness to its
Subsidiaries in accordance with

 71
 

the provisions of this Agreement and the entry into of
hedging arrangements on behalf of its Subsidiaries).

19.9                        Change of business

Each
Obligor must ensure that no member of the Group makes any substantial change to
the general nature of the business of the Group from that carried on at the
date of this Agreement.

19.10                 Acquisitions
and mergers

(a)                                  No Obligor will, and each Obligor will procure that none of its
Subsidiaries will, make any Restricted Acquisition other than any Permitted
Acquisition, Permitted Joint Venture and any Permitted Transaction.

(b)                                 Each Obligor will not merge or consolidate with any other company or
person and will procure that no member of the Group will merge or consolidate
with any other company or person save for:

(i)                                     Restricted Acquisitions permitted by paragraph (a) above and disposals
permitted by Clause 19.6 (Disposals); or

(ii)                                  with the prior written consent of the Facility Agent (acting on the
instructions of the Majority Lenders); or

(iii)                               mergers between any member of the Group with any or all of the other
members of the Group (Original Entities),
into one or more entities (each a Merged Entity)
provided that:

(A)                              reasonable details of the proposed merger in order to demonstrate
satisfaction with subparagraphs (B) to (E) below are provided to the Facility
Agent within 30 days after the date on which the merger is entered into;

(B)                                such Merged Entity will be a member of the Group and will be liable for
the obligations of the relevant Original Entities (including the obligations
under this Agreement and the Security Documents), which obligations remain
unaffected by the merger, and entitled to the benefit of all rights of such
Original Entities;

(C)                                (if all or any part of the share capital of any of the relevant Original
Entities was charged pursuant to a Security Document) the equivalent part of
the issued share capital of such Merged Entity is charged pursuant to a
Security Document on terms of at least an equivalent nature and equivalent
ranking as any Security Document relating to the shares in each relevant
Original Entity within 60 days of the merger;

(D)                               any possibility of the Security Documents referred to in
subparagraph (C) above being challenged or set aside is not materially
greater than any such possibility in relation to the Security Documents entered
into by, or in respect of the share capital of, any relevant Original Entity;
and

(E)                                 all the property and other assets of the relevant Original Entities are
vested in the Merged Entity and the Merged Entity has assumed all the rights
and obligations of the relevant Original Entities under any relevant Material
Contracts, material Necessary Authorisations and other licences or 

 72
 

registrations
(to the extent reasonably necessary for the business of the relevant Original
Entities) granted in favour of the Original Entities and/or all such rights and
obligations have been transferred to the Merged Entity and/or the relevant
Material Contracts, Necessary Authorisations and other licences or
registrations (to the extent reasonably necessary for the business of the
relevant Original Entities) granted in favour of the Original Entities have
been reissued to the Merged Entity,

except
that the requirements of paragraphs (B) to (E) above will not apply in respect
of any merger between Original Entities:

I.                                         both of which are not Obligors; and

II.                                     neither one of which is party to a Security Document, neither one of
whose share capital is charged pursuant to a Security Document and neither one
of whom owes any receivables to another member of the Group which are pledged
pursuant to a Security Document.

19.11                 Environmental
matters

(a)                                  Each Obligor will and will procure that each of its Subsidiaries will:

(i)                                     obtain all requisite Environmental Approvals;

(ii)                                  comply with the terms and conditions of all Environmental Approvals
applicable to it; and

(iii)                               comply with all other applicable Environmental Law,

in
each case where failure to do so would or is reasonably likely to have a
Material Adverse Effect;

(b)                                 Each Obligor will and will procure that each of its Subsidiaries will,
promptly upon receipt of the same, notify the Facility Agent of any claim,
notice or other communication served on it in respect of any alleged breach of,
or corrective or remedial obligation or liability under, any Environmental Law
which, if substantiated, would or is reasonably likely to either have a
Material Adverse Effect or result in any liability for a Finance Party.

19.12                 Treasury
transactions

Each
Obligor will not, and will procure that no member of the Group will, enter into
any interest rate or currency swaps, other interest rate or currency derivative
transactions or other hedging arrangements other than:

(a)                                  transactions and arrangements entered into with a Hedging Bank directly
relating to the management of interest rate and/or currency exchange rate risk
arising out of any Financial Indebtedness of any member of the Group permitted
to subsist by the terms of this Agreement (or transactions and arrangements
relating to interest rate or currency swaps, other interest rate or currency
derivative transactions or other hedging arrangements that themselves relate to
the management of interest rate and/or currency exchange rate risk arising out
of any Financial Indebtedness of any member of the Group permitted to subsist
by the terms of this Agreement), in each case excluding any such transactions
or arrangements that directly or indirectly relate to Subordinated Shareholder
Loans; and

 73
 

(b)                                 transactions and arrangements entered into by any Obligor with a Hedging
Bank directly relating to the management of currency exchange risk arising out
of income denominated in a currency other than euro.

19.13                 Restricted
payments

Each
Obligor will not, and will procure that no member of the Group will, make any
Restricted Payments other than Permitted Payments or enter into any transaction
with a Restricted Person other than on bona fide arm’s length commercial terms
or on terms which are fair and reasonable and in the best interests of the
Group.

19.14                 Insurance

Each
Obligor will, and will procure that each member of the Group will, insure its
assets and business to such an extent and against such risks as a prudent
company engaged in a similar business would insure.

19.15                 Loans
and guarantees

Each
Obligor will not, and will procure that no member of the Group will make any
loans, grant any credit or give any guarantee, to or for the benefit of, or
enter into any transaction having the effect of lending money to, any person,
other than:

(a)                                  loans from a member of the Group to another member of the Group provided
that no Obligor shall make a loan to any other member of the Group unless,
within 60 days of making the loan:

(i)                                     such Obligor has entered into an Obligor Pledge of Shareholder Loans
which creates an effective pledge in favour of the Security Agent in relation
to such loan and provided the Security Agent with such evidence as it may
reasonably request as to the power and authority of such Obligor to enter into
such Obligor Pledge of Shareholder Loans and that such Obligor Pledge of
Shareholder Loans constitutes valid and legally binding obligations of such
Obligor enforceable in accordance with its terms subject (to the extent
possible) to substantially similar qualifications to those made in the legal
opinions referred to in Schedule 2 (Conditions Precedent Documents)

(ii)                                  the relevant member of the Group to whom the shareholder loan has been
made has given a notification of pledge to the Security Agent in respect of
such shareholder loans;

(b)                                 as permitted by Clause 19.7 (Financial Indebtedness);

(c)                                  normal trade credit in the ordinary course of business;

(d)                                 guarantees given:

(i)                                     by any Obligor in respect of the liabilities of another Obligor;

(ii)                                  by a member of the Group in respect of the liabilities of an Obligor;

(iii)                               by a member of the Group (which is not an Obligor) in respect of the
liabilities of another member of the Group (which is not an Obligor);

 74
 

(iv)                              by an Obligor in respect of the liabilities of any other member of the
Group to the extent that such liabilities could have been incurred by such
Obligor directly without breaching this Agreement;

(e)                                  to the extent that the same constitute Permitted Payments or a Permitted
Disposal (not being a Permitted Disposal of cash or cash equivalents);

(f)                                    loans, the granting of credit, guarantees and other transactions having
the effect of lending money (each a Lending Transaction)
from a member of the Group, in connection with an acquisition by that member
which is permitted by Clause 19.10 (Acquisitions and mergers), to the
relevant person being acquired or one or more of its Subsidiaries, provided
that the aggregate outstanding principal amount of all Lending Transactions
(which principal amount shall be deemed to be no longer outstanding for this
purpose at the time the beneficiary of the relevant Lending Transaction becomes
a member of the Group upon completion of the relevant acquisition, provided
such Lending Transaction was made to or in favour of the person acquired or its
Subsidiaries) shall not exceed €100,000,000 at any time; and

(g)                                 Lending Transactions from a member of the Group to any person of the
proceeds of equity subscribed by any Restricted Person in, or Subordinated
Shareholder Loans provided to, such member (other than any such proceeds which
are otherwise applied in mandatory prepayment of any or all Facilities under
this Agreement).

19.16                 Holding
Companies

The
Company shall procure that Telenet Group Holding NV and Holdco shall not trade,
carry on any business, own any asset or incur any liabilities except for:

(a)                                  the provision of administrative services (excluding treasury services)
to other members of the Group of a type customarily provided by a holding
company to its Subsidiaries; and

(b)                                 ownership of shares in its Subsidiaries, intra-Group debit balances,
intra-Group credit balances and other credit balances in bank accounts, cash
and cash equivalent investments.

19.17                 Shareholder
Loans

(a)                                  Each Obligor will procure that at any time a Restricted Person makes any
Financial Indebtedness (other than Permitted Payments) available to any member
of the Group, such Restricted Person shall enter into a Pledge of Subordinated
Shareholder Loans on terms and conditions satisfactory to the Facility Agent
and a Security Provider’s Deed of Accession (each within 30 days of the date on
which any such Financial Indebtedness is made available to that member of the
Group) and provides (i) the Facility Agent with such documents and evidence as
it may reasonably require as to the power and authority of the Restricted
Person to enter into such Pledge of Subordinated Shareholder Loans and Security
Provider’s Deed of Accession and that the same constitute valid and legally
binding obligations of such Restricted Person enforceable in accordance with
their terms subject (to the extent applicable) to substantially similar
qualifications to those made in the legal opinions referred to in Schedule 2
(Conditions Precedent Documents); and (ii) notification of such pledge to the
relevant member of the Group.

(b)                                 Each Obligor shall ensure that each Subordinated Shareholder Loan and
each shareholder loan entered into between an Obligor which is a party to an
Obligor Pledge of Shareholder

 75
 

Loans
as a creditor and a member of the Group is documented as a loan between that
borrower and lender and governed by the law of the Kingdom of Belgium.

19.18                 Intellectual
Property Rights

Except
as otherwise permitted by this Agreement, each Obligor will, and will procure
that each of its Subsidiaries will:

(a)                                  make such registrations and pay such fees and similar amounts as are
necessary to keep those registered Intellectual Property Rights owned by any
member of the Group and which are material to the conduct of the business of
the Group as a whole from time to time;

(b)                                 take such steps as are necessary and commercially reasonable (including,
without limitation, the institution of legal proceedings) to prevent third
parties infringing those Intellectual Property Rights referred to in paragraph
(a) above and (without prejudice to paragraph (a) above) take such other steps
as are reasonably practicable to maintain and preserve its interests in those
rights, except where failure to do so will not have or be reasonably likely to
have a Material Adverse Effect;

(c)                                  ensure that any licence arrangements in respect of the Intellectual
Property Rights referred to in paragraph (a) above entered into with any third
party are entered into on arm’s length terms and in the ordinary course of
business (which shall include, for the avoidance of doubt, any such licensing
arrangements entered into in connection with outsourcing on normal commercial
terms) and will not have or be reasonably likely to have a Material Adverse
Effect;

(d)                                 not permit any registration of any of the Intellectual Property Rights
referred to in paragraph (a) above to be abandoned, cancelled or lapsed or to
be liable to any claim of abandonment for non-use or otherwise to the extent
the same would or is reasonably likely to have a Material Adverse Effect; and

(e)                                  pay all fees, and comply with each of its material obligations under,
any licence of Intellectual Property Rights which are material to the conduct
of the business of the Group as a whole from time to time.

19.19                 Share
capital

Each
Obligor will not, and will procure that no member of the Group (other than in
respect of such other members of the Group in order to permit a solvent
reorganisation permitted under Clause 19.10(b)(iii) (Acquisitions and mergers))
will, reduce its capital or purchase or redeem any class of its shares or any
other ownership interest in it, except to the extent the same constitutes a
Permitted Payment or in the case of members of the Group other than the
Obligors, is otherwise permitted by Clause 19.13 (Restricted payments).

19.20                 Share
security

Each
Obligor will not, and will procure that no member of the Group will, issue any
shares of any class provided that:

(a)                                  any member of the Group may issue shares to or otherwise acquire
additional rights from any other member of the Group so long as (if any of the
existing shares in the relevant member of the Group are charged or pledged in
favour of any Beneficiary) such shares are charged or pledged in favour of the
Beneficiaries pursuant to the

 76
 

terms of a Security Document and there are delivered
at the same time to the Security Agent the relevant share certificates and
blank stock transfer forms (or equivalent documents, if any) in respect thereof
together with such other documents and evidence and legal opinions as the
Security Agent may reasonably require;

(b)                                 the Company may issue shares to Holdco provided that such shares are
charged or pledged in favour of the Beneficiaries pursuant to the terms of a
Security Document and there are delivered at the same time to the Security
Agent the relevant share certificates and blank stock transfer forms (or
equivalent documents, if any) in respect thereof together with such other
documents and evidence and legal opinions as the Security Agent may reasonably
require;

(c)                                  any member of the Group may issue shares pursuant to the exercise of
Approved Stock Options;

(d)                                 a member of the Group may issue shares as part of a Majority Acquisition
or merger or consolidation or JV Minority Acquisition permitted by Clause 19.10
(Acquisitions and mergers), provided that the issue of such shares does not
cause the Company to cease, directly or indirectly, to own 75 per cent or more.
of the issued share capital of that member of the Group.

19.21                 Financial
year end

Each
Obligor will, and will procure that its Subsidiaries which are members of the
Group will, maintain a financial year end of 31 December save with the prior
written consent of the Facility Agent (acting on the instructions of the
Majority Lenders in each case not to be unreasonably withheld).

19.22                 Capital
expenditure

Each
Obligor will not, and will procure that no member of the Group will, incur any
material Capital Expenditure other than in relation to the Permitted Business.

19.23                 Constitutive
documents

Each
Obligor will not, and will procure that no member of the Group will, amend its
constitutive documents in any way which would or is reasonably likely to
materially adversely affect (in terms of value, enforceability or otherwise)
any charge or pledge over the shares or partnership interest of any member of
the Group granted to the Beneficiaries pursuant to the Security Documents.

19.24                 ERISA

Each
Obligor will, and will procure that its Subsidiaries which are members of the
Group will, give the Facility Agent prompt notice of the adoption of,
participation in or contribution to any Plan by it or any ERISA Affiliate, or
any action by any of these to adopt, participate in or contribute to any Plan,
or the incurrence by any of them of any liability or obligation to any Plan.

