Document:

Form of Management Agreement

 Exhibit 10.1 

 
  
 FORM OF 
 MANAGEMENT AND ADVISORY AGREEMENT 

dated as of                    , 2013

 among 

NEW RESIDENTIAL INVESTMENT CORP. 
 and 
 FIG LLC 

 
  

 TABLE OF CONTENTS 

 

							
	 SECTION 1.
	  	DEFINITIONS.	  	 	1	  
			
	 SECTION 2.
	  	APPOINTMENT AND DUTIES OF THE MANAGER.	  	 	2	  
			
	 SECTION 3.
	  	DEVOTION OF TIME; ADDITIONAL ACTIVITIES.	  	 	7	  
			
	 SECTION 4.
	  	AGENCY.	  	 	7	  
			
	 SECTION 5.
	  	BANK ACCOUNTS.	  	 	8	  
			
	 SECTION 6.
	  	RECORDS; CONFIDENTIALITY.	  	 	8	  
			
	 SECTION 7.
	  	OBLIGATIONS OF MANAGER; RESTRICTIONS.	  	 	8	  
			
	 SECTION 8.
	  	COMPENSATION.	  	 	9	  
			
	 SECTION 9.
	  	EXPENSES OF THE COMPANY.	  	 	10	  
			
	 SECTION 10.
	  	CALCULATIONS OF EXPENSES.	  	 	12	  
			
	 SECTION 11.
	  	LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION.	  	 	12	  
			
	 SECTION 12.
	  	NO JOINT VENTURE.	  	 	13	  
			
	 SECTION 13.
	  	TERM; TERMINATION.	  	 	13	  
			
	 SECTION 14.
	  	ASSIGNMENT.	  	 	14	  
			
	 SECTION 15.
	  	TERMINATION FOR CAUSE.	  	 	15	  
			
	 SECTION 16.
	  	ACTION UPON TERMINATION.	  	 	15	  
			
	 SECTION 17.
	  	RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST.	  	 	16	  
			
	 SECTION 18.
	  	NOTICES.	  	 	16	  
			
	 SECTION 19.
	  	BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS.	  	 	17	  
			
	 SECTION 20.
	  	ENTIRE AGREEMENT.	  	 	17	  
			
	 SECTION 21.
	  	CONTROLLING LAW.	  	 	17	  
			
	 SECTION 22.
	  	INDULGENCES, NOT WAIVERS.	  	 	17	  
			
	 SECTION 23.
	  	TITLES NOT TO AFFECT INTERPRETATION.	  	 	18	  
			
	 SECTION 24.
	  	EXECUTION IN COUNTERPARTS.	  	 	18	  
			
	 SECTION 25.
	  	PROVISIONS SEPARABLE.	  	 	18	  
			
	 SECTION 26.
	  	GENDER.	  	 	18	  

 MANAGEMENT AND ADVISORY AGREEMENT 

THIS MANAGEMENT AND ADVISORY AGREEMENT, is made as
of                    , 2013 (the “Agreement”) by and among NEW RESIDENTIAL INVESTMENT CORP., a Delaware corporation (the
“Company”), and FIG LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 
 W I T N E S S E T H : 
 WHEREAS, the Company desires to avail itself of the
experience, sources of information, advice, assistance and certain facilities of or available to the Manager and to have the Manager undertake the duties and responsibilities hereinafter set forth, on behalf of the Company, as provided in this
Agreement; and 
 WHEREAS, the Manager is willing to render such services on the terms and conditions hereinafter set forth.

 NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS FOLLOWS: 

SECTION 1. DEFINITIONS. 
 The
following terms have the meanings assigned them: 
 (a) “Agreement” means this Management and Advisory Agreement, as
amended from time to time. 
 (b) “Board of Directors” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Common Share” means a share of capital stock of the Company now or hereafter authorized as common voting stock of the
Company. 
 (e) “Distribution Date”
means                    , 2013. 
 (f) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (g) “Excess MSRs” means excess mortgage servicing rights. 
 (h)
“Funds from Operations” is as defined by the National Association of Real Estate Investment Trusts and means net income (computed in accordance with GAAP) excluding gains (or losses) from debt restructuring and sales of property, plus
depreciation and amortization on real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Funds from Operations will be computed on an unconsolidated basis. The computation of Funds from Operations may be
adjusted at the direction of the Independent Directors based on changes in, or certain applications of, GAAP. 

  
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 (i) “Governing Instruments” means, with regard to any entity, the articles of
incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership or the articles of formation and the operating agreement in the
case of a limited liability company. 
 (j) “Independent Directors” means the members of the Board of Directors who
are not officers or employees of the Manager. 
 (k) “Investment Company Act” means the Investment Company Act of
1940, as amended. 
 (l) “Investments” means the investments of the Company. 

(m) “Junior Share” means a share of capital stock of the Company now or hereafter authorized or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are inferior or junior to the REIT Shares. 
 (n)
“Preferred Share” means a share of capital stock of the Company now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares.

 (o) “REIT Share” means a share of the Company’s Common Shares, par value $0.01 per share. Where relevant in
this Agreement, “REIT Shares” includes shares of the Company’s Common Shares, par value $0.01 per share, issued upon conversion of Preferred Shares or Junior Shares. 

(p) “Subsidiary” means any subsidiary of the Company and any partnership, the general partner of which is the Company or any
subsidiary of the Company and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 
 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 
 (a) The Company hereby
appoints the Manager to manage the assets of the Company subject to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein.
The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement,
to cause the duties of the Manager hereunder to be provided by third parties. 

  
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 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of
the Company, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority
identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be performed) such services and activities relating to the assets and operations of the
Company as may be appropriate, including, without limitation: 
 (i) serving as the Company’s consultant with respect to
the periodic review of the investment criteria and parameters for Investments, borrowings and operations, any modifications to which shall be approved by a majority of the Independent Directors (such policy guidelines as are in effect on the date
hereof, as the same may be modified with such approval, the “Guidelines”) and other policies for approval by the Board of Directors; 
 (ii) investigation, analysis, valuation and selection of investment opportunities; 

(iii) with respect to prospective Investments by the Company and dispositions of Investments, conducting negotiations with real estate
brokers, sellers and purchasers and their respective agents and representatives, investment bankers and owners of privately and publicly held real estate companies; 
 (iv) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors which provide real estate brokerage, investment banking, leasing services, mortgage
servicing, mortgage brokerage, securities brokerage and other financial services and such other services as may be required relating to the Investments; 
 (v) negotiating on behalf of the Company for the sale, exchange or other disposition of any Investments; 
 (vi) coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with the joint venture or co-investment partners; 

(vii) coordinating and supervising, on behalf of the Company and at the Company’s expense, all property managers, leasing agents and
developers for the administration, leasing, management and/or development of any of the Investments; 
 (viii) providing
executive and administrative personnel, office space and office services required in rendering services to the Company; 
 (ix)
administering the day-to-day operations of the Company and performing and supervising the performance of such other administrative functions necessary in the management of the Company as may be agreed upon by the Manager and the Board of Directors,
including, without limitation, the collection of revenues and the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative functions; 

(x) communicating on behalf of the Company with the holders of any equity or debt securities of the Company as required to satisfy the
reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 
 (xi) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

