Document:

Exhibit 10.44

    
      

    

    UNOFFICIAL
      AND UNCERTIFIED TRANSLATION

    FOR
      THE PURPOSES OF CME ONLY

    

      

    

     

    CREDIT
      LINE AGREEMENT No. 2644/05/LCD

     

    
      	
              1.

            	
              Česká
                spořitelna, a.s., with
                its registered seat at Prague 4, Olbrachtova 1929/62, Postal Code:
                140 00,
                Company ID: 45244782, registered in the Commercial Register maintained
                by
                the Municipal Court in Prague, Section B, File
                1171

            

    

    as
      lender
      (hereinafter the “Bank”)

    

    and

    

    
      	
              2.

            	
              CET
                21 spol.s r.o.,
                with its seat at Prague 5, Hlubočepy, Kříženeckého nám. 322/5, Postal
                Code: 152 00 (seat registered in the Commercial Register: Prague
                1, V jámě
                12), Company ID: 45800456, registered
                in the Commercial Register maintained by the Municipal Court in Prague,
                Section C, File 10581

            

    

    as
      borrower (hereinafter the “Client”)

    

    enter
      on
      the date written below, pursuant to the applicable provisions of Act No.
      513/1991 Coll., the Commercial Code, as amended (the “Commercial
      Code”),
      into
      this Loan Agreement (hereinafter, this “Loan
      Agreement”)

    

    DEFINITIONS
      OF TERMS

    

     

    
      	
              1.

            	
              The
                Bank and the Client have agreed that, for purposes of this Loan Agreement,
                the terms stated below shall have the following
                meaning:

            

    

     

    “Alternative
      Currencies”
      means
      EUR, USD.

     

    “Current
      Account” means
      the
      Client’s current account No. 994404 - 443825001/0800 denominated in CZK and
      current account No. 1021102/0800 denominated in USD.

     

    “Center
      of Main Interests” has
      the
      meaning ascribed to it in European Council Regulation (EC) No. 1346/2000 of
      29
      May 2000 on insolvency proceedings.

     

    “CZK”
      means
      Czech crowns or any other currency used as the legal tender for payment of
      debts
      in the Czech Republic.

     

    ”Central
      European Media Enterprises Ltd.” means
      Central European Media Enterprises Ltd., with its registered seat at Clarendon
      House, Church Street, Hamilton, HM CX Bermuda.

     

    ”Central
      European Media Enterprises N.V.”
      means
      Central European Media Enterprises N.V., with its registered seat at De
      Ruyterkade 62, Curacao, Nederland Antiles, registered in the Commercial Register
      maintained by the Curacao Chamber of Commerce and Industry, File 67
      248.

     

    “CME
      Media Enterprises B.V.”
      means
      CME Media Enterprises B.V., with its registered seat at Oostelijke Handelskade
      1169, 1019 DN Amsterdam, Netherlands.

     

    “CME
      Media Investments” means
      CME
      Media Investments s.r.o., with its registered seat at Prague 5, Kříženeckého
      nám. 1078/5, Postal Code 15200, Company ID: 27235173, registered
      in the Commercial Register maintained by the Municipal Court in Prague, Section
      C, File 106550.

     

    “CME
      Media Services” means
      CME
      Media Services s.r.o., with its registered seat at Prague 5, Kříženeckého nám.
      1078/5, PSČ 15200, Company ID: 27088944, registered
      in the Commercial Register maintained by the Municipal Court in Prague, Section
      C, File 95420.

     

    “Advance”
      means
      each individual case of the drawing of funds by the Client under this Loan
      Agreement.

     

    “ČP
      2000”
      means
Česká produkční 2000, a.s., with its registered seat at Prague 5, Hlubočepy,
      Kříženeckého nám. 322/5, PSČ 152 00, Company ID: 256 53 431, registered
      in the Commercial Register maintained by the Municipal Court in Prague, Section
      B, File 5264.

     

    “Final
      Repayment Date” means
      31st October 2009. 

     

    “Calculation
      Day”
      shall
      mean the date occurring two (2) Business Days prior to the first day of the
      Interest Rate Period, on which the Bank identifies the value of the Reference
      Rate and determines, on the basis of such value, the value of the Variable
      Rate
      applicable for the calculation of interest to accrue on the Loan during the
      Interest Rate Period.

     

    “Repayment
      Day” means
      a
      Business Day specified in the Request for Advance, on which the Client shall
      pay
      to the Bank any and all its monetary obligations arisen from the respective
      Advance and which, if not agreed otherwise by the Client and the Bank, falls
      at
      the last day of the Interest Rate Period in respect of such
      Advance.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Confidential
      Information”
      shall
      mean any and all information relating to the Client’s Affiliates or the CME
      Affiliates provided or disclosed to the Bank pursuant to or in connection with
      entering into the Loan Agreement and other agreements entered with the Bank
      in
      connection with this Loan Agreement and which are not available to the
      public.

     

    “EUR”
      means
      Euro or any other currency used as the legal tender for payment of debts in
      the
      countries of the European Monetary Union.

     

    “EURIBOR”
      is the
      interest rate set by the Euro Banking Association and published through the
      Reuters information system on the page EURIBOR on the Calculation Day, at which
      3, 6 or 12-month (depending on the selected term of the Interest Rate Period)
      deposits in EUR and in currencies tied to EUR in the European Monetary Union
      are
      offered on the Calculation Day for depositing in the inter-bank market in the
      member states of the European Monetary Union.

     

    “Factoring
      ČS” means
      Factoring
      České spořitelny, a.s., with its registered seat at Prague 8, Pobřežní 46,
      Postal Code: 180 00, Company ID: 25629352, registered in the Commercial Register
      maintained by the Municipal Court in Prague, Section B, File 5075.

     

    “Indenture”
      means
      the Indenture, dated as of May 5, 2005, between Central European Media
      Enterprises Ltd., Central European Media Enterprises N.V., CME Media Enterprises
      B.V., JPMorgan Chase Bank, N.A., London Branch and J.P. Morgan Bank Luxembourg
      S.A.

     

    “LIBOR”
      is the
      interest rate set by the Bank as the rate quoted by Reuters on the page LIBOR
      on
      the Calculation Day, at which 3, 6 or 12-month (depending on the selected term
      of the Interest Rate Period) deposits equivalent to the outstanding amount
      of
      the loan are offered on the Calculation Day for depositing in the London
      inter-bank market;

     

    “MAG
      MEDIA 99” means
      MAG
      MEDIA 99,a.s., with its registered seat at Prague 1, Lazarská 5, Company ID:
      25788124, registered in the Commercial Register maintained by the Municipal
      Court in Prague, Section B, File 6065.

     

    “Margin”
      means
      1.95 % per annum.

     

    “New
      Repayment Day”
      means a
      Business Day, on which the Client shall pay to the Bank any and all its monetary
      obligations arisen from the respective Advance which repayment shall have been
      postponed by the Bank pursuant to Art. III, Section 2 of this Loan Agreement
      and
      which, if not agreed otherwise by the Client and the Bank, falls at the last
      day
      of the Interest Rate Period in respect of such Advance. 

     

    “Interest
      Rate Period”
      means
      the period for which a fixed amount of the Variable Rate is set in respect
      of
      the Loan.

     

    “Business
      Day”
      means
      any day on which banks in the Czech Republic are generally open for business
      and
      inter-bank deals are settled. In respect of payments in EUR, Business Day means
      any day on which banks are open for business and foreign exchange transactions
      are settled in the Czech Republic and London. In respect of payments in USD,
      Business Day means any day on which banks are open for business and foreign
      exchange transactions are settled in the Czech Republic and New York.

     

    “PRIBOR”
      is the
      interest rate listed by the Reuters system on the page PRBO for 3, 6 or 12-month
      (depending on the selected term of the Interest Rate Period) deposits on the
      Calculation Day and, where no such interest rate is listed on any such Business
      Day, then the interest rate being offered on the Calculation Day in the Prague
      inter-bank market as the interest rate common in the market for 3, 6 or 12-month
      (depending on the selected term of the Interest Rate Period) deposits in
      CZK.

     

    “Variable
      Rate”
      means
      the rate for calculation of interest, fees and charges, the amount whereof
      shall
      be set as fixed for the entire Interest Rate Period.

     

    “Event
      of Default”
      means
      any of the events or circumstances specified in Article IX (Events of Default)
      of this Loan Agreement.

     

    “Frame
      Agreement on Factoring” means
      the
      frame agreement on factoring No. 100161, including the General Factoring Terms
      and Conditions dated 1st
      August
      2002, entered into by and between MAG MEDIA 99 and Factoring
      ČS on 24th March 2003, as amended, pursuant to which agreement Factoring ČS as
      assignee enters with MAG MEDIA 99 as assignor into the agreements on assignment
      of receivables towards third persons, agreed by the Bank 

     

    “Reference
      Rate”
      means:

    

    
      	
              (a)

            	
              PRIBOR
                for the Loan made available
                in CZK,

            

    

     

    
      	
              (b)

            	
              EURIBOR
                for the Loan made available
                in EUR,

            

    

     

    
      	
              (c)

            	
              LIBOR
                for the Loan made available
                in USD.

            

    

     

    “Tariff
      of Fees and Charges”
      means
      the effective tariff of fees and charges of Česká spořitelna, a.s. The Bank has
      the right
      to
      make changes to the Tariff of Fees and Charges at any time. Any changes to
      the
      Tariff of Fees and Charges shall be published by posting the text of a revised
      Tariff of Fees and Charges in the business premises of the Bank. Any change
      to
      the Tariff of Fees and Charges shall become effective on the date of such
      posting.

     

    “CME
      Affiliates” means:

     

    
      	
              (i)

            	
              Central
                European Media Enterprises Ltd.;

            

    

     

    
      	
              (ii)

            	
              Central
                European Media Enterprises N.V.; 

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              (iii)

            	
              CME
                Media Enterprises B.V.; and

            

    

     

    
      	
              (iv)

            	
              Their
                legal successors.

            

    

     

    “Client’s
      Affiliates”
      means:

     

    
      	
              (i)

            	
              the
                Client;

            

    

     

    
      	
              (ii)

            	
              ČP
                2000;

            

    

     

    
      	
              (iii)

            	
              MAG
                MEDIA 99;

            

    

     

    
      	
              (iv)

            	
              CME
                Media Services;

            

    

     

    
      	
              (v)

            	
              CME
                Media Investments; 

            

    

     

    
      	
              (vi)

            	
              VILJA;
                and

            

    

     

    
      	
              (vii)

            	
              Their
                legal successors.

            

    

     

    “TV
      Nova Affiliates” means:

     

    
      	
              (i)

            	
              Client’s
                Affiliates;

            

    

     

    
      	
              (ii)

            	
              persons
                controlled (directly or indirectly pursuant to the applicable provisions
                of the Commercial Code) by any Client’s
                Affiliate;

            

    

     

    
      	
              (iii)

            	
              persons
                having the business in the Czech Republic, controlled (directly or
                indirectly pursuant to the applicable provisions of the Commercial
                Code)
                by any of the CME Affiliates; and

            

    

     

    
      	
              (iv)

            	
              Their
                legal successors.

            

    

     

    “Interest
      Period”
      means
      the period of time, for which the Bank shall charge the Client for interest
      on
      the Loan.

     

    “USD”
      means
      United States Dollars or any other currency, which is used as a legal tender
      for
      settlement of debts in the USA.

     

    “Loan”
      means
      monies actually drawn and not repaid by the Client under the Loan
      Agreement.

     

    “Loan
      Facility”
      means
      the amount specified in Article I, paragraph 1 of this Loan
      Agreement.

     

    “VILJA”
      means
      VILJA a.s., with its registered address at Prague 5, Kříženeckého
      nám. 1078/5, Company ID: 26419009, registered
      in the Commercial Register maintained by the Municipal Court in Prague, Section
      B, File 6923.

     

    “Base
      Rate for Commercial Clients”
      means
      the Bank’s interest rate. The Bank shall announce any change to the Base Rate
      for Commercial Clients by posting a new amount of such rate in the business
      premises of the Bank. The amount of the Bank’s Base Rate for Commercial Clients
      shall be deemed effectively changed as of the date of posting such new rate
      in
      the business premises of the Bank. If the Base Rate for Commercial Clients
      changes, the interest rate charged on the Loan and/or default interest shall
      change accordingly as of the effective date of the change to the Base Rate
      for
      Commercial Clients. The Base Rate for Commercial Clients as of the date hereof
      amounts to 4.9% per annum.

     

    “Collateral”
      means
      any and all contractual or other arrangements and other instruments established
      as a security for the due and timely payment by the Client of any receivables
      that the Bank may have against the Client under the Loan Agreement.

     

    “Request
      for Advance” means
      a
      request for provision of the Advance and/or postponement of the repayment of
      the
      Advance, which has the necessary particulars set out in Annex No. 1 to this
      Loan
      Agreement.

    

    
      	
              2.

            	
              Unless
                indicated otherwise by the context, in respect of the terms defined
                in
                this Loan Agreement, singular shall also mean plural and vice
                versa.

            

    

    

    I.
      THE LOAN

    

    
      	
              1.

            	
              Loan
                Facility and Loan currency.
                The
                Bank agrees to provide to the Client funds up to the amount of CZK
                1,200,000,000 (in words: one billion and two hundred million Czech
                Crowns)
                or the equivalent of this amount in the Alternative Currencies (at
                the
                request of the Client), in the form of separate
                Advances.

            

    

     

    On
      the
      last day of each calendar month, the Bank shall convert the CZK equivalent
      of
      the Loan drawn in Alternative Currencies using the exchange rate determined
      for
      that day by the Bank. In the event the sum of the amount so converted and the
      Loan drawn in CZK exceeds the Loan Facility, the Bank shall reduce the Loan
      drawn in Alternative Currencies to the level of the Loan Facility and shall
      promptly notify the Client thereof. The amount of the Loan exceeding the Loan
      Facility shall be due and payable immediately upon notice by the Bank to the
      Client thereof.

    

    
      	
              2.

            	
              Purpose
                of the Loan.
                The
                Client agrees to use the Loan solely for the following
                purpose:

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              to
                finance the repayment of the Client’s obligations owing to PPF MEDIA B.V.,
                arising from the agreement on mediation dated 19th
                December 2003; and thereafter

            

    

     

    
      	 	
              (ii)

            	
              for
                general corporate purposes.

            

    

    

    II.
      THE INTEREST

    

    
      	
              1.

            	
              Interest
                rate.
                The interest rate for the Loan shall be the Variable Rate and shall
                be
                equal to the Reference Rate plus a
                Margin.

            

    

    

    
      	
              2.

            	
              Interest
                Period.
                The
                term of each Interest Period shall be one (1) month. The initial
                Interest
                Period shall commence on the date of drawing the Advance and shall
                continue until (and including) the last day of the calendar month,
                in
                which the drawing of the Advance shall occur. The Bank shall charge
                the
                Client for the interest on the Loan (i.e. the Client shall pay the
                interest on the Loan to the Bank) on the last day of the Interest
                Period
                for a period from (and including) the later of the last day of the
                preceding Interest Period or the date of making the Loan available
                until
                (and including) the earlier of the day immediately preceding the
                last day
                of the current Interest Period or the day immediately preceding the
                date
                of repayment of the Loan. If the last day of the Interest Period
                is not a
                Business Day, the last day of the current Interest Period shall be
                deemed
                to fall upon the next following Business Day.

            

    

    

    
      	
              3.

            	
              Interest
                Rate Period.
                The
                term of the Interest Rate Period shall be three (3) months, six (6)
                months
                or twelve (12) months. The term of each Interest Rate Period shall
                be set
                forth by the Client in respect of each Advance in the respective
                Request
                for Advance so, that the term of any Interest Rate Period shall not
                exceed
                the Final Repayment Date. The Interest Rate Period shall commence
                on the
                date of drawing the Advance.

            

    

    

    
      	
              4.

            	
              Default
                interest.
                If
                the Client is in default on its financial obligations incurred under
                the
                Loan Agreement, the Client shall be obligated to pay to the Bank
                default
                interest in the amount of the Base Rate for Commercial Clients plus
                5 %
                per annum. The owing amount shall be subject to default interest
                accruing
                daily from (and including) the first day of default until (and including)
                the day immediately preceding the day of repayment of the owing amount.
                Any and all default interest shall be chargeable on a daily basis.
                Any
                default interest shall not be set off against the Client’s obligation, as
                the case may be, to compensate the Bank for any
                damages.

            

    

    

    
      	
              5.

            	
              Determination
                of number of days for purposes of accrual of
                interest.
                The Bank shall calculate the interest on the basis of the actual
                number of
                days and a calendar year of 360
                days.

            

    

    

    III.
      DRAW-DOWN OF THE LOAN

    

    
      	
              1.

            	
              Draw-down
                Period.
                The Client shall be entitled to draw down the Loan Facility exclusively
                during the period of time from the execution of this Loan Agreement
                until
                the day which falls six (6) months before the Final Repayment Date
                (hereinafter the “Draw-down
                Period”).

            

    

    

    
      	
              2.

