January 19, 2010 AMENDED AND RESTATED PLEDGE AGREEMENT between NTL VICTORIA LIMITED as Pledgor and DEUTSCHE BANK AG, LONDON BRANCH as Security Trustee and Pledgee
Exhibit 4.34
EXECUTION COPY
January 19, 2010
AMENDED AND RESTATED PLEDGE AGREEMENT
between
NTL VICTORIA LIMITED
as Pledgor
and
DEUTSCHE BANK AG, LONDON BRANCH
as Security Trustee and Pledgee
TABLE OF CONTENTS
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1. |
CONSTRUCTION; DEFINITIONS |
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2. |
SECURITY FOR OBLIGATIONS |
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3. |
PLEDGE OF SECURITIES, ETC. |
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3.1 |
PLEDGE |
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3.2 |
PROCEDURES |
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3.3 |
SUBSEQUENTLY ACQUIRED COLLATERAL |
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3.4 |
TRANSFER TAXES |
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3.5 |
CERTAIN REPRESENTATIONS AND WARRANTIES REGARDING THE COLLATERAL |
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4. |
APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. |
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5. |
VOTING, ETC., WHILE NO EVENT OF DEFAULT |
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6. |
DISTRIBUTIONS |
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7. |
REMEDIES; ENFORCEMENT |
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8. |
REMEDIES, CUMULATIVE, ETC. |
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9. |
APPLICATION OF PROCEEDS |
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10. |
PURCHASERS OF COLLATERAL |
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11. |
INDEMNITY |
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12. |
PLEDGEE NOT A LIMITED LIABILITY COMPANY MEMBER |
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13. |
FURTHER ASSURANCES; XXXXX-XX-XXXXXXXX |
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00. |
THE PLEDGEE AS SECURITY TRUSTEE |
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15. |
TRANSFER BY THE PLEDGOR |
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16. |
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGOR |
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17. |
LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBER; CHANGES THERETO; ETC. |
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18. |
PLEDGOR’S OBLIGATIONS ABSOLUTE, ETC. |
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19. |
SALE OF COLLATERAL WITHOUT REGISTRATION |
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20. |
TERMINATION; RELEASE |
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21. |
NOTICES, ETC. |
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22. |
WAIVER; AMENDMENT |
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23. |
SUCCESSORS AND ASSIGNS |
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24. |
HEADINGS DESCRIPTIVE |
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25. |
GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL |
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26. |
PLEDGOR’S DUTIES |
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27. |
COUNTERPARTS |
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28. |
SEVERABILITY |
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29. |
RECOURSE |
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30. |
LIMITED OBLIGATIONS |
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31. |
AMENDMENT AND RESTATEMENT |
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ANNEX A |
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SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS |
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ANNEX B |
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SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS |
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ANNEX C |
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SCHEDULE OF CHIEF EXECUTIVE OFFICES |
AMENDED AND RESTATED PLEDGE AGREEMENT
AMENDED AND RESTATED PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of March 3, 2006 and amended and restated as of January 19, 2010, among NTL Victoria Limited (the “Pledgor”) and Deutsche Bank AG, London Branch, as Security Trustee (together with any successor Security Trustee, (the “Pledgee”), for the benefit of the Beneficiaries (as defined below)). Except as otherwise defined herein, all capitalized terms used herein and defined in the Senior Facilities Agreement or the Group Intercreditor Deed shall be used herein as therein defined.
W I T N E S S E T H :
WHEREAS, pursuant to the Senior Facilities Agreement, dated March 3, 2006 as amended and restated on May 22, 2006, July 10, 2006, August 10, 2006, April 4, 2007, May 15, 2008, November 10, 2008, October 30, 2009 and January 8, 2010 (as further amended, restated, supplemented and/or otherwise modified from time to time, the “Senior Facilities Agreement”), among Virgin Media Inc., Virgin Media Finance PLC, Virgin Media Investment Holdings Limited (formerly known as NTL Investment Holdings Limited) (the “Company”), Telewest Communications Network Limited, VMIH Sub Limited (formerly known as NTLIH Sub Limited) as UK Borrowers (the “UK Borrowers”), Virgin Media Dover LLC (formerly known as NTL Dover LLC) as US Borrower (the “US Borrower” and together with the UK Borrowers, the “Borrowers”), Deutsche Bank AG, London Branch, X.X. Xxxxxx plc, The Royal Bank of Scotland plc and Xxxxxxx Sachs International as Bookrunners and as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as Facility Agent (the “Facility Agent”) and as Security Trustee, Deutsche Bank AG, New York Branch as US Paying Agent, GE Corporate Banking Europe SAS as Administrative Agent, Deutsche Bank AG, London Branch as Original L/C Bank and the persons named therein as Lenders (the “Lenders”), the Lenders have made available to the Borrowers certain credit facilities pursuant to the terms and subject to the conditions provided therein.