  
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 (xii) evaluating and recommending to the Board of Directors modifications to the hedging
strategies in effect on the date hereof and engaging in hedging activities on behalf of the Company, consistent with such strategies, as so modified from time to time, with the Company’s status as a real estate investment trust, and with the
Guidelines; 
 (xiii) counseling the Company regarding the maintenance of its status as a real estate investment trust and
monitoring compliance with the various real estate investment trust qualification tests and other rules set out in the Code and Treasury Regulations thereunder; 
 (xiv) counseling the Company regarding the maintenance of its exemption from the Investment Company Act and monitoring compliance with the requirements for maintaining an exemption from that Act;

 (xv) assisting the Company in developing criteria that are specifically tailored to the Company’s investment objectives
and making available to the Company its knowledge and experience with respect to its target assets; 
 (xvi) representing and
making recommendations to the Company in connection with the purchase and finance, and commitment to purchase and finance, of its target assets, and in connection with the sale and commitment to sell such assets; 

(xvii) monitoring the operating performance of the Investments and providing periodic reports with respect thereto to the Board of
Directors, including comparative information with respect to such operating performance, valuation and budgeted or projected operating results; 
 (xviii) investing and re-investing any moneys and securities of the Company (including investing in short-term Investments pending investment in Investments, payment of fees, costs and expenses, or
payments of dividends or distributions to stockholders and partners of the Company) and advising the Company as to its capital structure and capital raising; 
 (xix) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with
respect to financial reporting obligations and compliance with the provisions of the Code applicable to real estate investment trusts and to conduct quarterly compliance reviews with respect thereto; 

(xx) causing the Company to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;

 (xxi) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its
business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents required under the Exchange Act; 

(xxii) taking all necessary actions to enable the Company to make required tax filings and reports, including soliciting stockholders for
required information to the extent provided by the provisions of the Code applicable to real estate investment trusts; 

  
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 (xxiii) handling and resolving all claims, disputes or controversies (including all
litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations, subject to such limitations or parameters
as may be imposed from time to time by the Board of Directors; 
 (xxiv) using commercially reasonable efforts to cause expenses
incurred by or on behalf of the Company to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (xxv) performing such other services as may be required from time to time for management and other activities relating to the assets of the Company as the Board of Directors shall reasonably request or
the Manager shall deem appropriate under the particular circumstances; and 
 (xxvi) using commercially reasonable efforts to
cause the Company to comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio
management services (the “Portfolio Management Services”) on behalf of the Company with respect to the Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other
investment opportunities in connection with, the Company’s portfolio of assets; the collection of information and the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review
and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the Company and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets;
and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the Company with respect to any loan servicing activities provided by third
parties. Such Monitoring Services will include, but not be limited to, negotiating servicing agreements; acting as a liaison between the servicers of the assets and the Company; review of servicers’ delinquency, foreclosure and other reports on
assets; supervising claims filed under any insurance policies; and enforcing the obligation of any servicer to repurchase assets. 
 (c) The Manager may enter into agreements with other parties, including its affiliates, for the purpose of engaging one or more property and/or asset managers for and on behalf, and at the sole cost and
expense, of the Company to provide property management, asset management, leasing, mortgage servicing, development and/or similar services to the Company (including, without limitation, Portfolio Management Services and Monitoring Services) with
respect to the Investments, pursuant to property management agreement(s) and/or asset management agreement(s) with terms which are then customary for agreements regarding the management or servicing of assets similar in type, quality and value to
the assets of the Company; provided, that (i) any such agreements entered into with affiliates of the Manager shall be (A) on terms no more favorable to such affiliate then would be obtained from a third party on an arms’-length basis
and (B) to the extent the same do not fall within the provisions of the Guidelines, approved by a majority of the Independent Directors, (ii) with respect to Portfolio Management Services, (A) any such agreements shall be subject to
the Company’s prior written approval and 

  
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(B) the Manager shall remain liable for the performance of such Portfolio Management Services, and (iii) with respect to Monitoring Services, any such agreements shall be subject to the
Company’s prior written approval. 
 (d) The Manager may retain, for and on behalf, and at the sole cost and expense, of
the Company, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in
connection with the management and operations of the Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or affiliates. The Company shall pay
or reimburse the Manager or its affiliates performing such services for the cost thereof; provided, that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such
services pursuant to agreements negotiated on an arm’s-length basis; and provided, further, that such costs shall not be reimbursed in excess of $500,000 per annum. 
 (e) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be
prepared, with respect to any Investment (i) an appraisal prepared by an independent real estate appraiser, (ii) reports and information on the Company’s operations and asset performance and (iii) other information reasonably
requested by the Company. 
 (f) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the
Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any
governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a
nationally recognized independent accounting firm. 
 (g) The Manager shall prepare regular reports for the Board of Directors
to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the Board of Directors. 

(h) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional moneys is
proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement, the Manager shall not be
required to expend money (“Excess Funds”) in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to
expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 

  
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 (i) In performing its duties under this Section 2, the Manager shall be entitled to
rely reasonably on qualified experts hired by the Manager. 
 SECTION 3. DEVOTION OF TIME; ADDITIONAL ACTIVITIES. 

(a) The Manager will provide a management team, including a Chief Executive Officer, a Chief Financial Officer and a Chief Operating
Officer of the Company, to provide the management services to be provided by the Manager to the Company hereunder. The members of such team shall devote such of their time to the management of the Company as the Board of Directors reasonably deems
necessary and appropriate, commensurate with the level of activity of the Company from time to time. 
 (b) Except to the extent
set forth in clause (a) above, nothing herein shall prevent the Manager or any of its affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other
person or entity, including investment in, or advisory service to others investing in, any type of real estate or real estate related investment, including investments which meet the principal investment objectives of the Company. 

(c) Managers, members, partners, officers, employees and agents of the Manager or affiliates of the Manager may serve as directors,
officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the Board of Directors pursuant to
the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. 

SECTION 4. AGENCY. 
 The
Manager shall act as agent of the Company in making, acquiring, financing and disposing of Investments, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance
of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Directors, holders of the Company’s securities or the Company’s representatives or
properties. 

  
 7 

 SECTION 5. BANK ACCOUNTS. 
 At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”),
and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall
from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 

SECTION 6. RECORDS; CONFIDENTIALITY. 
 The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by
representatives of the Company or any Subsidiary at any time during normal business hours upon one (1) business day’s advance written notice. The Manager shall keep confidential any and all information obtained in connection with the
services rendered under this Agreement and shall not disclose any such information to nonaffiliated third parties except with the prior written consent of the Board of Directors. 

SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 
 (a) The Manager shall require each seller or transferor of investment assets to the Company to make such representations and warranties regarding such assets as may, in the judgment of the Manager, be
necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments. 
 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Guidelines or (ii) would adversely affect the status of the Company
as a real estate investment trust under the Code or that, in its sole judgment made in good faith, would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or that would
otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such
action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, officers, stockholders and employees shall not be liable to the Company or
any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners for any act or omission by the Manager, its directors, officers, stockholders or employees except as provided in Section 11 of this
Agreement. 
 (c) The Manager shall not (i) consummate any transaction which would involve the acquisition by the Company
of property in which the Manager or any affiliate thereof has an ownership interest or the sale by the Company of property to the Manager or any affiliate thereof, or (ii) under circumstances where the Manager is subject to an actual or
potential conflict of interest because it manages both the Company and another Person (not an Affiliate of the Company) with which the Company has a contractual relationship, take any action 

  
 8 

 
constituting the granting to such Person of a waiver, forebearance or other relief, or the enforcement against such Person of remedies, under or with respect to the applicable contract, unless
such transaction or action, as the case may be and in each case, is approved by a majority of the Independent Directors. 
 (d)
The Board of Directors periodically reviews the Guidelines and the Company’s portfolio of Investments. If a majority of the Independent Directors determine in their periodic review of transactions that a particular transaction does not comply
with the Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, can be taken. If the transaction involved the acquisition of an asset from the Manager or an affiliate of the Manager that was not
approved in advance by a majority of the Independent Directors, then the Manager may be required to repurchase the asset at the purchase price (plus closing costs) to the Company. 

(e) The Manager shall at all times during the term of this Agreement (including the Initial Term and any renewal term) maintain a
tangible net worth equal to or greater than $1,000,000. Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by property and asset
and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily maintained by other managers or
servicers of similar assets. 
 SECTION 8. COMPENSATION. 

(a) During the term of this Agreement, as the same may be extended from time to time, the Manager will receive an annual management fee
(the “Management Fee”) equal to 1.50% of the Company’s “Gross Equity.” The Management Fee shall be calculated and paid monthly in arrears based upon the weighted daily average of the Gross Equity of the Company for such
month. The term “Gross Equity” for any period means (A) the sum of (i) the “Total Equity,” plus (ii) the value of contributions made by partners other than the Company, from time to time, to the capital of any
Subsidiary (reduced proportionately in the case of a Subsidiary to the extent that the Company owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary), less (B) any capital dividends or capital distributions
made by the Company to its stockholders or, without duplication, by any Subsidiary to its stockholders, partners or other equity holders. As used herein, the term “Total Equity” shall mean (i) the equity transferred by Newcastle
Investment Corp. on the Distribution Date, plus (ii) the total net proceeds to the Company from any common or preferred equity capital heretofore or hereafter raised by the Company or any Subsidiary of the Company (exclusive, with respect to
any Subsidiary, of capital of such Subsidiary consisting of a capital contribution or other form of capital investment made by the Company or another Subsidiary of the Company). 

(b) The Manager shall compute each installment of the Management Fee within 15 days after the end of the calendar month with respect to
which such installment is payable. A 

  
 9 

 
copy of the computations made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement,
promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Management Fee shown therein shall be due and payable no later than the earlier to occur of (i) the date which is 20 days after the end
of the calendar month with respect to which such installment is payable and (ii) the date which is two (2) business days after the date of delivery to the Board of Directors of such computations. 

(c) The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this
Agreement. 
 (d) The Board of Directors may, by written notice to the Manager delivered ten (10) days prior to the date on
which any payment of the Incentive Compensation is payable, request that the Manager accept all or a portion of such payment in the form of issued Common Shares, which notice shall specify the amount of the payment of the Incentive Compensation, the
amount thereof which the Company intends to pay in cash, if any, and the amount thereof which the Company intends to pay in the form of such Common Shares in the number of such shares as determined by the Board of Directors. Within five
(5) days following receipt of said notice, the Manager shall notify the Company in writing, such election to be made by the Manager in its sole discretion, whether it will accept such portion of such payment in the form of such shares and in
such number of such shares. 
 (e) In addition to the Management Fee otherwise payable hereunder, the Company shall pay the
Manager annual incentive compensation on a cumulative, but not compounding, basis, in an amount equal to the product of (A) 25% of the dollar amount by which (1)(a) the Funds from Operations (before such payment) of the Company, per REIT
Share (based on the weighted average number of REIT Shares outstanding), plus (b) gains (or losses) from debt restructuring and gains (or losses) from sales of property per REIT Share (based on the weighted average number of REIT Shares
outstanding), exceed (2) an amount equal to (a) the weighted average of the book value per REIT Share of the equity transferred by Newcastle Investment Corp. on the Distribution Date and the prices per REIT Share at any subsequent
offerings by the Company (adjusted for any prior capital dividends or capital distributions) multiplied by (b) a simple interest rate of ten percent (10%) per annum multiplied by (B) the weighted average number of REIT Shares
outstanding during such period. The obligation of the Company to pay the Incentive Compensation shall survive the expiration or earlier termination of this Agreement, subject to Section 16(b). 

SECTION 9. EXPENSES OF THE COMPANY. 
 The Company shall pay all of its expenses and shall reimburse the Manager for documented expenses of the Manager incurred on its behalf (collectively, the “Expenses”). Expenses include all costs
and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following: 

(a) expenses in connection with the issuance and transaction costs incident to the acquisitions, disposition and financing of
Investments; 

  
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 (b) travel and other out-of-pocket expenses incurred by managers, officers, employees and
agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition of an Investment; 

(c) costs of legal, accounting, tax, auditing, administrative and other similar services rendered for the Company by providers retained
by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an
arm’s-length basis; 
 (d) the compensation and expenses of the Independent Directors and the cost of liability insurance
to indemnify the Company’s directors and officers; 
 (e) compensation and expenses of the Company’s custodian and
transfer agent, if any; 
 (f) costs associated with the establishment and maintenance of any credit facilities and other
indebtedness of the Company (including commitment fees, legal fees, closing and other costs) or any securities offerings of the Company; 
 (g) costs associated with any computer software or hardware that is used solely for the Company; 
 (h) costs and expenses incurred in contracting with third parties, including affiliates of the Manager, for the servicing and special servicing of assets of the Company; 

(i) all other costs and expenses relating to the Company’s business and investment operations, including, without limitation, the
costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 
 (j) all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable to the insurance that the Manager elects to carry for itself and its
employees; 
 (k) expenses relating to any office or office facilities maintained for the Company or Investments separate from
the office or offices of the Manager; 
 (l) expenses connected with the payments of interest, dividends or distributions in
cash or any other form made or caused to be made by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in connection with any dividend reinvestment plan;

 (m) expenses connected with communications to holders of securities of the Company or its Subsidiaries and other bookkeeping
and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and
filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or 

  
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trading of the Company’s stock on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the
Company’s annual report to its shareholders and proxy materials with respect to any meeting of the shareholders of the Company; and 
 (n) all other expenses actually incurred by the Manager which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement. 

(o) Without regard to the amount of compensation received under this Agreement by the Manager, the Manager shall bear the following
expenses: (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable to the space occupied by the Manager; and (iii) all other “overhead” expenses of the Manager. 

SECTION 10. CALCULATIONS OF EXPENSES. 
 The Manager shall prepare a statement documenting the Expenses of the Company and the Expenses incurred by the Manager on behalf of the Company during each calendar month, and shall deliver such statement
to the Company within 20 days after the end of each calendar month. Expenses incurred by the Manager on behalf of the Company shall be reimbursed monthly to the Manager on the first business day of the month immediately following the date of
delivery of such statement. 
 SECTION 11. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith and shall
not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its members, managers, officers
and employees will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners for any acts or omissions by the Manager, its members, managers, officers or
employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company shall, to the
full extent lawful, reimburse, indemnify and hold the Manager, its members, managers, officers and employees and each other Person, if any, controlling the Manager (each, an “Indemnified Party”), harmless of and from any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such Indemnified Party made in good faith in the performance of the
Manager’s duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. 

