Subordinated Proceeds Loan Obligor means (i) Ziggo Bond Company B.V., (ii) UPC Nederland Holding I B.V. and (iii) any other Parent of the Company, UPC NL Holdco or an Affiliate Covenant Party which is a borrower or guarantor of a proceeds loan from the Senior Notes Issuer.
Subordinated Proceeds Loan Obligor means (i) Ziggo Bond Company B.V., (ii) UPC Nederland Holding I B.V., (iii) if the JV Escrow Release occurs, Vodafone Holdco I and (iv) any other Parent of the Company, UPC NL Holdco II or any Affiliate Proceeds Loan Obligor which is a borrower or guarantor of a proceeds loan from the Senior Notes Issuer.