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Exhibit 4.19    
    

CONFORMED COPY  

   

   

 
 

BAKER CAPITAL AND NORDIC CAPITAL    
    
    AND    
    
    KANAL 5 HOLDING AB    
    
    SHARE SALE AND PURCHASE AGREEMENT
  REGARDING C MORE GROUP AB    
    

  

   

   

   

   

  

  

  

  

  

  

TABLE OF CONTENTS  

	1	Definitions	 	5
	

2	

Sale and Purchase	
 	

8
	

3	

Purchase Price	
 	

8
	

4	

Closing	
 	

8
	

5	

Competition Clearance and Condition	
 	

9
	

6	

Representations and Warranties of the Sellers	
 	

10
	

 	

6.1	

Corporate Existence and Power	
 	

10
	

 	

6.2	

Corporate Authorisation and Non-Contravention	
 	

10
	

 	

6.3	

Ownership of the Shares and the Warrants	
 	

10
	

 	

6.4	

Capitalisation of the Company	
 	

11
	

 	

6.5	

Capitalisation of the Subsidiaries and Other Interests	
 	

11
	

 	

6.6	

Records and Statutory Books	
 	

11
	

 	

6.7	

Financial Matters	
 	

11
	

 	

6.8	

Loans and Other Financial Facilities	
 	

11
	

 	

6.9	

Contractual Matters	
 	

11
	

 	

6.10	

Employment Matters	
 	

12
	

 	

6.11	

Environmental Matters	
 	

12
	

 	

6.12	

Leased Premises and Real Property	
 	

12
	

 	

6.13	

Insurance	
 	

13
	

 	

6.14	

Litigation and Investigations	
 	

13
	

 	

6.15	

Taxation	
 	

13
	

 	

6.16	

Intellectual Property Rights	
 	

13
	

 	

6.17	

Information Technology	
 	

13
	

 	

6.18	

Compliance with law	
 	

13
	

 	

6.19	

Absence of Certain Events	
 	

14
	

 	

6.20	

No Other Warranties	
 	

14
	

 	

6.21	

Repetition of Warranties	
 	

14
	

 	

6.22	

Notification of breach	
 	

14
	

 	

6.23	

No set-off	
 	

14
	

7	

Representations and Warranties of the Buyer	
 	

14
	

 	

7.1	

Corporate Existence and Power	
 	

14
	

 	

7.2	

Corporate Authorisation and Non-Contravention	
 	

15
	

 	

7.3	

Financing	
 	

15
	

 	

7.4	

Authority Consents	
 	

15
	

8	

Escrow Account	
 	

15
	 	 	 	 	 

 

	

9	

Buyer's rights to terminate	
 	

16
	

10	

Covenants	
 	

16
	

 	

10.1	

Covenants of the Sellers	
 	

16
	

 	

10.2	

Covenants of the Buyer	
 	

17
	

11	

Breach and Indemnification	
 	

18
	

 	

11.1	

Purchase Price Reduction and Indemnification	
 	

18
	

 	

11.2	

Limitation of Liability	
 	

18
	

 	

11.3	

Third Party Claims and Recovery	
 	

19
	

 	

11.4	

Sole Recourse	
 	

20
	

12	

Payments	
 	

20
	

13	

Confidentiality	
 	

21
	

14	

Announcements	
 	

21
	

15	

Costs	
 	

21
	

16	

Entire Agreement	
 	

21
	

17	

Amendments and Waivers	
 	

22
	

18	

Notices	
 	

22
	

19	

Assignments	
 	

24
	

20	

Interpretation	
 	

24
	

21	

Partial Invalidity	
 	

24
	

22	

General	
 	

24
	

23	

Governing Law and Disputes	
 	

24
	

24	

Joint and Several Liability	
 	

25
	

 	

GUARANTEE	
 	

27

2

 

Appendices:

	Appendix B	 	Subsidiaries
	

Appendix D	
 	

Ownership structure of the Company
	

Appendix 1.1 (i)	
 	

Data Room Documents
	

Appendix 1.1 (ii)	
 	

Disclosure Letter
	

Appendix 1.1 (iii)	
 	

Material Contracts
	

Appendix 6.5.1	
 	

Ownership of Subsidiaries
	

Appendix 6.7.	
 	

The Accounts
	

Appendix 6.8	
 	

Loans and other financial facilities
	

Appendix 6.10.1	
 	

Employment terms and conditions
	

Appendix 6.12.2	
 	

Material Real Property Lease Agreements
	

Appendix 6.16.1	
 	

Intellectual Property
	

Appendix 8	
 	

Escrow Agreement
	

Appendix 10.1	
 	

CAPEX plan

3

   SHARE SALE AND PURCHASE AGREEMENT  

This
Share Sale and Purchase Agreement (this "Agreement") is made on 8 February 2005 

BETWEEN: 

	(1)
	Baker Communications Fund II (Cayman), L.P. represented by its General Partner Baker Capital Partners II
(Anguilla) LLC, Reg. No. (EIN#:98-0341780) and Baker Communications Fund II, L.P. represented by its General Partner  Baker Capital Partners,
LLC, Reg. No. (EIN#:13-4108117), both companies duly registered under the laws of the United States, having their
registered domicile at 540 Madison Avenue, New York, NY 10022, USA (hereinafter collectively referred to as "Baker"); and

	(2)
	Nordic Capital IV L.P., a company duly incorporated and organised under the laws of Jersey, Nordic Capital IV
Beta C.V., and Nordic Capital IV Gamma C.V., both companies duly incorporated and organised under the laws of the Netherlands,
represented by its General Partner Nordic Capital IV Limited, a company duly incorporated and organised under the laws of Jersey, and  Fyrfond KB, a company
duly incorporated and organised under the laws of Sweden, represented through its Manager Nordic Capital
IV Limited, as well as NC IV Limited, the companies duly incorporated and organised under the laws of Jersey, having its
registered domicile at La Motte Chambers, St Helier, Jersey, JE1 1BJ (hereinafter collectively referred to as "Nordic") 

(Baker
and Nordic are hereinafter collectively referred to as "the Sellers"); and 

	(3)
	Kanal 5 Holding AB, Reg. No. 556560-2660, a company duly incorporated and organised under the laws of Sweden, having
its principal office at Rådmansgatan 42, SE-113 57 Stockholm, Sweden (the "Buyer"). 

WHEREAS: 

	(A)
	C
More Group AB, Reg. No. 556630-5180, a company duly incorporated and organised under the laws of Sweden, having its principal office at
Tegeluddsvägen 7, 115 84 Stockholm, Sweden (the "Company"), has an issued share capital of SEK 9,947,150 divided into 9,947,150 shares
with a nominal value of SEK 1 each (the "Shares") and a total of 648,900 issued warrants, each such warrant entitling the holder to subscribe for one
new share in the Company (the "Warrants").

	(B)
	The
Company owns all outstanding and issued shares in C More Entertainment AB, Reg. No. 556053-7309 ("C More
Entertainment"). C More Entertainment owns subsidiaries in Sweden and Finland as listed in Appendix B (C More
Entertainment and its subsidiaries are hereinafter collectively referred to as (the "Subsidiaries").

	(C)
	The
business of C More Entertainment is to produce premium pay television channels, near-video-on-demand film, pay per view and services related
thereto made available to viewers in Sweden, Norway, Denmark and Finland through independent distributors, and to provide certain technical services to third party television channels (the
"Business").

	(D)
	The
Sellers will at Closing own the Shares and the Warrants as set out in Appendix D. The Buyer desires to purchase all of the
Shares and the Warrants and thereby indirectly all of the shares in the Subsidiaries.

	(E)
	The
Sellers agree to sell and the Buyer agrees to purchase the Shares and the Warrants on the terms and conditions set out in this Agreement. 

4

 

IT
IS AGREED as follows: 

	1
	 Definitions

	1.1
	In
this Agreement, the following definitions are used: 

"Accounts" means the audited balance sheet and the audited profit and loss account of each Target Company and the audited consolidated balance sheet and
the audited consolidated profit and loss account for the Company and the Subsidiaries for the financial year ended on the Accounts Date; 

"Accounts Date" means 31 December 2004; 

"Affiliate" means: (A) in relation to any Party, any subsidiary undertaking or parent undertaking of that Party and any subsidiary undertaking of
any such parent undertaking; and (B) in relation to each of Baker and Nordic shall include any persons managing the investment of such funds; 

"Agreed Form" means, in relation to a document, the form of that document which has been initialled on the date of this Agreement for the purpose of
identification by or on behalf of the Sellers and the Buyer (in each case with such amendments as may be agreed by or on behalf of the Sellers and the Buyer); 

"Agreement" means this Share Sale and Purchase Agreement, including all the appendices attached hereto; 

"Business" has the meaning given in Recital (C); 

"Business Day" means a day (other than a Saturday or Sunday) when banks are open for general banking business in Stockholm and in the US; 

"Buyer" means the company set out in the introductory paragraph of this Agreement; 

"Buyer's Bank Account" means the Buyer's bank account as notified in writing by the Buyer to the Sellers prior to Closing; 

"Buyer Group" means the Buyer and its Affiliates from time to time; 

"C More Entertainment" means C More Entertainment AB; 

"Claim" means any claim for a breach of any of the Warranties; 

