Document:

Exhibit 10.19

 

EXECUTION
COPY

 

 

RELEASE
AGREEMENT

 

 

DATED 12
MAY 2006

 

 

between

 

 

DEUTSCHE BANK AG LONDON

THE FINANCE PARTIES

LAW DEBENTURE TRUST COMPANY
OF NEW YORK

 

 

as Releasing Parties

 

 

and

 

 

KABEL DEUTSCHLAND GMBH

KABEL DEUTSCHLAND VERTRIEB
UND SERVICE GMBH & CO. KG

KABEL DEUTSCHLAND VERTRIEB
UND SERVICE BETEILIGUNGS GMBH & CO. KG

KABEL DEUTSCHLAND VERMÖGEN
BETEILIGUNGS GMBH & CO. KG

 

as Released Parties

 

 

 

Allen & Overy LLP

 

 

CONTENTS

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Definitions

  	
   

  	
  5

  
	
  2.

  	
   

  	
  Release

  	
   

  	
  5

  
	
  3.

  	
   

  	
  Expenses

  	
   

  	
  5

  
	
  4.

  	
   

  	
  Counterparts

  	
   

  	
  5

  
	
  5.

  	
   

  	
  Partial Invalidity; Waiver

  	
   

  	
  5

  
	
  6.

  	
   

  	
  Amendments

  	
   

  	
  6

  
	
  7.

  	
   

  	
  Governing Law

  	
   

  	
  6

  
	
  8.

  	
   

  	
  Jurisdiction

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  List of Security Documents

  	
   

  	
  7

  
	
   

  	
   

  	
  Part 1

  	
  Share Pledge Agreements

  	
   

  	
  7

  
	
   

  	
   

  	
  Part 2

  	
  Interest Pledge Agreements

  	
   

  	
  8

  
	
   

  	
   

  	
  Part 3

  	
  Compensation Claims Pledge Agreements

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signatories

  	
   

  	
  11

  

 

 

This RELEASE AGREEMENT (the
Agreement) is made on 12 May 2006

BETWEEN:

(1)                                  DEUTSCHE BANK AG, a
stock corporation (Aktiengesellschaft)
incorporated under the laws of the Federal Republic of Germany, having its
corporate seat in Frankfurt am Main, Germany, which is registered in the
commercial register (Handelsregister)
of the local court (Amtsgericht) of
Frankfurt am Main under registration number HRB 30000, acting through its
London branch at 1 Great Winchester Street, London, EC2A 2DB, United Kingdom,
which is registered in England with number BR000005,

(the Security Agent);

(2)                                  THE OTHER FINANCE PARTIES (as
defined in the Security Documents (as defined below)),

(the Finance Parties);

(3)                                  LAW DEBENTURE TRUST COMPANY OF NEW YORK, a
limited purpose trust company organiced under the laws of the State of New
York, 767 Third Avenue, 31st Floor, New York, NY 10017,

(the High Yield Notes Trustee)

(4)                                  KABEL DEUTSCHLAND GMBH, a
limited liability company (Gesellschaft mit
beschränkter Haftung) incorporated under the laws of the Federal
Republic of Germany, having its corporate seat in Unterföhring (Landkreis
München), Federal Republic of Germany, which is registered in the commercial
register (Handelsregister) at the local court (Amtsgericht) of Munich under registration Number HRB 145837,

(KDG);

(5)                                  KABEL DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG, a limited partnership (Kommanditgesellschaft)
organised under the laws of the Federal Republic of Germany, having its
corporate seat in Unterföhring (Landkreis München), Federal Republic of
Germany, which is registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Munich under registration number HRA 83902,

(KDVS);

(6)                                  KABEL DEUTSCHLAND
VERTRIEB UND SERVICE BETEILIGUNGS GMBH  & Co.
KG, a limited partnership (Kommanditgesellschaft)
organised under the laws of the Federal Republic of Germany, having its
corporate seat in Unterföhring, (Landkreis München), Federal Republic of
Germany, which is registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Munich under registration number HRA 84369; and

(7)                                  KABEL DEUTSCHLAND VERMÖGEN BETEILIGUNGS GMBH & CO. KG, a limited partnership (Kommanditgesellschaft)
organised under the laws of the Federal Republic of Germany, having its
corporate seat in Unterföhring, (Landkreis München), Federal Republic of
Germany, which is registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Munich under registration number HRA 84471.

(8)                                  The Security Agent, the High Yield Notes Trustee and the other Finance
Parties are hereinafter collectively referred to as the Releasing
Parties.

 3
 

 

 

Each
of the parties listed in (4) to (7) (each inclusive) is hereinafter referred to
as a Released Party and collectively
referred to as the Released Parties.

The Releasing Parties and the Released Parties are
hereinafter collectively referred to as the Parties.

WHEREAS:

(A)                              By and subject to the terms of a EUR 2,600,000,000 (the Senior Debt) senior credit agreement dated 29 March 2004, as
amended, restated, novated or supplemented from time to time, made between,
amongst others, Kabel Deutschland GmbH as obligor, Citigroup Global Markets
Limited, Deutsche Bank AG London, Goldman Sachs International and Morgan
Stanley Senior Funding, Inc. as mandated lead arrangers and Deutsche Bank AG
London as facility agent and security agent (the Senior
Credit Agreement), certain credit facilities were made available to
the Borrower(s) (as defined in the Senior Credit Agreement). In order to secure
the obligations under the Senior Credit Agreement, certain first ranking
security interests were created (the First Priority Security).

(B)                                Pursuant to an Indenture dated 2 July 2004 among Kabel Deutschland GmbH
as issuer, Kabel Deutschland Vertrieb und Service GmbH & Co. KG and Kabel
Asset GmbH & Co. KG as guarantors and Law Debenture Trust Company of New
York as trustee (the Indenture),   EUR 250,000,000
10.750% Notes Due 2014 and USD 610,000,000 10.635% Notes Due 2014 (the High Yield Notes) were issued;

(C)                                Amongst others, the Released Parties and the Security Agent entered into
the agreements listed in Schedule 1 to this Agreement (each a Security Document and collectively the Security
Documents) in order to create second priority interests to secure
the obligations under the High Yield Notes and other Finance Documents (as
defined in each of the Security Documents).

(D)                               Additionally, pursuant to a priority agreement dated 29 March 2004 (the Priority Agreement) as amended and restated from time to
time between, amongst others, KDG, Old KDVS (as defined below), Deutsche Bank
AG London as Bridge Agent and as Senior Agent and the Security Agent, the
Senior Creditors (as defined therein), the Bridge Creditors (as defined
therein), the Hedging Banks (as defined therein) and the Investors (as defined
therein), the parties agreed that if a Senior Refinancing (as defined therein) occurs
(and to the extent the First Priority Security is released, in connection with
the Senior Refinancing) and in order to secure the new Senior Debt on a first
ranking basis, the Security Agent is authorised to release security interests
created under the Security Documents and shall, immediately after such security
interests are granted in respect of the new Senior Debt, re-take the released
security interests in existence immediately prior to the Senior Refinancing on
a second priority basis.

(E)                                 A Senior Refinancing is to occur and all First Priority Securities will
be released. Therefore, the Releasing Parties wish to release the security
interests created under the Security Documents for the purposes of allowing a first
priority security interest to be created and in the understanding that  the security interests hereby released will be
granted again by the Released Parties immediately after the Senior Refinancing
occurs or after it is clear that it will not occur.

(F)                                 Since the date of signing of the Security Documents certain mergers and
other restructuring steps have been undertaken in the Group (as defined in the
Security Documents). KDVS (formerly known as Kabel Asset GmbH & Co. KG)
became, as the result of a hive down (“Abspaltung und/oder
Ausgliederung”), the holder of certain assets previously held and/or
owned by Kabel Deutschland Vertrieb und Service GmbH and Co. KG that was
registered with the commercial register (Handelsregister)
of the local court (Amtsgericht) of
Cologne under registration number HRA 20953 and - after relocation of its
corporate seat (Sitz) – it was registered with
the commercial register (Handelsregister)
of the local court (Amtsgericht) of
Munich under registration number HRA 84054 (Old KDVS).
After such hive down Old KDVS was merged into KDG. Accordingly, the security

 4
 

 

 

interests
created under the Security Documents by Old KDV will be released, assigned and
transferred (each as applicable) to the surviving entity of such merger or
restructuring step.

IT HAS
BEEN AGREED as follows:

1.                                      DEFINITIONS

1.1                               In this Agreement:

Terms defined in the Senior Credit Agreement and not
otherwise defined herein shall have the same meaning in this Agreement.  Terms defined in the recitals to this
Agreement shall have the same meaning when used in the rest of this Agreement.

1.2                               Construction

(a)                                  Where the context so admits, the singular includes the plural and vice
versa.

(b)                                 The headings in this Agreement are for convenience only and are to be
ignored in construing this Agreement.

(c)                                  Any reference in this Agreement to a defined document is a reference to
that defined document as amended, restated, novated or supplemented from time
to time.

(d)                                 References to parties herein shall also be deemed to include references
to their respective successors, transferees and assignees.

2.                                      RELEASE

With
immediate effect, each of the Releasing Parties hereby releases (Aufhebung des Pfandrechts) any and all pledges constituted
under the Security Documents pursuant to Section 1255 of the German Civil Code
(Bürgerliches Gesetzbuch).

