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Exhibit 10.7
 
Execution Version
 
DEED OF AMENDMENT
relating to an Intercreditor Agreement dated 21 July 2006,
as amended and restated by a Deed of Amendment dated 16 May 2007,
by a Deed of Amendment dated 22 August 2007,
by a Deed of Amendment dated 10 March 2008,
by a Deed of Amendment dated 17 September 2009,
by a Deed of Amendment dated 29 September 2009,
by a Deed of Amendment dated 21 October 2010,
by a Deed of Amendment dated February 18, 2011,
by a Deed of Amendment dated October 8, 2012, and
by a Deed of Amendment dated 2 May 2014.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.,
CENTRAL EUROPEAN MEDIA ENTERPRISES N.V. and
CME MEDIA ENTERPRISES B.V. 
as Obligors;
 
CITIBANK, N.A., LONDON BRANCH
as 2010 Notes Trustee;
BNP PARIBAS TRUST CORPORATION UK LIMITED
as 2010 Security Trustee;
 
DEUTSCHE BANK TRUST COMPANY AMERICAS
as 2011 Trustee;
 
TIME WARNER INC.
as 2014 Term Loan Agent;
 
TIME WARNER INC.
as 2014 RCF Agent;
 
DEUTSCHE BANK TRUST COMPANY AMERICAS
as 2014 Trustee;

and

TIME WARNER INC.
as 2014 Guarantor
 

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CONTENTS
 
Clause
Page
     
1.
DEFINITIONS AND INTERPRETATION
1
 
2.
RESTATEMENT OF THE ORIGINAL AGREEMENT
2
 
3.
FURTHER ASSURANCE
2
 
4.
MISCELLANEOUS
2
 
5.
GOVERNING LAW
3
 
SCHEDULE 1 RESTATED AGREEMENT
SCHEDULE 1

 

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THIS DEED is dated 14 November 2014 and made between:
 
(A)
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., a company established under the laws of
Bermuda (the “Company”);

 
(B)
CENTRAL EUROPEAN MEDIA ENTERPRISES N.V. a company established under the laws of
Curaçao (“CME N.V.”);

 
(C)
CME MEDIA ENTERPRISES B.V. a company established under the laws of the
Netherlands (“CME B.V.”);

 
(D)
CITIBANK, N.A., LONDON BRANCH, (acting in its capacity as Trustee under the 2010
Indenture) (the “2010 Notes Trustee”);

 
(E)
BNP PARIBAS TRUST CORPORATION UK LIMITED (acting in its capacity as   Security
Trustee in respect of the 2010 Indenture) (the “2010 Security Trustee”);

 
(F)
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (acting in
its capacity as Trustee and Security Agent under the 2011 Indenture) (the “2011
Trustee”);

 
(G)
TIME WARNER INC. (acting in its capacity as Security Agent under the 2014 Term
Loan) (the “2014 Term Loan Agent”);

 
(H)
TIME WARNER INC. (acting in its capacity as Security Agent under the 2014 RCF)
(the “2014 RCF Agent”);

 
(I)
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (acting in
its capacity as Trustee and Security Agent under the 2014 Indenture) (the “2014
Trustee”); and

 
(J)
TIME WARNER INC. (acting in its capacity as CME Credit Guarantor and Agent under
the 2014 Reimbursement Agreement) (the “2014 Guarantor”).

 
IT IS AGREED as follows:
 
1.
DEFINITIONS AND INTERPRETATION

 
1.1
Definitions

 
In this Deed:
 
“2010 Indenture” means an Indenture dated as of 21 October 2010, as amended and
supplemented, between, amongst others, CET 21 spol. s r.o. , the 2010 Notes
Trustee, Citibank, N.A., London Branch as Transfer Agent and Paying Agent and
Citigroup Global Markets Deutschland AG as Registrar.
 
“2011 Indenture” means an Indenture dated as of 18 February 2011, between,
amongst others, the Company, CME N.V., CME B.V. and the 2011 Trustee, as
Trustee, Security Agent, Paying Agent, Conversion Agent, Transfer Agent and
Registrar.
 
1

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 “2014 RCF” means Amended and Restated Revolving Loan Facility Credit Agreement
dated, as of 2 May 2014, as amended and restated as of 14 November 2014, amongst
the Company, the Lenders party thereto, and Time Warner Inc., as Administrative
Agent.
 
“2014 Term Loan” means Amended and Restated Term Loan Facility Credit Agreement,
dated as of February 28, 2014, as amended and restated as of 14 November 2014,
amongst the Company, the Lenders party thereto, and Time Warner Inc., as
Administrative Agent.
 
“2014 Indenture” means an Indenture dated as of 2 May 2014, amongst the Company,
CME N.V., CME B.V. and the 2014 Trustee, as Trustee, Paying Agent, Transfer
Agent, Registrar and the Security Agent.
 
“2014 Reimbursement Agreement” means a Reimbursement Agreement dated, as of 14
November 2014, between the Company and the 2014 Guarantor.
 