WHEREAS, by an intercreditor deed dated March 3, 2006 as amended and restated on June 13, 2006, July 10, 2006, July 31, 2006, May 15, 2008, October 30, 2009 and January 8, 2010 (as further amended, restated, supplemented and/or otherwise modified from time to time, the “Group Intercreditor Deed”) among the Original Senior Borrowers, the Original Facility Agent, the Original Security Trustee, the Senior Lenders, the Original Senior Guarantors, the Hedge Counterparties (as each of those terms is defined therein), the Intergroup Debtors and the Intergroup Creditors (as each of those terms is defined therein), certain banks, financial institutions and other entities have agreed to regulate their relationship as creditors on the terms set out therein.
WHEREAS, pursuant to the indenture dated on or about the date hereof (the “Senior Secured Notes Indenture”) governing the $1,000,000,000 6.50% Senior Secured Notes due 2018 and the £875,000,000 7.00% Senior Secured Notes due 2018 (the “Senior Secured Notes” and, together with the Senior Secured Notes Indenture and the guarantees set out therein, the “Senior Secured Notes Documents”), among Virgin Media Inc., the Company, Virgin Media Finance PLC, Virgin Media Secured Finance PLC, the subsidiary guarantors named therein, The Bank of New York Mellon, as trustee, registrar and paying agent and The Bank of New York Mellon (Luxembourg), S.A., as Luxembourg paying agent, as amended, restated, supplemented or otherwise modified from to time, Virgin Media Secured Finance PLC has agreed to issue the Senior Secured Notes.
WHEREAS, in connection with the Senior Facilities Agreement and the Group Intercreditor Deed, the Pledgor and Security Trustee entered into a pledge agreement dated March 3, 2006 and amended on December 23, 2009 (the “Original Pledge Agreement”), pursuant to which the Pledgor granted in favor of the Security Trustee, for the benefit of the Beneficiaries, a security interest in and lien on their respective partnership interests in the Collateral described therein as security and collateral for the due and punctual payment and performance by the Borrowers of their respective obligations described therein.
WHEREAS, Pledgor and Security Trustee desire to amend and restate the Original Pledge Agreement to, among other things, provide for the security for the due and punctual payment and performance of the Secured Obligations on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to the Pledgor, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Beneficiaries and hereby covenants and agrees with the Pledgee for the benefit of the Beneficiaries as follows:
1. CONSTRUCTION; DEFINITIONS
(a) This Pledge Agreement should be read and construed subject to the terms of the Group Intercreditor Deed. In the event of any inconsistency between the terms of this Pledge Agreement and the Group Intercreditor Deed, the terms of the Group Intercreditor Deed shall prevail. Unless the context otherwise requires or unless otherwise provided or defined herein, all capitalized terms used herein and defined in the Group Intercreditor Deed and (unless otherwise defined in the Group Intercreditor Deed) the Relevant Facilities Agreement shall be used herein as therein defined.
(b) Reference to singular terms shall include the plural and vice versa.
(c) References to (or to any specified provision of) this Agreement or any other agreement or document shall be construed as references to this Agreement, that provision, that agreement or that document as in force for the time being and as from time to time amended, supplemented, varied, extended, restated, and/or replaced in accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties and (where such consent is, by the terms of any Security Document or the relevant document, required to be obtained as a condition to such amendment being permitted) the prior written consent of an Instructing Party.
(d) The following capitalized terms used herein shall have the definitions specified below:
“Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC.
“Agent” means the Facility Agent, the US Paying Agent, the Administrative Agent and the Relevant Agent.
“Agreement” means this Pledge Agreement.
“Beneficiaries” means the First Beneficiary and the Second Beneficiaries.
“Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC.
“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC.
“Collateral” shall have the meaning set forth in Section 3.1 hereof.
“Commitments” means, in respect of a Senior Lender, its Commitment as defined in the Senior Facilities Agreement, and in respect of any other Senior Finance Party, the aggregate of the principal amount advanced by it that has not been repaid, in each case under the Senior Finance Documents, and (without duplication) its uncancelled commitment to extend further credit to the Obligors under the Senior Finance Documents.