"Closing" means the completion of the sale and purchase of the shares in accordance with the provisions of this Agreement; 

"Closing Date" has the meaning given in Section 4.1; 

"Company" means C More Group AB; 

"Competition Authorities" means the competition authorities having jurisdiction over the transaction contemplated by this Agreement and to which
notification of such transaction is mandatory under applicable merger control laws; 

"Condition" means the condition to Closing set out in Section 5.2; 

"Covenants" means the covenants as set out in Section 10; 

"Data Room Documents" means the documents, accurate copies of which have been made available to the Buyer and its advisors containing commercial,
accounting, financial and legal information relating to the Company and the Subsidiaries, as listed in Appendix 1.1 (i); 

"Default Interest" means interest at the rate of EURIBOR (90 days) plus 3%; 

5

 

"Disclosure Letter" means the disclosure letter issued by the Sellers to the Buyer including the Sellers' general and specific disclosures to the
Warranties, the Agreed Form of which is attached hereto as Appendix 1.1. (ii); 

"Encumbrance" means any option, right of pre emption or conversion, lien, mortgage, charge, pledge, security interest, agreement or arrangement, title
retention or any other encumbrance or any agreement or arrangement to create any of the above; 

"Environment" means all or any land, water and air; 

"Environmental laws" means all and any applicable laws (whether civil, criminal or administrative), statutes, regulations, directives, codes,
judgements, orders and any other measures imposed by any government or statutory or regulatory body with regard to the pollution or the protection of the Environment; 

"Environmental Permits" means all or any permits, licences, consents, approvals, registrations and other authorisations required under any Environmental
Laws for the operation of the Business; 

"Escrow Account" has the meaning given in Section 4.2(b); 

"Escrow Agreement" has the meaning given in Section 8.1; 

"EUR" means the currency Euro; 

"Financial Debt" means all borrowings and other indebtedness by way of overdraft, or similar facilities, loan stocks, bonds, debentures, notes, debt or
inventory financing, finance leases or sale and lease back arrangements or any other arrangements the purpose of which is to borrow money, together with forex, interest rate or other swaps, hedging
obligations, bills of exchange, recourse obligations on factored debts and obligations under other derivative instruments; 

"Hazardous Substances" means pollutants, contaminants, hazardous or toxic materials, wastes or chemicals; 

"Intellectual Property Rights" means inventions, patents, trademarks, domain names and trade names, service marks, logos, rights in designs, copyright
(including rights in computer software), database rights, rights in know-how and source codes, in each case whether registered or unregistered and including applications for registration,
and all rights or forms of protection having equivalent or similar effect anywhere in the world; 

"Key Employees" means each of the persons listed in Appendix 6.10.1; 

"Longstop Date" means the date four (4) months from the Signing Date, or such later date as the Parties may agree; 

"Losses" means all losses, damages, costs (including reasonable legal costs but excluding any indirect and consequential damage, loss or expense) or
expenses (including taxation) in any case of any nature whatsoever; 

"Material Contracts" means the contracts listed in Appendix 1.1(iii) which includes: 

        (i)    all
of the programming rights contracts which are "output" contracts and involve the obligation by any of the Target Companies to pay amounts in excess of EUR 250,000
during 2005 (based on subscriber levels as of the Signing Date and/or minimum guarantees, as applicable); 

        (ii)   all
of the sport rights contracts and sport production contracts to which any of the Target Companies is a party which involve the obligation by any of the Target
Companies to pay amounts in excess of EUR 250,000 during 2005; 

6

 

        (iii)  all
of the Satellite broadcasting agreements to which any of the Target Companies is a party; 

        (iv)  all
of the channel carriage contracts, including DTT, to which any of the Target Companies is a party, other than those with cable networks consisting of less than
30,000 subscribers to channels provided by the Target Companies; 

        (v)   Agreement
with Canal Digat AS (and other) regarding Distribution of Canal+ Nordic via DTH and Agreement with Canal Digital AS for the Supply of PPV/NVOD Channels; 

        (vi)  all
material real property leases of which any of the Target Companies is a party; 

        (vii) employment
and consultancy agreements with the Key Employees and important performers; 

        (viii) all
trademark license agreements and major agreements regarding license of computer software; and 

        (ix)  any
other agreement or agreements that a Target Company is a party to which is material to the Business taken as a whole. 

"Party" means each of the Sellers or the Buyer, and "Parties", means the Sellers and the Buyer,
collectively; 

"Proposed Transaction" means the transaction contemplated by the Transaction Documents; 

"Purchase Price" means the purchase price set out in Section 3 hereof; 

"Record Date" has the meaning given in Section 5.5; 

"SEK" means the currency Swedish kronor; 

"Sellers" has the meaning set out in the introductory paragraph of this Agreement; 

"Sellers' Bank Account" means the Sellers' bank account as notified in writing by the Sellers to the Buyer prior to Closing; 

"Shares" is defined in Recital (A); 

"Signing Date" means the date of this Agreement; 

"Statutory Books" means the shareholders' registers of the Company and the Subsidiaries and minutes from shareholders' meetings and board meetings held
in the Company and the Subsidiaries; 

"Subsidiaries" is defined in Recital (B); 

"Surviving Provisions" means sections 1 and 13-23 (inclusive); 

"Target Companies" means the Company and the Subsidiaries and "Target Company" means any of them; 

"Taxation" means income taxes, duties, charges and withholding taxes and any other taxes imposed by any tax authority, including penalties and interest
relating to such taxes; 

"Third Party Claim" means any claim by a third party (including tax and other authorities) against the Company or any of the Subsidiaries; 

"Transaction Documents" means this Agreement, the Disclosure Letter, the Escrow Agreement and any other Agreed Form Documents; 

7

 

"Warranties" means the representations and warranties of the Sellers set out in Sections 6.1-6.19; and 

"Warrants" is defined in Recital (A). 

	1.2
	In
this Agreement, save where the context otherwise requires:

	(a)
	words
in the singular shall include the plural, and vice versa;

	(b)
	any
statement in this Agreement qualified by the expression "to the Sellers' knowledge" or "so far as the
Sellers are aware" or any similar expression shall be deemed to include an additional statement that it has been made after due and careful enquiry with Outi Leijon, Olivier
Sage and Marc-Antoine d'Halluin;

	(c)
	an
undertaking is a "subsidiary undertaking" of another undertaking (its "parent
undertaking") if that other undertaking, directly or indirectly, through one or more subsidiary undertakings:

	(i)
	holds
a majority of the voting rights in it; or

	(ii)
	is
a member or shareholder of it and has the right to appoint or remove a majority of its board of directors or other equivalent managing body; or

	(iii)
	has
a right to exercise a dominant influence over it:

	(A)
	by
virtue of provisions contained in its articles or equivalent constitutional documents; or

	(B)
	by
virtue of a contract with that undertaking or other members or shareholders of that undertaking; or

	(iv)
	is
a member or shareholder of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it; and

	(d)
	references
to any Swedish statutory provision or legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or other legal
concept, state of affairs or thing shall in respect of any jurisdiction other than Sweden be deemed to include that which most nearly approximates in that jurisdiction to the Swedish statutory
provision or legal term or other legal concept, state of affairs or thing.   

 

	2
	 Sale and Purchase

	2.1
	Upon
the terms and subject to the conditions set out in this Agreement, the Sellers agree to sell and the Buyer agrees to purchase the Shares and the Warrants, together with all
rights attached to them.

	2.2
	The
Shares and the Warrants shall be transferred to the Buyer on the Closing Date free from Encumbrances.   

 
	3
	 Purchase Price

The
Purchase Price for the Shares and the Warrants shall be EUR two hundred and sixty-nine million six hundred thousand (269,600,000). 

	4
	Closing

	4.1
	Closing
shall take place at the offices of Advokatfirman Vinge at Smålandsgatan 20, 111 87 Stockholm at 09.00 am on the third Business Day after the Record Date
(provided that the Condition remains fulfilled at that date or such other date as the Buyer and the Sellers shall agree in writing (the "Closing
Date")). 

8

 
	4.2
	At
Closing

	(a)
	the
Buyer shall before 11.00 am Swedish time pay the Purchase Price less the amount paid into the Escrow Account by the Buyer in accordance with Section 4.2(b), in cash to the
Sellers' Bank Account in accordance with Section 12;

	(b)
	the
Buyer shall pay the sum of EUR twelve million five hundred thousand (12,500,000) into a deposit account (the "Escrow Account") in
accordance with the terms set out in Section 8 below;

	(c)
	the
Buyer shall deliver a bank guarantee in the amount of USD15,000,000 in favour of Twentieth Century Fox Telecommunications International Inc. in a form acceptable to the
beneficiary;

	(d)
	the
Sellers shall enter the Buyer as owner of the Shares in the Company's share ledger;

	(e)
	the
Seller shall deliver a transaction note covering the Warrants duly notified to the Company.

	(f)
	the
Sellers shall cause all board members of the Company and the Subsidiaries appointed by the Sellers to resign from their respective offices;

	(g)
	the
Sellers shall cause shareholders' meetings to be held in the Company, allowing the Buyer to appoint new board members. The Buyer shall prepare the minutes of the said meetings as
well as any ancillary documentation and shall ensure that such new board members are registered with the Swedish Companies Registration Office (Sw.
Bolagsverket) without undue delay; and

	(h)
	the
Sellers shall, if requested by the Buyer, cause the Company and the Subsidiaries to issue powers of attorney, enabling the persons appointed by the Buyer to sign for and on behalf
of the Company and the Subsidiaries until new signatories have been duly registered.