19.25                 U.S.
Borrowers

(a)                                  Each Borrower will ensure that the proceeds of any loan made to a U.S.
Borrower and the proceeds of any drawing made by a U.S. Borrower shall be invested
by way of intercompany

 77
 

loan
or equity subscription in one or more other members of the Group within five
Business Days of receipt of such proceeds or, as the case may be, the relevant
Utilisation Date.

(b)                                 Each Obligor will ensure that any intercompany loan made by a U.S. Borrower
to any Obligor or any Subsidiary of an Obligor which is a member of the Group
is made on bona fide arm’s length commercial terms or on terms which are fair
and reasonable and in the best interests of that U.S. Borrower and entered into
in good faith.

(c)                                  Each Obligor will procure that no U.S. Borrower carries on any business
or activities other than acting as a U.S. Finance Vehicle.

20.                               DEFAULT

20.1                        Events of Default

Each
of the events or circumstances set out in this Clause is an Event of Default.

20.2                        Non-payment

An
Obligor does not pay on the due date any amount payable by it under the Finance
Documents in the manner required under the Finance Documents, unless the
non-payment:

(a)                                  is caused by technical or administrative error; and

(b)                                 is remedied within three Business Days of the due date.

20.3                        Breach of other obligations

(a)                                  An Obligor does not comply with any of Clause 18 (Financial Covenant) or
any of Clauses 19.4 (Pari passu ranking), 19.5 (Negative pledge), 19.6
(Disposals), 19.10 (Acquisitions and mergers), 19.13 (Restricted payments),
19.15 (Loans and guarantees) or 19.20 (Share security); or

(b)                                 an Obligor does not comply with any other term of the Finance Documents
(other than any term referred to in Clause 20.2 (Non-payment) or in paragraph
(a) above), unless the non-compliance:

(i)                                     is capable of remedy; and

(ii)                                  is remedied within 30 days of the earlier of the Facility Agent giving
notice of the breach to the Company and any Obligor becoming aware of the
non-compliance.

20.4                        Misrepresentation

A
representation or warranty made or repeated by an Obligor in or in connection
with any Finance Document or in any document delivered by or on behalf of any
Obligor under or in connection with any Finance Document is incorrect or
misleading in any material respect when made or deemed to be repeated, unless
the circumstances giving rise to the misrepresentation or breach of warranty:

(a)                                  are capable of remedy; and

(b)                                 are remedied within 30 days of the earlier of the Facility Agent giving
notice and the Obligor becoming aware of the misrepresentation or breach of
warranty.

 78
 

20.5                        Cross-default and cross acceleration

Any
of the following occurs in respect of a member of the Group, SuperHoldco or
Holdco:

(a)                                  any of its Financial Indebtedness is not paid when due and payable
(after the expiry of any originally applicable grace period); or

(b)                                 any of its Financial Indebtedness:

(i)                                     becomes prematurely due and payable;

(ii)                                  is placed on demand; or

(iii)                               is capable of being declared by or on behalf of a creditor to be
prematurely due and payable or of being placed on demand,

in
each case, as a result of an event of default or any provision having a similar
effect (howsoever described); or

(c)                                  any commitment for its Financial Indebtedness is cancelled or suspended
as a result of an event of default or any provision having a similar effect
(howsoever described),

unless
the aggregate amount of Financial Indebtedness falling within all or any of
paragraphs (a) to (c) above is less than €50,000,000 or its equivalent.

20.6                        Insolvency

(a)                                  Any of the following occurs in respect of a Material Group Member:

(i)                                     it is, or is deemed for the purposes of any law to be, unable to pay its
debts as they fall due or to be insolvent (is
in staat van staking van betalingen/est en état de cessation de paiments);

(ii)                                  it admits its inability to pay its debts as they fall due;

(iii)                               it suspends making payments on any of its debts generally or announces
an intention so to do;

(iv)                              by reason of actual or anticipated financial difficulties, it begins
negotiations with any creditors generally for the rescheduling of any of its
indebtedness; or

(v)                                 a moratorium is declared in respect of any of its indebtedness exceeding
€10,000,000 (or its equivalent) in aggregate.

(b)                                 United States of America:  any 
Material  Group Member which is
formed, organised or incorporated under the laws of the United States or any
State of the United States or the District of Columbia, or that resides or has
a domicile, a place of business or property in the United States (each a U.S. Obligor):

(i)                                     admits in writing its inability to, or be generally unable to, pay its
debts as such debts become due;

(ii)                                  makes a general assignment for the benefit of creditors;

 79
 

(iii)                               shall have had appointed a receiver, a custodian, trustee or similar
official for, or a receiver, custodian, trustee or similar official shall have
taken possession of, all or substantially all of its assets, in proceedings
brought by or against such Obligor or Material Subsidiary, and such appointment
shall not have been discharged or such possession shall not have been
terminated within 60 days after the effective date thereof or such Obligor or
Material Subsidiary shall have consented to or acquiesced in such appointment
or possession;

(iv)                              shall have filed a petition for relief under the insolvency, bankruptcy
or similar laws of the United States of America or any state thereof, or an
involuntary petition for such relief shall have been filed against any such
Obligor or Material Subsidiary under such laws and shall not have been
dismissed or terminated within 60 days after such involuntary petition is
filed; or

(v)                                 shall have failed to have discharged or obtained a stay of any proceeding
to enforce, within a period of 45 days after the commencement thereof, any
attachment, sequestration or similar proceeding asserted against all or
substantially all of the assets of such Obligor or Material Subsidiary.

20.7                        Insolvency proceedings

(a)                                  Except as provided below, any of the following occurs in respect of a
Material Group Member:

(i)                                     any step is taken with a view to a moratorium or a composition,
assignment or similar arrangement with any of its creditors;

(ii)                                  a meeting of it is convened for the purpose of considering any
resolution for (or to petition for) its winding-up, administration, examination
or dissolution or any such resolution is passed;

(iii)                               any person presents a petition or files documents with the appropriate
legal authorities for its winding-up, administration, examination, dissolution,
bankruptcy (faillite/faillissement)
or judicial composition (concordat
judiciaire/gerechtelijk akkoord);

(iv)                              an order for its winding-up, administration, examination, dissolution,
bankruptcy (faillite/faillissement)
or judicial composition (concordat
judiciaire/gerechtelijk akkoord) is made;

(v)                                 any liquidator, trustee in bankruptcy, examination, judicial custodian,
compulsory manager, receiver, administrative receiver, administrator, voorlopig bewindvoerder/ administrateur judiciaire
or similar officer is appointed in respect of it;

(vi)                              its directors or other officers request the appointment of a liquidator,
trustee in bankruptcy, examination, judicial custodian, compulsory manager,
receiver, administrative receiver, administrator or similar officer; or

(vii)                           any other analogous step or procedure is taken in any jurisdiction.

(b)                                 Paragraph (a) above does not apply to:

(i)                                     any step or procedure which is part of a Permitted Transaction; or

 80
 

(ii)                                  a petition for winding-up presented by a creditor which is being
contested in good faith and with due diligence or where steps are diligently
being taken to remedy the grounds for the petition and (in each case) the
relevant petition is discharged or struck out within 90 days (or within 30 days
of the end of any longer period applicable under an order of court staying
proceedings) or such longer period as the Majority Lenders may agree (acting
reasonably).

20.8                        Creditors’ process

Any
attachment, sequestration, execution, executory or conservatory seizure (uitvoerend of bewarend beslag/saisie exécution ou conservatoire)
or analogous event affects any asset(s) of a Material Group Member, having an
aggregate value of €25,000,000, or more (in the case of a conservatory seizure
or sequestration) and (in the case of a conservatory seizure or sequestration)
is not discharged within 90 days.

20.9                        Similar proceedings

Anything
which has an equivalent effect to any of the events specified in Clauses 20.6
(Insolvency) to 20.8 (Creditors’ process) (inclusive) shall occur under the
laws of any applicable jurisdiction in relation to any member of the Borrower
Group.

20.10                 Cessation
of business

An
Obligor or a member of the Group ceases, or threatens to cease, to carry on business
in circumstances which would have a Material Adverse Effect except:

(a)                                  as part of a Permitted Transaction; or

(b)                                 as a result of any disposal allowed under this Agreement.

20.11                 Effectiveness
of Finance Documents

(a)                                  It is or becomes unlawful for any Material Group Member or any
Subordinated Creditor to perform any of its obligations under the Finance
Documents.

(b)                                 The guarantee of any Guarantor or any Security Interest created by any
Security Documents is not effective or is alleged by an Obligor to be
ineffective for any reason.

(c)                                  Any Finance Document is not effective in accordance with its terms or is
alleged by an Obligor to be ineffective in accordance with its terms for any
reason.

(d)                                 An Obligor or Subordinated Creditor repudiates a Finance Document or
evidences an intention to repudiate a Finance Document.

20.12                 Ownership
of the Obligors

An
Obligor (other than the Company) is not or ceases to be a Subsidiary of the
Company other than as a result of a Permitted Disposal or a Permitted
Transaction.

20.13                 Expropriation

The
authority or ability of any Obligor to conduct its business is wholly or
substantially curtailed by any seizure, expropriation, nationalisation,
intervention or other action by or on behalf of any governmental, regulatory or
other authority or other person.

 81

20.14                 Intercreditor
Agreement

(a)                                  Any Obligor, member of the Group, SuperHoldco or Holdco does not perform
its obligations under, or breaches the terms of, the Intercreditor Agreement
unless the non-compliance:

(i)                                     is capable of remedy; and

(ii)                                  is remedied within 30 days of the earlier of the Facility Agent giving
notice of the breach to the Company and any Obligor becoming aware of the
non-compliance.

(b)                                 A representation or warranty given by an Obligor in the Intercreditor
Agreement is incorrect in any material respect unless the circumstances giving
rise to the misrepresentation or breach of warranty:

(i)                                     are capable of remedy; and

(ii)                                  are remedied within 30 days of the earlier of the Facility Agent giving
notice and the Obligor becoming aware of the misrepresentation or breach of
warranty.

20.15                 Material
Contracts

(a)                                  Except as is required by any term of this Agreement, any Material
Contract to which a member of the Group is a party is terminated, suspended,
revoked or cancelled or otherwise ceases to be in full force and effect,
unless:

(i)                                     in the case of the Belgacom Interconnect Agreement only, services of a
similar nature to those provided pursuant to such Material Contract are at all
times provided to the Group on terms which are not materially more onerous on
the relevant member of the Group or on the terms imposed by the mandatory
requirements of any regulatory body; or

(ii)                                  such termination, suspension, revocation, cancellation or cessation (in
the reasonable opinion of the Facility Agent) would not or is not reasonably
likely to have a Material Adverse Effect.

(b)                                 Any alteration or variation is made to any term of any Material Contract
to which a member of the Group is a party which individually or cumulatively
(in the reasonable opinion of the Facility Agent) would or is reasonably likely
to have a Material Adverse Effect.

(c)                                  Any party breaches any term of or repudiates any of its obligations
under any Material Contract to which a member of the Group is a party where
such breach or repudiation (in the opinion of the Facility Agent exercised
reasonably) would or is reasonably likely to have a Material Adverse Effect
unless, in the case of a breach of a Material Contract by any person other than
any member of the Group, the relevant services are at all relevant times
provided to the appropriate members of the Group on the basis set out in (a)
above.

20.16                 Loss
of Licences

Any
Licence is in whole or part:

(a)                                  terminated, suspended or revoked or does not remain in full force and
effect or otherwise expires and is not renewed prior to its expiry (in each
case, without replacement by Licence(s) have substantially equivalent effect)
in any case in a manner which would or is reasonably likely to have a Material
Adverse Effect; or

 82
 

(b)                                 is modified or is reached in a manner which would or is reasonably
likely to have a Material Adverse Effect.

20.17                 Material
Adverse Change

Any
event or series of events occurs which would or is reasonably likely to have a
Material Adverse Effect.

20.18                 ERISA

The
occurrence of:

(a)                                  any event or condition that presents a material risk that any member of
the Group or any ERISA Affiliate may incur a material liability to a Plan or to
the United States Internal Revenue Service or to the United States Pension
Benefit Guaranty Corporation; or

(b)                                 an “accumulated funding deficiency” (as that term is defined in section
412 of the United States Internal Revenue Code of 1986, as amended, or section
302 of ERISA), whether or not waived, by reason of the failure of any member of
the Group or any ERISA Affiliate to make a contribution to a Plan.

20.19                 Acceleration

If
an Event of Default is outstanding, the Facility Agent may, and must if so
instructed by the Majority Lenders, by notice to the Company:

(a)                                  cancel all or any part of the Total Commitments if not already cancelled
under Clause 20.20 (Automatic Acceleration); and/or

(b)                                 declare that all or part of any amounts outstanding under the Finance
Documents are:

(i)                                     immediately due and payable; and/or

(ii)                                  payable on demand by the Facility Agent acting on the instructions of
the Majority Lenders.

Any
notice given under this Subclause will take effect in accordance with its
terms.

20.20                 Automatic
Acceleration

If
an Event of Default described in Clause 20.6(b)(ii), (iii) or (iv) (United
States of America) occurs, or upon the entry of an order for relief in a
voluntary or involuntary bankruptcy of a U.S. Obligor, all outstanding Loans
drawn by a U.S. Borrower under this Agreement will be immediately and
automatically due and payable and the Total Commitments (to the extent they
relate to such Loans) will, if not already cancelled under this Agreement, be
immediately and automatically cancelled.

21.                               THE ADMINISTRATIVE PARTIES

21.1                        Appointment and duties of the Agents

(a)                                  Each Finance Party (other than the Facility Agent and the Security Agent
(as the case may be)) irrevocably appoints each Agent to act as its agent under
and in connection with the Finance Documents.

 83
 

(b)                                 Each Finance Party irrevocably authorises each Agent to:

(i)                                     perform the duties and to exercise the rights, powers and discretions
that are specifically given to it under the Finance Documents, together with
any other incidental rights, powers and discretions; and

(ii)                                  execute each Finance Document expressed to be executed by such Agent.

(c)                                  Each Agent has only those duties which are expressly specified in the
Finance Documents.  Subject to the terms
of Clause 2.8 (Security Agent as creditor of the parallel debt), those duties
are solely of a mechanical and administrative nature.

