Schedule to the
EXHIBIT
99.14
EXECUTION
VERSION
Schedule
to the
2002
Master Agreement
dated as of 10
December, 2009
between
Deutsche
Bank AG, acting through its London branch ("Party A")
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and
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Virgin
Entertainment Investment Holdings Limited,
a limited
liability company incorporated
under the
laws of the British Virgin Islands
("Party
B")
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Part
1
Termination
Provisions
In this
Agreement:-
(a)
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Specified
Entity. "Specified Entity" is not applicable in relation
to Party A and Party B for the purpose of Sections 5(a)(v), 5(a)(vi),
5(a)(vii) and 5(b)(v).
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(b)
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Specified
Transaction. Specified Transaction will have the meaning
specified in Section 14.
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(c)
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Cross
Default. The "Cross Default" provision (Section
5(a)(vi)) will apply to Party A and Party B subject
to amendment by adding at the end thereof the following
words:
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"and in
either case, the other party determines in good faith that it has
reasonable grounds to conclude that the performance by such party of its
financial obligations hereunder is
endangered."
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Specified
Indebtedness
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Instead of the
definition in Section 14 of this Agreement, "Specified Indebtedness" means any
obligation (whether present or future, contingent or otherwise, as principal or
surety or otherwise) in respect of borrowed money.
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Threshold
Amount
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"Threshold Amount"
means:
(i) with respect to
Party A, one percent (1%) of the shareholders’ equity of Party A (as shown in
the most recent audited financial statements of Party A); and
(ii) with respect
to Party B, the lesser of three percent (3%) of the shareholders’ equity of
Party B (as shown in the most recent audited financial statements of Party B)
and USD
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10,000,000
(including the United States Dollar equivalent of obligations stated in any
other currency or currency unit).
(d)
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Credit Event Upon
Merger. The "Credit Event Upon Merger" provision
(Section 5(b)(v)) will apply to Party A and Party
B.
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(e)
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Automatic Early
Termination. The "Automatic Early Termination" provision
of Section 6(a) will not apply to Party A or Party
B.
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(f)
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Termination
Currency. "Termination
Currency" means the currency selected by the party which is not the
Defaulting Party or the Affected Party, as the case may be, or where there
is more than one Affected Party the currency agreed by Party A and Party
B. However, the Termination Currency will be one of the
currencies in which payments are required to be made in respect of
Transactions. If the currency selected is not freely available,
or where there are two Affected Parties and they cannot agree on a
Termination Currency, the Termination Currency will be United States
Dollars.
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(g)
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Additional Termination
Event. Additional Termination Event will not
apply.
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(h)
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Value of the Shares on the
occurrence of an Event of Default. Notwithstanding anything to the
contrary in Section 6 of the Agreement, for the purposes of determining
the Value of the Shares that constitute Posted Collateral under the ISDA
Credit Support Deed, the Non-defaulting Party will, upon on the
designation of an Early Termination Date following an Event of Default,
when making any calculation pursuant to Section 6(e) of the Agreement be
entitled to use the “Volume Weighted Average Price” ("VWAP") per Share on a
relevant date with respect to the period from 9:30 a.m. to 4:00 p.m. (New
York City time), by reference to the Bloomberg Page ‘VMED Q <Equity>
AQR <Go>’ (or any successor thereto) or any similar pricing source
for VWAP prices or closing prices on such date as reference sources for
the Shares held as Posted
Collateral.
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2
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Part
2
Tax
Representations
(a)
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Payer Tax
Representations. For the purpose of Section 3(e), Party
A and Party B each makes the following
representation:-
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It is not
required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, of any Relevant Jurisdiction to
make any deduction or withholding for or on account of any Tax from any
payment (other than interest under Section 9(h) of this Agreement) to be
made by it to the other party under this Agreement. In making
this representation, it may rely
on:-
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(i)
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the accuracy
of any representation made by the other party pursuant to Section 3(f) of
this Agreement;
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(ii)
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the
satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of
this Agreement and the accuracy and effectiveness of any document provided
by the other party pursuant to Section 4(a)(i) or 4(a)(iii);
and
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(iii)
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the
satisfaction of the agreement of the other party contained in Section
4(d);
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except that
it will not be a breach of this representation where reliance is placed on
clause (ii) above, and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or
commercial position.
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(b)
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Payee Tax
Representations. For the purpose of Section
3(f),
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(i)
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Party A makes
no Payee Tax Representations.
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(ii)
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Party B makes
no Payee Tax Representations.