 

	5
	Competition Clearance and Condition

	5.1
	This
Agreement shall forthwith be filed jointly by the Buyer and the Sellers with the Competition Authorities, together with any required notifications and all required documents. All
the respective Party's costs and expenses (including advisors' fees) relating to such filing shall be borne by that respective Party. The Buyer shall prepare the first draft of any such notification,
which shall be reviewed and approved by the Sellers.

	5.2
	The
obligation of the Parties to complete the transaction contemplated by this Agreement is conditional upon the Competition Authorities having issued all necessary clearances and
approvals, or that clearance or approval has otherwise been obtained from the Competition Authorities by the expiry of applicable time limits without any suit, investigation or proceeding having been
initiated or decisions issued or by the Competition Authorities' withdrawal of any pending or threatened suit, investigation or proceeding (the
"Condition").

	5.3
	In
the event that the Competition Authorities are not prepared to give clearance or approval to the transaction contemplated by this Agreement, or in the event that clearance or
approval will only be given upon the fulfilment of conditions and obligations affecting the Buyer, the Company or the Subsidiaries, which are not contemplated by this Agreement, the Buyer undertakes
to negotiate in good faith with the Competition Authorities in order to obtain the approval or clearance and to take any measures required in order to have the transactions contemplated by this
Agreement cleared and approved. The Buyer shall consult the Sellers prior to conducting negotiations with the Competition Authorities and the Sellers shall be given the opportunity to participate in
any such negotiations. 

9

 
	5.4
	The
Parties shall (i) complete the filing set out in Section 5.1 as soon as possible after the Signing Date, but in any event no later than five (5) days after
the Signing Date, and, in the case of Norway, on the Signing Date (ii) both parties shall use all reasonable endeavours to timely obtain the necessary clearances and approvals pursuant to
Section 5.2. The Buyer shall notify the Sellers immediately after receipt of such clearance or approval.

	5.5
	The
first Business Day on or by which, prior to 4.00 p.m. Swedish time, the Condition has been fulfilled shall be deemed to be the "Record
Date".

	5.6
	In
the event that either the Condition has not been satisfied in full or, as the case may be, approvals or clearances pursuant to Section 5.3 have not been obtained by the
Longstop Date, either the Buyer or the Sellers shall be entitled, at their sole discretion, to declare this Agreement terminated, and no Party shall be entitled to any compensation of any kind
whatsoever from the others due to such declaration (except in respect of any rights and liabilities which have accrued before termination or in relation to any of the Surviving Provisions).

	6
	Representations and Warranties of the Sellers

Subject
to the disclosures fairly made by the Sellers in the Disclosure Letter, the Sellers hereby give the following representations and warranties to the Buyer. 

	6.1
	Corporate Existence and Power

The
Target Companies are duly incorporated and validly existing under the laws of the jurisdictions in which they were incorporated and have the requisite power and authority to conduct their
respective businesses as conducted on the date of this Agreement, and the Sellers have the requisite power and authority to enter into and perform this Agreement. 

	6.2
	Corporate Authorisation and Non-Contravention

	6.2.1
	The
signing and execution of this Agreement and any other Transaction Documents to which the Sellers are parties and the performance by the Sellers of their obligations thereunder
have been duly authorised by all necessary corporate action on the part of the Sellers, and this Agreement and the other Transaction Documents will, when executed, constitute valid and binding
obligations of the Sellers in accordance with its terms.

	6.2.2
	The
Sellers have obtained all applicable consents, authorisations, waivers or exemptions required to empower them to enter into and perform their obligations under this Agreement
and any other Transaction Document to which they are Parties.

	6.2.3
	The
execution by the Sellers of this Agreement and any other Transaction Documents or instrument in connection with it, and the performance by the Sellers of their obligations
thereunder and the consummation of the Proposed Transaction, do not and will not violate or conflict or result in a breach in any way of any provision of the articles of association, certificate of
incorporation, by-laws, or equivalent constitutional documents in each relevant jurisdiction of the Sellers or of any applicable law or regulations in any relevant jurisdiction, statute,
order, judgement or decree of any court or governmental or regulatory authorities or of any agreement to which the Sellers are parties.

	6.3
	Ownership of the Shares and the Warrants

	6.3.1
	The
Sellers will on the Closing Date own the Shares and the Warrants free from Encumbrances, which constitute the entire issued share capital of the Company.

	6.3.2
	The
information in respect of each of the Target Companies set out in Appendices B, D and 6.5.1 is true, accurate and not misleading. 

10

 
	6.4
	Capitalisation of the Company

The
Company has an issued share capital of SEK 9,947,150 divided into 9,947,150 shares with a nominal value of SEK 1 each. The Shares have been duly authorised, validly issued and are fully paid.
Apart from the Warrants, there are no arrangements or commitments which confer any person with any right (exercisable now or in the future and whether contingent or not) to call for the issue or
transfer of any shares, loan capital or other securities of the Company and none of such arrangements or commitments will exist at Closing. The Shares are not subject to any Encumbrance. 

	6.5
	Capitalisation of the Subsidiaries and Other Interests

	6.5.1
	The
Subsidiaries are directly or indirectly owned by the Company as set out in Appendix 6.5.1. The details in
Appendix 6.5.1 regarding the shares of the Subsidiaries are correct and all such shares are fully paid and are free from Encumbrances.

	6.5.2
	There
are no arrangements or commitments which confer any person with any right (exercisable now or in the future and whether contingent or not) to call for the issue or transfer of
any shares, loan capital or other securities of the Subsidiaries.

	6.5.3
	No
Target Company owns or has any interest of any nature whatsoever in any:

	(a)
	shares,
debentures or other securities issued by any undertaking (other than another Target Company listed in Appendix 6.5.1); or

	(b)
	partnership.

 

	6.6
	Records and Statutory Books

	6.6.1
	To
the Sellers' knowledge, the accounting records of the Target Companies are up-to-date and contain, in all material respects, complete and accurate details
of the business activities of the Target Companies as well as all material matters required by law to be included in such records.

	6.6.2
	To
the Sellers' knowledge, the Statutory Books of the Target Companies and all other records that the Target Companies are required by law to keep are
up-to-date and contain, in all material respects, complete and accurate records of the matters which should be included in such books.

	6.7
	Financial Matters

The
Accounts, attached as Appendix 6.7, have been prepared in accordance with generally acceptable accounting principles in Sweden and give a
true and fair view of the financial position and results of the operations of the Target Companies and of the consolidated group as of the Accounts Date. 

	6.8
	Loans and Other Financial Facilities

None
of the Target Companies has any Financial Debt owing to a person other than a Target Company, or has issued any guarantees or pledged any assets apart from what is set out in  Appendix 6.8.

	6.9
	Contractual Matters

	6.9.1
	To
the Sellers' knowledge the Material Contracts are valid, enforceable and binding in accordance with their respective terms, and so far as the Sellers are aware, neither the
Target Companies nor any counter-parties to any such contracts are in material default of any such contracts. No Target Company has received a notice of termination of any such Material Contract.

	6.9.
	To
the Sellers' knowledge the Material Contracts comprise all the agreements and arrangements (other than those excluded by the thresholds set out in the definition of Material
Contracts) that a Target Company is a party to which are material to the Business taken as a whole. 

11

 
	6.10
	Employment Matters

	6.10.1
	Employees and terms of employment

The
material employment terms and conditions for each of the Key Employees have been accurately listed in Appendix 6.10.1. None of the Key
Employees has given notice of termination of his or her employment. 

	6.10.2
	Priority to employment

No
former employee of the Target Companies has any right to priority to new employment under the Protection of Employment Act (Sw. lagen 1982:80 om
anställningsskydd). 

	6.10.3
	Bonus schemes and employee benefit plans

There
are no schemes in operation by, or in relation to, any Target Company under which any employee of such company is entitled to a commission or remuneration of any other sort, calculated by
reference to the whole or part of the turnover, profits or sales of a Target Company or otherwise. 

	6.10.4
	Pensions

	(a)
	The
Disclosure Letter contains details of all obligations or commitments (whether or not legally enforceable) to pay, provide or contribute towards, any
pension/retirement/death/disability benefit or plan for or in respect of any present or past employee (or any spouse, child or dependent of any of them) to which any Target Company is a party;

	(b)
	All
due contributions and expenses in respect of pensions have been paid;

	(c)
	All
pension liabilities of the Target Companies are fully funded.

 

	6.11
	Environmental Matters

	6.11.1
	No
Target Company is or has been in breach of any Environmental Laws.

	6.11.2
	No
Environmental Permit is required for conducting the Business as such business is being conducted on the Closing Date.

	6.11.3
	No
Target Company has disposed of, discharged, released, placed, dumped or emitted any Hazardous Substances.

	6.11.4
	No
Target Company has received any formal or informal notice or other communication from which it appears that any Target Company may be or has been in violation of any
Environmental Laws.

