----

| **C L I F F O R D** | **LIMITED              LIABILITY PARTNERSHIP** |
|---------------------|------------------------------------------------|
|                |                                           |
| **C H A N C E**     | **EXECUTION                COPY**              |

----

----

----

| **CONTENTS**   |
|----------------|
|           |
|           |
| **C****lause** | **Page** |
|           |   |   |
|           |   |   |
| 1.             | Definitions                And Interpretation | 1 |
|           |   |   |
| 2.             | The                Facility | 13 |
|           |   |   |
| 3.             | Purpose | 13 |
|           |   |   |
| 4.             | Conditions                Of Utilisation | 13 |
|           |   |   |
| 5.             | Utilisation | 15 |
|           |   |   |
| 6.             | Repayment | 16 |
|           |   |   |
| 7.             | Prepayment                And Cancellation | 17 |
|           |   |   |
| 8.             | Interest | 21 |
|           |   |   |
| 9.             | Interest                Periods | 22 |
|           |   |   |
| 10.            | Changes                To The Calculation Of Interest | 22 |
|           |   |   |
| 11.            | Fees | 23 |
|           |   |   |
| 12.            | Tax                Gross Up And Indemnities | 25 |
|           |   |   |
| 13.            | Increased                Costs | 28 |
|           |   |   |
| 14.            | Other                Indemnities | 29 |
|           |   |   |
| 15.            | Mitigation                By The Lenders | 31 |
|           |   |   |
| 16.            | Costs                And Expenses | 31 |
|           |   |   |
| 17.            | Guarantee                And Indemnity | 33 |
|           |   |   |
| 18.            | Representations | 36 |
|           |   |   |
| 19.            | Information                Undertakings | 40 |
|           |   |   |
| 20.            | Financial                Covenants | 43 |
|           |   |   |
| 21.            | General                Undertakings | 44 |
|           |   |   |
| 22.            | Events                Of Default | 50 |
|           |   |   |
| 23.            | Changes                To The Lenders | 54 |
|           |   |   |
| 24.            | Changes                To The Obligors | 57 |
|           |   |   |
| 25.            | Role                Of The Agent And The Arranger | 58 |
|           |   |   |
| 26.            | Role                Of Security Agent | 63 |
|           |   |   |
| 27.            | Conduct                Of Business By The Finance Parties | 71 |
|           |   |   |
| 28.            | Sharing                Among The Finance Parties | 71 |
|           |   |   |
| 29.            | Payment                Mechanics | 73 |
|           |   |   |
| 30.            | Set-Off | 75 |
|           |   |   |
| 31.            | Notices | 75 |
|           |   |   |
| 32.            | Calculations                And Certificates | 78 |

----

| 33.                                                               | Partial                Invalidity     | 79     |
|-------------------------------------------------------------------|---------------------------------------|--------|
|                                                              |                                  |   |
| 34.                                                               | Remedies                And Waivers   | 79     |
|                                                              |                                  |   |
| 35.                                                               | Amendments                And Waivers | 79     |
|                                                              |                                  |   |
| 36.                                                               | Counterparts                          | 80     |
|                                                              |                                  |   |
| 37.                                                               | Governing                Law          | 81     |
|                                                              |                                  |   |
| 38.                                                               | Enforcement                           | 81     |
|                                                              |                                  |
| Schedule                1 THE ORIGINAL LENDERS                    | 82                                    |
|                                                              |                                  |
| Schedule                2 CONDITIONS PRECEDENT                    | 83                                    |
|                                                              |                                  |
| Schedule                3 REQUESTS                                | 86                                    |
|                                                              |                                  |
| Schedule                4 MANDATORY COST FORMULAE                 | 87                                    |
|                                                              |                                  |
| Schedule                5 FORM OF TRANSFER CERTIFICATE            | 89                                    |
|                                                              |                                  |
| Schedule                6 FORM OF COMPLIANCE CERTIFICATE          | 91                                    |
|                                                              |                                  |
| Schedule                7 LMA FORM OF CONFIDENTIALITY UNDERTAKING | 92                                    |
|                                                              |                                  |
| Schedule                8 TIMETABLES                              | 96                                    |

----

**THIS      AGREEMENT**

| (1) | **PRODUKCIJA                PLUS STORITVENO PODJETJE D.O.O.**** **                (the "**Borrower**"); |
|-----|--------------------------------------------------------------------------------------------------------------|

| (2) | **CME                MEDIA ENTERPRISES B.V.**                (the "**Guarantor**"); |
|-----|-------------------------------------------------------------------------------------|

| (3) | **ING                BANK N.V.**                as                mandated lead arranger (the "**Arranger**"); |
|-----|----------------------------------------------------------------------------------------------------------------|

| (4) | **THE                FINANCIAL INSTITUTIONS**listed                in Schedule 1 (*The                Original Lenders*)                as lenders (the "**Original                Lenders**"); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | **ING                BANK N.V.**                as                security agent for the Finance Parties (the "**Security                Agent**");                and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | **ING                BANK N.V.**                as                agent of the other Finance Parties (the "**Agent**") |
|-----|------------------------------------------------------------------------------------------------------------------------|

**IT      IS AGREED**

**SECTION      1**

**INTERPRETATION**

| 1. | **DEFINITIONS                AND INTERPRETATION** |
|----|---------------------------------------------------|

| 1.1 | **Definitions** |
|-----|-----------------|

**Acceptable      Bank**

|   | (a) | each                of Bank Austria Creditanstalt d.d. Ljubljana and Nova Ljubljanska                banka                d.d., Ljubljana; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                other bank or financial institution approved by the                Agent. |
|--------|-----|----------------------------------------------------------------------------------------------|

**Additional      Cost Rate**
*Mandatory      Cost formulae*

**Affiliate**

**Agreement**

**Authorisation**

**Availability      Period**
** **

**Available      Commitment**

|   | (a) | the                  amount of its participation in any outstanding Loans; and |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | in                  relation to any proposed Utilisation, the amount of its participation                  in                  any Loans that are due to be made on or before the proposed Utilisation                  Date, other than that Lender's participation in any Loans that                  are due to                  be repaid or prepaid on or before the proposed Utilisation                  Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Available      Facility**

**Break      Costs**

|   | (a) | the                  interest which a Lender should have received for the period from                  the date                  of receipt of all or any part of its participation in a Loan or                  Unpaid Sum                  to the last day of the current Interest Period in respect of that                  Loan or                  Unpaid Sum, had the principal amount or Unpaid Sum received been                  paid on                  the last day of that Interest                  Period; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  amount which that Lender would be able to obtain by placing an                  amount                  equal to the principal amount or Unpaid Sum received by it on deposit                  with                  a leading bank in the Relevant Interbank Market for a period starting                  on                  the Business Day following receipt or recovery and ending on the                  last day                  of the current Interest Period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Business      Day**

**Business      Plan**

**Cash      Equivalent Investments**

|   | (a) | certificates                  of deposit maturing within one year after the relevant date of                  calculation                  and issued by an Acceptable Bank; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                  investment in marketable debt obligations issued or guaranteed                  by the                  government of the United Kingdom, any member state of the European                  Economic Area or any Participating Member State or by an instrumentality                  or agency of any of them having an equivalent credit rating, maturing                  within one year after the relevant date of calculation and not                  convertible                  or exchangeable to any other                  security; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | commercial                  paper not convertible or exchangeable to any other                  security: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (i) | for                  which a recognised trading market                  exists; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (ii) | issued                  by an issuer incorporated in the United Kingdom, any member state                  of the                  European Economic Area or any Participating Member                  State; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | which                  matures within one year after the relevant date of calculation;                  and |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   | (iv) | which                  has a credit rating of either A-1 or higher by Standard & Poor's                  Rating Services or Fitch Ratings Ltd or P-1 or higher by Moody's                  Investor                  Services Limited, or, if no rating is available in respect of the                  commercial paper, the issuer of which has, in respect of its long-term                  unsecured and non-credit enhanced debt obligations, an equivalent                  rating; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | any                  investment accessible within 30 days in money market funds which                  have a                  credit rating of either A-1 or higher by Standard & Poor's Rating                  Services or Fitch Rating Ltd or P-1 or higher by Moody's Investor                  Services                  Limited and which invest substantially all their assets in securities                  of                  the types described in sub-paragraphs (a) to (d) above;                  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any                  other debt security approved by the Majority                  Lenders, |
|--------|-----|---------------------------------------------------------------------------------------------|

**Charged      Property**

**CME      Group**

**CME      Ltd.**

**Commitment**

|   | (a) | in                  relation to an Original Lender, the amount set opposite its name                  under the                  heading "**Commitment**"                  in Schedule 1 (*The                  Original Lenders)*                  and the amount of any other Commitment transferred to it under                  this                  Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  relation to any other Lender, the amount of any Commitment transferred                  to                  it under this Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

**Compliance      Certificate**
*Form      of Compliance Certificate*

**Confidentiality      Undertaking**
*LMA      Form of Confidentiality Undertaking*

**Default**
*Events      of Default*

**Delegate**

**Environmental      Claim**

----

**Environmental      Law**

**Environmental      Permits**

**EURIBOR**

|   | (a) | the                  percentage rate per annum equal to the offered quotation which                  appears on                  the page of the telerate screen which displays the rate of the                  Banking                  Federation of the European Union for the euro (being currently                  page 248)                  for such period as of 11.00 a.m. (Brussels time) on the Quotation Day                  for such period or, if such page or such service shall cease to                  be                  available, such other page or such other service for the purpose                  of                  displaying an average rate of the Banking Federation of the European                  Union                  as the Agent, after consultation with the Lenders and the Borrower,                  shall                  select; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                  no quotation for the euro for the relevant period is displayed                  and the                  Facility Agent has not selected an alternative service on which                  a                  quotation is displayed, the arithmetic mean (rounded upwards to                  four                  decimal places) of the rates (as notified to the Agent) at which                  each of                  the Reference Banks was offering to prime banks in the European                  interbank                  market deposits in the euro of an equivalent amount and for such                  period as                  of 11.00 a.m. (Brussels time) on the Quotation                  Day. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Event      of Default**
*Events      of Default*

**Existing      Facility**

**Facility**
*The      Facility*

**Facility      Office**

**Fee      Letter**
*Fees).*

----

**Finance      Document**

**Finance      Party**

**Financial      Indebtedness**

|   | (a) | moneys                  borrowed; |
|--------|-----|-----------------------------------|

|   | (b) | any                  amount raised by acceptance under any acceptance credit facility                  or                  dematerialised equivalent; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                  amount raised pursuant to any note purchase facility or the issue                  of                  bonds, notes, debentures, loan stock or any similar instrument; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                  amount of any liability in respect of any lease or hire purchase                  contract                  which would, in accordance with GAAP, be treated as a finance or                  capital                  lease; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | receivables                  sold or discounted (other than any receivables to the extent they                  are sold                  on a non-recourse basis); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any                  amount raised under any other transaction (including any forward                  sale,                  advance or deferred purchase agreement) having the commercial effect                  of a                  borrowing, excluding for the avoidance of doubt, any amount payable                  for                  the purchase of programming as set forth in the Business                  Plan; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any                  derivative transaction entered into in connection with protection                  against                  or benefit from fluctuation in any rate or price (and, when calculating                  the value of any derivative transaction, only the marked to market                  value                  shall be taken into account); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any                  counter-indemnity obligation in respect of a guarantee, indemnity,                  bond,                  standby or documentary letter of credit or any other instrument                  issued by                  a bank or financial institution; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                  amount raised by the issue of redeemable shares issued with a redemption                  date prior to the Termination Date;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | (without                  double counting) the amount of any liability in respect of any                  guarantee                  or indemnity for any of the items referred to in paragraphs (a)                  to (i)                  above. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**GAAP**

**Group**

**Holding      Company**

**Indenture**

----

**Interest      Period**
*Interest      Periods*
*Default      interest*

**Kanal      A**

**Kranjčeva      Lease**

**Lender**

|   | (a) | any                  Original Lender; and |
|--------|-----|-------------------------------------------|

|   | (b) | any                  bank, financial institution, trust, fund or other entity which                  has become                  a Party in accordance with Clause 23                  (*Changes                  to the Lenders*), |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Licences**

**LMA**

**Loan**

**Majority      Lenders**

|   | (a) | if                  there are no Loans then outstanding, a Lender or Lenders whose                  Commitments                  aggregate more than 662/3%                  of the Total Commitments (or, if the Total Commitments have been                  reduced                  to zero, aggregated more than 662/3%                  of the Total Commitments immediately prior to the reduction); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at                  any other time, a Lender or Lenders whose participations in the                  Loans then                  outstanding aggregate more than 662/3%                  of all the Loans then outstanding. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Mandatory      Cost**
*Mandatory      Cost formulae*

**Margin**

|   | (a) | no                  Default has occurred and is continuing;                  and |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | the                  ratio of consolidated Net Debt to consolidated Broadcasting Cash                  Flow in                  respect of the most recently completed Relevant Period is within                  the range                  set out below, then the Margin shall be the percentage per annum                  set out                  opposite such range: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Ratio                  of Net Debt to Broadcasting Cash Flow**  | **Margin**                               |
|------------------------------------------------------------------------|------------------------------------------|
| Greater                  than or equal to 3.0:1/Less than 3.5: 1  | 3.60                  per cent per annum |
| Greater                  than or equal to 2.5:1/Less than 3.0:1   | 3.10                  per cent per annum |
| Greater                  than or equal to 2.0:1/Less than 2.5:1   | 2.60                  per cent per annum |
| Less                  than 2.0:1                                  | 2.10                  per cent per annum |

*Compliance      Certificate*
*Financial      definitions*

**Material      Adverse Effect**
** **

|   | (a) | the                  business, operations, property, condition (financial or otherwise)                  or                  prospects of the Borrower and the Material Companies taken as a                  whole; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  ability of an Obligor to perform its obligations under the Finance                  Documents; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  validity or enforceability of the Finance Documents or the rights                  or                  remedies of any Finance Party under the Finance                  Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Material      Company**
**Material      Companies**

**Month**

|   | (a) | (subject                to paragraph (c) below) if the numerically corresponding day is not                a                Business Day, that period shall end on the next Business Day in that                calendar month in which that period is to end if there is one, or                if there                is not, on the immediately preceding Business                Day; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                there is no numerically corresponding day in the calendar month in                which                that period is to end, that period shall end on the last Business                Day in                that calendar month; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if                  an Interest Period begins on the last Business Day of a calendar                  month,                  that Interest Period shall end on the last Business Day in the                  calendar                  month in which that Interest Period is to                  end. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Obligors**
**Obligor**

**Original      Financial Statements**

|   | (a) | in                  relation to the Borrower, its (i) audited consolidated financial                  statements for its financial year ended December 2004 and for the                  first                  quarter of its financial year ending December 2005 prepared in                  accordance                  with GAAP; and (ii) audited consolidated and unaudited unconsolidated                  financial statements for its financial year ended December 2004                  prepared                  in accordance with SAS; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  relation to CME Ltd., its audited consolidated financial statements                  for                  its financial year ended December                  2004. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Participating      Member State**

**Party**

**Permitted      Financial Indebtedness**

|   | (a) | arising                  under this Agreement; |
|--------|-----|------------------------------------------------|

|   | (b) | arising                  under any intercompany loan which is fully subordinated to this                  Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (c) | (prior                  to the first Utilisation) arising under the Existing Facility; |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (d) | arising                  under the Kranjčeva Lease; or |
|--------|-----|-------------------------------------------------------------|

|   | (e) | not                  permitted by the preceding paragraphs and the outstanding amount                  of which                  does not exceed EUR 250,000 in aggregate (or its equivalent in other                  currencies). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Permitted      Security**

|   | (a) | arising                  under this Agreement or any other Finance Document; |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | (prior                  to its release immediately following repayment of the Existing                  Facility)                  arising under the Existing Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | arising                  under the Kranjčeva Lease; or |
|--------|-----|-------------------------------------------------------------|

|   | (d) | securing                  indebtedness the outstanding principal amount of which (when aggregated                  with the outstanding principal amount of any other indebtedness                  which has                  the benefit of Security given by any member of the Group other                  than any                  permitted under paragraph (a), (b) or (c) above) does not exceed                  EUR 250,000 in aggregate (or its equivalent in other                  currencies). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Pop      TV**

----

**Pro      Plus Business Interest Pledge Agreement**

**Qualifying      Lender**
*Tax      gross-up and indemnities*

**Quasi-Security**
*Negative      pledge*

**Quotation      Day**

**Receiver**

**Reduction      Date**
*Reduction      of Facility*

**Reduction      Instalment**
*Reduction      of Facility*

**Reference      Banks**

**Relevant      Interbank Market**

**Repeating      Representations**
*Status*
*Governing      law and enforcement*
*No      default*
*No      misleading information)*
*Pari      passu ranking*
*No      proceedings pending or threatened*

**Rollover      Loan**

|   | (a) | made                  or to be made on the same day that a maturing Loan is due to be                  repaid; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  aggregate amount of which is equal to or less than the maturing                  Loan;                  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | made                  or to be made for the purpose of refinancing a maturing                  Loan. |
|--------|-----|------------------------------------------------------------------------------------------------------|

**SAS**
*Slovenski      ra*
*č*
*unovodski      standardi*
*Zveza      Racunovodij, financnikov in Revizorjev Slovenijeh*

----

**Secured      Obligations**

**Security      Documents**
*Conditions      Precedent*

**Security**

**Specified      Time**
*Timetables*

**Subsidiary**

|   | (a) | which                  is controlled, directly or indirectly, by the first mentioned company                  or                  corporation; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | more                  than half the issued share capital of which is beneficially owned,                  directly or indirectly by the first mentioned company or corporation;                  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | which                  is a Subsidiary of another Subsidiary of the first mentioned company                  or                  corporation, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

**TARGET**

**TARGET      Day**

**Tax**

**Termination      Date**

**Total      Commitments**

**Transaction      Securi**
**ty**

----

**Transfer      Certificate**
*Form      of Transfer Certificate*

**Transfer      Date**

|   | (a) | the                  proposed Transfer Date specified in the Transfer Certificate; and |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | the                  date on which the Agent executes the Transfer                  Certificate. |
|--------|-----|--------------------------------------------------------------------------------------------------|

**Unpaid      Sum**

**Utilisation**

**Utilisation      Date**

**Utilisation      Request**
*Requests*

**VAT**

| 1.2 | **Construction**** ** |
|-----|----------------------------|

|   | (a) | Unless                  a contrary indication appears any reference in this Agreement                  to: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (i) | the                    "**Agent**",                    the "**Arranger**",                    the "**Security                    Agent**",                    any "**Finance                    Party**",                    any "**Lender**",                    any "**Obligor**"                    or any "**Party**"                    shall be construed so as to include its successors in title,                    permitted                    assigns and permitted transferees and, in the case of the Security                    Agent, any person for the time being appointed as Security Agent                    or                    Security Agents in                    accordance with the Finance                    Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | "**assets**"                    includes present and future properties, revenues and rights of                    every                    description; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a                    "**Finance                    Document**"                    or any other agreement or instrument is a reference to that Finance                    Document or other agreement or instrument as amended or                    novated; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | "**indebtedness**"                    includes any obligation (whether incurred as principal or as                    surety) for                    the payment or repayment of money, whether present or future,                    actual or                    contingent; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a                    "**person**"                    includes any person, firm, company, corporation, government,                    state or                    agency of a state or any association, trust or partnership (whether                    or not                    having separate legal personality) of two or more of the                    foregoing; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | a                    "regulation" includes any regulation, rule, official directive,                    request or                    guideline (whether or not having the force of law) of any governmental,                    intergovernmental or supranational body, agency, department                    or regulatory, self-regulatory or other authority or organisation; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vii) | a                  provision of law is a reference to that provision as amended or                  re-enacted; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------|

|   | (viii) | a                  time of day is a reference to Amsterdam                  time. |
|--------|--------|-----------------------------------------------------------------------------------|

|   | (b) | Section,                  Clause and Schedule headings are for ease of reference                  only. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (c) | Unless                  a contrary indication appears, a term used in any other Finance                  Document                  or in any notice given under or in connection with any Finance                  Document                  has the same meaning in that Finance Document or notice as in this                  Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A                  Default (other than an Event of Default) is "**continuing**"                  if it has not been remedied or waived and an Event of Default is                  "**continuing**"                  if it has not been waived. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | **Currency                Symbols and Definitions** |
|-----|-----------------------------------------------------|