21.2                        Role of the Mandated Lead Arrangers

Except
as specifically provided in the Finance Documents, no Mandated Lead Arranger
has any obligations of any kind to any other Party in connection with any
Finance Document.

21.3                        No fiduciary duties

Nothing
in the Finance Documents makes an Administrative Party a trustee or fiduciary
for any other Party or any other person. 
No Administrative Party need hold in trust any moneys paid to it or
recovered by it for a Party in connection with the Finance Documents or be liable
to account for interest on those moneys.

21.4                        Individual position of an Administrative Party

(a)                                  If it is also a Lender, each Administrative Party has the same rights
and powers under the Finance Documents as any other Lender and may exercise
those rights and powers as though it were not an Administrative Party.

(b)                                 Each Administrative Party may:

(i)                                     carry on any business with an Obligor or its related entities (including
acting as an agent or a trustee for any other financing); and

(ii)                                  retain any profits or remuneration it receives under the Finance
Documents or in relation to any other business it carries on with an Obligor or
its related entities.

21.5                        Reliance

Each
Agent may:

(a)                                  rely on any notice or document believed by it to be genuine and correct
and to have been signed by, or with the authority of, the proper person;

(b)                                 rely on any statement made by any person regarding any matters which may
reasonably be assumed to be within his knowledge or within his power to verify;

(c)                                  assume, unless the context otherwise requires, that any communication
made by an Obligor is made on behalf of and with the consent and knowledge of
each Obligor;

(d)                                 engage, pay for and rely on professional advisers selected by it
(including those representing a Party other than the relevant Agent); and

(e)                                  act under the Finance Documents through its personnel and agents.

 84
 

21.6                        Majority Lenders’ instructions

(a)                                  Each Agent is fully protected if it acts on the instructions of the
Majority Lenders in the exercise of any right, power or discretion or any
matter not expressly provided for in the Finance Documents.  Any such instructions given by the Majority
Lenders will be binding on all the Lenders. 
In the absence of instructions, each Agent may act as it considers to be
in the best interests of all the Lenders.

(b)                                 Each Agent may assume that unless it has received notice to the
contrary, any right, power, authority or discretion vested in any Party or the
Majority Lenders has not been exercised.

(c)                                  No Agent is authorised to act on behalf of a Lender (without first
obtaining that Lender’s consent) in any legal or arbitration proceedings in
connection with any Finance Document.

(d)                                 Each Agent may require the receipt of security satisfactory to it,
whether by way of payment in advance or otherwise, against any liability or
loss which it may incur in complying with the instructions of the Majority
Lenders.

21.7                        Responsibility

(a)                                  No Administrative Party is responsible to any other Finance Party for
the adequacy, accuracy or completeness of any statement or information (whether
written or oral) made in or supplied in connection with any Finance Document
including the Information Memorandum.

(b)                                 No Administrative Party is responsible to any other Finance Party for
the legality, validity, effectiveness, adequacy, completeness or enforceability
of any Finance Document or any other document.

(c)                                  Without affecting the responsibility of any Obligor for information
supplied by it or on its behalf in connection with any Finance Document, each
Lender confirms that it:

(i)                                     has made, and will continue to make, its own independent appraisal of
all risks arising under or in connection with the Finance Documents (including
the financial condition and affairs of each Obligor and its related entities
and the nature and extent of any recourse against any Party or its assets); and

(ii)                                  has not relied exclusively on any information provided to it by any
Administrative Party in connection with any Finance Document or agreement
entered into in anticipation of or in connection with any Finance Document.

21.8                        Exclusion of liability

(a)                                  No Agent is liable or responsible to any other Finance Party for any
action taken or not taken by it in connection with any Finance Document, unless
directly caused by its gross negligence or wilful misconduct.

(b)                                 No Party (other than the relevant Agent) may take any proceedings
against any officers, employees or agents of another Administrative Party in
respect of any claim it might have against that Agent or in respect of any act
or omission of any kind by that officer, employee or agent in connection with
any Finance Document.  Any officer,
employee or agent of an Administrative Party may rely on this Subclause and
enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

 85
 

(c)                                  An Agent is not liable for any delay (or any related consequences) in
crediting an account with an amount required under the Finance Documents to be
paid by that Agent if that Agent has taken all necessary steps as soon as
reasonably practicable to comply with the regulations or operating procedures
of any recognised clearing or settlement system used by that Agent for that
purpose.

(d)                                 Nothing in this Agreement will oblige any Administrative Party to
satisfy any know your customer requirement in relation to the identity of any
person on behalf of any Finance Party.

(e)                                  Each Finance Party confirms to each Administrative Party that it is
solely responsible for any know your customer requirements it is required to
carry out and that it may not rely on any statement in relation to those
requirements made by any other person.

21.9                        Default

(a)                                  Neither Agent is obliged to monitor or enquire whether a Default has
occurred.  No Agent is deemed to have
knowledge of the occurrence of a Default.

(b)                                 If an Agent:

(i)                                     receives notice from a Party referring to this Agreement, describing a
Default and stating that the event is a Default; or

(ii)                                  is aware of the non-payment of any principal, interest or fee payable to
a Lender under this Agreement,

it
must promptly notify the other Lenders.

21.10                 Information

(a)                                  Each Agent must promptly forward to the person concerned the original or
a copy of any document which is delivered to that Agent by a Party for that
person.

(b)                                 Except where a Finance Document specifically provides otherwise, no
Agent is obliged to review or check the adequacy, accuracy or completeness of
any document it forwards to another Party.

(c)                                  Except as provided above, no Agent has a duty:

(i)                                     either initially or on a continuing basis to provide any Lender with any
credit or other information concerning the risks arising under or in connection
with the Finance Documents (including any information relating to the financial
condition or affairs of any Obligor or its related entities or the nature or extent
of recourse against any Party or its assets) whether coming into its possession
before, on or after the date of this Agreement; or

(ii)                                  unless specifically requested to do so by a Lender in accordance with a
Finance Document, to request any certificate or other document from any
Obligor.

(d)                                 In acting as an Agent, the agency division of that Agent is treated as a
separate entity from its other divisions and departments.  Any information acquired by an Agent which,
in its opinion, is acquired by it otherwise than in its capacity as that Agent
may be treated as confidential by that Agent and will not be treated as
information possessed by that Agent in its capacity as such.

 86
 

(e)                                  The Facility Agent is not obliged to disclose to any person any
confidential information supplied to it by or on behalf of a member of the
Group solely for the purpose of evaluating whether any waiver or amendment is
required in respect of any term of the Finance Documents.

(f)                                    Each Obligor irrevocably authorises each Agent to disclose to the other
Finance Parties any information which, in its opinion, is received by it in its
capacity as that Agent.

21.11                 Indemnities

(a)                                  Without limiting the liability of any Obligor under the Finance
Documents, each Lender must indemnify each Agent for that Lender’s Pro Rata
Share of any cost, claim, loss, expense (including legal fees) or liability
incurred by such Agent in acting as the Facility Agent or the Security Agent,
except to the extent that the loss or liability is caused by such Agent’s gross
negligence or wilful misconduct.

(b)                                 If a Party owes an amount to an Agent under the Finance Documents, that
Agent may, after giving notice to that Party:

(i)                                     deduct from any amount received by it for that Party any amount due to
that Agent from that Party under a Finance Document but unpaid; and

(ii)                                  apply that amount in or towards satisfaction of the owed amount,

that
Party will be regarded as having received the amount so deducted.

21.12                 Compliance

Each
Agent may refrain from doing anything (including disclosing any information)
which might, in its opinion, constitute a breach of any law or regulation or be
otherwise actionable at the suit of any person, and may do anything which, in
its opinion, is necessary or desirable to comply with any law or regulation.

21.13                 Resignation
of an Agent

(a)                                  Each Agent may resign and appoint any of its Affiliates as successor
Agent by giving notice to the other Finance Parties and the Company.

(b)                                 Alternatively, an Agent may resign by giving notice to the Finance Parties
and the Company, in which case the Majority Lenders may appoint a successor
Agent.

(c)                                  If no successor Agent has been appointed under paragraph (b) above
within 30 days after notice of resignation was given, the resigning Agent
may appoint a successor for such Agent.

(d)                                 The person(s) appointing a successor Agent must, if practicable, consult
with the Company prior to the appointment.

(e)                                  The resignation of an Agent and the appointment of any successor Agent
will both become effective only when the successor Agent notifies all the
Parties that it accepts its appointment. 
On giving the notification, the successor Agent will succeed to the
position of the Facility Agent or Security Agent as appropriate and the term
Facility Agent will mean the successor Facility Agent and the term Security
Agent will mean the successor Security Agent.

 87
 

(f)                                    The retiring Agent must, at its own cost, make available to the
successor Agent such documents and records and provide such assistance as the
successor Agent may reasonably request for the purposes of performing its
functions as the Agent under the Finance Documents.

(g)                                 Upon its resignation becoming effective, this Clause will continue
to benefit the retiring Agent in respect of any action taken or not taken by it
in connection with the Finance Documents while it was the Agent, and, subject
to paragraph (f) above, it will have no further obligations under any
Finance Document.

(h)                                 The Majority Lenders may, by notice to an Agent, require it to resign
under paragraph (b) above.

(i)                                     The Company may, if it is unsatisfied (acting reasonably) with the
performance by an Agent of its role as Agent, following a period of
consultation with the relevant Agent of not less than 14 days, by notice to
that Agent require it to resign.  Such
notice must specify the reasons for which the Company is seeking the Agent’s
resignation, which must be based on reasonable grounds.  In this event, the relevant Agent shall
resign in accordance with paragraph (b) above.

21.14                 Relationship
with Lenders

(a)                                  Each Agent may treat each Lender as a Lender, entitled to payments under
this Agreement and as acting through its Facility Office(s) until it has
received not less than five Business Days’ prior notice from that Lender to the
contrary.

(b)                                 Each Agent may at any time, and must if requested to do so by the
Majority Lenders, convene a meeting of the Lenders.

(c)                                  The Facility Agent must keep a register with respect to the Parties and
the Commitments and must supply any other Party with a copy of the information
contained in that register on request. 
The register must include:

(i)                                     the name, address and other contact details of each Party;

(ii)                                  the Facility Office of each Lender;

(iii)                               the Commitments of each Lender;

(iv)                              the principal amounts, the applicable interest rates and, if applicable,
the Terms of each Lender’s Loans; and

(v)                                 information concerning any other amounts owing to a Finance Party.

Entries
in the register shall be conclusive and binding, absent manifest error.

21.15                 Agent’s
management time

If
an Agent requires, any amount payable to that Agent by any Party under any
indemnity or in respect of any costs or expenses incurred by that Agent under
the Finance Documents after the date of this Agreement may include the cost of
using its management time or other resources and will be calculated on the
basis of such reasonable daily or hourly rates as that Agent may notify to the
relevant Party.  This is in addition to
any amount in respect of fees or expenses paid or payable to that Agent under
any other term of the Finance Documents.

 88
 

21.16                 Notice
period

Where
this Agreement specifies a minimum period of notice to be given to an Agent,
that Agent may, at its discretion, accept a shorter notice period.

21.17                 Release
of Security

The
Security Agent shall manage the Security Documents on its own behalf and as
agent on behalf of the other Finance Parties. 
The Security Agent shall and is hereby authorised by each of the Finance
Parties (and to the extent it may have any interest therein, every other party
hereto) to execute on behalf of itself and each of the Finance Parties (other
than the Security Agent) and every other party hereto where relevant without
the need for any further referral to, or authority from, any Finance Party or
other person hereto all such releases of security and guarantees given by
Obligors under any Finance Document.  The
Security Agent may effect such a release as soon as it has received
confirmation from the Facility Agent that all Finance Party Claims and Security
Agent Claims have been repaid in full and there is no possibility of any
Finance Party Claims and Security Agent Claims coming or re-entering into
existence.

22.                               EVIDENCE AND CALCULATIONS

22.1                        Accounts

Accounts
maintained by a Finance Party in connection with this Agreement are prima facie
evidence of the matters to which they relate for the purpose of any litigation
or arbitration proceedings.

22.2                        Certificates and determinations

Any
certification or determination by a Finance Party of a rate or amount under the
Finance Documents will be, in the absence of manifest error, conclusive
evidence of the matters to which it relates.

22.3                        Calculations

Any
interest or fee accruing under this Agreement accrues from day to day and is
calculated on the basis of the actual number of days elapsed and a year of 360
days or otherwise, depending on what the Facility Agent determines (acting
reasonably) is market practice.

23.                               FEES

23.1                        Agent’s fee

The
Company must pay to the relevant Agent for its own account an agency fee in the
manner agreed in the Fee Letter between the Agent and the Company.

23.2                        Arrangement fee

The
Company must pay to each Mandated Lead Arranger for its own account an
arrangement fee in the manner agreed in the Fee Letter between the Mandated
Lead Arrangers and the Company.

 89
 

23.3                        Term Loan B Facility commitment fee

(a)                                  The Company must pay to the Facility Agent for each Lender a commitment
fee in respect of the Term Loan B Facility computed at the rate of 40 per cent.
of the Term Loan B Facility Margin per annum on that Lender’s undrawn Term Loan
B Facility Commitment, subject to a maximum of 1 per cent. per annum.

(b)                                 Accrued commitment fee is payable quarterly in arrear.  Accrued commitment fee is also payable to the
Facility Agent for a Lender on the date its Term Loan B Facility Commitment is
cancelled in full.

23.4                        Term Loan A Facility commitment fee

(a)                                  The Company must pay to the Facility Agent for each Lender a commitment
fee in respect of the Term Loan A Facility computed at the rate of 40 per cent.
of the Term Loan A Facility Margin per annum on that Lender’s undrawn Term Loan
A Facility Commitment, subject to a maximum of 0.75 per cent. per annum.

(b)                                 Accrued commitment fee is payable quarterly in arrear.  Accrued commitment fee is also payable to the
Facility Agent for a Lender on the date its Term Loan A Facility Commitment is
cancelled in full.

23.5                        Term Loan C Facility commitment fee

(a)                                  The Company must pay to the Facility Agent for each Lender a commitment
fee in respect of the Term Loan C Facility computed at the rate of 40 per cent.
of the Term Loan C Facility Margin per annum on that Lender’s undrawn Term Loan
C Facility Commitment, subject to a maximum of 1 per cent. per annum.