(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, directors, officers and
employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever
(including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement. 

  
 12 

 SECTION 12. NO JOINT VENTURE. 
 Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them. 

SECTION 13. TERM; TERMINATION. 
 (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until the date that is one (1) year after the date hereof, and thereafter on each anniversary of
such date be deemed renewed automatically each year for an additional one-year period unless (i) a majority consisting of at least two-thirds of the Independent Directors or a simple majority of the holders of outstanding Common Shares, agree
that there has been unsatisfactory performance that is materially detrimental to the Company or (ii) a simple majority of the Independent Directors agree that the Management Fee payable to the Manager is unfair; provided, that the Company shall
not have the right to terminate this Agreement under clause (ii) foregoing if the Manager agrees to continue to provide the services under this Agreement at a fee that the Independent Directors have determined to be fair. If the Company elects
not to renew this Agreement at the expiration of the original term or any such one-year extension term as set forth above, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s
intention not to renew this Agreement based upon the terms set forth in this Section 13(a) of this Agreement not less than 60 days prior to the expiration of the then existing term. If the Company so elects not to renew this Agreement, the
Company shall designate the date (the “Effective Termination Date”), not less than 60 days from the date of the notice, on which the Manager shall cease to provide services under this Agreement and this Agreement shall terminate on such
date; provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate the Management Fee by
delivering to the Company, no fewer than forty-five (45) days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation
under this Agreement. Thereupon, the Company and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and the Company agree to a revised Management Fee
(or other compensation structure) within 45 days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms
stated in this Agreement, except that the Management Fee shall be the revised Management Fee (or other compensation structure) then agreed upon by the parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment
to this Agreement setting forth such revised Management Fee promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree to a revised Management Fee during such 45 day period, this Agreement
shall terminate, such termination to be effective on the date which is the later of (A) ten (10) days following the end of such 45 day period and (B) the Effective Termination Date originally set forth in the Termination Notice.

  
 13 

 (b) In the event that this Agreement is terminated in accordance with the provisions of
Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to the amount of the Management Fee earned by the Manager
during the period consisting of the twelve (12) full, consecutive calendar months immediately preceding such termination. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

(c) No later than sixty (60) days prior to the anniversary date of this Agreement of any year during the Term, the Manager may
deliver written notice to the Company informing it of the Manager’s intention not to renew the Term, whereupon the Term of this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary of the
Closing Date next following the delivery of such notice. 
 (d) If this Agreement is terminated pursuant to this
Section 13, such termination shall be without any further liability or obligation of either party to the other, except as provided in Section 13(b) and Section 16 of this Agreement. In addition, Section 11 of this Agreement shall
survive termination of this Agreement. 
 SECTION 14. ASSIGNMENT. 

(a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its
assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be required in the case of
an assignment by the Manager to an entity whose day-to-day business and operations are managed and supervised by Messrs. Wesley R. Edens and Randal A. Nardone (collectively, the “Principals”), provided, further, that such transaction is
determined at the time not to be an “assignment” for purposes of Section 205 of the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated under such act and the interpretations thereof issued by the
Securities and Exchange Commission. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee
under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of
the Manager, except in the case of assignment by the Company to another real estate investment trust or other organization which is a successor (by merger, consolidation or purchase of assets) to the Company, in which case such successor
organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under Sections 2(b), 2(c) and 2(d) of this Agreement to any of its affiliates
in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the
Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

  
 14 

 SECTION 15. TERMINATION FOR CAUSE. 

(a) The Company may terminate this Agreement effective upon sixty (60) days prior written notice of termination from the Company to
the Manager, without payment of any Termination Fee, if any act of fraud, misappropriation of funds, or embezzlement against the Company or other willful violation of this Agreement by the Manager in its corporate capacity (as distinguished from the
acts of any employees of the Manager which are taken without the complicity of any of the Principals) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement.

 (b) The Manager may terminate this Agreement effective upon sixty (60) days prior written notice of termination to the
Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof
specifying such default and requesting that the same be remedied in such 30 day period. 
 SECTION 16. ACTION UPON
TERMINATION.
 (a) (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this
Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the
applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
 (i) after deducting any accrued compensation
and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 
 (iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

(b) In the event that this Agreement is terminated, the Company shall have the option, to be exercised by written notice to the Manager
within ten (10) days following such termination, to purchase from the Manager the right of the Manager to receive the Incentive Compensation. In exchange therefor the Company will be obligated to pay the Manager a cash purchase price (the
“Cash Price”) equal to the amount of the Incentive Compensation that would be paid to the Manager if all of the Company’s assets were sold for cash at their then current fair market value (taking into account, among other things,
expected future performance of the underlying investments, the “Fair Market Value”). In the event that the Company does not elect to exercise such option to purchase the Incentive Compensation, the Manager shall have the right to require
the Company to do so at the Cash Price by delivering to the Company written notice within twenty (20) days following such termination. The Fair Market Value shall be determined by independent appraisal to be conducted by a nationally recognized
appraisal firm mutually agreed 

  
 15 

 
upon by the Company and the Manager. If the Company and the Manager are unable to agree upon an appraisal firm, then each of the Company and the Manager shall choose an independent appraisal firm
to conduct an appraisal. In such event, (i) if the appraisals prepared by the two appraisers so selected are the same or differ by an amount that does not exceed 20% of the higher of the two appraisals, the Fair Market Value will be deemed to
be the average of such appraisals, and (ii) if the two appraisals differ by more than 20% of the higher of the two appraisals, the two appraisers together shall select a third nationally recognized appraisal firm to conduct an appraisal. If the
two appraisers are unable to agree as to the identity of such third appraiser, either of the Manager and the Company may request that the American Arbitration Association (“AAA”) select the third appraiser, which shall then be selected by
the AAA. The Fair Market Value will then be deemed to be the amount determined by such third appraiser, but in no event less than the lower or more than the higher of the first two appraisals made under this Section 16(b). 

SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST. 
 The Manager agrees that any money or other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the
Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the
Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other
property to the Company or any Subsidiary within a reasonable period of time, but in no event later than sixty (60) days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the
Company’s or a Subsidiary’s stockholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with
the first sentence of this Section 17. The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers and employees against any and all expenses, losses, damages, liabilities, demands, charges and claims of any
nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be
in addition to any right of the Manager to indemnification under Section 11 of this Agreement. 
 SECTION 18. NOTICES.

 Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under
this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier,
(iii) delivery by facsimile transmission or email against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

			
	(a) If to the Company:	  	New Residential Investment Corp.
		  	c/o FIG LLC
		  	1345 Avenue of the Americas
		  	46th Floor
		  	New York, New York 10105
		  	Attention: Mr. Cameron MacDougall

  
 16 

			
	(b) If to the Manager:	  	FIG LLC
		  	1345 Avenue of the Americas
		  	46th Floor
		  	New York, New York 10105
		  	Attention: Mr. Randal A. Nardone

 Either party may alter the address to which communications or copies are to be sent by giving notice of such change of
address in conformity with the provisions of this Section 18 for the giving of notice. 
 SECTION 19. BINDING NATURE OF
AGREEMENT; SUCCESSORS AND ASSIGNS. 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 
 SECTION 20. ENTIRE
AGREEMENT. 
 This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this
Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of
this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing. 