“Designated Secured Obligations” means Financial Indebtedness in the form of notes or other such similar instruments of any member of the Group that is designated as “Designated Secured Obligations” by written notice from the Company and its successors in title from time to time to the Security Trustee, which notice will certify that the Financial Indebtedness is an instrument for which Rule 3-16 of Regulation S-X under the Securities Act (“Rule 3-16”) is applicable or will become applicable upon registration of such instrument or an instrument exchangeable for such instrument pursuant to a contractual requirement.
“Enforcement Date” means the date on which, following the occurrence of an Event of Default that is continuing, either the Relevant Agent or the Security Trustee notifies the Pledgor of the occurrence of that Event of Default, or takes, under any one or more of the Senior Finance Documents, any of the steps it is entitled to take by reason of the occurrence of such Event of Default.
“Event of Default” shall mean each of:
(i) a Senior Default; and
(ii) an event of default or termination event (however described) under any Hedging Agreement.
“Excluded Charged Assets” in relation to any Designated Secured Obligations means any shares, membership interests, partnership interests, equity participations or other equivalent (however designated) ownership interests (the “Ownership Interests”) in, or other securities of, a Subsidiary of Virgin Media Inc. (excluding the Ownership Interests in or other securities issued by Virgin Media Investments Limited or any successor entity upon any merger, reorganization or other restructuring effecting it) that are owned by the Pledgor to the extent that pledging such Ownership Interests or other securities under this Agreement to secure such Designated Secured Obligations would result in Rule 3-16 requiring separate financial statements of such Subsidiary to be filed with the SEC, but (i) only to the extent necessary to not be subject to such requirement, (ii) only for so long as such requirement is in existence
and (iii) only if no member of the Group files or is otherwise required to file separate financial statements of such Subsidiary with the SEC under a separate rule or regulation; provided that no Ownership Interests or securities will constitute Excluded Charged Assets if any member of the Group takes any action in the form of a reorganization, merger or other restructuring, a principal purpose of which is to provide for the limitation of the pledge of any Ownership Interests or other securities pursuant to the proviso in Section 3.1.
“Group Intercreditor Deed” shall have the meaning set forth in the recitals.
“Indemnitees” shall have the meaning set forth in Section 11 hereof.
“Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by the Pledgor and represented by any Limited Liability Company Interest.
“Limited Liability Company Interests” shall mean the entire limited liability company membership interest at any time owned by the Pledgor in any limited liability company.
“Location” of the Pledgor has the meaning given such term in Section 9-307 of the UCC.
“Obligations” shall have the meaning set forth in Section 2 hereof.
“Original Pledge Agreement” shall have the meaning set forth in the recitals hereto.
“Ownership Interests” has the meaning given to such term in the definition of “Excluded Charged Assets”.
“Pledgee” shall have the meaning set forth in the first paragraph hereof.
“Pledgor” shall have the meaning set forth in the first paragraph hereof.
“Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC.
“Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC.
“Relevant Facilities Agreement” means the Senior Facilities Agreement, or, upon its repayment in full and cancellation of all undrawn commitments thereunder, the Designated Refinancing Facilities Agreement, provided that if upon the repayment in full and cancellation of all undrawn commitments under the Senior Facilities Agreement there is no Designated Refinancing Facilities Agreement, until such time that a Refinancing Facilities Agreement has been designated as a Designated Refinancing Facilities Agreement, the “Relevant Facilities Agreement” shall be the Senior Facilities Agreement immediately prior to such termination, and provided further that upon the repayment in full and cancellation of all undrawn commitments under the Designated Refinancing Facilities Agreement, until such time that a
Refinancing Facilities Agreement has been designated as a Designated Refinancing Facilities Agreement, the “Relevant Facilities Agreement” shall be the Designated Refinancing Facilities Agreement immediately prior to such termination.
“Rule 3-16” has the meaning given to such term in the definition of “Designated Secured Obligations”.
“SEC” means the United States Securities and Exchange Commission.