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3
EXECUTION
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Part
3
Agreement
to Deliver Documents
Each party agrees
to deliver the following documents as applicable:-
(a) For
the purpose of Section 4(a)(i) of this Agreement, tax forms, documents or
certificates to be delivered are:-
Party
required to deliver document
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Form/Document/Certificate
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Date
by which
To
be delivered
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Party
B
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A properly
executed United States Internal Revenue Service Form W-8BEN (or any
successor thereto).
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(i) Upon
execution and delivery of this Agreement; and (ii) promptly upon learning
that any such form previously provided by Party B has become obsolete or
incorrect.
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(b) For
the purpose of Section 4(a)(ii) of this Agreement, other documents to be
delivered are:-
Party
required to deliver document
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Form/Document/Certificate
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Date
by which to be delivered
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Covered
by Section 3(d) Representation
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Party A and
Party B
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Evidence
reasonably satisfactory to the other party as to the names, true
signatures and authority of the officers or officials signing this
Agreement or any Confirmation on its behalf
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Upon
execution of this Agreement and, if requested, upon execution of any
Confirmation
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Yes
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Party A and
Party B
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A copy of the
annual report for such party containing audited or certified financial
statements for the most recently ended financial year
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Upon request,
as soon as publicly available (with respect to Party A) or available (with
respect to Party B)
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Yes
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Party
B
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A copy of (i)
the resolution of the Board of Directors of Party B approving the entering
into of this Agreement and
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Upon
execution of this Agreement
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Yes
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the Transactions contemplated hereby, (ii) a copy of the constituent documents of Party B, in each case certified by an authorised officer of Party B that such documents are in full force and effect. | |||||
Party A and
Party B
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A copy of any
Credit Support Document duly executed by such party
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Upon
execution of this Agreement
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No
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5
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Part
4
Miscellaneous
(a)
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Addresses for
Notices. For the purpose of Section
12(a):-
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(i)
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Address for
notices or communications to Party A
:-
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Address specified in the Confirmation or
otherwise advised by the acting Office sending the same.
Any notice or
communication sent to Party A in connection with any matter arising under
Section 5 or 6 will be copied to the following address:
Deutsche Bank
AG, Head Office
Xxxxxxxxxxxx
00
00000
Xxxxxxxxx
XXXXXXX
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Attention:
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Legal
Department
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Fax:
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0000 00 000
00000
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and
Deutsche Bank
AG, London branch
Winchester
House
0 Xxxxx
Xxxxxxxxxx Xxxxxx
Xxxxxx
XX0X
0XX
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Attention:
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Head of
Equities Legal
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Fax:
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x00 000 000
0000
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All other notices
to Party A will be sent directly to the Office through which Party A is acting
for the relevant Transaction, using the address and contact particulars
specified in the Confirmation of that Transaction or otherwise
notified.
(ii)
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Address for
notices or communications to Party
B:-
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Address:
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Xxxxxxxxx
Xxxxxxxx
X.X. Xxx
00
Xxxx
Xxxx
Xxxxxxx
British
Virgin Islands
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Attention:
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The
Directors
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Facsimile
No.:
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x0 000 000
0000
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With a copy
to:-
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Address:
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RBC
Secretaries (CI)
Limited
La Xxxxx
Xxxxxxxx
Xx Xxxxx
Xxxxxx
Xx
Xxxxxx
XX0
0XX
Jersey
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Attention:
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Xxxx
Xxxxxx
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Facsimile
No.:
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01534 602
035
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(For all purposes.)
(b)
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Process
Agent. For the purpose of Section
13(c):-
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Party A: Not
Applicable
Party B appoints as
its Process Agent: Virgin Management Ltd, The Xxxxxx Xxxxx, 00 Xxxxx
Xxxxx, Xxxxxx, X0 0XX, Attention: Company Secretary Fax 0000 000
0000
(c)
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Offices. The
provisions of Section 10(a) will apply to this
Agreement.
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(d)
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Multibranch Party. For
the purpose of Section 10(b):-
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Party A is not a Multibranch
Party.
Party B is not a
Multibranch Party
(e)
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Calculation
Agent. The Calculation Agent is Party A unless otherwise
agreed in a Confirmation in relation to the relevant
Transaction.
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(f)
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Credit Support
Document. Details of any Credit Support
Document: With respect to both parties: the ISDA Credit Support
Deed between the parties dated on or about the date hereof and the Jersey
law governed security interest agreement (custodian rights) between the
parties dated on or about the date
hereof.
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(g)
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Credit
Support Provider.