SECTION 21. CONTROLLING LAW. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted
and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 
 SECTION 22. INDULGENCES, NOT WAIVERS. 
 Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 17 

 SECTION 23. TITLES NOT TO AFFECT INTERPRETATION. 

The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are
they to be used in the construction or interpretation of this Agreement. 
 SECTION 24. EXECUTION IN COUNTERPARTS. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the
parties reflected hereon as the signatories. 
 SECTION 25. PROVISIONS SEPARABLE. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 SECTION 26. GENDER. 
 Words used herein regardless of the number and gender specifically used,
shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	COMPANY:
	
	 NEW RESIDENTIAL INVESTMENT CORP.,

 a Delaware corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	MANAGER:
	
	FIG LLC,
a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title

  
 19AH_Accession_Agreement-conformedcopy

CONFORMED COPY                                           EXHIBIT 4.1

US $1,305,000,000 ADDITIONAL FACILITY AH ACCESSION AGREEMENT

		
	To:
	The Bank of Nova Scotia as Facility Agent and Security Agent

		
	From:
	The persons listed in Schedule 1 to this Additional Facility AH Accession Agreement (the Additional Facility AH Lenders,  such defined term to include any lender which becomes a New Lender in respect of Facility AH, by the execution by the Facility Agent of a Novation Certificate substantially in the form of Schedule 3 or Schedule 4 to this Additional Facility AH Accession Agreement)

Date: 19 April 2013

UPC Broadband Holding B.V. (formerly known as UPC Distribution Holding B.V) - 
€1,072,000,000 Term Credit Agreement dated 16 January 2004 as amended from time to time 
(the Credit Agreement)

		
	1.
	In this Additional Facility AH Accession Agreement:

Facility AH means the US $1,305,000,000 term loan facility made available under this Agreement.

Facility AH Advance means a US Dollar denominated advance made to UPC Financing by the Additional Facility AH Lenders under Facility AH.

Facility AH Commitment means, in relation to an Additional Facility AH Lender, the amount in US Dollars set opposite its name under the heading "Facility AH Commitment" in Schedule 1 to the counterpart of this Additional Facility Accession Agreement executed by that Additional Facility AH Lender, to the extent not cancelled, transferred, or reduced under the Credit Agreement.

Facility Interest Period means each Interest Period currently selected (as at the date of this Agreement) in respect of each outstanding Advance under Facility T and Facility X, and each being (for the avoidance of doubt) of identical duration and commencing and ending on identical dates.

Facility T means the US $1,071,573,003 term loan facility made available as an Additional Facility under the Credit Agreement and pursuant to Additional Facility Accession Agreements dated 6 May 2009, 8 September 2009, 17 September 2009, 19 January 2010, 20 April 2010 and 27 May 2010.

Facility X means the US $1,042,770,227.03 term loan facility made available as an Additional Facility under the Credit Agreement and pursuant to an Additional Facility Accession Agreement dated 4 May 2010.

		
	2.
	Unless otherwise defined in this Additional Facility AH Accession Agreement, terms defined in the Credit Agreement shall have the same meaning in this Additional Facility AH Accession Agreement and a reference to a Clause is a reference to a Clause of the Credit Agreement.  The principles of construction set out in Clause 1.2 (Construction) of the Credit Agreement apply to this Agreement as though they were set out in full in this Additional Facility AH Accession Agreement.

		
	3.
	We refer to Clause 2.2 (Additional Facilities) of the Credit Agreement.

		
	4.
	This Additional Facility AH Accession Agreement will take effect on the date on which the Facility Agent notifies UPC Broadband and the Additional Facility AH Lenders that it has received the documents and evidence set out in Schedule 2 to this Additional Facility AH Accession Agreement, in each case in form and substance satisfactory to it or, as the case may be, the requirement to provide any of such documents or evidence has been waived by the Facility Agent on behalf of the Additional Facility AH Lenders (the Effective Date).

		
	5.
	We, the Additional Facility AH Lenders, agree: 

		
	(a)
	to become party to and to be bound by the terms of the Credit Agreement as Lenders in accordance with Clause 2.2 (Additional Facilities) of the Credit Agreement; and 

		
	(b)
	to become party to the Security Deed as Lenders and to observe, perform and be bound by the terms and provisions of the Security Deed in the capacity of Lenders in accordance with Clause 9.3 (Transfers by Lenders) of the Security Deed.

		
	6.
	The Additional Facility Commitment in relation to an Additional Facility AH Lender (for the purpose of the definition of Additional Facility Commitment in Clause 1.1 (Definitions) of the Credit Agreement) is its Facility AH Commitment.

		
	7.
	Any interest due in relation to Facility AH will be payable on the last day of each Interest Period in accordance with Clause 8 (Interest) of the Credit Agreement.

		
	8.
	The Additional Facility Availability Period for Facility AH shall be the period from and including the Effective Date up to and including 5.00pm New York time on the date falling 10 Business Days after the Effective Date.

		
	9.
	Facility AH may be drawn by one Advance and no more than one Request may be made in respect of Facility AH under the Credit Agreement.

		
	10.
	The Facility AH Advances will be used for general corporate purposes and working capital purposes, including the repayment or prepayment of existing indebtedness.

		
	11.
	The first Interest Period to apply to the first Facility AH Advance will be a period equal to the period running from the Utilisation Date specified in the relevant Request up to (but excluding) the last day of Facility Interest Period. 

		
	12.
	The Final Maturity Date in respect of this Facility AH will be 30 June 2021.

		
	13.
	The outstanding Facility AH Advances will be repaid in full on the Final Maturity Date.

		
	14.
	The Margin in relation to Facility AH is 2.50 per cent. per annum.

		
	15.
	The Borrower in relation to Facility AH is UPC Financing.

		
	16.
	The interest rate for Facility AH will be calculated in accordance with Clause 8.1 (Interest rate) of the Credit Agreement, being the sum of LIBOR, the applicable Margin and the Mandatory Costs. For the avoidance of doubt, each party to this Agreement accepts and acknowledges that LIBOR has the meaning given to it under Clause 1.1 (Definitions) of the Credit Agreement and that if, at the time of calculation, the rate is determined to be below 0.75 per cent. then LIBOR will be deemed to be 0.75 per cent.

CONFORMED COPY

17.    
		
	(a)
	At any time during the twelve-month period beginning on the date of this Additional Facility AH Accession Agreement, upon the occurrence of a voluntary prepayment of any or all of Facility AH by the Borrower pursuant to Clause 7.3 (Voluntary prepayment) of the Credit Agreement, the Borrower agrees to pay to the Facility Agent (for the account of each of the Additional Facility AH Lenders on a pro rata basis) a prepayment fee (in addition to the principal amount of the prepayment) in an amount equal to 1 per cent. of the principal amount of the outstanding Facility AH Advance being prepaid, plus accrued and unpaid interest then due on the amount of the outstanding Facility AH Advance prepaid to the date of prepayment.

		
	(b)
	Such payment shall be due and payable by the Borrower to the Facility Agent (for the account of each of the Additional Facility AH Lenders on a pro rata basis) on the actual date of such prepayment. 