(b)                                 Accrued commitment fee is payable quarterly in arrear.  Accrued commitment fee is also payable to the
Facility Agent for a Lender on the date its Term Loan C Facility Commitment is
cancelled in full.

23.6                        Revolving Facility commitment fee

(a)                                  The Company must pay to the Facility Agent for each Lender a commitment
fee in respect of the Revolving Facility computed at the rate of 40 per cent.
of the Revolving Facility Margin per annum on that Lender’s undrawn Revolving
Facility Commitment, subject to a maximum of 0.75 per cent. per annum.

(b)                                 Accrued commitment fee is payable quarterly in arrear.  Accrued commitment fee is also payable to the
Facility Agent for a Lender on the date its Revolving Facility Commitment is
cancelled in full.

24.                               INDEMNITIES AND BREAK COSTS

24.1                        Currency indemnity

(a)                                  Each Obligor must, as an independent obligation, indemnify each Finance
Party against any loss or liability which that Finance Party incurs as a
consequence of:

(i)                                     that Finance Party receiving an amount in respect of an Obligor’s
liability under the Finance Documents; or

 90
 

(ii)                                  that liability being converted into a claim, proof, judgment or order,

in a
currency other than the currency in which the amount is expressed to be payable
under the relevant Finance Document.

(b)                                 Unless otherwise required by law, each Obligor waives any right it may
have in any jurisdiction to pay any amount under the Finance Documents in a
currency other than that in which it is expressed to be payable.

24.2                        Other indemnities

(a)                                  Each Obligor must indemnify each Finance Party against any loss or
liability which that Finance Party incurs as a consequence of:

(i)                                     the occurrence of any Default;

(ii)                                  any failure by an Obligor to pay any amount due under a Finance Document
on its due date, including resulting from any distribution or redistribution of
any amount among the Lenders under this Agreement;

(iii)                               (other than by reason of negligence or default by that Finance Party) a
Loan not being made after a Request has been delivered for that Loan; or

(iv)                              a Loan (or part of a Loan) not being prepaid in accordance with this Agreement.

Each
Obligor’s liability in each case includes any loss or expense on account of
funds borrowed, contracted for or utilised to fund any amount payable under any
Finance Document or any Loan.

(b)                                 Each Obligor must indemnify the Facility Agent against any loss or
liability incurred by the Facility Agent as a result of:

(i)                                     investigating any event which the Facility Agent reasonably believes to
be an Event of Default; or

(ii)                                  acting or relying on any notice which it reasonably believes to be
genuine, correct and appropriately authorised.

24.3                        Break Costs

(a)                                  Each Borrower must pay to each Lender its Break Costs.

(b)                                 Break Costs are the amount (if any) determined by the relevant Lender by
which:

(i)                                     the interest (excluding Margin and Mandatory Costs) which that Lender
would have received for the period from the date of receipt of any part of its
share in a Loan or an overdue amount to the last day of the applicable Term for
that Loan or overdue amount if the principal or overdue amount received had been
paid on the last day of that Term;

exceeds

(ii)                                  the amount which that Lender would be able to obtain by placing an
amount equal to the amount received by it on deposit with a leading bank in the
appropriate interbank

 91
 

market
for a period starting on the Business Day following receipt and ending on the
last day of the applicable Term.

(c)                                  Each Lender must supply to the Facility Agent for the relevant Borrower
details of the amount of any Break Costs claimed by it under this Subclause.

25.                               EXPENSES

25.1                        Initial costs

Each
Obligor must pay to each Administrative Party the amount of all reasonable duly
evidenced costs and expenses (including legal fees any value added tax or
similar tax and any costs associated with perfecting any security under the
Security Documents) incurred by it in connection with the negotiation,
preparation, printing, entry into and syndication of the Finance Documents.

25.2                        Subsequent costs

Each
Obligor must pay to an Agent the amount of all reasonable duly evidenced costs
and expenses (including legal fees any value added tax or similar tax and any
costs associated with perfecting any security under the Security Documents)
incurred by it in connection with:

(a)                                  the negotiation, preparation, printing and entry into of any Finance
Document (other than a Transfer Certificate) executed after the date of this
Agreement; and

(b)                                 any amendment, waiver or consent requested by or on behalf of an Obligor
or specifically allowed by this Agreement.

25.3                        Enforcement costs

Each
Obligor must pay to each Finance Party the amount of all costs and expenses
(including legal fees) incurred by it in connection with:

(a)                                  the enforcement of, or the preservation of any rights under, any Finance
Documents; or

(b)                                 any proceedings instituted by or against an Agent as a consequence of it
entering into a Security Document.

26.                               AMENDMENTS AND WAIVERS

26.1                        Procedure

(a)                                  Except as provided in this Clause, any term of the Finance Documents may
be amended or waived with the agreement of the Company and the Majority Lenders.  The Facility Agent may effect, on behalf of
any Finance Party, an amendment or waiver allowed under this Clause.

(b)                                 The Facility Agent must promptly notify the other Parties of any
amendment or waiver effected by it under paragraph (a) above.  Any such amendment or waiver is binding on
all the Parties.

(c)                                  Each Obligor agrees to any amendment or waiver allowed by this Clause
which is agreed to by the Company.  This
includes any amendment or waiver which would, but for this

 92
 

paragraph,
require the consent of each Guarantor if the guarantee under the Finance
Documents is to remain in full force and effect.

26.2                        Exceptions

(a)                                  An amendment or waiver which:

(i)                                     changes the definition of Majority Lenders in Clause 1.1
(Definitions);

(ii)                                  changes any term of Clause 2.7 (Nature of a Finance Party’s rights and
obligations);

(iii)                               extends the date of payment of any amount to a Lender under the Finance
Documents;

(iv)                              reduces the Margin or the amount of any payment of principal, interest,
fee or other amount payable to a Lender under the Finance Documents;

(v)                                 without prejudice to the provisions of Clause 2.5 (Telenet Additional
Facility) and the ability of a Borrower to enter into a Telenet Additional
Facility Accession Agreement, increases or extends the availability of a
Commitment or the Total Commitments (other than pursuant to a Structural
Adjustment);

(vi)                              releases an Obligor (other than in order to effect a Permitted
Transaction or a disposal of all, but not part, of the share capital of that
Obligor in accordance with the terms of this Agreement);

(vii)                           relates to the release of an asset from a Security Document (except as
otherwise expressly permitted herein or in any such Security Document and
except in furtherance of a disposal or any other transaction which is permitted
by any Finance Document);

(viii)                        changes a term of a Finance Document which expressly requires the
consent of each Lender;

(ix)                                changes the right of a Lender to assign or transfer its rights or
obligations under the Finance Documents; or

(x)                                   changes any term of Clause 30 (Pro Rata Sharing); or

(xi)                                changes this Clause,

may
only be made with the consent of all the Lenders.

(b)                                 An amendment or waiver which relates to the rights or obligations of an
Administrative Party may only be made with the consent of that Administrative
Party.

(c)                                  A Fee Letter may be amended or waived with the agreement of the
Administrative Party that is a party to that Fee Letter and the Company.

26.3                        Non Consenting Lenders

(a)                                  In this Clause:

Non Consenting Lender
means a Lender who does not agree to a consent or amendment to, or a waiver of,
a provision of a Finance Document where:

 93
 

(i)                                     the Company or the Facility Agent has requested the Lenders to consent
to a departure from or waiver of any provision of any Finance Document or to
agree to an amendment to any Finance Document;

(ii)                                  the consent, waiver or amendment in question requires the consent of all
of the Lenders;

(iii)                               a period of not less than 21 days has elapsed from the date the consent,
waiver or amendment was requested;

(iv)                              the Majority Lenders have agreed to such consent, waiver or amendment;
and

(v)                                 the Company has notified the Facility Agent that it will treat the
Lender as a Non Consenting Lender.

(b)                                 If at any time any Lender becomes a Non Consenting Lender, then the
Company may within 90 days of the date that Lender became a Non Consenting
Lender:

(i)                                     request that the Lenders take a transfer in accordance with Clause 27
(Changes to the Parties) of all of the rights and obligations under the Finance
Documents of the Non Consenting Lender for an aggregate purchase price equal to
the outstanding principal amount of such Non Consenting Lender’s participation
in the outstanding Loans and all accrued interest, fees and other amounts due
and unpaid on the transfer date to that Non Consenting Lender under the Finance
Documents; no Lender shall be obliged to accept such a transfer and any such
transfer may be made in such proportions and to such Lenders as the Lenders
agree.  The Non Consenting Lender shall
be required to transfer its rights and obligations under the Finance Documents
to Lenders who agree to accept such transfer as contemplated in this
sub-paragraph;

(ii)                                  require the Non Consenting Lender to transfer, and the Non Consenting
Lender must transfer, in accordance with Clause 27 (Changes to the Parties) all
of its rights and obligations under the Finance Documents to another bank or
financial institution (including any other Lender) which has agreed to acquire
the Non Consenting Lenders rights and obligations under the Finance Documents
(as notified by the Company to the Non Consenting Lender and in the proportions
notified by the Company to the Non Consenting Lender) for an aggregate purchase
price equal to the outstanding principal amount of such Non Consenting Lender’s
participation in the outstanding Loans and all accrued interest, fees and other
amounts due and unpaid on the transfer date to that Non Consenting Lender under
the Finance Documents; or

(iii)                               notwithstanding any other provision of this Agreement, if the Majority
Lenders agree, the Company may prepay the Non Consenting Lender’s participation
in each Loan in full together with all accrued interest, fees and other amounts
due and unpaid on the transfer date under the Finance Documents (including any
Break Costs).

(c)                                  The replacement of a Lender pursuant to this Clause 26.3 shall be
subject to the following conditions:

(i)                                     the Company shall have no right to replace the Facility Agent or
Security Agent in its capacity as an Agent;

(ii)                                  no Finance Party shall have any obligation to any Obligor to find a
Lender or replace the Non Consenting Lender; and

 94
 

(iii)                               in no event shall the Lender replaced under this Clause 26.3 be required
to pay or surrender to any replacement Lender any of the fees received by such
Lender pursuant to the Finance Documents.

(d)                                 For the avoidance of doubt, no Finance Party shall have any obligation
to any Obligor to find a Lender to replace the Non Consenting Lender.

26.4                        Change of currency

If a
change in any currency of a country occurs (including where there is more than
one currency or currency unit recognised at the same time as the lawful
currency of a country), the Finance Documents will be amended to the extent the
Facility Agent (acting reasonably and after consultation with the Company)
determines is necessary to reflect the change.

26.5                        Waivers and remedies cumulative

The
rights of each Finance Party under the Finance Documents:

(a)                                  may be exercised as often as necessary;

(b)                                 are cumulative and not exclusive of its rights under the general law;
and

(c)                                  may be waived only in writing and specifically.

Delay
in exercising or non-exercise of any right is not a waiver of that right.

26.6                        Structural Adjustments

(a)                                  In this Clause, a Structural
Adjustment means:

(i)                                     the introduction of any additional tranche or facility into the Finance
Documents (other than a Telenet Additional Facility Commitment);

(ii)                                  any increase in or addition of any Commitment (other than a Telenet
Additional Facility Commitment), any extension of a Commitment’s availability
or the redenomination of a Commitment into another currency; and

(iii)                               any material changes to the Finance Documents which the Facility Agent
agrees acting reasonably are consequential on any of the foregoing.

(b)                                 Structural Adjustments may be approved with the consent of each of the
following, subject to the provisions of the Intercreditor Agreement:

(i)                                     the Majority Lenders; and

(ii)                                  each Lender that is assuming a new Commitment (other than a Telenet
Additional Facility Commitment) or an increased Commitment or whose Commitment’s
availability is being extended or redenominated, or to whom any amount
(including interest), which is being redenominated is due.

27.                               CHANGES TO THE PARTIES

27.1                        General

In
this Clause:

 95
 

Transfer Certificate
means a transfer certificate in the form of Schedule 5 (Form of Transfer
Certificate) with such amendments as the Facility Agent may approve or
reasonably require or, any other form agreed between the Facility Agent and the
Company; and

Transfer Date
means, for a Transfer Certificate the later of:

(a)                                  the proposed Transfer Date specified in that Transfer Certificate; and

(b)                                 the date on which the Facility Agent executes that Transfer Certificate.

27.2                        Assignments and transfers by Obligors

No
Obligor may assign or transfer any of its rights and obligations under the
Finance Documents without the prior consent of all the Lenders.

27.3                        Transfers by Lenders

(a)                                  A Lender (the Existing Lender)
may, subject to the following provisions of this Subclause, at any time
transfer (by way of novation) any of its rights and obligations under this
Agreement to any person (the New Lender).

(b)                                 Any transfer under paragraph (a) above shall be for an amount of not
less than €5,000,000 (or if less, the aggregate of the Commitments of that
Existing Lender and any other Existing Lender that is managed or controlled by
the same investment manager subject to a threshold of €2,000,000).

(c)                                  The consent of the Company is required for any assignment or transfer
(other than pursuant to Syndication) unless the New Lender is another Lender or
an Affiliate of a Lender or an Event of Default is outstanding.  The consent of the Company must not be
unreasonably withheld or delayed.  The
Company will be deemed to have given its consent ten Business Days after it is
given notice of the request unless it is expressly refused by the Company
within that time;

(d)                                 The Company may not withhold its consent solely because the assignment
or transfer might increase the Mandatory Cost.

(e)                                  A transfer of obligations will be effective only if the obligations are
novated in accordance with the following provisions of this Clause.

(f)                                    Unless the Facility Agent otherwise agrees, the New Lender must pay to
the Facility Agent for its own account, on or before the date any assignment or
transfer occurs, a fee of €2,500.

(g)                                 Any reference in this Agreement to a Lender includes a New Lender but
excludes a Lender if no amount is or may be owed to or by it under this
Agreement.

27.4                        Procedure for transfer by way of novations

(a)                                  A novation is effected if:

(i)                                     the Existing Lender and the New Lender deliver to the Facility Agent a
duly completed Transfer Certificate;

(ii)                                  the Facility Agent executes it; and

 96
 

(iii)                               the Facility Agent enters the name of the New Lender and the particulars
concerning the transferred interests in the register referred to in Clause
21.14(c) (Relationship with Lenders).