            	
              Procedure
                of drawing of Advance and postponement of repayment of
                Advance.
                On
                the basis of a Request for Advance, signed by the persons authorized
                to
                act on behalf of the Client, the Bank shall transfer the funds made
                available to the Client to the Current Account / postpone the repayment
                of
                already provided Advance. The Request for Advance must be delivered
                to the
                Bank at least two (2) Business Days prior to the required date of
                the
                drawing of the Advance or prior to the Repayment Day, if the Client
                asks
                the Bank for postponement of repayment of already provided Advance,
                either
                by the mail or by the fax specified in the Art. XI, Paragraph 6 of
                this
                Loan Agreement. Confirmed Request for Advance shall be sent by the
                Bank to
                the Client without delay via fax specified in Article XI, Paragraph
                6
                hereof. The request for postponement of repayment of Advance may
                be
                submitted repeatedly. The Bank shall provide the Client with the
                Advance
                or postpone the repayment of already provided Advance subject to
                following
                conditions:

            

    

    

    
      	 	
              (a)

            	
              the
                Client has opened the Current Account with the
                Bank;

            

    

    

    
      	 	
              (b)

            	
              no
                Event of Default shall have occurred or be continuing as of the date
                of
                drawing the Advance / postponement of repayment of Advance or would
                arise
                as a result of the provision of the
                Loan;

            

    

    

    
      	 	
              (c)

            	
              all
                Collateral shall have been validly and effectively
                created;

            

    

    

    
      	 	
              (d)

            	
              the
                requested Advance amounts to at least CZK 50,000,000 (in words: fifty
                million Czech Crowns) or integral multiple of this
                amount.

            

    

    

    Any
      Advance shall be drawn at the earliest on the second (2.) Business Days
      following the day on which any and all applicable conditions to drawing of
      Advance are satisfied.

    

    IV.
      REPAYMENT OF THE LOAN

    

    
      	
              1.

            	
              Loan
                repayment.
                The
                Client agrees to repay the Loan provided on the basis of each drawing
                of
                Advance on the Repayment Day or the New Repayment Day, but on the
                Final
                Repayment Date at the latest.

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              2.

            	
              Due
                date set-off; sufficient balance in the Current
                Account.
                The Client shall repay the Loan and any other obligations it may
                have to
                the Bank as a result of and in connection with the Loan Agreement
                as
                follows: the Bank shall, as of the date of maturity of such obligations,
                offset its due and payable receivables from the Client against the
                Client’s monies in the Current Account. The Client agrees to ensure, on
                or
                before the due date of any of the Bank’s receivables, that sufficient
                monies shall be deposited in the Current Account to satisfy such
                receivable. If the due date of any of the Bank’s receivables falls on a
                day which is not a Business Day, the Bank shall make the set-off
                of its
                due and payable receivables against the monies in the Current Account
                on
                the next following Business Day. If the Current Account is denominated
                in
                a currency other than the currency in which the Bank’s receivable is to be
                repaid, the Client shall ensure that sufficient monies shall be deposited
                in the Current Account at least two (2) Business Days prior to the
                due
                date of the Bank’s receivable.

            

    

    

    
      	
              3.

            	
              Payment
                from other accounts.
                If
                the monies available in the Current Account are insufficient to duly
                discharge all of the Bank’s due and payable receivables from the Client
                existing by virtue of and in connection with the Loan Agreement,
                the Bank
                shall have the right to offset such due and payable receivables against
                monies deposited in any other account of the Client maintained with
                the
                Bank, or not to execute any of the Client’s instructions with respect to
                such monies or otherwise not to allow the Client to dispose of monies
                in
                any of the Client’s accounts.

            

    

    

    
      	
              4.

            	
              Insufficient
                funds in the account.
                If
                there are insufficient funds in the Current Account or in any other
                account of the Client maintained by the Bank pursuant to Article
                IV,
                paragraph 3 of this Loan Agreement, to satisfy all of the Client’s due and
                payable obligations owing to the Bank, the monies available in the
                Current
                Account or in such other account of the Client maintained by the
                Bank
                shall be offset against the Bank’s due and payable receivables in the
                following order: towards payment of default interest; towards compensation
                of damage and reimbursement of costs incurred by the Bank to which
                the
                Client agreed under this Loan Agreement; towards payment of fees
                and
                charges agreed upon under this Loan Agreement; towards payment of
                interest
                accrued on the Loan; and towards repayment of the
                Loan.

            

    

    

    
      	
              5.

            	
              Prepayment
                of the Loan.
                The Client shall have the right to repay the Loan or any portion
                thereof
                prior to the ultimate date of maturity of the Loan. The amount of
                any
                prepayment shall not be lower than CZK 100,000,000 (in words: one
                hundred
                million Czech Crowns) or an integral multiple of this amount. The
                Client
                shall be obligated to deliver to the Bank, at least ten (10) Business
                Days
                in advance, a written notice of prepayment, in which the Client shall
                specify:

            

    

    

    
      	 	
              (i)

            	
              the
                amount of such prepayment of the
                Loan;

            

    

    

    
      	 	
              (ii)

            	
              the
                date of prepayment; and

            

    

    

    
      	 	
              (iii)

            	
              identification
                of the Advances, which shall be
                prepaid.

            

    

    

    Such
      notice shall be irrevocable and shall create the Client’s obligation to make the
      prepayment in the amount and on the date as specified in the notice. Together
      with the prepayment, the Client shall be required to reimburse the Bank for
      the
      costs incurred by the Bank in connection with prepayment, in the amount equal
      to
      the difference between:

    

    
      	 	
              (a)

            	
              amount
                of the interest, that would be paid by the Client to the Bank from
                the
                early prepaid amount of the Advance for the time period commencing
                on the
                date of prepayment and ending on the last day of the Interest Rate
                Period
                for such Advance; and

            

    

    

    
      	 	
              (b)

            	
              amount
                of the interest, that would be paid to the Bank by another bank well
                known
                on the international interbank market, providing that the prepaid
                amount
                of Advance would have been deposited by the Bank with such other
                bank for
                the time period commencing on the date of prepayment and ending on
                the
                last day of the Interest Rate Period for such Advance.
                

            

    

    

    The
      already prepaid Loan or any part thereof shall not be re-borrowed.

    

    V.
      REPRESENTATIONS OF THE CLIENT

    

    
      	
              1.

            	
              As
                of the date of execution of the Loan Agreement, the Client makes
                the
                following representations to the
                Bank:

            

    

    

    
      	 	
              (a)

            	
              The
                Client is a legal entity duly formed and existing in accordance with
                the
                laws of the relevant jurisdiction, and has an unrestricted legal
                capacity;

            

    

    

    
      	 	
              (b)

            	
              The
                Loan Agreement and any other contractual obligations related to the
                Loan
                have been duly signed by the Client or its representatives acting
                within
                the scope of their respective authorizations. Any and all obligations
                of
                the Client under the Loan Agreement and any other contractual obligations
                related to the Loan Agreement are valid and enforceable obligations
                of the
                Client;

            

    

    

    
      	 	
              (c)

            	
              The
                Client has obtained any and all approvals and consents that are necessary
                for whatever reason for the valid execution of the Loan Agreement
                and
                other contractual obligations related hereto, for the drawing of
                Advances
                and for the due discharge by the Client of its obligations in connection
                with the Loan Agreement and any other contractual obligations related
                hereto; all such approvals and consents are valid and in
                effect;

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

            	
              None
                of the execution of the Loan Agreement, nor the drawing of Advances,
                nor
                the discharge by the Client of its obligations to the Bank ensuing
                from
                this Loan Agreement and any other contractual obligations related
                hereto
                shall result in any Event of
                Default;

            

    

    

    
      	 	
              (e)

            	
              To
                the Client’s best knowledge, no petition has been filed in respect of the
                Client for issuance of a decision or initiation of any court, arbitral
                or
                administrative proceeding (e.g., petition in bankruptcy, proposal
                for
                composition, petition seeking an injunction, or petition seeking
                the
                execution of a court ruling), which could materially adversely affect
                the
                Client’s legal, financial or economic standing or ability to perform any
                of its obligations under the Loan Agreement and any other contractual
                obligations related hereto, and no such petition or proceeding
                threatens;

            

    

    

    
      	 	
              (f)

            	
              The
                Client is not insolvent within the meaning of the applicable
                laws;

            

    

    

    
      	 	
              (g)

            	
              Any
                and all information disclosed to the Bank in connection with the
                execution
                of the Loan Agreement or any other contractual obligation related
                hereto
                or in connection with the drawing of an Advance is, as of the date
                of
                disclosure, true, complete and correct, and is not misleading in
                any
                material respect. From the date of disclosure of such information
                to the
                Bank, there have not occurred any material adverse changes in the
                matters
                to which such information relates (provided, however, that this
                representation, when deemed repeated in accordance with Paragraph
                2 of
                this Article V, shall not be deemed to include reference to any financial
                projections or forecasts contained within any such disclosed
                information);

            

    

    

    
      	 	
              (h)

            	
              The
                Client’s tax records do not show any tax arrears, the Client does not have
                any outstanding delinquent payments and/or penalties in respect of
                public
                health insurance and payments and/or penalties in respect of social
                security and contributions to the state employment policy or in respect
                of
                customs fees;

            

    

    

    
      	 	
              (i)

            	
              The
                Client acknowledges that for purposes of determination of the Client’s
                rights and obligations in relation to the Bank, the Client shall
                be deemed
                to be a commercial client;

            

    

    

    
      	 	
              (j)

            	
              The
                Client’s Center of Main Interests shall be in the Czech
                Republic.

            

    

    

    
      	
              2.

            	
              Repeated
                representations.
                Any and all representations of the Client contained in Paragraph
                1 of this
                Article V shall be deemed repeated as of each date of delivery of
                a
                Request for Advance, and as of each date of the drawing of Advance
                /
                postponement of repayment of Advance and payment of interest accruing
                on
                the Loan.

            

    

    

    VI.
      DUTIES AND OBLIGATIONS OF THE CLIENT

    

    
      	
              1.

            	
              The
                Client shall be obligated, within the periods of time specified below
                and
                in a form satisfactory to the Bank, to deliver to the Bank the information
                or documents specified below:

            

    

    

    
      	 	
              (a)

            	
              quarterly
                financial statements of the Client (in the extent of a balance sheet
                and
                profit and loss statement) within thirty five (35) days after the
                end of
                each calendar quarter;

            

    

    

    
      	 	
              (b)

            	
              annual
                financial statements of the TV NOVA Affiliates verified by an auditor,
                with auditor’s report and all reports or documents executed by an auditor,
                immediately after execution of such documents but not later than
                within
                one hundred and twenty (120) days after the end of the relevant financial
                year;

            

    

    

    
      	 	
              (c)

            	
              information
                to the effect that any of the Client’s representations made in the Loan
                Agreement or in any other document delivered to the Bank in connection
                with the Loan Agreement is untrue, incorrect, incomplete or misleading
                in
                any material respect, within ten (10) Business Days of the date on
                which
                the Client shall have received or obtained knowledge of such
                fact;

            

    

    

    
      	 	
              (d)

            	
              information
                regarding all effected changes to organizational structure or legal
                standing of the Client or any of the Client’s Affiliates (e.g., winding up
                with or without liquidation, change of legal form, acquisition, sale
                or
                lease of enterprise or any part thereof, reduction of the Client’s
                registered capital, changes in the composition of the statutory and
                supervisory bodies), and information regarding changes in the Trade
                Register or Commercial Register and any other changes that could
                impede
                the Bank’s position as lender, within ten (10) Business Days of the date
                on which the Client shall have received or obtained knowledge of
                such
                fact;

            

    

    

    
      	 	
              (e)

            	
              report
                on any Event of Default specifying the proposed solution of the specific
                Event of Default, within ten (10) Business Days of the date on which
                such
                event shall have occurred;

            

    

    

    
      	 	
              (f)

            	
              information
                regarding any and all facts or circumstances that have or may have
                material adverse impact on the Client’s ability to perform its obligations
                under the Loan Agreement and any other contractual obligations related
                to
                the Loan Agreement, all promptly after having received or obtained
                knowledge of such facts; 

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (g)

            	
              any
                and all documents reasonably required by the Bank, in form and with
                contents as specified by the Bank, relating to the Client’s financial and
                economic standing. In justified cases, the Bank shall have the right
                to
                demand from the Client documents relating to the financial and economic
                standing of any member of the Client’s
                Affiliates;

            

    

    

    
      	 	
              (h)

            	
              information
                regarding the intent of any of the Client’s Affiliates to assume material
                indebtedness, suretyship or any other similar obligation towards
                a third
                party, or the intention to create any lien or pledge or any other
                security
                for the obligations of any person in respect of its assets or revenues.
                Any such information shall be provided to the Bank promptly upon
                adoption
                of such intent;

            

    

    

    
      	 	
              (i)

            	
              information
                regarding payment of any (x) financial obligations arising from loans
                or
                advances provided to the Client by CME Affiliates or TV Nova Affiliates
                or
                provided by the Client to CME Affiliates or TV Nova Affiliates and/or
                (y)
                fees due to the CME Affiliates or TV Nova Affiliates by the Client
                in
                connection with its management and administration (other than any
                payments
                arising under the Facility Agreement dated July 21, 2005 between
                the
                Client and CME Media Enterprises B.V.); this information shall be
                provided
                to the Bank prior to any such
                payment.

            

    

    

    
      	
              2.

            	
              Additional
                duties and obligations of the Client.
                The
                Client agrees to comply with the following
                obligations:

            

    

    

    
      	 	
              (a)

            	
              subject
                to Paragraph 6(b) of this Article VI, neither accept any new loan
                or
                advance, nor provide any new loan or advance in the amount exceeding
                in
                aggregate an amount of CZK 15,000,000 (in words: fifteen million
                Czech
                Crowns), excluding the planned transactions announced to the Bank
                before
                the execution of this Loan Agreement and/or the transactions approved
                by
                the Bank in advance (which consent shall not be unreasonably withheld)
                and/or any advances from business partners in the ordinary course
                of
                business;

            

    

    

    
      	 	
              (b)

            	
              not
                to disburse any dividends to the Client’s shareholders without prior
                notice to the Bank;

            

    

    

    
      	 	
              (c)

            	
              to
                ensure validity of all material licenses, approvals and means of
                intellectual property protection, that are necessary for business
                activities of the Client in the extent of the activities as of the
                date of
                execution of this Loan Agreement;

            

    

    

    
      	 	
              (d)

            	
              without
                the Bank’s prior consent, which consent shall not be unreasonably
                withheld, not to change the place of the Center of Main Interests;
                

            

    

    

    
      	 	
              (e)

            	
              without
                the Bank’s prior consent, which consent shall not be unreasonably
                withheld, not to change the subject of its business
                activities;

            

    

    

    
      	 	
              (f)

            	
              to
                secure that the Client ́s obligations arising from this Loan Agreement are
                of the same priority (pari
                passu)
                as its other unsatisfied obligations which are unconditional, unsecured
                and not subordinated except the obligations with the priority under
                legal
                regulations;

            

    

    

    
      	 	
              (g)

            	
              if
                any of the Client’s Affiliates merges with another company, to deliver to
                the Bank the initial balance sheet and profit and loss statement
                of the
                succession company, before filing a proposal for the registration
                of the
                merger in the Commercial Register;
                and

            

    

    

    
      	 	
              (h)

            	
              to
                take such action as may be required in order to comply with any
                obligations it may have under the Indenture by virtue of being a
                Restricted Subsidiary (as such term is defined in the Indenture),
                including fulfillment its obligations under this Loan Agreement in
                such a
                manner so as not to cause an Event of Default (as such term is defined
                in
                the Indenture) under the Indenture and an Event of Default under
                this Loan
                Agreement.

            

    

    

    
      	
              3.

            	
              Increased
                costs.
                Should the Bank incur any increased and documented costs or expenses
                in
                connection with its administration of the Loan as a result of an
                amendment
                to a legal regulation relating to the Bank, the Client shall be required,
                without undue delay but not later than within thirty (30) calendar
                days of
                its receipt of a notice from the Bank announcing any such costs,
                to enter
                with the Bank into an amendment to this Loan Agreement, under which
                the
                Client shall agree to pay any and all such increased costs. The Client
                shall be required to pay such increased costs within ten (10) Business
                Days of the execution of such amendment, but not sooner than ten
                (10)
                Business Days of the date on which the Bank shall have actually incurred
                such costs. The Bank’s notice shall be in writing and shall contain an
                appropriate statement of reasons.

            

    

    

    
      	
              4.

            	
              Right
                to evaluate.
                Until the repayment in full of all receivables of the Bank existing
                by
                virtue of and in connection with the Loan Agreement, the Bank shall
                have
                the right to evaluate the Client’s ability to perform its obligations to
                the Bank, and the Client shall be obligated to enable the Bank at
                the
                Bank’s request to perform such evaluation, and in particular shall enable
                the Bank’s authorized employee to inspect the Client’s accounting books
                and other financial records in the Client’s premises, with the exception
                of documents which shall be the subject of confidentiality restrictions
                pursuant to applicable laws, and shall also allow the Bank to verify
                credibility of the facts stated therein, including, without limitation,
                through third parties authorized by the Bank, subject to compliance
                of
                such third parties with the confidentiality duty. If any document
                or
                information requested by the Bank is subject to confidentiality
                restrictions pursuant to the contractual agreement entered by the
                Client
                and disclosed to the Bank, the Bank shall be obliged to treat such
                document or information within the terms of such contractual
                confidentiality agreement as if it were a party
                thereto.