18.    
		
	(a)
	Provided that any upsizing of Facility AH permitted under this paragraph will not breach any term of the Credit Agreement, Facility AH may be upsized by any amount, by the signing of one or more further Additional Facility AH Accession Agreements, that specify (along with the other terms specified therein) UPC Financing as the sole Borrower and which specify Additional Facility AH Commitments denominated in US Dollars, to be drawn in US Dollars, with the same Final Maturity Date and Margin as specified in this Additional Facility AH Accession Agreement.

		
	(b)
	For the purposes of this paragraph 18 (unless otherwise specified), references to Additional Facility AH Lenders and Facility AH Advances shall include Lenders and Advances made under any such further and previous Additional Facility AH Accession Agreement.

		
	(c)
	Where any Facility AH Advance has not already been consolidated with any other Facility AH Advance, on the last day of any Interest Period for unconsolidated Facility AH Advance, that Facility AH Advance will be consolidated with any other Facility AH Advance which has an Interest Period ending on the same day as that unconsolidated Facility AH Advance, and all such Facility AH Advances will then be treated as one Advance.

		
	19.
	For the purposes of any amendment or waiver (including with respect to any existing Default or Event of Default) that may be sought by UPC Broadband and UPC Financing under the Credit Agreement on or after the date of this Additional Facility AH Accession Agreement, the Additional Facility AH Lenders hereby consent to any and all of the following (and this Agreement shall constitute each Additional Facility AH Lenders' irrevocable and unconditional written consent for the purposes of Clause 25 of the Credit Agreement without any further action required on the part of any Party): 

		
	(a)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to provide that an “Additional Facility Commitment” and an “Advance” (and any participation therein) as set forth in Clause 1.1 of the Credit Agreement shall be deemed to be cancelled (with respect to any Additional Facility Commitment) and not outstanding (with respect to any Advance) for purposes of voting or consents (other than any vote or consent related to non-payment of such 

2
0096349-0000005 BK:23531309.3

CONFORMED COPY

Advance) under the Credit Agreement if UPC Broadband Holding has delivered to the Facility Agent a duly completed Cancellation Notice with respect to such Additional Facility Commitment or Advance; provided that any such Advance shall remain due and payable on the applicable prepayment date and, if not repaid in full on the applicable prepayment date, then all voting or consent rights with respect thereto shall be reinstated with retroactive effect from the date of delivery of such Cancellation Notice;

		
	(b)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to reduce the percentage specified in the definition of “Majority Lenders” in Clause 1.1 of the Credit Agreement from 662⁄3 per cent. to a percentage that is not less than 50.1 per cent. (for any or all purposes under the Credit Agreement or any other Finance Document);

		
	(c)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the definition of “Western Europe” in Clause 1.1 of the Credit Agreement to include the countries that comprise the European Union as of a specified date more recent than the Effective Date, or from time to time (in addition to Scandinavia and Switzerland);

		
	(d)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the definition of “Acquisition Business Plan” and the definition of “Borrower Group Business Plan” in Clause 1.1 of the Credit Agreement to limit the time period covered by any business plan of the Target or, as applicable, the Borrower Group (including the Target) to a period of not less than the earlier of five years following the date of the relevant Acquisition and the Final Maturity Date;

		
	(e)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the limitations set forth in subclause (b)(i) of the definition of “Permitted Acquisition” in Clause 1.1 of the Credit Agreement and in subclause (b)(i) of the definition of “Permitted Joint Venture” in Clause 1.1 of the Credit Agreement with respect to businesses conducted in Great Britain and/or Germany;

		
	(f)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the requirements set forth in subclause (b)(ii)(A)(II) of the definition of “Permitted Acquisition” in Clause 1.1 of the Credit Agreement and in subclause (b)(ii)(A)(II) of the definition of “Permitted Joint Venture” in Clause 1.1 of the Credit Agreement to deliver the financial projections specified therein, or to reduce the time period for compliance stated in either subclause;

		
	(g)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to increase the amount of secured indebtedness specified  in subclause (n) of the definition of “Permitted Security Interest” in Clause 1.1 of the Credit Agreement from €15,000,000 to an amount not to exceed €100,000,000 (or its equivalent);

		
	(h)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the reporting requirements set forth in subclause (c) of Clause 16.2 of the Credit Agreement, or to change the time period for compliance specified therein;

		
	(i)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to include as a “Permitted Disposal” under Clause 16.10(b)(xvi) 

3
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CONFORMED COPY

of the Credit Agreement the disposal of any person or asset if:  (i) at the time of such disposal, UPC Broadband has contractually committed or agreed to a future Acquisition and such an  Acquisition occurs within twelve months (or less) of the  disposal;  (ii) the Remaining Percentage would not be exceeded if the aggregate percentage value of the contemplated Acquisition is added to the calculation and tested at the time of the disposal  on a pro forma basis (giving effect to the Annualised EBITDA of the Target based on then available historical financial information) and on an actual basis at the completion of the Acquisition (and for these purposes (A) subclause 16.10(c)(z) of the Credit Agreement would be disapplied so that the Remaining Percentage could exceed 17.5 per cent. in respect of the relevant disposal and (B) subclause 16.10(c)(x) of the Credit Agreement would be disapplied so that the percentage of the Annualised EBITDA of the Borrower Group represented by the Annualised EBITDA of the relevant disposal could be more than the Remaining Percentage immediately prior to such disposal, in each case provided the Remaining Percentage would not be exceeded once any contemplated Acquisition is taken into account as described in this subparagraph (ii)); and (iii) for the purpose of the certificate required in Clause 16.10(b)(xvi)(C), the financial ratios are calculated giving pro forma effect to such Acquisition (based on the then available historical financial information of the Target and including the Annualised EBITDA of the Target and any Financial Indebtedness expected to be incurred by the Borrower Group to finance such Acquisition) (and any such amendment, waiver or other modification contemplated by this subclause (i) may apply to all such disposals and future Acquisitions or only to specified disposals and Acquisitions); 

		
	(j)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the provision set forth in subclause (c)(y) of Clause 16.10 of the Credit Agreement that the percentage value of a Reinvestment shall be disregarded if the Annualised EBITDA of the members of the Borrower Group derived from persons or assets located in Western Europe is less than 662⁄3 per cent. of the Annualised EBITDA of the Borrower Group, or to change the percentage or the geographical limitation specified therein;

		
	(k)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to increase the amount of Financial Indebtedness specified in Clause 16.12(b)(xvii) of the Credit Agreement from €25,000,000 to an amount not to exceed €100,000,000 (or its equivalent);

		
	(l)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the calculation of any financial ratio that requires the calculation of Senior Debt and/or Total Debt to provide for the netting of cash and cash equivalents (to be defined substantially in line with and/or with reference to standard language used in the European banking market) against Senior Debt and/or Total Debt; 

		
	(m)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to provide that, for purposes of measuring EBITDA in connection with any acquisition or similar transaction, EBITDA shall be calculated on a pro forma basis, as determined in good faith by a responsible financial or accounting officer of the Borrower, to give effect to anticipated expense and cost reductions; 

		
	(n)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to revise the change of control provisions in Clause 7.4 of the Credit Agreement as follows:

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	(i)
	delete Clause 7.4(a)(i) of the Credit Agreement;