(b)                                 The Facility Agent must, as soon as reasonably practicable:

(i)                                     execute and deliver a Transfer Certificate delivered to it and which
appears on its face to be in order; and

(ii)                                  enter the name of the New Lender and the details of the transferred
interests in the register referred to in Clause 21.14(c) (Relationship with
Lenders).

(c)                                  Each Party (other than the Existing Lender and the New Lender)
irrevocably authorises the Facility Agent to execute any duly completed
Transfer Certificate on its behalf.

(d)                                 On the Transfer Date:

(i)                                     the New Lender will assume the rights and obligations of the Existing
Lender expressed to be the subject of the novation in the Transfer Certificate in
substitution for the Existing Lender; and

(ii)                                  the Existing Lender will be released from those obligations and cease to
have those rights.

(e)                                  For the purposes of Article 1278 of the Belgian Civil Code, each
Obligor, the Lenders and the New Lenders agree that, upon any transfer in whole
or in part of any of its rights and obligations under this Agreement by way of
novation or upon the implementation of any amendment or granting of any waiver
which takes effect as a novation, the Security Interests created by the
Security Documents will be preserved for the benefit of the New Lender, the
Existing Lenders and the Security Agent.

27.5                        Limitation of responsibility of Existing Lender

(a)                                  Unless expressly agreed to the contrary, an Existing Lender is not
responsible to a New Lender for the legality, validity, adequacy, accuracy,
completeness or performance of:

(i)                                     any Finance Document or any other document; or

(ii)                                  any statement or information (whether written or oral) made in or
supplied in connection with any Finance Document,

and
any representations or warranties implied by law are excluded.

(b)                                 Each New Lender confirms to the Existing Lender and the other Finance
Parties that it:

(i)                                     has made, and will continue to make, its own independent appraisal of
the financial condition and affairs of each Obligor and its related entities in
connection with its participation in this Agreement; and

(ii)                                  has not relied exclusively on any information supplied to it by the
Existing Lender in connection with any Finance Document.

(c)                                  Nothing in any Finance Document requires an Existing Lender to:

 97
 

(i)                                     accept a re-transfer from a New Lender of any of the rights and
obligations transferred under this Clause; or

(ii)                                  support any losses incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under any Finance Document or otherwise.

27.6                        Costs resulting from change of Lender or Facility Office

If:

(a)                                  a Lender transfers any of its rights and obligations under the Finance
Documents or changes its Facility Office; and

(b)                                 as a result of circumstances existing at the date the transfer or change
occurs, an Obligor would be obliged to pay a Tax Payment or an Increased Cost,

then,
unless the assignment, transfer or change is made by a Lender to mitigate any
circumstances giving rise to the Tax Payment, Increased Cost or a right to be
prepaid and/or cancelled by reason of illegality, the Obligor need only pay
that Tax Payment or Increased Cost to the same extent that it would have been
obliged to if no assignment, transfer or change had occurred.

27.7                        Additional Borrowers

(a)                                  If the Company wishes one of its wholly-owned Subsidiaries to become an
Additional Borrower, then it may (following consultation with the Facility
Agent) deliver to the Facility Agent the relevant documents and evidence listed
in Part 2 of Schedule 2 (Conditions Precedent Documents).

(b)                                 The prior consent of all the Lenders is required if the Additional
Borrower is incorporated in a jurisdiction outside the Kingdom of Belgium, the
Netherlands or Luxembourg, unless that Additional Borrower is a U.S. Finance
Vehicle.

(c)                                  A wholly-owned Subsidiary may only become an Additional Borrower if it
is already a Guarantor.

(d)                                 The relevant Subsidiary will become an Additional Borrower when the Facility
Agent notifies the other Finance Parties and the Company that it has received
all of the documents and evidence referred to in paragraphs (a), (b) and (c)
above (as applicable) in form and substance satisfactory to it.  The Facility Agent must give this
notification as soon as reasonably practicable.

(e)                                  Delivery of an Accession Agreement executed by the relevant Subsidiary
and the Company to the Facility Agent constitutes confirmation by that
Subsidiary and the Company that the Repeating Representations are then correct.

27.8                        Additional Guarantors

(a)                                  Upon delivery of a duly completed Accession Agreement specifying that
the relevant person is to be an Additional Guarantor, executed by the relevant
Subsidiary, the relevant person will become an Additional Guarantor.

(b)                                 The Company shall procure that, at the same time as an Accession
Agreement is delivered to the Facility Agent, there is also delivered to the
Facility Agent all those other documents

 98
 

listed
in Part 2 of Schedule 2 (Conditions Precedent Documents), in each case in form
and substance satisfactory to the Facility Agent.

(c)                                  The execution of an Accession Agreement constitutes confirmation by the
Additional Guarantor concerned that the representations and warranties set out
in Clause 16 (Representations and Warranties) to be made by it on the date of
the Accession Agreement are correct, as if made with reference to the facts and
circumstances then existing.

27.9                        Resignation of an Obligor (other than the Company)

(a)                                  The Company may request that an Obligor (other than the Company) ceases
to be an Obligor by giving to the Facility Agent a duly completed Resignation
Request.

(b)                                 The Facility Agent must accept a Resignation Request and notify the
Company and the Lenders of its acceptance if:

(i)                                     all of the shares in that Obligor are being disposed of and such
disposal is permitted under the terms of this Agreement;

(ii)                                  it is not aware that a Default is outstanding or would result from the
acceptance of the Resignation Request; and

(iii)                               no amount owed by that Obligor under this Agreement is still
outstanding.

(c)                                  The Obligor will cease to be a Borrower and/or a Guarantor, as
appropriate, when the Facility Agent gives the notification referred to in
paragraph (b) above.

27.10                 Changes
to the Reference Banks

If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it
is an Affiliate) ceases to be a Lender, the Facility Agent must (in
consultation with the Company) appoint another Lender or an Affiliate of a
Lender to replace that Reference Bank.

28.                               DISCLOSURE OF INFORMATION

(a)                                  Each Finance Party must keep confidential any information supplied to it
by or on behalf of any Obligor in connection with the Finance Documents.  However, a Finance Party is entitled to
disclose information:

(i)                                     which is publicly available, other than as a result of a breach by that
Finance Party of this Clause;

(ii)                                  in connection with any legal or arbitration proceedings;

(iii)                               if required to do so under any law or regulation;

(iv)                              to a governmental, banking, taxation or other regulatory authority;

(v)                                 to its professional advisers;

(vi)                              to the extent allowed under paragraph (b) below; or

(vii)                           with the agreement of the relevant Obligor.

 99
 

(b)                                 A Finance Party may disclose to an Affiliate or any person with whom it
may enter, or has entered into, any kind of transfer, participation or other
agreement in relation to this Agreement (a participant):

(i)                                     a copy of any Finance Document; and

(ii)                                  any information which that Finance Party has acquired under or in connection
with any Finance Document.

However,
before a participant may receive any confidential information, it must agree
with the relevant Finance Party to keep that information confidential on the
terms of paragraph (a) above.

(c)                                  Notwithstanding any other provision of this Agreement, any Party to this
Agreement (and any of its affiliates, officers, directors, employees,
representatives, professional advisers, or other agents) may disclose to any
and all persons, without limitation of any kind:

(i)                                     the U.S. tax treatment and U.S.  tax structure
(each as defined below) of the Facilities; and

(ii)                                  all material of any kind (including opinions and other tax analyses)
that are provided to such party relating to such U.S. tax treatment or U.S. tax
structure,

except
to the extent reasonably necessary to comply with applicable federal or state
securities laws.

For
the purposes of this subsection, the U.S.  tax treatment of the Facilities is the purported or claimed
U.S. federal, state and local income tax treatment of the Facilities, and the U.S.  tax structure
of the Facilities is any fact that may be relevant to understanding the
purported or claimed U.S. federal, state and local income tax treatment of the
Facilities.  This authorisation is not
intended to permit disclosure of any information (other than information
relating to the U.S. tax treatment or U.S. tax structure of the Facilities)
including (without limitation) (i) any portion of any materials to the extent
not related to the U.S. tax treatment or U.S. tax structure of the Facilities,
(ii) the identities of participants or potential participants in the Facilities
(except to the extent such identities are related to the U.S. tax treatment or
the U.S. tax structure of the Facility), (iii) the existence or status of any
negotiations, (iv) any pricing or financial information (except to the extent
such pricing or financial information is related to the U.S. tax treatment or
the U.S. tax structure of the Facilities), or (v) any other term or detail not
relevant to the U.S. tax treatment or the U.S. tax structure of the Facilities.

(d)                                 This Clause supersedes any previous confidentiality given by a Finance
Party in connection with this Agreement prior to it becoming a Party.

29.                               SET-OFF

(a)                                  A Finance Party may, at any time when an Event of Default is
outstanding, set off any matured obligation owed to it by an Obligor under the
Finance Documents (to the extent beneficially owned by that Finance Party)
against any obligation (whether or not matured) owed by that Finance Party to
that Obligor, regardless of the place of payment, booking branch or currency of
either obligation.  If the obligations
are in different currencies, the Finance Party may convert either obligation at
a market rate of exchange in its usual course of business for the purpose of
the set-off.

(b)                                 This Clause is a netting arrangement for the purposes of the Belgian
Financial Collateral Law.

 100
 

30.                               PRO RATA SHARING

30.1                        Redistribution

If
any amount owing by an Obligor under this Agreement to a Finance Party (the
recovering Finance Party) is discharged by payment, set-off or any other manner
other than in accordance with this Agreement (a recovery), then:

(a)                                  the recovering Finance Party must, within three Business Days, supply
details of the recovery to the Facility Agent;

(b)                                 the Facility Agent must calculate whether the recovery is in excess of
the amount which the recovering Finance Party would have received if the
recovery had been received and distributed by the Facility Agent under this
Agreement; and

(c)                                  the recovering Finance Party must pay to the Facility Agent an amount
equal to the excess (the redistribution).

30.2                        Effect of redistribution

(a)                                  The Facility Agent must treat a redistribution as if it were a payment
by the relevant Obligor under this Agreement and distribute it among the
Finance Parties, other than the recovering Finance Party, accordingly.

(b)                                 When the Facility Agent makes a distribution under paragraph (a) above,
the recovering Finance Party will be subrogated to the rights of the Finance
Parties which have shared in that redistribution.

(c)                                  If and to the extent that the recovering Finance Party is not able to
rely on any rights of subrogation under paragraph (b) above, the relevant
Obligor will owe the recovering Finance Party a debt which is equal to the
redistribution, immediately payable and of the type originally discharged.

(d)                                 If:

(i)                                     a recovering Finance Party must subsequently return a recovery, or an
amount measured by reference to a recovery, to an Obligor; and

(ii)                                  the recovering Finance Party has paid a redistribution in relation to
that recovery,

each
Finance Party must reimburse the recovering Finance Party all or the
appropriate portion of the redistribution paid to that Finance Party, together
with interest for the period while it held the redistribution.  In this event, the subrogation in paragraph
(b) above will operate in reverse to the extent of the reimbursement.

30.3                        Exceptions

Notwithstanding
any other term of this Clause, a recovering Finance Party need not pay a
redistribution to the extent that:

(a)                                  it would not, after the payment, have a valid claim against the relevant
Obligor in the amount of the redistribution; or

 101
 

(b)                                 it would be sharing with another Finance Party any amount which the
recovering Finance Party has received or recovered as a result of legal or
arbitration proceedings, where:

(i)                                     the recovering Finance Party notified the Facility Agent of those
proceedings; and

(ii)                                  the other Finance Party had an opportunity to participate in those
proceedings but did not do so or did not take separate legal or arbitration
proceedings as soon as reasonably practicable after receiving notice of them.

30.4                        Litigation

(a)                                  No Lender shall commence any action or proceeding in any court to
enforce its rights under any Finance Document without prior consultation with
the other Lenders and without the consent of Majority Lenders;

(b)                                 If in accordance with paragraph (a) above any Lender does take action to
enforce its rights under any Finance Document and, as a result thereof or in
connection therewith, shall receive a recovery then such Lender shall not be
required to share any portion of such recovery with any Lender which has the
legal right to, but does not, join in such action or proceeding or commence and
diligently prosecute a separate action or proceeding to enforce its rights in
another court.

31.                               SEVERABILITY

If a
term of a Finance Document is or becomes illegal, invalid or unenforceable in
any respect under any jurisdiction, that will not affect:

(a)                                  the legality, validity or enforceability in that jurisdiction of any
other term of the Finance Documents; or

(b)                                 the legality, validity or enforceability in other jurisdictions of that
or any other term of the Finance Documents.

32.                               COUNTERPARTS

Each
Finance Document may be executed in any number of counterparts.  This has the same effect as if the signatures
on the counterparts were on a single copy of the Finance Document.

33.                               NOTICES

33.1                        In writing

(a)                                  Any formal communication in connection with a Finance Document must be
in writing and, unless otherwise stated, may be given:

(i)                                     in person, by post or fax; or

(ii)                                  to the extent agreed by the Parties making and receiving communication,
by e-mail or other electronic communication.

(b)                                 For the purpose of the Finance Documents, an electronic communication
will be treated as being in writing.

 102
 

(c)                                  Unless it is agreed to the contrary, any consent or agreement required
under a Finance Document must be given in writing.

33.2                        Contact details

(a)                                  Except as provided below, the contact details of each Party for all
communications in connection with the Finance Documents are those notified by
that Party for this purpose to the Facility Agent on or before the date it
becomes a Party.

(b)                                 The contact details of each Obligor for this purpose are:

	
  Address:

  	
  Liersesteenweg 4

  
	
   

  	
  2800 Mechelen

  
	
   

  	
   

  
	
  Fax number:

  	
  +32 (15) 33 3716

  
	
  Attention:

  	
  Group Treasurer / Chief Financial Officer

  
	
  Telephone:

  	
  +32 (15) 33 3564 / +32 (15) 33 3557

  
	
  Email:

  	
  didier.zeghers@staff.telenet.be /
  renaat.berckmoes@staff.telenet.be

  

 

(c)                                  The contact details of the Facility Agent for this purpose are:

	
  Address:

  	
  Agency European Group

  
	
   

  	
  21 Place du Marché St Honoré

  
	
   

  	
  75031 Paris Cedex

  
	
   

  	
   

  
	
  Fax number:

  	
  +31 (1) 42 98 43 17

  
	
  Attention:

  	
  Benoît Tyrka/Assad Karkabi

  
	
  Email:

  	
  benoit.tyrka@bnpparibas.com /
  assad.karkabi@bnpparibas.com

  

 

(d)                                 Any Party may change its contact details by giving five Business Days’
notice to the Facility Agent or (in the case of the Facility Agent) to the
other Parties.