	6.12
	Leased Premises and Real Property

	6.12.1
	No
Target Company own or, so far as the Sellers are aware, has in the past owned, any real property.

	6.12.2
	Summary
details of all material leases, pursuant to which the Target Companies lease real property are set forth in  Appendix 6.12.2 and all such leases are valid and effective in accordance with their
respective terms. 

12

  

	6.13
	Insurance

	6.13.1
	The
Target Companies maintain insurance policies with reputable insurers, which would reasonably be judged to be sound and required for the Business covering the Business against
such losses and risks as are generally covered for comparable businesses (copies of which are contained in the Data Room Documents). Valid policies for such insurance coverage are now and will be at
the Closing Date outstanding and duly in force.

	6.13.2
	No
claims are outstanding under any of the Target Companies' insurance policies.

	6.14
	Litigation and Investigations

	6.14.1
	The
Target Companies are not engaged in any litigation or arbitration proceedings whether as plaintiffs, defendants or otherwise, other than in respect of normal debt collection
proceedings in the ordinary course of business and, to the Sellers' knowledge, there are no threatened litigation or arbitration proceedings with respect to the Target Companies.

	6.14.2
	The
Target Companies have not been notified of any governmental, administrative, regulatory or other official investigation or inquiry concerning any Target Company.

	6.15
	Taxation

	6.15.1
	The
Target Companies have filed the required tax returns and reports with the appropriate tax authorities and all Taxes that have become due for payment are paid.

	6.15.2
	Apart
from what has been set out in the Disclosure Letter, there are no tax audits, disputes or litigation currently pending with respect to the Target Companies.

	6.15.3
	None
of the Target Companies will be liable for any additional Tax in excess of provisions made in the Accounts pertaining to the period before the Accounts Date.

	6.16
	Intellectual Property Rights

	6.16.1
	The
Intellectual Property Rights listed in Appendix 6.16.1 are valid and enforceable and legally owned by, or validly
granted, to the Target Companies. To the Sellers' knowledge, the Target Companies are entitled to use all Intellectual Property Rights used in the Business.

	6.16.2
	To
the Sellers' knowledge, none of the Target Companies infringes any third party's intellectual property rights and no third party is claiming that such infringement is taking
place.

	6.16.3
	No
infringement of the Intellectual Property Rights referred to in Section 6.16.1 is, to the Sellers' knowledge, taking place.

	6.16.4
	In
respect of all Intellectual Property Rights that are licensed to a Target Company such license agreements are valid and are in full force and effect and, so far as the Sellers
are aware, there are no infringements, hinders or other threats to the Target Companies' continued use thereof.

	6.17
	Information Technology

The
Target Companies own or lease all computer hardware and software, presently used in their business. 

	6.18
	Compliance with law

	6.18.1
	The
Target Companies have to the Sellers' knowledge, in all material respects, conducted the Business in accordance with applicable laws relating to their operations and the
Business.

	6.18.2
	None
of the Target Companies, has, to the Sellers' knowledge, ever been subject to any liquidation or bankruptcy proceedings or any arrangements with its creditors. No receiver, 

13

 

administrator
or similar officer has been appointed over the assets or undertaking of any Target Company. 

	6.18.3
	All
necessary licenses, consents, permits and authorisations have been obtained by the Target Companies to enable the Target Companies to carry on the Business as now conducted and
have been complied with in all material respects.

	6.19
	Absence of Certain Events

No
Target Company has done anything or failed to do anything in the period from the Accounts Date to and including the Signing Date, which, if it had been done or, as the case may be, omitted to be
done in the period after the date hereof but prior to Closing would have constituted a breach of the provisions of Section 10.1 (i)-(iv), (viii), (x) or (xi). 

	6.20
	No Other Warranties

	6.21.1
	The
Buyer agrees that the Sellers have made no, and the Buyer has not relied on any, express or implied representation or warranty regarding the Shares or the Target Companies
other than the Warranties contained in this Agreement.

	6.21.2
	The
Parties agree that the Sellers' liability under this Agreement is exclusively governed by the Warranties in Sections 6.1-6.19 and the other relevant provisions of
this Agreement. The Sellers shall thus have no liability for defects under the Sale of Goods Act (Sw. Köplagen (1990:931)) or under any
other stated law or legal principle.

	6.21
	Repetition of Warranties

The
Warranties in Sections 6.1-6.5 and 6.19 shall be deemed to be repeated immediately before Closing by reference to the facts and circumstances then existing as if references in the
Warranties to the Signing Date were references to the date of Closing. All other Warranties are given as per the Signing Date. 

	6.22
	Notification of breach

The
Sellers undertake to notify the Buyer in writing promptly if they (until Closing) becomes aware of any circumstance arising after the date of this Agreement which would cause any breach of any of
the Warranties in Sections 6.1-6.5 or 6.19 (if such Warranties were repeated with reference to the facts and circumstances then existing). 

	6.23
	No set-off

If
the Sellers have a liability arising under any obligations under this Agreement then any amounts due in satisfaction of that liability shall be paid in full without deduction or retention. The
Sellers hereby waive and relinquish any right of set-off or counterclaim which they may have in respect of the payment of any such amount. 

	7
	Representations and Warranties of the Buyer

The
Buyer makes the following representations and warranties to the Sellers: 

	7.1
	Corporate Existence and Power

	7.1.1
	The
Buyer is duly incorporated and validly existing under the laws of the jurisdiction in which the Buyer was incorporated, as well as duly qualified to conduct business as
conducted as at the Signing Date and has the requisite power and authority to enter into, and the funds necessary to perform, this Agreement and any other undertaking to be executed by the Buyer
pursuant to this Agreement.

	7.1.2
	The
Buyer has not filed (or has had filed against it) any petition for its winding up, is not insolvent within the meaning of applicable laws, rules or regulations or similar
requirements, and has not 

14

 

made
any assignment in favour of its creditors or any class of them, nor has any petition for receivership or any administration order been presented in respect of the Buyer. The Buyer has not
initiated any proceedings for a compromise or arrangement with its creditors or for the dissolution, liquidation or reorganisation of the Buyer or the winding-up or cessation of the
business of the Buyer. No receiver or administrative receiver or liquidator has been appointed in respect of the Buyer or any of its material assets and no execution have been levied upon any of its
material assets. 

	7.2
	Corporate Authorisation and Non-Contravention

	7.2.1
	This
Agreement and any other documents to be executed by the Buyer pursuant to this Agreement and the performance by the Buyer of its obligations under them, have been duly
authorised by all necessary corporate action on the part of the Buyer, and this Agreement, and any other documents to be executed by the Buyer pursuant to this Agreement, will, when executed,
constitute valid and binding obligations of the Buyer in accordance with their respective terms.

	7.2.2
	The
execution and performance by the Buyer of this Agreement or any other documents to be executed under it, do not and will not

	(a)
	result
in a breach of any provision of the memorandum or articles of association or any provision of any other constitutional document of the Buyer;

	(b)
	result
in any breach of any resolution adopted by the shareholders or board of directors of the Buyer;

	(c)
	require
any consent by the members of the Buyer, or any class of them, which has not been unconditionally and irrevocably obtained; or

	(d)
	result
in a breach of any applicable law order, judgement or decree of any court or governmental agency or of any agreement to which the Buyer is a party or by which the Buyer is
bound; 

which,
in each case, would affect its ability to enter into and perform its obligations under this Agreement and/or any Transaction Document to which it is a Party. 

	7.2.3
	The
Buyer is not aware of any fact or circumstance which would entitle the Buyer to make a Claim against the Sellers.

	7.3
	Financing

The
Buyer has obtained or will have obtained by the time of Closing the necessary financing for the acquisition of the Shares. 

	7.4
	Authority Consents

The
Buyer is not required to make any filing with, give any notice to, or obtain any consent from any authority in connection with the execution of this Agreement or the completion of the Proposed
Transaction, except for any filings contemplated in the Conditions. 

	8
	Escrow Account

	8.1
	The
funds in the Escrow Account shall be held and released in accordance with the terms and conditions of the Escrow Agreement, attached hereto as  Appendix 8.

	8.2.
	The
Parties shall procure that the Escrow Agreement is entered into by the parties thereto prior to Closing.

	8.3
	In
the event that the Buyer makes a Stated Claim (as defined in the Escrow Agreement) and the subject matter is ultimately settled or determined by arbitration to be for an amount 50%
lower 

15

 

than
the Stated Claim, the Buyer shall pay to the Sellers interest on the difference between the Stated Claim and the amount ultimately settled or determined at an interest rate of EURIBOR +8% from
the time when such amounts would otherwise have been paid to the Sellers according to the Escrow Agreement up to the date when the difference is received by the Sellers. 

	9
	 Buyer's rights to terminate

	9.1
	If,
during the period between the Signing Date and Closing, the Buyer becomes aware of any facts, matters or events (whether existing at the Signing Date or occurring between the
Signing Date and the Closing Date) which (whether individually or in the aggregate) constitute a material breach of any of the Warranties set forth in Sections 6.1-6.5 (inclusive) or 6.19
as with regard to the covenants set out in Section 10.1 (i)-(iv), the Buyer may, by written notice given to the Sellers at any time before Closing, terminate this Agreement (other than the
Surviving Provisions), provided that the Seller has been given opportunity to remedy the breach (if such breach is capable of remedy) and such breach has not been remedied within 45 days of the
service of written notice by the Buyer in accordance with this Section 9.1. 