3.                                      EXPENSES

Each of the Released Parties shall jointly and
severally reimburse the Security Agent on demand for all charges and expenses
reasonably incurred by them in connection with the entry into and performance
of this Agreement (including, but not limited to, the fees and expenses of
legal advisers), together with applicable value added taxes.

4.                                      COUNTERPARTS

This Agreement may be executed in any number of
counterparts and all such counterparts taken together shall be deemed to
constitute one and the same agreement.

5.                                      PARTIAL INVALIDITY; WAIVER

5.1                               Waiver

No failure to exercise, nor any delay in exercising,
on the part of the Releasing Parties, any right or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
right or remedy prevent any further or other exercise thereof or the exercise
of any other right or remedy. The rights and remedies provided hereunder are
cumulative and not exclusive of any rights or remedies provided by law.

 5
 

 

 

5.2                               Invalidity

If any provision of this Agreement or any part thereof
is or becomes illegal, invalid or unenforceable, that will not affect the
legality, validity or enforceability of any other terms of this Agreement.  The illegal, invalid or unenforceable
provision shall be replaced by that term which best meets the intent of the
replaced provision.

6.                                      AMENDMENTS

Changes to and amendments of this Agreement, including
this Clause 6 (Amendments), shall be made in writing.

7.                                      GOVERNING LAW

This Agreement shall be governed by and construed in
accordance with the laws of the Federal Republic of Germany.

8.                                      JURISDICTION

The place of jurisdiction for each of the Parties
shall be Frankfurt am Main, Federal Republic of Germany.  The Security Agent and/or the New Security
Agent, however, shall also be entitled to take legal action against any
Released Party before any other competent court of law having jurisdiction over
such Released Party or any of its assets.

 6
 

 

 

SCHEDULE 1

LIST OF SECURITY DOCUMENTS

PART 1

SHARE PLEDGE AGREEMENTS

1.                                       Secondary Share Pledge Agreement dated 1 July, 2004 between Kabel
Deutschland GmbH as pledgor, Deutsche Bank AG as high yield notes security
trustee and/or bridge facility security agent, Law Debenture Trust Company of
New York as high yield notes trustee and the Finance Parties (as defined
therein) relating to the shares in Kabel Deutschland Verwaltungs GmbH;

2.                                       Secondary Share Pledge Agreement dated 27 July 2004 between Kabel
Deutschland Vertrieb und Service GmbH & Co. KG as pledgor, Deutsche Bank AG
as security trustee, Law Debenture Trust Company of New York as high yield
notes trustee and the Finance Parties (as defined therein) relating to the
Shares in Kabel Deutschland Vertrieb und Service Beteiligungs Verwaltungs GmbH;
and

3.                                       Secondary Share Pledge Agreement dated 27 July 2004 between Kabel Asset
GmbH & Co. KG as Pledgor, Deutsche Bank AG as security trustee, Law
Debenture Trust Company of New York as high yield notes trustee and the Finance
Parties (as defined therein) relating to the shares in Kabel Deutschland
Vermögen Beteiligungs Verwaltungs GmbH i. Gr.

 7
 

 

 

PART 2

INTEREST PLEDGE AGREEMENTS

4.                                       Secondary Interest Pledge Agreement dated 27 July 2004 between Kabel
Deutschland Vertrieb und Service GmbH & Co. KG as pledgor, Deutsche Bank AG
as security trustee, Law Debenture Trust Company of New York as high yield
notes trustee and the Finance Parties (as defined therein) relating to the
interests in Kabel Deutschland Vertrieb und Service Beteiligungs GmbH & Co.
KG;

5.                                       Secondary Interest Pledge Agreement dated 27 July 2004 between Kabel
Asset GmbH & Co. KG as pledgor, Deutsche Bank AG as security trustee, Law
Debenture Trust  Company of New York as
high yield notes trustee and the Finance Parties (as defined therein) relating
to the interests in Kabel Deutschland Vermögen Beteiligungs GmbH & Co. KG;

6.                                       Secondary Interest Pledge Agreement dated 27 July 2004 between Kabel
Deutschland Vertrieb und Service Beteiligungs GmbH & Co. KG as pledgor,
Deutsche Bank AG as security trustee, Law Debenture Trust Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)
relating to the interests in Kabel Asset GmbH & Co. KG;

7.                                       Secondary Interest Pledge Agreement dated 27 July 2004 between Kabel
Deutschland Vermögen Beteiligungs GmbH & Co. KG as pledgor, Deutsche Bank
AG as security trustee, Law Debenture Trust Company of New York as high yield
notes trustee and the Finance Parties (as defined therein) relating to the
interests in Kabel Deutschland Vermögen GmbH & Co. KG;

8.                                       Secondary Interest Pledge Agreement dated 27 July 2004 between Kabel
Asset GmbH & Co. KG as pledgor, Deutsche Bank AG as security trustee, Law
Debenture Trust Company of New York as high yield notes trustee and the Finance
Parties (as defined therein)  relating to
the interests in Kabel Deutschland Vermögen GmbH & Co. KG;

9.                                       Secondary Interest Pledge Agreement dated 1 July 2004 between Kabel Deutschland
GmbH  as pledgor, Deutsche Bank AG as
security trustee, Law Debenture Trust Company of New York as high yield notes
trustee and the Finance Parties (as defined therein)  relating to the interests in Kabel
Deutschland Vertrieb und Service GmbH & Co. KG; and

10.                                 Secondary Interest Pledge Agreement dated 1 July, 2004 between Kabel
Deutschland Vertrieb und Service GmbH & Co. KG as pledgor, Deutche Bank AG
as security trustee, Law Debenture Trust 
Company of New York as high yield notes trustee and the Finance Parties
(as defined therein) relating to the shares in Kabel Asset GmbH & Co. KG.

 8
 

 

 

PART 3

COMPENSATION CLAIMS PLEDGE AGREEMENTS

1.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland Vertrieb und Service GmbH & Co. KG as pledgor,
Deutsche Bank AG as security trustee, Law Debenture Trust  Company of New York as high yield notes trustee
and the Finance Parties (as defined therein) relating to all compensation
claims resulting from the termination of the pledgor’s partnership interest in
Kabel Asset GmbH & Co. KG;

2.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland Vertrieb und Service GmbH & Co. KG as pledgor,
Deutsche Bank AG as security trustee, Law Debenture Trust  Company of New York as high yield notes trustee
and the Finance Parties (as defined therein) relating to all compensation
claims resulting from the termination of the pledgor’s partnership interest in
Kabel Deutschland Vertrieb und Service Beteiligungs GmbH & Co. KG;

3.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland Vertrieb und Service Beteiligungs GmbH & Co.
KG as pledgor, Deutsche Bank AG as security trustee, Law Debenture Trust  Company of New York as high yield notes trustee
and the Finance Parties (as defined therein) relating to all compensation
claims resulting from the termination of the pledgor’s partnership interest in
Kabel Asset GmbH & Co. KG;

4.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Asset GmbH & Co. KG as pledgor, Deutsche Bank AG as
Security Trustee, Law Debenture Trust 
Company of New York as high yield notes trustee and the Finance Parties (as
defined therein) relating to all compensation claims resulting from the
termination of the pledgor’s partnership interest in Kabel Deutschland Vermögen
GmbH & Co. KG;

5.                                       Agreement  on the Secondary Pledge
of Compensation Claims dated 27 July 2004 between Kabel Asset GmbH & Co. KG
as pledgor, Deutsche Bank AG as security trustee, Law Debenture Trust  Company of New York as high yield notes trustee
and the Finance Parties (as defined therein) 
relating to all compensation claims resulting from the termination of
the pledgor’s partnership interest in Kabel Deutschland Vermögen Beteiligungs
GmbH & Co. KG;

6.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland Vermögen Beteiligungs GmbH & Co. KG as pledgor,
Deutsche Bank AG as security trustee, Law Debenture Trust  Company of New York as high yield notes trustee
and the Finance Parties (as defined therein) relating to all compensation
claims resulting from the termination of the pledgor’s partnership interest in
Kabel Deutschland Vermögen GmbH & Co. KG;

7.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland GmbH as pledgor, Deutsche Bank AG as security trustee,
Law Debenture Trust  Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)  relating to all compensation claims resulting
from the termination of the pledgor’s partnership interest in Kabel Asset GmbH
& Co. KG;

8.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland GmbH as pledgor, Deutsche Bank AG as security trustee,
Law Debenture Trust  Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)

 9
 

 

 

relating to all compensation claims resulting from the
termination of the pledgor’s partnership interest in Kabel Deutschland Vermögen
GmbH & Co. KG;

9.                                       Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland GmbH as Pledgor, Deutsche Bank AG as security trustee,
Law Debenture Trust  Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)  relating to all compensation claims resulting
from the termination of the pledgor’s partnership interest in Kabel Deutschland
Vertrieb und Service Beteiligungs GmbH & Co. KG;

10.                                 Agreement on the Secondary Pledge of Compensation Claims dated 27 July
2004 between Kabel Deutschland GmbH as pledgor, Deutsche Bank AG as security trustee,
Law Debenture Trust  Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)  relating to all compensation claims resulting
from the termination of the pledgor’s partnership interest in Kabel Deutschland
Vermögen Beteiligungs GmbH & Co. KG; and

11.                                 Agreement on the Secondary Pledge of Compensation Claims dated 1 July
2004 between Kabel Deutschland GmbH as pledgor, Deutsche Bank AG as security trustee,
Law Debenture Trust  Company of New York
as high yield notes trustee and the Finance Parties (as defined therein)  relating to all compensation claims resulting
from the termination of the pledgor’s partnership interest in Kabel Deutschland
Vertrieb und Service GmbH & Co. KG.