(e)                                  Where a Party nominates a particular department or officer to receive a
communication, a communication will not be effective if it fails to specify
that department or officer.

33.3                        Effectiveness

(a)                                  Except as provided below, any communication in connection with a Finance
Document will be deemed to be given as follows:

(i)                                     if delivered in person, at the time of delivery;

(ii)                                  if posted, five days after being deposited in the post, postage prepaid,
in a correctly addressed envelope;

(iii)                               if by fax, when received in legible form; and

(iv)                              if by e-mail or any other electronic communication, when received in
legible form.

(b)                                 A communication given under paragraph (a) below but received on a
non-working day or after business hours in the place of receipt will only be
deemed to be given on the next working day in that place.

(c)                                  A communication to the Facility Agent will only be effective on actual
receipt by it.

 103

33.4                        Obligors

(a)                                  All formal communications under the Finance Documents to or from an
Obligor must be sent through the Facility Agent.

(b)                                 All formal communications under the Finance Documents to or from an
Obligor (other than the Company) must be sent through the Company.

(c)                                  Each Obligor (other than the Company) irrevocably appoints the Company
to act as its agent:

(i)                                     to give and receive all communications under the Finance Documents;

(ii)                                  to supply all information concerning itself to any Finance Party; and

(iii)                               to sign all documents under or in connection with the Finance Documents.

(d)                                 Any communication given to the Company in connection with a Finance
Document will be deemed to have been given also to the other Obligors.

(e)                                  Each Finance Party may assume that any communication made by the Company
is made with the consent of each other Obligor.

34.                               LANGUAGE

(a)                                  Any notice given in connection with a Finance Document must be in
English.

(b)                                 Any other document provided in connection with a Finance Document must
be:

(i)                                     in English; or

(ii)                                  (unless the Facility Agent otherwise agrees) accompanied by a certified
English translation.  In this case, the
English translation prevails unless the document is a statutory or other
official document.

35.                               GOVERNING LAW

This
Agreement is governed by English law.

36.                               ENFORCEMENT

36.1                        Jurisdiction

(a)                                  Unless a Finance Document specifically provides otherwise, the English
courts have non-exclusive jurisdiction to settle any dispute in
connection with any Finance Document.

(b)                                 The English courts are the most appropriate and convenient courts to
settle any such dispute.  Each Obligor
agrees not to argue to the contrary and waives objection to those courts on the
grounds of inconvenient forum or otherwise in relation to proceedings in
connection with any Finance Document.

(c)                                  This Clause is for the benefit of the Finance Parties only.  To the extent allowed by law, a Finance Party
may take:

(i)                                     proceedings in any other court; and

 104
 

(ii)                                  concurrent proceedings in any number of jurisdictions.

(d)                                 References in this Clause to a dispute in connection with a Finance
Document includes any dispute as to the existence, validity or termination of
that Finance Document.

36.2                        Service of process

(a)                                  Each Obligor irrevocably appoints Law Debenture Trustee Company as its
agent under the Finance Documents and the mandate letter dated 16 July 2007 (as
amended) between, among others, the Original Borrower and the Mandated Lead
Arrangers (the Mandate Letter) for service of
process in any proceedings before the English courts in connection with any
Finance Document and the Mandate Letter.

(b)                                 If any person appointed as process agent is unable under this Clause for
any reason to so act, the Company (on behalf of all the Obligors) must
immediately appoint another agent on terms acceptable to the Facility
Agent.  Failing this, the Facility Agent
may appoint another process agent for this purpose.

(c)                                  Each Obligor agrees that failure by a process agent to notify it of any
process will not invalidate the relevant proceedings.

(d)                                 This Clause does not affect any other method of service allowed by law.

36.3                        Waiver of immunity

Each
Obligor irrevocably and unconditionally:

(a)                                  agrees not to claim any immunity from proceedings brought by a Finance
Party against it in relation to a Finance Document and to ensure that no such
claim is made on its behalf;

(b)                                 consents generally to the giving of any relief or the issue of any
process in connection with those proceedings; and

(c)                                  waives all rights of immunity in respect of it or its assets.

This
Agreement has been entered into on the date stated at the beginning of this
Agreement.

37.                               WAIVER OF TRIAL BY JURY

EACH
PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION CONTEMPLATED
BY ANY FINANCE DOCUMENT.  THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT.

 105
 

SCHEDULE 1

ORIGINAL PARTIES

PART 1

GUARANTORS

	
  Name of
  Original Guarantors

  	
   

  	
  Registration number (or equivalent, if any)

  
	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  HR Mechelen 89835, Enterprise No. 0473.416.418

  
	
   

  	
   

  	
   

  
	
  Telenet NV

  	
   

  	
  HR Mechelen 82218, Enterprise No. 0439.840.857

  
	
   

  	
   

  	
   

  
	
  UPC Belgium NV

  	
   

  	
  HR Brussel 69463, Enterprise No. 0455.620.381

  

 

PART 2

COMMITMENTS

	
  Name of

  Initial

  Original

  Lenders

  	
   

  	
  Term Loan B

  Facility

  Commitments

  	
   

  	
  Term Loan A

  Facility

  Commitments

  	
   

  	
  Term Loan C

  Facility

  Commitments

  	
   

  	
  Revolving Facility

  Commitments

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ABN AMRO BANK N.V.

  	
   

  	
  €

  	
  295,000,000

  	
   

  	
  €

  	
  85,000,000

  	
   

  	
  €

  	
  45,000,000

  	
   

  	
  €

  	
  35,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS S.A.

  	
   

  	
  €

  	
  590,000,000

  	
   

  	
  €

  	
  170,000,000

  	
   

  	
  €

  	
  90,000,000

  	
   

  	
  €

  	
  70,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A.

  	
   

  	
  €

  	
  590,000,000

  	
   

  	
  €

  	
  170,000,000

  	
   

  	
  €

  	
  90,000,000

  	
   

  	
  €

  	
  70,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
  €

  	
  1,475,000,000

  	
   

  	
  €

  	
  425,000,000

  	
   

  	
  €

  	
  225,000,000

  	
   

  	
  €

  	
  175,000,000

  	
   

  

 

 106
 

SCHEDULE 2

CONDITIONS PRECEDENT
DOCUMENTS

PART 1

TO BE DELIVERED BEFORE THE
FIRST REQUEST

Original Obligors

1.                                       A copy of the articles of association of each Original Obligor.

2.                                       A copy of a resolution of the board of directors of each Original
Obligor approving the terms of, and the transactions contemplated by, the
Finance Documents(1).

3.                                       A specimen of the signature of each person authorised on behalf of an
Original Obligor to execute or witness the execution of any Finance Document or
to sign or send any document or notice in connection with any Finance Document.

4.                                       A copy of the minutes of the shareholders’ meeting of each Obligor:

(a)                                  approving for the purposes of article 556 of the Belgian Companies Act,
the terms of and transactions contemplated by the Finance Documents, and in
particular, the provisions having the effect that an event of default will be
triggered and/or that may require an early repayment if there is a change of control;
and

(b)                                 authorising named persons to fulfil the formalities with the Registry of
the Commercial Court of the registered office of such Obligor following the
decision taken in accordance with the above.

5.                                       A certificate of an authorised signatory of the Original Borrower:

(a)                                  confirming that utilising the Total Commitments in full would not breach
any limit binding on any Original Obligor; and

(b)                                 certifying that each copy document specified in Part 1 of this Schedule
is correct, complete and in full force and effect as at a date no earlier than
the date of the Supplemental Agreement.

6.                                       Evidence required by the Finance Parties for the purpose of any
applicable money laundering regulations.

7.                                       Evidence that the agent of the Original Obligors under the Finance
Documents for service of process in England has accepted its appointment.

Security Document(s)

1.                                       Each Fee Letter.

2.                                       The Intercreditor Agreement.

3.                                       The Share Pledge.

(1)                                  Resolutions
to include detailed analyses of corporate benefit in respect of upstream
guarantees.

 107
 

4.                                       Obligor
Pledges of Shareholder Loans and Pledges of Subordinated Shareholder Loans in
respect of all relevant loans in place at the first Utilisation Date.

Miscellaneous

1.                                       The Syndication Letter.

2.                                       The most recent audited financial statements of each Obligor.

3.                                       A copy of the Funds Flow Statement detailing the proposed movement of
funds on or before the Closing Date.

4.                                       Written confirmation signed by a director of the Company confirming that
all fees and expenses then due and payable including all legal fees from the
Company under the Finance Documents have been or will be paid within 5 Business
Days of the first Utilisation Date.

5.                                       Evidence that the Existing Senior Facility will be prepaid and cancelled
in full on or by the first Utilisation Date.

6.                                       An effective discharge of all Existing Security on or before the first
Utilisation Date, with the exception for any registered Existing Security for
which the Obligors undertake, and shall procure the Restricted Persons to
undertake, reasonable endeavours to de-register as soon as practical following
the first Utilisation Date, at their own or at the Company’s cost.

7.                                       Evidence that the Senior Discount Notes and the Senior Notes have been
called and will be redeemed and cancelled in full on or before the first
Utilisation Date.

8.                                       An initialled copy of the budget for 2007.

9.                                       A letter from the Company in a form to be mutually agreed describing
hedging arrangements to be entered into in respect of hedging interest rate
liabilities (the Hedging Letter).

Legal opinions

1.                                       A legal opinion of legal advisers to the Mandated Lead Arrangers and
each Agent, addressed to the Finance Parties as to English law.

2.                                       A legal opinion of legal advisers to the Mandated Lead Arrangers and
each Agent, addressed to the Finance Parties as to Belgian law.

 108
 

PART 2

FOR AN ADDITIONAL OBLIGOR

Additional Obligors

1.                                       An Accession Agreement duly executed by (amongst others) the Company and
the Additional Obligor.

2.                                       A copy of the constitutional documents of the Additional Obligor.

3.                                       A copy of a resolution of the board of directors of the Additional
Obligor approving the terms of, and the transactions contemplated by, the
relevant Finance Documents.

4.                                       A specimen of the signature of each person authorised on behalf of the
Additional Obligor to execute or witness the execution of any Finance Document
or to sign or send any document or notice in connection with any Finance
Document.

5.                                       A copy of a resolution, signed by all (or any lower percentage agreed by
the Facility Agent) of the holders of its issued or allotted shares, approving
the terms of, and the transactions contemplated by, the relevant Accession
Agreement.

6.                                       If applicable, a copy of a resolution of the board of directors of each
corporate shareholder in the Additional Guarantor approving any resolution
referred to in paragraph 5 above.

7.                                       A certificate of an authorised signatory of the Additional Obligor:

(a)                                  confirming that utilising the Total Commitments in full would not breach
any limit binding on it; and

(b)                                 certifying that each copy document specified in Part 2 of this Schedule
is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Agreement.

8.                                       If available, a copy of the latest audited accounts of the Additional
Obligor.

9.                                       Evidence that the agent of the Additional Obligor under the Finance
Documents for service of process in England has accepted its appointment.

10.                                 Evidence required by the Finance Parties for the purpose of any
applicable money laundering regulations.

Legal Opinions

1.                                       A legal opinion of Allen & Overy, London, legal advisers to the
Facility Agent, addressed to the Finance Parties in scope and substance similar
to the legal opinion of Allen & Overy, London, delivered under Part 1 of
this Schedule 2.

2.                                       If the Additional Obligor is incorporated in a jurisdiction other than
England, a legal opinion from legal advisers in that jurisdiction acceptable to
the Facility Agent, addressed to the Finance Parties.

 109
 

Other documents and evidence

1.                                       Evidence that all expenses due and payable from an Obligor under this
Agreement in respect of the Accession Agreement have been paid.

2.                                       Such duly executed Security Documents that the Facility Agent (acting on
the instructions of the Majority Lenders) may require which (in the case of any
US Borrower only) shall include a share pledge over the shares of any
Additional Obligor and Security Documents which are consistent with the
Security Documents delivered under Part 1 of this Schedule 2.

3.                                       A copy of any other authorisation or other document, opinion or
assurance which the Facility Agent has notified the Company is necessary or
desirable in connection with the entry into and performance of, and the
transactions contemplated by, the Accession Agreement or for the validity and
enforceability of any Finance Document.

 110
 

SCHEDULE 3

FORM OF REQUEST

To:                              [FACILITY AGENT] as Facility Agent

From:                  [                               ]

Date:                    [                               ]

Telenet
BidCo NV (and others) €2,300,000,000 Credit Agreement

dated 1
August 2007 (the Agreement)

1.                                       We refer to the Agreement.  This
is a Request.

2.                                       We wish to borrow a [Term Loan B Facility]/[Term Loan A Facility]/[Term
Loan C Facility]/[Revolving] Loan on the following terms:

(a)                                  Utilisation Date: [                               ]

(b)                                 Amount/currency:
[                                         ]

(c)                                  Term:
[                                         ]

(d)                                 Purpose:
[                                         ]

3.                                       Our payment instructions are:
[                                    ].

4.                                       We confirm that each condition precedent under the Agreement which must
be satisfied on the date of this Request is so satisfied.

5.                                       We confirm that the Repeating Representations are correct in all
material respects and no Event of Default is outstanding or will result from
the Loan.

6.                                       This Request is irrevocable.

By:

[                               ]

 111
 

SCHEDULE 4

CALCULATION OF THE
MANDATORY COST

1.                                      General

(a)                                  The Mandatory Cost is to compensate a Lender for the cost of compliance
with:

(i)                                     the requirements of the Bank of England and/or the Financial Services
Authority (or, in either case, any other authority which replaces any of its
functions); or

(ii)                                  the requirements of the European Central Bank.

(b)                                 The Mandatory Cost is expressed as a percentage rate per annum.