The
Parties agree that the Sellers' failure to deliver up to 149,850 Shares and/or any or all of the Warrants to the Buyer on Closing shall not constitute a material breach of any of the aforesaid
Warranties which entitle the Buyer to terminate this Agreement. Instead, in such event, the Buyer shall, without prejudice to the other provisions of this Section 9.1, be obliged to consummate
the Proposed Transaction but the Purchase Price payable by the Buyer on Closing shall be reduced on a pro rata basis and the Sellers shall compensate the Buyer for any Losses (including any obligation
to pay a higher price for such shares than payable under this Agreement) incurred by the Buyer or any Target Company in connection with a compulsory purchase (Sw.
tvångsinlösen) of such Shares or Warrants not delivered to the Buyer on Closing. 

	9.2
	The
Sellers undertake to disclose promptly to the Buyer in writing any breach, matter, event, condition, circumstance, fact or omission of which any of the Sellers is or becomes aware
of that may give rise to a right of termination under Section 9.1.   

 
	10
	 Covenants

	10.1
	Covenants of the Sellers

During
the period between the Signing Date and the Closing Date, the Sellers undertake that they shall (except with the prior written consent of the Buyer): 

	(i)
	procure
that the Target Companies shall not issue create or repay or agree to issue, create or repay any share capital or issue any debt instrument;

	(ii)
	procure
that there shall not be any sale of any of the Shares or of the shares in any of the Subsidiaries and neither the Company, nor any of the Subsidiaries, shall purchase any
shares or business of any company or other corporate entity;

	(iii)
	procure
that neither the Company, nor any of the Subsidiaries, shall declare or pay any dividend, group contribution or make any other distribution;

	(iv)
	procure
that neither the Company, nor any of the Subsidiaries, shall enter into any agreement or arrangement with any of the Sellers or their Affiliates except in the ordinary course
of business;

	(v)
	procure
that no Target Company shall implement any major decisions in any matters of material importance to the Business and that would require a board decision;

	(vi)
	procure
that neither the Company, nor any of the Subsidiaries, shall make any capital expenditure outside the adopted CAPEX plan, attached hereto as  Appendix 10.1. 

16

 

	(vii)
	procure
that there is no sale, purchase, redemption or repurchase by any Target Company of any share or loan capital or other security of any Target Company or created any
Encumbrance over any shares in any Target Company;

	(viii)
	procure
that changes are not made in terms of employment, (including pension fund commitments), other than those required by law, which could increase in aggregate the total staff
costs of the Target Companies by more than 5% per annum or the remuneration of any one director or employee of any Target Company by more than EUR 50,000 per annum;

	(ix)
	procure
that, except to replace employees of the Target Companies on substantially the same terms, no Target Company shall employ or agree to employ any new persons fully or part
time where the total staff costs of the Target Companies would be increased in aggregate by more than 5% per annum or dismiss any existing employees where the total staff costs of the Target Companies
would be reduced in aggregate by more than 5% per annum except for incompetence or gross misconduct or other reasonable cause justifiable in law;

	(x)
	procure
that no Key Employee is given notice of the termination of his or her employment or is dismissed without the prior consent of the Buyer; and

	(xi)
	procure
that no Target Company pays or agree to pay any costs, fees, commitments or expenses of any of the Sellers' advisors.

	(xii)
	procure
that the Target Companies do not enter into any contract or arrangement having a value or involving or likely to involve expenditure in excess of EUR 50,000 per annum or
which may result in any material change in the nature or scope of the operations of the Target Companies.

	(xiii)
	procure
that the Target Companies do not make any material modification to any of the Material Contracts.

	(xiv)
	procure
that the Target Companies do not give any individual guarantee, indemnity or other agreement to secure an obligation of a third party of more than EUR 100,000 in the
aggregate or the incurrence of any Financial Debt;

	(xv)
	procure
that the Target Companies do not institute or settle any litigation where the institution or settlement would result in a payment to or by a Target Company of EUR 100,000 or
more except for (i) collection in the ordinary course of trading of debts; or (ii) any matters which are the subject of an indemnity from the Sellers pursuant to this Agreement; or

 

	10.2
	Covenants of the Buyer

	10.2.1
	At
the next annual shareholders' meeting of each of the Target Companies the Buyer undertakes to procure that those board members of the Target Companies who have resigned on or
before the Closing Date are granted discharge from liability for their administration until the Closing Date (or the earlier date of their resignation) only provided that the respective auditors of
the relevant Target Company do not recommend against such discharge in the auditor's reports for the relevant period.

	10.2.2
	Pending
Closing, the Buyer and the Sellers shall use their reasonable efforts to ensure that certain key managers and representatives of the Buyer meet to a reasonable extent, on a
bi-weekly basis in order for such key managers to update the Buyer's representatives on recent developments in the Business and to report on current trading and to plan or the integration
of the Business following Closing. 

17

 
	11
	Breach and Indemnification

	11.1
	Purchase Price Reduction and Indemnification

Subject
to Sections 11.2 and 11.4, in the event of a breach of any of the Warranties or the Covenants the Buyer shall, as its sole and exclusive remedy, be entitled to a reduction of the Purchase
Price with an amount corresponding to the Losses. 

	11.2
	Limitation of Liability

The
Warranties (other than the Warranties set forth in Sections 6.1-6.5 (inclusive) and (subject, however, to Section 11.2.3) 6.19) are subject to the following limitations: 

	11.2.1
	The
Sellers shall not be liable for any breach of any Warranty in respect of any Claim unless the aggregate amount of all Claims for which the Sellers would otherwise be liable for
breach of any Warranty (disregarding the provisions of this Section 11.2.1), exceeds EUR one million five hundred thousand (1,500,000), in which case the entire amount of the Claims and not
only the excess shall be payable. For the purposes hereof no individual Claim which is less than EUR two hundred and fifty thousand (250,000) shall be taken into account.

	11.2.2
	The
aggregate of the liability of the Sellers in respect of all Claims and any liability for breach of the Covenants set out in Section 10.1 (v)-(xv) shall in no
event exceed EUR twelve million five hundred thousand (12,500,000).

	11.2.3
	The
Sellers shall not be liable for breach of any Warranty in respect of any Claim unless notice in writing of any such Claim, accompanied by reasonable particulars thereof
specifying the nature of the Claim and, as far as practicable, the amount of the Claim, has been given to the Sellers without undue delay from the day when the Buyer became aware of the circumstances
giving rise to the Claim. In no event may any Claim, or claim for compensation under any of the Covenants be raised after the day occurring twelve (12) months after the Closing Date. 

Any
such Claim which may be made, which has not been previously satisfied, settled or withdrawn, shall be deemed to have been withdrawn six (6) months subsequent to when the Claim was made,
unless legal proceedings in respect thereof by then have been commenced against the Sellers. This shall, however, not apply to Claims which relate to matter described under Section 11.2.7
(d) as long as recovery proceedings are ongoing against Canal + Investments B.V. and/or Vivendi Universal S.A. 

	11.2.4
	For
the purposes of this Agreement the Sellers shall not be liable to make a payment under a Claim in respect of a liability, which is contingent, until such contingent liability
becomes an actual liability and is due and payable.

	11.2.5
	If
any Loss is a tax deductible item, or relates to an untaxed reserve, the recoverable Loss shall be reduced by an amount equivalent to the Loss multiplied by the actual corporate
tax rate applicable in the relevant jurisdiction of the Company or the Subsidiaries (or, as the case may be, the Buyer) during the relevant fiscal year. No Claim may be made by the Buyer relating to
Taxation unless the amount of such Claim exceeds the value of the tax losses carried forward available to the Company or, as the case may be, any of the Subsidiaries, immediately following Closing.
Furthermore, in the event of a reassessment (or similar) by a Taxation authority, the effect of which is to shift a Taxation liability from one fiscal year to another shall give rise to
indemnification only insofar as the relevant company is required to pay a penalty or interest in addition thereto. Similarly, any additional Taxation, such as value-added tax, which is recoverable
shall give rise to indemnification only insofar as a penalty or interest in relation thereto is required to be paid. 

18

 
	11.2.6
	No
Claim may be made if the facts and circumstances giving rise to the Claim have been fairly disclosed to the Buyer in the Disclosure Letter. Furthermore, no Claim may be made if
the facts and circumstances giving rise to the Claim have been disclosed to the Buyer during the Buyer's due diligence review or which were otherwise known, to the Buyer or the Buyer's advisors prior
to the Signing Date, however only to the extent that the Buyer should reasonably have concluded that such facts or circumstances constituted a breach of Warranty.

	11.2.7
	No
liability shall arise if and to the extent that any Claim

	(a)
	occurs
as a result of the passing of any legislation not in force at the Signing Date, or which takes effect retrospectively, or occurs as a result of any increase in the tax rate in
force on the Signing Date or any change in the generally established practise of the relevant tax authorities;

	(b)
	is
capable of recovery under an insurance policy under a binding and enforceable entitlement for a Target Company to recover the same under such insurance policy;

	(c)
	would
not have arisen but for an act, omission or transaction carried out by the Buyer, the Company or the Subsidiaries after the Closing Date otherwise than pursuant to a legally
binding commitment to which any of the Target Companies is subject on or before Closing or outside the ordinary course of business where the direct result of such act, omission or transaction ought to
have been reasonably foreseeable to the Buyer; and

	(d)
	would
otherwise be recoverable from Canal + Investments B.V. or Vivendi Universal S.A. pursuant to the Share Purchase Agreement between Canal + Investments
B.V. and the Company regarding the Company's purchase of all outstanding shares in C More Entertainment dated 8 September 2003, under a binding and enforceable entitlement for the Company to
recover the same under such agreement in which case the principles set out in Section 11.3.2 below shall apply mutantis mutantis.