**EUR**
**euro**

| 1.4 | **Third                party rights** |
|-----|---------------------------------------|

|   | (a) | Unless                  expressly provided to the contrary in a Finance Document, a person                  who is                  not a Party has no right under the Contracts (Rights of Third Parties)                  Act                  1999 (the "**Third                  Parties Act**")                  to enforce or to enjoy the benefit of any term of this                  Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                  any term of any Finance Document, the consent of any person who                  is not a                  Party is not required to rescind or vary this Agreement at any                  time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      2**

**THE      FACILITY**

| 2. | **THE                FACILITY** |
|----|---------------------------------|

| 2.1 | **The                Facility** |
|-----|---------------------------------|

| 2.2 | **Finance                Parties' rights and obligations**** ** |
|-----|----------------------------------------------------------------------|

|   | (a) | The                  obligations of each Finance Party under the Finance Documents are                  several.                  Failure by a Finance Party to perform its obligations under the                  Finance                  Documents does not affect the obligations of any other Party under                  the                  Finance Documents. No Finance Party is responsible for the obligations                  of                  any other Finance Party under the Finance                  Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  rights of each Finance Party under or in connection with the Finance                  Documents are separate and independent rights and any debt arising                  under                  the Finance Documents to a Finance Party from an Obligor shall                  be a                  separate and independent debt. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                  Finance Party may, except as otherwise stated in the Finance Documents,                  separately enforce its rights under the Finance                  Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **PURPOSE** |
|----|-------------|

| 3.1 | **Purpose** |
|-----|-------------|

|   | (a) | refinancing                  the Existing Facility; |
|--------|-----|-----------------------------------------------------|

|   | (b) | making                  loans to other members of the Group;                  and |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (c) | the                  general corporate and working capital purposes of the                  Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 3.2 | **Monitoring** |
|-----|----------------|

| 4. | **CONDITIONS                OF UTALISATION** |
|----|----------------------------------------------|

| 4.1 | **Initial                conditions precedent**** ** |
|-----|-----------------------------------------------------------|

*Conditions      precedent*

----

| 4.2 | **Further                conditions precedent** |
|-----|-------------------------------------------------|

*Lenders'      participation*

|   | (a) | in                  the case of a Rollover Loan, no Event of Default is continuing                  or would                  result from the proposed Loan, and, in the case of any other Loan,                  no                  Default is continuing or would result from the proposed Loan; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  outstandings of the Borrower (including the amount requested in                  the                  Utilisation Request) would not result in the ratio of Net Debt                  to                  Broadcasting Cash flow applicable at such time pursuant to Clause                  20.2                  (*Financial                  Condition*)                  being exceeded. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  Repeating Representations to be made by each Obligor are true in                  all                  material respects. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | **Maximum                number of Loans** |
|-----|--------------------------------------------|

----

**SECTION      3**

**UTILISATION**

| 5. | **UTALISATION** |
|----|-----------------|

| 5.1 | **Delivery                of a Utilisation Request** |
|-----|------------------------------------------------------|

| 5.2 | **Completion                of a Utilisation Request** |
|-----|--------------------------------------------------------|

|   | (a) | Each                  Utilisation Request is irrevocable and will not be regarded as                  having been                  duly completed unless: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                proposed Utilisation Date is a Business Day within the Availability                Period; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                currency and amount of the Utilisation comply with Clause 5.3                (*Currency                and amount*);                and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                proposed Interest Period complies with Clause 9                (*Interest                Periods*). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Only                one Loan may be requested in each Utilisation                Request. |
|--------|-----|-------------------------------------------------------------------------------------------|

| 5.3 | **Currency                and amount** |
|-----|----------------------------------------|

|   | (a) | The                  currency specified in a Utilisation Request must be                  euro. |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | The                  amount of the proposed Loan must be an amount which is not more                  than the                  Available Facility and which is a minimum of EUR 2,500,000 and                  an integral                  multiple of EUR 500,000 or if less, the Available                  Facility. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | **Lenders'                participation** |
|-----|-------------------------------------------|

|   | (a) | If                  the conditions set out in this Agreement have been met, each Lender                  shall                  make its participation in each Loan available by the Utilisation                  Date                  through its Facility Office. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  amount of each Lender's participation in each Loan will be equal                  to the                  proportion borne by its Available Commitment to the Available Facility                  immediately prior to making the                  Loan. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                  Agent shall notify each Lender of the amount of each Loan and the                  amount                  of its participation in that Loan, in each case by the Specified                  Time. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      4**

**REPAYMENT,      PREPAYMENT AND CANCELLATION**

| 6. | **REPAYMENT** |
|----|---------------|

| 6.1 | **Repayment                of Loans** |
|-----|---------------------------------------|

*Delivery      of a Utilisation Request*

| 6.2 | **Reduction                of Facility** |
|-----|------------------------------------------|

|   | (a) | The                  Total Commitments shall be reduced in instalments on each Reduction                  Date                  by an amount equal to the percentage of the Total Commitments at                  the date                  of this Agreement as set out in the table                  below: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Reduction                Date**                               | **Reduction                Instalment Percentage**  |
|-----------------------------------------------------------------|----------------------------------------------------------|
| 12                Months after the date of this Agreement  | 10                %                                 |
| 24                Months after the date of this Agreement  | 10                %                                 |
| 36                Months after the date of this Agreement  | 10                %                                 |
| 48                Months after the date of this Agreement  | 10                %                                 |
| 60                Months after the date of this Agreement  | 60                %                                 |

|   | (b) | The                Borrower shall ensure that sufficient Loans are repaid on a Reduction                Date                to the extent necessary so that the aggregate amount of the outstanding                Loans (after that repayment) is equal to or less than the reduced                amount                of the Total Commitments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any                reduction of the Total Commitments shall reduce rateably the Commitment                of                each Lender. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                the Borrower cancels the whole or any part of the Commitments in                accordance with Clause 7.7                (*Right                of repayment and cancellation in relation to a single                Lender*)                or if the Commitment of any Lender is reduced under                Clause 7.1                (*Illegality*),                then the amount of the Reduction Instalment for each Reduction Date                falling after that cancellation will reduce pro rata by the amount                cancelled. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | If                  the whole or any part of the Commitments are cancelled or reduced                  in                  accordance with 7.2                  (*Change                  of shareholding*),                  Clause 7.3                  (*Disposal                  Proceeds, Insurance Proceeds*)                  or Clause 7.5                  (*Voluntary                  cancellation*),                  then the amount of the Reduction Instalment for each Reduction                  Date                  falling after that cancellation or reduction will reduce in inverse                  chronological order by the amount cancelled or                  reduced. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | **PREPAYMENT                AND CANCELLATION** |
|----|------------------------------------------------|

| 7.1 | **Illegality** |
|-----|----------------|

|   | (a) | that                  Lender shall promptly notify the Agent upon becoming aware of that                  event; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | upon                  the Agent notifying the Borrower, the Commitment of that Lender                  will be                  immediately cancelled; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  Borrower shall repay that Lender's participation in the Loans made                  to the                  Borrower on the last day of the Interest Period for each Loan occurring                  after the Agent has notified the Borrower or, if earlier, the date                  specified by the Lender in the notice delivered to the                  Agent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | **Change                of****shareholding** |
|-----|----------------------------------------------|

|  | (a) | Subject                  to paragraph (b) below, if any change occurs in the shareholding                  of either                  the Borrower or the Guarantor from the shareholding as at the date                  of this                  Agreement as set out in Clause 18.21                  (*Ownership                  of shares*): |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  Borrower shall promptly notify the Agent upon becoming aware of                  that                  event; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                  Total Commitments shall be cancelled in full and all outstanding                  Loans,                  together with accrued interest, and all other amounts accrued under                  the                  Finance Documents shall become immediately due and                  payable. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph                  (a) above shall not apply if a transfer occurs within the CME Group                  of up                  to 100 per cent of the shares in relation to the Borrower and 100                  per cent                  of the shares in relation to the Guarantor and, in the case of                  the                  Borrower, in such a manner that up to 100 per cent of the shares                  of the                  Borrower remain directly or indirectly owned by the                  Guarantor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | **Disposal                Proceeds, Insurance                Proceeds** |
|-----|-------------------------------------------------------------------------|

|   | (a) | The                  Borrower shall prepay an amount equal to Disposal Proceeds and                  Insurance                  Proceeds and any such prepayment shall be applied in prepayment                  of Loans                  (in inverse chronological order). The Commitments shall be permanently                  cancelled in an amount equal to the amount of any Disposal Proceeds                  and                  the amount of any Insurance Proceeds. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For                  the purposes of paragraph (a)                  above: |
|--------|-----|----------------------------------------------------------------------------|

**Disposal**

**Disposal      Proceeds**

----

|   | (i) | reasonable                expenses incurred by the Borrower or any of its Subsidiaries with                respect                to that Disposal to persons other than the Borrower or any of its                Subsidiaries; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                Tax incurred and required to be paid by the seller in connection                with that                Disposal (as reasonably determined by the seller, on the basis of                existing                rates and taking account of any available credit, deduction or                allowance). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Excluded      Disposal Proceeds**

|   | (i) | the                proceeds of any Disposal which is made in the ordinary course of                trading                of the disposing entity and on arm's length terms; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                proceeds of any Disposal which are applied in the purchase of assets                to be                used in the business of the Group within 180 days of such Disposal                (and                the finance director of the Borrower delivers to the Agent a certificate                to the effect that the proceeds of such Disposal will be applied                in the                purchase of assets to be used in the business of the Group and a                further                certificate at the end of such 180 day period as to the purchase                of such                assets within such 180 day period);                or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | an                individual Disposal where the proceeds from that Disposal are an                amount                less than EUR 100,000 (or its currency equivalent) and which when                aggregated with the proceeds of other Disposals made in the same                financial                year of the Borrower do not exceed EUR 100,000 (or its currency                equivalent). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Excluded      Insurance Proceeds**

|   | (i) | to                meet a third party claim; or |
|--------|-----|------------------------------------------------|

|   | (ii) | to                the purchase of assets to be used in the business of the                Group. |
|--------|------|--------------------------------------------------------------------------------------------------|

**Insurance      Proceeds**

| 7.4 | **Broadcasting                Cash Flow** |
|-----|-------------------------------------------|

*Financial      Condition*
*Financial      Condition*
*Financial      Testing*

----

| 7.5 | **Voluntary                cancellation** |
|-----|-------------------------------------------|

| 7.6 | **Voluntary                Prepayment of Loans** |
|-----|--------------------------------------------------|

| 7.7 | **Right                of repayment and cancellation in relation to a single                Lender** |
|-----|------------------------------------------------------------------------------------------------------|

|   | (a) | If: |
|--------|-----|-----|

|   | (i) | any                sum payable to any Lender by an Obligor is required to be increased                under                paragraph (c) of Clause 12.2                (*Tax                gross-up*);                or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                Lender claims indemnification from the Borrower under Clause 12.3                (*Tax                indemnity*)                or Clause 13                (*Increased                costs*);                or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                Lender notifies the Agent of its Additional Cost Rate under paragraph                3 of                Schedule 4 (*Mandatory                Cost formulae*), |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On                  receipt of a notice referred to in paragraph (a) above, the Commitment                  of                  that Lender shall immediately be reduced to                  zero. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On                  the last day of each Interest Period which ends after the Borrower                  has                  given notice under paragraph (a) above (or, if earlier, the date                  specified                  by the Borrower in that notice), the Borrower shall repay that                  Lender's                  participation in that Loan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.8 | **Restrictions** |
|-----|------------------|

|   | (a) | Any                  notice of cancellation or prepayment given by any Party under this                  Clause                  7                  shall be irrevocable and, unless a contrary indication appears                  in this                  Agreement, shall specify the date or dates upon which the relevant                  cancellation or prepayment is to be made and the amount of that                  cancellation or prepayment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Any                    prepayment under this Agreement shall be made together with accrued                    interest on the amount prepaid and, subject to any Break Costs,                    without                    premium or penalty. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Other                    than amounts prepaid pursuant to Clause 7.2                    (*Change                    of Shareholding*),                    Clause 7.3                    (*Disposal                    Proceeds, Insurance Proceeds*),                    or Clause 7.4                    (*Broadcasting                    Cash Flow*)                    or unless a contrary indication appears in this Agreement, any                    part of the                    Facility which is prepaid may be reborrowed in accordance with                    the terms                    of this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                    Borrower shall not repay or prepay all or any part of the Loans                    or cancel                    all or any part of the Commitments except at the times and in                    the manner                    expressly provided for in this                    Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No                    amount of the Total Commitments cancelled under this Agreement                    may be                    subsequently reinstated. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If                    the Agent receives a notice under this Clause 7                    it                    shall promptly forward a copy of that notice to either the Borrower                    or the                    affected Lender, as appropriate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      5**

**COSTS      OF UTILISATION**

| 8. | **INTEREST** |
|----|--------------|

| 8.1 | **Calculation                of interest** |
|-----|--------------------------------------------|

|   | (a) | Margin; |
|--------|-----|---------|

|   | (b) | EURIBOR;                  and |
|--------|-----|-------------------------------|

|   | (c) | Mandatory                  Cost, if any. |
|--------|-----|------------------------------------------|

| 8.2 | **Payment                of interest** |
|-----|----------------------------------------|

| 8.3 | **Default                interest** |
|-----|-------------------------------------|

|   | (a) | If                    an Obligor fails to pay any amount payable by it under a Finance                    Document                    on its due date, interest shall accrue on the overdue amount                    from the due                    date up to the date of actual payment (both before and after                    judgment) at                    a rate which, subject to paragraph (b) below is two per cent                    higher than                    the rate which would have been payable if the overdue amount                    had, during                    the period of non-payment, constituted a Loan in the currency                    of the                    overdue amount for successive Interest Periods, each of a duration                    selected by the Agent (acting reasonably). Any interest accruing                    under                    this Clause 8.3                    shall be immediately payable by the Obligor on demand by the                    Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  any overdue amount consists of all or part of a Loan which became                  due on a                  day which was not the last day of an Interest Period relating to                  that                  Loan: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                first Interest Period for that overdue amount shall have a duration                equal                to the unexpired portion of the current Interest Period relating                to that                Loan; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                rate of interest applying to the overdue amount during that first                Interest                Period shall be two per cent. higher than the rate which would have                applied if the overdue amount had not become                due. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Default                  interest (if unpaid) arising on an overdue amount will be compounded                  with                  the overdue amount at the end of each Interest Period applicable                  to that                  overdue amount but will remain immediately due and                  payable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | **Notification                of rates of interest** |
|-----|------------------------------------------------------|

----

| 9. | **INTEREST                PERIODS** |
|----|-------------------------------------|

| 9.1 | **Selection                of Interest Periods** |
|-----|--------------------------------------------------|

|   | (a) | The                  Borrower may select an Interest Period for a Loan in the Utilisation                  Request for that Loan. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject                  to this Clause 9,                  the Borrower may select an Interest Period of one, three or six                  Months or                  any other period agreed between the Borrower and the Agent (acting                  on the                  instructions of all the Lenders). In addition the Borrower may                  select an                  Interest Period of a period of less than one Month, if necessary                  to ensure                  that (when aggregated with the Available Facility) there are sufficient                  Loans (with an aggregate amount equal to or greater than the Reduction                  Instalment) which have an Interest Period ending on a Reduction                  Date for                  the scheduled reduction to occur. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | An                  Interest Period for a Loan shall not extend beyond the Termination                  Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (d) | Each                  Interest Period for a Loan shall start on the Utilisation                  Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (e) | A                  Loan has one Interest Period only. |
|--------|-----|-------------------------------------------------------|

| 9.2 | **Changes                to Interest Periods** |
|-----|------------------------------------------------|

|   | (a) | Prior                  to determining the interest rate for a Loan, the Agent may shorten                  the                  Interest Period for any Loan to ensure that, when aggregated with                  the                  Available Facility, there are sufficient Loans (with an aggregate                  amount                  equal to or greater than the Reduction Instalment) which have an                  Interest                  Period ending on a Reduction Date for the scheduled reduction to                  occur. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  the Agent makes any of the changes to an Interest Period referred                  to in                  this Clause 9.2,                  it shall promptly notify the Borrower and the                  Lenders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | **Non-Business                Days** |
|-----|--------------------------------------|

| 10. | **CHANGES                TO THE CALCULATION OF                INTEREST** |
|-----|--------------------------------------------------------------------------|

| 10.1 | **Absence                of quotations** |
|------|------------------------------------------|

*Market      disruption*

| 10.2 | **Market                disruption** |
|------|--------------------------------------|

|   | (a) | If                  a Market Disruption Event occurs in relation to a Loan for any                  Interest                  Period, then the rate of interest on each Lender's share of that                  Loan for                  the Interest Period shall be the rate per annum which is the sum                  of: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  Margin; |
|--------|-----|------------------------------|

----

|   | (ii) | the                  rate notified to the Agent by that Lender as soon as practicable                  and in                  any event before interest is due to be paid in respect of that                  Interest                  Period, to be that which expresses as a percentage rate per annum                  the cost                  to that Lender of funding its participation in that Loan from whatever                  source it may reasonably select;                  and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                  Mandatory Cost, if any, applicable to that Lender's participation                  in the                  Loan. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                  this Agreement "**Market                  Disruption Event**"                  means: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (i) | at                    or about 11:00 (Brussels time) on the Quotation Day for the relevant                    Interest Period the applicable Telerate Screen is not available                    and none                    or only one of the Reference Banks supplies a rate to the Agent                    to                    determine EURIBOR for euro and the relevant Interest Period;                    or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | before                    close of business in Amsterdam on the Quotation Day for the relevant                    Interest Period, the Agent receives notifications from a Lender                    or Lenders                    (whose participations in a Loan exceed 35 per cent. of that Loan)                    that the                    cost to it of obtaining matching deposits in the Relevant Interbank                    Market                    would be in excess of                    EURIBOR. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | **Alternative                basis of interest or                funding** |
|------|----------------------------------------------------------------------------|

|   | (a) | If                  a Market Disruption Event occurs and the Agent or the Borrower                  so                  requires, the Agent and the Borrower shall enter into negotiations                  (for a                  period of not more than thirty days) with a view to agreeing a                  substitute                  basis for determining the rate of                  interest. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                  alternative basis agreed pursuant to paragraph (a) above shall,                  with the                  prior consent of all the Lenders and the Borrower, be binding on                  all                  Parties. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | **Break                Costs** |
|------|--------------------------------|

|   | (a) | The                  Borrower shall, within three Business Days of demand by a Finance                  Party,                  pay to that Finance Party its Break Costs attributable to all or                  any part                  of a Loan or Unpaid Sum being paid by the Borrower on a day other                  than the                  last day of an Interest Period for that Loan or Unpaid                  Sum. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                  Lender shall, as soon as reasonably practicable after a demand                  by the                  Agent, provide a certificate confirming the amount of its Break                  Costs for                  any Interest Period in which they                  accrue. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | **FEES** |
|-----|----------|

| 11.1 | **Commitment                fee** |
|------|-----------------------------------|

|   | (a) | The                  Borrower shall pay to the Agent (for the account of each Lender)                  a fee in                  euro computed at the rate per annum which is equal to 50 per cent.                  of the                  Margin on that Lender's Available Commitment for the Availability                  Period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                    accrued commitment fee is payable on the last day of each successive                    period of three Months which ends during the Availability Period,                    on the                    last day of the Availability Period and, if cancelled in full,                    on the                    cancelled amount of the relevant Lender's Commitment at the time                    the                    cancellation is effective. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.2 | **Arrangement                fee** |
|------|------------------------------------|

| 11.3 | **Agency                fee** |
|------|-------------------------------|

| 11.4 | **Upfront                fee** |
|------|--------------------------------|