“Obligors” means the Company, CME N.V. and CME B.V.
 
“Original Agreement” means the Intercreditor Agreement dated 21 July 2006, as
amended and restated by a Deed of Amendment dated 16 May 2007, by a Deed of
Amendment dated 22 August 2007, by a Deed of Amendment dated 10 March 2008, by a
Deed of Amendment dated 17 September 2009, by a Deed of Amendment dated 29
September 2009, by a Deed of Amendment dated 21 October 2010, by a Deed of
Amendment dated 18 February 2011, by a Deed of Amendment dated 8 October 2012,
and as further amended and restated by a Deed of Amendment dated 2 May 2014.
 
“Restated Agreement” means the Original Agreement, as amended and restated by
this Deed, and the terms of which are set out in Schedule 1 (Restated
Agreement).
 
1.2
Incorporation of defined terms

 
(a)
Unless a contrary indication appears, a term defined in the form of Restated
Agreement attached as Schedule 1 to this Deed has the same meaning in this Deed.

 
(b)
The principles of construction set out in the form of Restated Agreement
attached as Schedule 1 to this Deed shall have effect as if set out in this
Deed.

 
1.3
Clauses

 
In this Deed any reference to a “Clause” or a “Schedule” is, unless the context
otherwise requires, a reference to a Clause or a Schedule to this Deed.
 
2.
RESTATEMENT OF THE ORIGINAL AGREEMENT

 
With effect from the date of this Deed, the Original Agreement shall be amended
and restated in the form set out in Schedule 1 (Restated Agreement).
 
3.
FURTHER ASSURANCE

 
The Company shall ensure that each Obligor shall, at the request of the 2010
Security Trustee (acting on the instructions of the 2010 Notes Trustee), the
2011 Trustee, the 2014 Term Loan Agent (acting on the instructions of the
administrative agent or majority lenders under the 2014 Term Loan), the 2014 RCF
Agent (acting on the instructions of the administrative agent or majority
lenders under the 2014 RCF), the 2014 Trustee, and the 2014 Guarantor, and, at
its own expense, do all such acts and things necessary or desirable to give
effect to the amendments effected or to be effected pursuant to this Deed.
 
2

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4.
MISCELLANEOUS

 
4.1
Incorporation of terms

 
The provisions of Article 4.02 (Entire Agreement; Amendment and Waiver), Article
4.03 (Notices), Article 4.04 (Governing Law and Arbitration) sub-paragraph (b),
and Article 4.05 (Successors and Assigns; Third Party Rights) of the Restated
Agreement shall be incorporated into this Deed as if set out in full in this
Deed and as if references in those clauses to “this Agreement” are references to
this Deed.
 
4.2
Counterparts

 
This Deed may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of this
Deed.
 
5.
GOVERNING LAW

 
This Deed and any non-contractual obligations arising out of or in connection
with it shall be governed and construed in accordance with English law.

This Deed has been entered into on the date stated at the beginning of this
Deed.
 
3

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SCHEDULE 1
Restated Agreement
 
[Intentionally left blank]
 

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IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised
representatives, have caused this Deed to be executed and delivered as a Deed on
the date first above written.

THE OBLIGORS
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

By:
/s/ David Sturgeon  
Name:
David Sturgeon
Title:
Chief Financial Officer

Address:
O’Hara House, 3 Bermudiana Road, Hamilton, Bermuda
 
Facsimile:
+1 441 295 0992
 
Attention:
Assistant Secretary

With a copy to:
 
Address:
CME Media Services Limited
 
Krizeneckeho nam. 1078/5a
Prague 5, 152 00, Czech Republic
 
Facsimile:
+420 242 464 483
 
Attention:
Legal Department

 

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EXECUTED and DELIVERED as a DEED
for and on behalf of
CENTRAL EUROPEAN MEDIA ENTERPRISES N.V.
 
By:
/s/ Daniel Penn  
Name:
Daniel Penn
Title:
Managing Director

 
Address:
Schottegatweg Oost 44, Willemstad, Curaçao
 
Facsimile:
+ 599 9 732 2500
 
Attention:
Managing Director

With a copy to:
 
Address:
CME Media Services Limited
 
Krizeneckeho nam. 1078/5a
Prague 5, 152 00, Czech Republic
 
Facsimile:
+420 242 464 483
 
Attention:
Legal Department

 

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EXECUTED and DELIVERED as a DEED
for and on behalf of
CME MEDIA ENTERPRISES B.V.