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              5.

            	
              Financial
                Covenants.
                The
                Client agrees to conduct its business so as to meet the following
                financial covenants:

            

    

    

    
      	 	
              (a)

            	
              Interest
                Cover Ratio shall be higher than 10, whereas this ratio shall be
                determined as follows: Underlying EBITDA (defined as operational
                income +
                depreciation of tangible and intangible fixed assets + change of
                reserves
                and correcting provisions in operational area and complex deferred
                expenses - revenues from sale of tangible and intangible fixed assets
                +
                book value of tangible and intangible fixed assets) / interest
                expenses;

            

    

    

    
      	 	
              (b)

            	
              Equity
                Ratio shall be higher than 15 %, whereas this ratio shall be determined
                as
                follows: [net worth / total assets (balance sum)] *
                100;

            

    

    

    
      	 	
              (c)

            	
              Ratio
                of Underlying EBITDA to sales shall be higher than 16 %, whereas
                this
                ratio shall be determined as follows: [(operational income + depreciation
                of tangible and intangible fixed assets + change of reserves and
                correcting provisions in operational area and complex deferred expenses
                -
                revenues from sale of tangible and intangible fixed assets + book
                value of
                tangible and intangible fixed assets) / (revenues from sale of goods
                +
                revenues from sale of own products and services)] *
                100.

            

    

    

    Fulfillment
      of the Financial Covenants shall be checked by the Bank based on the Client’s
      latest audited annual financial statements, presented to the Bank. 

    

    If,
      at
      any time during the term of this Loan Agreement, as a consequence of the
      restructuring of the ownership of the Client and any of the Client’s Affiliates,
      announced to the Bank in advance and relating to any materialized merger of
      the
      Client with any other legal entity or the merger of any of the Client’s
      Affiliates with any other Client’s Affiliates and/or TV Nova Affiliates, the
      legal successor of the Client shall not be able to meet any of the
      abovementioned financial covenants, the Bank shall be obliged, upon the Client’s
      request supplemented by the respective financial plan (balance sheet and profit
      and loss statement) for the time period after the merger, to agree with the
      Client on amended financial covenants on the basis of the successor entity’s
      financial plan for the period after the merger. In the event that the parties
      cannot agree on such amended financial covenants, the Client shall have the
      obligation to repay the entire Loan within six (6) months of the date of any
      such disagreement in accordance with the provisions of Paragraph 5 of this
      Article VI; any breach of any such financial covenant shall not be deemed to
      constitute an Event of Default.

    

    
      	
              6.

            	
              Asset
                Disposal.
                The Client and the Bank agree that:

            

    

    

    
      	 	
              (a)

            	
              without
                the Bank’s prior written consent, not to transfer, lease or otherwise
                dispose of, in a single transaction or a series of transactions,
                any part
                of its assets or revenues whose value exceeds fifteen (15) percent
                of the
                value of the Client’s assets, or not to permit the creation of any third
                party’s rights in respect of such assets (including the assumption of a
                suretyship obligation, accession to or assumption of an obligation
                of a
                third party), except (i) disposal of assets in the ordinary course
                of
                business or (ii) disposal of assets for consideration of at least
                the same
                value or (iii) disposal of assets in a merger within the Client’s
                Affiliates. For the purposes of this Article, the value of assets
                of the
                Client shall be determined based on the latest information or documents
                known to the Bank, which shall be given or submitted by the Client
                to the
                Bank pursuant to the Loan
                Agreement;

            

    

    

    
      	 	
              (b)

            	
              restrictions
                set out in Art. VI, Paragraph 2, letter (a) and Art. VI., Paragraph
                6,
                letter (a) of this Loan Agreement shall not apply to the provision
                of new
                loans or advances by any Client’s Affiliate to another Client’s Affiliate
                or CME Affiliate.

            

    

    

    VII.
      LOAN COLLATERAL

    

    
      	
              1.

            	
              Collateral.
                The Client agrees to secure due and timely payment of the Bank’s
                receivables towards the Client in connection with this Loan Agreement
                by
                means of:

            

    

    

    
      	 	
              (i)

            	
              a
                suretyship obligation
                by
                ČP 2000;

            

    

    

    
      	 	
              (ii)

            	
              a
                suretyship obligation by MAG MEDIA 99 secured by a pledge of receivables
                of MAG MEDIA 99 arising from the Frame Agreement on
                Factoring;

            

    

    

    
      	 	
              (iii)

            	
              a
                letter of comfort issued by Central European Media Enterprises
                Ltd.;

            

    

    

    
      	 	
              (iv)

            	
              a
                blank promissory note issued by the Client to order of the Bank with
                the
                clause “without protest” (in Czech: “bez
                protestu”).

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    VIII.
      FEES AND CHARGES

    

    
      	
              1.

            	
              Arrangement
                Fee.
                The
                Client agrees to pay to the Bank a fee for arranging the Bank’s obligation
                to grant the Loan (Arrangement Fee) in the amount of CZK 1,200,000
                (in
                words: one million and two hundred thousand Czech Crowns) on the
                earlier
                of: upon the first drawing of Advance or on a day which falls five
                (5)
                Business Days following the execution of this Loan
                Agreement.

            

    

    

    
      	
              2.

            	
              Commitment
                Fee.
                The Client agrees to pay to the Bank a Commitment Fee in the amount
                of
                0.25 % per annum, calculated on a daily basis in the course of the
                Draw-down Period from the difference between the Loan Facility and
                the
                Loan. The Commitment Fee shall be payable on the last day of each
                calendar
                quarter in the course of the Draw-down Period and as of the last
                day of
                the Draw-down Period.

            

    

    

    
      	
              3.

            	
              Other
                charges.
                The
                Client shall pay to the Bank other fees and charges as specified
                in the
                Tariff of Fees and Charges.

            

    

    

    IX.
      EVENTS OF DEFAULT

    

    
      	
              1.

            	
              Events
                of Default.
                Each of the following events shall be considered as a serious breach
                under
                this Loan Agreement:

            

    

    

    
      	 	
              (a)

            	
              the
                Client uses the Loan or any portion thereof for any purpose other
                than the
                purpose expressly specified in the Loan
                Agreement;

            

    

    

    
      	 	
              (b)

            	
              any
                of the Client’s Affiliates is in default with the performance of any
                monetary and/or non-monetary obligation towards the
                Bank;

            

    

    

    
      	 	
              (c)

            	
              the
                Client is in default with the performance of its obligations towards
                any
                other bank or financial
                institution;

            

    

    

    
      	 	
              (d)

            	
              any
                of the representations made by the Client under this Loan Agreement
                proves
                to be untrue, incomplete or misleading;

            

    

    

    
      	 	
              (e)

            	
              any
                competent governmental authority, including, without limitation,
                any
                administrative authority or a court and/or arbitral tribunal or an
                arbitrator determines that the Client has breached any legal obligation,
                and the Bank reasonably and fairly considers such fact as having
                a
                material adverse effect on the Client’s ability to perform its obligations
                under the Loan Agreement;

            

    

    

    
      	 	
              (f)

            	
              the
                Client or its competent body resolves on the winding up of the Client
                with
                or without liquidation, change of legal form, acquisition, sale or
                lease
                of enterprise or any part thereof, reduction of the Client’s registered
                capital, changes in the composition of the statutory body or the
                supervisory board, or on any other matter that would have an effect
                similar to that of the above described corporate changes, or effects
                the
                aforesaid changes regardless of the Bank having expressed in writing
                its
                disagreement therewith; 

            

    

    

    
      	 	
              (g)

            	
              the
                Client’s business authorization or any other material authorization
                required, in the Bank’s reasonable opinion, for the Client’s conduct of
                its business or performance of any obligations arising from or in
                connection with the Loan Agreement is withdrawn, suspended, or otherwise
                limited, or any event occurs which may serve as a ground for the
                dissolution of the Client as a legal entity or which, pursuant to
                applicable law, may have such
                consequence;

            

    

    

    
      	 	
              (h)

            	
              an
                event occurs which, in the opinion of the Bank (acting reasonably),
                might
                have a material adverse effect on the business operations or financial
                situation of the Client and/or which the Bank considers to have a
                material
                adverse effect on the Client’s ability to perform its obligations under
                the Loan Agreement;

            

    

    

    
      	 	
              (i)

            	
              an
                event occurs which, in the opinion of the Bank (acting reasonably),
                might
                have a material adverse effect on the business operations or financial
                situation of ČP 2000 or MAG MEDIA 99 or their
                successor(s);

            

    

    

    
      	 	
              (j)

            	
              any
                person or persons “controlling” the Client as of the date of execution of
                the Loan Agreement within the meaning of the Commercial Code cease
                to be
                such controlling persons, or any person or persons not “controlling” the
                Client as of the date of execution of the Loan Agreement within the
                meaning of the Commercial Code gain such
                control;

            

    

    

    
      	 	
              (k)

            	
              the
                Frame Agreement on Factoring has been
                terminated.

            

    

    

    
      	
              2.

            	
              If
                any Event of Default occurs, the Bank shall grant to the Client an
                additional period of ten (10) Business Days for the remedy. Such
                remedy
                period shall start:

            

    

    

    
      	 	
              (i)

            	
              if
                the occurrence of the Event of Default has been announced to the
                Bank by
                the Client and the Bank agrees with the qualification of the Event
                of
                Default and with the solution proposed by the Client, upon the delivery
                of
                such announcement of the Event of Default by the Client to the Bank;
                and

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii)

            	
              otherwise
                upon delivery by the Bank to the Client of a written announcement
                of the
                Event of Default. Such announcement shall contain the qualification
                of the
                Event of Default by the Bank and requested manner of
                remedy.

            

    

    

    The
      right
      of the Bank pursuant to Art. X of this Loan Agreement to cancel the provision
      of
      the Loan Facility, rescind the Loan Agreement and/or declare the Loan
      immediately due and payable shall arise upon the expiration of the aforesaid
      remedy period if the Client has not remedied.

    

    X.
      SANCTIONS

    

    
      	
              1.

            	
              The
                Right of the Bank to cancel the provision of the Loan Facility, rescind
                the Loan Agreement and/or declare the Loan immediately due and
                payable. If any Event of Default occurs (and such Event of
                Default is not remedied by the Client within the remedy period set
                forth
                in Paragraph 2 of Article IX hereof), the Bank shall have the right
                to
                cancel in writing the provision of the Loan Facility or to rescind
                the
                Loan Agreement effective as of the date of delivery of the cancellation
                or
                rescission notice to the Client, or to declare the Loan and any and
                all
                other obligations of the Client not yet due and payable to be due
                and
                payable, whereas the Loan and any such other obligations of the Client
                not
                yet due and payable shall become payable on the tenth (10th)
                Business Day after delivery of such declaration to the
                Client.

            

    

    

    XI.
      FINAL PROVISIONS

    

    
      	
              1.

            	
              Confidential
                Information.
                Except as provided herein, the Bank is not permitted to share Confidential
                Information with third parties. The Bank is entitled to use any
                Confidential Information solely for the purposes of administration
                of the
                contractual relationship between the Client and the Bank pursuant
                to the
                Loan Agreement and for evaluation of the Client’s creditworthiness, and to
                process Confidential Information for such purposes only. Furthermore,
                the
                Bank is entitled to provide the Confidential Information to the person
                controlling the Bank only. The Bank is entitled to use and/or provide
                the
                Confidential Information relating to the Client’s business policy and/or
                pricing strategy only with previous written consent of the Client.
                Without
                the previous consent of the Client, the Bank is entitled to provide
                the
                Confidential Information to any other third parties (e.g. person
                executing
                bank supervision, auditors of the Bank and person carrying the Register
                of
                Debtors) only if required by the applicable
                law.

            

    

    

    
      	
              2.

            	
              Tax
                gross-up.
                All payments to be made by the Client in favor of the Bank hereunder
                or
                under any agreement or other arrangement between the Bank and the
                Client
                in connection with this Loan Agreement shall be made free and clear
                of and
                without deduction or withholding for or on account of tax or other
                obligations unless the Client is required by relevant law to make
                such
                deduction or withholding. In the event of such required deduction
                or
                withholding, the sum payable by the Client shall be increased to
                the
                extent necessary to ensure that, after the making of the required
                deduction or withholding, the Bank receives and is entitled to retain,
                free from any liability to make any such deduction or withholding,
                a net
                sum equal to the sum which it would have received and so retained
                had no
                such deduction or withholding been made or
                required.

            

    

    

    
      	
              3.

            	
              Exchange
                rate.
                Unless in specific cases otherwise agreed between the Bank and the
                Client,
                the Bank shall (i) in connection with any credit transfer or other
                operation (e.g.,
                mutual claims set-off) apply the rate of exchange applicable to sale
                or
                purchase of foreign exchange (in
                Czech: devizy-prodej or devizy-nákup)
                determined by the Bank two (2) Business Days prior to the day scheduled
                for effecting such payment or other operation, and, (ii) in connection
                with any cash payment or any other cash transaction, apply the rate
                of
                exchange applicable to sale or purchase of foreign currencies
                (in
                Czech: valuta-prodej or valuta-nákup)
                determined by the Bank for the date of effecting such payment or
                other
                operation. To the extent the rate of exchange determined as of the
                above
                specified date may not be applied for any reason, the applicable
                rate of
                exchange shall be the rate determined by the Bank as of the Business
                Day
                immediately preceding such above specified date. The Bank will not
                effect
                any payment or other operation requiring the application of rate
                of
                exchange on a day other than on a day which is a Business Day in
                respect
                of all currencies involved.

            

    

    

    
      	
              4.

            	
              Governing
                law.
                The contractual relationship between the Bank and the Client shall
                be
                governed by the laws of the Czech Republic, and in particular by
                the
                applicable provisions of the Commercial Code. The application of
                the
                provisions of Section 361 of the Commercial Code shall be excluded
                in
                respect of all contractual arrangements between the Client and the
                Bank.
                

            

    

    

    
      	
              5.

            	
              Counterparts.
                This Loan Agreement is executed in two (2) counterparts of which
                the
                Client and the Bank shall each receive one (1)
                counterpart.

            

    

    

    
      	
              6.

            	
              Mailing
                Address of the Client and the Bank.
                The
                parties agree that any correspondence and other written materials
                to be
                delivered under this Loan Agreement shall be delivered as follows:
                If to
                the Client, at: Ing.
                Pavel Horák, Kříženeckého nám. 322/5, 152 00 Prague 5, tel. 233 100 400,
                fax 233 100 452 and, if to the Bank, at: Česká spořitelna, a.s., Prague 4,
                Budějovická 1912, attn. Ing. Gabriela Roubíčková, tel. 261 072 482, fax
                261 072 325, or such other address(es)
                as may be indicated by the respective party to the other party in
                writing.
                In the event that a correspondence is returned as undelivered, due
                to a
                rejection of the other party to take over such correspondence or
                due to a
                change of the address not duly announced, such correspondence shall
                be
                deemed duly delivered on the next following day after so
                returned.

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              7.

            	
              Severability.
                If
                any provision of this Loan Agreement is, becomes or is determined
                to be
                invalid or unenforceable, such invalidity or unenforceability shall
                not
                (to the maximum extent permitted by applicable law) invalidate or
                render
                unenforceable the remaining provisions of this Loan Agreement. In
                such
                event, the Bank and the Client hereby agree to replace the invalid
                or
                unenforceable provision with a valid and enforceable provision which
                will
                achieve, to the maximum extent permitted by law, the same result
                and
                effect as contemplated by the provision to be
                replaced.

            

    

    

    
      	
              8.

            	
              Force
                and effect of this Loan Agreement.
                This
                Loan Agreement shall enter into force and effect upon execution by
                both
                parties hereto.

            

    

    

    IN
      WITNESS WHEREOF, both parties have affixed their respective signatures hereunto
      on the day, month and year set forth below.

    

    
      	
              Česká
                spořitelna, a.s.

            	 	 	 	 
	 	 	 	 	 	 
	
              By: 
                

            	
              /s/
                Kateřina
                Byarsová

            	 	
              By: 
                

            	
              /s/
                Gabriela Roubíčková

            	 
	
              Name:

            	
              Kateřina
                Byarsová

            	 	
              Name:

            	
              Ing.
                Gabriela Roubíčková

            	 
	
              Title:

            	
              Director
                of International Clients Department

            	 	
              Title:

            	
              Senior
                Relationship Manager International Clients Department

            	 
	
              Date:

            	
              October
                27, 2005

            	 	
              Date:

            	
              October
                27, 2005

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              CET
                21 spol.s r.o.