----

**SECTION      6**

**ADDITIONAL      PAYMENT OBLIGATIONS**

| 12. | **TAX                GROSS UP AND INDEMNITIES** |
|-----|-------------------------------------------------|

| 12.1 | **Definitions** |
|------|-----------------|

|   | (a) | In                  this Agreement: |
|--------|-----|-------------------------------------|

**Protected      Party**

**Qualifying      Lender**

|   | (i) | which                  is a bank or any similar financial institution (as defined for                  the purpose                  of Article 11 para 3. (iii) of the Convention between the Government                  of                  the Republic of Slovenia and the Government of the Kingdom of The                  Netherlands for the Avoidance of Double Taxation and the Prevention                  of                  Fiscal Evasion with respect to Taxes on Income soon to be in force,                  which                  will supersede the existing double taxation treaty in force between                  the                  Government of the Republic of Slovenia and the Government of the                  Kingdom                  of the Netherlands (pogodba med Socialisticno federativno republiko                  Jugoslavijo in Kraljevino Nizozemsko o izogibanju dvojnemu obdavcevanju                  dohodka in premozenja s protokolom, published in the Official Gazette                  of                  SFRJ-MP st.12/82)) making an advance under a Finance Document,                  or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | which                  is a Slovenian resident which according to Article 68 para 2 pt.                  3 of The                  Corporate Tax Law ((*Zakon                  o davku od dohodkov pravnih oseb*),                  as published in the Official Gazette of the Republic of Slovenia,                  No.                  40/2004, 139/04, as amended) informed the Borrower of its tax                  number. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Tax      Credit**

**Tax      Deduction**

**Tax      Payment**

|   | (b) | Unless                  a contrary indication appears, in this Clause 12                  a                  reference to "determines" or "determined" means a determination                  made in                  the absolute discretion of the person making the                  determination. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2 | **Tax                gross-up** |
|------|---------------------------------|

|   | (a) | Each                  Obligor shall make all payments to be made by it without any Tax                  Deduction, unless a Tax Deduction is required by                  law. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                  Borrower shall promptly upon becoming aware that an Obligor must                  make a                  Tax Deduction (or that there is any change in the rate or the basis                  of a                  Tax Deduction) notify the Agent accordingly. Similarly, a Lender                  shall                  notify the Agent on becoming so aware in respect of a payment payable                  to                  that Lender. If the Agent receives such notification from a Lender                  it                  shall notify the Borrower and that                  Obligor. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                  a Tax Deduction is required by law to be made by an Obligor, the                  amount of                  the payment due from that Obligor shall be increased to an amount                  which                  (after making any Tax Deduction) leaves an amount equal to the                  payment                  which would have been due if no Tax Deduction had been required. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | An                  Obligor is not required to make an increased payment to a Lender                  under                  paragraph (c) above for a Tax Deduction in respect of tax imposed                  by the                  Republic of Slovenia from a payment of interest on a Loan, if on                  the date                  on which the payment falls due the payment could have been made                  to the                  relevant Lender without a Tax Deduction if it was a Qualifying                  Lender, but                  on that date that Lender is not or has ceased to be a Qualifying                  Lender                  other than as a result of (i) any change after the date it became                  a Lender                  under this Agreement in (or in the interpretation, administration,                  or                  application of) any law or any published practice or concession                  of any                  relevant taxing authority; or (ii) any Obligor neglecting any notification                  duties under the applicable laws. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | If                  an Obligor is required to make a Tax Deduction, that Obligor shall                  make                  that Tax Deduction and any payment required in connection with                  that Tax                  Deduction within the time allowed and in the minimum amount required                  by                  law. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Within                  thirty days of making either a Tax Deduction or any payment required                  in                  connection with that Tax Deduction, the Obligor making that Tax                  Deduction                  shall deliver to the Agent for the Finance Party entitled to the                  payment                  evidence reasonably satisfactory to that Finance Party that the                  Tax                  Deduction has been made or (as applicable) any appropriate payment                  paid to                  the relevant taxing                  authority. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | **Tax                indemnity** |
|------|----------------------------------|

|   | (a) | The                  Borrower shall (within three Business Days of demand by the Agent)                  pay to                  a Protected Party an amount equal to the loss, liability or cost                  which                  that Protected Party determines has been (directly or indirectly)                  suffered                  for or on account of Tax by that Protected Party in respect of                  a Finance                  Document. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Paragraph                  (a) above shall not apply: |
|--------|-----|-------------------------------------------------------|

|   | (i) | with                respect to any Tax assessed on a Finance                Party: |
|--------|-----|------------------------------------------------------------------------------------|

|   | (A) | under                the law of the jurisdiction in which that Finance Party is incorporated                or, if different, the jurisdiction (or jurisdictions) in which that                Finance Party is treated as resident for tax purposes; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | under                the law of the jurisdiction in which that Finance Party's Facility                Office                is located in respect of amounts received or receivable in that                jurisdiction, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to                the extent a loss, liability or                cost: |
|--------|------|------------------------------------------------------------------------|

|   | (A) | is                compensated for by an increased payment under Clause 12.2                (*Tax                gross-up*);                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | would                have been compensated for by an increased payment under Clause                12.2                (*Tax                gross-up*)                but was not so compensated solely because one of the exclusions in                paragraph (d) of Clause 12.2                (*Tax                gross-up*)                applied. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                  Protected Party making, or intending to make a claim under paragraph                  (a)                  above shall promptly notify the Agent of the event which has given                  rise to                  the claim, which notice shall be accompanied by a reasoned statement                  of                  the basis for such claim, following which the Agent shall notify                  the                  Borrower (with a copy of the accompanying statement). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A                  Protected Party shall, on receiving a payment from an Obligor under                  this                  Clause 12.3,                  notify the Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | **Tax                    Credit** |
|------|-----------------------------------|

|   | (a) | a                  Tax Credit is attributable either to an increased payment of which                  that                  Tax Payment forms part, or to that Tax Payment; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                  Finance Party has obtained, utilised and retained that Tax Credit, |
|--------|-----|------------------------------------------------------------------------------------------|

| 12.5 | **Co-operation** |
|------|------------------|

----

| 12.6 | **Stamp                taxes** |
|------|--------------------------------|

| 12.7 | **Value                added tax** |
|------|------------------------------------|

|   | (a) | All                  amounts set out, or expressed to be payable under a Finance Document                  by                  any Party to a Finance Party which (in whole or in part) constitute                  the                  consideration for VAT purposes shall be deemed to be exclusive                  of any VAT                  which is chargeable on such supply, and accordingly, subject to                  paragraph                  (c) below, if VAT is chargeable on any supply made by any Finance                  Party to                  any Party under a Finance Document, that Party shall pay to the                  Finance                  Party (in addition to and at the same time as paying the consideration)                  an                  amount equal to the amount of the VAT (and such Finance Party shall                  promptly provide an appropriate VAT invoice to such                  Party). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  VAT is chargeable on any supply made by any Finance Party (the                  "**Supplier**")                  to any other Finance Party (the "**Recipient**")                  under a Finance Document, and any Party (the "**Relevant                  Party**")                  is required by the terms of any Finance Document to pay an amount                  equal to                  the consideration for such supply to the Supplier (rather than                  being                  required to reimburse the Recipient in respect of that consideration),                  such Party shall also pay to the Supplier (in addition to and at                  the same                  time as paying such amount) an amount equal to the amount of such                  VAT. The                  Recipient will promptly pay to the Relevant Party an amount equal                  to any                  credit or repayment from the relevant tax authority which it reasonably                  determines relates to the VAT chargeable on that                  supply. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Where                  a Finance Document requires any Party to reimburse a Finance Party                  for any                  costs or expenses, that Party shall also at the same time pay and                  indemnify the Finance Party against all VAT incurred by the Finance                  Party                  in respect of the costs or expenses to the extent that the Finance                  Party                  reasonably determines that neither it nor any other member of any                  group of                  which it is a member for VAT purposes is entitled to credit or                  repayment                  from the relevant tax authority in respect of the                  VAT. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | **INCREASED                COSTS** |
|-----|------------------------------------|

| 13.1 | **Increased                costs** |
|------|------------------------------------|

|   | (a) | Subject                  to Clause 13.3                  (*Exceptions*)                  the Borrower shall, within three Business Days of a demand by the                  Agent,                  pay for the account of a Finance Party the amount of any Increased                  Costs                  incurred by that Finance Party or any of its Affiliates as a result                  of (i)                  the introduction of or any change in (or in the interpretation,                  administration or application of) any law or regulation or (ii)                  compliance                  with any law or regulation made after the date of this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | In                this Agreement "**Increased                Costs**"                means: |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (i) | a                reduction in the rate of return from the Facility or on a Finance                Party's                (or its Affiliate's) overall                capital; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | an                additional or increased cost; or |
|--------|------|----------------------------------------------------|

|   | (iii) | a                reduction of any amount due and payable under any Finance                Document, |
|--------|-------|-----------------------------------------------------------------------------------------------------|

| 13.2 | **Increased                cost claims** |
|------|------------------------------------------|

|   | (a) | A                Finance Party intending to make a claim pursuant to Clause 13.1                (*Increased                costs*)                shall notify the Agent of the event giving rise to the claim, following                which the Agent shall promptly notify the                Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                Finance Party shall, as soon as practicable after a demand by the                Agent,                provide a certificate confirming the amount of its Increased Costs                and a                reasoned statement as to how such amount was                determined. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | **Exceptions** |
|------|----------------|

|   | (a) | Clause                13.1                (*Increased                costs*)                does not apply to the extent any Increased Cost                is: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | attributable                to a Tax Deduction required by law to be made by an                Obligor; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | compensated                for by Clause 12.3                (*Tax                indemnity*)* *(or                would have been compensated for under Clause 12.3                (*Tax                indemnity*)                but was not so compensated solely because any of the exclusions in                paragraph (b) of Clause 12.3                (*Tax                indemnity*)                applied); |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (iii) | compensated                for by the payment of the Mandatory Cost;                or |
|--------------|-------|----------------------------------------------------------------------------------------|

|   | (iv) | attributable                to the wilful breach by the relevant Finance Party or its Affiliates                of                any law or regulation. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In                this Clause 13.3,                a                reference to a "**Tax                Deduction**"                has the same meaning given to the term in Clause 12.1                (*Definitions*). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | **OTHER                INDEMNITIES** |
|-----|--------------------------------------|

| 14.1 | **Currency                indemnity** |
|------|---------------------------------------|

|   | (a) | If                any sum due from an Obligor under the Finance Documents (a "**Sum**"),                or any order, judgment or award given or made in relation to a Sum,                has to                be converted from the currency (the "**First                Currency**")                in which that Sum is payable into another currency (the "**Second                Currency**")                for the purpose of: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | making                or filing a claim or proof against that                Obligor; |
|--------|-----|---------------------------------------------------------------------------------------|

----

|   | (ii) | obtaining                or enforcing an order, judgment or award in relation to any litigation                or                arbitration proceedings, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                Obligor waives any right it may have in any jurisdiction to pay any                amount                under the Finance Documents in a currency or currency unit other                than that                in which it is expressed to be                payable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | **Other                indemnities** |
|------|--------------------------------------|

|   | (a) | the                occurrence of any Event of Default; |
|--------|-----|--------------------------------------------------------|

|   | (b) | a                failure by an Obligor to pay any amount due under a Finance Document                on                its due date, including without limitation, any cost, loss or liability                arising as a result of Clause 28                (*Sharing                among the Finance Parties*); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | funding,                or making arrangements to fund, its participation in a Loan requested                by a                Borrower in a Utilisation Request but not made by reason of the operation                of any one or more of the provisions of this Agreement (other than                by                reason of default or negligence by that Finance Party alone);                or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a                Loan (or part of a Loan) not being prepaid in accordance with a notice                of                prepayment given by the Borrower. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | **Indemnity                to the Agent** |
|------|-------------------------------------------|

|   | (a) | investigating                any event which it reasonably believes is a Default;                or |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (b) | acting                or relying on any notice, request or instruction which it reasonably                believes to be genuine, correct and appropriately                authorised. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | **Indemnity                to the Security Agent** |
|------|----------------------------------------------------|

|   | (a) | Each                Obligor shall promptly indemnify the Security Agent and every Receiver                and                Delegate against any cost, loss or liability incurred by any of them                as a                result of: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                taking, holding, protection or enforcement of the Transaction Security, |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (ii) | the                exercise of any of the rights, powers, discretions and remedies vested                in                the Security Agent and each Receiver and Delegate by the Finance                Documents                or by law; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | any                default by any Obligor in the performance of any of the obligations                expressed to be assumed by it in the Finance Documents; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Security Agent may, in priority to any payment to the Finance Parties                and                upon written notice to the Borrower and the Finance Parties, indemnify                itself out of the Charged Property in respect of, and pay and retain,                all                sums necessary to give effect to the indemnity in this Clause 14.4                and shall have a lien on the Transaction Security and the proceeds                of the                enforcement of the Transaction Security for all monies payable to                it. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | **MITIGATION                BY THE LENDERS** |
|-----|----------------------------------------------|

| 15.1 | **Mitigation** |
|------|----------------|

|   | (a) | Each                Finance Party shall, in consultation with the Borrower, take all                reasonable steps to mitigate any circumstances which arise and which                would                result in any amount becoming payable under or pursuant to, or cancelled                pursuant to, any of Clause 7.1                (*Illegality*),                Clause 12                (*Tax                gross-up and indemnities*),                Clause 13                (*Increased                costs*)                or paragraph 3 of Schedule 4 (*Mandatory                Cost formulae*)                including (but not limited to) transferring its rights and obligations                under the Finance Documents to another Affiliate or Facility                Office. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph                (a) above does not in any way limit the obligations of any Obligor                under                the Finance Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | **Limitation                of liability** |
|------|--------------------------------------------|

|   | (a) | The                Borrower shall indemnify each Finance Party for all costs and expenses                reasonably incurred by that Finance Party as a result of steps taken                by it                under Clause 15.1                (*Mitigation*). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A                Finance Party is not obliged to take any steps under Clause 15.1                (*Mitigation*)                if, in the opinion of that Finance Party (acting reasonably), to                do so                might be prejudicial to it. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | **COSTS                AND EXPENSES** |
|-----|---------------------------------------|

| 16.1 | **Transaction                expenses** |
|------|-----------------------------------------|

|   | (a) | this                Agreement and any other documents referred to in this Agreement and                the                Transaction Security; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                other Finance Documents executed after the date of this                Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------|

----

| 16.2 | **Amendment                costs** |
|------|------------------------------------|

*Change      of currency*

| 16.3 | **Enforcement                and preservation costs** |
|------|-------------------------------------------------------|

| 16.4 | **Security                Agent's ongoing costs** |
|------|---------------------------------------------------|

|   | (a) | In                the event of (i) a Default or (ii) the Security Agent (acting reasonably)                considering it necessary or expedient or (iii) the Security Agent                being                requested by an Obligor or the Lender to undertake duties which the                Security Agent and the Borrower agree to be of an exceptional nature                and/or outside the scope of the normal duties of the Security Agent                under                the Finance Documents, the Borrower shall pay to the Security Agent                any                additional remuneration that may be agreed between                them. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  the Security Agent and the Borrower fail to agree upon the nature                  of the                  duties or upon any additional remuneration, that dispute shall                  be                  determined by an investment bank (acting as an expert and not as                  an                  arbitrator) selected by the Security Agent and approved by the                  Borrower                  or, failing approval, nominated (on the application of the Security                  Agent)                  by the president for the time being of the Institute of Chartered                  Accountants in England and Wales (the costs of the nomination and                  of the                  investment bank being payable by the Agent) and the determination                  of any                  investment bank shall be final and binding upon the parties to                  this                  Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      7**

**GUARANTEE**

| 17. | **GUARANTEE                AND INDEMNITY** |
|-----|--------------------------------------------|

| 17.1 | **Guarantee                and indemnity**** ** |
|------|------------------------------------------------------|

|   | (a) | guarantees                to each Finance Party punctual performance by the Borrower of all                the                Borrower's obligations under the Finance Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | undertakes                with each Finance Party that whenever the Borrower does not pay any                amount                when due under or in connection with any Finance Document, the Guarantor                shall immediately on demand pay that amount as if it was the principal                obligor; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | indemnifies                each Finance Party immediately on demand against any cost, loss or                liability suffered by that Finance Party if any obligation guaranteed                by                it is or becomes unenforceable, invalid or illegal. The amount of                the                cost, loss or liability shall be equal to the amount which that Finance                Party would otherwise have been entitled to recover pursuant to such                obligation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | **Continuing                guarantee** |
|------|-----------------------------------------|

| 17.3 | **Reinstatement** |
|------|-------------------|

|   | (a) | the                liability of each Obligor shall continue as if the payment, discharge,                avoidance or reduction had not occurred;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each                Finance Party shall be entitled to recover the value or amount of                that                Security or payment from each Obligor, as if the payment, discharge,                avoidance or reduction had not                occurred. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | **Waiver                of defences** |
|------|---------------------------------------|

|   | (a) | any                time, waiver or consent granted to, or composition with, the Borrower                or                other person; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                release of the Borrower or any other person under the terms of any                composition or arrangement with any creditor of any member of the                Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the                taking, variation, compromise, exchange, renewal or release of, or                refusal                or neglect to perfect, take up or enforce, any rights against, or                security                over assets of, the Borrower or other person or any non-presentation                or                non-observance of any formality or other requirement in respect of                any                instrument or any failure to realise the full value of any                security; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any                incapacity or lack of power, authority or legal personality of or                dissolution or change in the members or status of the Borrower or                any                other person; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any                amendment (however fundamental) or replacement of a Finance Document                or                any other document or security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any                unenforceability, illegality or invalidity of any obligation of any                person                under any Finance Document or any other document or security;                or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any                insolvency or similar proceedings. |
|--------|-----|-------------------------------------------------------|

| 17.5 | **Immediate                recourse** |
|------|---------------------------------------|

| 17.6 | **Appropriations** |
|------|--------------------|

|   | (a) | refrain                from applying or enforcing any other moneys, security or rights held                or                received by that Finance Party (or any trustee or agent on its behalf)                in                respect of those amounts, or apply and enforce the same in such manner                and                order as it sees fit (whether against those amounts or otherwise)                and the                Guarantor shall not be entitled to the benefit of the same; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | hold                in an interest-bearing suspense account any moneys received from                the                Guarantor or on account of the Guarantor's liability under this Clause                17. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7 | **Deferral                of Guarantor's rights** |
|------|---------------------------------------------------|

|   | (a) | to                be indemnified by the Borrower; |
|--------|-----|---------------------------------------------------|

|   | (b) | to                claim any contribution from any other guarantor of the Borrower's                obligations under the Finance Documents;                and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to                take the benefit (in whole or in part and whether by way of subrogation                or                otherwise) of any rights of the Finance Parties under the Finance                Documents or of any other guarantee or security taken pursuant to,                or in                connection with, the Finance Documents by any Finance                Party. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.8 | **Additional                security** |
|------|----------------------------------------|

----

**SECTION      8**

**REPRESENTATIONS,      UNDERTAKINGS AND EVENTS OF DEFAULT**

| 18. | **REPRESENTATIONS** |
|-----|---------------------|

| 18.1 | **Status** |
|------|------------|

|   | (a) | It                is a corporation, duly incorporated and validly existing under the                law of                its jurisdiction of incorporation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It                and, in the case of the Borrower, each of its Subsidiaries has the                power                to own its assets and carry on its business as it is being                conducted. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | **Binding                obligations** |
|------|----------------------------------------|