By:
/s/ David Sturgeon  
Name:
David Sturgeon
Title:
Managing Director

 
Address:
Dam 5B, 1012 JS Amsterdam, The Netherlands
 
Facsimile:
+312 042 31404
 
Attention:
Managing Director

 
With a copy to:
 
Address:
CME Media Services Limited
 
Krizeneckeho nam. 1078/5a
 
Prague 5, 152 00, Czech Republic
 
Facsimile:
+420 242 464 483
 
Attention:
Legal Department

 

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The 2010 Notes Trustee
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
CITIBANK, N.A., LONDON BRANCH

By:
/s/ Andrew McIntosh  
Name:
Andrew McIntosh
Title:
Vice President

Address:
13th Floor
 
Citigroup Centre
Canada Square, Canary Wharf  
London E14 5LB

Facsimile:
+44 20 7500 5877
   
Attention:
Agency & Trust

 

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The 2010 Security Trustee
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
BNP PARIBAS TRUST CORPORATION UK LIMITED

By:
/s/ Helen Tricard /s/ Andrew Brown  
Name:
Helen Tricard Andrew Brown
Title:
Director Authorised Signatory

 

in the presence of: /s/ Maria Dawson Maria Dawson

 
Address:
55 Moorgate, London, EC2R 6PA
   
Fax:
+44 20 7595 5078
 
Attention:
The Directors

 

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The 2011 Trustee
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS
 

By:  Deutsche Bank National Trust Company   /s/ Chris Niesz
Name:
Chris Niesz
Title:
Assistant Vice President

  /s/ Debra A. Schwalb
Name:
Debra A. Schwalb
Title:
Vice President

 

in the presence of: /s/ Rolan Izar     Rolan Izar

 
Address:
Deutsche Bank Trust Company Americas
 
Trust & Agency Services
 
60 Wall Street, 16th Floor MS NYC60-1630
 
New York, New York 10005
  U.S.A.

Facsimile:
+ 1 732 578 4635
   
Attention:
Corporates Team Deal Manager – Central European Media Enterprises Ltd.

 
with a copy to:

Address:
Deutsche Bank Trust Company Americas
 
c/o Deutsche Bank National Trust Company
 
Trust & Securities Services
 
100 Plaza One, 6th Floor Mailstop JCY03-0699
 
Jersey City, New Jersey 07311
 
U.S.A.

Facsimile:
+ 1 732 578 4635
   
Attention:
Corporates Team Deal Manager – Central European Media Enterprises Ltd.

 

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The 2014 Term Loan Agent
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
TIME WARNER INC.
 

By:  /s/ Edward B. Ruggiero  
Name:
Edward B. Ruggiero
Title:
Senior Vice President & Treasurer

By:  /s/ Stephen N. Kapner  
Name:
Stephen N. Kapner
Title:
Vice President & Assistant Treasurer

 

in the presence of: /s/ Lisa Reinhardt Lisa Reinhardt

 
Address:
One Time Warner Center
 
New York, New York 10019

 
Facsimile:
(212) 484-7151
   
Attention:
Treasurer

 

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The 2014 RCF Agent
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
TIME WARNER INC.

By:  /s/ Edward B. Ruggiero  
Name:
Edward B. Ruggiero
Title:
Senior Vice President & Treasurer

 

By:  /s/ Stephen N. Kapner  
Name:
Stephen N. Kapner
Title:
Vice President & Assistant Treasurer

 

in the presence of: /s/ Lisa Reinhardt Lisa Reinhardt

 
Address:
One Time Warner Center
 
New York, New York 10019

 
Facsimile:
(212) 484-7151
   
Attention:
Treasurer

 

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The 2014 Trustee
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS
 

By:  Deutsche Bank National Trust Company   /s/ Chris Niesz
Name:
Chris Niesz
Title:
 Assistant Vice President

  /s/ Debra A. Schwalb
Name:
Debra A. Schwalb
Title:
Vice President

 

in the presence of: /s/ Rolan Izar Rolan Izar

 
Address:
Deutsche Bank Trust Company Americas
 
Trust & Agency Services
 
60 Wall Street, 16th Floor MS NYC60-1630
 
New York, New York 10005
  U.S.A.

Facsimile:
+ 1 732 578 4635
   
Attention:
Corporates Team Deal Manager – Central European Media Enterprises Ltd.

 
with a copy to:

Address:
Deutsche Bank Trust Company Americas
 
c/o Deutsche Bank National Trust Company
 
Trust & Securities Services
 
100 Plaza One, 6th Floor Mailstop JCY03-0699
 
Jersey City, New Jersey 07311
 
U.S.A.

Facsimile:
+ 1 732 578 4635
   
Attention:
Corporates Team Deal Manager – Central European Media Enterprises Ltd.

 

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The 2014 Guarantor
 
EXECUTED and DELIVERED as a DEED
for and on behalf of
TIME WARNER INC.
 

By:  /s/ Edward B. Ruggiero  
Name:
Edward B. Ruggiero
Title:
Senior Vice President & Treasurer

 

By:  /s/ Stephen N. Kapner  
Name:
Stephen N. Kapner
Title:
Vice President & Assistant Treasurer

 

in the presence of: /s/ Lisa Reinhardt Lisa Reinhardt

 
Address:
One Time Warner Center
 
New York, New York 10019

 
Facsimile:
(212) 484-7151
   
Attention:
Treasurer

 

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