(c)                                  The Mandatory Cost is the weighted average (weighted in proportion to
the percentage share of each Lender in the relevant Loan) of the rates for the
Lenders calculated by the Facility Agent in accordance with this Schedule on
the first day of a Term (or as soon as possible after then).

(d)                                 The Facility Agent must distribute each amount of Mandatory Cost among
the Lenders on the basis of the rate for each Lender.

(e)                                  Any determination by the Facility Agent pursuant to this Schedule will
be, in the absence of manifest error, conclusive and binding on all the
Parties.

2.                                      For a Lender lending from a Facility Office in the U.K.

(a)                                  The relevant rate for a Lender lending from a Facility Office in the
U.K. is calculated in accordance with the following formula:

where
on the day of application of the formula, E is calculated by the Facility Agent
as being the average of the rates of charge under the fees rules supplied by
the Reference Banks to the Facility Agent under paragraph (d) below (and
expressed in pounds per £1 million).

(b)                                 For the purposes of this paragraph 2:

(i)                                     fees rules means the then current rules on periodic fees in the
Supervision Manual of the FSA Handbook or any other law or regulation as may
then be in force for the payment of fees for the acceptance of deposits;

(ii)                                  fee tariffs means the fee tariffs specified in the fees rules under
fee-block Category A1 (Deposit acceptors) (ignoring any minimum fee or zero
rated fee required pursuant to the fees rules but applying any applicable
discount rate); and

(iii)                               tariff base has the meaning given to it in, and will be calculated in
accordance with, the fees rules.

(c)                                  Each rate calculated in accordance with the formula is, if necessary, rounded
upward to four decimal places.

 112
 

(d)                                 If requested by the Facility Agent, each Reference Bank must, as soon as
practicable after publication by the Financial Services Authority, supply to
the Facility Agent the rate of charge payable by that Reference Bank to the
Financial Services Authority under the fees rules for that financial year of
the Financial Services Authority (calculated by that Reference Bank as being
the average of the fee tariffs applicable to that Reference Bank for that
financial year) and expressed in pounds per £1 million of the tariff base of
that Reference Bank.

(e)                                  Each Lender must supply to the Facility Agent the information required
by it to make a calculation of the rate for that Lender.  In particular, each Lender must supply the
following information on or prior to the date on which it becomes a Lender:

(i)                                     the jurisdiction of its Facility Office; and

(ii)                                  any other information that the Facility Agent reasonably requires for
that purpose.

(iii)                               Each Lender must promptly notify the Facility Agent of any change to the
information supplied to it under this paragraph.

(f)                                    The rates of charge of each Reference Bank for the purpose of E above
are determined by the Facility Agent based upon the information supplied to it
under paragraphs (d) and (e) above. 
Unless a Lender notifies the Facility Agent to the contrary, the
Facility Agent may assume that the Lender’s obligations in respect of cash
ratio deposits and special deposits are the same as those of a typical bank
from its jurisdiction of incorporation with a Facility Office in the U.K.

(g)                                 The Facility Agent has no liability to any Party if its calculation over
or under compensates any Lender.  The
Facility Agent is entitled to assume that the information provided by any
Lender or Reference Bank under this Schedule is true and correct in all
respects.

3.                                      For a Lender lending from a Facility Office in a Participating Member
State

(a)                                  The relevant rate for a Lender lending from a Facility Office in a
Participating Member State is the percentage rate per annum notified by that
Lender to the Facility Agent.  This
percentage rate per annum must be certified by that Lender in its notice to the
Facility Agent as its reasonable determination of the cost (expressed as a
percentage of that Lender’s share in all Loans made from that Facility Office)
of complying with the minimum reserve requirements of the European Central Bank
in respect of Loans made from that Facility Office.

(b)                                 If a Lender fails to specify a rate under paragraph (a) above, the
Facility Agent will assume that the Lender has not incurred any such cost.

4.                                      Changes

(a)                                  The Facility Agent may, after consultation with the Company and the
Lenders, determine and notify all the Parties of any amendment to this Schedule
which is required to reflect:

(i)                                     any change in law or regulation; or

(ii)                                  any requirement imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any successor
authority).

 113
 

(b)                                 If the Facility Agent, after consultation with the Company, determines
that the Mandatory Cost for a Lender lending from a Facility Office in the U.K.
can be calculated by reference to a screen, the Facility Agent may notify all
the Parties of any amendment to this Agreement which is required to reflect
this.

 114
 

SCHEDULE 5

FORM OF TRANSFER
CERTIFICATE

To:                              [FACILITY AGENT] as Facility Agent

From:                  [THE
EXISTING LENDER] (the Existing Lender)
and [THE NEW LENDER] (the New Lender)

Date:                    [                         ]

Telenet
BidCo NV (and others) €2,300,000,000 Credit Agreement

dated 1
August 2007 (the Agreement)

We
refer to the Agreement.  This is a
Transfer Certificate.

1.                                       The Existing Lender transfers by novation to the New Lender the Existing
Lender’s rights and obligations referred to in the Schedule below in accordance
with the terms of the Agreement.

2.                                       The proposed Transfer Date is [     ].

3.                                       The administrative details of the New Lender for the purposes of the
Agreement are set out in the Schedule.

4.                                       This Transfer Certificate is governed by English law.

5.                                       For the purposes of Article 1278 of the Belgium Civil Code, the Existing
Lender, the Facility Agent and the New Lender agree that the Security Documents
will be for the benefit of the New Lender in accordance with Clause 27.4
(Procedure for transfer by way of novations) of the Agreement.

6.                                       The New Lender represents on the date of this Transfer Certificate that
it is a Qualifying Lender.

 115
 

THE SCHEDULE

Rights and
obligations to be transferred by novation

[insert relevant details, including applicable
Commitment (or part)]

Administrative
details of the New Lender

[insert details of Facility Office, address for
notices and payment details etc.]

[EXISTING LENDER]                                                                                                                                                                                            [NEW LENDER]

By:                                                                                                                                                                                                                                                                                            By:

The Transfer Date is confirmed by the Facility Agent
as
[                  ].

[FACILITY AGENT]

By:

 116
 

SCHEDULE 6

EXISTING SECURITY

	
  Member of the
  Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Group Holding NV

  	
   

  	
  First rank pledge with respect to
  the shares of Telenet BidCo NV (one share), pursuant to share pledge
  agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge with respect to
  the shares of Telenet BidCo NV (one share), pursuant to a second rank share
  pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares
  of Telenet NV (4,250 shares), pursuant to accession agreement dated
  February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares
  of Telenet Vlaanderen NV (16,100 shares), pursuant to accession agreement
  dated February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over
  receivables, pursuant to receivables and securities pledge agreement dated
  August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over
  receivables, pursuant to a second rank receivables pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Communications NV

  	
   

  	
  First rank pledge with respect to
  the shares of Telenet BidCo NV (28,379,617 shares), pursuant
  to share pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge with respect to
  the shares of Telenet BidCo NV (28,379,617 shares), pursuant
  to a second rank share pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over
  receivables, pursuant to receivables and securities pledge agreement dated
  August 9, 2002

  	
   

  	
  Secured Liabilities

  

 

 117
 

 

	
  Member of the
  Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over
  receivables, pursuant to a second rank receivables pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet BidCo NV

  	
   

  	
  Mortgage mandate, dated August 9,
  2002

  	
   

  	
  €

  	
  650,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, pursuant to
  partial exercise of floating charge mandate dated August 9, 2002

  	
   

  	
  €

  	
  250,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge with respect to
  the shares of Telenet NV (2,534,814 shares), pursuant to a share pledge
  agreement dated May 13, 2003, a supplemental agreement dated December 22,
  2003, a supplemental agreement dated August 12, 2005 and two supplemental
  agreements dated February 24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge with respect to
  the shares of Telenet NV (1,315,448 shares), pursuant to a second rank share
  pledge agreement dated December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares
  of Telenet Vlaanderen NV (4,605,979 shares), pursuant to share pledge
  agreement dated December 22, 2003 and supplemental agreement dated February
  24, 2006

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over
  receivables, pursuant to a receivables and securities pledge agreement dated
  August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over
  receivables, pursuant to a second rank receivables pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge with respect to the shares
  of UPC Belgium NV (807,017 shares), dated April 17, 2007

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet NV

  	
   

  	
  Mortgage (former Telenet Operaties
  NV), pursuant to a mortgage deed dated March 27, 2002, a mortgage deed dated
  August 9, 2002 and a mortgage deed dated September 30, 2002

  	
   

  	
  €

  	
  800,000,000

  

 

 118
 

 

	
  Member of the
  Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage (former MixtICS NV),
  pursuant to a mortgage deed dated September 30, 2002 and a mortgage deed
  dated August 9, 2002

  	
   

  	
  €

  	
  625,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage (former Telenet Solutions
  NV), pursuant to a mortgage deed dated May 14, 2004

  	
   

  	
  €

  	
  50,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate (former Telenet
  Operaties NV), dated August 9, 2002 (minus exercise of €200,000,000)

  	
   

  	
  €

  	
  450,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate (former MixtICS
  NV), dated August 9, 2002 (minus exercise of €200,000,000)

  	
   

  	
  €

  	
  450,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, dated June 9,
  2006, effective May 12, 2006

  	
   

  	
  €

  	
  135,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge mandate, dated May
  12, 2006

  	
   

  	
  €

  	
  865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former Telenet
  Operaties NV), pursuant to a floating charge agreement dated March 29, 2001,
  two floating charge agreements dated August 9, 2002 and a partial exercise of
  a floating charge mandated dated March 29, 2001

  	
   

  	
  €

  	
  1,250,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former MixtICS
  NV), pursuant to two floating charge agreements dated August 9, 2002

  	
   

  	
  €

  	
  865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former PayTVCo
  NV), pursuant to a floating charge agreement dated February 27, 2004

  	
   

  	
  €

  	
  75,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge (former Telenet
  Solutions NV), pursuant to a floating charge agreement dated February 27,
  2004

  	
   

  	
  €

  	
  75,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First rank pledge over
  receivables, pursuant to a receivables and securities pledge agreement dated
  August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Second rank pledge over
  receivables, pursuant to a second rank receivables pledge agreement dated
  December 22, 2003

  	
   

  	
  Secured Liabilities

  

 

 119
 

 

	
  Member of the
  Group

  creating security

  	
   

  	
  Details of security

  	
   

  	
  Maximum

  principal amount

  secured

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Telenet Vlaanderen NV

  	
   

  	
  Mortgage, pursuant to a mortgage
  deed dated August 9, 2002 and a mortgage deed dated September 30, 2002

  	
   

  	
  €

  	
  625,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mortgage mandate, dated August 9,
  2002 (minus exercise of €200,000,000)

  	
   

  	
  €

  	
  450,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating charge, pursuant to a
  floating charge agreement dated August 9, 2002 and exercise of the floating
  charge mandate dated August 9, 2002

  	
   

  	
  €

  	
  865,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pledge over receivables, pursuant
  to a receivables and securities pledge agreement dated August 9, 2002

  	
   

  	
  Secured Liabilities

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  UPC Belgium NV

  	
   

  	
  Pledge over receivables and
  securities, dated April 17, 2007

  	
   

  	
  Secured Liabilities

  

 

 120
 

SCHEDULE 7

FORM OF COMPLIANCE
CERTIFICATE

To:                              [FACILITY AGENT] as Facility Agent

From:                  TELENET BIDCO NV

Date:                    [                              
]

TELENET
BIDCO NV – €2,300,000,000 Credit Agreement

dated 1
August 2007 (the Agreement)

1.                                       We refer to the Agreement.  This
is a Compliance Certificate.

2.                                       We confirm that as at [relevant testing date] Net Total Debt is
[•] and Consolidated Annualised EBITDA is [•] ; therefore, the
ratio of Net Total Debt to Consolidated Annualised EBITDA is [•] to 1;

3.                                       We set out below calculations establishing the figures in paragraph 2:

[                        ].

4.                                       [We confirm that no Default is outstanding as at [relevant testing
date].(2)

5.                                       We confirm that as at [relevant testing date], the Material Subsidiaries
are:

TELENET
BIDCO NV

	
  By:

  
	
   

  
	
  [insert
  applicable certification language]

  
	
   

  
	
  for

  	
   

  	
   

  
	
   

  
	
  [auditors of the
  Company](3)

  

 

(2)                                  If
this statement cannot be made, the certificate should identify any Default that
is outstanding and the steps, if any, being taken to remedy it.

(3)                                  If
tested annually, only include in certificate with annual accounts.

 121
 

SCHEDULE 8

FORM OF ACCESSION AGREEMENT

To:                              [FACILITY AGENT] as Facility Agent

From:                  TELENET BIDCO NV and [Proposed Borrower/Proposed Guarantor]

Date:                    [                         ]

Telenet
BidCo NV – €2,300,000,000 Credit Agreement

dated 1
August 2007 (the Agreement)

We
refer to the Agreement.  This is an
Accession Agreement.

[Name
of company] of [address/registered office] agrees to become an Additional
Borrower/Guarantor and to be bound by the terms of the Agreement as an
Additional Borrower/Guarantor.

This
Accession Agreement is governed by English law.

TELENET
BIDCO NV

By:

[PROPOSED
BORROWER/GUARANTOR]1

By:

 122

SCHEDULE 9

FORM OF TELENET ADDITIONAL
FACILITY ACCESSION AGREEMENT

To:                              [FACILITY AGENT] as Facility Agent

[SECURITY AGENT] as Security Agent

From:                  [Proposed Additional Facility Lender(s)]

Date:                    [•]

TELENET BIDCO NV - €2,300,000,000
Credit Agreement

dated 1 August 2007 (the Credit Agreement)

1.                                       Terms defined in the Credit Agreement shall have the same meaning in
this Deed.

2.                                       We refer to Clause 2.5 (Telenet Additional Facility) of the Credit
Agreement.

3.                                       We, [Name of Lender(s)] agree to become party to and to be bound by the
terms of the Credit Agreement as [a] Lender(s) in accordance with Clause 2.5
(Telenet Additional Facility).

4.                                       Our Telenet Additional Facility Commitment is EUR/US$ [                    ].

5.                                       The final maturity date in respect of our Telenet Additional Facility
Commitment is [               ].