*Conditions      of Utilisation*

| 18.3 | **Non-conflict                with other obligations** |
|------|--------------------------------------------------------|

|   | (a) | any                law or regulation applicable to it; |
|--------|-----|--------------------------------------------------------|

|   | (b) | its                or, in the case of the Borrower, any of its Subsidiaries' constitutional                documents; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                agreement or instrument binding upon it or, in the case of the Borrower,                any of its Subsidiaries or any of its or, in the case of the Borrower,                any                of its Subsidiaries' assets in a manner or to an extent which could                result                in a liability for any of the Finance                Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4 | **Power                and authority** |
|------|----------------------------------------|

| 18.5 | **Validity                and admissibility in                evidence** |
|------|--------------------------------------------------------------------------|

|   | (a) | All                Authorisations required or                desirable: |
|--------|-----|-------------------------------------------------------------------------|

|   | (i) | to                enable it lawfully to enter into, exercise its rights and comply                with its                obligations in the Finance Documents to which it is a party;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | to                make the Finance Documents to which it is a party admissible in evidence                in its jurisdiction of                incorporation, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All                Authorisations necessary for the conduct of the business, trade and                ordinary activities of members of the Group have been obtained or                effected                and are in full force and effect where failure to obtain or effect                those                Authorisations would reasonably be expected to have a Material Adverse                Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each                of the Licences has been issued to the respective Material Companies                exclusively and each of the Material Companies has the exclusive                right to                benefit from, use and enjoy the rights associated with the Licence                issued                to it and each Licence is in full force and effect and no notice                of                revocation, cancellation or withdrawal thereof has been given by                any                relevant person and neither of the Material Companies is in breach                of any                of their respective obligations under the Licence issued to it. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                execution of, the exercise of rights and the performance by any member                of                the Group of its obligations under any of the Finance Documents will                not                conflict with, breach or cause any default under any of the                Licences. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.6 | **Governing                law and enforcement** |
|------|--------------------------------------------------|

|   | (a) | The                choice of English law as the governing law of the Finance Documents                (other                than the Security Documents listed as being Security Documents in                paragraph 4 of Schedule 2) will be recognised and enforced in its                jurisdiction of incorporation except (i) to the extent that any term                of                the Finance Documents (other than the Security Documents listed as                being                Security Documents in paragraph 4 of Schedule 2) or any provision                of                English law applicable to the Finance Documents (other than the Security                Documents listed as being Security Documents in paragraph 4 of Schedule                2)                is manifestly incompatible with the public policy of the jurisdiction                of                incorporation of such Obligor, and (ii) that a court in the jurisdiction                of incorporation of an Obligor may give effect to mandatory rules                of the                laws of the jurisdiction of incorporation of such Obligor or of another                jurisdiction, with which the situation has a close connection, if                and                insofar as, under the laws of the jurisdiction of incorporation of                the                Obligor or that other jurisdiction, those rules must be applied                irrespective of the choice of English law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                judgment obtained in England in relation to a Finance Document (other                than                the Security Documents listed as being Security Documents in Paragraph                4                of Schedule 2) will be recognised and enforced in its jurisdiction                of                incorporation (subject to the provisions of the EC Regulation on                Jurisdiction and the Recognition and Enforcement of Judgments in                Civil and                Commercial Matters, of 22 December 2000, as amended from time to                time). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.7 | **Deduction                of Tax** |
|------|-------------------------------------|

----

| 18.8 | **No                filing or stamp taxes** |
|------|---------------------------------------------|

| 18.9 | **No                default** |
|------|-------------------------------|

|   | (a) | No                Event of Default is continuing or might reasonably be expected to                result                from the making of any Utilisation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No                other event or circumstance is outstanding which constitutes a default                under any other agreement or instrument which is binding on it or,                in the                case of the Borrower, any of its Subsidiaries or any of to which                its (or,                in the case of the Borrower, any of its Subsidiaries') assets are                subject                which would reasonably be expected to have a Material Adverse                Effect. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.10 | **No                misleading information** |
|-------|----------------------------------------------|

| 18.11 | **Financial                statements** |
|-------|-----------------------------------------|

|   | (a) | Its                Original Financial Statements were prepared (i) in accordance with                GAAP                consistently applied in the case of the audited consolidated financial                statements of the Borrower and the audited consolidated financial                statements of CME Ltd.; and (ii) in accordance with SAS in the case                of the                audited consolidated and unaudited unconsolidated financial statements                of                the Borrower. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Its                Original Financial Statements fairly represent its financial condition                and                operations (consolidated in the case of the Guarantor) during the                relevant                financial year. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | There                has been no material adverse change in its business or financial                condition                (or the business or consolidated financial condition of the Group,                in the                case of the Guarantor) since the date of the Original Financial                Statements. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.12 | **Pari                passu ranking** |
|-------|---------------------------------------|

| 18.13 | **No                proceedings pending or                threatened** |
|-------|------------------------------------------------------------------------|

----

| 18.14 | **Environmental                compliance** |
|-------|---------------------------------------------|

| 18.15 | **Environmental                Claims** |
|-------|-----------------------------------------|

| 18.16 | **Insolvency** |
|-------|----------------|

|   | (a) | corporate                action, legal proceeding or other procedure or step described in                paragraph                (a) of Clause 22.7                (*Insolvency                proceedings*);                or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | creditors'                process described in Clause 22.8                (*Creditors'                process*), |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

*Insolvency*

| 18.17 | **Good                title to assets** |
|-------|-----------------------------------------|

| 18.18 | **Security                and Financial Indebtedness** |
|-------|--------------------------------------------------------|

|   | (a) | Save                for Permitted Security, no Security or Quasi-Security exists over                all or                any of the |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | present                or future assets of the Borrower or any of its Subsidiaries;                or |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (ii) | shares                held by the Guarantor in any of its                Subsidiaries. |
|--------|------|----------------------------------------------------------------------------------------|

|   | (b) | Save                for Permitted Financial Indebtedness, neither the Borrower nor any                of its                Subsidiaries has any Financial Indebtedness                outstanding. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.19 | **Ranking** |
|-------|-------------|

*pari      passu*

----

| 18.20 | **Legal                and beneficial ownership** |
|-------|---------------------------------------------------|

| 18.21 | **Ownership                of shares** |
|-------|----------------------------------------|

|   | (a) | CME                Ltd directly owns 100% of the fully diluted issued share capital                of                Central European Media Enterprises                N.V.; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Central                European Media Enterprises N.V. indirectly owns 100% and directly                owns                100% minus one share of the fully diluted issued share capital of                the                Guarantor; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Central                European Media Enterprises N.V. directly owns 100% of Central European                Media Enterprises II B.V. which owns one share of the issued share                capital                of the Guarantor; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                Guarantor directly owns 100% of the fully diluted issued share capital                of                the Borrower; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                Borrower directly owns 100% of the fully diluted issued share capital                of                each of the Material Companies. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.22 | **Shares** |
|-------|------------|

| 18.23 | **Repetition** |
|-------|----------------|

| 19. | **INFORMATION                UNDERTAKINGS** |
|-----|---------------------------------------------|

| 19.1 | **Financial                statements** |
|------|-----------------------------------------|

----

|   | (a) | as                soon as the same become available, but in any event within 90 days                after                the end of each of its financial                years: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its                audited consolidated financial statements for that financial year                prepared                in accordance with GAAP; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | its                unaudited unconsolidated financial statements for that financial                year                prepared in accordance with SAS;                and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                audited consolidated financial statements of CME Ltd. for that financial                year prepared in accordance with GAAP; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as                soon as the same become available, but in any event within 180 days                after                the end of each of its financial years, its audited consolidated                financial                statements for that financial year prepared in accordance with SAS;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | as                soon as the same become available, but in any event within 40 days                after                the end of each quarter (other than any quarter ending on 31 December                in                any year) of each of its financial                years: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its                consolidated financial statements for that period prepared in accordance                with GAAP; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                consolidated financial statements of CME Ltd. for that period prepared                in                accordance with GAAP. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | **Compliance                Certificate** |
|------|-------------------------------------------|

|   | (a) | The                Borrower shall supply to the Agent, with each set of financial statements                delivered pursuant to paragraph (a)(i) or (c)(i) of Clause 19.1                (*Financial                statements*),                a Compliance Certificate setting out (in reasonable detail) computations                as to compliance with Clause 20                (*Financial                covenants*)                as at the date as at which those financial statements were drawn                up. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                Compliance Certificate shall be signed by two directors of the                Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

| 19.3 | **Requirements                as to financial statements** |
|------|------------------------------------------------------------|

|   | (a) | Each                set of financial statements delivered by the Borrower pursuant to                Clause 19.1                (*Financial                statements*)                shall be certified by a director of the relevant company as fairly                representing its financial condition as at the date as at which those                financial statements were drawn up. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Borrower shall procure that each set of consolidated financial statements                of the Borrower and CME Ltd. delivered pursuant to Clause 19.1                (*Financial                statements*)                is prepared using GAAP. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Borrower shall notify the Agent of any change in GAAP, or the accounting                practices or reference periods that would affect the calculation                of the                financial covenants in Clause 20 (*Financial                Covenants*)                and the Borrower (or, if appropriate, the auditors of an Obligor)                shall                deliver to the Agent sufficient information, in form and substance                as may                be reasonably required by the Agent, to enable the Lenders to determine                whether Clause 20                (*Financial                covenants*)                has been complied with and make an accurate comparison between the                financial position indicated in those financial statements and that                Obligor's Original Financial                Statements. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.4 | **Information:                miscellaneous** |
|------|-----------------------------------------------|

|   | (a) | promptly                upon becoming aware of them, the details of any litigation, arbitration                or                administrative proceedings which are current, threatened or pending                against any member of the Group, and which might, if adversely determined,                have a Material Adverse Effect; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly,                any material notices or communications under or in relation to the                Licences which could result in a revocation, suspension or withdrawal                of                any License; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | promptly,                such further information regarding the financial condition, business                and                operations of any member of the Group as any Finance Party (through                the                Agent) may reasonably request; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | promptly,                such information as the Security Agent may reasonably require about                the                Charged Property and compliance of the Obligors with the terms of                any                Security Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.5 | **Notification                of default** |
|------|--------------------------------------------|

|   | (a) | Each                Obligor shall notify the Agent of any Default (and the steps, if                any,                being taken to remedy it) promptly upon becoming aware of its occurrence                (unless that Obligor is aware that a notification has already been                provided by another Obligor). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Promptly                upon a request by the Agent, the Borrower shall supply to the Agent                a                certificate signed by two of its directors or senior officers on                its                behalf certifying that no Default is continuing (or if a Default                is                continuing, specifying the Default and the steps, if any, being taken                to                remedy it). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.6 | **"Know                your customer" checks** |
|------|------------------------------------------------|

|   | (a) | If: |
|--------|-----|-----|

|   | (i) | the                introduction of or any change in (or in the interpretation, administration                or application of) any law or regulation made after the date of this                Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                change in the status of an Obligor or the composition of the shareholders                of an Obligor after the date of this Agreement; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a                proposed assignment or transfer by a Lender of any of its rights                and                obligations under this Agreement to a party that is not a Lender                prior to                such assignment or transfer, |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Each                Lender shall promptly upon the request of the Agent supply, or procure                the                supply of, such documentation and other evidence as is reasonably                requested by the Agent (for itself) in order for the Agent to carry                out                and be satisfied it has complied with all necessary "know your customer"                or other similar checks under all applicable laws and regulations                pursuant                to the transactions contemplated in the Finance Documents.  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | **FINANCIAL                CONVENANTS** |
|-----|-----------------------------------------|

| 20.1 | **Financial                definitions** |
|------|------------------------------------------|

**Available      Cash**

**Broadcasting      Cash Flow**

|   | (a) | the                station operating expenses of the Borrower (but excluding charges                for                program rights amortisation) during that Relevant Period;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | cash                paid for program rights during that Relevant                Period. |
|--------|-----|-----------------------------------------------------------------------------------------|

**Debt**

**Financial      Quarter**

**Interest      Cover**

**Net      Debt**

**Quarter      Date**

----

**Relevant      Period**

**Total      Interest Expenses**

| 20.2 | **Financial                condition**** ** |
|------|--------------------------------------------------|

|   | (a) | The                ratio of consolidated Net Debt on each Quarter Date set out in Column                1                below to Broadcasting Cash Flow in respect of the Relevant Period                ending                on such Quarter Date shall not exceed the ratio set out in Column                2 below                opposite such date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Quarter                  Date**                          | **Ratio**  |
|-----------------------------------------------------------------|-----------------|
| 31                  March 2005                             | 3.50       |
| 30                  June 2005                              | 3.50       |
| 30                  September 2005                         | 3.50       |
| 31                  December 2005                          | 3.50       |
| 31                  March 2006                             | 3.25       |
| 30                  June 2006                              | 3.25       |
| 30                  September 2006                         | 3.25       |
| 31                  December 2006                          | 3.25       |
| Each                  Quarter Date after 31 December 2006  | 3.00       |

|   | (b) | consolidated                Interest Cover for each Relevant Period shall be not less than                4:1. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 20.3 | **Financial                testing**** ** |
|------|------------------------------------------------|

*Financial      condition*
*Compliance      Certificate*

| 21. | **GENERAL                UNDERTAKING** |
|-----|----------------------------------------|

----

| 21.1 | **Authorisations** |
|------|--------------------|

|   | (i) | obtain,                comply with and do all that is necessary to maintain in full force                and                effect; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | supply                certified copies to the Agent of, |
|--------|------|---------------------------------------------------------|

|   | (b) | notify                the Bank of Slovenia (*Banka                Slovenije*)                of the conclusion of this Agreement and of each Utilisation, Reduction                Instalment or repayment under this Agreement to the extent required                under                Art. 53/I of the Slovenian Foreign Exchange Law and the Resolution                on                notification obligations adopted by the Bank of Slovenia (*Banka                Slovenije*)                under the Slovenian Foreign Exchange Law. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | **Compliance                with laws** |
|------|-----------------------------------------|

| 21.3 | **Negative                pledge** |
|------|------------------------------------|

|   | (a) | Except                as permitted under paragraph (d) below, (i) neither the Borrower                nor any                of its Subsidiaries shall (and the Guarantor shall ensure that none                of                them will) create or permit to subsist any Security over any of its                assets; and (ii) the Guarantor shall not create or permit to subsist                any                Security over (a) any of the shares it holds in CME Romania B.V.                if the                aggregate Financial Indebtedness secured by such Security exceeds                EUR                30,000,000 at any time; or (b) any intercompany loans made by it                to any of                its Subsidiaries or its Holding Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Guarantor shall not sell, transfer or otherwise dispose of any of                the                shares it holds in any of its Subsidiaries to third parties on terms                whereby they are or may be re-acquired by an Obligor or any other                member                of the Group. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Neither                the Borrower nor any of its Subsidiaries will (and the Guarantor                shall                ensure that none of them will): |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | sell,                transfer or otherwise dispose of any of its assets on terms whereby                they                are or may be leased to or re-acquired by an Obligor or any other                member                of the Group; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | sell,                transfer or otherwise dispose of any of its receivables on recourse                terms; |
|--------|------|----------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | enter                into any arrangement under which money or the benefit of a bank or                other                account may be applied, set-off or made subject to a combination                of                accounts; or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | enter                into any other preferential arrangement having a similar                effect, |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | (d) | Paragraphs                (a), (b) and (c) above do not apply to: |
|--------|-----|-------------------------------------------------------------------|

|   | (i) | any                netting or set-off arrangement entered into by any member of the                Group in                the ordinary course of its banking arrangements for the purpose of                netting                debit and credit balances; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                lien arising by operation of law and in the ordinary course of                trading; |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (iii) | any                Security over or affecting (or transaction ("**Quasi-Security**")                described in paragraph (c) above affecting) any asset acquired by                a member                of the Group after the date of this Agreement                if: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the                Security or Quasi-Security was not created in contemplation of the                acquisition of that asset by a member of the                Group; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the                principal amount secured has not been increased in contemplation                of, or                since the acquisition of that asset by a member of the Group;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | the                Security or Quasi-Security is removed or discharged within three                months of                the date of acquisition of such                asset; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                Security or Quasi-Security over or affecting any asset of any company                which becomes a member of the Group after the date of this Agreement,                where the Security or Quasi-Security is created prior to the date                on which                that company becomes a member of the Group,                if: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the                Security or Quasi-Security was not created in contemplation of the                acquisition of that company; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the                principal amount secured has not increased in contemplation of or                since                the acquisition of that company;                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | the                Security or Quasi-Security is removed or discharged within three                months of                that company becoming a member of the Group;                or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any                Permitted Security. |
|--------|-----|----------------------------------------|

| 21.4 | **Disposals** |
|------|---------------|

|   | (a) | The                Borrower and the Material Companies shall not (and the Guarantor                shall                ensure that none of them will) enter into a single transaction or                a series                of transactions (whether related or not and whether voluntary or                involuntary) to sell, lease, transfer or otherwise dispose of any                asset. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Paragraph                (a) above does not apply to any sale, lease, transfer or other disposal: |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (i) | made                in the ordinary course of trading of the disposing entity on arm's                length                terms; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | of                assets (other than shares, businesses, or any of the Licences) in                exchange                for other assets comparable or superior as to type, value and quality;                or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | where                the higher of the market value and consideration receivable (when                aggregated with the higher of the market value and consideration                receivable for any other sale, lease, licence, transfer or other                disposal,                other than any permitted under sub-clauses (i) and (ii) above) does                not                exceed EUR 500,000 (or its equivalent in another currency or currencies)                in any financial year. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.5 | **Merger** |
|------|------------|

| 21.6 | **Change                of business** |
|------|---------------------------------------|

| 21.7 | **Maintenance                of Licences** |
|------|--------------------------------------------|

| 21.8 | **Insurance** |
|------|---------------|

| 21.9 | **Environmental                Compliance** |
|------|---------------------------------------------|

----

| 21.10 | **Environmental                Claims** |
|-------|-----------------------------------------|

|   | (a) | if                any Environmental Claim has been commenced or (to the best of the                Borrower's knowledge and belief) is threatened against it or any                of its                Subsidiaries; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | of                any facts or circumstances which will or are reasonably likely to                result                in any Environmental Claim being commenced or threatened against                it or any                of its Subsidiaries, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.11 | **Taxation** |
|-------|--------------|

| 21.12 | **Acquisitions** |
|-------|------------------|

|   | (i) | acquire                any company or any shares or securities or a business or undertaking                (or,                in each case, any interest in any of them) that is outside of the                CME                Group; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | incorporate                a company. |
|--------|------|---------------------------------------|

| 21.13 | **Financial                Indebtedness** |
|-------|-------------------------------------------|

| 21.14 | **Loans                and Guarantees**** ** |
|-------|---------------------------------------------------|

*Purpose*

| 21.15 | **Cash                and Cash Equivalent                Investments** |
|-------|------------------------------------------------------------------------|

----

| 21.16 | **Arm's                length basis** |
|-------|---------------------------------------|

| 21.17 | **Pari                passu ranking** |
|-------|---------------------------------------|