	11.2.8
	The
remedy provided for in this Section 11 in case of a breach of any Warranty, covenant or agreement made or to be performed by the Sellers pursuant to this Agreement shall
be exclusive and hence it is specifically agreed that no remedy whatsoever under the Sale of Goods Act (Sw. Köplagen (1990:931)) or under
any other statute, law or legal principle, including (but not limited to) the right to rescind this Agreement, shall be available to the Buyer.

	11.3
	Third Party Claims and Recovery

	11.3.1
	In
the case of the Buyer, or the Target Companies becoming aware of any fact or set of circumstances which are likely to give rise to a Third Party Claim (which could result in a
Claim), the Buyer shall either itself, or shall procure that the Target Companies shall, subject to the Sellers indemnifying the Buyer and other members of the Buyer Group against all Losses (subject
to the limitations set forth in Section 11.2):

	(a)
	as
soon as reasonably practicable give written notice of it to the Sellers;

	(b)
	not
make any admission of liability, agree to settle or compromise with, or take any action whatsoever against, any person, body or authority in relation to it, without obtaining the
prior written consent of the Sellers;

	(c)
	have
due regard to the Sellers' interest in disputing, compromising, defending such Claim;

	(d)
	give
the Sellers, or the Sellers' duly authorised representatives, reasonable access free of charge to the personnel of the Buyer or the Target Companies during normal business hours,
as the case may be, and to any relevant premises, accounts, documents and records within their respective possession, and to take copies of them, in order to enable the Sellers, or the Sellers' duly
authorised representatives, to examine the basis of any potential Third Party 

19

 

Claim
subject to such persons entering into confidentiality undertakings on terms reasonably acceptable to the Buyer. 

	11.3.2
	If
a Third Party Claim that could lead to a Claim should come to the knowledge of the Buyer, or the Target Companies subject to the Sellers indemnifying the Buyer and other members
of the Buyer Group against all Losses (subject to the limitations set forth in Section 11.2), the Buyer, upon the Sellers' written request, shall afford the Sellers the right to dispute and
defend such Third Party Claim, in the name of the Company or the relevant Subsidiary (as appropriate). The Buyer shall ensure that the Company or the relevant Subsidiary will grant to the Sellers all
authorisations and all assistance necessary to enable the Sellers to dispute and defend any such Claim. Should the Buyer not afford the Sellers the right to dispute and defend such Third Party Claim,
the potential Claim arising as a result of such Third Party Claim shall be deemed waived by the Buyer.

	11.3.3
	If
the Sellers makes any payment to the Buyer as a settlement of a Claim and the Buyer or the Target Companies have the right to recover from any third party any amount that has
formed the basis of the Claim, the Buyer shall promptly and on written request from the Sellers assign that right to the Sellers.

	11.3.4
	The
provisions of Section 11.3.2 shall not apply in respect of any Third Party Claim if the Sellers do not notify the Buyer in writing of their intention to exercise their
rights pursuant to the relevant paragraphs in respect of such Third Party Claim within 15 Business Days of the Buyer giving notice pursuant to Section 11.3.1 above. If the Sellers do not give
notice during such period, the Buyer shall thereafter be entitled in its absolute discretion (but always subject to the Buyer's and the Target Companies' obligation to mitigate its and the Target
Companies' loss) to discharge, settle, compromise, or resist any action, proceedings or claim against any member of the Buyer Group out of which the Third Party Claim may arise.

	11.3.5
	If
the Sellers take over the conduct of proceedings and/or negotiations under the provisions of Section 11.3.2, the Sellers shall keep the Buyer informed of proposed
meetings with any relevant third party, allow an observer appointed on behalf of the Buyer to attend such meetings and advise the Buyer of the outcome of meetings and discussions to which any such
observer was not a party or at which he was not present.

	11.4
	Sole Recourse

In
the event that the Sellers are liable to the Buyer in respect of a Claim or any other claim under this Agreement or a Transaction Document then the provisions of Section 8 shall apply and
the Sellers shall not be required to make any payment in respect of such Claim or claim, other than as provided for in Section 8. 

	12
	Payments

	12.1
	Any
payment to be made pursuant to this Agreement by the Buyer or any member of the Buyer Group shall be made to the Sellers' Bank Account in immediately available funds by
electronic transfer in Euro on the due date for payment, or such other account as the Sellers shall nominate in writing. Receipt of such sums in the relevant bank account shall be an effective
discharge of the obligation of the Buyer to pay such sums to the Sellers and the Buyer shall not be concerned to see to the application or be answerable for loss or misapplication of such amount
amongst the Sellers or otherwise.

	12.2
	Any
payment to be made pursuant to this Agreement by the Sellers shall be made to the Buyer's Bank Account in immediately available funds by electronic transfer in Euro on the due
date for payment, or such other account as the Buyer shall nominate in writing. Receipt of such sums in the relevant bank account shall be an effective discharge of the obligation of the Sellers to
pay 

20

 

such
sums to the Buyer, as the case may be, and the Sellers shall not be concerned to see to the application or be answerable for loss or misapplication of such amount. 

	12.3
	If
any sum due for payment under or in accordance with this Agreement is not paid on the due date (the "Due Date"), the person in
default shall pay Default Interest on that sum (the "Due Sum") from but excluding the Due Date to and including the date of actual payment calculated on
a daily basis.   

 
	13
	 Confidentiality

Each
Party undertakes not to use or disclose the existence of this Agreement, any financial information, trade secrets, customer lists or other information which it may from time to time receive or
obtain (orally or in writing or in disc or electronic form) as a result of entering into or performing its obligations pursuant to this Agreement or otherwise, relating to any of the Target Companies
which is not in the public domain unless (i) required to do so by law or pursuant to any order of court or other competent authority or tribunal (ii) required to do so by any applicable
stock exchange regulations or the regulations of any other recognised market place (iii) such disclosure has been consented to by the other Party in writing (such consent not to be unreasonably
withheld) or (iv) the information is disclosed to its professional advisers who are bound to such Party by a duty of confidence which applies to any information disclosed. If a Party becomes
required, in circumstances contemplated by (i) or (ii) to disclose any information, the disclosing Party shall use its reasonable endeavours to consult with the other Party prior to any
such disclosure. 

	14
	Announcements

All
press releases, public announcements, circulars, disclosures or public relations activities by the Parties with regard to this Agreement or any of the other Transaction Documents or the Proposed
Transaction shall be mutually approved by the Parties in advance of such release, announcement or activity. A Party shall, however, not be prevented from, after reasonable consultation with the other
Party in advance as to the form, content and timing of any such announcement or disclosure, disclosing such information which is required under applicable law, pursuant to any order of court or other
competent authority or tribunal, or by applicable stock exchange or any other recognised market place or governmental or other regulatory or supervisory body or authority of competent jurisdiction to
whose rules the Party making the announcement or disclosure is subject, whether or not having the force of law. 

	15
	Costs

	15.1
	Except
as otherwise provided in this Agreement, each Party shall pay its own costs, charges and other expenses (including those of its Affiliates) in connection with the negotiation,
preparation for and the completion of the transactions contemplated by, or otherwise incurred in the performance of such Party's obligations or exercise of its rights under, this Agreement and the
other Transaction Documents, including but not limited to all fees and expenses of its own representatives, agents, brokers, legal and financial advisers and authorities.

	16
	Entire Agreement

	16.1
	Each
of the Parties to this Agreement confirms that this Agreement and the other Transaction Documents represent the entire agreement and understanding and constitute the whole
agreement between the Parties relating to the subject matter hereof and supersedes all prior agreements, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, agent, employee or representative of either of the Parties, the Company or any of the Subsidiaries. 

21

 
	17
	Amendments and Waivers

	17.1
	This
Agreement may only be amended, changed or modified by an instrument in writing duly executed by the Parties.

	17.2
	In
no event shall any delay, failure or omission of a Party in enforcing, exercising or pursuing any right, claim or remedy provided by law under this Agreement or any of the
Transaction Documents impair such right, claim or remedy or be deemed as a waiver or variation or preclude its exercise at any subsequent time and no single or partial exercise of any such right or
remedy shall preclude any further exercise of it or the exercise of any other remedy thereof, unless such right, claim or remedy has been expressly waived in writing by such Party.

	17.3
	The
rights and remedies of the Buyer under or pursuant to this Agreement and under or pursuant to the other Transaction Documents are cumulative, may be exercised as often as the
Buyer considers appropriate and are in addition to its respective rights and remedies under general law.