 10
 

 

 

SIGNATORIES

	
  Releasing Parties

  
	
   

  
	
  DEUTSCHE BANK AG
  LONDON

  
	
  in its own name
  and on behalf of the other Finance Parties

  
	
   

  
	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  
	
  LAW DEBENTURE
  TRUST COMPANY OF NEW YORK

  
	
   

  
	
  By: Deutsche
  Bank AG London as security agent

  
	
   

  
	
  represented by:

  
	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  
	
  Released
  Parties

  
	
   

  
	
  KABEL DEUTSCHLAND GMBH

  
	
   

  
	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  
	
  KABEL DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG

  
	
   

  
	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

 11
 

 

 

	
  KABEL DEUTSCHLAND VERTRIEB UND SERVICE
  BETEILIGUNGS GMBH & CO. KG

  
	
   

  
	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  
	
   

  
	
   

  
	
  KABEL DEUTSCHLAND VERMÖGEN BETEILIGUNGS GMBH & CO. KG

  
	
   

  
	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

 12EXHIBIT 10.20

 

EXECUTION COPY

SECURITY TRANSFER AGREEMENT

12 May 2006

between

KABEL DEUTSCHLAND VERTRIEB
UND SERVICE GMBH & CO. KG

as
Transferor

and

THE ROYAL BANK OF SCOTLAND
PLC

as
Security Agent

Allen & Overy LLP

 

CONTENTS

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Interpretation

  	
  1

  
	
  2.

  	
  Transfer of Security Assets

  	
  8

  
	
  3.

  	
  Substitution for Delivery

  	
  11

  
	
  4.

  	
  Agreement on Transfer of Title

  	
  12

  
	
  5.

  	
  Security Purpose

  	
  12

  
	
  6.

  	
  Identification of Assets

  	
  12

  
	
  7.

  	
  Location of Security Assets

  	
  12

  
	
  8.

  	
  Rights of the Security Agent to Examine the Security
  Locations

  	
  13

  
	
  9.

  	
  Reservation of Title

  	
  13

  
	
  10.

  	
  Taking Possession by the Security Agent

  	
  13

  
	
  11.

  	
  Enforcement and REalisation

  	
  13

  
	
  12.

  	
  Undertakings

  	
  14

  
	
  13.

  	
  Further Undertakings

  	
  14

  
	
  14.

  	
  Representations and Warranties

  	
  15

  
	
  15.

  	
  Insurance of the Security Assets

  	
  16

  
	
  16.

  	
  Third Party Rights

  	
  16

  
	
  17.

  	
  Release of Security

  	
  16

  
	
  18.

  	
  Indemnity

  	
  17

  
	
  19.

  	
  Successors

  	
  17

  
	
  20.

  	
  Duration and Independence

  	
  17

  
	
  21.

  	
  The Security Trust Agreement

  	
  18

  
	
  22.

  	
  Costs and Expenses

  	
  18

  
	
  23.

  	
  Partial Invalidity; Waiver

  	
  18

  
	
  24.

  	
  Amendments

  	
  18

  
	
  25.

  	
  Notices and Their Language

  	
  18

  
	
  26.

  	
  Applicable Law; Jurisdiction

  	
  19

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  
	
   

  	
   

  
	
  1.

  	
  Security Locations

  	
  20

  
	
  2.

  	
  Region

  	
  23

  
	
  3.

  	
  Third Optical Transmission Systems

  	
  25

  
	
  4.

  	
  Own Optical Transmission Systems

  	
  26

  
	
  5.

  	
  Data Carriers of Network Plans

  	
  27

  
	
  6.

  	
  Security Transfer Agreements

  	
  28

  
	
  7.

  	
  Addresses for Notices

  	
  29

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
  30

  

 

 

THIS
SECURITY TRANSFER AGREEMENT
(the Agreement) is made on 12 May 2006

BETWEEN:

(1)                                  KABEL DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG, a limited partnership (Kommanditgesellschaft)
organised under the laws of Germany, having its corporate seat in Unterföhring
(Landkreis München), Germany, which is registered in the commercial register (Handelsregister) at the local court (Amtsgericht)
of Munich under registration number HRA 83902

(the Transferor);
and

(2)                                  THE ROYAL BANK OF SCOTLAND PLC, a
public limited company, having its registered office at: 36 St. Andrew Square,
EH2 2YB Edinburgh, Scotland, incorporated under the laws of Scotland and being
registered with the Companies House under registration number SC 090312

(the Security Agent).

The Transferor and the Security Agent are hereinafter
collectively referred to as the Parties.

WHEREAS:

(A)                              The Lenders (as defined below) have agreed to make available to each of
the Borrowers (as defined below) certain credit facilities on the terms of and
subject to the Credit Agreement (as defined below).

(B)                                It is a condition to the Lenders making the credit facilities available
pursuant to the Credit Agreement that the Pledgor enters into this Agreement.

(C)                                The other Finance Parties (as defined below) have appointed the Security
Agent to act as their security trustee under German law (Treuhänder)
pursuant to and in accordance with the Security Trust Agreement (as defined
below) in relation to the security provided hereunder.

IT IS AGREED as follows:

1.                                      INTERPRETATION

1.1                               Definitions

In this Agreement:

Accounting Principles
means accounting principles, policies, standards, bases and practices which, as
at the date of the Credit Agreement, are in accordance with the German
generally accepted accounting principles (Grundsätze ordnungsgemäßer
Buchführung und Bilanzierung).

Additional Borrower
means a member of the Group which becomes a borrower under the Credit Agreement
after the date of its execution.

Additional Facility
means an Add-On Facility or an External Facility.

Add-On Facility Accession Agreement
means an accession deed pursuant to which any person or entity accedes to the
Credit Agreement as provider of an Add-On Facility.

Add-On Facility means any additional
loan facility provided under the Credit Agreement which has Eligible Terms.

 1
 

 

Add-On
Facility Lender means:

(a)                                  an Original Add-On Facility Lender; or

(b)                                 any person which has become a lender under an Add-On Facility.

Administrative Party
means the Mandated Lead Arrangers, the Facility Agent or the Security Agent.

Agreed Priority Agreement Principles means
the principles pursuant to which the Existing Priority Agreement shall be
amended.

Ancillary Facility
means any facility or financial accommodation (including any overdraft, foreign
exchange, guarantee, bonding, documentary or standby letter of credit, credit
card or automated payments facility) established by a Lender in place of all or
parts of its respective facility commitment.

Ancillary Facility Document
means any document evidencing any Ancillary Facility.

Ancillary Lender means any lender
providing for an Ancillary Facility.

Ancillary Outstandings
means, at any time and with respect to any Ancillary Facility of any Ancillary
Lender, the aggregate of all of the following amounts (as calculated by that
Ancillary Lender) outstanding at that time under that Ancillary Facility:

(a)                                  all amounts of principal then outstanding under any overdraft, cheque
drawing or other account facilities determined on a gross basis unless such
facilities are made available on the basis of netting arrangements satisfactory
to the Ancillary Lender in which case, such outstanding principal amounts shall
be determined on the net debt basis used by that Ancillary Lender;

(b)                                 the maximum potential liability (excluding amounts stated to be in
respect of interest and fees) under all guarantees, bonds and letters of credit
then outstanding under that Ancillary Facility; and

(c)                                  in respect of any other facility or financial accommodation, such other
amount (excluding interest and similar charges) as fairly represents the
aggregate exposure of that Ancillary Lender under that facility or
accommodation, as reasonably determined by that Ancillary Lender from time to
time in accordance with its usual banking practice for facilities or accommodation
of the relevant type.

Antenna Device means an antenna
device consisting of a parabolic antenna dish, pole, with or without heating
system, and all active devices connected thereto, in particular, but not
limited to, electronic receiving/transmitting devices and intermediate
frequency transmitters (Zwischenfrequenzverteiler).

BGB means the German Civil Code
(Bürgerliches Gesetzbuch).

Borrower means KDVS or an Additional
Borrower.

Business Day means a day (other than a
Saturday or a Sunday) on which banks are open for general business in London
and Frankfurt am Main and which is also a TARGET Day.

 2
 

 

Commitment
Letter means the commitment letter dated on or about
the date of the Credit Agreement 2006 between the Arranger, the Original
Lender, KDG and KDVS.

Compliance Certificate
means any compliance certificate issued or to be issued by any Obligor in
connection with the Credit Agreement setting out the compliance with certain
financial ratios and/or covenants.

Credit Agreement means the
EUR 1,350,000,000 senior credit agreement dated on or about 13 March 2006
between, amongst others, the Mandated Lead Arranger, the Facility Agent, the
Security Agent, KDVS, KDG and the Original Lender providing for EUR
1,350,000,000 senior credit facilities and up to EUR 650,000,000 Add-On
Facilities.

DATG means Deutsche Telekom
Aktiengesellschaft.

Effective Date shall have the
meaning ascribed to that term in the Release Agreement.