*pari      passu*

| 21.18 | **No                change of ownership or                control** |
|-------|---------------------------------------------------------------------|

| 21.19 | **Further                assurance** |
|-------|--------------------------------------|

|   | (a) | Each                Obligor shall (and the Obligors shall procure that each member of                the                Group will) promptly do all such acts or execute all such documents                (including assignments, transfers, mortgages, charges, notices and                instructions) as the Security Agent may reasonably specify (and in                such                form as the Security Agent may reasonably require in favour of the                Security Agent or its nominee(s)): |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to                perfect the Security created or intended to be created under or evidenced                by the Security Documents (which may include the execution of a mortgage,                charge, assignment or other Security over all or any of the assets                which                are, or are intended to be, the subject of the Transaction Security)                or                for the exercise of any rights, powers and remedies of the Security                Agent                or the Finance Parties provided by or pursuant to the Finance Documents                or                by law; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to                confer on the Security Agent or confer on the Finance Parties Security                over bank accounts and intra-group indebtedness of the Borrower and                the                Material Companies located in any jurisdiction equivalent or similar                to                the Security intended to be conferred by or pursuant to the Security                Documents; and/or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to                facilitate the realisation of the assets which are, or are intended                to be,                the subject of the Transaction                Security. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                Obligor shall (and the Obligors shall procure that each member of                the                Group shall) take all such action as is available to it (including                making                all filings and registrations) as may be necessary for the purpose                of the                creation, perfection, protection or maintenance of any Security conferred                or intended to be conferred on the Security Agent or the Finance                Parties                by or pursuant to the Finance                Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22. | **E****VENTS                OF DEFAULTS** |
|-----|-------------------------------------------|

| 22.1 | **Non-payment** |
|------|-----------------|

| 22.2 | **Financial                covenants****and other obligations** |
|------|-----------------------------------------------------------------|

|   | (a) | Any                requirement of Clause 20                (*Financial                covenants*)                is not satisfied. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An                Obligor does not comply with any provision of any Security                Document. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 22.3 | **Other                obligations** |
|------|--------------------------------------|

|   | (a) | An                Obligor does not comply with any provision of the Finance Documents                (other                than those referred to in Clause 22.1                (*Non-payment*)                and Clause 22.2                (*Financial                covenants and other obligations*)). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No                Event of Default under paragraph (a) above will occur if the failure                to                comply is capable of remedy and is remedied within 15 Business Days                of the                Agent giving notice to the relevant Obligor or an Obligor becoming                aware                of the failure to comply. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4 | **Misrepresentation** |
|------|-----------------------|

| 22.5 | **Cross                default** |
|------|----------------------------------|

|   | (a) | Any                Financial Indebtedness of any member of the Group is not paid when                due nor                within any originally applicable grace                period. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                Financial Indebtedness of any member of the Group is declared to                be or                otherwise becomes due and payable prior to its specified maturity                as a                result of an event of default (however                described). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any                event of default (however described) occurs under the                Indenture. |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (d) | Any                commitment for any Financial Indebtedness of any member of the Group                is                cancelled or suspended by a creditor of any member of the Group as                a                result of an event of default (however                described). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any                creditor of any member of the Group becomes entitled to declare any                Financial Indebtedness of any member of the Group due and payable                prior to                its specified maturity as a result of an event of default (however                described). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | No                Event of Default will occur under this Clause 22.5                if                the aggregate amount of Financial Indebtedness or commitment for                Financial                Indebtedness falling within paragraphs (a) to (e) above is less than                USD 25,000,000 (or its equivalent in any other currency or                currencies). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.6 | **Insolvency** |
|------|----------------|

|   | (a) | A                member of the Group is unable or admits inability to pay its debts                as they                fall due, suspends making payments on any of its debts or, by reason                of                actual or anticipated financial difficulties, commences negotiations                with                one or more of its creditors with a view to rescheduling any of its                indebtedness. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                value of the assets of any member of the Group is less than its                liabilities (taking into account contingent and prospective                liabilities). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                moratorium is declared in respect of any indebtedness of any member                of the                Group. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

| 22.7 | **Insolvency                proceedings** |
|------|-------------------------------------------|

|   | (a) | the                suspension of payments, a moratorium of any indebtedness, winding-up,                dissolution, administration or reorganisation (by way of voluntary                arrangement, scheme of arrangement or otherwise) of any member of                the                Group other than a solvent liquidation or reorganisation of any member                of                the Group which is not an Obligor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a                composition, compromise, assignment or arrangement with any creditor                of                any member of the Group; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                appointment of a liquidator (other than in respect of a solvent                liquidation of a member of the Group which is not an Obligor), receiver,                administrative receiver, administrator, compulsory manager or other                similar officer in respect of any member of the Group or any of its                assets; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | enforcement                of any Security over any assets of any member of the                Group, |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 22.8 | **Creditors'                process** |
|------|---------------------------------------|

| 22.9 | **Unlawfulness** |
|------|------------------|

| 22.10 | **Repudiation** |
|-------|-----------------|

----

| 22.11 | **Material                adverse change** |
|-------|--------------------------------------------|

| 22.12 | **Contracts,                Licences and Insurance** |
|-------|------------------------------------------------------|

|   | (a) | Any                contract which is material to the business operations of the Borrower                or                any of the Material Companies is (whether in whole or in part) terminated,                suspended, withdrawn, revoked or cancelled (including, without limiting                the generality of the foregoing, declared illegal or unenforceable                or                nullified by a decision of an administrative court) or otherwise                expires                and is not renewed prior to its expiration or otherwise ceases to                be in                full force and effect and such termination, suspension, withdrawal,                revocation cancellation, expiry or cessation is reasonably likely                to have                a Material Adverse Effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                of the Licences is (whether in whole or in part) terminated, suspended,                withdrawn, revoked or cancelled (including, without limiting the                generality of the foregoing, declared illegal or unenforceable or                nullified by a decision of an administrative court) or otherwise                expires                and is not renewed prior to its expiration or otherwise ceases to                be in                full force and effect; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                event occurs which is reasonably likely to give rise to such termination,                suspension, withdrawal, revocation, cancellation, expiry or cessation                (being a termination, suspension, withdrawal, revocation, cancellation,                expiry or cessation which would or is reasonably likely to have a                Material                Adverse Effect) in circumstances where the Borrower is unable to                demonstrate to the reasonable satisfaction of the Lenders within                30                (thirty) days of such event occurring that such termination, suspension,                withdrawal, revocation, cancellation, expiry or cessation will not                occur                or that it is taking steps (agreed with the Agent) to mitigate the                risk of                such termination, suspension, withdrawal, revocation, cancellation,                expiry                or cessation; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any                term of any contract which is material to the business operations                of the                Borrower or any of the Material Companies, or any of the Licences                or any                insurance maintained in accordance with Clause 21.8                (*Insurance*)                is amended, supplemented, superseded or waived in a manner which                individually or cumulatively would or is reasonably likely to have                a                Material Adverse Effect, without the prior written consent of the                Agent                (acting upon the instruction of the Majority                Lenders). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.13 | **Acceleration** |
|-------|------------------|

|   | (a) | cancel                the Total Commitments whereupon they shall immediately be                cancelled; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (b) | declare                that all or part of the Loans, together with accrued interest, and                all                other amounts accrued or outstanding under the Finance Documents                be                immediately due and payable, whereupon they shall become immediately                due                and payable; and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | declare                that all or part of the Loans be payable on demand, whereupon they                shall                immediately become payable on demand by the Agent on the instructions                of                the Majority Lenders;  |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | exercise                or direct the Security Agent to exercise any or all of its rights,                remedies, powers or discretions under the Finance                Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      9**

**CHANGES      TO PARTIES**

| 23. | **C****HANGES                TO LENDERS** |
|-----|-------------------------------------------|

| 23.1 | **Assignments                and transfers by the                Lenders** |
|------|----------------------------------------------------------------------------|

**Existing      Lender**

|   | (a) | assign                any of its rights; or |
|--------|-----|---------------------------------------------|

|   | (b) | transfer                by novation any of its rights and                obligations, |
|--------|-----|---------------------------------------------------------------------------------------|

**New      Lender**
**provided      that**

| 23.2 | **Conditions                of assignment or transfer** |
|------|---------------------------------------------------------|

|   | (a) | An                assignment will only be effective                on: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | receipt                by the Agent of written confirmation from the New Lender (in form                and                substance satisfactory to the Agent) that the New Lender will assume                the                same obligations to the other Finance Parties as it would have been                under                if it was an Original Lender; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | performance                by the Agent of all "know your customer" or other checks relating                to any                person that it is required to carry out in relation to such assignment                to                a New Lender, the completion of which the Agent shall promptly notify                to                the Existing Lender and the New Lender. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A                transfer will only be effective if the procedure set out in Clause                23.5                (*Procedure                for transfer*)                is complied with. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If: |
|--------|-----|-----|

|   | (i) | a                Lender assigns or transfers any of its rights or obligations under                the                Finance Documents or changes its Facility Office;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as                a result of circumstances existing at the date the assignment, transfer                or                change occurs, an Obligor would be obliged to make a payment to the                New                Lender or Lender acting through its new Facility Office under Clause                12                (*Tax                gross-up and indemnities*)                or Clause 13                (*Increased                costs*), |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                parties to this Agreement agree that in the case of a transfer or                assignment of any rights and/or obligations of any Lender under this                Agreement to a third party (whether such transfer or assignment shall                qualify, under the applicable law as novation (*novacija*)                or not), the Transaction Security shall not lapse, but shall continue                to                secure such transferred or assigned or novated rights and/or                obligations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.3 | **Assignment                or transfer fee** |
|------|-----------------------------------------------|

| 23.4 | **Limitation                of responsibility of Existing                Lenders** |
|------|------------------------------------------------------------------------------------|

|   | (a) | Unless                expressly agreed to the contrary, an Existing Lender makes no                representation or warranty and assumes no responsibility to a New                Lender                for: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                legality, validity, effectiveness, adequacy or enforceability of                the                Finance Documents or any other                documents; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                financial condition of any Obligor; |
|--------|------|--------------------------------------------------------|

|   | (iii) | the                performance and observance by any Obligor of its obligations under                the                Finance Documents or any other documents;                or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                accuracy of any statements (whether written or oral) made in or in                connection with any Finance Document or any other                document, |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                New Lender confirms to the Existing Lender and the other Finance                Parties                that it: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | has                made (and shall continue to make) its own independent investigation                and                assessment of the financial condition and affairs of each Obligor                and its                related entities in connection with its participation in this Agreement                and has not relied exclusively on any information provided to it                by the                Existing Lender in connection with any Finance Document;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will                continue to make its own independent appraisal of the creditworthiness                of                each Obligor and its related entities whilst any amount is or may                be                outstanding under the Finance Documents or any Commitment is in                force. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Nothing                in any Finance Document obliges an Existing Lender                to: |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (i) | accept                a re-transfer from a New Lender of any of the rights and obligations                assigned or transferred under this Clause 23;                or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | support                any losses directly or indirectly incurred by the New Lender by reason                of                the non-performance by any Obligor of its obligations under the Finance                Documents or otherwise. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.5 | **Procedure                for transfer** |
|------|-------------------------------------------|

|   | (a) | Subject                to the conditions set out in Clause 23.2                (*Conditions                of assignment or transfer*)                a                transfer is effected in accordance with paragraph (c)                below when the Agent executes an otherwise duly completed Transfer                Certificate delivered to it by the Existing Lender and the New Lender.                The                Agent shall, subject to paragraph (b) below, as soon as reasonably                practicable after receipt by it of a duly completed Transfer Certificate                appearing on its face to comply with the terms of this Agreement                and                delivered in accordance with the terms of this Agreement, execute                that                Transfer Certificate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The                Agent shall only be obliged to execute a Transfer Certificate delivered                to                it by the Existing Lender and the New Lender once it is satisfied                it has                complied with all necessary "know your customer" or other similar                checks                under all applicable laws and regulations in relation to the transfer                to                such New Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On                the Transfer Date: |
|--------|-----|--------------------------------------|

|   | (i) | to                the extent that in the Transfer Certificate the Existing Lender seeks                to                transfer by novation its rights and obligations under the Finance                Documents each of the Obligors and the Existing Lender shall be released                from further obligations towards one another under the Finance Documents                and their respective rights against one another under the Finance                Documents shall be cancelled (being the "**Discharged                Rights and Obligations**"); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each                of the Obligors and the New Lender shall assume obligations towards                one                another and/or acquire rights against one another which differ from                the                Discharged Rights and Obligations only insofar as that Obligor and                the New                Lender have assumed and/or acquired the same in place of that Obligor                and                the Existing Lender; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                Agent, the Arranger, the Security Agent, the New Lender and other                Lenders                shall acquire the same rights and assume the same obligations between                themselves as they would have acquired and assumed had the New Lender                been                an Original Lender with the rights and/or obligations acquired or                assumed                by it as a result of the transfer and to that extent the Agent, the                Arranger, the Security Agent and the Existing Lender shall each be                released from further obligations to each other under the Finance                Documents; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                New Lender shall become a Party as a                "Lender". |
|--------|------|----------------------------------------------------------------------------------|

| 23.6 | **Copy                of Transfer Certificate to                Borrower** |
|------|----------------------------------------------------------------------------|

| 23.7 | **Disclosure                of information** |
|------|----------------------------------------------|

|   | (a) | to                (or through) whom that Lender assigns or transfers (or may potentially                assign or transfer) all or any of its rights and obligations under                this                Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with                (or through) whom that Lender enters into (or may potentially enter                into)                any sub-participation in relation to, or any other transaction under                which                payments are to be made by reference to, this Agreement or any Obligor;                or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | to                whom, and to the extent that, information is required to be disclosed                by                any applicable law or regulation, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | **CHANGES                TO OBLIGORS** |
|-----|----------------------------------------|

----

**SECTION      10**

**THE      FINANCE PARTIES**

| 25. | **ROLE                OF THE AGENT AND THE                ARRANGER** |
|-----|----------------------------------------------------------------------|

| 25.1 | **Appointment                of the Agent** |
|------|---------------------------------------------|

|   | (a) | Each                other Finance Party appoints the Agent to act as its agent under                and in                connection with the Finance                Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                other Finance Party authorises the Agent to exercise the rights,                powers,                authorities and discretions specifically given to the Agent under                or in                connection with the Finance Documents together with any other incidental                rights, powers, authorities and                discretions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.2 | **Duties                of the Agent** |
|------|----------------------------------------|

|   | (a) | The                Agent shall promptly forward to a Party the original or a copy of                any                document which is delivered to the Agent for that Party by any other                Party. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except                where a Finance Document specifically provides otherwise, the Agent                is not                obliged to review or check the adequacy, accuracy or completeness                of any                document it forwards to another                Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                the Agent receives notice from a Party referring to this Agreement,                describing a Default and stating that the circumstance described                is a                Default, it shall promptly notify the other Finance                Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If                the Agent is aware of the non-payment of any principal, interest,                commitment fee or other fee payable to a Finance Party (other than                the                Agent, the Arranger or the Security Agent) under this Agreement it                shall                promptly notify the other Finance                Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Agent's duties under the Finance Documents are solely mechanical                and                administrative in nature. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.3 | **Role                of the Arranger** |
|------|-----------------------------------------|

| 25.4 | **No                fiduciary duties** |
|------|----------------------------------------|

|   | (a) | Nothing                in this Agreement constitutes the Agent or the Arranger as a trustee                or                fiduciary of any other person. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | None                of the Agent, the Security Agent and the Arranger shall be bound                to                account to any Lender for any sum or the profit element of any sum                received by it for its own account. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.5 | **Business                with the Group** |
|------|--------------------------------------------|

----

| 25.6 | **Rights                and discretions of the                Agent** |
|------|-----------------------------------------------------------------------|

|   | (a) | The                Agent may rely on: |
|--------|-----|---------------------------------------|

|   | (i) | any                representation, notice or document believed by it to be genuine,                correct                and appropriately authorised; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                statement made by a director, authorised signatory or employee of                any                person regarding any matters which may reasonably be assumed to be                within                his knowledge or within his power to                verify. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Agent may assume (unless it has received notice to the contrary in                its                capacity as agent for the Lenders)                that: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no                Default has occurred (unless it has actual knowledge of a Default                arising                under Clause 22.1                (*Non-payment*)); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                right, power, authority or discretion vested in any Party or the                Majority                Lenders has not been exercised; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any                notice or request made by the Borrower (other than a Utilisation                Request)                is made on behalf of and with the consent and knowledge of the                Guarantor. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Agent may engage, pay for and rely on the advice or services of any                lawyers, accountants, surveyors or other                experts. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                Agent may act in relation to the Finance Documents through its personnel                and agents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Agent may disclose to any other Party any information it reasonably                believes it has received as agent under this                Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Notwithstanding                any other provision of any Finance Document to the contrary, neither                the                Agent nor the Arranger is obliged to do or omit to do anything if                it would                or might in its reasonable opinion constitute a breach of any law                or                regulation or a breach of a fiduciary duty or duty of                confidentiality. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7 | **Majority                Lenders' instructions** |
|------|---------------------------------------------------|

|   | (a) | Unless                a contrary indication appears in a Finance Document, the Agent shall                (i)                exercise any right, power, authority or discretion vested in it as                Agent                in accordance with any instructions given to it by the Majority Lenders                (or, if so instructed by the Majority Lenders, refrain from exercising                any                right, power, authority or discretion vested in it as Agent) and                (ii) not                be liable for any act (or                omission) if it acts (or refrains from taking any action) in accordance                with an instruction of the Majority                Lenders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Unless                  a contrary indication appears in a Finance Document, any instructions                  given by the Majority Lenders will be binding on all the Finance                  Parties                  other than the Security Agent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The                  Agent may refrain from acting in accordance with the instructions                  of the                  Majority Lenders (or, if appropriate, the Lenders) until it has                  received                  such security as it may require for any cost, loss or liability                  (together                  with any associated VAT) which it may incur in complying with the                  instructions. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In                  the absence of instructions from the Majority Lenders, (or, if                  appropriate, the Lenders) the Agent may act (or refrain from taking                  action) as it considers to be in the best interest of the                  Lenders. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                  Agent is not authorised to act on behalf of a Lender (without first                  obtaining that Lender's consent) in any legal or arbitration proceedings                  relating to any Finance Document.                  This paragraph (e) shall not apply to any legal or arbitration                  proceeding                  relating to the perfection, preservation or protection of rights                  under the                  Security Documents or enforcement of the Security or Security                  Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.8 | **Responsibility                for documentation****.** |
|------|----------------------------------------------------------|

|   | (a) | is                responsible for the adequacy, accuracy and/or completeness of any                information (whether oral or written) supplied by the Agent, the                Arranger,                an Obligor or any other person given in or in connection with any                Finance                Document; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | is                responsible for the legality, validity, effectiveness, adequacy or                enforceability of any Finance Document or the Transaction Security                or any                other agreement, arrangement or document entered into, made or executed                in                anticipation of or in connection with any Finance Document or the                Transaction Security. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.9 | **Exclusion                of liability** |
|------|-------------------------------------------|

|   | (a) | Without                limiting paragraph (b) below, the Agent will not be liable for any                action                taken by it under or in connection with any Finance Document or the                Transaction Security, unless directly caused by its gross negligence                or                wilful misconduct. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No                Party (other than the Agent) may take any proceedings against any                officer,                employee or agent of the Agent in respect of any claim it might have                against the Agent or in respect of any act or omission of any kind                by that                officer, employee or agent in relation to any Finance Document and                any                officer, employee or agent of the Agent may rely on this                Clause. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Agent will not be liable for any delay (or any related consequences)                in                crediting an account with an amount required under the Finance Documents                to be paid by the Agent if the Agent has taken all necessary steps                as soon                as reasonably practicable to comply with the regulations or operating                procedures of any recognised clearing or settlement system used by                the                Agent for that purpose. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Nothing                in this Agreement shall oblige the Agent or the Arranger to carry                out any                "know your customer" or other checks in relation to any person on                behalf                of any Lender and each Lender confirms to the Agent and the Arranger                that                it is solely responsible for any such checks it is required to carry                out                and that it may not rely on any statement in relation to such checks                made                by the Agent or the Arranger. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.10 | **Lenders'                indemnity to the Agent****and the Security Agent** |
|-------|------------------------------------------------------------------------------|

| 25.11 | **Resignation                of the Agent** |
|-------|---------------------------------------------|

|   | (a) | The                Agent may resign and appoint one of its Affiliates as successor by                giving                notice to the other Finance Parties and the                Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively                the Agent may resign by giving notice to the other Finance Parties                and the                Borrower, in which case the Majority Lenders (after consultation                with the                Borrower) may appoint a successor                Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                the Majority Lenders have not appointed a successor Agent in accordance                with paragraph (b) above within 30 days after notice of resignation                was                given, the Agent (after consultation with the Borrower) may appoint                a                successor Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                retiring Agent shall, at its own cost, make available to the successor                Agent such documents and records and provide such assistance as the                successor Agent may reasonably request for the purposes of performing                its                functions as Agent under the Finance                Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Agent's resignation notice shall only take effect upon the appointment                of                a successor. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Upon                the appointment of a successor, the retiring Agent shall be discharged                from any further obligation in respect of the Finance Documents but                shall                remain entitled to the benefit of this Clause 25.                Its successor and each of the other Parties shall have the same rights                and                obligations amongst themselves as they would have had if such successor                had been an original Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | After                consultation with the Borrower, the Majority Lenders may, by notice                to the                Agent, require it to resign in accordance with paragraph (b) above.                In                this event, the Agent shall resign in accordance with paragraph (b)                above. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12 | **Confidentiality** |
|-------|---------------------|

|   | (a) | In                acting as agent for the Finance Parties, the Agent shall be regarded                as                acting through its agency division which shall be treated as a separate                entity from any other of its divisions or                departments. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If                information is received by another division or department of the                Agent, it                may be treated as confidential to that division or department and                the                Agent shall not be deemed to have notice of                it. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.13 | **Relationship                with the Lenders** |
|-------|--------------------------------------------------|

|   | (a) | The                Agent may treat each Lender as a Lender, entitled to payments under                this                Agreement and acting through its Facility Office unless it has received                not less than five Business Days prior notice from that Lender to                the                contrary in accordance with the terms of this                Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                Lender shall supply the Agent with any information required by the                Agent                in order to calculate the Mandatory Cost in accordance with Schedule                4                (*Mandatory                Cost formulae*). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each                Lender shall supply the Agent with any information that the Security                Agent                may reasonably specify (through the Agent) as being necessary or                desirable                to enable the Security Agent to perform its functions as Security                Agent.                Each Lender shall deal with the Security Agent exclusively through                the                Agent and shall not deal directly with the Security                Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.14 | **Credit                appraisal by the Lenders** |
|-------|----------------------------------------------------|

|   | (a) | the                financial condition, status and nature of each member of the                Group; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (b) | the                legality, validity, effectiveness, adequacy or enforceability of                any                Finance Document and Transaction Security and any other agreement,                arrangement or document entered into, made or executed in anticipation                of,                under or in connection with any Finance Document or the Transaction                Security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | whether                that Lender has recourse, and the nature and extent of that recourse,                against any Party or any of its respective assets under or in connection                with any Finance Document, the Transaction Security or the transactions                contemplated by the Finance Documents or any other agreement, arrangement                or document entered into, made or executed in anticipation of, under                or in                connection with any Finance                Document; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                adequacy, accuracy and/or completeness of any information provided                by the                Agent, any Party or by any other person under or in connection with                any                Finance Document, the transactions contemplated by the Finance Documents                or any other agreement, arrangement or document entered into, made                or                executed in anticipation of, under or in connection with any Finance                Document; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                right or title of any person in or to, or the value or sufficiency                of any                part of the Transaction Security, the priority of any of the Transaction                Security or the existence of any security affecting the Secured                Assets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.15 | **Reference                  Banks** |
|-------|--------------------------------------|

| 25.16 | **Agent's                Management Time** |
|-------|--------------------------------------------|