	18
	Notices

	18.1
	All
notices and other communications required or permitted under this Agreement must be in writing in the English language and signed by or on behalf of the Party giving it, shall be
deemed to have been received by a Party when:

	(a)
	in
the case of delivery by prepaid recorded delivery, special delivery or registered post, unless actually received earlier, at 10am on the third Business Day after posting, if posted
within Sweden, or the fifth Business Day, if posted to or from a place outside Sweden;

	(b)
	in
the case of delivery by hand, when delivered; and

	(c)
	in
the case of fax, at the time of transmission 

provided
that in each case where delivery by hand or by fax occurs after 6pm on a Business Day or at any time on a day which is not a Business Day, service shall be deemed to occur at 9am on the next
following Business Day. 

References
to time in this Section are to local time at the address to which the relevant notice is sent. 

	18.2
	All
notices and communications required or permitted under this Agreement shall be addressed as set out below or to such other addresses as may be given by written notice in
accordance with this Section. 

	If to Baker:	 	Baker Capital Partners II (Anguilla) LLC

Attention: Mr. Robert M. Manning

540 Madison Avenue,

29th Floor

New York, NY 10022, USA

Fax No + 1 212 486 0660
	

 	
 	

Baker Capital Partners, LLC

Attention: Mr. Robert M. Manning

540 Madison Avenue,

29th Floor

New York, NY 10022, USA

Fax No + 1 212 486 0660
	 	 	 

22

 

	

If to Nordic:	
 	

Nordic Capital IV Limited

Attention: Mr Denzil Boschat

La Motte Chambers,

St Helier, Jersey JE1 1BJ,

Channel Islands, England

Fax No + 44 1534 602 433
	

 	
 	

NC IV Limited

Attention: Mr Denzil Boschat

La Motte Chambers,

St Helier, Jersey JE1 1BJ,

Channel Islands, England

Fax No + 44 1534 602 433
	

With a copy to:	
 	

Advokatfirman Vinge KB

Attention: Johan Göthberg

P.O. Box 1703

SE-111 87 Stockholm

Sweden
	

If to the Buyer:	
 	

SBS Broadcasting S.A.

Attention: Corporate Secretary

8-10 rue Mathias Hardt

L-1717 Luxembourg

Luxembourg

Fax No +352 26 12 33 01
	

With a copy to:	
 	

SBS Services B.V.

Attention: Corporate Secretary

Rietlandpark 353

1019EM Amsterdam

The Netherlands

Fax No +31 20 519 1996

	18.3
	A
Party may notify any other Party to this Agreement of a change to its name, relevant addressee, address or fax number for the purposes of this Section 20, provided that such
notice shall only be effective on:

	(a)
	the
date specified in the notice as the date on which the change is to take place; or

	(b)
	if
no date is specified or the date specified is less than five Business Days after the date on which notice is given, the date which is the fifth Business Day after notice of any
change has been given.

	18.4
	In
proving such service it shall be sufficient to prove that the envelope containing such notice was properly addressed and delivered either to the address shown thereon or into the
custody of the postal authorities as a pre paid recorded delivery, special delivery or registered post letter, or that the notice was transmitted by fax to the fax number of the relevant Party set out
in this Section 18 (or as otherwise notified under it).

	18.5
	The
Parties agree that the provisions of this Section 18 shall not apply to the service of any claim form, application notice, order or judgment.

	18.6
	All
notices, demands, requests, statements, certificates or other communications under this Agreement shall be in English unless otherwise agreed in writing. 

23

 
	19
	Assignments

This
Agreement, and the rights and obligations hereunder, shall be binding upon and inure to the benefit of the successors of the Parties but shall not be assignable by either of the Parties without
the prior written consent of the other Party. This Agreement, and the rights and obligations hereunder, may, however, be assigned by either of the Parties to any of their respective Affiliates,
provided that the Parties shall remain liable as for their respective debt (såsom för egen skuld) for all obligations
under this Agreement. 

	20
	Interpretation

	20.1
	The
headings in this Agreement are for ease of reference only and shall not affect the interpretation of any provision of this Agreement.   

 
	21
	 Partial
Invalidity

If
any provision of this Agreement or the application of it shall be declared or deemed void, invalid or unenforceable in whole or in part for any reason, the Parties shall amend this Agreement in
order to give effect to, so far as is possible, the spirit of this Agreement. If the Parties fail to amend this Agreement, the provision, which is void, invalid or unenforceable, shall be deemed
deleted and the remaining provisions of this Agreement shall continue in full force and effect. 

	22
	General

	22.1
	This
Agreement may be executed in any number of counterparts and by the Parties to it on separate counterparts, each of which is an original but all of which taken together shall
constitute one and the same instrument.

	22.2
	Each
of the Sellers and the Buyer agrees to perform (or use its reasonable endeavours to procure the performance of) at its own expense all further acts and things, and execute and
deliver (or use its reasonable endeavours to procure the execution and delivery of) such further documents as may be required by law or as may be necessary in order to give effect to the Proposed
Transaction and to accomplish the transactions and matters completed pursuant to the Proposed Transaction.

	23
	Governing Law and Disputes

	23.1
	This
Agreement and the relationship between the Parties shall be governed by and construed in accordance with the laws of Sweden.

	23.2
	Any
dispute, controversy or claim arising out of, or in connection with, this Agreement, or the breach, termination or invalidity of the Agreement, shall be settled by arbitration in
accordance with the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce.

	23.3
	The
place of arbitration shall be Stockholm, Sweden.

	23.4
	The
language to be used in the arbitral proceedings shall be English.

	23.5
	In
the event the Buyer initiates arbitral proceedings against any but not all the Sellers, the Sellers who are not party to such proceedings shall have the right to intervene and
become parties to the proceedings.

	23.6
	The
Parties undertake and agree that all arbitral proceedings conducted with reference to this arbitration clause will be kept strictly confidential. This confidentiality undertaking
shall cover all information disclosed in the course of such arbitral proceedings, as well as any decision or award that is made or declared during the proceedings. Information covered by this
confidentiality undertaking may not, in any form, be disclosed to a third party without the written consent of the other Party. This notwithstanding, a Party shall not be prevented from disclosing
such information 

24

 

in
order to safeguard in the best possible way his rights vis-à-vis the other Party in connection with the dispute, including but not limited to actions in order
to obtain provisional attachment, injunction against dissipation and other security measures or enforcement of an award, or if such a right exists pursuant to statute, regulation, a decision by an
authority, a stock exchange contract or similar. 

	23.6
	In
case this Agreement or any part of it is assigned or transferred to a third party, such third party shall automatically be bound by the provisions of this Section.

	24
	Joint and Several Liability

The
liability of the Sellers under this Agreement and any Transaction Document shall be joint and several with the exception of the Warranties in Sections 6.2-6.3 for which the liability
shall be several and not joint. 

25

 

AS WITNESS this Agreement has been signed on behalf of the parties the day and year first before written. 

   

   

	

Stockholm 8 February 2005	
 	

 	

 
	

    	

 	
 	

 	

 
	

For and on behalf of Baker Communications

Fund II (Cayman), L.P. represented by its

General Partner Baker Capital Partners II

(Anguilla) LLC	
 	

Kanal 5 Holding AB
	

by:	
/s/  ROBERT MANNING      
 Robert Manning	
 	

by:	
/s/  HARRY EVANS SLOAN      
 Harry Evans Sloan
	

For and on behalf of Baker Communications

Fund II, L.P. represented by its

General Partner Baker Capital Partners, LLC	
 	

 	

 
	

by:	
/s/  ROBERT MANNING      
 Robert Manning	
 	

 	

 
	

For and on behalf of Nordic Capital IV Limited

acting in its capacity as General Partner of

Nordic Capital IV LP

Nordic Capital IV Beta CV

Nordic Capital IV Gamma CV	
 	

 	

 
	

and as Manager of Fyrfond KB	
 	

 	

 
	

by:	
/s/  JOHAN GÖTHBERG      
 Johan Göthberg (per Power of Attorney)
	
 	

 	

 
	

NC IV Limited	
 	

 	

 
	

by:	
/s/  JOHAN GÖTHBERG      
 Johan Göthberg (per Power of Attorney)

	
 	

 	

 

26

 

GUARANTEE  

SBS
Broadcasting S.A. hereby unconditionally and irrevocably guarantee to the Sellers, as for its own obligations and debt (Sw: proprieborgen) all of
the Buyer's obligations under this Agreement and the Transaction documents. 

	

8 February, 2005	
 	

 	

 
	

SBS Broadcasting S.A.	
 	

 	

 
	

by:	
/s/  HARRY EVANS SLOAN      
 Harry Evans Sloan

	
 	

 	

 

27

QuickLinks

Exhibit 4.19

BAKER CAPITAL AND NORDIC CAPITAL AND KANAL 5 HOLDING AB SHARE SALE AND PURCHASE AGREEMENT REGARDING C MORE GROUP ABQuickLinks
 -- Click here to rapidly navigate through this document

	C L I F F O R D

C H A N C E	 	LIMITED LIABILITY PARTNERSHIP

 
 

Exhibit 4.20    
    

[CONFORMED COPY]  

   

  

  
 EUR 300,000,000  

 BRIDGE FACILITY AGREEMENT  

dated 7 March 2005 

for

SBS BROADCASTING S.A.  

as Borrower 

with 

ABN AMRO BANK N.V.  

as Lender 

BRIDGE FACILITY AGREEMENT  

   

   

  

  

  

 
 

CONTENTS    
    

	Clause
 
	 
	 	Page
 

	1.	Definitions And Interpretation	 	1
	

2.	