Eligible Terms means, in respect of
any Additional Facility:

(a)                                  the final maturity date of that Additional Facility must be a date
falling at least six months after 31 March 2012;

(b)                                 there must be no amortisation required in respect of that Additional
Facility;

(c)                                  that Additional Facility must be a term facility (which, in the case of
an External Facility, may include notes, bonds or any other term credit
arrangement which is not capable, by its terms, of being repaid or prepaid and
redrawn before the date falling at least six months after 31 March 2012 (it
being acknowledged that such arrangement may have customary change of control,
voluntary prepayment, asset sale and similar prepayment provisions)); and

(d)                                 the purpose must be to fund a Permitted Acquisition;

(e)                                  the principal amount of that Additional Facility (together with the
principal amount of all other Additional Facilities) may not exceed the lower
of:

(i)                                     €650,000,000; and

(ii)                                  the amount which, if fully utilised on the date of completion of the
relevant Permitted Acquisition, would not result in any breach of certain
financial covenant ratios;

and

(f)                                    the liabilities of the obligors thereunder are to be treated and rank as
a senior debt under the Existing Priority Agreement and/or the Priority
Agreement and to have the benefit of all relevant Security Documents (whether
through execution of new documents or amendment to existing documents) or (in
each case) to have such lower ranking as is agreed by all the lenders of that
Additional Facility.  For these purposes relevant Security Documents means Security Documents
comprising the same assets and shares comprised in Security Documents executed
prior to the establishment of that Additional Facility, it being acknowledged
that prior-ranking Security Documents will remain in place (with the proceeds
of enforcement of all Security Documents subject to the sharing provisions of
the Priority Agreement).

Euro, euro, EUR or € means the single European currency introduced 1 January
1999.

 3
 

 

Existing
Priority Agreement means the priority agreement
in force on the date of the Credit Agreement to which, amongst others, KDG and
KDVS are parties (disregarding the amendments implemented to create an amended
priority agreement in connection with the Credit Agreement).

External Facility means any term
credit agreement which has Eligible Terms.

Event of Default means an event of
default under any of the Finance Documents, which entitles the Facility Agent
to declare that all or part of any amounts outstanding under the Finance
Documents or any of them are immediately due and payable, or payable on demand.

Existing Facility means
the €2,600,000,000 facilities made available under an amended and restated
credit agreement originally dated 29 March 2004 between, amongst others, KDVS
as borrower and Deutsche Bank AG as facility agent.

Facility Agent means The Royal Bank
of Scotland plc, a public limited company, having its registered office at: 36
St. Andrew Square, EH2 2YB Edinburgh, Scotland, incorporated under the laws of
Scotland and being registered with the Companies House under registration
number SC 090312.

Fee Letter means any letter entered
into by reference to the Credit Agreement between one or more Administrative
Parties and an Obligor setting out the amount of certain fees which are
payable, inter alia, in relation to the Credit Agreement.

Finance Document means:

(a)                                  the Credit Agreement;

(b)                                 the Commitment Letter;

(c)                                  a Fee Letter;

(d)                                 an Obligor Accession Deed;

(e)                                  a Transfer Certificate;

(f)                                    an Ancillary Facility Document;

(g)                                 the Hedging Letter;

(h)                                 an Add-On Facility Accession Agreement;

(i)                                     a Hedging Document;

(j)                                     a Security Document;

(k)                                  the Priority Agreement;

(l)                                     a Compliance Certificate;

(m)                               a Request; and

(n)                                 any other document designated as such by the Facility Agent and KDG.

Finance Party means an
Administrative Party, an Underwriter, a Lender or a Hedging Bank.

 4
 

 

Future
Security Assets means any and all assets of
the same kind as those specified in Clause 2.1 which will be located in any of
the Security Locations, and, as the case may be, labelled as specified in
Clause 2.1(a)(i) after the Effective Date.

Germany means the Federal Republic
of Germany.

Group means KDG and its
Subsidiaries (but excluding any Unrestricted Subsidiary).

HCP means home connection point
(Hausübergabepunkt), being a standardised
cable connecting box, made of grey plastics, on one side being attached to the
coaxial cable as set out under Clause 2.1(b) and being situated in any of the
locations set out in the lists of locations shown on the CD-ROM enclosed to
this Agreement as Schedule 1 Part 3.

Hedging Letter means a letter dated
on or about the date of the Credit Agreement between KDG, the Mandated Lead
Arranger and the Facility Agent relating to the interest and currency hedging
to be effected by the Group and any other letter designated as such by KDG and
the Facility Agent which amends or supplements the terms of that letter.

Hedging means any interest rate or
currency swap, derivative transaction or hedging facility.

Hedging Bank means:

(a)                                  each Original Hedging Bank; or

(b)                                 each party (other than an Obligor) which shall at any relevant time be
or become a party to any Hedging Document.

Hedging Document means

(a)                                  each master agreement, confirmation or other document evidencing any
Hedging provided by a Hedging Bank to an Obligor; or

(b)                                 otherwise entered into on the basis that under the terms of the Finance
Documents any party to such document (other than an Obligor) in such regard
becomes entitled to the benefit of, among other things, any security interest
created under this Agreement.

KDG means Kabel Deutschland
GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) incorporated under the laws of Germany, having
its corporate seat in Unterföhring (Landkreis München), Germany, which is
registered in the Commercial Register (Handelsregister)
at the Local Court (Amtsgericht) of
Munich under registration number HRB 145837.

KDVS means Kabel Deutschland
Vertrieb und Service GmbH & Co. KG, a limited partnership (Kommanditgesellschaft) organised under the laws of Germany,
having its corporate seat in Unterföhring (Landkreis München), Germany, which
is registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Munich under registration number HRA 83902.

Lender means:

(a)                                  the Original Lender;

(b)                                 an Original Add-On Facility Lender; or

(c)                                  any person which becomes a lender after the date of, and in accordance
with the terms of, the Credit Agreement,

 5
 

 

but
only for so long as it has any outstanding commitment or participation in any
loan provided under the Credit Agreement or Ancillary Outstanding or any amount
is owed to it (whether actually or contingently) in its capacity as Lender.

Mandated Lead Arranger
means each of:

(a)                                  The Royal Bank of Scotland plc;

(b)                                 Deutsche Bank AG London;

(c)                                  Goldman Sachs International; and

(d)                                 J.P. Morgan plc.

Obligor means KDG or a Borrower.

Obligor Accession Deed
means a deed of accession pursuant to which any person or entity accedes, inter
alia, to the Credit Agreement as Additional Borrower.

Original Add-On Facility Lender
means any lender providing for an additional facility under the Credit
Agreement by way of executing an Add-On Facility Accession Agreement.

Original Finance Party
means an Administrative Party, an Original Lender or an Original Hedging Bank.

Original Hedging Bank
means each of:

(a)                                  Goldman
Sachs International;

(b)                                 Morgan
Stanley Capital Services Inc.;

(c)                                  Société
Générale;

(d)                                 Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A.;

(e)                                  The
Royal Bank of Scotland plc;

(f)                                    BNP Paribas S.A.;

(g)                                 Deutsche
Bank AG, London;

(h)                                 HSBC
Bank plc; and

(i)                                     Calyon
Corporate and Investment Bank.

Original Lender means each of:

(a)                                  The Royal Bank of Scotland plc, Niederlassung Frankfurt;

(b)                                 Deutsche Bank AG London;

(c)                                  JPMorgan Chase Bank, N.A.; and

(d)                                 Goldman Sachs Credit Partners L.P.

 6
 

 

Original
Transferred Assets shall have the meaning
ascribed to that term in Clause 2.1 below.

Present Security Asset has
the meaning given to it in Clause 2.1.

Priority Agreement
means the Existing Priority Agreement amended on a basis consistent with the
Agreed Priority Agreement Principles after the date of the Credit Agreement.

Rack means a standardised
installation and storage system for electronic equipment with 19’’ width.

Region means the territories of
the cities (kreisfreie Städte), municipal
associations (Stadtverbände), towns (Gemeinden) and counties (Landkreise) set
out in Column 1 of Schedule 2 hereto, including those territories set out in
Column 2 of Schedule 2 hereto, but excluding Column 3 of Schedule 2 hereto.

Release Agreement means
the release agreement dated on or about the date of this Agreement made
between, amongst others, KDG and KDVS as released parties, Deutsche Bank AG
London as releasing party and the Security Agent in relation to the release of
certain security interests constituted under accessory and non-accessory
security granted in connection with the Existing Facility.

Request means any request for the
draw down of any credit facility under the Credit Agreement by any Obligor.

Secured Claims means all present
and future rights and claims (Ansprüche)
(whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of any of the Finance Parties against any of the
Obligors under the Finance Documents, each as amended, restated, varied,
supplemented, novated or extended from time to time, including, without
limitation, any increase of principal or interest, in each case together with
all costs, charges and expenses incurred by the Finance Parties (or any of
them) in connection with the protection, preservation or enforcement of their
respective rights under the Finance Documents.

Security means any and all security
granted to secure the Secured Claims.

Security Asset means a Present
Security Asset and a Future Security Asset.

Security Document means any document
evidencing or creating security over any asset of any Obligor to secure any
obligation of any Obligor to a Finance Party under any Finance Document
referred to under (a) to (i) and (k) to (n) of the definition of “Finance
Document”.

Security Location means (i) each of
the premises rented or owned by the Transferor as described in more detail in
Schedule 1 hereto, and in case of Schedule 1 Part 2 highlighted with a red
border, and (ii) the Region (each a Security Location and together the Security Locations).