            	 	 	 	 
	 	 	 	 	 	 
	
              By: 
                

            	
              /s/
                Petr Dvořák

            	 	
              By: 
                

            	
              /s/
                Milan Cimirot

            	 
	
              Name:

            	
              Ing.
                Petr Dvořák

            	 	
              Name:

            	
              Milan
                Cimirot

            	 
	
              Title:
                

            	
              Executive
                Director

            	 	
              Title:
                

            	
              Executive
                Director

            	 
	
              Date:
                

            	
              October
                27, 2005

            	 	
              Date:
                

            	
              October
                27, 2005

            	 

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Annex
      No. 1 to Credit Line Agreement No. 2644/05/LCD of October 27,
      2005

    

    Model
      Form Request for Advance

    

    [Client’s
      letterhead]

    

    

    Česká
      spořitelna, a.s.

    Budějovická
      1912

    140
      00
      Prague 4

    

    Attn.:
      Ing.
      Gabriela Roubíčková 

    

    REQUEST
      FOR THE ADVANCE/POSTPONEMENT OF THE REPAYMENT OF THE
      ADVANCE

    

    With
      reference to that certain Credit
      Line Agreement No. 2644/05/LCD
      of
      October 27, 2005 (hereinafter the “Agreement”),
      we
      hereby represent that, as of the date of this Request for Advance, no Event
      of
      Default within the meaning of Article IX (Events of Default) of the Agreement
      has occurred, threatens or will occur as a result of the making available of
      the
      Advance / postponement of the repayment of Advance and, at the same time, we
      hereby request you to make available to us an Advance / postpone the repayment
      of Advance, subject to the following terms and conditions:

    

    
      	
              Alternative
                A - new Advance:

            	 	 
	 	 	 
	
              Amount
                and Currency of Advance:

            	
              [CZK
                / EUR / USD]

            	 
	 	 	 
	
              Date
                of Advance:

            	 	 
	 	 	 
	
              Term
                of the Interest Rate Period:

            	
              [3
                / 6 / 12
                month(s)]

            	 
	 	 	 
	
              Repayment
                Day:

            	 	 
	 	 	 
	
              Kindly
                transfer the Advance to the Current Account. 

            	 
	 	 	 
	
              Alternative
                B - postponement of the repayment of
                Advance:

            	 
	 	 	 
	
              Amount
                and Currency of Advance:

            	
              [CZK
                / EUR / USD]

            	 
	 	 	 
	
              Original
                Repayment Day:

            	 	 
	 	 	 
	
              Term
                of the Interest Rate Period:

            	
              [3
                / 6 / 12
                month(s)]

            	 
	 	 	 
	
              New
                Repayment Day:

            	 	 

    

    

    We
      hereby
      request to settle our obligations towards the Bank due as of the Repayment
      Day /
      New Repayment Day by means of debiting the sum equal to such obligations from
      the Current Account.

    

    

    Done
      in
      __________, date: ______________

    

    

    
      	
              CET
                21 spol.s r.o.

            	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	 	 	
              By:

            	 	 
	
              Name:
                Ing.
                Petr Dvořák

            	 	
              Name:
                Milan Cimirot

            	 
	
              Title:
                Executive Director

            	 	
              Title:
                Executive Director

            	 

    

    

    

    The
      Bank
      hereby agrees with provision of the Advance / postponement of the repayment
      of
      Advance in an amount of ____________ up to the New Repayment Date, which shall
      be __________________.

    

    
      	
              Česká
                spořitelna, a.s.

            	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	 	 	
              By:

            	 	 
	
              Name:

            	 	 	
              Name:

            	 	 
	
              Title:

            	 	 	
              Title:

            	 	 
	
              Date:

            	 	 	
              Date:

            	 	 

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	
              The
                following facts to be inserted by the Bank:

            	 
	 	 
	
              Client:

            	 
	
              Total
                loan amount:

            	 
	
              Loan
                No. in SYMBOLS:

            	 
	
              Approved
                by: 

            	 
	
              Date:

            	 
	
              Verified
                by: 

            	 
	
              Date:

            	 

    

     

     

    13Exhibit 10.45

    
      

    

    
      	 	
              AGREEMENT
                FOR THE SALE OF SHARES in A.R.J.,
                A.S.

            
	 	 
	 	 
	 	 
	 	 
	 	
              PhDr.
                PAVOL RUSKO

            
	 	 
	 	
              AND

            
	 	 
	 	
              CME
                MEDIA ENTERPRISES B.V.

            
	 	 
	 	 
	 	 
	 	 
	 	
              28
                October 2005

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CONTENTS

     

    
      
        	
                Clause

              	
                Page

              
	 	 
	
                1.

              	
                Interpretation

              	
                1

              
	
                2.

              	
                Sale
                  and Purchase

              	
                1

              
	
                3.

              	
                Conditions
                  Precedent

              	
                2

              
	
                4.

              	
                Completion

              	
                3

              
	
                5.

              	
                Initial
                  Consideration

              	
                5

              
	
                6.

              	
                Deferred
                  Consideration

              	
                5

              
	
                7.

              	
                Pre-Completion

              	
                5

              
	
                8.

              	
                Loans
                  and Guarantees

              	
                6

              
	
                9.

              	
                Warranties

              	
                7

              
	
                10.

              	
                Protective
                  Covenants

              	
                8

              
	
                11.

              	
                Announcements
                  and Confidentiality

              	
                9

              
	
                12.

              	
                Notices

              	
                10

              
	
                13.

              	
                Further
                  Assurances

              	
                11

              
	
                14.

              	
                Assignments

              	
                11

              
	
                15.

              	
                Payments

              	
                11

              
	
                16.

              	
                General

              	
                12

              
	
                17.

              	
                Whole
                  Agreement

              	
                12

              
	
                18.

              	
                Governing
                  Law and Jurisdiction

              	
                12

              
	
                19.

              	
                Language

              	
                13

              
	
                20.

              	
                Termination

              	
                13

              
	
                21.

              	
                Amendments

              	
                13

              
	 	 	 	 
	
                Schedule

              	
                Page

              
	 	 	 	 
	
                1.

              	
                The
                  Company

              	
                14

              
	
                2.

              	
                Warranties

              	
                15

              
	 	
                Part
                  1

              	
                Warranties
                  regarding pre-Completion activities

              	
                15

              
	 	
                Part
                  2

              	
                Other
                  Warranties

              	
                16

              
	
                3.

              	
                Completion

              	
                24

              
	 	
                Part
                  1

              	
                Seller's
                  Obligations

              	
                24

              
	 	
                Part
                  2

              	
                Purchaser's
                  Obligations

              	
                26

              
	
                4.

              	
                Interpretation

              	
                27

              
	 	 	 	 
	
                Signatories

              	
                31

              

      

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    THIS
      AGREEMENT
      is made
      on 28 October 2005:

     

    BETWEEN:

     

    
      	
              (1)

            	
              PhDr.
                Pavol Rusko,
                residing at Ľudovíta Fullu No. 10, 841 05 Bratislava, birth No.
                630820/7147 (the Seller);
                and

            

    

     

    
      	
              (2)

            	
              CME
                MEDIA ENTERPRISES B.V., registered
                in the commercial register of Chamber of Commerce and Industries
                for
                Amsterdam, the Netherlands, whose registered office is at Oostelijke
                Handelskade 1169, 1019 DN Amsterdam, the Netherlands (the Purchaser),
                represented by Robert E. Burke, under power of
                attorney;

            

    

     

    BACKGROUND:

     

    
      	
              (A)

            	
              The
                Seller is an owner of 34 per cent of the issued share capital of
                A.R.J.,
                a.s., having its seat at Skuteckého 23, Banská Bystrica 974 01,
                Identification number 36 379 921, registered in the commercial register
                of
                the District Court Banská Bystrica, section: Sa, insert No.: 729/S (the
                Company).

            

    

     

    
      	
              (B)

            	
              The
                Seller wishes to sell and the Purchaser wishes to purchase 34 per
                cent of
                the issued share capital of the Company free from any Encumbrance
                on the
                terms and subject to the conditions set out in this
                agreement.

            

    

     

    IT
      IS AGREED
      as
      follows:

     

    
      	
              1.

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              In
                addition to terms defined elsewhere in this agreement, the definitions
                and
                other provisions in Schedule
                4
                apply throughout this agreement, unless the contrary intention
                appears.

            

    

     

    
      	
              1.2

            	
              In
                this agreement, unless the contrary intention appears, a reference
                to a
                clause, sub-clause or schedule is a reference to a clause, sub-clause
                or
                schedule of or to this agreement. The schedules form part of this
                agreement.

            

    

     

    
      	
              1.3

            	
              The
                headings in this agreement do not affect its
                interpretation.

            

    

     

    
      	
              2.

            	
              SALE
                AND PURCHASE

            

    

     

    
      	
              2.1

            	
              Subject
                to the Conditions being satisfied or, where applicable, waived,
                the
                Seller
                shall sell and the Purchaser shall purchase the
                Shares.

            

    

     

    
      	
              2.2

            	
              The
                Shares shall be sold free from all Encumbrances and together with
                all
                rights attaching to them.

            

    

     

    
      	
              2.3

            	
              The
                consideration for the sale of the Shares shall be determined in accordance
                with clauses 5 and 6.

            

    

     

    
      	
              2.4

            	
              The
                Seller acknowledges
                that the Purchaser enters into this agreement in reliance on the
                representations, warranties and undertakings on the part of the Seller
                set
                out in this agreement.

            

    

     

    
      	
              2.5

            	
              The
                Seller:

            

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              covenants
                with the Purchaser that it
                has the right to sell and transfer to the Purchaser the ownership
                title in
                the Shares on the terms set out in this agreement;
                and

            

    

     

    
      	 	
              (b)

            	
              waives
                all rights of pre-emption which he may have (whether under the
                Company's constitutional documents or otherwise) in respect of the
                transfer to the Purchaser of any shares of the Company held by any
                other
                shareholder of the Company.

            

    

     

    
      	
              3.

            	
              CONDITIONS
                PRECEDENT

            

    

     

    
      	
              3.1

            	
              The
                sale and purchase of the Shares is conditional on:

            

    

     

    
      	 	
              (a)

            	
              the
                Purchaser being satisfied on inspection and investigation as
                to:

            

    

     

    
      	 	
              (i)

            	
              the
                financial, contractual and taxation position of the
                Company;

            

    

     

    
      	 	
              (ii)

            	
              the
                title of the Seller to the Shares and the title of the Company to
                its
                respective assets (including the title of the Company to the Participation
                interest in Markíza);

            

    

     

    
      	 	
              (b)

            	
              either:

            

    

     

    
      	 	
              (i)

            	
              the
                PMU notifying the Purchaser that the Transaction or any matter arising
                from it is not subject to its approval;
                or

            

    

     

    
      	 	
              (ii)

            	
              it
                being established, in terms satisfactory to the Purchaser, that the
                PMU
                does not intend to refer the Transaction or any matter arising from
                it to
                the European Commission under Article 22(1) of Council Regulation
                (EC)
                No.139/2004 (the Regulation),
                or if such referral is made by the PMU, that the European Commission
                will
                not examine the Transaction or any matter arising from it under Article
                22(3) of the Regulation; and notice of clearance by the PMU of the
                Transaction and any associated obligations which may require clearance
                being delivered to the Purchaser;

            

    

     

    
      	 	
              (c)

            	
              the
                Purchaser having received a certified copy of a resolution of the
                Council
                consenting to the transfer of the Participation Interest 1 from the
                Company to MEDIA INVEST pursuant to article 54/1(c) of the Broadcasting
                Act;

            

    

     

    
      	 	
              (d)

            	
              the
                Purchaser having received a certified copy of a participation interest
                transfer agreement regarding the transfer the Participation Interest
                1 in
                Agreed Form duly executed by the Company and MEDIA
                INVEST;

            

    

     

    
      	 	
              (e)

            	
              the
                Purchaser having received a certified copy of an Amendment No. 2
                to the
                Agreement on coordinated procedure in Agreed Form executed by the
                relevant
                parties and an agreement for the termination of the Agreement on
                coordinated procedure in Agreed Form executed by the relevant
                parties;

            

    

     

    
      	 	
              (f)

            	
              the
                Purchaser having received copies of waivers of the Company's shareholders
                of their rights of pre-emption under the
                Company's articles in respect of the transfer to the Seller of the
                Shares
                from Mediapro;

            

    

     

    
      	 	
              (g)

            	
              the
                Purchaser having received a certified copy of an agreement entered
                into
                between the Company's shareholders in which the Company's shareholders
                waive all their rights of pre-emption under the
                Company's articles in respect of the transfer to the Purchaser of
                the
                entire share capital in the
                Company;

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (h)

            	
              the
                Purchaser having received from the Seller a confirmation on the Completion
                Date that:

            

    

     

    
      	 	
              (i)

            	
              there
                are no pending or threatened actions or proceedings by or before
                any court
                or other governmental body or agency which shall seek to restrain,
                prohibit or invalidate the
                Transaction;

            

    

     

    
      	 	
              (ii)

            	
              the
                Warranties are true and accurate;
                and

            

    

     

    
      	 	
              (iii)

            	
              no
                event or circumstance has occurred or is likely to occur that constitutes
                a Material Adverse Effect.

            

    

     

    
      	
              3.2

            	
              The
                Purchaser may waive the Conditions above (either in whole or in part)
                at
                any time by giving notice to the Seller. Any such waiver is without
                prejudice to Purchaser's right to compensation in respect of a breach
                of
                any covenant or inaccuracy of any Warranty, as otherwise provided
                in this
                agreement.

            

    

     

    
      	
              3.3

            	
              Each
                party shall use all reasonable endeavours to procure (so far as it
                is so
                able to procure) that each Condition is satisfied on or before 30
                January
                2006 (or such later date as may be agreed by the parties)(the Long
                Stop Date).
                If the Conditions are not satisfied, or waived in accordance with
                the
                preceding sub-clause, on or before the Long Stop
                Date:

            

    

     

    
      	 	
              (a)

            	
              except
                for this sub-clause, clauses 1,
                clauses 11
                to
                21
                and the provisions of Schedule
                4,
                all the provisions of this agreement shall lapse and cease to have
                effect;
                but

            

    

     

    
      	 	
              (b)

            	
              neither
                the lapsing of those provisions nor their ceasing to have effect
                shall
                affect any accrued rights or liabilities of any party in respect
                of
                damages for non-performance of any obligation under this agreement
                falling
                due for performance prior to such lapse and
                cessation.

            

    

     

    
      	
              3.4

            	
              Immediately
                after, in the opinion of the Purchaser (acting reasonably), the Conditions
                set out in sub-clauses 3.1(a)
                to
                3.1(g)
                (save for 3.1(h)
                which is to be satisfied or waived on the Completion Date) have been
                satisfied or waived (to the extent not fulfilled), the Purchaser
                shall
                notify the Seller of this fact in
                writing.

            

    

     

    
      	
              3.5

            	
              Each
                party shall promptly inform the other party in writing about any
                relevant
                matters in relation to, and shall keep the other party informed in
                writing
                of, the progress to completion of all items required for the Completion
                and any material impediments or delays or of the existence or occurrence
                of any conditions that may adversely affect the occurrence of Completion.
                Each party shall provide the other party with all information which
                the
                other party shall reasonably request in writing in order to determine
                that
                that party has complied with its obligations under sub-clause 3.3.

            

    

     

    
      	
              3.6

            	
              The
                party which is obliged to provide a document shall provide to the
                other
                party a certified copy of each document required pursuant to sub-clause
                3.1
                as
                and when obtained.

            

    

     

    
      	
              4.

            	
              COMPLETION

            

    

     

    
      	
              4.1

            	
              Completion
                shall take place at the offices of the Purchaser's Counsel at
                15.00 a.m. on the third Business Day after the date on which the last
                of the Conditions to be satisfied or waived in accordance with the
                preceding clause is satisfied or so waived (or at such other place,
                at
                such other time and/or on such other date as the parties
                may agree).

            

    

     

    
      	
              4.2

            	
              At
                Completion:

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              the
                Purchaser shall notify the Seller as to whether it has completed
                the
                purchase of the Other ARJ Shares;

            

    

     

    
      	 	
              (b)

            	
              if
                the Purchaser notifies the Seller that it has completed the purchase
                of
                the Other ARJ Shares; then:

            

    

     

    
      	 	
              (i)

            	
              the
                Seller shall observe and perform the provisions of Part
                1
                of
                Schedule
                3;
                and

            

    

     

    
      	 	
              (ii)

            	
              the
                Purchaser shall observe and perform the provisions of Part
                2
                of
                Schedule
                3;

            

    

     

    
      	 	
              (c)

            	
              if
                the Purchaser notifies the Seller that it has not completed the purchase
                of the Other ARJ Shares, then the Purchaser may elect not to complete
                the
                purchase of the Shares or to fix a new time and date for Completion
                by, in
                either case, giving notice to the
                Seller.

