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Exhibit 4.53    
    

[CONFORMED COPY]  

PRIMARY SURETY AGREEMENT

between  

SBS
BROADCASTING S.A. 

and 

POSTABANK
ÉS TAKARÉKPÉNZTÁR RT. 

Dated
March 24, 2003 

 

This
AGREEMENT (this "Agreement") is made in Budapest, on 24th of March, 2003 between 

	(1)
	SBS Broadcasting S.A. (registered seat: 8.-10. rue Mathias Hardt, BP 39, L-1717, Luxembourg, registration No.:
B 31996., Registere de Commerce et des Sociétés, Luxembourg, names and positions of the representative the Company: David Stogel Attorney-in-Fact)
a company limited by shares, organised and existing under the laws of the Grand Duchy of Luxembourg (the "Surety"), and

	(2)
	Postabank és Takarékpénztár Rt. (registered seat: Váci str.
48., 1132 Budapest, Hungary, registration No.: 01-10-041107, names and positions of those entitled to represent the Company: Koltai Zsolt senior executive director, dr. Koji
Ferenc senior executive director a company limited by shares, organised and existing under the laws of the Republic Hungary, licensed to carry out financial services in the Republic of Hungary (the
"Bank"). (together: the "Parties") 

under
the following terms and conditions: 

The
Parties state the following: 

	(A)
	The
Bank and MTM-SBS Televízió Rt. (registered address: 1145 Budapest, Róna str. 174.; registration
No: Cg: 01-10-043174, statistical number: 12168295-9214-114-01) (the "Company") concluded a loan agreement on
24th of March, 2003 with registration No.: HF-230-24/03. (the "Loan Agreement"), Based on the Loan Agreement the Company has a payment obligation of
HUF 1,400,000,000 that is one billion and four hundred million Hungarian forints outstanding debt (the "Loan") and its interests towards the Bank. Pursuant to the Loan Agreement
the contractual interest of the principal is: 9.24% fix annual interest, the disbursement fee is: 57.195.833,- HUF, the maturity date of the loan is: 24th of March, 2006.

	(B)
	It
is a requirement of the disbursement stipulated in the Loan Agreement to provide as security a surety on terms and conditions satisfactory to the Bank.

	(C)
	The
Surety, in consideration of the Bank concluding the Loan Agreement, has agreed to guarantee that the payment obligations of the Company under the Loan Agreement shall be performed
and accepts responsibility for the performance of these obligations

	(D)
	The
Company is affiliated to the Surety, therefore issuing of this Primary Surety is for the commercial benefit of the Surety. 

NOW THEREFORE the Surety and the Bank hereby agree as follows: 

ARTICLE I  

	1.1
	The
Surety has been provided with a copy of the Loan Agreement by the Company, and hereby acknowledges the receipt of such copy and declares to be aware of its full content.

	1.2
	The
Surety acknowledges that the Bank would not have agreed to the conclusion of the Loan Agreement without receipt of the Primary Surety from the Surety. 

ARTICLE II—PRIMARY SURETY  

	2.1.
	The
Surety hereby irrevocably and unconditionally gives a primary surety (the "Primary Surety") to pay to the Bank, all debts which are now or at any time hereafter shall have become
due and payable by the Company to the Bank under the Loan Agreement specified in Section (A) of the preamble of the present agreement including principal, contractual and default interest
(kamat), the disbursement fee and the costs of any of the transactions specified thereby, ancilliary payments (járulék) and other costs of enforcement of the Loan
Agreement (végrehajtási költségek) (together: the "Debt"). Upon the first written notice of the Bank, the Surety shall pay the Debt
specified herein to the bank account defined by the Bank, prior to the payment date specified in 

2

 

the
notice, provided that the Bank declares in its notice that the Company did not perform its payment obligation when it became due. 

	2.2
	The
Surety acknowledges and agrees that this Primary Surety is and at all times shall be continuing security and shall extend to cover the ultimate balance due at any time from the
Company to the Bank under or in respect of the Loan Agreement.

	2.3
	The
Surety acknowledges that the expiration date of the Loan Agreement may change due to the Bank's right for termination or change of law (Bankruptcy Act).

	2.4
	The
obligations and liabilities undertaken by the Surety under this Primary Surety are those of a primary surety; and therefore the Bank shall not be obliged to seek to enforce any
right against the Company or any other person, to obtain judgement in any court against the Company or any other person or to file any claim in a bankruptcy, liquidation or similar proceedings of the
Company or any other person before taking steps to enforce any of its rights and remedies under this Primary Surety.