“Secured Obligations” means the Security Trustee Liabilities, the Senior Liabilities and the Hedging Liabilities, provided that any liabilities that have been designated as “New Senior Liabilities” under the Group Intercreditor Deed or are incurred after December 31, 2009 under any Refinancing Facilities Agreement entered into after such date,
(a) in breach of the provisions of the Senior Facilities Agreement, or upon its repayment in full and cancellation of all undrawn commitments thereunder (unless there is no Designated Refinancing Facilities Agreement), the Designated Refinancing Facilities Agreement, or any Refinancing Facilities Agreement on the date of such designation (excluding any applicable cure period), or
(b) that the Security Trustee, acting reasonably, has not agreed to act as security trustee for,
shall not, in any such case constitute “Secured Obligations” for the purpose of this Agreement.
“Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time to time.
“Securities Intermediary” shall have the meaning given such term in Section 8-102(14) of the UCC.
“Security” and “Securities” shall have the meaning given such term in Section 8-102(a)(15) of the UCC.
“Security Trust Agreement” means the security trust agreement dated March 3, 2006 and amended and restated on or about the date hereof between Security Trustee, Facility Agent, the Company, and the companies named therein as Original Obligors.
“Senior Facilities Agreement” shall have the meaning given such term in the recitals hereto.
“Termination Date” shall have the meaning set forth in Section 20 hereof.
“Transmitting Utility” has the meaning given such term in Section 9-102(a)(80) of the UCC.
“UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time; provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the
date hereof; provided further that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the Security Interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the date hereof in any other jurisdiction, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy.
“Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the UCC.
2. SECURITY FOR OBLIGATIONS
This Agreement is made by the Pledgor for the benefit of the Pledgee acting on behalf of the Beneficiaries to secure:
(a) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all Secured Obligations;
(b) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral;
(c) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Pledgor referred to in clauses (a) and (b) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs;
(d) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this Agreement; and
(e) all amounts owing to any Agent or any of its affiliates pursuant to any of the Senior Finance Documents in its respective capacity as such;
all such obligations, liabilities, indebtedness, sums and expenses set forth in clauses (a) through (e) of this Section 2 being herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall include (without limitation) extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement, and (without prejudice to the extension of the Secured Obligations to any other Indebtedness from time to time included within the definition thereof) all Liabilities arising under or in connection with the Senior Facilities Agreement and the Senior Secured Notes Documents.
3. PLEDGE OF SECURITIES, ETC.
3.1 Pledge
To secure the Obligations now or hereafter owed by the Pledgor, the Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of the Beneficiaries, and
does hereby create a continuing security interest (subject to those Encumbrances permitted to exist with respect to the Collateral pursuant to the terms of all of the Senior Finance Documents then in effect) in favor of the Pledgee for the benefit of the Beneficiaries in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time acquired, (the “Collateral”):
(a) all Limited Liability Company Interests owned by the Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and applicable law:
(i) all other payments due or to become due to the Pledgor in respect of such Limited Liability Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise;
(ii) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests;
(iii) all of the Pledgor’s rights under any limited liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of the Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of the Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and
(iv) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; and
(b) all Proceeds of any and all the foregoing;
provided, however, that notwithstanding the foregoing, in no event shall the Pledgor be required to pledge any Excluded Charged Assets to the Security Trustee under this Agreement to secure the Designated Secured Obligations. For the avoidance of doubt,
(i) all Collateral that does not constitute Excluded Charged Assets remains pledged pursuant to this Agreement to secure all Secured Obligations, including without limitation the Designated Secured Obligations; and
(ii) such Excluded Charged Assets remain pledged under this Section 3.1 to secure any Secured Obligations that are not Designated Secured Obligations.
In the event that Rule 3-16 is amended, modified or interpreted by the SEC to require (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC (or any other United States federal or state governmental agency) of separate financial statements of any such Subsidiary due to the fact that such Subsidiary’s Ownership Interests or other securities secure any Designated Secured Obligations, then such Ownership Interests or other securities (as applicable) of such Subsidiary shall automatically be deemed to be Excluded Charged Assets for such Designated Secured Obligations but (i) only to the extent necessary to not be subject to any such financial statement requirement, (ii) only for so long as such financial statement requirement would otherwise have been applicable to such Subsidiary and (iii) only if no member of the Group files or is otherwise required to file separate financial statements of such Subsidiary with the SEC or such other governmental agency under a separate rule or regulation. If the circumstances described in this paragraph apply, this Agreement may be amended or modified, without the consent of any Senior Finance Party, to the extent necessary to release the pledge (but only to the extent securing such Designated Secured Obligations and without prejudice to the pledge securing the Secured Obligations referred to in clause (ii) of the preceding paragraph) in favor of the Security Trustee on the relevant Ownership Interests and/or other securities that are so deemed to constitute Excluded Charged Assets.