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Credit Support Provider means in relation to
Party A: Not applicable.
Credit Support Provider means in relation to
Party B: Not applicable.
(h)
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Governing
Law. This Agreement will be governed by and construed in
accordance with English law and each party hereby submits to the
jurisdiction of the English Courts.
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(i)
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Netting of
Payments. Multiple Transaction Payment Netting will not
apply for the purposes of Section 2(c) of this Agreement. Nevertheless, to
reduce settlement risk and operational costs, the parties agree that they
will endeavour to net across as many Transactions as practicable wherever
the parties can administratively do
so.
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(j)
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Affiliate. Affiliate
will have the meaning specified in Section 14 of this
Agreement.
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(k)
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Absence of
Litigation. For the purpose of Section 3(c) of this
Agreement:
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“Specified
Entity” means in relation to Party A and Party B, such party’s
Affiliates.
(l)
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No
Agency. The provisions of Section 3(g) will apply to
this Agreement.
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(m)
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Additional
Representation. Additional Representation will
apply. For the purpose of Section 3 of this Agreement, the
following will constitute an Additional
Representation:-
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(i) Relationship Between
Parties. Each party will be deemed to represent
to the other party on the date on which it enters into a Transaction that
(absent a written agreement between the parties that expressly imposes
affirmative obligations to the contrary for that
Transaction):
(1) Non-Reliance.
It is acting for its own
account, and it has made its own independent decisions to enter into that
Transaction and as to whether that Transaction is appropriate or proper for
it based upon its own judgment and upon advice from such advisers as it has
deemed necessary. It is not relying on any communication (written or oral) of
the other party as investment advice or as a recommendation to enter into that Transaction, it being
understood that information and explanations related to the terms and conditions
of a Transaction will not be considered investment advice or a recommendation to
enter into that Transaction. No communication (written or oral) received from the other party
will be deemed to be an assurance or guarantee as to the expected results of
that Transaction.
(2) Assessment and
Understanding. It is
capable of assessing the merits of and understanding (on its own behalf or
through independent
professional advice), and understands and accepts, the terms, conditions and
risks of that Transaction. It is also capable of assuming, and assumes, the
risks of that Transaction.
(3) Status of Parties.
The other party is not
acting as a fiduciary for
or an adviser to it in respect of that Transaction.
(n)
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Recording of
Conversations. Each party (i) consents to the
recording of telephone conversations between the trading, marketing and
other relevant personnel of the parties in connection with this Agreement or any
potential Transaction, (ii) agrees to obtain any necessary consent of, and
give any necessary notice of such recording to, its relevant personnel and
(iii) agrees, to the extent permitted by applicable law, that recordings
may be submitted in evidence in any
Proceedings.
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Part
5
Other
Provisions
(a)
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Scope of
Agreement. Notwithstanding anything to the contrary in
the Agreement, this Agreement is Transaction-specific and only the prepaid
variable forward Transaction between the parties in respect of the shares
of Virgin Media, Inc. (the “Shares”) dated on or
around the date of this Agreement (the "Forward Transaction")
will be governed by and be subject to this
Agreement.
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(b)
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Change of
Account. Section 2(b) of this Agreement is hereby
amended by the addition of the following after the word "delivery" in the
first line thereof:-
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"to another
account in the same legal and tax jurisdiction as the original
account"
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(c)
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Incorporation of Protocol
Terms. The parties agree that the definitions and
provisions contained in Annexes 1 to 18 and Section 6 of the 2002 Master
Agreement Protocol published by the International Swaps and Derivatives
Association, Inc. on 15 July, 2003 are incorporated into and apply to this
Agreement. References in those definitions and provisions to
any “ISDA 2002 Master Agreement” and/or “2002 Master” will be deemed to be
references to this Agreement.
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(d)
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Indemnifiable
Tax. For the avoidance of doubt and for purposes of the
Forward Transaction, any applicable withholding tax on any manufactured
payments or distributions from Party A to Party B shall not be an
Indemnifiable Tax.
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9
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IN WITNESS WHEREOF
the parties have executed this Schedule on the respective dates specified below
with effect from the date specified on the first page of this
document.
DEUTSCHE
BANK AG, acting
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VIRGIN
ENTERTAINMENT INVESTMENT
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through
its London branch
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HOLDINGS
LIMITED
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By:
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By:
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Name:
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Name:
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Title:
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Title:
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Date:
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Date:
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By:
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By:
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Name:
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Name:
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Title:
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Title:
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Date:
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Date:
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