            

    

     

    
      	
              4.3

            	
              If
                for any reason the provisions of Part
                1
                of
                Schedule
                3
                are not fully observed and performed as contemplated by clauses
                4.1
                and 4.2
                within three days from the day on which the Completion shall take
                place
                pursuant to clause 4.1,
                the Purchaser may elect (in addition and without prejudice to all
                other
                rights or remedies available to it) not to complete the purchase
                of the
                Shares or to fix a new time and date for Completion by, in either
                case,
                giving notice to the Seller. In particular, the Purchaser shall not
                be
                obliged to complete the purchase of any of the Shares unless the
                purchase
                of all the Shares is completed simultaneously in accordance with
                this
                agreement.

            

    

     

    
      	
              4.4

            	
              If
                the Purchaser elects not to complete the purchase of the
                Shares:

            

    

     

    
      	 	
              (a)

            	
              except
                for this sub-clause, clauses 11
                to
                21
                and the provisions of Schedule
                4,
                all the provisions of this agreement shall lapse and cease to have
                effect;

            

    

     

    
      	 	
              (b)

            	
              neither
                the lapsing of those provisions nor their ceasing to have effect
                shall
                affect any accrued rights or liabilities of any party in respect
                of
                damages for non-performance of any obligation falling due for performance
                prior to such lapse and cessation;
                and

            

    

     

    
      	 	
              (c)

            	
              pursuant
                to sub-clause 4.3
                as
                a result of any of the provisions
                of:

            

    

     

    
      	 	
              (i)

            	
              clause
                (a) of Part
                1
                of
                Schedule
                3;
                or 

            

    

     

    
      	 	
              (ii)

            	
              clause
                (c) of Part
                1
                of
                Schedule
                3
                in
                relation to the resignations of Ing. František Vizváry and Stanislav
                Pavlík; or 

            

    

     

    
      	 	
              (iii)

            	
              clause
                (d) or (e) of Part
                1
                of
                Schedule
                3
                in
                relation to the resignations of Ing. František
                Vizváry,

            

    

     

    not
      being
      fully observed and performed as contemplated by clauses 4.1
      and
4.2,
      then
      the Seller shall:

     

    
      	 	
              (iv)

            	
              compensate
                the Purchaser for all costs, charges and expenses incurred by it
                in
                connection with the negotiation, preparation and entering into of
                this
                agreement and in discharging its obligations under it;
                and

            

    

     

    
      	 	
              (v)

            	
              pay
                to the Purchaser a contractual penalty in the an amount equal to
                10% of
                the Initial Consideration (this is without prejudice to any other
                remedy
                available to the Purchaser, including the Purchaser's ability to
                claim
                damages exceeding the amount of the contractual
                penalty).

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              INITIAL
                CONSIDERATION

            

    

     

    
      	
              5.1

            	
              The
                initial consideration for the sale of the Shares shall be SKK
                494,000,000.

            

    

     

    
      	
              5.2

            	
              The
                Initial Consideration is, under clause 4
                and Schedule
                3,
                to be paid to the Seller
                on
                the later of: (i) 1 January 2006 and (ii) the Completion Date.
                

            

    

     

    
      	
              6.

            	
              DEFERRED
                CONSIDERATION

            

    

     

    
      	
              6.1

            	
              As
                further consideration for the sale of the Shares, the Seller
                shall (subject to the terms of this agreement) be entitled to a sum
                of SKK
                81,000,000 (the Deferred
                Consideration).

            

    

     

    
      	
              6.2

            	
              The
                Deferred Consideration shall be paid to the Seller on or before 31
                May
                2006.

            

    

     

    
      	
              7.

            	
              PRE-COMPLETION

            

    

     

    
      	
              7.1

            	
              Access

            

    

     

    Pending
      Completion the Seller shall:

     

    
      	 	
              (a)

            	
              procure
                that the Purchaser, its agents and advisors are given full access
                to the
                books and records of the Company and Mediapro during normal business
                hours
                on any Business Day and on reasonable notice to the
                Seller;

            

    

     

    
      	 	
              (b)

            	
              provide
                such information regarding the Company which is available to the
                Seller as
                the Purchaser may reasonably require in order to carry our the inspection
                and investigation envisaged under clause 3.1(a);
                and

            

    

     

    
      	 	
              (c)

            	
              provide
                such other co-operation to the Purchaser, its agents and advisers
                as they
                may reasonably require in each case to enable them to obtain information
                about the operations of the Company, including its financial, legal,
                and
                trading status.

            

    

     

    
      	
              7.2

            	
              Notice
                of any change

            

    

     

    
      	 	
              (a)

            	
              The
                Seller shall immediately send a notice to the Purchaser in writing
                of any
                matter or thing which arises or becomes known to it before Completion
                which:

            

    

     

    
      	 	
              (i)

            	
              is
                likely to constitute (or would after the lapse of time constitute)
                a
                misrepresentation or a breach of any of the other obligations on
                its part
                under this agreement or makes any Warranty of it incorrect or misleading;
                or

            

    

     

    
      	 	
              (ii)

            	
              would
                mean that any of its Warranties would be incorrect or misleading
                at
                Completion.

            

    

     

    
      	 	
              (b)

            	
              Any
                such notice must specify that matter or circumstance in reasonable
                detail
                and set out such other facts as the Purchaser deem necessary specifying
                that matter or circumstance in reasonable detail.
                

            

    

     

    
      	
              7.3

            	
              Brand
                rights 

            

    

     

    
      	 	
              (a)

            	
              From
                the signing of this agreement, the Seller shall exercise all rights
                and
                powers available to him so as to procure that neither he nor his
                Related
                Persons shall use the logo, trade name or word "Markíza" or similar or
                shall not take any steps in such manner that that Markíza would not have
                an exclusive and full rights and use of the logo, trade name or word
                "Markíza" and any similar word, name or mark, except as agreed in any
                licence agreement entered into between STS and any third party and
                except
                as provided in (b) below. From the Completion Date, neither the Seller
                nor
                any Related Person to the Seller shall use the logo, trade name or
                word
                "Markíza" or similar, except as agreed in any licence agreement entered
                into between STS and any such
                party.

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              For
                avoidance of any doubt, the parties acknowledge
                that:

            

    

     

    
      	 	
              (i)

            	
              the
                Seller is obliged to procure that:

            

    

     

    
      	 	
              (A)

            	
              from
                the Completion Date the company www.markiza.sk a.s., ID No. 35 780
                908
                will be renamed to www.mark.sk a.s. or to some other name and will
                not use
                the logo, trade name or word "Markíza" or similar, except as agreed in any
                licence agreement with STS provided that the company www.markiza.sk
                a.s.
                is a Related Person to the Seller;

            

    

     

    
      	 	
              (B)

            	
              from
                the Completion Date each of TV TIP, a.s. Bratislava, Identification
                No.:
                35 728 426, the company IMPEX distribution, s.r.o., ID No. 35 740
                574 and
                EDÍCIA MARKÍZA, s.r.o., ID No. 35 762 756 (each a Target)
                will not use the logo, trade name or word "Markíza" or similar, except as
                agreed in any licence agreement entered into with STS after the signing
                of
                this agreement, provided that the respective Target is a Related
                Person to
                the Seller;

            

    

     

    
      	 	
              (C)

            	
              by
                the Completion Date the company TV TIP, a.s. Bratislava, Identification
                No.: 35 728 426 will not be sold to any third party other than to
                the
                Purchaser provided that TV TIP, a.s. Bratislava, Identification No.:
                35
                728 426 is a Related Person to the Seller;
                and

            

    

     

    
      	 	
              (D)

            	
              by
                the Completion Date, the foundation MARKÍZA, registration No.:
                203/Na-96/552, will be renamed so that its name will not to contain
                the
                word "Markíza" or similar.

            

    

     

    
      	 	
              (ii)

            	
              the
                company www.markiza.sk a.s., ID No. 35 780 908 will have the right
                to use
                trade name or word or trade mark
                "Mark".

            

    

     

    
      	 	
              (c)

            	
              If
                the Seller breaches any of its obligation set out in this clause
                7.3, it
                shall pay to the Purchaser a contractual penalty of SKK 3,000,000
                for each
                breach.

            

    

     

    
      	
              8.

            	
              LOANS
                AND GUARANTEES

            

    

     

    
      	
              8.1

            	
              The
                parties acknowledge that the Consideration for the Shares has been
                agreed
                on the basis that:

            

    

     

    
      	 	
              (a)

            	
              no
                indebtedness of any kind (whether or not presently payable) is owed
                by the
                Company to the Seller (or any Related Person to the Seller) other
                than the
                indebtedness shown in the accounting records of the Company that
                shall be
                repaid in full by the Company at Completion;
                and

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              all
                indebtedness of any kind owed by the Seller (or any Related Person
                to the
                Seller) to the Company (whether or not presently payable) is repaid
                in
                full by the Seller or such Related Person to the Company on
                Completion.

            

    

     

    
      	
              8.2

            	
              The
                Seller shall procure that on or before Completion all indebtedness
                due
                from the Seller (or any Related Person to the Seller) to the Company
                is
                satisfied in full. If it is established at any time after Completion
                that
                any indebtedness of any kind (whether or not presently payable) was
                owing
                at Completion by the Seller (or any Related Person to the Seller)
                to the
                Company, contrary to the basis stated above, then the Seller shall
                procure
                that such indebtedness is immediately paid in
                full.

            

    

     

    
      	
              8.3

            	
              The
                Seller shall procure that on Completion the Company is released from
                all
                guarantees and indemnities given by the Company. The Seller shall
                procure
                that on Completion all indebtedness owing immediately before Completion
                from the
                Seller (or any Related Person to the Seller) to the
                Company
                is
                or has been satisfied in full together with all interest accruing
                on it up
                to (but excluding) Completion.

            

    

     

    
      	
              9.

            	
              WARRANTIES

            

    

     

    
      	
              9.1

            	
              The
                Seller
                represents and warrants to the Purchaser that each of the statements
                set
                out:

            

    

     

    
      	 	
              (a)

            	
              in
                Part
                1
                of
                Schedule
                2
                will at Completion be true, accurate and not misleading; and
                

            

    

     

    
      	 	
              (b)

            	
              in
                Part
                2
                of
                Schedule
                2
                is
                at the date of this agreement and will at Completion be true, accurate
                and
                not misleading.

            

    

     

    
      	
              9.2

            	
              Each
                of the Warranties is separate and independent and, except as expressly
                provided to the contrary in this agreement, is not limited by reference
                to
                any other Warranty.

            

    

     

    
      	
              9.3

            	
              None
                of the Warranties shall, and the Purchasers' ability to make any
                claim
                under this agreement shall not, be treated as waived, qualified or
                otherwise affected by any actual knowledge or any knowledge imputed
                to the
                Purchaser or its agents and advisers, including any knowledge resulting
                from any due diligence investigation carried out by or on behalf
                of the
                Purchaser before Completion or which the Purchaser has or obtains
                otherwise than in pursuance of its rights under this
                agreement.

            

    

     

    
      	
              9.4

            	
              Without
                prejudice to any other remedy available to the Purchaser or its ability
                to
                claim damages on any basis which is available to it by reason of
                any of
                the Warranties being untrue or misleading or being breached, the
                Seller
                will, under section 725 et seq. of the Commercial Code, indemnify
                the
                Purchaser in respect of all liabilities (including costs, damages
                or
                losses, fees and expenses) that the Purchaser may suffer resulting
                from or
                in connection with any of the Warranties being breached, untrue or
                misleading, and for any breach by the Seller of any of its obligations
                under this agreement, including an amount equal to any deficiency
                or
                liability of the Company which arises from any of the Warranties
                being
                breached, untrue or misleading and which would not have existed or
                arisen
                if the Warranty in question had not been breached, untrue or
                misleading.

            

    

     

    
      	
              9.5

            	
              For
                the purposes of clause 9.4
                the parties confirm that:

            

    

     

    
      	 	
              (a)

            	
              the
                Seller has requested the Purchaser to rely on the Warranties being
                true
                and accurate as of the date when made or deemed to be made and on
                the
                Seller's promise to comply with all its obligations in this agreement
                and
                the Purchaser has not been obliged to make such reliance;
                and

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              section
                728 of the Commercial Code does not apply to the Purchaser under
                this
                clause.

            

    

     

    
      	
              9.6

            	
              The
                Seller
                informed the Purchaser that:

            

    

     

    
      	 	
              (a)

            	
              the
                Seller
                brought a claim at the District court Bratislava II against Markíza to
                determine that a general meeting of Markíza is invalid and the procedure
                no. 23Cb 65/2005 is pending;

            

    

     

    
      	 	
              (b)

            	
              MEDIA
                INVEST brought a claim at the District court Bratislava I against
                Sylvia
                Volzová and Ivan Beňačka to determine that Ivan Beňačka is not the owner
                of participation interest
                in Markíza and the procedure no. 29Cb 104/05 is
                pending.

            

    

     

    
      	
              10.

            	
              PROTECTIVE
                COVENANTS

            

    

     

    
      	
              10.1

            	
              The
                Seller covenants with the Purchaser that he
                shall not and shall procure that no Related Person of the Seller
                for the
                time being shall:

            

    

     

    
      	 	
              (a)

            	
              except
                as provided in clause 10.6,
                for a period of two years after Completion be concerned in any business
                carrying on business which is competitive or likely to be competitive
                with
                any of the businesses which creates a considerable part of revenues
                of
                Markíza
                and/or STS;
                or

            

    

     

    
      	 	
              (b)

            	
              for
                a period of two years after Completion canvass or solicit orders
                for
                services similar to those being provided by Markíza or
                STS at
                Completion from any person who is at Completion or has been at any
                time
                within the year prior to the Completion Date a supplier of Markíza
                or
                STS provided that if as a result of that these suppliers would stop
                providing supplies or services to Markíza or STS;
                or

            

    

     

    
      	 	
              (c)

            	
              for
                a period of two years after
                Completion:

            

    

     

    
      	 	
              (i)

            	
              induce
                or attempt to induce any person who is at Completion a director or
                key
                employee of Markíza or
                STS
                to
                leave the employment of Markíza or
                STS;
                or

            

    

     

    
      	 	
              (ii)

            	
              employ
                or attempt to employ any person who is at Completion a director or
                key
                employee of Markíza or
                STS;
                or

            

    

     

    
      	 	
              (d)

            	
              for
                a period of two years after Completion induce or attempt to induce
                any
                person, who is at Completion or has been at any time within the year
                prior
                to the Completion Date a supplier of goods or services to Markíza
                or
                STS,
                to cease to supply, or to restrict or vary adversely the terms of
                supply,
                to Markíza or
                STS;
                or

            

    

     

    
      	 	
              (e)

            	
              make
                use of or (except as required by law or any competent regulatory
                body)
                disclose or divulge to any third party any information of a secret
                or
                confidential nature relating to, or to the business or affairs of
                Markíza
                or
                STS; or

            

    

     

    
      	 	
              (f)

            	
              do
                anything that would have a Material Adverse Effect on Markíza or
                STS.

            

    

     

    
      	
              10.2

            	
              For
                the purposes of this clause:

            

    

     

    
      	 	
              (a)

            	
              a
                person is concerned in a business if it carries on the business as
                principal or agent or if:

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              it
                is a partner, director, employee, consultant or agent in, of or to
                any
                person who carries on the business;
                or

            

    

     

    
      	 	
              (ii)

            	
              it
                has any direct or indirect financial interest (as shareholder or
                otherwise) in any person who carries on the business;
                or

            

    

     

    
      	 	
              (iii)

            	
              it
                is a partner, director, employee, consultant or agent in, of or to
                any
                person who has a direct or indirect financial interest (as shareholder
                or
                otherwise) in any person who carries on the business,
                and

            

    

     

    
      	 	
              (b)

            	
              references
                to Markíza or
                STS
                include its successors in business.

            

    

     

    
      	
              10.3

            	
              Each
                of the restrictions in each paragraph or subclause above shall be
                enforceable independently of each of the others and its validity
                shall not
                be affected if any of the others is
                invalid.

            

    

     

    
      	
              10.4

            	
              If
                any of those restrictions is void but would be valid if some part
                of the
                restriction were deleted, the restriction in question shall apply
                with
                such modification as may be necessary to make it
                valid.

            

    

     

    
      	
              10.5

            	
              The
                Seller acknowledges
                that the above provisions of this clause are no more extensive than
                is
                reasonable to protect the Purchaser as the purchaser of the entire
                share
                capital in the Company.

            

    

     

    
      	
              10.6

            	
              The
                Seller
                is
                entitled to come up with new ideas for a new theme for television
                programme or to produce a new television programme (each of them
                a
                TV
                Product),
                however, the Seller
                shall not be entitled to sell the TV Product without that TV Product
                having first been offered to the Purchaser by notice in writing to
                STS
                (the Notice).
                The Notice shall specify the TV Product and price at which it is
                offered.
                If, within 60 days after receipt of the Notice,
                STS or the Purchaser does not notify the Seller that it wishes to
                purchase
                the TV Product, then the Seller will be entitled to sell the TV Product
                to
                a third party at a price being not less than price specified in the
                Notice
                and terms not less favourable to the Seller as those set out in the
                Notice.

            

    

     

    
      	
              10.7

            	
              If
                the Seller breaches any of its obligation set out in this clause
                10, it
                shall pay to the Purchaser a contractual penalty of SKK 3,000,000
                for each
                breach.