Security Trust Agreement
means the agreement dated on or about the date hereof between, amongst others,
KDG, KDVS, the Security Agent and the other Finance Parties under which the
Security Agent has been granted certain rights and has assumed certain
obligations in relation to the German Security Documents (as defined therein).

Service Level Agreement shall
have the meaning ascribed to that term in the Credit Agreement.

Subsidiary means any of:

(a)                                  an entity of which a person has direct or indirect control or owns directly
or indirectly more than 50% of the voting capital or similar right of
ownership, and control for this purpose

 7
 

 

means the power to direct the management and the
policies of the entity whether through the ownership of voting capital, by
contract or otherwise; or

(b)                                 an entity consolidated for the purpose of the financial statements of
any person pursuant to the Accounting Principles.

Underwriter means each of:

(a)                                  The Royal Bank of Scotland plc;

(b)                                 Deutsche Bank AG London;

(c)                                  Goldman Sachs Credit Partners L.P.; and

(d)                                 JPMorgan Chase Bank, N.A.

Unrestricted Subsidiary
means any Subsidiary of KDVS or KDG (which is not an Obligor) nominated by KDVS
to the Facility Agent at any time when no Event of Default is outstanding.

TARGET Day means a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer System is
open for the settlement of payments in Euro.

Transfer Agreement shall
have the meaning ascribed to that term in Clause 2.1 below.

Transfer Certificate
means any transfer certificate pursuant to which any rights under the Credit
Agreement shall be transferred by novation or otherwise to any New Lender.

1.2                               Construction

(a)                                  In
this Agreement, unless the contrary intention appears, a reference to:

(i)                                     the
Security Agent means the Security Agent acting as agent for and on behalf of
the Pledgees unless otherwise provided herein; and

(ii)                                  promptly
means promptly (unverzüglich) as contemplated in
§ 121 (1) BGB.

(b)                                 Where
the context so admits, the singular includes the plural and vice versa.

(c)                                  The
headings in this Agreement are for convenience only and are to be ignored in
construing this Agreement.

(d)                                 Any
reference in this Agreement to a defined document is a reference to that
defined document as amended, restated, novated or supplemented from time to
time.

(e)                                  References
to parties herein shall also be deemed to include references to their
respective successors, transferees and assignees.

(f)                                    Unless
otherwise defined herein or unless the context otherwise requires, terms
defined or referred to in the Credit Agreement shall have the same meaning when
used herein.

2.                                      TRANSFER OF SECURITY ASSETS

2.1                               The Transferor hereby represents and warrants that it
has transferred either full title (Eigentum), or
title in the form of co-ownership (Miteigentum) or
inchoate rights (Anwartschaftsrecht), in the
assets referred to in Clause 2.1(a) to (g) (each inclusive) below (collectively
the Original Transferred

 8
 

 

Assets) to Deutsche Bank AG London as security agent and
transferee under the security transfer agreements listed in Schedule 6 to this
Agreement (each a Transfer Agreement and collectively the Transfer
Agreements):

(a)                                  all
of the following assets situated in the premises set out in Schedule 1 Part 1:

(i)                                     all
Racks labelled or marked:

(A)                              “BK”;

(B)                                “Kabel
Deutschland GmbH”;

(C)                                “Kabel
Bayern GmbH & Co. KG”, “Kabel Hamburg Schleswig-Holstein
Mecklenburg-Vorpommern GmbH & Co. KG”, “Kabel Niedersachsen Bremen GmbH
& Co. KG”; “Kabel Berlin Brandenburg GmbH & Co. KG”, “Kabel Sachsen
Sachsen-Anhalt GmbH & Co. KG” or “Kabel Rheinland-Pfalz GmbH & Co. KG”;

(D)                               “Kabel
Deutschland”;

(E)                                 “Kabel
Bayern”, “Kabel Schleswig-Holstein”, “Kabel Mecklenburg-Vorpommern, “Kabel
Hamburg”, “Kabel Niedersachsen”, “Kabel Bremen”; “Kabel Brandenburg”, “Kabel
Berlin”, “Kabel Sachsen-Anhalt”, “Kabel Sachsen” or “Kabel Rheinland-Pfalz”;

(F)                                 “Kabel
Deutschland Vertrieb und Service GmbH &Co. KG”; or

(G)                                with
any label indicating that the respective asset is owned by the Transferor;

(ii)                                  all
electronic devices installed or stored in Racks labelled or marked as set out
in Clause 2.1(a)(i) above;

(iii)                               all
cables connecting the devices set out in Clause 2.1(a)(i) and 2.1(a)(ii) with
each other;

(iv)                              all
cabinets labelled or marked as set out in Clause 2.1(a)(i) above;

(v)                                 any
Antenna Device labelled or marked as set out in Clause 2.1(a)(i) above;

(vi)                              all
AMTV radio link transmission systems (consisting of Antenna Devices, poles,
with or without heating systems, and all active devices connected thereto, in
particular, but not limited to, electronic receiving/transmitting devices)
connected to assets mentioned under Clause 2.1(a)(ii) above; and

(vii)                           all
coaxial cables and optical transmission systems (optical fibre and related
optical nodes and other related equipment) connecting electronic devices as set
out under Clause 2.1(a)(ii) above and Antenna Devices as set out in Clause
2.1(a)(v) above;

(b)                                 all
coaxial cables (i) marked „KX” and additionally marked with a telephone
receiver symbol and (ii) situated in the Region;

(c)                                  all
equipment connected to the coaxial cables mentioned under Clause 2.1(b) above,
in particular, but not limited to, cable couplings (Muffen),
splitter, taps, cable connectors and HCPs;

 9
 

 

(d)                                 all
street cabinets situated in the Region and which are identified by features
referred to under (i) to (iii) below:

(i)                                     being
marked on the outside “KVZ 82” or “KVZ 83” or “KVZ 86”;

(ii)                                  having
a socket (Sockel) with holes for air supply (Lufteinlassöffnungen); and

(iii)                               containing
a standardised box made of pressure die-casting (BK-Verstärkergehäuse
aus Druckguss, abbreviated BKVrGeh) with the approximate dimensions:
width 61cm x height 44cm x depth 19cm);

including
all technical equipment installed or stored in each of such street cabinets,
but excluding, power meters and the part of the incoming power supply cables
from the entering points of such cable into the street cabinets up to its
connection to the power supply unit (Netzteil);

(e)                                  all
optical transmission systems (optical fibre and related optical nodes and other
related equipment) as set out under Schedule 4;

(f)                                    all
assets situated in the premises as described in the site maps attached hereto
in Schedule 1 Part 2; and

(g)                                 all
of the following assets situated in the locations set out in the list of
locations shown on the CD-ROM being enclosed to this Agreement as Schedule 1
Part 3:

(i)                                     all
coaxial cables, other than those set out under Clause 2.1(b), which

(A)                              are
directly or indirectly (in case of interconnected amplifiers, splitters, taps
or other equipment) connected to a HCP; and

(B)                                start
at a HCP and end at the sockets (Antennensteckdosen)
in the supplied flats (or vice versa); and

(ii)                                  all
equipment connected to the coaxial cable mentioned in this Clause 2.1(g) such
as amplifiers, splitters, taps and the sockets (Antennensteckdosen).

In addition, the Transferor hereby also represents and
warrants that after the date of the respective Transfer Agreement and on or
before the Effective Date it has transferred either full title (Eigentum), or title in the form of co-ownership (Miteigentum) or inchoate rights (Anwartschaftsrecht),
to Deutsche Bank AG London in any and all assets of the same kind, or similar
to those specified in Clause 2.1 (a) to (g) (each inclusive) above located in
any of the Security Locations, and, as the case may be, labelled as specified
in Clause 2.1(a)(i) above (collectively the Future
Transferred Assets) (the Original Transferred Assets and the Future
Transferred Assets collectively the Present Security Assets).  According to the terms of the Release
Agreement, Deutsche Bank AG London will transfer the Present Security Assets to
the Security Agent as of the Effective Date.

2.2                               The Transferor hereby transfers full title (Eigentum)
in any and all Future Security Assets to the Security Agent and title in such
Future Security Asset shall pass in accordance with Clause 2.4 to 2.6 below.

2.3                               To the extent that the Transferor holds, or will in future hold, title
in the form of co-ownership (Miteigentum) in
respect of the Future Security Assets or part thereof, it herewith transfers
such ownership rights to the Security Agent. 
Additionally, the Transferor transfers and assigns to the

 10
 

 

Security Agent all
inchoate rights (Anwartschaftsrechte) it holds, or
will hold in future, in respect of the Future Security Assets.

2.4                               In relation to the Future Security Assets referred to under Clause
2.1(a)(iii), (vi) and (vii), Clause 2.1(b), Clause 2.1(d), Clause 2.1(f) and
Clause 2.1(g), any ownership rights (Eigentum),
co-ownership rights (Miteigentum) or
inchoate rights (Anwartschaftsrechte) in respect
of assets brought to any of the Security Locations in future will be
automatically transferred to the Security Agent at the time such assets are
actually brought to any of the Security Locations.

2.5                               In relation to any assets referred to under Clause 2.1(a)(i), (ii), (iv)
and (v), any ownership rights (Eigentum),
co-ownership rights (Miteigentum) or
inchoate rights (Anwartschaftsrechte) in respect
of such assets brought to the Security Locations or actually labelled in future
will be automatically transferred to the Security Agent at the latter of the
points in time such assets are actually brought to the Security Locations or
such assets are actually labelled (to the extent applicable).