*Indemnity      to the Agent*
*Costs      and expenses*
*Lenders'      indemnity to the Agent and the Security Agent*
*Fees*

| 25.17 | **Deduction                from amounts payable by the                Agent** |
|-------|-------------------------------------------------------------------------------|

| 26. | **ROLE                OF SECURITY AGENT** |
|-----|-------------------------------------------|

| 26.1 | **Trust** |
|------|-----------|

| 26.2 | **No                Independent Power** |
|------|-----------------------------------------|

----

| 26.3 | **Security                Agent's Instructions** |
|------|--------------------------------------------------|

|   | (a) | unless                a contrary indication appears in a Finance Document, act in accordance                with any instructions given to it by the Agent and shall be entitled                to                assume that (i) any instructions received by it from the Agent are                duly                given by or on behalf of the Majority Lenders or, as the case may                be, the                Lenders in accordance with the terms of the Finance Documents and                (ii)                unless it has received actual notice of revocation that any instructions                or directions given by the Agent have not been                revoked; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be                entitled to request instructions, or clarification of any direction,                from                the Agent as to whether, and in what manner, it should exercise or                refrain                from exercising any rights, powers and discretions and the Security                Agent                may refrain from acting unless and until those instructions or                clarification are received by it;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | be                entitled to carry out all dealings with the Lenders through the Agent                and                may give to the Agent any notice or other communication required                to be                given by the Security Agent to the                Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.4 | **Security                Agent's Actions** |
|------|---------------------------------------------|

|   | (a) | the                Security Agent may, in the absence of any instructions to the contrary,                take such action in the exercise of any of its powers and duties                under the                Finance Documents which in its absolute discretion it considers to                be for                the protection and benefit of all the Finance Parties;                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at                any time after receipt by the Security Agent of notice from the Agent                (acting on instructions of the Majority Lenders) directing the Security                Agent to exercise all or any of the rights, remedies, powers or                discretions of the Finance Parties under any of the Finance Documents,                the                Security Agent may, and shall if so directed by the Agent (acting                on                instructions of the Majority Lenders), take any action as in its                sole                discretion it thinks fit to enforce the Transaction                Security. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.5 | **Security                Agent's discretions** |
|------|-------------------------------------------------|

|   | (a) | assume                (unless it has received actual notice to the contrary in its capacity                as                Security Agent for the Finance Parties) that (i) no Default has occurred                and no Obligor is in breach of or default under its obligations under                any                of the Finance Documents and (ii) any right, power, authority or                discretion vested in any person has not been                exercised; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                it receives any instructions or directions from the Agent to take                any                action in relation to the Transaction Security, assume that all applicable                conditions under the Finance Documents for taking that action have                been                satisfied; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | engage,                pay for and rely on the advice or services of any lawyers, accountants,                surveyors or other experts (whether obtained by the Security Agent                or by                any other Finance Party) whose advice or services may at any time                seem                necessary, expedient or desirable; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | rely                upon any communication or document believed by it to be genuine and,                as to                any matters of fact which might reasonably be expected to be within                the                knowledge of a Finance Party or an Obligor, upon a certificate signed                by                or on behalf of that person; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | refrain                from acting in accordance with the instructions of the Agent or Lenders                (including bringing any legal action or proceeding arising out of                or in                connection with the Finance Documents) until it has received any                indemnification and/or security that it may in its absolute discretion                require (whether by way of payment in advance or otherwise) for all                costs,                losses and liabilities which it may incur in bringing such action                or                proceedings. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.6 | **Security                Agent's Obligations** |
|------|-------------------------------------------------|

|   | (a) | the                contents of any notice or document received by it in its capacity                as                Security Agent from any Obligor under any Finance Document;                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                occurrence of any Default or any default by an Obligor in the due                performance of or compliance with its obligations under any Finance                Document of which the Security Agent has received notice from any                other                party to this **Agreement.** |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.7 | **Excluded                Obligations** |
|------|-----------------------------------------|

|   | (a) | be                bound to enquire as to the occurrence or otherwise of any Default                or the                performance, default or any breach by an Obligor of its obligations                under                any of the Finance Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be                bound to account to any other Party for any sum or the profit element                of                any sum received by it for its own                account; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | be                bound to disclose to any other person (including any Finance Party)                (i)                any confidential information or (ii) any other information if disclosure                would, or might in its reasonable opinion, constitute a breach of                any law                or be a breach of fiduciary duty; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | be                under any obligations other than those which are specifically provided                for                in the Finance Documents; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | have                or be deemed to have any duty, obligation or responsibility to, or                relationship of trust or agency with, any                Obligor. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 26.8 | **Exclusion                of Security Agent's                liability** |
|------|---------------------------------------------------------------------------|

|   | (a) | the                adequacy, accuracy and/or completeness of any information supplied                by the                Security Agent or any other person in connection with the Finance                Documents or the transactions contemplated in the Finance Documents,                or                any other agreement, arrangement or document entered into, made or                executed in anticipation of, under or in connection with the Finance                Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                legality, validity, effectiveness, adequacy or enforceability of                any                Finance Document or the Transaction Security or any other agreement,                arrangement or document entered into, made or executed in anticipation                of,                under or in connection with any Finance Document or the Transaction                Security; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                losses to any person or any liability arising as a result of taking                or                refraining from taking any action in relation to any of the Finance                Documents or the Transaction Security or otherwise, whether in accordance                with an instruction from the Agent or otherwise; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                exercise of, or the failure to exercise, any judgment, discretion                or power                given to it by or in connection with any of the Finance Documents,                the                Transaction Security or any other agreement, arrangement or document                entered into, made or executed in anticipation of, under or in connection                with the Finance Documents or the Transaction Security;                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any                shortfall which arises on the enforcement of the Transaction                Security. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

| 26.9 | **Own                responsibility** |
|------|---------------------------------------|

|   | (a) | the                financial condition, creditworthiness, condition, affairs, status                and                nature of each of the Obligors; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                legality, validity, effectiveness, adequacy and enforceability of                each of                the Finance Documents and the Transaction Security and any other                agreement, arrangement or document entered into, made or executed                in                anticipation of, under or in connection with the Finance Documents                or the                Transaction Security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | whether                that Finance Party has recourse, and the nature and extent of that                recourse, against any Obligor or any other person or any of their                respective assets under or in connection with the Finance Documents,                the                transactions contemplated in the Finance Documents or any other agreement,                arrangement or document entered into, made or executed in anticipation                of,                under to or in connection with the Finance Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | the                adequacy, accuracy and/or completeness of any information provided                by any                person in connection with the Finance Documents, the transactions                contemplated in the Finance Documents or any other agreement, arrangement                or document entered into, made or executed in anticipation of, under                or in                connection with the Finance Documents;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                right or title of any person in or to, or the value or sufficiency                of any                part of the Charged Property, the priority of any of the Transaction                Security or the existence of any security interest affecting the                Charged                Property, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | and                each Finance Party warrants to the Security Agent that it has not                relied                on and will not at any time rely on the Security Agent in respect                of any                of these matters. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.10 | **No                responsibility to perfect Transaction                Security** |
|-------|-------------------------------------------------------------------------------------|

|   | (a) | require                the deposit with it of any deed or document certifying, representing                or                constituting the title of any Obligor to any of the Charged                Property; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | obtain                any licence, consent or other authority for the execution, delivery,                legality, validity, enforceability or admissibility in evidence of                any of                the Finance Documents or the Transaction                Security; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | register,                file or record or otherwise protect any of the Transaction Security                (or                the priority of any of the Transaction Security) under any applicable                laws                in any jurisdiction or to give notice to any person of the execution                of                any of the Finance Documents or of the Transaction                Security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | take,                or to require any of the Obligors to take, any steps to perfect its                title                to any of the Charged Property or to render the Transaction Security                effective or to secure the creation of any ancillary security interest                under the laws of any jurisdiction;                or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | require                any further assurances in relation to any of the Security                Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

| 26.11 | **Insurance                by Security Agent** |
|-------|------------------------------------------------|

|   | (a) | The                Security Agent shall not be under any obligation to insure any of                the                Charged Property, to require any other person to maintain any insurance                or                to verify any obligation to arrange or maintain insurance contained                in the                Finance Documents. The Security Agent shall not be responsible for                any                loss which may be suffered by any person as a result of the lack                of or                inadequacy of any such insurance. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Where                the Security Agent is named on any insurance policy as an insured                party,                it shall not be responsible for any loss which may be suffered by                reason                of, directly or indirectly, its failure to notify the insurers of                any                material fact relating to the risk assumed by the insurers or any                other                information of any kind, unless any Finance Party has requested it                to do                so in writing and the Security Agent has failed to do so within fourteen                days after receipt of that request. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 26.12 | **Custodians                and Nominees** |
|-------|--------------------------------------------|

| 26.13 | **Acceptance                of Title** |
|-------|----------------------------------------|

| 26.14 | **Refrain                from Illegality** |
|-------|--------------------------------------------|

| 26.15 | **Business                with the Obligors** |
|-------|-----------------------------------------------|

| 26.16 | **Releases** |
|-------|--------------|

|   | (a) | pursuant                to the enforcement of the Transaction Security by a Receiver or the                Security Agent; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if                that disposal is permitted under the Finance Documents, |
|--------|-----|---------------------------------------------------------------------------|

| 26.17 | **Winding                up of Trust** |
|-------|----------------------------------------|

----

| 26.18 | **Perpetuity                Period** |
|-------|--------------------------------------|

| 26.19 | **Powers                Supplemental** |
|-------|----------------------------------------|

| 26.20 | **Trustee                division separate** |
|-------|----------------------------------------------|

| 26.21 | **Disapplication** |
|-------|--------------------|

| 26.22 | **Resignation                of Security Agent** |
|-------|--------------------------------------------------|

|   | (a) | The                Security Agent may resign and appoint one of its Affiliates as successor                by giving notice to the other Parties (or to the Agent on behalf                of the                Lenders). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively                the Security Agent may resign by giving notice to the other Parties                (or to                the Agent on behalf of the Lenders) in which case the Majority Lenders                may                appoint a successor Security Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                the Majority Lenders have not appointed a successor Security Agent                in                accordance with paragraph (b) above within 30 days after the notice                of                resignation was given, the Security Agent (after consultation with                the                Agent) may appoint a successor Security                Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                retiring Security Agent shall, at its own cost, make available to                the                successor Security Agent such documents and records and provide such                assistance as the successor Security Agent may reasonably request                for the                purposes of performing its functions as Security Agent under the                Finance                Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Security Agent's resignation notice shall only take effect upon (i)                the                appointment of a successor and (ii) the transfer of all of the Transaction                Security held by the Security Agent to that                successor. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | Upon                the appointment of a successor, the retiring Security Agent shall                be                discharged from any further obligation in respect of the Finance                Documents                but shall remain entitled to the benefit of Clauses 25 (*Role                of the Agent and the Arranger*)                and this Clause 26 (*Role                of Security Agent*).                Its successor and each of the other Parties shall have the same rights                and                obligations amongst themselves as they would have had if such successor                had been an original Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The                Majority Lenders may, by notice to the Security Agent, require it                to                resign in accordance with paragraph (b) above. In this event, the                Security                Agent shall resign in accordance with paragraph (b)                above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.23 | **Delegation** |
|-------|----------------|

|   | (a) | The                Security Agent may, at any time, delegate by power of attorney or                otherwise to any person for any period, all or any of the rights,                powers                and discretions vested in it by any of the Finance                Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                delegation may be made upon any terms and conditions (including the                power                to sub-delegate) and subject to any restrictions as the Security                Agent may                think fit in the interests of the Finance Parties and it shall not                be                bound to supervise, or be in any way responsible for any loss incurred                by                reason of any misconduct or default on the part of any delegate or                sub-delegate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.24 | **Additional                agents** |
|-------|--------------------------------------|

|   | (a) | The                Security Agent may at any time appoint (and subsequently remove)                any                person to act as a separate trustee or as a co-trustee jointly with                it (i)                if it considers that appointment to be in the interests of the Finance                Parties or (ii) for the purposes of conforming to any legal requirements,                restrictions or conditions which the Security Agent deems to be relevant                or (iii) for obtaining or enforcing any judgment in any jurisdiction,                and                the Security Agent shall give prior notice to the Borrower and the                Agent                of that appointment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                person so appointed shall have the rights, powers and discretions                (not                exceeding those conferred on the Security Agent by this Agreement)                and the                duties and obligations that are conferred or imposed by the instrument                of                appointment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                remuneration that the Security Agent may pay to any person, and any                costs                and expenses incurred by that person in performing its functions                pursuant                to that appointment shall, for the purposes of this Agreement, be                treated                as costs and expenses incurred by the Security                Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.25 | **Manner                of enforcement waiver** |
|-------|-------------------------------------------------|

*Application      of Proceeds*

----

| 27. | **CONDUCT                OF BUSINESS BY THE FINANCE                PARTIES** |
|-----|------------------------------------------------------------------------------|

|   | (a) | interfere                with the right of any Finance Party to arrange its affairs (tax or                otherwise) in whatever manner it thinks                fit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | oblige                any Finance Party to investigate or claim any credit, relief, remission                or                repayment available to it or the extent, order and manner of any                claim;                or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | oblige                any Finance Party to disclose any information relating to its affairs                (tax                or otherwise) or any computations in respect of                Tax. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | **SHARING                AMONG THE FINANCE PARTIES** |
|-----|------------------------------------------------------|

| 28.1 | **Payments                to****Finance                Parties** |
|------|------------------------------------------------------------------|

**Recovering      Finance Party**
*Payment      mechanics*

|   | (a) | the                Recovering Finance Party shall, within three Business Days, notify                details                of the receipt or recovery, to the                Agent; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Agent shall determine whether the receipt or recovery is in excess                of the                amount the Recovering Finance Party would have been paid had the                receipt                or recovery been received or made by the Agent and distributed in                accordance with Clause 29                (*Payment                mechanics*),                without taking account of any Tax which would be imposed on the Agent                in                relation to the receipt, recovery or distribution;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                Recovering Finance Party shall, within three Business Days of demand                by                the Agent, pay to the Agent an amount (the "**Sharing                Payment**")                equal to such receipt or recovery less any amount which the Agent                determines may be retained by the Recovering Finance Party as its                share of                any payment to be made, in accordance with Clause 29.5                (*Partial                payments*). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | **Redistribution                of payments** |
|------|-----------------------------------------------|

*Partial      payments*

| 28.3 | **Recovering                Finance Party's rights** |
|------|------------------------------------------------------|

|   | (a) | On                a distribution by the Agent under Clause 28.2                (*Redistribution                of payments*),                the Recovering Finance Party will be subrogated to the rights of                the                Finance Parties which have shared in the redistribution. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                and to the extent that the Recovering Finance Party is not able to                rely on                its rights under paragraph (a) above, the relevant Obligor shall                be liable                to the Recovering Finance Party for a debt equal to the Sharing Payment                which is immediately due and                payable. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28.4 | **Reversal                of redistribution** |
|------|-----------------------------------------------|

|   | (a) | each                Lender which has received a share of the relevant Sharing Payment                pursuant                to Clause 28.2                (*Redistribution                of payments*)                shall, upon request of the Agent, pay to the Agent for account of                that                Recovering Finance Party an amount equal to the appropriate part                of its                share of the Sharing Payment (together with an amount as is necessary                to                reimburse that Recovering Finance Party for its proportion of any                interest                on the Sharing Payment which that Recovering Finance Party is required                to                pay); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                Recovering Finance Party's rights of subrogation in respect of any                reimbursement shall be cancelled and the relevant Obligor will be                liable                to the reimbursing Finance Party for the amount so                reimbursed. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.5 | **Exceptions** |
|------|----------------|

|   | (a) | This                Clause 28                shall not apply to the extent that the Recovering Finance Party would                not,                after making any payment pursuant to this Clause, have a valid and                enforceable claim against the relevant                Obligor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A                Recovering Finance Party is not obliged to share with any other Finance                Party any amount which the Recovering Finance Party has received                or                recovered as a result of taking legal or arbitration proceedings,                if: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | it                notified that other Finance Party of the legal or arbitration proceedings;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | that                other Finance Party had an opportunity to participate in those legal                or                arbitration proceedings but did not do so as soon as reasonably                practicable having received notice and did not take separate legal                or                arbitration proceedings. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SECTION      11**

**ADMINISTRATION**

| 29. | **PAYMENT                MECHANICS** |
|-----|--------------------------------------|

| 29.1 | **Payments                to the Agent** |
|------|------------------------------------------|

|   | (a) | On                each date on which an Obligor or a Lender is required to make a payment                under a Finance Document, that Obligor or Lender shall make the same                available to the Agent (unless a contrary indication appears in a                Finance                Document) for value on the due date at the time and in such funds                specified by the Agent as being customary at the time for settlement                of                transactions in the relevant currency in the place of                payment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Payment                shall be made to such account in the principal financial centre of                the                country of that currency (or, in relation to euro, in a principal                financial centre in a Participating Member State or London) with                such bank                as the Agent specifies. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.2 | **Distributions                by the Agent** |
|------|-----------------------------------------------|