In the event that Rule 3-16 is amended, modified or interpreted by the SEC to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would permit) such Subsidiary’s Ownership Interests and/or other securities to secure any Designated Secured Obligations in excess of the amount then pledged without the filing with the SEC (or any other United States federal or state governmental agency) of separate financial statements of such Subsidiary, then the Ownership Interests or other securities (as applicable) of such Subsidiary will automatically be deemed not to be Excluded Charged Assets for such Designated Secured Obligations, but limited to the extent necessary to not be subject to any such financial statement requirement. If the circumstances described in this paragraph apply, this Agreement may be amended or modified, without the consent of any Senior Finance Party, to the extent necessary to pledge in favor of the Security Trustee such additional Ownership Interests or other securities that were deemed to constitute Excluded Charged Assets.
3.2 Procedures
(a) To the extent that the Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by the Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, the Pledgor shall (to the extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) for the benefit of the Pledgee and the Beneficiaries:
(i) with respect to any Collateral which constitutes a Certificated Security (other than a Certificated Security credited on the books of a Clearing Corporation or Securities Intermediary), the Pledgor shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank; and
(ii) with respect to any Collateral which constitutes a Certificated Security, Uncertificated Security, or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), the Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary, and (ii) to perfect the security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the foregoing;
provided that to the extent that any certificates, instruments of transfer or other documents of title relating to any Collateral (“Title Documents”) that are required to be delivered to the Security Trustee pursuant to this Section 3.2(a) have already been delivered to Deutsche Bank AG, London Branch in its capacity as security trustee under and for the purposes of the security interests over such Collateral pursuant to the Original Pledge Agreement, the requirements of this Section 3.2(a) shall be deemed satisfied.
(b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, the Pledgor shall take the following additional actions with respect to the Collateral:
(i) with respect to all Collateral of the Pledgor whereby or with respect to which the Pledgee may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), the Pledgor shall take all actions as may be requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by the Pledgee; and
(ii) the Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgee’s security interest in all Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected..
3.3 Subsequently Acquired Collateral
If the Pledgor shall acquire (by purchase or otherwise) any additional Collateral at any time or from time to time after the date hereof, (i) such Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, the Pledgor will thereafter take (or cause to be taken) all actions (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) required with respect to such Collateral pursuant to and in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of the Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Beneficiaries) hereunder, and (ii) supplements to Annexes A through C hereto as are necessary to cause such Annexes to be complete and accurate at such time.
3.4 Transfer Taxes
The pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral.
3.5 Certain Representations and Warranties Regarding the Collateral
The Pledgor represents and warrants that on the date hereof: (i) the Limited Liability Company Interests held by the Pledgor consist of the number and type of interests of the persons described in Annex B hereto; (ii) each such Limited Liability Company Interest referenced in clause (i) of this paragraph constitutes that percentage of the issued and outstanding equity interest of the issuing person set forth in Annex B hereto; (iii) the exact address of the chief executive office of the Pledgor is listed on Annex C hereto; and (iv) the Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to the Collateral described in Annex B hereto.
4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.
The Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral.
5. VOTING, ETC., WHILE NO EVENT OF DEFAULT.
Unless and until there shall have occurred and be continuing any Event of Default, the Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant contained in, or be inconsistent with any of the terms of any Security Document or other Senior Finance Document, or which could reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee. All such rights of the Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default has occurred and is continuing, and the Enforcement Date has occurred.
6. DISTRIBUTIONS
Unless and until there shall have occurred and be continuing an Event of Default, all cash distributions, cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the Pledgor. The Pledgee shall be entitled to receive directly, and to retain as part of the Collateral any and all Proceeds of the Collateral consisting of:
(i) additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the Pledgor so long as no Event of Default then exists)) paid or distributed by way of dividend or otherwise in respect of the Collateral;
(ii) additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and
(iii) additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the Pledgor so long as no Event of Default then exists)) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization.
7. REMEDIES; ENFORCEMENT
If the Enforcement Date shall have occurred, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, the Group Intercreditor Deed, any other Senior Finance Document or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any relevant jurisdiction and also shall be entitled, without
limitation, to exercise the following rights, which the Pledgor hereby agrees to be commercially reasonable:
(a) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the Pledgor;
(b) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees;
(c) to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (the Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of the Pledgor, with full power of substitution to do so);
(d) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are hereby waived by the Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may determine, provided at least 10 days’ written notice of the time and place of any such sale shall be given to the Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. The Pledgor hereby waives and releases to the fullest extent permitted by law any right with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Beneficiaries may bid for and purchase all or any part of the Collateral so sold free from any such right. Neither the Pledgee nor any other Beneficiary shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and
(e) to set off any and all Collateral against any and all Obligations.