	2.5
	If
the Bank at any time receives less than the full amount then due and payable to it under this Primary Surety, the Bank shall have the right to debit any account of the Surety held
at the Bank and to allocate and apply the amount received in any way or manner to recover its claim from the Surety under this Primary Surety, notwithstanding any instruction that the Surety may give
to contrary.

	2.6
	All
amounts due to the Bank under this Primary Surety shall be paid without any set-off, condition or counterclaim whatsoever and shall be free and clear of, and without
deduction or withholding for or on account of, any taxes, duties, fees or other charges of whatever nature; provided, however, that, in the event that the Surety is prevented by operation of law or
otherwise from making such payments free and clear of such deductions or withholdings, the amount due under this Primary Surety shall be increased to such amount as may be necessary to remit to the
Bank the full amount it would have received had such payment been made without such deductions or withholdings.

	2.7
	The
Bank shall have the right, to the fullest extent permitted by law, to set off any amount owed by the Bank to the Surety, whether or not matured, against any amount then due
payable by the Surety under this Primary Surety, whether or not the Bank had demanded payment by the Surety of such amount and regardless of the currency or place of payment of either such amount. 

ARTICLE III—REPRESENTATIONS AND WARRANTIES  

        The Surety hereby represents and warrants to the Bank that: 

	(a)
	the
Surety is a corporation duly organised and validly existing under the laws of the Grand Duchy of Luxembourg;

	(b)
	the
Surety has full power and authority (i) to execute and deliver this Primary Surety and all notices, certificates and other documents related to this transaction and
(ii) to comply with the provisions of, and perform all its obligations under, this Primary Surety;

	(c)
	the
Surety has taken all necessary actions to authorise the execution and delivery of this Primary Surety and this Primary Surety constitutes the Surety's legal, valid and binding
obligations enforceable against the Surety in accordance with its terms; and

	(d)
	the
entry into and performance by the Surety of this Primary Surety does not and will not violate in any respect (i) the constitutional documents of the Surety, or
(ii) any agreement, contract or other undertaking to which the Surety is a party or which is binding upon the Surety. 

3

 

ARTICLE IV—MISCELLANEOUS  

	4.1
	Any
notice, application or other communication to be given or made under this Agreement to the Bank or to the Surety shall be in writing. Such notice, application or other
communication shall be deemed to have been duly given or made when it is delivered by hand, courier, or facsimile transmission to the party to which it is required or permitted to be given or made at
such party's address specified below or at such other address as such party designates by notice to the party giving or making such notice, application or other communication. 

	For the Surety:	 	 	 	 	 	 
	 	 	SBS Broadcasting S.A.

8-10 rue Mathias Hardt

BP 39, L-1717, Luxembourg

Attention: Corporate Secretary	 	 
	 	 	Fax:	 	+352 40 78 04	 	 
	With a Copy to:	 	 	 	 	 	 
	 	 	SBS Services B.V.

Rietlandpark 353

1019 EM Amsterdam

The Netherlands	 	 
	 	 	Attention:	 	Erik T.Moe

Klaus Frederiksen	 	 
	 	 	Fax:	 	+31 20 519 1996	 	 
	For the Bank:	 	 	 	 	 	 
	 	 	Postabank és Takarékpénztár Rt.

Müködési és Speciális Kockázatkezelési Divízió

1132 Budapest, Váci út 48.

Hungary	 	 
	 	 	Attention:	 	dr. Koji Ferenc

Lehoczky Artúr	 	 
	 	 	Fax:	 	+ 00 36 1 484 2141	 	 

	4.2
	This
Agreement has been executed in Hungarian and in English version. In case of any deviation the English version shall be considered governing. The Parties undertake to incorporate
the English version of the present Agreement into a notarial document simultaneously with its execution at the Bank's expense. All future document to be furnished or communications to be given or made
under this Agreement shall be in English.

	4.3
	No
course of dealing and no delay in exercising, or omission to exercise, any right, power or remedy accruing to the Bank under this Agreement or any other agreement shall impair any
such right, power or remedy or be construed to be a waiver thereof or an acquiescence therein. No single or partial exercise of any such right, power or remedy shall preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. No action of the Bank in respect of any such default, or acquiescence by it therein, shall affect or impair any right, power or
remedy of the Bank in respect of any other default. 

4

 
	4.4
	This
Agreement shall be governed by and construed in accordance with the laws of the Republic of Hungary.

	4.5
	This
Agreement shall bind and inure to the benefit of the respective successors and assigns of the parties hereto and shall be binding on the Parties from the time of execution except
that

	(1)
	the
Surety may not sell, transfer, assign, novate or otherwise transfer all or any part of its rights or obligations under this Agreement or enter into any transaction which would
result in any of those rights or obligations passing to another person without the consent of the Bank.