		
	(ii)
	in Clause 7.4(a)(ii) of the Credit Agreement;

		
	(A)
	replace all references to "UGCE Inc.” with “Liberty Global Europe Financing BV”; and

		
	(B)
	delete the words “and economic”; and

		
	(iii)
	permit the distribution or other transfer of UPC Broadband Holdco and its Subsidiaries or a Holding Company of UPC Broadband Holdco to Liberty Global Corporation Limited (to be re-registered as a public limited company and which may, in addition, be renamed) (the Ultimate Parent) or a first-tier or second-tier Subsidiary of the Ultimate Parent through one or more mergers, transfers, consolidations or other similar transactions (the Reorganization), without the Reorganization being deemed to trigger a Change of Control and, upon such Reorganization, the Change of Control reference entity referred to in Clause 7.4(a)(ii) of the Credit Agreement will be replaced with the direct Subsidiary of the Ultimate Parent (or, if the distribution or other transfer pursuant to the Reorganization is to a second-tier Subsidiary of the Ultimate Parent, such second-tier Subsidiary); and

		
	(o)
	any consequential amendment, waiver or other modification to the Credit Agreement or any other Finance Document arising as a direct result of the changes envisaged in subclauses (a) to (n) of this Clause 19. 

The Additional Facility AH Lenders hereby waive receipt of any fee in connection with the foregoing consent, notwithstanding that other consenting Lenders under the Credit Facility may be paid a fee in consideration of such Lenders’ consent to any or all of the foregoing amendments, waivers or other modifications.

		
	20.
	We hereby acknowledge and agree that the Facility Agent may, but shall not be required to, send us any further formal amendment request in connection with all, or any of the proposed amendments set out under Clause 19 above and the Facility Agent shall be authorised to consent on our behalf, as a Lender under one or more Additional Facility, to any such proposed amendments set out under Clause 19 above, and such consent shall be taken into account in calculating whether the Majority Lenders, or the relevant requisite Lenders, have consented to the relevant amendments and/or waiver to the Agreement in accordance with clause 25 (Amendments and Waivers) of the Agreement.

		
	21.
	Each of UPC Broadband and UPC Financing confirms, on behalf of themselves and each other Obligor that the representations and warranties set out in Clause 15 (Representations and Warranties) of the Credit Agreement (with the exception of Clauses 15.6(a) (Consents), 15.10 (Financial condition), 15.12 (Security Interests), 15.13(b) (Litigation and insolvency proceedings), 15.14 (Business Plan), 15.15 (Tax liabilities), 15.16 (Ownership of assets), 15.18 (Works Council), 15.19 (Borrower Group Structure), 15.20 (ERISA), 15.24 (UPC Financing) and 15.25 (Dutch Banking Act)) are true and correct as if made at the Effective Date with reference to the facts and circumstances then existing, and as if each reference to the Finance Documents includes a reference to this Additional Facility AH Accession Agreement.

		
	22.
	UPC Broadband further represents and warrants on the Effective Date that the execution and delivery by it of this Additional Facility AH Accession Agreement and the performance of the transactions contemplated by this Additional Facility AH Accession Agreement will not 

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violate any agreement or instrument to which UPC Holding is a party or binding upon UPC Holding or any member of the Borrower Group or any assets of UPC Holding or any member of the Borrower Group's assets, where such violation would or is reasonably likely to have a Material Adverse Effect.

		
	23.
	Each Additional Facility AH Lender confirms to each Finance Party that:

		
	(a)
	it has made its 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 has not relied on any information provided to it by a Finance Party in connection with any Finance Document; and

		
	(b)
	it will continue to make its 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 Additional Facility Commitment is in force.

		
	24.
	Each of the Additional Facility AH Lenders agrees that without prejudice to Clause 26.3 (Procedure for novations) of the Credit Agreement, each New Lender (as defined in either Novation Certificate referred to below) shall become, by the execution by the Facility Agent of a Novation Certificate substantially in the form of either Schedule 3 or Schedule 4, as applicable, to this Additional Facility AH Accession Agreement, bound by the terms of this Additional Facility AH Accession Agreement as if it were an original party hereto as an Additional Facility AH Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to this Additional Facility AH Accession Agreement as would have been acquired, granted and assumed had the New Lender been an original party to this Additional Facility AH Accession Agreement as an Additional Facility AH Lender.

		
	25.
	The Facility Office and address for notices of each Additional Facility AH Lender for the purposes of Clause 32.2 (Addresses for notices) of the Credit Agreement will be that notified by each Additional Facility AH Lender to the Facility Agent.

		
	26.
	This Additional Facility AH Accession Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		
	27.
	This Additional Facility AH Accession Agreement may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Additional Facility AH Accession Agreement by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Additional Facility AH Accession Agreement.  

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SCHEDULE 1

ADDITIONAL FACILITY AH LENDERS AND COMMITMENTS

	
		
	Additional Facility AH Lender
	Facility AH Commitment
(US $)

	Liberty Global Services B.V. (formerly known as UPC Broadband Operations B.V.)

	688,533,085.49

	The Bank of Nova Scotia
	616,446,914.51

	

Total
	1,305,000,000

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SCHEDULE 2

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 Obligor 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 Additional Facility AH Accession 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 Additional Facility AH Accession Agreement and (in the case of each of UPC Broadband and UPC Financing) resolving that it execute the same (and, in the case of the Guarantors and the Charging Entities (as defined in the Security Deed) resolving that it execute the confirmation described at 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 Additional Facility AH Accession 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)
	A 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 Additional Facility AH Accession Agreement or the confirmation described in paragraph 4(a) below (as appropriate).

		
	(c)
	A certificate of an authorised signatory of UPC Broadband, each Guarantor and each Charging Entity certifying that each copy document specified in this Schedule and supplied by UPC Broadband, each Guarantor and each Charging Entity is correct, complete and in full force and effect as at a date no earlier than the date of this Additional Facility AH Accession 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 Additional Facility AH Accession Agreement or for the validity and enforceability of this Additional Facility AH Accession Agreement.

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	3.
	Legal opinions

		
	(a)
	A legal opinion of Allen & Overy LLP, English legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(b)
	A legal opinion of Allen & Overy LLP, Dutch legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(c)
	A legal opinion of Allen & Overy LLP, New York legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	4.
	Other documents

Confirmation (in writing) from (i) each of the Guarantors that its obligations under Clause 14 (Guarantee) 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 AH and that such obligations shall be owed to each Finance Party including the Additional Facility AH Lenders.

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SCHEDULE 3

NOVATION CERTIFICATE (CASHLESS)

To:    The Bank of Nova Scotia as Facility Agent and UPC Financing as Borrower

From:    Liberty Global Services B.V. (formerly known as UPC Broadband Operations B.V.) and [the EXISTING [l] LENDER / NEW AH LENDER]

Date:

UPC Broadband Holding B.V. - €1,072,000,000 Term Credit Agreement dated 16 January 2004 (as amended from time to time)(the Credit Agreement)

We refer to: 

		
	(a)
	Clause 26.3 (Procedure for novations) of the Credit Agreement;

		
	(b)
	Clause 9.3 (Transfers by the Lenders) of the Security Deed;

		
	(c)
	the Accession Agreement dated [l], pursuant to which a US $[l] term loan facility is made available to the Borrower as an Additional Facility (Additional Facility [l]) under the Credit Agreement (the Additional Facility [l] Accession Agreement); and

		
	(d)
	the Accession Agreement dated [l] 2013, pursuant to which a US $1,305,000,000 term loan facility is made available to the Borrower as an Additional Facility (Additional Facility AH) under the Credit Agreement (the Additional Facility AH Accession Agreement).