8. REMEDIES, CUMULATIVE, ETC.
Each and every right, power and remedy of the Pledgee provided for in this Agreement or in any other Senior Finance Document, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any other Beneficiary of any one or more of the rights, powers or remedies provided for in this Agreement or any other Senior Finance Document or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other
Beneficiary of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Beneficiary to exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on the Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Beneficiary to any other or further action in any circumstances without notice or demand. The Beneficiaries agree that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instruction of the Relevant Agent, and that no other Beneficiary shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Beneficiaries upon the terms of this Agreement and the Security Trust Agreement.
9. APPLICATION OF PROCEEDS
All monies collected by the Pledgee upon any sale or other disposition of the Collateral pursuant to the terms of this Agreement, together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided in the Group Intercreditor Deed and the Security Trust Agreement.
10. PURCHASERS OF COLLATERAL
Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof.
11. INDEMNITY
The Pledgor agrees (i) to indemnify, reimburse and hold harmless the Pledgee and the Beneficiaries and their respective successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Senior Finance Document (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other
property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of the Pledgor under this Section 11 are unenforceable for any reason, the Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The indemnity obligations of the Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all Obligations and notwithstanding the discharge thereof.
12. PLEDGEE NOT A LIMITED LIABILITY COMPANY MEMBER.
(a) Nothing herein shall be construed to make the Pledgee or any other Beneficiary liable as a member of any limited liability company and neither the Pledgee nor any other Beneficiary by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Beneficiary, the Pledgor and/or any other person.
(b) Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability company or otherwise be deemed to be a co-venturer with respect to the Pledgor, any limited liability company and/or any other person either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Beneficiaries shall assume none of the duties, obligations or liabilities of a member of any limited liability company or the Pledgor except as provided in the last sentence of paragraph (a) of this Section 12.
13. FURTHER ASSURANCES; POWER-OF-ATTORNEY
(a) The Pledgor agrees that it will join with the Pledgee in executing any encumbrance or assurance and, at the Pledgor’s own expense, if necessary, file and refile under the UCC or any other applicable law such financing statements, continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee may reasonably deem necessary or appropriate, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder.
(b) The Pledgor hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time after the occurrence and during the continuance of an Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for
any and all monies and claims for monies due or to become due to the Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest.
14. THE PLEDGEE AS SECURITY TRUSTEE
The Pledgee will hold, as Security Trustee, in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood, acknowledged and agreed by each Beneficiary that by accepting the benefits of this Agreement each such Beneficiary acknowledges and agrees that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement, in the Group Intercreditor Deed, the Security Trust Agreement and in the other Senior Finance Documents. The Pledgee shall act hereunder on the terms and conditions set forth herein, the Group Intercreditor Deed, the Security Trust Agreement and in the other Senior Finance Documents.
15. TRANSFER BY THE PLEDGOR
Except as permitted pursuant to or not restricted by any of the Senior Finance Documents (i) prior to the date all Secured Obligations (other than contingent indemnification obligations not then due) and all other amounts owing under and with respect to the Senior Finance Documents have been paid in full and all Commitments under the Senior Finance Documents have been terminated, and (ii) thereafter, pursuant to the other Security Documents, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein.
