Virgin Media 2008 Annual Report Download - page 81

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The applicable interest margin for Tranche A, Tranche A1 and the existing revolving facility (and,
prior to our satisfaction of the repayment condition, Tranche A2, Tranche A3 and the new revolving
facility) depends upon the net leverage ratio then in effect as set forth below:
Leverage Ratio Margin
Less than 3.00:1 ........................................... 1.250%
Greater than or equal to 3.00:1 but less than 3.40:1 .................. 1.375%
Greater than or equal to 3.40:1 but less than 3.80:1 .................. 1.500%
Greater than or equal to 3.80:1 but less than 4.20:1 .................. 1.625%
Greater than or equal to 4.20:1 but less than 4.50:1 .................. 1.750%
Greater than or equal to 4.50:1 but less than 4.80:1 .................. 1.875%
Greater than or equal to 4.80:1 but less than 5.00:1 .................. 2.125%
Greater than or equal to 5.00:1 ................................ 2.250%
After our satisfaction of the repayment condition, the applicable interest margin for Tranche A2,
Tranche A3 and the new revolving facility will depend upon the net leverage ratio then in effect as set
forth below:
Leverage Ratio Margin
Less than 3.00:1 ........................................... 2.625%
Greater than or equal to 3.00:1 but less than 3.40:1 .................. 2.750%
Greater than or equal to 3.40:1 but less than 3.80:1 .................. 2.875%
Greater than or equal to 3.80:1 but less than 4.20:1 .................. 3.000%
Greater than or equal to 4.20:1 ................................ 3.125%
The applicable interest margins for Tranches B1–B12 and Tranche C are as follows:
Facility Margin
B1 ..................................................... 2.125%
B2 ..................................................... 2.125%
B3 ..................................................... 2.000%
B4 ..................................................... 2.000%
B5 ..................................................... 2.125%
B6 ..................................................... 2.125%
B7 ..................................................... 3.625%
B8 ..................................................... 3.625%
B9 ..................................................... 3.500%
B10 .................................................... 3.500%
B11 .................................................... 3.625%
B12 .................................................... 3.625%
C...................................................... 2.750%
Security
The senior credit facility (other than for Tranche C) has the benefit of a full and unconditional
senior secured guarantee from Virgin Media Finance PLC as well as first priority pledges of the shares
and assets of substantially all of the operating subsidiaries of Virgin Media Investment Holdings
Limited, or VMIH, and of receivables arising under any intercompany loans to those subsidiaries. The
senior secured guarantee of Virgin Media Finance PLC is secured by a first priority pledge of the
entire capital stock of VMIH and the receivables under any intercompany loans from Virgin Media
Finance PLC to VMIH. The guarantee of Tranche C of the senior credit facility will share in the
security of Virgin Media Finance PLC granted to the senior credit facility, but will receive proceeds
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