	(2)
	The
Bank may not sell, transfer, assign, novate or otherwise dispose of all or part of its rights or obligations under this Agreement or enter into any transaction which would result
in any of those rights or obligations passing to another person without the consent of the Surety which consent shall not be unreasonably withheld or delayed.

	4.6
	If
at any time any one or more of the provisions in this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law or regulation, the validity, legality
and enforceability of the remaining provisions of this Primary Surety shall not be in any way affected or impaired thereby.

	4.7
	The
parties hereby agree that all disputes arising from or in connection with the present contract, its breach, termination, validity or interpretation, shall be exclusively decided
by the Permanent Court of Arbitration to Money and Capital Markets (Budapest) ("PCAM") in accordance with its own Rules of Proceedings. The number of arbitrators shall be three. The language to be
used in the arbitral proceedings shall be English. Furthermore the parties agree that the presiding arbitrator shall be elected from the following persons: dr. Kovács Erika, dr. Tajthy
Attila, dr. Szabó Boldizsár, dr. Ösi Zsolt, dr. Kraudi Adrienne. In case the arbitrators appointed by the parties do not appoint the presiding arbitrator
within eight days of the nomination of the second arbitrator, the Member of the Board of PCAM shall appoint the presiding arbitrator from the mentioned five persons. The losing party shall reimburse
the duly verified costs and expenses of the victorious party emerged in connection with the said proceedings. 

        IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signed in
their respective names as of the date first above written. 

	SBS BROADCASTING S.A.	 	 
	

By:	
 	

\s\ DAVID STOGEL
SBS Broadcasting S.A.

Name: David Stogel

Title: Attorney-in-fact	
 	

 
	
POSTABANK ÉS TAKARÉKPÉNZTÁR RT.	
 	

 
	

By:	
 	

\s\ KOLTAI ZSOLT
Postabank és Takarékpénztár Rt.

Name: Koltai Zsolt

Title: Senior Executive Director	
 	

\s\ KOJI FERENC

dr. Koji Ferenc

Senior Executive Director

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Exhibit 4.53QuickLinks
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Exhibit 4.54    
    

Execution copy 

INDEMNITY AGREEMENT  

        
concluded between 

SBS Broadcasting S.A.  

and 

MTM-SBS Televízió Rt.  

 
 INDEMNITY AGREEMENT  

concluded
as of March 24, 2003 by and between 

	(1)
	SBS
Broadcasting S.A., a company limited by shares, organized and existing under the laws of the Grand Duchy of Luxembourg, with its registered seat at Rue Mathias Hardt
8-10, BP 39, 1717, Luxembourg, Luxembourg; and

	(2)
	MTM-SBS
Televízió Rt., a company limited by shares, organized and existing under the laws of the Republic of Hungary, with its registered
seat at Róna utca 174., 1145 Budapest, Hungary. 

RECITALS  

        WHEREAS, the Indemnifier is a company operating TV2, an independent private commercial television channel in Hungary under a license awarded by the National Radio
and Television Committee; 

        WHEREAS,
for the purpose of financing the operation of TV2, on March 24, 2003 the Indemnifier intends to enter into a loan agreement with Postabank és
Takarékpénztár Rt. under which the Bank agrees to provide the Bank Loan; 

        WHEREAS,
it is a condition precedent to the Loan Agreement that the Surety undertake a primary surety to secure the payment obligations of the Indemnifier upon the Bank Loan; 

        WHEREAS,
the Surety is ready to enter into this Agreement under which the Surety undertakes to issue the Primary Surety and the Indemnifier undertakes to pay the fee of the Surety,
reimburse the Surety for all amounts paid under the Primary Surety and all costs incurred in connection with the performance and/or enforcement of this Agreement by the Surety. 

        The
Parties hereby agree as follows: 

 1    DEFINITIONS  

        "Agreement" means this agreement. 

        "Bank Loan" means the loan agreement between the Indemnifier and Postabank under which the Bank agreed to provide a loan to the
Indemnifier in the aggregate principal amount of HUF 1,400,000,000. 

        "Bank" means Postabank és Takarékpénztár Rt. 

        "Business Day" means, as the context may require, a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange
markets are open for the transaction of business in Amsterdam, the Netherlands and Budapest, Hungary. 

        "Due Date" means the date on which the Surety demands payment pursuant to Section 3 hereto. 

        "Primary Surety" means the Primary Surety to be issued by the Surety under this Agreement to secure the outstanding amounts of the Bank
Loan. 

        "Surety" means SBS Broadcasting S.A. 

        "Indemnifier" means MTM-SBS Televízió Rt. 

        "Parties" means the Surety and the Indemnifier. 