            

    

     

    
      	
              11.

            	
              ANNOUNCEMENTS
                AND CONFIDENTIALITY

            

    

     

    
      	
              11.1

            	
              No
                party shall make or permit any person connected with it to make any
                announcement concerning this sale and purchase or any ancillary matter
                before, on or after Completion except as required by law or any competent
                regulatory body or with the prior written approval of the other party,
                such approval not to be unreasonably withheld or
                delayed.

            

    

     

    
      	
              11.2

            	
              The
                Purchaser:

            

    

     

    
      	 	
              (a)

            	
              shall
                keep confidential all information provided to it by or on behalf
                of Seller
                which relates to the Seller; and

            

    

     

    
      	 	
              (b)

            	
              if
                after Completion, the Company holds confidential information relating
                to
                Seller, shall keep that information confidential and, to the extent
                reasonably practicable, shall return that information to the relevant
                Seller or destroy it.

            

    

     

    
      	
              11.3

            	
              The
                Seller shall:

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              keep
                confidential all information provided to it by or on behalf of the
                Purchaser which relates to the Purchaser;
                and

            

    

     

    
      	 	
              (b)

            	
              and
                shall procure that if after Completion the Seller holds confidential
                information relating to the Company, it shall keep that information
                confidential and, to the extent reasonably practicable, shall return
                that
                information to the Purchaser or destroy
                it.

            

    

     

    
      	
              11.4

            	
              Nothing
                in this clause prevents any confidential information being
                disclosed:

            

    

     

    
      	 	
              (a)

            	
              with
                the written approval of the other party, which in the case of any
                announcement shall not to be unreasonably withheld or delayed;
                or

            

    

     

    
      	 	
              (b)

            	
              to
                the extent required by law or any competent regulatory body, but
                a party
                required to disclose any confidential information shall promptly
                notify
                the other party, where practicable and lawful to do so, before disclosure
                occurs and co-operate with the other party regarding the timing and
                content of such disclosure or any action which the other party may
                reasonably elect to take to challenge the validity of such
                requirement.

            

    

     

    
      	
              11.5

            	
              Nothing
                in this clause prevents disclosure of confidential information by
                any
                party:

            

    

     

    
      	 	
              (a)

            	
              to
                the extent that the information is in or comes into the public domain
                other than as a result of a breach of any undertaking or duty of
                confidentiality by that party/any person;
                or

            

    

     

    
      	 	
              (b)

            	
              to
                that party's professional advisers, auditors or bankers, but before
                any
                disclosure to any such person the relevant party shall procure that
                he is
                made aware of the terms of this clause and shall use its best endeavours
                to procure that each such person adheres to those terms as if he
                were
                bound by the provisions of this
                clause.

            

    

     

    
      	
              12.

            	
              NOTICES

            

    

     

    
      
        	
                12.1

              	
                Any
                  notice or other formal communication given under this agreement
                  (which
                  includes fax, but not email) must be in writing and may be delivered
                  in
                  person, or sent by post or fax to the party to be served at its
                  address
                  appearing in this agreement as
                  follows:

              

      

     

    
      	
              (a)

            	
              to
                the Seller at:

            	
              (b)

            	
              to
                the Purchaser at:

            
	 	 	 	 
	 	
              G.
                Lehnert, k.s.

            	 	
              71-91
                Aldwych

            
	 	 	 	 
	 	
              Carlton
                Savoy Building 

            	 	
              London
                WC2B 4HN

            
	 	 	 	 
	 	
              Mostová
                2, 811 02 Bratislava 1

            	 	
              United
                Kingdom 

            
	 	 	 	 
	 	
              Slovak
                Republic

            	 	 
	 	 	 	 
	 	
              Fax:
                +421 2 5980 0400

            	 	
              Fax:
                +44 20 7430 5403

            
	 	 	 	 
	 	
              marked
                for the attention of JUDr. Ján Ondruš,

            	 	
              marked
                for the attention of General
                Counsel,

            

    

     

    or
      at any
      such other address or fax number of which it shall have given notice for this
      purpose to the other party under this clause. Any notice or other communication
      sent by post shall be sent by prepaid airmail.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              12.2

            	
              Any
                notice or other communication shall be deemed to have been
                given:

            

    

     

    
      	 	
              (a)

            	
              if
                delivered, on the date of delivery;
                or

            

    

     

    
      	 	
              (b)

            	
              if
                sent by post, on the second Business Day after it was put into the
                post;
                or 

            

    

     

    
      	 	
              (c)

            	
              if
                sent by fax, on the date of transmission, if transmitted before
                3.00 p.m. (local time at the country of destination) on any Business
                Day, and in any other case on the Business Day following the date
                of
                transmission.

            

    

     

    
      	
              12.3

            	
              In
                proving the giving of a notice or other communication, it shall be
                sufficient to prove that delivery was made or that the envelope containing
                the communication was properly addressed and posted by prepaid airmail
                or
                that the fax was properly addressed and transmitted, as the case
                may
                be.

            

    

     

    
      	
              13.

            	
              FURTHER
                ASSURANCES

            

    

     

    
      	
              13.1

            	
              On
                or after Completion the
                Seller
                shall, at its
                own cost and expense, execute and do (or procure to be executed and
                done
                by any other necessary party) all such documents, acts and things
                as the
                Purchaser may from time to time require in order to acquire the Shares
                or
                as otherwise may be necessary to give full effect to the Transaction
                Documents.

            

    

     

    
      	
              13.2

            	
              In
                relation to the
                Company,
                the Seller shall
                procure the convening of all meetings, the giving of all waivers
                and
                consents and the passing of all resolutions as are necessary under
                statute
                or any agreement or obligation affecting it to give effect to the
                Transaction Documents.

            

    

     

    
      	
              14.

            	
              ASSIGNMENTS

            

    

     

    None
      of
      the rights or obligations under this agreement may be assigned or transferred
      without the prior written consent of all the parties.

     

    
      	
              15.

            	
              PAYMENTS

            

    

     

    
      	
              15.1

            	
              Unless
                otherwise expressly stated (or as otherwise agreed in the case of
                a given
                payment), each payment to be made under this agreement shall be made
                in
                SKK by transfer of the relevant amount into the relevant account
                on or
                before the date the payment is due for value on that date. The relevant
                account for a given payment is:

            

    

    
      
         

        
          	 	
                  (a)

                	
                  if
                    that payment is to the Seller,
                    the account of the Seller
                    at:

                

        

      

       

      
        	
                bank:
                  

              	
                HVB
                  Bank Slovakia a.s.

              
	 	 
	
                account
                  number:

              	
                2162007001/8080

              

      

    

     

    or
      such
      other account as the Seller
      shall,
      not less than three Business Days before the date that payment is due, have
      specified by giving notice to the Purchaser for the purpose of that payment;
      and

     

    
      	 	
              (b)

            	
              if
                that payment is to the Purchaser, the account as the Purchaser shall,
                not
                less than three Business Days before the date that payment is due,
                have
                specified by giving notice to the Seller
                for the purpose of that payment.

            

    

     

    
      	
              15.2

            	
              If
                a party defaults in the payment when due of any sum payable under
                this
                agreement, it shall pay interest on that sum from the date on which
                payment is due until the date of actual payment (as well after as
                before
                judgment) at an annual rate of 1.0 per cent. above the one (1) month
                BRIBOR rate valid on the first day of default and each monthly anniversary
                thereof, which interest shall accrue from day to day and be compounded
                monthly.

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              15.3

            	
              If
                the Seller is required by law to make a deduction or withholding
                in
                respect of any sum payable under this agreement, it
                shall,
                at the same time as the sum which is the subject of the deduction
                or
                withholding is payable, make a payment to the Purchaser of such additional
                amount as shall be required to ensure that the net amount received
                by the
                Purchaser will equal the full amount which would have been received
                by it
                had no such deduction or withholding been required to be
                made.

            

    

     

    
      	
              16.

            	
              GENERAL

            

    

     

    
      	
              16.1

            	
              Each
                of the obligations, Warranties and undertakings set out in this agreement
                (excluding any obligation which is fully performed at Completion)
                shall
                continue in force after Completion and shall not be affected by the
                waiver
                of any Condition or any notice given by the Purchaser in respect
                of any
                Condition.

            

    

     

    
      	
              16.2

            	
              Except
                as otherwise expressly provided in this agreement each party shall
                pay the
                costs and expenses incurred by it in connection with the entering
                into and
                completion of this agreement.

            

    

     

    
      	
              17.

            	
              WHOLE
                AGREEMENT

            

    

     

    
      	
              17.1

            	
              This
                agreement and the Transaction Documents to which the Seller and the
                Purchaser is a party contains the whole agreement between the parties
                relating to the transactions contemplated by this agreement and supersede
                all previous agreements, whether oral or in writing, between the
                parties
                relating to these transactions.

            

    

     

    
      	
              17.2

            	
              Each
                party acknowledges that in agreeing to enter into this agreement
                it has
                not relied on any representation, warranty, collateral contract or
                other
                assurance (except those set out in this agreement or any Transaction
                Document) made by or on behalf of the other party before the entering
                into
                of this agreement. Each party waives all rights and remedies which,
                but
                for this sub-clause, might otherwise be available to it in respect
                of any
                such representation, warranty, collateral contract or other
                assurance.

            

    

     

    
      	
              18.

            	
              GOVERNING
                LAW AND JURISDICTION

            

    

     

    
      	
              18.1

            	
              This
                agreement is governed by Slovak law. This agreement is governed by
                the
                provisions of the Commercial Code, save for those disapplied or modified
                by this agreement.

            

    

     

    
      	
              18.2

            	
              Each
                of the parties agrees that the application of any provision of Slovak
                law
                that is not of a strictly mandatory nature is expressly excluded
                to the
                extent that it could alter the meaning or purpose of any provision
                of this
                agreement.

            

    

     

    
      	
              18.3

            	
              Any
                dispute arising out of or in connection with this agreement (including
                any
                question regarding its existence, validity, binding effect or termination)
                shall be referred to, and finally resolved in arbitration proceedings
                conducted under the Rules of Arbitration of the ICC (the Rules).
                The Rules are deemed to be incorporated by reference into this agreement.
                The tribunal shall consist of three arbitrators who shall be appointed
                by
                the parties in writing (pursuant to the Rules), or if they fail to
                do so,
                within 21 days of the day when any of the parties requested the dispute
                to
                be resolved by arbitration, by one arbitrator appointed pursuant
                to the
                Rules. The place of any such arbitration shall be Vienna and the
                language
                of proceedings English. The parties will be bound by any resulting
                arbitral award.

            

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              19.

            	
              LANGUAGE

            

    

     

    
      	
              19.1

            	
              This
                agreement is executed in two counterparts in English language. All
                notices, demands, requests, statements, certificates or other documents
                or
                communications under this agreement shall be in English unless otherwise
                agreed. A legally certified translation in Slovak language of this
                agreement will be prepared. In case of any discrepancy between the
                English
                version of this agreement and its Slovak translation, the English
                version
                of this agreement shall prevail.

            

    

     

    
      	
              20.

            	
              TERMINATION

            

    

     

    This
      agreement cannot be terminated or rescinded otherwise than in accordance with
      clause 3.3,
      4.2(c)
      or
4.3.

     

    
      	
              21.

            	
              AMENDMENTS

            

    

     

    This
      agreement may be only amended by written amendments executed by all parties.
      Save as provided otherwise in this agreement, the same shall apply to waivers
      of
      rights under this agreement.

     

    AS
      WITNESS
      this
      agreement has been signed by the parties (or their duly authorised
      representatives) on the date stated at the beginning of this
      agreement.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    THE
      COMPANY

     

    
      	
              Company
                name:

            	 	
              A.R.J.,
                a.s.

            
	 	 	 
	
              Identification
                number:

            	 	
              36
                379 921

            
	 	 	 
	
              Registered
                office:

            	 	
              Skuteckého
                23, Banská Bystrica 974 01 

            
	 	 	 
	
              Date
                of incorporation:

            	 	
              14
                April 1998

            
	 	 	 
	
              Legal
                form:

            	 	
              joint-stock
                company

            
	 	 	 
	
              Board
                of Directors:

            	 	
              Ján
                Kováčik, member

            
	 	 	
              Ing.
                Milan Fiľo, chairman

            
	 	 	
              Ing.
                František Vizváry, member 

            
	 	 	 
	
              Acting
                on behalf of the Company:

            	 	
              All
                directors together

            
	 	 	 
	
              Registered
                capital:

            	 	
              SKK
                90,000,000 

            
	 	 	 
	
              Number,
                type, kind and nominal value of shares:

            	 	
              90,000
                issued, registered, ordinary shares (in Slovak "na meno"), in certificated
                form (in Slovak "listinné"), series: A numbers of shares 0001-1000,
                series: B numbers of shares 00001-89000, each with nominal value
                of SKK
                1,000 each, issued as 6 global share certificates replacing the
                shares.

            
	
              Supervisory
                Board:

            	 	
              Stanislav
                Pavlík - chairman 

            
	 	 	
              Ing.
                Milan Varchola - member

            
	 	 	
              Ing.
                Miroslav Vajs - member 

            

    

    

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

     

    Schedule
      2

     

    WARRANTIES

     

    PART
      1

     

    WARRANTIES
      REGARDING PRE-COMPLETION ACTIVITIES

     

    After
      the
      signing this agreement and prior to Completion the Company has not made any
      of
      the following decisions without the prior written consent of the
      Purchaser:

     

    
      	
              (a)

            	
              incur
                any expenditure exceeding EURO 5,000 and incur any expenditure in
                relation
                to Taxation exceeding EURO 13,000;
                or

            

    

     

    
      	
              (b)

            	
              except
                for the transfer of the Participation Interest 1 by the Company to
                MEDIA
                INVEST, dispose of or create any Encumbrance in respect of any part
                of its
                assets (including the Participation Interest or any part of it);
                or

            

    

     

    
      	
              (c)

            	
              borrow
                any money or make any payments out of or drawings on its bank account(s)
                in excess of SKK 50,000 monthly; or

            

    

     

    
      	
              (d)

            	
              except
                as contemplated under the Transaction Documents, enter into any contract
                or commitment, or:

            

    

     

    
      	 	
              (i)

            	
              make
                or prepay any loan; or

            

    

     

    
      	 	
              (ii)

            	
              fail
                to observe and perform any term or condition of, or waive any rights
                under, any contract or arrangement;
                or

            

    

     

    
      	 	
              (iii)

            	
              contravene
                any statute, order, regulation or the like;
                or

            

    

     

    
      	 	
              (iv)

            	
              do
                or omit to do anything which might result in the termination, revocation,
                suspension, modification or non-renewal of any licence or consent
                held by
                it or the Markíza Licence; or

            

    

     

    
      	 	
              (v)

            	
              grant
                any power of attorney; or

            

    

     

    
      
        	
                (e)

              	
                declare,
                  make or pay any dividend or other distribution or do or allow to
                  be done
                  anything which renders its financial position less favourable than
                  at the
                  date of this agreement; or

              

      

       

      
        	
                (f)

              	
                grant,
                  issue or redeem any mortgage, charge, debenture or other security
                  or give
                  any guarantee or indemnity; or 

              

      

       

      
        	
                (g)

              	
                employ
                  any person; or 

              

      

       

      
        	
                (h)

              	
                create,
                  issue, purchase or redeem any class of share or loan capital;
                  or

              

      

       

      
        	
                (i)

              	
                except
                  as contemplated under the Transaction Documents, pass any resolution
                  of
                  its shareholders, whether in general meeting or otherwise;
                  or

              

      

       

      
        	
                (j)

              	
                form
                  any subsidiary or acquire shares in any company or participate
                  in, or
                  terminate any participation in, any partnership or joint venture;
                  or

              

      

       

      
        	
                (k)

              	
                agree,
                  conditionally or otherwise, to do any of the foregoing; or
                  

              

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	
                (l)

              	
                in
                  any other way depart from the ordinary course of its day-to-day
                  trading.

              

      

    

    

     

    PART
      2

     

    OTHER
      WARRANTIES

     

    
      	
              1.

            	
              GENERAL

            

    

     

    
      	
              1.1

            	
              Accuracy
                of recitals and schedules

            

    

     

    The
      particulars relating to the Company and the Shares set out in the schedules
      to
      this agreement are true and accurate and there have been made no further filings
      or actions that would change or amend the facts stated therein.

     

    
      	
              1.2

            	
              Capacity
                and consequences of sale

            

    

     

    
      	
              (a)

            	
              The
                Seller
                has the requisite capacity, power and authority to enter into and
                to
                perform this agreement.

            

    

     

    
      	
              (b)

            	
              This
                agreement
                and all other documents to be entered into by the Seller in connection
                with this agreement
                will, when executed, constitute binding obligations on the
                Seller
                in
                accordance with their respective
                terms.