2.6                               In relation to any assets referred to under Clause 2.1(c), any ownership
rights (Eigentum), co-ownership
rights (Miteigentum) or inchoate rights (Anwartschaftsrechte) in respect of such assets connected to
any of the Security Assets referred to under Clause 2.1(b) in future will be
automatically transferred to the Security Agent at the time such assets are
actually connected to any of the Security Assets referred to under Clause
2.1(b).

2.7                               In relation to any assets referred to under Clause 2.1(e), any ownership
rights (Eigentum), co-ownership rights (Miteigentum) or inchoate rights (Anwartschaftsrechte)
in respect of such assets listed in Schedule 4 shall pass to the Security Agent
at the time of execution of this Agreement.

2.8                               The Security Agent accepts such transfers and assignments.

2.9                               Whenever an asset has been labelled as set out in Clause 2.1 above, any
label of DTAG additionally attached to such asset - indicating its former
ownership - shall be disregarded for the purpose of determining a Security
Asset.

2.10                        The Parties herewith

(a)                                  acknowledge
the release and transfer of any and all Present Security Assets from Deutsche
Bank AG London to the Security Agent pursuant to the terms of the Release
Agreement upon the Effective Date and according to the Transferor’s
instruction; and

(b)                                 agree
and confirm that the Transferor holds the Present Security Assets as lessee
free of charge (Leihe) on behalf of the Security
Agent as indirect possessor of such assets (mittelbarer Besitzer)
pursuant to and in accordance with the terms of this Agreement as a substitute
for the delivery of all Present Security Assets.

3.                                      SUBSTITUTION FOR DELIVERY

3.1                               As a substitute for the delivery of all Security Assets to the Security
Agent, the Transferor and the Security Agent (as indirect possessor (mittelbarer Besitzer)) herewith agree that the Transferor
will hold the Security Assets for the Security Agent as lessee free of charge (Leihe).

3.2                               To the extent that third parties obtain actual possession (unmittelbarer Besitz) of the Security Assets, the Transferor
hereby transfers and assigns to the Security Agent any existing or future
claims it may have for the surrender of the Security Assets.  The Security Agent accepts such assignments.

 11

 

4.                                      AGREEMENT ON TRANSFER OF TITLE

4.1                               The Parties are in agreement that any and all asset which is of the same
kind as those specified in Clause 2.1 (a) to (g) (each inclusive) above and
located in any of the Security Locations, and, as the case may be, labelled as
specified in Clause 2.1(a)(i) above but that has neither been transferred
pursuant to the terms of this Agreement nor of the Release Agreement shall
constitute security property (Sicherungseigentum)
of the Security Agent as of the date of execution of and entering into this
Agreement.

4.2                               As a substitute for the delivery of such assets referred to in Clause
4.1 above to the Security Agent, the Transferor and the Security Agent (as
indirect possessor (mittelbarer Besitzer))
herewith agree that the Transferor will hold such assets referred to in Clause
4.1 above for the Security Agent as lessee free of charge (Leihe).

4.3                               To the extent that third parties obtain actual possession (unmittelbarer Besitz) of such assets referred to in Clause
4.1 above, the Transferor hereby transfers and assigns to the Security Agent
any existing or future claims it may have for the surrender of such
assets.  The Security Agent accepts such
assignments.

5.                                      SECURITY PURPOSE

The
Security Assets shall serve as collateral to secure the prompt and complete
satisfaction of any and all Secured Claims.

6.                                      IDENTIFICATION OF ASSETS

6.1                               The Transferor shall provide the Security Agent on no later than the
fifth Business Day following the end of a calendar quarter for that calendar
quarter, or at shorter intervals if so requested by the Security Agent in order
to permit the safeguarding of its legitimate interests, with a list of those
assets which have become Future Security Assets during that calendar quarter.

6.2                               The Transferor shall have the right to deliver the relevant lists on a
readable and compatible disk.  The
Security Agent may contact the Transferor from time to time with a view to
agreeing the necessary details.

6.3                               For the avoidance of doubt, the Security Agent shall also be entitled to
any and all Security Assets if for any reason whatsoever such Security Assets
are not, or are incompletely contained in any of the lists provided to the
Security Agent pursuant to Clause 6.1 above.

6.4                               If the Transferor employs a third party for its bookkeeping and/or
data-processing, the Transferor hereby irrevocably authorises the Security
Agent to obtain the lists of Security Assets provided pursuant to Clause 6.1
above directly from such third party at the Transferor’s expense.  The Transferor hereby undertakes to instruct
the third party to provide the Security Agent upon the Security Agent’s demand
with such information and documents as the Security Agent requests.

7.                                      LOCATION OF SECURITY ASSETS

7.1                               The Transferor is obliged to keep the Security Assets in the Security
Locations specifying the respective Security Asset.  The Transferor shall deal carefully with the
Security Assets and shall give due regard to all necessary care and maintenance
of the Security Assets at its own expense.

7.2                               Purely for the purpose of locating the individual cables transferred
hereunder, information regarding the exact location of each cable is stored in
electronic form (network plans) on data carriers situated in the locations set
out in Schedule 5 hereto.  For the
avoidance of doubt, the validity of any transfer

 12
 

 

of title hereunder shall not be affected by any
inaccuracy or incompleteness of the information available to the Security Agent
pursuant to this Clause 7.2.

7.3                               The Security Agent has the right to mark the Security Assets as its
property.  The Transferor shall keep
accurate records of the Security Assets transferred and assigned to the
Security Agent.

7.4                               A removal of Security Assets from the Security Locations specifying the
respective Security Asset, or a disposal of Security Assets, other than
removals or disposals in the ordinary course of business, are only allowed with
the prior written consent of the Security Agent.

7.5                               The Transferor undertakes with respect to any and all Security Locations
(or part thereof) which have been rented by it under rental agreements (each a Rental Agreement):

(a)                                  to submit to the Security Agent at the date hereof a current copy of
each Rental Agreement which entitles the Transferor to use the Security
Location (or part thereof);

(b)                                 to notify the Security Agent promptly of any amendments to a Rental
Agreement;

(c)                                  to notify the Security Agent promptly of the non-payment of any rent due
and payable under a Rental Agreement; and

(d)                                 to inform the lessor under a Rental Agreement in writing of the fact
that the Security Assets have been transferred for security purposes to the
Security Agent.

7.6                               The Security Agent is entitled, but not obliged, to make any payment due
and payable under a Rental Agreement to the relevant lessor on behalf and at
the expense of the Transferor.

8.                                      RIGHTS OF THE SECURITY AGENT TO EXAMINE THE
SECURITY LOCATIONS

8.1                               The Security Agent or any representative of its choice is entitled to
inspect the Security Assets, the Security Locations and any documentation or
records concerning the Security Assets on reasonable notice and during normal
business hours.  The Transferor shall
provide all necessary information and allow access to the relevant books and
documentation and any of the Security Locations respectively.

8.2                               If the Security Assets are possessed by a third party, such third party
shall be instructed by the Transferor to allow access to the Security Assets by
the Security Agent.

9.                                      RESERVATION OF TITLE

The
Transferor shall extinguish any reservation of title arising during the normal
course of business by settling the purchase price when due for the Security
Assets affected by such reservation of title. 
The Security Agent is entitled but not obliged to make such payments on
behalf of the Transferor, in which case title to such Security Assets shall
pass from any holder of such reservation of title directly to the Security
Agent.

10.                               TAKING POSSESSION BY THE SECURITY AGENT

The
Security Agent is entitled to recover the Security Assets upon the occurrence
of an Event of Default which is continuing.

11.                               ENFORCEMENT AND REALISATION

11.1                        If (i) an Event of Default has occurred, (ii) the Facility Agent has
declared all amounts payable under the Finance Documents immediately due and
payable and (iii) the Event of Default has not been

 13
 

 

remedied within 5 (five) Business Days after the
Facility Agent has declared all amounts payable under the Finance Documents
immediately due and payable.

11.2                        The Security Agent will notify the Transferor of its intention to realise
the Security Assets by giving 5 (five) Business Days’ notice.  Such notice period is not necessary if the
Borrower has generally ceased to make payments or the commencement of
insolvency proceedings has been filed against the Borrower.

11.3                        The Security Agent is entitled to sell the Security Assets by way of
private sale or private auction on its own account or on behalf of the
Transferor.  The Security Agent will take
into consideration the legitimate interests of the Transferor.  The Security Agent is also entitled to demand
from the Transferor, that the Transferor realises the Security Assets in the
best way possible or helps with the realisation.  In that event the Transferor is obliged to
transfer promptly all proceeds resulting from such realisation to the Security
Agent.

11.4                        After the realisation of the Security Assets the Security Agent will
employ the proceeds, in accordance with the provisions of the Priority
Agreement, to cover the Secured Claims. 
If the proceeds of the realisation are subject to turnover tax, the
Security Agent will submit a credit note to the Transferor to the effect that
such credit note is to be seen as an invoice for the delivery of goods. It
shall in any event meet the requirements of German turnover tax law.

11.5                        The Security Agent may determine which of several securities, if
applicable, shall be used to satisfy the Secured Claims.  The proceeds resulting from the enforcement
will be distributed by the Security Agent in accordance with the relevant
provisions of the Security Trust Agreement.