16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGOR
(a) The Pledgor represents, warrants and covenants that:
(i) it is a limited company validly existing under the laws of England and has all requisite limited company power and authority to own its property and other assets;
(ii) it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement or permitted under the Senior Finance Documents);
(iii) it has full power, authority and legal right to pledge all the Collateral pledged by it pursuant to this Agreement;
(iv) this Agreement has been duly authorized, executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor enforceable against the Pledgor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);
(v) except to the extent already obtained or made, no consent of any other party (including, without limitation, any stockholder, partner, member or creditor of the Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required to be obtained by the Pledgor in connection with (a) the execution, delivery or performance of this Agreement by the Pledgor, (b) the validity or enforceability of this Agreement against the Pledgor (except as set forth in clause (iii) above), (c) the perfection or enforceability of the Pledgee’s security interest in the Pledgor’s Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Pledgee of any of its rights or remedies provided herein;
(vi) neither the execution, delivery or performance by the Pledgor of this Agreement, or any other Senior Finance Document to which it is a party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i) will contravene any provision of any applicable law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to the Pledgor; (ii) will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Encumbrance (except pursuant to the Senior Finance Documents) upon any of the properties or assets of the Pledgor pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to which the Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject; or (iii) will violate any provision of the certificate of formation or limited liability company agreement (or equivalent organizational documents), as the case may be, of the Pledgor;
(vii) all of the Pledgor’s Collateral has been duly and validly issued, is fully paid and, to the extent relevant, non-assessable and is subject to no options to purchase or similar rights;
(viii) the pledge, collateral assignment and delivery to the Pledgee of the Pledgor’s Collateral consisting of Certificated Securities pursuant to
this Agreement creates a valid and perfected first priority security interest in such Certificated Securities, and the proceeds thereof, subject to no prior lien or Encumbrance or to any agreement purporting to grant to any third party a lien or Encumbrance on the property or assets of the Pledgor (other than the Encumbrances permitted under the Senior Finance Documents then in effect) and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and
(ix) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over all of the Pledgor’s Collateral consisting of Securities with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the obligation of the Pledgor to provide the Pledgee with “control” of such Collateral has not yet arisen under this Agreement.
(b) The Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and to the Pledgor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBER; CHANGES THERETO; ETC.
The exact legal name of the Pledgor, the type of organization of the Pledgor, whether or not the Pledgor is a Registered Organization, the jurisdiction of organization of the Pledgor, the Pledgor’s Location, the organizational identification number (if any) of the Pledgor, and whether or not the Pledgor is a Transmitting Utility, is listed on Annex A hereto. Save as permitted by the Senior Finance Documents the Pledgor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Senior Finance Documents and so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) the Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Pledgee not less than 15 days’ prior written notice of each change to the information listed on Annex A, together with a supplement to Annex A which shall correct all information contained therein for the Pledgor, and (ii) in connection with the respective such change or changes, it shall have taken all action reasonably requested by the Pledgee to maintain the security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that the Pledgor does not have an organizational identification number on the date hereof and later obtains one, the Pledgor shall promptly thereafter deliver a notification to the Pledgee of such organizational identification number and shall take all actions reasonably satisfactory to the Pledgee to the extent necessary to maintain
the security interest of the Pledgee in the Collateral intended to be granted hereby fully perfected and in full force and effect.
18. PLEDGOR’S OBLIGATIONS ABSOLUTE, ETC.
The obligations of the Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement pursuant to Section 20), including, without limitation:
(a) any renewal, extension, amendment or modification of, or addition or supplement to or deletion from any Senior Finance Document (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof;
(b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance with its terms);
(c) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee;
(d) any limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or
(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Pledgor or any Subsidiary of the Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not the Pledgor shall have notice or knowledge of any of the foregoing.
19. SALE OF COLLATERAL WITHOUT REGISTRATION
If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Collateral consisting of Securities, Limited Liability Company Interests or partnership interests pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of
any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, may in good xxxxx xxxx reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid.
20. TERMINATION; RELEASE
(a) On the Termination Date, this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such termination) and the Pledgee, at the request and expense of the Pledgor, will execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, and will duly release from the security interest created hereby and assign, transfer and deliver to the Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder. As used in this Agreement, “Termination Date” shall mean the date upon which the Commitments under the Senior Finance Documents have been terminated, no Documentary Credit (as defined in the Relevant Facilities Agreement) is outstanding (and all Advances have been paid in full), all Documentary Credits have been terminated, and all other Obligations (other than indemnities described in the Senior Finance Documents which are not then due and payable) then due and payable have been paid in full.
(b) In the event that any part of the Collateral is sold or otherwise disposed of to a person other than an Obligor and (x) such disposal is permitted or not restricted under any of the Senior Finance Documents, or (y) is otherwise released with the consent of the Instructing Party in accordance with the terms of the Group Intercreditor Deed, and in the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Senior Finance Documents to the extent required to be so applied, the Pledgee, at the request and expense of the Pledgor, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and deliver to the Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement.
(c) At any time that the Pledgor desires that Collateral be released as provided in the foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an authorized officer of the Pledgor stating that the release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the Pledgor shall furnish
appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence.