*Distributions      to an Obligor*
*Clawback*
*Deduction      from amounts payable by the Agent*

| 29.3 | **Distributions                to an Obligor** |
|------|------------------------------------------------|

*Set-off*

| 29.4 | **Clawback** |
|------|--------------|

|   | (a) | Where                a sum is to be paid to the Agent under the Finance Documents for                another                Party, the Agent is not obliged to pay that sum to that other Party                (or to                enter into or perform any related exchange contract) until it has                been                able to establish to its satisfaction that it has actually received                that                sum. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                the Agent pays an amount to another Party and it proves to be the                case                that the Agent had not actually received that amount, then the Party                to                whom that amount (or the proceeds of any related exchange contract)                was                paid by the Agent shall on demand refund the same to the Agent together                with interest on that amount from the date of payment to the date                of                receipt by the Agent, calculated by the Agent to reflect its cost                of                funds. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 29.5 | **Partial                payments** |
|------|-------------------------------------|

|   | (a) | If                the Agent receives a payment that is insufficient to discharge all                the                amounts then due and payable by an Obligor under the Finance Documents,                the Agent shall apply that payment towards the obligations of that                Obligor                under the Finance Documents in the following                order: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | **first**,                in or towards payment pro rata of any unpaid fees, costs and expenses                of                the Agent, the Security Agent and the Arranger under the Finance                Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | **secondly**,                in or towards payment pro rata of any accrued interest, fee or commission                due but unpaid under this                Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | **thirdly**,                in or towards payment pro rata of any principal due but unpaid under                this                Agreement; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | **fourthly**,                in or towards payment pro rata of any other sum due but unpaid under                the                Finance Documents. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Agent shall, if so directed by the Majority Lenders, vary the order                set                out in paragraphs (a)(ii) to (iv)                above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Paragraphs                (a) and (b) above will override any appropriation made by an                Obligor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 29.6 | **No                set-off by Obligors** |
|------|-------------------------------------------|

| 29.7 | **Business                Days** |
|------|----------------------------------|

|   | (a) | Any                payment which is due to be made on a day that is not a Business Day                shall                be made on the next Business Day in the same calendar month (if there                is                one) or the preceding Business Day (if there is                not). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | During                any extension of the due date for payment of any principal or Unpaid                Sum                under this Agreement interest is payable on the principal or Unpaid                Sum at                the rate payable on the original due                date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.8 | **Currency                  of account** |
|------|------------------------------------------|

|   | (a) | Subject                to paragraphs (b) and (c) below euro is the currency of account and                payment for any sum from an Obligor under any Finance                Document. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each                payment in respect of costs, expenses or Taxes shall be made in the                currency in which the costs, expenses or Taxes are                incurred. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any                amount expressed to be payable in a currency other than euro shall                be paid                in that other currency. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 29.9 | **Change                of currency** |
|------|---------------------------------------|

|   | (a) | Unless                otherwise prohibited by law, if more than one currency or currency                unit                are at the same time recognised by the central bank of any country                as the                lawful currency of that country,                then: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any                reference in the Finance Documents to, and any obligations arising                under                the Finance Documents in, the currency of that country shall be translated                into, or paid in, the currency or currency unit of that country designated                by the Agent (after consultation with the Borrower);                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                translation from one currency or currency unit to another shall be                at the                official rate of exchange recognised by the central bank for the                conversion of that currency or currency unit into the other, rounded                up or                down by the Agent (acting                reasonably). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                a change in any currency of a country occurs, this Agreement will,                to the                extent the Agent (acting reasonably and after consultation with the                Borrower) specifies to be necessary, be amended to comply with any                generally accepted conventions and market practice in the Relevant                Interbank Market and otherwise to reflect the change in                currency. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | **SET-OFF** |
|-----|-------------|

| 31. | **APPLICATION                OF PROCEEDS** |
|-----|--------------------------------------------|

| 31.1 | **Order                of Application** |
|------|-----------------------------------------|

|   | (a) | in                discharging any sums owing to the Security Agent (in its capacity                as                trustee), any Receiver or any                Delegate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                payment to the Agent, on behalf of the Finance Parties, for application                towards the discharge of all sums due and payable by any Obligor                under any                of the Finance Documents in accordance with Clause 29.5                (*Partial                Payments*); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if                none of the Obligors is under any further actual or contingent liability                under any Finance Document, in payment to any person to whom the                Security                Agent is obliged by law to pay in priority to any Obligor;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                balance, if any, in payment to the relevant                Obligor. |
|--------|-----|----------------------------------------------------------------------------------------|

----

| 31.2 | **Investment                of Proceeds** |
|------|-------------------------------------------|

*Order      of Application*

| 31.3 | **Currency                Conversion** |
|------|----------------------------------------|

|   | (a) | For                the purpose of or pending the discharge of any of the Secured Obligations                the Security Agent may convert any moneys received or recovered by                the                Security Agent from one currency to another, at the spot rate at                which the                Security Agent is able to purchase the currency in which the Secured                Obligations are due with the amount received. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                obligations of any Obligor to pay in the due currency shall only                be                satisfied to the extent of the amount of the due currency purchased                after                deducting the costs of conversion. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.4 | **Permitted                Deductions** |
|------|-----------------------------------------|

| 31.5 | **Discharge                of Secured Obligations** |
|------|-----------------------------------------------------|

|   | (a) | Any                payment to be made in respect of the Secured Obligations by the Security                Agent may be made to the Agent on behalf of the Lenders and that                payment                shall be a good discharge to the extent of that payment, by the Security                Agent.  |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Security Agent is under no obligation to make payment to the Agent                in the                same currency as that in which any Unpaid Sum is denominated. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.6 | **Sums                received by Obligors** |
|------|----------------------------------------------|

| 32. | **NOTICES** |
|-----|-------------|

| 32.1 | **Communications                in writing** |
|------|----------------------------------------------|

----

| 32.2 | **Addresses** |
|------|---------------|

|   | (a) | in                the case of each original lender, the Borrower and the Guarantor,                that                identified with each of their names                below; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                the case of each Lender, that notified in writing to the Agent on                or prior                to the date on which it becomes a Party;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in                the case of the Agent or the Security Agent, that identified with                its name                below, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 32.3 | **Delivery** |
|------|--------------|

|   | (a) | Any                communication or document made or delivered by one person to another                under                or in connection with the Finance Documents will only be                effective: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if                by way of fax, when received in legible form;                or |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | if                by way of letter, when it has been left at the relevant address or                two                Business Days after being couriered by a recognised overnight delivery                service in an envelope addressed to it at that                address, |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Addresses*

|   | (b) | Any                communication or document to be made or delivered to the Agent or                the                Security Agent will be effective only when actually received by the                Agent                or the Security Agent and then only if it is expressly marked for                the                attention of the department or officer identified with the Agent's                or                Security Agent's signature below (or any substitute department or                officer                as the Agent or Security Agent shall specify for this                purpose). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | All                notices from or to an Obligor shall be sent through the                Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------|

| 32.4 | **Notification                of address and fax number** |
|------|-----------------------------------------------------------|

*Addresses*

----

| 32.5 | **Electronic                communication** |
|------|---------------------------------------------|

|   | (a) | Any                communication to be made between the Agent or the Security Agent                and a                Lender under or in connection with the Finance Documents may be made                by                electronic mail or other electronic means, if the Agent, the Security                Agent and the relevant Lender: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | agree                that, unless and until notified to the contrary, this is to be an                accepted                form of communication; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | notify                each other in writing of their electronic mail address and/or any                other                information required to enable the sending and receipt of information                by                that means; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | notify                each other of any change to their address or any other such information                supplied by them. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                electronic communication made between the Agent and a Lender or the                Security Agent will be effective only when actually received in readable                form and in the case of any electronic communication made by a Lender                to                the Agent or the Security Agent only if it is addressed in such a                manner                as the Agent or the Security Agent respectively shall specify for                this                purpose. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.6 | **English                language** |
|------|-------------------------------------|

|   | (a) | Any                notice given under or in connection with any Finance Document must                be in                English. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All                other documents provided under or in connection with any Finance                Document                must be: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in                English; or |
|--------|-----|-------------------------------|

|   | (ii) | if                not in English, and if so required by the Agent, accompanied by a                certified English translation and, in this case, the English translation                will prevail unless the document is a constitutional, statutory or                other                official document. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33. | **CALCULATIONS                AND CERTIFICATES** |
|-----|--------------------------------------------------|

| 33.1 | **Accounts** |
|------|--------------|

*prima      facie*

| 33.2 | **Certificates                and Determinations** |
|------|----------------------------------------------------|

| 33.3 | **Day                count convention** |
|------|-----------------------------------------|

----

| 34. | **PARTIAL                INVALIDITY** |
|-----|---------------------------------------|

| 35. | **REMEDIES                AND WAIVERS** |
|-----|-----------------------------------------|

| 36. | **AMENDMENTS                AND WAIVERS** |
|-----|-------------------------------------------|

| 36.1 | **Required                consents** |
|------|--------------------------------------|

|   | (a) | Subject                to Clause 36.2                (*Exceptions*)                any term of the Finance Documents may be amended or waived only with                the                consent of the Majority Lenders and the Obligors and any such amendment                or                waiver will be binding on all                Parties. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Agent may effect, on behalf of any Finance Party, any amendment or                waiver                permitted by this Clause. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36.2 | **Exceptions** |
|------|----------------|

|   | (a) | An                amendment or waiver that has the effect of changing or which relates                to: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (i) | the                definition of "Majority Lenders" in Clause 1.1                (Definitions); |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (ii) | an                extension to the date of payment of any amount under the Finance                Documents; |
|--------|------|--------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                nature or scope of the Charged Property or the manner in which the                proceeds of enforcement of the Transaction Security are distributed; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the                release of any Transaction Security unless permitted under this Agreement                or any other Finance Document or relating to a sale or disposal of                an                asset which is the subject of the Transaction Security where such                sale or                disposal is expressly permitted under this Agreement or any other                Finance                Document; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a                reduction in the Margin or a reduction in the amount of any payment                of                principal, interest, fees or commission                payable; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | an                increase in or an extension of any                Commitment; |
|--------|------|---------------------------------------------------------------------------------|

|   | (vii) | a                change to the Borrower or                Guarantor; |
|--------|-------|----------------------------------------------------------------------|

----

|   | (viii) | any                provision which expressly requires the consent of all the Lenders;                or |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | (ix) | Clause                2.2                (*Finance                Parties' rights and obligations*),                Clause 23                (*Changes                to the Lenders*)                or this Clause 36. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An                amendment or waiver which relates to the rights or obligations of                the                Agent, the Arranger or the Security Agent may not be effected without                the                consent of the Agent, Arranger or Security Agent                respectively. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37. | **COUNTERPARTS** |
|-----|------------------|

----

**SECTION      12**

**GOVERNING      LAW AND ENFORCEMENT**

| 38. | **GOVERNING                LAW** |
|-----|----------------------------------|

| 39. | **ENFORCEMENT** |
|-----|-----------------|

| 39.1 | **Jurisdiction** |
|------|------------------|

|   | (a) | The                courts of England have exclusive jurisdiction to settle any dispute                arising out of or in connection with this Agreement (including a                dispute                regarding the existence, validity or termination of this Agreement)                (a                "**Dispute**"). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Parties agree that the courts of England are the most appropriate                and                convenient courts to settle Disputes and accordingly no Party will                argue                to the contrary. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This                Clause 39.1                is                for the benefit of the Finance Parties only. As a result, no Finance                Party                shall be prevented from taking proceedings relating to a Dispute                in any                other courts with jurisdiction. To the extent allowed by law, the                Finance                Parties may take concurrent proceedings in any number of                jurisdictions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.2 | **Service                of process** |
|------|---------------------------------------|

|   | (a) | irrevocably                appoints CME Development Corporation (UK branch) as its agent for                service                of process in relation to any proceedings before the English courts                in                connection with any Finance Document;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agrees                that failure by an agent for service of process to notify the relevant                Obligor of the process will not invalidate the proceedings                concerned. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**This      Agreement has been entered into on the date stated at the beginning of this      Agreement.**

----

**SCHEDULE      1**

**The      Original **
**Lenders**

| **Name                of Original Lender**                | **Commitment**                     |
|----------------------------------------------------------------|-----------------------------------------|
| ING                Bank N.V.                              | €                17,500,000  |
| Nova                Ljubljanska banka d.d. Ljubljana      | €                10,000,000  |
| Bank                Austria Creditanstalt d.d. Ljubljana  | €                10,000,000  |

----

**SCHEDULE      2**

**Conditions      precedent**

**Conditions      precedent to initial Utilisation**

| 1. | **Obligors** |
|----|--------------|

|   | (a) | A                copy of the constitutional documents of each Obligor and court registry                abstracts for each Obligor incorporated in Slovenia dated not more                than                one day prior to the date of this                Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A                copy of a resolution of the board of directors of the Guarantor and                the                general assembly of the Borrower: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | approving                the terms of, and the transactions contemplated by, the Finance Documents                to which it is a party and resolving that it execute the Finance                Documents                to which it is a party; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | authorising                a specified person or persons to execute the Finance Documents to                which it                is a party on its behalf; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | authorising                a specified person or persons, on its behalf, to sign and/or despatch                all                documents and notices (including, if relevant, any Utilisation Request)                to                be signed and/or despatched by it under or in connection with the                Finance                Documents to which it is a party. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A                specimen of the signature of each person authorised by the resolution                referred to in paragraph (b) above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A                copy of a resolution signed by all the holders of the issued shares                in the                Guarantor, approving the terms of, and the transactions contemplated                by,                the Finance Documents to which the Guarantor is a                party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | A                certificate of each Obligor (signed by a director) confirming that                borrowing or guaranteeing, as appropriate, the Total Commitments                would not                cause any borrowing, guaranteeing, security or similar limit binding                on                such Obligor to be exceeded. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | A                certificate of an authorised signatory of the relevant Obligor certifying                that each copy document relating to it specified in this Schedule                2 is                correct, complete and in full force and effect as at a date no earlier                than the date of this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **Legal                opinions** |
|----|-----------------------------------|

|   | (a) | A                legal opinion of Clifford Chance, legal advisers to the Arranger                and the                Agent in England and the Netherlands, substantially in the form                distributed to the Original Lenders prior to signing this                Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | A                legal opinion of Wolf Theiss, legal advisers to the Arranger and                the Agent                in Slovenia, substantially in the form distributed to the Original                Lenders                prior to signing this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Finance                Documents** |
|----|--------------------------------------|

|   | (c) | This                Agreement executed by the members of the Group party to this                Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (d) | The                Fee Letter executed by the                Borrower. |
|--------|-----|------------------------------------------------------------------------|

| 4. | **Security                Documents** |
|----|---------------------------------------|

| 4.1 | At                least two originals of the following Security Documents duly executed                by                each party thereto together with such resolutions and corporate                authorisations as the Agent may                require: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The                Pro Plus Business Interest Pledge                Agreement. |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | The                fiduciary assignment agreement entered into by the Borrower in favour                of                the Finance Parties and pursuant to which the Borrower's bank accounts                are                assigned by way of security to the Finance Parties. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                fiduciary assignment agreement entered into by Pop TV in favour of                the                Finance Parties and pursuant to which Pop TV's bank accounts are                assigned                by way of security to the Finance                Parties. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                assignment agreement entered into by Kanal A in favour of the Finance                Parties and pursuant to which Kanal A's bank accounts are assigned                by way                of security to the Finance Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                fiduciary assignment agreement entered into by the Borrower in favour                of                the finance parties relating to the right, title and interest of                all                present and future intra-group indebtedness of the Material Companies                and                the Guarantor to the Borrower. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                fiduciary assignment agreement entered into by Pop TV in favour of                the                Finance Parties relating to the right, title and interest of all                present                and future intra-group indebtedness of Kanal A, the Borrower and                the                Guarantor to Pop TV. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The                fiduciary assignment agreement entered into by Kanal A in favour                of the                Finance Parties relating to the right, title and interest of all                present                and future intra-group indebtedness of Pop TV, the Borrower and the                Guarantor to Kanal A. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Any                notices or documents required to be given or executed under the terms                of                the Security                Documents. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | **Other                documents and evidence** |
|----|-------------------------------------------------|

|   | (a) | Evidence                that any agent for service of process referred to in Clause 39.2                (*Service                of process*),                if not an Obligor, has accepted its                appointment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A                copy of any other Authorisation or other document, opinion or assurance                which the Agent reasonably considers to be necessary or desirable                (if it                has notified the Borrower accordingly) in connection with the entry                into                and performance of the transactions contemplated by any Finance Document                or for the validity and enforceability of any Finance                Document. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Original Financial Statements of the Borrower and CME                Ltd. |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (d) | Evidence                that the fees, costs and expenses then due from the Borrower pursuant                to                Clause 11                (*Fees*)                and Clause 16                (*Costs                and expenses*)                have been paid or will be paid by the first Utilisation                Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | A                group structure chart of the Group describing legal ownership of                each                member of the Group and a certification by the Borrower that the                information contained therein is correct and complete as at a date                no                earlier than the date of this                Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The                Business Plan approved by the                Borrower. |
|--------|-----|---------------------------------------------------------------------------|

|   | (g) | Copies                of the insurance policies of the Borrower and its Subsidiaries. |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (h) | The                legal due diligence report in a form acceptable to the Agent dated                25                April 2005 prepared by Wolf Theiss relating to the Group and addressed                to,                and/or capable of being relied upon by, the Arranger and the other                Finance                Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Evidence                that the Existing Facility will be repaid in full from the proceeds                of the                first Utilisation hereunder and evidence that all security granted                in                relation to the Existing Facility will be released immediately following                such repayment of the Existing                Facility. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Evidence                  of the unconditional positive advice of each relevant works council                  which                  has jurisdiction over the transactions entered into by CME Media                  Enterprises B.V. as contemplated by this Agreement and any other                  Finance                  Document or confirmation by CME Media Enterprises B.V. that there                  is no                  (central) works council ((centrale) ondernemingsraad) with jurisdiction                  over the transactions as envisaged by this Agreement and the other                  Finance                  Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      3**
** **

**Requests**

**Utilisation      Request**

| From: | [*Borrower*] |
|-------|--------------|

| To: | [*Agent*] |
|-----|-----------|

**[Borrower]      - [             ]      Facility Agreement**

**dated      [             ] (the      "Agreement")**

| 1. | We                refer to the Agreement. This is a Utilisation Request. Terms defined                in                the Agreement have the same meaning in this Utilisation Request unless                given a different meaning in this Utilisation                Request. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We                wish to borrow a Loan on the following                terms: |
|----|--------------------------------------------------------------------------------|

| Proposed                Utilisation Date:  | o (or,                  if that is not a Business Day, the next Business Day) |
|-------------------------------------------------|------------------------------------------------------------------------------------|
| Currency                of Loan:           | EUR                                                                                |
| Amount:                                    | oor,                if less, the Available                Facility                 |
| Interest                Period:                 | o                                                                                  |

| 3. | We                confirm that each condition specified in Clause 4.2                (*Further                conditions precedent*)                is satisfied on the date of this Utilisation                Request. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The                proceeds of this Loan should be credited to [*account*]. |
|----|-----------------------------------------------------------------------------|

| 5. | This                Utilisation Request is irrevocable. |
|----|---------------------------------------------------------|