        "Postabank" means Postabank és Takarékpénztár Rt. 

2

 

 2    PRIMARY SURETY  

        The Surety shall be obliged to issue the Primary Surety as soon as reasonably practicable, covering all the obligations of the Indemnifier under the Bank Loan. 

 3    FEE, INDEMNITY  

        3.1    Fee    

        The
Indemnifier shall pay an annual fee to the Surety for issuing the Primary Surety. The fee shall be 1,5% per annum of the principal amount of the Bank Loan, and shall be payable
quarterly in arrears not later than the last day of each calendar quarter, commencing March 31, 2003. 

        3.2    Indemnity    

        The
Indemnifier unconditionally and irrevocably: 

	(a)
	undertakes
to reimburse the Surety on demand at the Due Date and in the same currency the amount required to satisfy any amount demanded by the Bank under the Primary Surety together
with interest at the rate specified in Section 5 from the date such payment is made by the Surety; and

	(b)
	undertakes
to keep the Surety indemnified against all liabilities, losses, damages, demands, expenses or actions which the Surety suffers or incurs or which are made against it under
or in connection with the Primary Surety or in connection with the enforcement of this Agreement. 

 4    PAYMENTS  

        All amounts due to Surety under this Agreement shall be paid without any set-off, condition or counterclaim whatsoever and shall be free and clear of,
and without deduction or withholding for or on account of, any taxes, duties, fees or other charges of whatever nature; provided, however, that, in the event that the Indemnifier is prevented by
operation of law or otherwise from making such payments free and clear of such deductions or withholdings, the amount due under this Agreement shall be increased to such amount as may be necessary to
remit to Surety the full amount it would have received had such payment been made without such deductions or withholdings. 

 5    DEFAULT INTEREST  

        If the Indemnifier fails to pay any amount payable by it hereunder on the Due Date thereof, the Indemnifier shall on demand by the Surety from time to time pay
interest on such overdue amount (including overdue interest due under this Section 5) from the Due Date up to the date of actual payment, as well as after as before judgment, at a rate of 8%
per annum 

 6    TERMINATION, PARI PASSU  

        6.1    Termination    

        This
Agreement will terminate upon full repayment of the Bank Loan by the Indemnifier, so long as no claims have been presented to the Surety under the Primary Surety. 

        6.2    Pari passu.    

        The
Indemnifier's obligations under this Agreement shall rank pari passu with all its other unsecured liabilities. 

3

 

 7    ASSIGNMENT AND TRANSFER  

        The Indemnifier hereby agrees that the Surety shall have the right to transfer its rights under this Agreement to such third party companies, which are controlled
by the Surety. The Surety shall send written notice to the Indemnifier about any transfer within 5 (five) Business Days from the date of the transfer. 

 8    NOTICES  

        All notices and other communications that are required or permitted to be given under this Agreement shall be in writing and shall be deemed given if delivered
personally or by registered mail (return receipt requested) or telecopied and addressed as follows: 

	 	if to the Indemnifier, to it at:
	

 	

MTM-SBS Televízió Rt.

Róna utca 174.

1145 Budapest

Hungary
	

 	

Attn:	

Mr. Gábor Kereszty, CEO
	 	Tel:	36 1 4676 403
	 	Fax:	36 1 220 59 21
	

 	

if to the Surety, to it at:
	

 	

 	

SBS Broadcasting S.A.

8-10 rue Mathias Hardt

BP 39, L-1717, Luxembourg

Attention: Corporate Secretary

Fax: +352 40 78 04
	

 	

With a Copy to:
	

 	

 	

SBS Services B.V.

Rietlandpark 353

1019 EM Amsterdam

The Netherlands
	 	 	Attention:	 	Erik T.Moe

Klaus Frederiksen
	 	 	Fax: +31 20 519 1996

 9    GOVERNING LAW  

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

 10    AUTHENTIC VERSIONS  

        This Agreement in its present English language version shall constitute the Agreement binding on the Parties. 

4

 

 11    COUNTERPARTS  

        This Agreement shall be executed simultaneously in 4 (four) counterparts, each of which shall be deemed to be an original. 

        IN
WITNESS THEREOF each of the Parties has caused this Agreement to be executed and delivered on its behalf by its duly authorized representative as of the day first above written. 

	SIGNED BY:	 	 	 
	 	/s/  DAVID STOGEL      
 SBS Broadcasting S.A.	 
	 	name:	David Stogel	 
	 	title:	Attorney-in-Fact	 
	

 	

/s/  KERESTY GÁBOR      
 MTM-SBS Televízió Rt.	

 
	 	name:	Keresty Gábor	 
	 	title:	Chief Executive Officer	 

5

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Exhibit 4.54

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