21. NOTICES, ETC.
Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee or the Pledgor shall not be effective until received by the Pledgee or the Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as follows:
(a) if to the Pledgor, at:
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Address: |
NTL Victoria Limited |
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c/o Virgin Media Limited |
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000 Xxxxx Xxxxxxxx Xxxxxx |
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Xxxxxx X0X 0XX |
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Attention: |
FAO Group Legal Director |
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Telefax: |
020 7299 6000 |
(b) if to the Pledgee, at:
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Address: |
Winchester House |
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1 Great Xxxxxxxxxx Xxxxxx |
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Xxxxxx XX0X 0XX Xxxxxxx |
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Attention: |
Xxxxxx Xxxxx and Xxxxxx Thaheria |
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Telefax: |
x00 (00) 0000 0000 |
22. WAIVER; AMENDMENT
None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in accordance with the provisions of the Senior Finance Documents.
23. SUCCESSORS AND ASSIGNS
This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 20, (ii) be binding upon the Pledgor, its successors and assigns; provided, however, that the Pledgor shall not assign any of its rights or obligations hereunder without the prior written consent of the Pledgee, and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the Beneficiaries and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by the Pledgor herein or in any certificate or other instrument delivered by the Pledgor or on its behalf under this Agreement shall be considered to have been relied upon by the Beneficiaries and shall survive the execution and delivery of this Agreement and the other Security
Documents regardless of any investigation made by the Beneficiaries or on their behalf.
24. HEADINGS DESCRIPTIVE
The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.
25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
(a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER SENIOR FINANCE DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER THE PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER SENIOR FINANCE DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER THE PLEDGOR. THE PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. THE PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER SENIOR FINANCE DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY BENEFICIARIES, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE PLEDGOR IN ANY OTHER JURISDICTION.
(b) THE PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER SENIOR FINANCE DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER SENIOR FINANCE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
26. PLEDGOR’S DUTIES
It is expressly agreed, anything herein contained to the contrary notwithstanding, that the Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, except for the safekeeping of Collateral actually in Pledgee’s possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of the Pledgor under or with respect to any Collateral.
27. COUNTERPARTS
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but both of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Pledgor and the Pledgee.
28. SEVERABILITY
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
29. RECOURSE
This Agreement is made with full recourse to the Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of the Pledgor contained herein and in the other Senior Finance Documents and otherwise in writing in connection herewith or therewith.
30. LIMITED OBLIGATIONS
It is the desire and intent of the Pledgor and the Beneficiaries that this Agreement shall be enforced against the Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought.
31. AMENDMENT AND RESTATEMENT
This Agreement shall amend and restate in its entirety the Original Pledge Agreement, and all obligations of the Pledgor thereunder shall be deemed replaced and extended as obligations under this Agreement and be governed hereby without novation. In no event shall such amendment and restatement be construed as a termination of the obligations under the Original Pledge Agreement.
IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Agreement to be executed by their duly elected officers duly authorized as of the date first above written.
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NTL VICTORIA LIMITED |
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By: |
/s/ XXXXXX XXXXXXXXX |
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Name: Xxxxxx Xxxxxxxxx |
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Title: Authorised Signatory of Virgin Media Directors Limited |
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Accepted and agreed to: |
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DEUTSCHE BANK AG, LONDON BRANCH |
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as Security Trustee and Pledgee |
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By: |
/s/ X. XXXXX |
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Name: X. Xxxxx |
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Title: V.P. |
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By: |
/s/ X. XXXXXX |
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Name: X. Xxxxxx |
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Title: A.V.P. |
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ANNEX A
to
PLEDGE AGREEMENT
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SCHEDULE
OF LEGAL NAMES, TYPE OF ORGANIZATION |
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Exact Legal |
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Type of |
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Registered |
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Jurisdiction of |
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Pledgor’s |
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Pledgor’s |
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Transmitting |
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NTL Victoria Limited |
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Private Limited Company |
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No |
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UK |
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UK |
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05685196 |
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No |
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ANNEX B
to
PLEDGE AGREEMENT
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SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS |
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1. NTL VICTORIA LIMITED |
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Name of Issuing |
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Type of Interest |
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Percentage Owned |
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Sub-clause
of Section |
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Virgin Media Dover LLC |
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LLC Interest |
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100 |
% |
n/a |
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ANNEX C
to
PLEDGE AGREEMENT
SCHEDULE OF CHIEF EXECUTIVE OFFICES
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Name of Pledgor |
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Address(es) of Chief Executive Office |
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NTL Victoria Limited |
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000 Xxxxx Xxxxxxxx
Xxxxxx, |