6.                                       The Telenet Additional Facility Availability Period in relation to this
Telenet Additional Facility is [         ].

7.                                       The Margin in relation to this Telenet Additional Facility is [      ]
per annum.  [If applicable set out how
the Margin will be adjusted].

8.                                       Advances under this Telenet Additional Facility will be applied [                             ].

9.                                       We confirm to each Finance Party that:

(a)                                  we have made our own independent investigation and assessment of the
financial condition and affairs of each Obligor and its related entities in
connection with its participation in the Credit Agreement and have not relied
on any information provided to us by a Finance Party in connection with any Finance
Document; and

(b)                                 we will continue to make our own independent appraisal of the
creditworthiness of each Obligor and its related entities while any amount is
or may be outstanding under the Credit Agreement or any Telenet Additional
Facility Commitment is in force.

10.                                 The Facility Office and address for notices of the Lender is:

[                 ]

11.                                 This Agreement is governed by English law.

[LENDER(S)]

By:

 123
 

[FACILITY
AGENT] as Facility Agent

By:

TELENET
BIDCO NV

By:

 124
 

SCHEDULE 10

FORM OF RESIGNATION REQUEST

To:                              [FACILITY AGENT] as Facility Agent

From:                  TELENET BIDCO NV

Date:                    [       ]

TELENET BIDCO NV - €2,300,000,000
Credit Agreement

dated 1 August 2007 (the Agreement)

1.                                       We refer to the Agreement. This is a Resignation Request.

2.                                       We request that [resigning Obligor] be released from its obligations as
[a/an](4) [Obligor/Borrower/Guarantor](5) under the Agreement.

3.                                       We confirm that no Default is outstanding or would result from the
acceptance of this Resignation Request.

4.                                       We confirm that as at the date of this Resignation Request no amount
owed by [resigning Obligor] under the Agreement is outstanding.

5.                                       This Resignation Request is governed by English law.

	
  TELENET BIDCO NV

  	
  [Relevant Obligor]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

The
Facility Agent confirms that this resignation takes effect on
[          ].

[FACILITY
AGENT]

By:

(4)                                  Delete
as applicable.

(5)                                  Delete
as applicable

 125
 

SCHEDULE
11

FORM OF ADDITIONAL FACILITY
NOTICE

To:                              [FACILITY AGENT] as Facility Agent

From:                  TELENET BIDCO NV

Date:                    [         ]

TELENET BIDCO NV - €2,300,000,000
Credit Agreement

dated 1 August 2007 (the Agreement)

Pursuant
to Clause 7.13 (Roll in to UPCB Facility) of the Agreement, we hereby give
you notice of our election to require each [Lender](6) to enter into an
Additional Facility Accession Agreement under the UPC Facility Agreement on
[insert effective date].  This notice is
an Additional Facility Notice.

Capitalised
terms used in this notice and not otherwise defined have the respective
meanings assigned to them in the Agreement.

This
notice is governed by and shall be construed in accordance with English law.

TELENET
BIDCO NV

By:

(6)                                  Specify
Lenders/Facilities affected

 126
 

SCHEDULE 12

ADDITIONAL FACILITY
ACCESSION AGREEMENT

To:                              [FACILITY AGENT] as Facility Agent

[SECURITY AGENT] as Security
Agent

From:                  [Proposed Additional Facility Lender(s)]

Date:                    [•]

UPC Broadband Holding B.V.
[•] Term Credit Agreement dated 16 January 2004 as amended and restated
from time to time (the “UPCB Credit Agreement”)

1.                                       In this Agreement:

Telenet Borrower means
Telenet Bidco N.V.

Telenet Facility Agent means
BNP Paribas.

Telenet Facility Agreement
means the EUR 2,300,000,000 loan facilities agreement dated 1 August 2007
between, among others, Telenet Bidco N.V. as borrower, BNP Paribas as facility
agent and security agent

Telenet Loan Interest Period
means the Interest Period currently selected (as at the date of this Agreement)
for the relevant Loan under the [insert
details of the facilities under the Telenet Facility Agreement that are being
rolled into the UPCB Credit Agreement] (each term as defined in the
Telenet Facility Agreement).

Unless
defined otherwise, terms in the UPCB Credit Agreement shall have the same
meaning in this agreement.

2.                                       We refer to clause 2.2 (Additional
Facilities) of the UPCB Credit Agreement.

3.                                       We, [Name of Additional Facility Lender(s)] agree:

(a)                                  to be bound by the terms of the UPCB Credit Agreement as [an] Additional
Facility Lender(s) in accordance with clause 2.2 (Additional Facilities)
of the UPCB Credit Agreement; and

(b)                                 to become party to Security Deed as Lender and to observe, perform and
be bound by the terms and provisions of the Security Deed in the capacity of
Lender in accordance with clause 21.2 (Assignments and Transfers by Lenders) of the Security Deed.

4.                                       Our Additional Facility Commitment is EUR/US$ [•].

5.                                       The final maturity date in respect of our Additional Facility Commitment
is [•].

6.                                       The Availability Period in relation to this Additional Facility is [•] Business Days from the date of this UPC Additional Facility Accession
Agreement.

7.                                       The Margin in relation to this Additional Facility is [•]% per annum.

8.                                       There will be no commitment fees in relation to this Additional
Facility.

 127
 

9.                                       The first Interest Period to apply to the Advance under this Additional
Facility (the First Interest Period)
will be a period equal to the period running from the first Utilisation Date
under this Additional Facility up and to and including the last day of the
Telenet Loan Interest Period and the Facility Agent shall agree with such
period.

10.                                 In respect of the First Interest Period only, EURIBOR/LIBOR shall mean
the EURIBOR/LIBOR rate as determined in respect of the Telenet Loan Interest
Period.

11.                                 On expiry of the First Interest Period, the Borrower shall undertake to
pay to the Facility Agent for distribution to the Additional Facility Lenders
under this Additional Facility:

(a)                                  all interest that accrued on the relevant Loan (as defined in the
Telenet Facility Agreement) since the first day of the Telenet Loan Interest
Period up to but excluding the First Utilisation Date under this Additional
Facility; and

(b)                                 all interest that has accrued from (and including) the First Utilisation
Date under this Additional Facility up to the expiry of the First Interest
Period.

12.                                 If an existing Lender which is an Additional Facility Lender on the date
of this Agreement effects a Mid-Interest Period Transfer during the First
Interest Period, the Facility Agent shall make available to the Existing Lender
all interest referred to in (a) above in addition to any interest accruing from
the First Utilisation Date under this Additional Facility prior to the date on
which the Mid-Interest Period Transfer took effect.

13.                                 The Borrower in relation to this Additional Facility is [UPC Financing
Partnership/UPC Broadband].

14.                                 Advances under this Additional Facility will be applied solely by the
Borrower to prepay all outstanding advances under the [insert details of relevant Telenet facilities under
the Telenet Facility Agreement]. Only one (1) Advance may be drawn
under this Facility.

15.                                 No Advance may be drawn under this Additional Facility unless:

(a)                                  the Borrower has confirmed to the Facility Agent that on the date of
this agreement, no Default has occurred and is continuing under the Credit
Agreement; and

(b)                                 the Facility Agent has notified UPC Broadband and the Additional Lenders
that it has received all of the documents set out in Schedule 1 to this UPC
Additional Facility Accession Agreement in form and substance satisfactory
(acting reasonably) to the Facility Agent. 
The Facility Agent shall give this notice
promptly upon being so satisfied.

16.                                 [UPC Financing Partnership/UPC Broadband] and each Additional Facility
Lender acknowledges and agrees that each Additional Facility Lender’s
obligations to fund its participation in the Additional Facility Advance to be
made under this Agreement shall be netted against its rights to be prepaid
under the Telenet Facility Agreement.

17.                                 [This Additional Facility may not be re-borrowed in accordance with the
terms of the UPCB Credit Agreement (as set out in Clause 7.12(d)
(Miscellaneous provisions) of the UPCB Credit Agreement)](7).

18.                                 We confirm to each Finance Party that:

 

(7)                                  Only
applicable in respect of term facilities

 128
 

(a)                                  we have made our own independent investigation and assessment of the
financial condition and affairs of each Obligor and its related entities in
connection with its participation in the Credit Agreement and have not relied
on any information provided to us by a Finance Party in connection with any
Finance Document; and

(b)                                 we will continue to make our own independent appraisal of the
creditworthiness of each Obligor and its related entities while any amount is
or may be outstanding under the Credit Agreement or any Commitment is in force.

19.                                 The Facility Office and address for notices of the Additional Facility
Lender for the purposes of Clause 33.2 (Contact details) is:

[•]

20.                                 This Agreement is governed by English law.

[ADDITIONAL
FACILITY LENDER(S)]

By:

UPC
BROADBAND HOLDING B.V.

By:

UPC
FINANCING PARTNERSHIP

By:

 129
 

SCHEDULE 1 TO

ADDITIONAL FACILITY ACCESSION AGREEMENT

CONDITIONS PRECEDENT DOCUMENTS

1.                                      Constitutional Documents

(a)                                  A copy of the constitutional documents of each Obligor  (other than UPC Financing) and the partnership agreement of
UPC Financing or, if the Facility Agent already has a copy, a certificate of an
authorised signatory of the relevant entity confirming that the copy in the
Facility Agent’s possession is still correct, complete and in full force and
effect as at a date no earlier than the date of this Agreement.

(b)                                 An extract of the registration of each Obligor  established
in the Netherlands in the trade register of the Dutch Chamber of Commerce.

2.                                      Authorisations

(a)                                  A copy of a resolution of the board of managing and, to the extent
applicable, board of supervisory directors (or equivalent) and, to the extent
that a shareholders’ resolution is required, a copy of the shareholders’
resolution of each Obligor:

(i)                                     approving the terms of and the transactions contemplated by this
Agreement and (in the case of UPC Broadband and UPC Financing) resolving that
it execute the same and (in the case the Guarantors and the Charging Entities
(as defined in the Security Deed)) resolving that it execute the confirmation
described in paragraph 4(a) below; and

(ii)                                  (in the case of UPC Broadband and UPC Financing) authorising the
issuance of a power of attorney to a specified person or persons to execute
this Agreement on its behalf and (in the case of the Guarantors  and the Charging Entities (as defined in the Security
Deed)) authorising the issuance of a power of attorney to a specified person or
persons to execute the confirmation described in paragraph 4(a) below.

(b)                                 Specimen of the signature of each person authorised pursuant to its
constitutional documents or to the power of attorney referred to in paragraph (a)
above to sign this Agreement or the confirmation described in paragraph 4(a)
below (as appropriate).

(c)                                  A certificate of an authorised signatory of UPC Broadband and UPC
Financing certifying that each copy document specified in this Schedule and
supplied by UPC Broadband or UPC Financing (as the case may be) is correct,
complete and in full force and effect as at a date no earlier than the date of
this Agreement.

(d)                                 A copy of any other authorisation or other document, opinion or
assurance which the Facility Agent has notified UPC Broadband is necessary in
connection with the entry into and performance of, and the transactions
contemplated by, this Agreement or for the validity and enforceability of this
Agreement.

3.                                      Legal opinions

(a)                                  A legal opinion of Allen & Overy LLP, English legal advisers to the
Facility Agent, addressed to the Finance Parties.

 130
 

(b)                                 A legal opinion of Allen & Overy LLP, New York legal advisers to the
Facility Agent, addressed to the Finance Parties.

(c)                                  A legal opinion of Allen & Overy LLP, Dutch legal advisers to the
Facility Agent, addressed to the Finance Parties.

4.                                      Other documents

(a)                                  Confirmation (in writing) from (i) each of the Guarantors  that its obligations under Clause 15 (Guarantee and
Indemnity) of the Credit Agreement and (ii) each of the Charging Entities (as
defined in the Security Deed) that the security interests granted to the
Beneficiaries pursuant to the Security Documents and its obligations under the
Finance Documents, shall continue unaffected and that such obligations extend
to the Total Commitments as increased by the addition of Facility [•] and that such obligations shall be owed to each Finance Party
including the Facility [•]
Lenders.

(b)                                 Evidence that, subject only to funding of the Additional Facility
Advances, the Telenet Borrower will repay all amounts outstanding by it under
the Telenet Facility Agreement dated 1 August 2007 on the date that the
Additional Facility Advances are funded.

(c)                                  [Where the Additional Facility Advances are applied as set out in
Clause 11(ii) of the Additional Facility Accession Agreement, evidence
that any applicable requirements of Clause 19.15(a) (Loans and guarantees)
have been complied with.]

(d)                                 Evidence that each Additional Facility Lender has completed all “know
your customer” or other checks relating to any relevant person that it is
required to carry out.

 131
 

SIGNATORIES

	
  Company

  
	
   

  
	
  TELENET BIDCO NV

  
	
   

  
	
  By:

  	
  RENAAT BERCKMOES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Original Borrower

  	
   

  
	
   

  	
   

  	
   

  
	
  TELENET BIDCO NV

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  RENAAT BERCKMOES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Original Guarantors

  	
   

  
	
   

  	
   

  
	
  TELENET BIDCO NV

  	
   

  
	
   

  	
   

  
	
  By:

  	
  RENAAT BERCKMOES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TELENET NV

  	
   

  
	
   

  	
   

  
	
  By:

  	
  RENAAT BERCKMOES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  UPC BELGIUM NV

  	
   

  
	
   

  	
   

  
	
  By:

  	
  RENAAT BERCKMOES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mandated Lead Arrangers

  	
   

  
	
   

  	
   

  
	
  ABN AMRO BANK N.V.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GEERT DE GREEF

  	
  BART VERVOORT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS S.A.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  LAURENCE BEGHIN

  	
   

  

 

 132
 

 

	
  J.P. MORGAN PLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  FRANCES GOODCHILD

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Initial Original Lenders

  	
   

  
	
   

  	
   

  
	
  ABN AMRO BANK N.V.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GEERT DE GREEF

  	
  BART VERVOORT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS S.A.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  LAURENCE BEGHIN

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  FRANCES GOODCHILD

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Facility Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
  By:

  	
  LAURENCE BEGHIN

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Security Agent

  	
   

  
	
   

  	
   

  
	
  KBC BANK NV

  	
   

  
	
   

  	
   

  
	
  By:

  	
  FRANS LOECKX

  	
   

  

 

 133

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]