*name      of Borrower*

----

**SCHEDULE      4**

**Mandatory      Cost formulae**

| 1. | The                Mandatory Cost is an addition to the interest rate to compensate                Lenders                for the cost of compliance with (a) the requirements of the Financial                Services Authority (or any other authority which replaces all or                any of                its functions) or (b) the requirements of the European Central                Bank. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | On                the first day of each Interest Period (or as soon as possible thereafter)                the Agent shall calculate, as a percentage rate, a rate (the "Additional                Cost Rate") for each Lender, in accordance with the paragraphs set                out                below. The Mandatory Cost will be calculated by the Agent as a weighted                average of the Lenders' Additional Cost Rates (weighted in proportion                to                the percentage participation of each Lender in the relevant Loan)                and will                be expressed as a percentage rate per                annum. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The                Additional Cost Rate for any Lender lending from a Facility Office                in a                Participating Member State will be the percentage notified by that                Lender                to the Agent. This percentage will be certified by that Lender in                its                notice to the Agent to be its reasonable determination of the cost                (expressed as a percentage of that Lender's participation in all                Loans                made from that Facility Office) of complying with the minimum reserve                requirements of the European Central Bank in respect of loans made                from                that Facility Office. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The                Additional Cost Rate for any Lender lending from a Facility Office                in the                United Kingdom will be calculated by the Agent as                follows: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [  | *E*                x 0.01 | Per                cent. Per annum. ] |
|---------|---------------------------|---------------------------------------|
|    | 300                       |                                  |

|   | E | is                designed to compensate Lenders for amounts payable under the Fees                Rules                and is calculated by the Agent as being the average of the most recent                rates of charge supplied by the Reference Banks to the Agent pursuant                to                paragraph 7 below and expressed in pounds per                £1,000,000. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | For                the purposes of this Schedule: |
|----|---------------------------------------------------|

|   | (a) | "**Fees                Rules**"                means the rules on periodic fees contained in the FSA Supervision                Manual                or such other law or regulation as may be in force from time to time                in                respect of the payment of fees for the acceptance of                deposits; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | "**Fee                Tariffs**"                means the fee tariffs specified in the Fees Rules under the activity                group                A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee                required                pursuant to the Fees Rules but taking into account any applicable                discount                rate); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | "**Tariff                Base**"                has the meaning given to it in, and will be calculated in accordance                with,                the Fees Rules. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | If                requested by the Agent, each Reference Bank shall, as soon as practicable                after publication by the Financial Services Authority, supply to                the                Agent, the rate of charge payable by that Reference Bank to the Financial                Services Authority pursuant to the Fees Rules in respect of the relevant                financial year of the Financial Services Authority (calculated for                this                purpose by that Reference Bank as being the average of the Fee Tariffs                applicable to that Reference Bank for that financial year) and expressed                in pounds per £1,000,000 of the Tariff Base of that Reference                Bank. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Each                Lender shall supply any information required by the Agent for the                purpose                of calculating its Additional Cost Rate. In particular, but without                limitation, each Lender shall supply the following information on                or prior                to the date on which it becomes a                Lender: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                jurisdiction of its Facility Office;                and |
|--------|-----|----------------------------------------------------------------------------|

|   | (b) | any                other information that the Agent may reasonably require for such                purpose. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

| 8. | The                rates of charge of each Reference Bank for the purpose of E above                shall be                determined by the Agent based upon the information supplied to it                pursuant                to paragraph 7 above. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The                Agent shall have no liability to any person if such determination                results                in an Additional Cost Rate which over or under compensates any Lender                and                shall be entitled to assume that the information provided by any                Lender or                Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and                correct                in all respects. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The                Agent shall distribute the additional amounts received as a result                of the                Mandatory Cost to the Lenders on the basis of the Additional Cost                Rate for                each Lender based on the information provided by each Lender and                each                Reference Bank pursuant to paragraphs 3, 7 and 8                above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Any                determination by the Agent pursuant to this Schedule in relation                to a                formula, the Mandatory Cost, an Additional Cost Rate or any amount                payable                to a Lender shall, in the absence of manifest error, be conclusive                and                binding on all Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | The                  Agent may from time to time, after consultation with the Borrower                  and the                  Lenders, determine and notify to all Parties any amendments which                  are                  required to be made to this Schedule in order to comply with any                  change in                  law, regulation or any requirements from time to time imposed by                  the                  Financial Services Authority or the European Central Bank (or,                  in any                  case, any other authority which replaces all or any of its functions)                  and                  any such determination shall, in the absence of manifest error,                  be                  conclusive and binding on all                  Parties. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      5**

**Form      of Transfer Certificate**

| To: | o as                  Agent and  o                  as Security Agent |
|-----|---------------------------------------------------------------------------------|

| From: | [*The                Existing Lender*]                (the "**Existing                Lender**")                and [*The                New Lender*]                (the "**New                Lender**") |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**[Borrower]      - [             ]      Facility Agreement**

**dated      [             ] (the      "Agreement")**

| 1. | We                refer to the Agreement. This is a Transfer Certificate. Terms defined                in                the Agreement have the same meaning in this Transfer Certificate                unless                given a different meaning in this Transfer                Certificate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We                refer to Clause 23.5                (*Procedure                for transfer*): |
|----|--------------------------------------------------------------------------------------------------|

|   | (a) | The                Existing Lender and the New Lender agree to the Existing Lender                transferring to the New Lender by novation all or part of the Existing                Lender's Commitment, rights and obligations referred to in the Schedule                in                accordance with Clause 23.5                (*Procedure                for transfer*). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                proposed Transfer Date is                [    ]. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (c) | The                Facility Office and address, fax number and attention details for                notices                of the New Lender for the purposes of Clause 32.2                (*Addresses*)                are set out in the Schedule. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The                New Lender expressly acknowledges the limitations on the Existing                Lender's                obligations set out in paragraph (c) of Clause 23.4                (*Limitation                of responsibility of Existing Lenders*). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | [The                New Lender confirms that the person beneficially entitled to interest                payable to that Lender in respect of an advance under a Finance Document                is either: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                bank or any similar financial institution (as defined for the purpose                of                Article 11 para 3. (iii) of the Convention between the Government                of the                Republic of Slovenia and the Government of the Kingdom of The Netherlands                for the Avoidance of Double Taxation and the Prevention of Fiscal                Evasion                with respect to Taxes on Income) making an advance under a Finance                Document, and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                Slovenian resident which according to Article 68 para 2 pt. 3 of                The                Corporate Tax Law ((*Zakon                o davku od dohodkov pravnih oseb*),                as published in the Official Gazette of the Republic of Slovenia,                No.                40/2004, 139/04, as amended) informed the Borrower of its tax                number.] |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | This                Transfer Certificate 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 Transfer                Certificate. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | This                Transfer Certificate is governed by English law. |
|----|----------------------------------------------------------------------|

**THE      SCHEDULE**

**Commitment/rights      and obligations to be transferred**

*insert      relevant details*

*Facility      Office address, fax number and attention details for notices and account details      for payments,*

| [Existing                  Lender] | [New                  Lender] |
|------------------------------------|-------------------------------|
|                               |                          |
| By:                                | By:                           |

**            **

----

**SCHEDULE      6**

**Form      of Compliance Certificate**

| To: | o                  as Agent |
|-----|-----------------------------|

| From: | [*Borrower*] |
|-------|--------------|

**[Borrower]      - [             ]      Facility Agreement**

**dated      [             ] (the      "Agreement")**

| 1. | We                refer to the Agreement. This is a Compliance Certificate. Terms defined                in                the Agreement have the same meaning in this Compliance Certificate                Letter                unless given a different meaning in this Compliance                Certificate. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We                confirm that: |
|----|---------------------------------|

| 3. | [We                confirm that no Default is continuing.] ¬  |
|----|------------------------------------------------------------------------------|

| Signed:     ............... | ...............    |
|----------------------------------------------------------|------------------------|
| Director                                                 | Director               |
| Of                                                       | of                     |
| [*Borrower/Guarantor*]                                   | [*Borrower/Guarantor*] |

----

----

**SCHEDULE      7**

**LMA      **
**F**
**orm      of **
**C**
**onfidentiality      **
**U**
**ndertaking**
** **

**[Letterhead      of ING Bank N.V.]**

| To: | *[insert name of Potential                Lender]* |
|-----|----------------------------------------------------|

|       |
|--------------------------------|

| Re: | **The                Facility** |
|-----|---------------------------------|

|  ***Borrower:******Amount:******Agent:***  |
|------------------------------------------------------|

| 1. | Confidentiality                Undertaking You undertake: |
|----|-----------------------------------------------------------|

| 1.1 | to                keep the Confidential Information confidential and not to disclose                it to                anyone except as provided for by paragraph 2 below and to ensure                that the                Confidential Information is protected with security measures and                a degree                of care that would apply to your own confidential                information; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | to                keep confidential and not disclose to anyone the fact that the                Confidential Information has been made available or that discussions                or                negotiations are taking place or have taken place between us in connection                with the Facility; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | to                use the Confidential Information only for the Permitted                Purpose; |
|-----|---------------------------------------------------------------------------------------------------|

| 1.4 | to                use all reasonable endeavours to ensure that any person to whom you                pass                any Confidential Information (unless disclosed under paragraph 2(b)                below)                acknowledges and complies with the provisions of this letter as if                that                person were also a party to it; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | not                to make enquiries of any member of the Group or any of their officers,                directors, employees or professional advisers relating directly or                indirectly to the Facility. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Permitted                Disclosure We agree that you may disclose Confidential                Information: |
|----|-------------------------------------------------------------------------------------------------------------|

| 2.1 | to                members of the Participant Group and their officers, directors, employees                and professional advisers to the extent necessary for the Permitted                Purpose and to any auditors of members of the Participant                Group; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | (i)                where requested or required by any court of competent jurisdiction                or any                competent judicial, governmental, supervisory or regulatory body,                (ii)                where required by the rules of any stock exchange on which the shares                or                other securities of any member of the Participant Group are listed                or                (iii) where required by the laws or regulations of any country with                jurisdiction over the affairs of any member of the Participant Group;                or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | with                the prior written consent of us and the                Borrower. |
|-----|--------------------------------------------------------------------------------------|

| 3. | Notification                of Required or Unauthorised Disclosure You agree (to the extent permitted                by law) to inform us of the full circumstances of any disclosure                under                paragraph 2(b) or upon becoming aware that Confidential Information                has been disclosed in breach of this                letter. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Return                of Copies If we so request in writing, you shall return all Confidential                Information supplied to you by us and destroy or permanently erase                all                copies of Confidential Information made by you and use all reasonable                endeavours to ensure that anyone to whom you have supplied any                Confidential Information destroys or permanently erases such Confidential                Information and any copies made by them, in each case save to the                extent                that you or the recipients are required to retain any such Confidential                Information by any applicable law, rule or regulation or by any competent                judicial, governmental, supervisory or regulatory body or in accordance                with internal policy, or where the Confidential Information has been                disclosed under paragraph 2(b)                above. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Continuing                Obligations The obligations in this letter are continuing and, in                particular, shall survive the termination of any discussions or                negotiations between you and us. Notwithstanding the previous sentence,                the obligations in this letter shall cease (a) if you become a party                to or                otherwise acquire (by assignment or sub participation) an interest,                direct                or indirect in the Facility or (b) twelve months after you have returned                all Confidential Information supplied to you by us and destroyed                or                permanently erased all copies of Confidential Information made by                you                (other than any such Confidential Information or copies which have                been                disclosed under paragraph 2 above (other than sub-paragraph 2(a))                or                which, pursuant to paragraph 4 above, are not required to be returned                or                destroyed). |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | No                Representation; Consequences of Breach, etc You acknowledge and agree                that: |
|----|--------------------------------------------------------------------------------------------------------------|

| 6.1 | neither                we nor any of our officers, employees or advisers (each a "**Relevant                Person**")                (i) make any representation or warranty, express or implied, as to,                or                assume any responsibility for, the accuracy, reliability or completeness                of any of the Confidential Information or any other information supplied                by us or any member of the Group or the assumptions on which it is                based                or (ii) shall be under any obligation to update or correct any inaccuracy                in the Confidential Information or any other information supplied                by us or                any member of the Group or be otherwise liable to you or any other                person                in respect to the Confidential Information or any such information;                and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | we                or members of the Group may be irreparably harmed by the breach of                the                terms of this letter and damages may not be an adequate remedy; each                Relevant Person or member of the Group may be granted an injunction                or                specific performance for any threatened or actual breach of the provisions                of this letter by you. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | *No                Waiver; Amendments, etc*                This letter sets out the full extent of your obligations of                confidentiality owed to us in relation to the information the subject                of                this letter. No failure or delay in exercising any right, power or                privilege under this letter will operate as a waiver thereof nor                will any                single or partial exercise of any right, power or privilege preclude                any                further exercise thereof or the exercise of any other right, power                or                privileges under this letter. The terms of this letter and your                obligations under this letter may only be amended or modified by                written                agreement between us. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | *Inside                Information*                You acknowledge that some or all of the Confidential Information                is or may                be price-sensitive information and that the use of such information                may be                regulated or prohibited by applicable legislation relating to insider                dealing and you undertake not to use any Confidential Information                for any                unlawful purpose. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | *Nature                of Undertakings*                The undertakings given by you under this letter are given to us and                (without implying any fiduciary obligations on our part) are also                given                for the benefit of the Borrower and each other member of the Group. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | *Third                party rights* |
|-----|-------------------------------------|

| 10.1 | Subject                to paragraph 6 and paragraph 9 the terms of this letter may be enforced                and relied upon only by you and us and the operation of the Contracts                (Rights of Third Parties) Act 1999 is                excluded. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Notwithstanding                any provisions of this letter, the parties to this letter do not                require                the consent of any Relevant Person or any member of the Group to                rescind                or vary this letter at any time. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | *Governing                Law and Jurisdiction*                This letter (including the agreement constituted by your acknowledgement                of its terms) shall be governed by and construed in accordance with                the                laws of England and the parties submit to the non-exclusive jurisdiction                of the English courts. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | *Definitions*                In                this letter (including the acknowledgement set out below): |
|-----|-----------------------------------------------------------------------------------------------------------|

**Confidential      Information**

----

**Group**

**Participant      Group**

**Permitted      Purpose**

| To: | [Agent] |
|-----|---------|

----

**SCHEDULE      8**

**T**
**imetables**

|   **Loans                  in euro**                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Delivery                  of a duly completed Utilisation Request (Clause 5.1                  (*Delivery                  of a Utilisation Request*)    |   | U-5 10:00                  am |
|                                                                                                                                                     |   |   |
| Agent                  notifies the Lenders of the Loan in accordance with Clause 5.4                  (*Lenders'                  participation*)  |   | U-3 3.00pm |
|                                                                                                                                                     |   |   |
| EURIBOR                  is fixed                                                                                                                   |   | Quotation                  Day of 11.00 a.m. Brussels time in respect of                  EURIBOR |

----

| **SIGNATURES**                                                |
|---------------------------------------------------------------|
|                                                          |
| **THE                BORROWER**                               |
|                                                          |
| **PRODUKCIJA                PLUS STORITVENO PODJETJE D.O.O.** |
|                                                          |   |
| By:                                                           | /s/                Marjetka Horvat, Authorised Signatory |
|                                                          |   |
| Address:                                                      | Kranjčeva                26 |
|                                                          | 1113                Ljubljana |
|                                                          | Slovenia |
|                                                          |   |
| Fax:                                                          | +                386 1 589 33 08 |
|                                                          |   |
| Attention:                                                    | Finance                Director |
|                                                          |   |
| E-mail:                                                       | marjetka.horvat@pop-tv.si |
|                                                          |
| **THE                GUARANTOR**                              |
|                                                          |
| **CME                MEDIA ENTERPRISES B.V.**                 |
|                                                          |   |
| By:                                                           | /s/                Alphons N.G. v. Spaendonck, Managing Director |
|                                                          | /s/                Gerben van den Berg on behalf of Pan-Invest, B.V., Managing                Director |
|                                                          |   |
| Address:                                                      | c/o                CME Group |
|                                                          | Aldwych                House |
|                                                          | 8th                Floor, 71-91 Aldwych |
|                                                          | London                WC2B 4HN |
|                                                          | United                Kingdom |
|                                                          |   |
| Fax:                                                          | +                44 30 7430 5403 |
|                                                          |   |
| Attention:                                                    | General                Counsel |
|                                                          |   |
| E-mail:                                                       | Daniel.penn@cme-net.com |
|                                                          |
| **THE                ARRANGER**                               |
|                                                          |
| **ING                BANK N.V.**                              |
|                                                          |   |
| By:                                                           | /s/                Bas Haanraadts |
|                                                          | /s/                Danielle van den Elshout |
|                                                          |   |
| Address:                                                      | Bijlmerplein                888 |
|                                                          | 1102                MG Amsterdam |
|                                                          |   |
| Fax:                                                          | +                31 20 563 5505 |
|                                                          |   |
| Attention:                                                    | Bas                Haanraadts / Danielle van den Elshout |
|                                                          |   |
| E-mail:                                                       | bas.haanraadts@ingbank.com                / Danielle.van.den.elshout@ingbank.com |
|                                                          |

----

| **THE                AGENT**     |
|----------------------------------|
|                             |
| **ING                BANK N.V.** |
|                             |   |
| By:                              | /s/                Bas Haanraadts |
|                                  | /s/                Danielle van den Elshout |
|                             |   |
| Address:                         | Bijlmerplein                888 |
|                             | 1102                MG Amsterdam |
|                             |   |
| Fax:                             | +                31 20 576 8785 |
|                             |   |
| Attention:                       | Kenneth                van Coblijn / Bregje Starren |
|                             |   |
| E-mail:                          | Kenneth.van.coblijn@ingbank.com                /                Bregje.starren@ingbank.com |

|                                  |
|---------------------------------------|
|                                  |
| **THE                SECURITY AGENT** |
|                                  |
| **ING                BANK N.V.**      |
|                                  |   |
| By:                                   | /s/                Bas Haanraadts |
|                                       | /s/                Danielle van den Elshout |
|                                  |   |
| Address:                              | Bijlmerplein                888 |
|                                  | 1102                MG Amsterdam |
|                                  |   |
| Fax:                                  | +                31 20 563 5505 |
|                                  |   |
| Attention:                            | Bas                Haanraadts / Danielle van den Elshout |
|                                  |   |
| E-mail:                               | bas.haanraadts@ingbank.com                / Danielle.van.den.elshout@ingbank.com |
|                                  |   |
|                                  |   |
| **THE                LENDERS**        |
|                                  |
| **ING                BANK N.V.**      |
|                                  |   |
| By:                                   | /s/                Bas Haanraadts |
|                                  | /s/                Danielle van den Elshout |
|                                  |   |
| Address:                              | Bijlmerplein                888 |
|                                  | 1102                MG Amsterdam |
|                                  |   |
| Fax:                                  | +                31 20 563 5505 |
|                                  |   |
| Attention:                            | Bas                Haanraadts / Danielle van den Elshout |
|                                  |   |
| E-mail:                               | bas.haanraadts@ingbank.com                / Danielle.van.den.elshout@ingbank.com |

----

| **NOVA                LJUBLJANSKA BANKA D.D., LJUBLJANA**    |
|--------------------------------------------------------------|
|                                                         |   |
| By:                                                          | /s/                David Benedek, Deputy Senior Director, Corporate Banking Central                Slovenia                I |
|                                                         |   |
| Address:                                                     | Trg                republike 2, |
|                                                         | Šmartinska                130, |
|                                                         | 1520                Ljubljana |
|                                                         | Slovenia |
|                                                         |   |
| Fax:                                                         | +386                1 25 22 461 |
|                                                         |   |
| Attention:                                                   | Tomaz                Jezerc / Mateja Remec |
|                                                         |   |
| E-mail:                                                      | tomaz.jezerc@nlb.si |
|                                                         |   |
|                                                         |   |
| **BANK                AUSTRIA CREDITANSTALT D.D. LJUBLJANA** |
|                                                         |   |
| By:                                                          | /s/                dr. France Arhar |
|                                                              | /s/                mag. Stefan Vavti |
|                                                         |   |
| Address:                                                     | Šmartinska                140 |
|                                                              | SI                - 1000 Ljubljana |
|                                                         |   |
| Fax:                                                         | +386                1 5876 655 |
|                                                         |   |
| Attention:                                                   | Damijan                Dolinar / Urska Kolar Stuklek |
|                                                         |   |
| E-mail:                                                      | damijan.dolinar@si.bacai.com                / urska.kolar-stuklek@si.bacai.com |

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