UNITEDGLOBALCOM INC
EXH. 10.26
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>28
<FILENAME>exhb10_26.txt
<DESCRIPTION>EXH. 10.26
<TEXT>
                                                                   EXHIBIT 10.26
                                                                   -------------




                           GUARANTY FOR PURPOSE CREDIT
                               (Michael T. Fries)


Denver, Colorado                                               November 22, 2000


     In consideration of the loan made to The Fries Family  Partnership  LLLP, a
Colorado limited liability  limited  partnership  ("Borrower"),  and acquired by
United International  Properties,  Inc. ("Lender"), as evidenced by that certain
demand  Promissory Note (Purpose  Credit) in the principal amount of $236,819 of
even date herewith (the "Note"), executed by Borrower and payable to Lender, and
in order to  induce  Lender to make and  maintain  such  loan to  Borrower,  the
undersigned,  Michael T. Fries  ("Guarantor"),  does hereby  unconditionally and
irrevocably guarantee the punctual and complete payment and performance when due
to Lender of each and all of  Borrower's  obligations  under the Note,  together
with interest  thereon and any and all expenses  which may be incurred by Lender
in  collecting  all or any of  Borrower's  obligations  under  the  Note  and in
enforcing  any  rights  hereunder,  including,  without  limitation,  reasonable
attorneys' fees and expenses.

     Guarantor  hereby  (i)  guarantees  that  the Note  will be paid to  Lender
strictly  in  accordance  with the terms and  provisions  of the Note,  and (ii)
agrees  that,  in the event  Borrower  fails to make any  payment  due Lender in
accordance with the terms of the Note,  Guarantor shall,  upon demand of Lender,
immediately pay such amount on behalf of Borrower.

     "Stock  Options"  shall be defined to include all vested stock  options and
phantom  stock  options  granted to Guarantor as of this date and any granted in
the future with respect to  UnitedGlobalCom,  Inc.  ("UGC"),  United  Pan-Europe
Communications   N.V.   ("UPC"),   chello   broadband  N.V.  and  Austar  United
Communications Limited ("Austar"). "Purpose Credit Stock Options" shall mean the
Stock Options  described on Schedule I to this  Guaranty,  and any Stock Options
directly or indirectly  securing any promissory  note or guaranty  heretofore or
hereafter   executed  by  Borrower  or  Guarantor   evidencing  or  guaranteeing
indebtedness to the Lender that  constitutes  purpose credit under Regulation U.
"Non-Purpose  Credit Stock  Options"  shall mean all of the Stock  Options other
than the Purpose  Credit Stock Options.  "Regulation U" shall mean  Regulation U
promulgated by the Board of Governors of the Federal Reserve System,  as amended
from time to time, and any successor or replacement law or regulation. "Business
Day" shall mean any day other than Saturday, Sunday and a day on which banks are
required or permitted to close in Denver, Colorado or London, England.

     Until the Note has been paid in full,  the Guarantor  shall in no event (i)
exercise any of the Purpose Credit Stock Options,  unless all of the proceeds of
such  exercise  are  applied  toward  payment of due but unpaid  interest or the
outstanding  principal balance of the Note and any other note evidencing purpose
credit from Borrower or Guarantor  payable to Lender,  or (ii) take any steps to
transfer any of the Purpose Credit Stock  Options.  Guarantor  hereby  instructs
UGC,  UPC,  chello  broadband  N.V. and Austar not to permit the exercise of any
Purpose  Credit Stock Options unless the proceeds are sent directly to Lender in
payment  of amounts  owing  under the Note or any other  note from  Borrower  or
Guarantor to Lender  evidencing  purpose credit under Regulation U. If the terms



<PAGE>


of the applicable  stock option plans are amended to permit  Guarantor to pledge
any of the Purpose Credit Stock Options, Guarantor shall immediately pledge such
Purpose Credit Stock Options to Lender.  No Stock Options other than the Purpose
Credit Stock  Options  shall  constitute  collateral or other direct or indirect
security for this Guaranty or the repayment of the Note.

     The Guarantor  further  promises that,  upon the release from collateral of
any margin stock pledged by the Guarantor in connection with any margin account,
Guarantor  shall  inform  Lender of such  release  and if  Lender  so  requests,
Guarantor shall promptly pledge such margin stock to the Lender,  free and clear
of any other lien,  as security  for this  Guaranty and the payment of the Note,
and shall in  connection  with such pledge  surrender  to the Lender one or more
certificates  evidencing  such margin stock and take such other action as may be
necessary  or  desirable  to perfect the  Lender's  security  interest  therein.
Guarantor  further  promises that  Guarantor  will use best efforts to repay the
Note from the  proceeds  of the sale of any UGC or UPC stock  other  than  stock
acquired  through Stock Options since the date of the Note (the  application  of
proceeds  from the sale of UGC or UPC stock  acquired  through  the  exercise of
Stock Options being covered by the preceding paragraph).

     Upon failure of the Borrower to pay the unpaid principal amount of the Note
within thirty (30) days of the date when such amount becomes due and payable, or
failure of the  Borrower to pay interest on the unpaid  principal  amount of the
Note within  thirty (30) days of the date such  interest is due and payable,  in
addition to any other  rights and  remedies  that Lender may have  hereunder  or
otherwise at law or in equity, Lender shall have the right to take any or all of
the  following  actions:  (a) cause  the  Purpose  Credit  Stock  Options  to be
exercised to the extent necessary for payment in full of the Note, and (b) cause
any unexercised Purpose Credit Stock Options to immediately  terminate and be of
no further force or effect.  Notwithstanding  such termination,  Guarantor shall
remain liable for all amounts due and owing under the Note.

     This  Guaranty  shall not be amended,  and no collateral or other direct or
indirect security for this Guaranty shall be withdrawn, released or substituted,
except in compliance with Regulation U.

     Guarantor  hereby waives notice of  acceptance of this  Guaranty,  and also
presentment,  demand,  protests  and  notice of  dishonor  of any and all of the
obligations  under the Notes.  No act or omission  of any kind on Lender's  part
shall  affect or impair this  Guaranty.  This  Guaranty  shall be governed as to
validity,  interpretation,  construction,  effect, and in all other respects, by
the laws and decisions of the State of Colorado,  without regard to conflicts of
laws principles.



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     Executed by Guarantor  to be effective as of the date set forth above,  but
executed this 16 day of May 2001.


                                                  /s/ Michael T. Fries
                                                  ------------------------------
                                                  Michael T. Fries














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                                   SCHEDULE I
                                   ----------
            (to Guaranty for Purpose Credit dated November 22, 2000)
            --------------------------------------------------------


                                Purpose Advances
                                ----------------


Date of Advance                                                Amount of Advance
---------------                                                -----------------

November 22, 2000                                                   $236,819




                              Purpose Stock Options
                              ---------------------

Description of Stock Options       Valuation Date        Value on Valuation Date
----------------------------       --------------        -----------------------


UnitedGlobalCom, Inc. Stock            11/22/00                $210,000
Options for 15,000 shares of
Class A Common (vested),
granted 7/22/93 to Michael Fries

UnitedGlobalCom, Inc. Stock            11/22/00                $287,500
Options for 25,000 shares of
Class A Common (vested),
granted 7/22/93 to  Michael Fries

UnitedGlobalCom, Inc. Stock            11/22/00                $376,875
Options for 45,000 shares of
Class A Common (vested),
granted June 16, 1995





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