Unless defined in this Novation Certificate, terms defined in the Credit Agreement or, if not defined in the Credit Agreement, the Additional Facility AH Accession Agreements, have the same meaning in this Novation Certificate.

		
	1.
	[●] (the Existing [l] Lender) agrees to novate and Liberty Global Services B.V. (formerly known as UPC Broadband Operations B.V.) (the New [l] Lender) agrees to accept novation on the Effective Date, of all the Existing [l] Lender's rights and obligations referred to in the Schedule in accordance with Clause 26.3 (Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

		
	2.
	Liberty Global Services B.V. (formerly known as UPC Broadband Operations B.V.) (the Existing AH Lender) agrees to novate and [●] (the New AH Lender) agrees to accept the novation on the Effective Date of all the Existing AH Lender's rights and obligations referred to in the Schedule in accordance with Clause 26.3 (Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

		
	3.
	The New [l] Lender confirms that it is bound by the terms of the Additional Facility [l] Accession Agreement as if it were an original party thereto as an Additional Facility [l] Lender and shall acquire the same rights and assume the same obligations towards the other parties to the Additional Facility [l] Accession Agreement as would have been acquired and assumed had the New [l] Lender been an original party to the Additional Facility [l] Accession Agreement as an Additional Facility [l] Lender (as defined in the Additional Facility [l] Accession Agreement).

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	4.
	The New AH Lender confirms that it is bound by the terms of the Additional Facility AH Accession Agreement as if it were an original party thereto as an Additional Facility AH Lender and shall acquire the same rights, provide the same consents and assume the same obligations towards the other parties to the Additional Facility AH Accession Agreement as would have been acquired, granted and assumed had the New AH Lender been an original party to the Additional Facility AH Accession Agreement as an Additional Facility AH Lender.

		
	5.
	For the purposes of this Novation Certificate, “Effective Date” means the date on which the Facility Agent countersigns this certificate.

		
	6.
	Each party to this document agrees, the Facility Agent agrees on behalf of each Finance Party, and UPC Broadband Holding B.V. agrees on behalf of each Obligor, that this document is a Novation Certificate notwithstanding that its form is different to that required by the Credit Agreement.

		
	7.
	This Novation Certificate is a Finance Document.

		
	8.
	This Novation Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Novation Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Novation Certificate.

		
	9.
	This Novation Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

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THE SCHEDULE

Rights and obligations to be novated:

EXISTING [l] LENDER

Existing [l] Commitment: US $[l]
    
Assignee: New [l] Lender

EXISTING AH LENDER

Existing AH Commitment: US $[l]

Assignee: New AH Lender

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, as the Existing [l] Lender

By:
Name:
Title:
LIBERTY GLOBAL SERVICES B.V. (formerly known as UPC Broadband Operations B.V.), as the New [l] Lender

By:
Name:
Title:

LIBERTY GLOBAL SERVICES B.V. (formerly known as UPC Broadband Operations B.V.), as the Existing AH Lender

By:
Name:
Title:

, as the New AH Lender

By:
Name:
Title:

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UPC BROADBAND HOLDING B.V., as Obligors agent

By:
Name:
Title:

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it countersigns this Novation Certificate.

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SCHEDULE 4
NOVATION CERTIFICATE (CASH)
To:    The Bank of Nova Scotia as Facility Agent and UPC Financing as Borrower
From:    [THE EXISTING LENDER] and [THE NEW LENDER]
Date: [          ]
UPC Broadband Holding B.V. - €1,072,000,000 Term Credit Agreement dated 16 January, 2004 (the Credit Agreement)
We refer to:
		
	(e)
	Clause 26.3 (Procedure for novations) of the Credit Agreement;

		
	(f)
	Clause 9.3 (Transfers by the Lenders) of the Security Deed; and

		
	(g)
	the Accession Agreement dated [l] 2013, pursuant to which a US $1,305,000,000 term loan facility is being made available to the Borrower as an Additional Facility (Additional Facility AH) under the Credit Agreement (the Additional Facility AH Accession Agreement).

Terms defined in the Credit Agreement or, if not defined in the Credit Agreement, the Additional Facility AH Accession Agreement, have the same meaning in this Novation Certificate.
		
	1.
	We [     ] (the Existing Lender) and [     ] (the New Lender) agree to the Existing Lender and the New Lender novating all the Existing Lender's rights and obligations referred to in the Schedule on and from the Effective Date in accordance with Clause 26.3 (Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

		
	2.
	The New Lender confirms that it is bound by the terms of the Additional Facility AH Accession Agreement as if it were an original party thereto as an Additional Facility AH Lender and shall acquire the same rights grant the same consents and assume the same obligations towards the other parties to this Agreement as would have been acquired, granted and assumed had the New Lender been an original party to the Additional Facility AH Accession Agreement as an Additional Facility AH Lender.

		
	3.
	For the purposes of this Novation Certificate, “Effective Date” means the date on which the Facility Agent countersigns this certificate.

		
	4.
	The Facility Office and address for notices of the New Lender for the purposes of Clause 32.2 (Addresses for notices) are set out in the Schedule.

		
	5.
	This Novation Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Novation 

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Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Novation Certificate.
		
	6.
	This Novation Certificate is a Finance Document and any non-contractual obligations arising out of or in connection with it are governed by English law.

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THE SCHEDULE
Rights and obligations to be novated
EXISTING LENDER
Existing Lender's Commitment under Additional Facility AH: US $[l]
Assignee: New Lender

	
			
	[New Lender]
	 
	 

	[Facility Office
	Address for notices for administrative purposes
	 

	 
	Address for notices for credit purposes]
	 

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[The Existing Lender], as the Existing Lender

By:
Name:
Title:

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[The New Lender], as the New Lender

By:
Name:
Title:

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UPC BROADBAND HOLDING B.V., as Obligors agent

By:
Name:
Title:

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it countersigns this Novation Certificate.

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SIGNATORIES TO ADDITIONAL FACILITY AH ACCESSION AGREEMENT

THE BANK OF NOVA SCOTIA as Facility Agent
By:     Authorized Signatory
By:     Authorized Signatory

THE BANK OF NOVA SCOTIA as Security Agent
By:     Authorized Signatory
By:     Authorized Signatory

CONFORMED COPY

UPC BROADBAND HOLDING B.V.
By:     Authorized Signatory

	
			
	 

	 
	 
	 

CONFORMED COPY

UPC FINANCING PARTNERSHIP 
By:    Authorized Signatory

	
			
	 

	 
	 
	 

CONFORMED COPY

ADDITIONAL FACILITY AH LENDER

LIBERTY GLOBAL SERVICES B.V. (formerly known as UPC Broadband Operations B.V.)
By:     Authorized Signatory        Authorized Signatory

	
			
	 

	 
	 
	 

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ADDITIONAL FACILITY AH LENDER
THE BANK OF NOVA SCOTIA
By:     Authorized Signatory
By:     Authorized Signatory

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