12.                               UNDERTAKINGS

12.1                        The Transferor undertakes:

(a)                                  to re-execute the transfer for security purposes of any of the Security
Assets which has not been validly transferred hereunder or the transfer of
which turns out to be invalid or unenforceable; and

(b)                                 to transfer any assets which should have been transferred for security
purposes to the Security Agent under any of the Security Documents but which,
for whatever reason, have not been validly transferred to the Security Agent.

12.2                        The Transferor and the Security Agent agree that any Security Asset, or
any other asset which should have been transferred to the Security Agent for
security purposes, which has not been validly transferred to the Security
Agent, shall be treated as between the Transferor and the Security Agent as if
it had been validly transferred for security purposes to the Security Agent,
and shall be forthwith held on trust by the Transferor for the benefit of the
Security Agent.

13.                               FURTHER UNDERTAKINGS

The Transferor undertakes:

(a)                                  to accurately label all assets referred to under Clause 2.1(a)(i) and
(v) to indicate its property;

(b)                                 to continue using the features specifying an asset as a Security Asset
in accordance with Clause 2.1 above for all assets of the respective kind;

 14
 

 

(c)                                  to inform the Security Agent promptly of any subsequent material adverse
changes in the value of any of the Security Assets taken as a whole;

(d)                                 to inform the Security Agent promptly of any subsequent changes to the
Security Location;

(e)                                  to provide the Security Agent promptly at its request with all
information and documents it may reasonably require in relation to the Security
Assets taken as a whole;

(f)                                    to notify the Security Agent promptly of any event or circumstance other
than interpretation of laws which affects or is reasonably likely to affect the
validity or enforceability of this Agreement;

(g)                                 to use all reasonable best efforts to receive a written confirmation
from Deutsche Telekom Aktiengesellschaft that Deutsche Telekom Aktiengesellschaft
has received the notice of the accession to each Service Level Agreement by the
Security Agent;

(h)                                 at its own expense, to execute and do all such assurances, acts and
things as the Security Agent may reasonably require:

(i)                                     for perfecting or protecting the security intended to be afforded by
this Agreement; and

(ii)                                  if the Security granted hereunder has become enforceable, for
facilitating the realisation of all or any part of the assets which are subject
to this Agreement and the exercise of all powers, authorities and discretions
vested in the Security Agent,

and in particular to execute all transfers,
conveyances, assignments and releases of that property whether to the Security
Agent or to its nominees and give all notices, orders and directions which the
Security Agent may reasonably think expedient; and

(i)                                     to refrain from any acts or omissions which might damage or result in a
loss of the Security Assets.

14.                               REPRESENTATIONS AND WARRANTIES

The
Transferor represents and warrants to the Security Agent that:

(a)                                  the specification of the premises set out in Schedule 1 hereof is a
complete and accurate specification of all premises the Transferor uses in
order to operate its cable net work business at the date of this Agreement or
to keep or deposit moveables;

(b)                                 except for the Present Security Assets, either the Transferor or the
Security Agent hold either full title (Eigentum), or
title in the form of co-ownership (Miteigentum),
or title in the form of joint ownership (Gesamthandseigentum),
or inchoate rights (Anwartschaftsrecht),
in all Security Assets kept or deposited in the Security Locations set out in
Schedule 1 Part 2 hereof;

(c)                                  all Security Assets owned by the Transferor and kept or deposited in the
Security Location set out in Schedule 1 Part 1 hereof are accurately labelled
to indicate the Transferor’s property;

(d)                                 except for the Present Security Assets, either the Transferor or the
Security Agent hold either full title (Eigentum), or
title in the form of co-ownership (Miteigentum),
or title in the form of joint ownership (Gesamthandseigentum),
or inchoate rights (Anwartschaftsrecht),
in all

 15
 

 

Security Assets labelled to indicate the Transferor’s
property and kept or deposited in the Security Location set out in Schedule 1
Part 1 hereof; and

(e)                                  after due inquiry (e.g. research within the Transferor, confirmation by
cable suppliers and spot checks) to the best of its knowledge, it is not aware
of other cables marked “KX” and marked with a telephone receiver symbol in the
Region other than those owned by the Transferor or by the Security Agent.

15.                               INSURANCE OF THE SECURITY ASSETS

15.1                        Obligation to insure

The Transferor undertakes at its own expense to keep
the Security Assets insured in accordance with the Credit Agreement.

15.2                        Assignment

The Transferor hereby assigns any and all rights and
claims under the present and future insurances (other than liability insurance
claims (Haftpflichtversicherungsansprüche))
regarding the Security Assets.  The
Transferor undertakes to notify the relevant insurer(s) of the assignment of
the insurance claims concerning the Security Assets constituted in connection
with and pursuant to the respective Finance Documents and to provide the
Security Agent with a copy of such notification letter and the requested return
receipt.  Notwithstanding such assignment
the Transferor will continue to be obliged under the respective insurance
contracts with the proviso that the Transferor is not entitled to terminate any
of the insurance contracts without the prior written consent of the Security
Agent unless the policy replacing the terminated policy is made subject to the
provisions contained in this Clause 15. 
Insofar as additional declarations and actions are necessary for the
assignment of the insurance claims the Transferor shall, at the Security Agent’s
request, make such additional declarations or undertake such actions.

15.3                        Insurance Policy

The Transferor undertakes to require the insurer(s) to
issue, and submit to the Security Agent, at the Transferor’s expense, a
certificate of insurance (Sicherungsschein
and Sicherungsbestätigung, as the case may
be) for the benefit of the Security Agent together with the premium receipts or
other evidence of the payment thereof.

To the extent the Transferor is not, or not
sufficiently, insured, the Security Agent has the right to insure the Security
Assets at their full value from time to time at the Transferor’s expense.

16.                               THIRD PARTY RIGHTS

If and to the extent that there exists, in relation to
the Security Assets, a pledge by law (gesetzliches Pfandrecht)
in favour of any third party, the Transferor shall, at the Security Agent’s
reasonable request, promptly provide that all sums properly due to such third
party have been duly paid.  The Security
Agent shall be entitled to make such payments if and to the extent that the
Transferor does not provide promptly such evidence.

17.                               RELEASE OF SECURITY

17.1                        Release

After the full and complete satisfaction of all
Secured Claims, the Security Agent shall promptly, at the cost and expense of
the Transferor, retransfer to the Transferor the Security Assets and surrender

 16
 

 

the
excess proceeds, if any, resulting from any realisation of the Security Assets
or part thereof.  The Security Agent
will, however, transfer any Security Assets to a third party to the extent that
it is obliged to do so.

Even prior to the full and complete satisfaction of
all Secured Claims, the Security Agent is obliged to release upon the
Transferor’s request all or part of the Security insofar as the realisable
value of the Security and any other security given to the Security Agent or the
other Finance Parties with respect to the Secured Claims exceeds, not only
temporarily, the Secured Claims by more than 10%.  The Security Agent may, at its discretion,
determine which part of the Security shall be released.

18.                               INDEMNITY

18.1                        Liability for Damages

The Security Agent shall not be liable for any loss or
damage suffered by the Transferor save in respect of such loss or damage which
is suffered as a result of the gross negligence (grobe
Fahrlässigkeit) or wilful misconduct (Vorsatz)
of the Security Agent.

18.2                        Indemnification

The Transferor will indemnify the Security Agent and
the other Finance Parties and keep the Security Agent and each of the other
Finance Parties indemnified against any losses, actions, claims, expenses,
demands and liabilities which may be incurred by or made against the Security
Agent of any of the other Finance Parties as a result of any breach of the
Transferor of any of its obligations or undertakings herein except to the
extent that such losses, actions, claims, expenses, demands or liabilities have
resulted from the gross negligence (grobe Fahrlässigkeit)
or wilful misconduct (Vorsatz) of the
Finance Parties or the Security Agent.

18.3                        This Clause 18 shall survive the termination of this Agreement under
Clause 20 or otherwise.

19.                               SUCCESSORS

This Agreement shall be binding upon the Parties
hereto and their respective successors in law. 
The Security Agent shall be entitled to assign or otherwise transfer any
and all of its rights and duties under this Agreement to third parties.  The Transferor is not entitled to any such
transfer without the prior written consent of the Security Agent.

20.                               DURATION AND INDEPENDENCE

20.1                        Duration

This Agreement shall remain in full force and effect
until the full and complete payment and discharge of the Secured Claims.  This Agreement shall not cease to exist, if
any payments made in satisfaction of the Secured Claims have only temporarily
discharged the Secured Claims.

20.2                        Continuing Security

This Agreement shall create a continuing security
which means that no change or amendment whatsoever to any Finance Document or
in any document or agreement related to it shall affect the validity of this
Agreement.

 17
 

 

20.3                        Independence

This Agreement is independent from any other security
or guarantee which may have been or will be given to the Security Agent and/or
or any of the other Finance Parties with respect to any obligation of any of
the Borrower under the Finance Documents. 
None of such other securities or guarantees shall prejudice, or shall be
prejudiced by, or shall be merged in any way with, this Agreement.

21.                               THE SECURITY TRUST AGREEMENT

The provisions of the Security Trust Agreement shall
apply to this Agreement provided that in the event of any conflict between the
provisions of this Agreement and the provisions of the Security Trust
Agreement, the provisions of this Agreement shall prevail.