            

    

     

    
      	
              (c)

            	
              The
                signature of and the compliance with the terms of this agreement
                does not and will not:

            

    

     

    
      	 	
              (i)

            	
              conflict
                with or constitute a default under any provision
                of:

            

    

     

    
      	 	
              (A)

            	
              any
                agreement or instrument to which the
                Seller
                or
                the Company
                is
                a party; 

            

    

     

    
      	 	
              (B)

            	
              the
                constitutional and corporate documents of the
                Company, except that the Seller has not obtained waivers of pre-emption
                rights of other shareholders under the articles of association of
                the
                Company to the transaction under this agreement, which waivers will
                be
                obtained by the Seller by Completion;

            

    

     

    
      	 	
              (C)

            	
              any
                order, judgment, decree or regulation or any other restriction of
                any kind
                by which the
                Seller
                or
                the
                Company
                is
                bound; or

            

    

     

    
      	 	
              (ii)

            	
              relieve
                any other party to a contract with the
                Company
                of
                its obligations or enable that party to vary or terminate its rights
                or
                obligations under that contract;

            

    

     

    
      	 	
              (iii)

            	
              result
                in the creation or imposition of any Encumbrance on any of assets
                of the
                Company
                (including the Participation Interest in Markíza) or the repayment of any
                indebtedness of the
                Company.
                

            

    

     

    
      	
              (d)

            	
              No
                announcements, consultations, notices, reports or filings are required
                to
                be made in connection with the transactions contemplated by this
                agreement
                and no consents, approvals, registrations, authorisations or permits
                are
                required to be obtained by the Seller
                or
                the
                Company
                in
                connection with the execution and performance of this agreement.

            

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              1.3

            	
              Constitutional
                and corporate documents

            

    

     

    
      	
              (a)

            	
              The
                Company has
                been duly incorporated and properly formed, and is validly existing
                under
                the laws of the jurisdiction of its
                incorporation.

            

    

     

    
      	
              (b)

            	
              The
                list of shareholders and other statutory books and registers of the
                Company have been properly kept and no notice or allegation that
                any of
                them is incorrect or should be rectified has been
                received.

            

    

     

    
      	
              (c)

            	
              All
                returns, resolutions and other documents which the Company is required
                by
                law to file with or deliver have been correctly made up and duly
                filed or
                delivered.

            

    

     

    
      	
              (d)

            	
              The
                copies of the constitutional and corporate documents of the Company
                which
                have been given to the Purchaser or its advisers are true and accurate
                and
                complete, and have not been
                breached.

            

    

     

    
      	
              1.4

            	
              Ownership
                of the Shares

            

    

     

    
      	
              (a)

            	
              The
                Seller
                is
                the sole owner of the Shares and has
                full power, right and authority to transfer them to the
                Purchaser.

            

    

     

    
      	
              (b)

            	
              The
                Shares
                constitute 34% of the issued share
                capital
                of
                the Company.

            

    

     

    
      	
              (c)

            	
              The
                Shares
                have been validly issued as global shares and are fully paid up.
                The paid
                up capital has not been repaid.

            

    

     

    
      	
              (d)

            	
              No
                person is entitled or has claimed to be entitled to require the
                Company
                to
                issue any share
                either now or at any future date and whether contingently or
                not.

            

    

     

    
      	
              (e)

            	
              There
                is no Encumbrance on, over or affecting any of the Shares,
                nor is there any commitment to give or create any of the foregoing,
                and no
                person has claimed to be entitled to any of the foregoing. There
                are no
                outstanding depositary receipts in relation to the Shares.

            

    

     

    
      	
              1.5

            	
              Subsidiaries,
                associations and branches

            

    

     

    The
      Company:

     

    
      	 	
              (a)

            	
              does
                not hold, nor has it agreed to acquire, any interest of any other
                company
                (except for the Participation Interest in
                Markíza);

            

    

     

    
      	 	
              (b)

            	
              is
                not, nor has it agreed to become, a member of any partnership (whether
                incorporated or unincorporated) or other unincorporated association,
                joint
                venture or consortium (other than recognised trade associations);
                and

            

    

     

    
      	 	
              (c)

            	
              does
                not have any branch or any permanent
                establishment.

            

    

     

    
      	
              1.6

            	
              Insolvency

            

    

     

    The
      Company:

     

    
      	 	
              (a)

            	
              is
                not, or is not deemed for the purposes of any law to be, unable to
                pay its
                debts as they fall due or insolvent;

            

    

     

    
      	 	
              (b)

            	
              has
                not admitted its inability to pay its debts as they fall
                due;

            

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              has
                not suspended making payments on any of its debts or announces an
                intention to do so;

            

    

     

    
      	 	
              (d)

            	
              has
                not begun negotiations with any creditor for the rescheduling of
                any of
                its indebtedness; 

            

    

     

    
      	 	
              (e)

            	
              has
                not had any step taken with a view to a moratorium or a composition,
                assignment or similar arrangement with any of its
                creditors;

            

    

     

    
      	 	
              (f)

            	
              has
                not had a meeting of its shareholders, directors or other officers
                convened for the purpose of considering any resolution for, to petition
                for or to file documents with a court for, its winding-up, administration
                or dissolution or passed any such resolution;

            

    

     

    
      	 	
              (g)

            	
              has
                not had any person present a petition, or file documents with a court,
                for
                its bankruptcy, composition, winding-up or
                dissolution;

            

    

     

    
      	 	
              (h)

            	
              has
                not had an order for its bankruptcy, composition, winding-up,
                administration or dissolution made;

            

    

     

    
      	 	
              (i)

            	
              has
                not had any liquidator, trustee in bankruptcy or composition, or
                similar
                officer appointed in respect of it or any of its assets;
                and

            

    

     

    
      	 	
              (j)

            	
              has
                had any other analogous step or procedure taken in any jurisdiction,
                or
                should have taken any step mentioned above but has not done
                so.

            

    

     

    
      	
              1.7

            	
              Ownership
                of assets

            

    

     

    The
      Company does not own any assets other than those assets that are shown in
      accounting records of the Company.

     

    
      	
              1.8

            	
              Specific
                Warranties on the purchase of the Shares by the Seller from
                Mediapro

            

    

     

    
      	 	
              (a)

            	
              The
                Seller is not aware that the purchase by the Seller
                of
                the Shares from Mediapro could be capable of being set aside, challenged,
                reversed, voided or affected in whole or in part by any creditor
                of
                Mediapro or the Seller or any third party (whether in bankruptcy,
                composition, liquidation or any similar proceedings or otherwise);
                and
                

            

    

     

    
      	 	
              (b)

            	
              The
                purchase by the Seller
                of
                the Shares from Mediapro could not result in any creditor of Mediapro
                or
                the Seller or any third party seeking satisfaction of its claim from
                any
                of the Shares.

            

    

     

    
      	 	
              (c)

            	
              Mediapro
                does not have any creditors with claims exceeding in aggregate SKK
                50,000
                monthly and exceeding in aggregate SKK 500,000 in
                total.

            

    

     

    
      	
              1.9

            	
              Vulnerable
                prior transactions

            

    

     

    There
      has
      been no transaction pursuant to or as a result of which (i) any of the Shares
      or
      (ii) any asset owned, purportedly owned or otherwise held by the
      Company
      is
      liable to be transferred or re-transferred to another person or which gives
      or
      may give rise to a right of compensation or other payment in favour of another
      person under the law of any relevant jurisdiction.

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              1.10

            	
              Compliance
                with statutes

            

    

     

    Neither
      the Company,
      nor any
      of the representatives of the
      Company,
      has
      done or omitted to do anything which is a contravention of any statute, order,
      regulation or the like which has resulted or may result in any fine, penalty
      or
      other liability or sanction on the part of the
      Company.

     

    
      	
              1.11

            	
              Licences
                and consents

            

    

     

    The
      Company
      has, and
      has at all times complied with the terms and conditions of, all licences
      (including statutory licences), authorisations and consents necessary to carry
      on its business as it does at present and (so far as the Seller
      is
      aware)
      no circumstances exist which may result in the termination, revocation,
      suspension or modification of any of those licences, authorisations or consents
      or that may prejudice the renewal of any of them, including the Markíza
      License.

     

    
      	
              1.12

            	
              Insider
                contracts

            

    

     

    
      	
              (a)

            	
              The
                Company is
                not
                a
                party to any contract or arrangement in which the Seller or any person
                connected with the Seller is interested, directly or indirectly,
                except
                for the Agreement on coordinated procedure, nor has there been any
                such
                contract or arrangement at any time during three years ending on
                the date
                of this agreement.

            

    

     

    
      	
              (b)

            	
              The
                Company is
                not
                a
                party to, nor have the profits or financial position of the
                Company
                during three financial periods ended on the Accounts Date been affected
                by, any contract or arrangement which is not of an entirely arm's
                length
                nature.

            

    

     

    
      	
              (c)

            	
              Neither
                the Seller nor any person connected with the Seller is a party to
                any
                contract or arrangement for the provision of finance, goods, services
                or
                other facilities to or by the
                Company
                or
                in any way relating to, or to the affairs of, the
                Company.

            

    

     

    
      	
              1.13

            	
              Litigation

            

    

     

    
      	
              (a)

            	
              The
                Company is
                not
                engaged in any litigation, arbitration or alternative dispute resolution
                proceedings and there are no such proceedings pending or threatened
                by or
                against the
                Company.

            

    

     

    
      	
              (b)

            	
              So
                far as the Seller
                is
                aware, there are no circumstances which are likely to give rise to
                any
                litigation, arbitration or alternative dispute resolution proceedings
                by
                or against the
                Company.

            

    

     

    
      	
              (c)

            	
              The
                Company is
                not
                the subject of any investigation, inquiry, enforcement proceedings
                or
                process by any governmental, administrative or regulatory body nor,
                so far
                as the Seller
                is
                aware, are there any circumstances which are likely to give rise
                to any
                such investigation, inquiry, proceedings or
                process.

            

    

     

    
      	
              1.14

            	
              Environmental
                matters

            

    

     

    
      	
              (a)

            	
              The
                Company
                has at all times complied with all applicable laws concerning the
                protection of the environment, human health or welfare, the conditions
                of
                the workplace or the generation, transportation, storage, treatment
                or
                disposal of any waste.

            

    

     

    
      	
              (b)

            	
              The
                Company has not
                used, disposed of, generated, stored, treated, transported, dumped,
                released, deposited, buried or emitted any waste or dangerous
                substance.

            

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              ACCOUNTS
                AND FINANCIAL

            

    

     

    
      	
              2.1

            	
              Accuracy
                of Accounts

            

    

     

    The
      Accounts:

     

    
      	 	
              (a)

            	
              have
                been prepared in accordance with generally accepted accounting principles
                and practices in Slovakia and the applicable law and
                regulations;

            

    

     

    
      	 	
              (b)

            	
              have
                been prepared by the Accountants and will be authorised by the auditor
                who
                will render an auditor's certificate without
                qualification;

            

    

     

    
      	 	
              (c)

            	
              state
                the assets and liabilities of the Company and are true and correct
                in all
                respects and fairly present the financial state of affairs of the
                Company
                as at the Accounts Date and of the profit or loss of the Company
                for the
                period ended on the Accounts Date or (as the case may be) in respect
                of
                the periods for which they were
                prepared;

            

    

     

    
      	 	
              (d)

            	
              contain
                either provisions or reserves, as required under generally accepted
                accounting principles in Slovakia and the applicable laws and regulations,
                to cover all Taxation (including deferred Taxation) and other liabilities
                (whether quantified, contingent or otherwise), bad and doubtful accounts
                payable and as at the Accounts
                Date;

            

    

     

    
      	 	
              (e)

            	
              do
                not show any material one-off extraordinary items, including
                gains;
                and

            

    

     

    
      	 	
              (f)

            	
              have
                been duly filed in accordance with applicable
                law.

            

    

     

    
      	
              2.2

            	
              Business

            

    

     

    The
      Company
      does not
      trade or conduct any business, but holds the Participation Interest in
      Markíza.

     

    
      	
              2.3

            	
              Books
                and records

            

    

     

    All
      accounts, books, ledgers and other financial records of the
      Company:

     

    
      	 	
              (a)

            	
              have
                been properly maintained and contain accurate records of all matters
                required to be entered in them under the applicable laws;
                and

            

    

     

    
      	 	
              (b)

            	
              give
                a true and fair view of the matters which ought to appear in
                them.

            

    

     

    
      	
              2.4

            	
              Position
                since Accounts Date

            

    

     

    Since
      the
      Accounts Date:

     

    
      	 	
              (a)

            	
              there
                has been no deterioration in the financial position or the prospects
                of
                the
                Company;
                and

            

    

     

    
      	 	
              (b)

            	
              the
                Company
                has paid its creditors within the times agreed with them and, without
                limiting the foregoing, the Company has no indebtedness other than
                the
                indebtedness shown in the accounting records of the Company all of
                which
                shall be repaid before the Completion
                Date.

            

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
              2.5

            	
              Capital
                commitments

            

    

     

    Except
      as
      expressly disclosed in the Accounts, the
      Company did not have
      any
      commitment on capital account outstanding at the Accounts Date. Since the
      Accounts Date the
      Company has
      not
      entered
      into nor
      agreed
      to enter into any capital commitment.

     

    
      	
              2.6

            	
              Dividends
                and distributions

            

    

     

    
      	
              (a)

            	
              No
                dividend or other distribution of profits or assets has been or agreed
                to
                be declared, made or paid by the
                Company
                since the Accounts Date.

            

    

     

    
      	
              (b)

            	
              All
                dividends or other distributions of profits or assets declared, made
                or
                paid since the date of incorporation of the
                Company
                have been declared, made and paid in accordance with law and its
                constitutional documents.

            

    

     

    
      	
              2.7

            	
              Borrowings,
                loan capital and
                guarantees

            

    

     

    The
      Company does
      not
      have
      outstanding any loan capital or any money borrowed or raised, including money
      raised by acceptances or debt factoring, or any liability (whether present
      or
      future, actual or contingent) in respect of any guarantee or
      indemnity.

     

    
      	
              2.8

            	
              Derivative
                transactions

            

    

     

    The
      Company does
      not
      have
      outstanding any obligations in respect of a derivative transaction including
      any
      foreign exchange transaction.

     

    
      	
              2.9

            	
              Government
                grants

            

    

     

    The
      Company is
      not
      subject
      to any arrangement for receipt or repayment of any grant, subsidy or financial
      assistance from any governmental department or other body.

     

    
      	
              2.10

            	
              Loans

            

    

     

    The
      Company has
      not
      lent any
      money which has not been repaid to it and
      does
      not own
      the
      benefit of any debt (whether present or future, actual or contingent) other
      than
      those loans provided to the shareholders of the Company that are shown in the
      accounting records of the Company all of which shall be repaid as of the
      Completion Date.

     

    
      	
              2.11

            	
              Bank
                accounts

            

    

     

    The
      statement of the Company's
      bank
      accounts as at a date not more than two days before the date of this agreement
      given to the Purchaser is correct, and the
      Company does
      not
      have
      any bank
      or deposit account (whether in credit or overdrawn) not included in that
      statement. Since the date of that statement there has not been any payment
      out
      of any of the accounts concerned and the balance on each such account is not
      materially different from the balance shown on that statement.

     

    
      	
              2.12

            	
              Political
                and charitable donations

            

    

     

    The
      Company has
      not
      incurred
      any political expenditure or made any political or charitable donation in the
      current or preceding financial year and
      is
      not
      under
      any commitment to do so.

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              COMMERCIAL

            

    

     

    
      	
              3.1

            	
              Suppliers
                and customers

            

    

     

    The
      Company has and never had any suppliers or customers where consideration for
      such supplies or orders exceed SKK 50,000 monthly.

     

    
      	
              3.2

            	
              Contracts

            

    

     

    The
      Company is
      not
      a party
      to any contract other than the contract for the transfer of Participation
      Interest 1 to MEDIA INVEST, the Agreement on coordinated procedure, accounting
      records maintenance agreement, agreement for the lease of non-residential
      premises, loan agreements with shareholders of the Company, agreement on
      maintenance of bank account in banks, agreement for maintenance of the list
      of
      shareholders.

     

    
      	
              3.3

            	
              Anti-competitive
                arrangements

            

    

     

    The
      Company
      is
      not,
      and has
      not been, a party to any agreement or concerted practice or involved in any
      business conduct which infringes any anti-trust or similar legislation in any
      jurisdiction nor
      has,
      pursuant to any such legislation, given any undertaking, applied for negative
      clearance, exemption, guidance or approval, had an order, notice or direction
      made against it or received any request for information or statement of
      objections from or corresponded with any court or authority. The
      Company
      has
      not
      been in
      receipt of any state aid within the meaning of Article 87(1) EC (formerly
      Article 92(1) of the EC Treaty).

     

    
      	
              3.4

            	
              Intellectual
                property

            

    

     

    
      	
              (a)

            	
              The
                Company never had or licensed any Intellectual Property Rights.

            

    

     

    
      	
              (b)

            	
              No
                activities of the
                Company
                infringe or are likely to infringe any Intellectual Property Right
                of any
                third party and no claim has been made against the
                Company
                or
                any such licensee in respect of such
                infringement.

            

    

     

    
      	
              (c)

            	
              So
                far as the Seller
                is
                aware there has been no unauthorised use by any person of any confidential
                information of the
                Company.