22.                               COSTS AND EXPENSES

The Transferor must pay to each Finance Party the
amount of all costs and expenses (including the costs and expenses of legal
advisers) incurred by it in connection with the enforcement of, or the
preservation of any rights under, any Finance Document.

23.                               PARTIAL INVALIDITY; WAIVER

23.1                        Invalidity

If any provision of this Agreement or any part therof
should be or become invalid or unenforceable, this shall not affect the
validity of the remaining provisions hereof. 
The invalid or unenforceable provision shall be replaced by that
provision which best meets the intent of the replaced provision.

23.2                        Waiver

No failure to exercise, nor any delay in exercising,
on the part of the Security Agent, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy.  The rights and
remedies provided hereunder are cumulative and not exclusive of any rights or
remedies provided by law.

24.                               AMENDMENTS

Changes and amendments to this Agreement, including
this Clause 24 shall be made in writing.

25.                               NOTICES AND THEIR LANGUAGE

25.1                        Notices

Any notice or other communication under or in
connection with this Agreement to the Transferor or the Security Agent shall be
in writing and shall be delivered personally, by post or facsimile and shall be
sent to the address or facsimile number of the party, and for the attention of
the individual, set forth Schedule 7 or such other address or facsimile number
as is notified from time to time.

25.2                        Language

Unless otherwise agreed from time to time, any notice
or other communication under or in connection with this Agreement shall be in
the English language or, if in any other language, accompanied by a translation
into English.  In the event of any
conflict between the English text and the text in any other language, the
English text shall prevail.

 18
 

 

26.                               APPLICABLE LAW; JURISDICTION

26.1                        Governing Law

This Agreement shall be governed by and construed in
accordance with the laws of Germany.

26.2                        Jurisdiction

The place of jurisdiction for both parties shall be
Frankfurt am Main, Germany.  The Security
Agent, however, shall also be entitled to take legal action against the
Transferor before any other competent court of law having jurisdiction over the
Transferor or any of its assets.

 19

 

SCHEDULE 1

SECURITY LOCATIONS

PART 1

 20
 

 

PART 2

 21
 

 

PART 3

 22
 

 

SCHEDULE 2

REGION

	
  Original Region

  Rheinland-Palatinate

  (Rheinland-Pfalz)

  Saarland

  (Saarland)

  	
   

  	
  Excluded from Region

  
	
  Cities (kreisfreie Städte): 

  ·              Frankenthal (Pf.)

  ·              Kaiserslautern

  ·              Koblenz

  ·              Landau i. d. Pf.

  ·              Ludwigshafen a. Rh.

  ·              Mainz

  ·              Neustadt a. d. W.

  ·              Pirmasens

  ·              Speyer

  ·              Trier

  ·              Worms

  ·              Zweibrücken

  Counties (Landkreise):

  ·              Ahrweiler

  ·              Altenkirchen

  ·              Alzey-Worms

  ·              Bad Dürkheim

  ·              Bad Kreuznach

  ·              Bernkastel-Wittlich

  ·              Birkenfeld

  ·              Bitburg-Prüm

  ·              Cochem-Zell

  ·              Daun

  ·              Donnersbergkreis

  ·              Germersheim

  ·              Kaiserslautern

  ·              Kusel

  ·              Ludwigshafen

  ·              Mainz Bingen

  ·              Mayen-Koblenz

  ·              Merzig-Wadern

  ·              Neunkirchen

  ·              Neuwied

  ·              Pirmasens

  ·              Rhein-Hunsrück-Kreis

  ·              Rhein-Lahn-Kreis

  ·              Saarlouis

  ·              Saarpfalz-Kreis

  ·              Sankt Wendel

  	
   

  	
  Towns (Gemeinden):

  ·              Mudersbach

  ·              Niederfischbach

  (both in Rhineland-Palatinate (Rheinland-Pfalz) but
  connected to broadband cablenet from a provider in North Rhine-Westphalia

  (Nordrhein-Westfalen))

  Towns (Gemeinden):

  ·              Reckenroth

  ·              Sauerthal

  (both in Rhineland-Palatinate (Rheinland-Pfalz) but
  connected to broadband cablenet from a provider in Hesse (Hessen))

  	 

 23
 

 

 

	
  Original Region

  Rheinland-Palatinate

  (Rheinland-Pfalz)

  Saarland

  (Saarland)

  	
   

  	
  Excluded from Region

  
	
  ·              Südliche Weinstrasse

  ·              Trier-Saarburg

  ·              Westerwald

  Associated Town (Stadtverband):

  ·              Saarbrücken

  	
   

  	
   

  	 

 

 24
 

 

SCHEDULE 3

THIRD OPTICAL TRANSMISSION SYSTEMS

empty

 25
 

 

SCHEDULE 4

OWN OPTICAL TRANSMISSION SYSTEMS

empty

 26
 

 

SCHEDULE 5

DATA CARRIERS OF NETWORK PLANS

empty

 27
 

 

SCHEDULE 6

SECURITY TRANSFER AGREEMENTS

1.                                       Security Transfer Agreement dated 28 March 2004 between Kabel
Deutschland Vertrieb und Service GmbH & Co. KG as transferor and Deutsche
Bank AG as security agent;

2.                                       Security Transfer Agreement dated 13 June 2003 between
Erwerbsgesellschaft Kabel Sachsen/Sachsen-Anhalt/Thüringen GmbH & Co. KG as
transferor and Deutsche Bank AG London as security agent as amended and
supplemented by an amendment agreement dated 28 March 2004 made between
Deutsche Bank AG London as security agent, Kabel Deutschland GmbH, Kabel
Deutschland Vertrieb und Service GmbH & Co. KG and Cable Holding S.à r.l.;

3.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft Kabel Hamburg/Schleswig-Holstein/Mecklenburg-Vorpommern
GmbH & Co. KG as transferor and Deutsche Bank AG London as security agent
as amended and supplemented by an amendment agreement dated 28 March 2004 made
between Deutsche Bank AG London as security agent, Kabel Deutschland GmbH,
Kabel Deutschland Vertrieb und Service GmbH & Co. KG and Cable Holding S.à
r.l.;

4.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft Kabel Niedersachsen/Bremen GmbH & Co. KG as transferor
and Deutsche Bank AG London as security agent as amended and supplemented by an
amendment agreement dated 28 March 2004 made between Deutsche Bank AG London as
security agent, Kabel Deutschland GmbH, Kabel Deutschland Vertrieb und Service
GmbH & Co. KG and Cable Holding S.à r.l.;

5.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft KABEL Berlin/Brandenburg GmbH & Co. KG as transferor
and Deutsche Bank AG London as security agent as amended and supplemented by an
amendment agreement dated 28 March 2004 made between Deutsche Bank AG London as
security agent, Kabel Deutschland GmbH, Kabel Deutschland Vertrieb und Service
GmbH & Co. KG and Cable Holding S.à r.l.;

6.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft KABEL Rheinland-Pfalz/Saarland GmbH & Co. KG as
transferor and Deutsche Bank AG London as security agent as amended and
supplemented by an amendment agreement dated 28 March 2004 made between
Deutsche Bank AG London as security agent, Kabel Deutschland GmbH, Kabel
Deutschland Vertrieb und Service GmbH & Co. KG and Cable Holding S.à r.l.;

7.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft KABEL Bayern GmbH & Co. KG as transferor and Deutsche
Bank AG London as security agent as amended and supplemented by an amendment
agreement dated 28 March 2004 made between Deutsche Bank AG London as security
agent, Kabel Deutschland GmbH, Kabel Deutschland Vertrieb und Service GmbH
& Co. KG and Cable Holding S.à r.l.; and

8.                                       Security Transfer Agreement dated 13 June March 2003 between
Erwerbsgesellschaft KABEL Sachsen/Sachsen-Anhalt/Thüringen GmbH & Co. KG as
transferor and Deutsche Bank AG London as security agent as amended and
supplemented by an amendment agreement dated 28 March 2004 made between
Deutsche Bank AG London as security agent, Kabel Deutschland GmbH, Kabel
Deutschland Vertrieb und Service GmbH & Co. KG and Cable Holding S.à r.l.

 28
 

 

SCHEDULE 7

ADDRESSES FOR NOTICES

	
  To the Transferor:

  	
  Kabel Deutschland Vertrieb und

  Service GmbH & Co. KG

  Betastraße 6-8

  85774 Unterföhring

  Germany

  
	
   

  	
   

  
	
  Att.:

  	
  Paul Thomason

  
	
   

  	
   

  
	
  Fax:

  	
  +49 89 96010 198

  
	
   

  	
   

  
	
   

  	
   

  
	
  To the Security Agent:

  	
  The Royal Bank of Scotland plc

  Level 7

  135 Bishopsgate

  London EC2M 3UR

  
	
   

  	
   

  
	
   

  	
  United Kingdom

  
	
   

  	
   

  
	
  Att.:

  	
  Mark Harrison, Director, Syndicated

  Loans Agency

  
	
   

  	
   

  
	
  Fax:

  	
  +44 (0) 20 7085 4564

  

 

 29
 

 

SIGNATORIES

	
  The Transferor

  	
   

  
	
   

  	
   

  
	
  KABEL DEUTSCHLAND VERTRIEB UND SERVICE GMBH &
  CO. KG

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Security Agent and Transferee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 30

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