            

    

     

    
      	
              3.5

            	
              Business
                names

            

    

     

    The
      Company carries
      on
      business under its own corporate name and not any other name.

     

    
      	
              3.6

            	
              Powers
                of attorney

            

    

     

    The
      Company has
      not
      granted
      any power of attorney or similar authority which remains in force other than
      a
      power of attorney to Ing Miroslav Demjanovič to represent the
      Company
      before
      securities centre and a power of attorney to Mr Ľubomír
      Messinger
      to represent the
      Company
      before
      Central Depositary, both of which remain in force at the date of this
      agreement.

     

    
      	
              4.

            	
              TAXATION

            

    

     

    
      	
              (a)

            	
              The
                Company maintains adequate and proper records for tax purposes, and
                has
                made all filings of its tax returns. The Company is not in any dispute
                with any tax authority. 

            

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	
              (b)

            	
              All
                Taxation of any nature whatsoever for which the Company is and has
                been
                liable or for which the Company is and has been liable to account
                has been
                duly paid (insofar as such taxation ought to have been paid) and
                the
                Company has made all such deductions and retentions as it was obliged
                or
                entitled to make and all such payments in respect of these deductions
                and
                retentions as should have been made except for a penalty of SKK 4,124.-
                for the late payment of an advance for the income tax for 2002 that
                will
                be paid as of the Completion Date.

            

    

     

    
      	
              (c)

            	
              The
                Company has not paid or become liable to pay, and there are no
                circumstances by reason of which the Company is likely to become
                liable to
                pay, any penalty, fine, surcharge or interest in respect of
                Taxation.

            

    

     

    
      	
              (d)

            	
              The
                Company has not received any notice of enquiry or suffered any enquiry,
                investigation, audit or visit by any taxation or excise authority,
                and no
                such enquiry, investigation, audit or visit planned. The Company
                has not
                been a party to or otherwise involved in any transaction which could
                be
                viewed as tax avoidance or tax evasion by a tax
                authority.

            

    

     

    
      	
              (e)

            	
              As
                far as the Seller is aware, all Taxation of any nature whatsoever
                for
                which the Seller is and has been liable has been duly paid (insofar
                as
                such taxation ought to have been
                paid).

            

    

     

    
      	
              5.

            	
              EMPLOYEES

            

    

     

    The
      Company currently has no employee (whether full time or part
      time).

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      SCHEDULE
        3

       

      COMPLETION

       

      PART
        1

       

      SELLER'S
        Obligations

       

      The
        Seller shall procure
        the
        delivery to the Purchaser of:

       

      
        	
                (a)

              	
                the
                  share certificates representing the Shares duly endorsed for the
                  benefit
                  of the Purchaser (unless these share certificates have been delivered
                  to
                  the Purchaser earlier);

              

      

       

      
        	
                (b)

              	
                the
                  full list of shareholders (in Slovak "zoznam akcionárov") issued by the
                  Central Depositary for the Company and showing the Purchaser as
                  the
                  registered holder of all the shares in the
                  Company;

              

      

       

      
        	
                (c)

              	
                the
                  resignations of all members of board of directors and supervisory
                  board of
                  the Company, in each case acknowledging these persons have no claim
                  against the Company,
                  whether for loss of office or
                  otherwise;

              

      

       

      
        	
                (d)

              	
                the
                  resignations of
                  Mr. Ján Kováčik and Ing. František Vizváry as the executives of
                  Markíza,
                  in each case acknowledging they have no claim against Markíza, whether for
                  loss of office or otherwise;

              

      

       

      
        	
                (e)

              	
                the
                  resignations of Ing. František Vizváry as the executive of STS,
                  acknowledging Ing. František Vizváry has no claim against STS, whether for
                  loss of office or otherwise;

              

      

       

      
        	
                (f)

              	
                certified
                  copies of the minutes of the meetings referred to in
                  paragraphs (h)
                  and (i)
                  below;

              

      

       

      
        	
                (g)

              	
                a
                  confirmation of the relevant Commercial Register that the new memorandum
                  of association of Markíza in the Agreed Form, certified for accuracy by
                  the executives of Markíza has been filed with the collection of deeds at
                  the relevant Commercial Register;

              

      

       

      
        	
                (h)

              	
                that
                  an extraordinary general meeting of the
                  Company
                  is
                  held at which it is resolved that:

              

      

       

      
        	 	
                (i)

              	
                the
                  resignation of all members of its board of directors and supervisory
                  board
                  is acknowledged and such persons as the Purchaser nominates are
                  appointed
                  as new members of its board of directors and supervisory
                  board;

              

      

       

      
        	 	
                (ii)

              	
                its
                  registered office is changed to such address as the Purchaser notifies
                  to
                  the Seller;

              

      

       

      
        	 	
                (iii)

              	
                its
                  bank mandates are revised in such manner as the Purchaser
                  requires;

              

      

      
         

        
          	
                  (i)

                	
                  that
                    an extraordinary general meeting of Markíza
                    is
                    held at which it is resolved
                    that:

                

        

      

       

      
        	 	
                (iv)

              	
                the
                  division of the Participation Interest in Markíza into the Participation
                  Interest 1 and the Participation Interest 2 is
                  approved;

              

      

       

      
        	 	
                (v)

              	
                the
                  transfer by the Company to MEDIA INVEST of the Participation Interest
                  1 is
                  approved;

              

      

       

      
        	 	
                (vi)

              	
                the
                  new memorandum of association of Markíza in the Agreed Form is adopted;
                  and

              

      

       

      
        	 	
                (vii)

              	
                the
                  resignation of Mr
                  Ján Kováčik and Ing. František Vizváry
                  is
                  acknowledged.

              

      

      

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

      

       

      
        PART
          2

         

        PURCHASER'S
          OBLIGATIONS

         

        Subject
          to the Seller having done or procured to be done those things set out in
          Part
          1
          of this
          schedule, at Completion the Purchaser shall make a payment to the Seller
          of the
          Initial Consideration.

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

      

       

    

    SCHEDULE
      4

     

    INTERPRETATION

     

    
      	
              1.

            	
              In
                this agreement:

            

    

     

    Accounts
      means
      the balance sheet as at the Accounts Date, profit and loss account and cash
      flow
      statement for the year ended on the Accounts Date, of the Company and the notes
      and directors' reports relating to them, signed by the Accountants in accordance
      with Slovak accounting principles;

     

    Accountants
      means
      ABT Consult, spol. s r.o., Skuteckého 30, 974 01 Banská Bystrica, Identification
      No.: 36 035 041 ;

     

    Accounts
      Date
      means 31
      December 2004;

     

    Agreed
      Form
      means,
      in relation to any document, the form of that document which has been initialled
      for the purpose of identification by the Seller and the Purchaser;

     

    Agreement
      on coordinated procedure means
      the
      agreement on coordinated procedure made between the Company, the
      Seller, the Purchaser, Ing. Milan Fiľo, Mr. Ján Kováčik, Mr Ivan Petríček, Ing.
      František Vizváry, Mediapro and MEDIA INVEST, SALIS, s.r.o. and MEDIA PARTNER
      spol s r.o. on 22 November 2000 as amended by an amendment No. 1 dated 11
      November 2002;

     

    BRIBOR
      means
      a
      percentage rate p.a. determined by the Purchaser as the rate published at 11.00
      a.m. on the BRIBOR page of the Reuters service on the date on which the amount
      becomes overdue (or, if unavailable for four or more consecutive Business Days,
      on such a page of such a service as the Purchaser reasonably specifies as the
      page or the service that is due to its parameters the closest equivalent of
      the
      original page and service) for SKK and for the period of one month;

     

    Broadcasting
      Act
      means
      the Act No. 308/2000 Coll. on Broadcasting and Retransmission and the amendments
      to Act No. 195/2000 Coll. on Telecommunications; 

     

    Business
      Day means
      a
      day (other than a Saturday or Sunday and public holidays in the Slovak Republic)
      on which banks are open for normal business in the Slovak Republic and in the
      Netherlands;

     

    Central
      Depositary
      means
      Centrálny depozitár cenných papierov SR, a.s. or any other entity holding a
      central depositary's licence pursuant to the Securities Act;

     

    Commercial
      Code
      means
      the Slovak Act No. 513/1991 Coll. the Commercial Code;

     

    Commercial
      Register
      means a
      public register pursuant to Act. No.: 530/2003 Coll. on Commercial Register
      and
      amending and supplementing certain acts;

     

    Completion
      means
      the performance, in accordance with this agreement, of the obligations described
      in clause 4
      and
Schedule
      3;

     

    Completion
      Date means
      the
      day on which the Completion takes place;

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Conditions
      means
      the conditions precedent set out in clause 3
      and a
Condition
      means
      any
      of them;

     

    Consideration
      means
      the
      aggregate of the Initial Consideration and the Deferred
      Consideration;

     

    Council
      means
      the Council for Broadcasting and Retransmission pursuant to the Broadcasting
      Act;

     

    Deferred
      Consideration
      has the
      meaning given in clause 6;

     

    Encumbrance
      means
      any encumbrance including, without limitation, a pledge, lien, assignment by
      way
      of security, conditional transfer agreement, option, right of pre-emption,
      or
      claim of a ownership or other right, by a third party;

     

    EURO
      means
      the
      currency of the member states of the European Union that adopted the euro as
      their currency pursuant to the EU legislation on Monetary Union;

     

    Initial
      Consideration
      means
      that part of the consideration for the sale of the Shares set out in clause
      5;

     

    Material
      Adverse Effect
      means an
      effect that is or is reasonably likely to be materially adverse to the assets,
      business, results of operations, financial condition or prospects of the Company
      and/or Markíza;

     

    Markíza
      means
      MARKÍZA - SLOVAKIA, spol. s r. o., with its registered office at Bratislavská
334/18, Blatné 900 82, identification no.: 31444 873;

     

    Markíza
      Licence
      means
      the licence No. T/41 dated 7th August, 1995 for the television broadcasting,
      as
      amended, granted by the Council to Markíza;

     

    MEDIA
      INVEST means
      MEDIA INVEST spol. s r.o., having its seat at Skuteckého 23, 974 01 Banská
Bystrica, Identification number 36 044 024, registered in the commercial
      register of the District Court Banská Bystrica, section: Sro, insert No.:
      6673/S;

     

    Mediapro
      means
      MEDIAPRO 2000, s.r.o., having its seat at Štefánikova 14, Bratislava 811 05,
      identification number 36 385 603;

     

    Other
      ARJ Shares means
      59,400 issued, registered ordinary shares (in Slovak "na
      meno")
      in the
      Company, in certificated form (in Slovak "listinné"),
      series: A numbers of shares 0001-0510 and 0851-1000 and series B: numbers of
      shares 00001-45390 and 75651-89000, with nominal value of SKK 1,000 each, issued
      as four global share certificates;

     

    Participation
      Interest in Markíza
      means a
      50% participation interest in Markíza owned by the Company the date of this
      agreement.

     

    Participation
      Interest 1
      means a
      part of participation interest in Markíza in the amount of 4% owned by the
      Company and representing a contribution into the registered capital of Markíza
      in the nominal value of SKK 8,000, which participation interest is to be: (a)
      created on or before Completion by division of the Participation Interest in
      Markíza and (b) transferred by the Company to MEDIA INVEST on
      Completion;

     

    Participation
      Interest 2
      means a
      part of participation interest in Markíza in the amount of 46% owned by the
      Company and representing a contribution into the registered capital of Markíza
      in the nominal value of SKK 92,000, which participation interest is to be
      created on or before Completion; 

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    PMU
      means
      the
      Antimonopoly Office of the Slovak Republic (in Slovak "Protimonopolný
      úrad Slovenskej republiky");
      

     

    Purchaser's
      Counsel
      means
      Allen & Overy Bratislava, s.r.o.;

     

    Related
      Person means
      in
      relation to a person (the subject):
      (a)
      controlled or controlling persons (ovládaná
      a ovládajúca osoba)
      (as
      defined in §66a of the Commercial Code) in relation to any subject; or (b)
connected
      persons
      to any subject; or (c) persons or entities in which the subject has a direct
      or
      indirect ownership interest of shares or other securities;

     

    Securities
      Act means
      the
      Act No. 566/2001 Coll. on Securities and Investment Services, amending and
      supplementing certain acts;

     

    Shares
      means
      30,600 issued, registered ordinary shares (in Slovak "na
      meno")
      in the
      Company, in certificated form (in Slovak "listinné"),
      series: A numbers of shares 0511-0850 and series B: numbers of shares
      45391-75650, with nominal value of SKK 1,000 each, issued as two global share
      certificates;

     

    SKK
      means
      Slovak koruna, the lawful currency of the Slovak Republic;

     

    STS
      means
      Slovenská televízna spoločnosť, s.r.o., having its registered office at Okružná
č. 18/10, 900 82 Blatné, identification No.: 34 128 611, registered in the
      Commercial Register of the District Court Bratislava I in section Sro, insert
      No. 12516/B.

     

    Taxation
      means
      all
      forms of taxation, duties, levies, imports and social security charges,
      including, without limitation, corporate income tax, wage withholding tax,
      national health insurance and social security contributions, value added tax,
      customs and excise duties, any type of transfer tax, withholding tax, real
      estate taxes, municipal taxes and duties, environmental taxes and duties and
      any
      other type of taxes or duties in any relevant jurisdiction; together with any
      interest, penalties, surcharges or fines relating thereto, due, payable, levied,
      imposed upon or claimed to be owed in any relevant jurisdiction;

     

    Transaction
      means
      the
      purchase by the Purchaser of entire share capital in the Company, the transfer
      of the Participation Interest 1 by the Company to MEDIA INVEST, changes to
      the
      corporate documents in Markíza and STS and such other changes, as are
      contemplated under the Transaction Documents;

     

    Transaction
      Documents
      means
      this agreement, the documents referred to in it and any other agreements
      executed or to be executed on the date of this agreement or
      Completion;

     

    Warranties
      means
      the representations and warranties given by the Seller to the Purchaser in
      clause 9
      and
Schedule
      2;

     

    Warranty
      Claim means
      a
      claim by the Purchaser for compensation in relation to any of the Warranties
      being, or allegedly being, incorrect or misleading.

     

    
      	
              2.

            	
              Any
                reference, express or implied, to an enactment includes references
                to:

            

    

     

    
      	 	
              (a)

            	
              that
                enactment as re enacted, amended, extended or applied by or under
                any
                other enactment (before or after the signature of this
                agreement);

            

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              any
                enactment which that enactment re enacts (with or without modification);
                and

            

    

     

    
      	 	
              (c)

            	
              any
                subordinate legislation made (before or after the signature of this
                agreement) under that enactment, as re enacted, amended extended
                or
                applied as described in paragraph (a) above, or under any enactment
                referred to in paragraph (b) above,

            

    

     

    and
      enactment includes any legislation in any jurisdiction.

     

    
      	
              3.

            	
              In
                this agreement:

            

    

     

    
      	 	
              (a)

            	
              words
                importing the singular shall include the plural and vice
                versa;

            

    

     

    
      	 	
              (b)

            	
              words
                denoting persons shall include bodies corporate and unincorporated
                associations of persons and vice versa;

            

    

     

    
      	 	
              (c)

            	
              any
                reference to e
                is
                to EURO ; and

            

    

     

    
      	 	
              (d)

            	
              references
                to a party shall include the legal successors, heirs or assigns of
                that
                party.

            

    

     

    
      	
              4.

            	
              A
                person shall be deemed to be connected
                with another if that person is dependent on another (in Slovak
                "závislá")
                within the meaning of §2 of the Slovak Income Tax Act No. 595/2003 Coll.
                

            

    

     

    
      	
              5.

            	
              In
                this agreement, unless the contrary intention appears, a reference
                to a
                clause, sub-clause, exhibit or Schedule is a reference to a clause,
                sub-clause, exhibit or schedule of this agreement. The Schedules
                and
                exhibits form part of this
                agreement.

            

    

     

    
      	
              6.

            	
              The
                headings in this agreement do not affect its
                interpretation.

            

    

     

    
      	
              7.

            	
              Sub-clauses
                1 to 6 apply unless the contrary intention is expressed in this
                agreement.

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    SIGNATORIES

     

     

    
      	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              Signed
                by PhDr.
                Pavol Rusko

            	
              )

            	
              /s/
                Pavol Rusko

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              Signed
                by Robert
                E. Burke,
                under

            	
              )

            	
              /s/
                Robert E. Burke

            	 
	power of
              attorney	 	 	 
	
              for
                CME
                MEDIA ENTERPRISES B.V. 

            	
              )

            	 	 

    

     

    

    
 

    Viera
      Rusková, spouse of PhDr. Pavol Rusko, hereby gives her consent to her husband,
      PhDr. Pavol Rusko, to enter and perform the transactions contemplated by this
      agreement for sale of 34% shares in A.R.J., a.s.

     

    

    
      	
              Signed
                by Viera
                Rusková

            	
              )

            	
              /s/
                Viera Rusková

            	 
	 	 	 	 

    

     

     

    30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]