The Facility	
 	

9
	

3.	

Purpose	
 	

9
	

4.	

Conditions Of Utilisation	
 	

9
	

5.	

Utilisation	
 	

10
	

6.	

Repayment Of Loans	
 	

11
	

7.	

Prepayment And Cancellation	
 	

11
	

8.	

Interest	
 	

14
	

9.	

Interest Periods	
 	

14
	

10.	

Changes To The Calculation Of Interest	
 	

15
	

11.	

Fees	
 	

15
	

12.	

Tax Gross Up And Indemnities	
 	

17
	

13.	

Increased Costs	
 	

19
	

14.	

Other Indemnities	
 	

20
	

15.	

Mitigation By The Lender	
 	

21
	

16.	

Costs And Expenses	
 	

21
	

17.	

Representations	
 	

22
	

18.	

Information Undertakings	
 	

25
	

19.	

General Undertakings	
 	

26
	

20.	

Events Of Default	
 	

30
	

21.	

Changes To The Borrower	
 	

33
	

22.	

Changes To The Lender	
 	

33
	

23.	

Conduct Of Business By The Lender	
 	

34
	

24.	

Payment Mechanics	
 	

34
	

25.	

Set-Off	
 	

36
	

26.	

Refinancing	
 	

36
	

27.	

Notices	
 	

36
	

28.	

Calculations And Certificates	
 	

37
	

29.	

Partial Invalidity	
 	

37
	

30.	

Remedies And Waivers	
 	

38
	

31.	

Amendments And Waivers	
 	

38
	

32.	

Counterparts	
 	

38
	

33.	

Governing Law	
 	

39
	

34.	

Enforcement	
 	

39
	

Schedule 1 CONDITIONS PRECEDENT	
 	

40
	

Schedule 2 REQUESTS	
 	

41
	

Schedule 3 MANDATORY COST FORMULAE	
 	

42

  

THIS AGREEMENT is dated 7 March 2005 and made between: 

	(1)
	SBS BROADCASTING S.A. SBS Broadcasting S.A., 8-10 Rue Mathias Hardt, L-1717 Luxembourg, registered number B
31.996 (the "Borrower"); and

	(2)
	ABN AMRO BANK N.V. as lender (the "Lender"). 

IT IS AGREED as follows: 

 
 

SECTION 1
  INTERPRETATION    
    

	1.
	DEFINITIONS AND INTERPRETATION

	1.1
	Definitions

In
this Agreement: 

"Additional Cost Rate" has the meaning given to it in Schedule 4 (Mandatory Cost formulae). 

"Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
Company. 

"Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. 

"Availability Period" means the period from and including the date of this Agreement to and including the date which is one Month prior to the Final
Maturity Date. 

"Available Facility" means the amount of the Facility minus: 

	(a)
	the
amount of any outstanding Loans; and

	(b)
	in
relation to any proposed Utilisation, the amount of any Loans that are due to be made on or before the proposed Utilisation Date, 

other
than any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date. 

"Break Costs" means the amount (if any) by which: 

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

exceeds:

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

"Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in Amsterdam and Luxembourg. 

"Consolidated Net Finance Charges" means, for any Relevant Period, the aggregate amount of the accrued interest, commission, periodic fees, discounts,
prepayment penalties or premiums and 

1

 

other
finance payments in respect of Financial Indebtedness whether paid, payable or capitalised by any member of the Group in respect of that Relevant Period: 

	(a)
	excluding
any such obligations to any other member of the Group;

	(b)
	including
the interest element of finance or capital leases;

	(c)
	including
any accrued commission, periodic fees, discounts and other finance payments payable by any member of the Group under any interest rate hedging arrangement; and

	(d)
	deducting
any accrued commission, periodic fees, discounts and other finance payments owing to any member of the Group under any interest rate hedging instrument; and

	(e)
	deducting
any accrued interest owing to any member of the Group on any deposit or bank account. 

"Default" means an Event of Default or any event, act or omission which would (with the passing of any specified time period, the giving of any notice
or satisfaction of any condition) be an Event of Default. 

"Disposal" means any sale, transfer or other disposal (whether voluntary or involuntary and whether as a single transaction or a series of transactions)
by the Borrower of any share or other (legal or beneficial) equity interest in any (direct or indirect) Subsidiary of the Borrower, other than any such disposal: 

	(a)
	which
constitutes the creation or granting of any Security; or

	(b)
	which
is a disposal to any other member of the Group. 

"Disposal Proceeds" means the cash consideration received by the Borrower for any Disposal after deducting: 

	(a)
	reasonable
costs and expenses incurred or to be incurred by the Borrower with respect to that Disposal to any person which is not a member of the Group; and

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

"Environmental Claim" means any claim, proceeding or investigation by any person in respect of any Environmental Law. 

"Environmental Law" means any applicable law in any jurisdiction in which any member of the Group conducts business which relates to the pollution or
protection of the environment or harm to or the protection of human health or the health of animals or plants. 

"Environmental Permits" means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment
required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by the relevant member of the Group. 

"Equity or Debt Proceeds" means the net proceeds of any Equity or Debt Transaction received by the Borrower after deducting: 

	(a)
	reasonable
costs and expenses incurred or to be incurred by the Borrower with respect to the Equity or Debt Proceeds; and

	(b)
	any
Tax incurred or to be incurred by the Borrower required to be paid by the Borrower in connection with such Equity or Debt Proceeds (as reasonably determined by the Borrower, on
the basis of existing rates and taking account of any available credit, deduction or allowance). 

2

 

"Equity or Debt Transaction" means: 

	(a)
	any
issue or allotment, or agreement for the issue or allotment, of any shares or any equity interest of any nature of or in the Borrower (other than any such issue or allotment to
any other member of the Group);

	(b)
	any
issue or allotment, or agreement for the issue or allotment, of debt securities, warrants, options or any other instrument convertible or exchangeable into share capital (or any
other equity interest) of or in the Borrower (other than any such issue or allotment to any other member of the Group);

	(c)
	the
issuance by the Borrower of any debt (including, without limitation, pursuant to any private placement or the issue of commercial paper, medium term notes, bonds, debentures or
other similar instruments and whether or not subordinated to any other indebtedness) in any debt capital market; or

	(d)
	any
transaction pursuant to which any bilateral or syndicated bank debt is raised by the Borrower, 

provided always that "Equity or Debt Transaction" shall not include: 

	(i)
	any
overdraft or working capital facility entered into by the Borrower in the ordinary course of business; or

	(ii)
	the
issue of any shares or other equity interest in the share capital of the Borrower pursuant to the exercise of any stock option granted or issued pursuant to the share incentive
scheme operated by the Borrower for the benefit of directors, managers, officers, employees of the Borrower or any other member of the Group and other eligible persons in accordance with the terms of
such share incentive scheme. 

"EURIBOR" means, in relation to any Loan: 

	(a)
	the
applicable Screen Rate; or

	(b)
	(if
no Screen Rate is available for the Interest Period of that Loan) the rate quoted by the Lender to leading banks in the European interbank market; 

as
of 11 am Brussels time on the Quotation Day for the offering of deposits in euro for a period comparable to the Interest Period of the relevant Loan. 

"Event of Default" means any event or circumstance specified as such in Clause 20 (Events of
Default). 

"Facility" means the revolving loan facility in aggregate amount of EUR 300,000,000 made available under this Agreement as described in Clause 2
(The Facility), to the extent not cancelled or reduced under this Agreement. 

"Facility Office" means the office or offices identified with the Lender's signature below or such other office as it may from time to time select by
notice to the Borrower as the office or offices through which it will perform its obligations under this Agreement. 

"Fee Letter" means any letter dated on or about the date of this Agreement between the Lender and the Borrower setting out the up-front fee
referred to in Clause 11.2 (Up-front fee). 

"Final Maturity Date" means the date falling 6 Months after the date of this Agreement. 

"Finance Document" means this Agreement, any Fee Letter and any other document designated as such by the Lender and the Borrower. 

3

 

"Financial Indebtedness" means any indebtedness for or in respect of: 

	(a)
	moneys
borrowed;

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

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

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

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

	(f)
	any
amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

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

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

	(i)
	any
amount raised by the issue of redeemable shares;

	(j)
	any
amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into this agreement is to raise finance; and

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

"Group" means the Borrower and its Subsidiaries for the time being. 

"Group EBIT" means, for any Relevant Period, the consolidated profits of the Group from its activities before interest and taxation: 

	(a)
	before
deducting any Consolidated Net Finance Charges; and

	(b)
	before
taking into account any accrued interest owing to any member of the Group. 

"Group EBITDA" means, for any Relevant Period, Group EBIT before deducting any amount attributable to amortisation of intangible assets or the
depreciation of tangible assets. 

"Holding Company" means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 

"Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest
Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default Interest). 

"Loan" means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan. 

"Mandatory Cost" means the percentage rate per annum calculated by the Lender in accordance with Schedule 4 (Mandatory
Cost formulae). 

"Mandatory Prepayment Account" means an interest bearing account held in The Netherlands with the Lender in the name of the Borrower identified by the
Borrower and the Lender as the 

4

 

Mandatory
Prepayment Account for the purposes of this Agreement (as the same may be redesignated, substituted or replaced from time to time), such account to be subject to Security created in favour
of the Lender with respect to amounts owing to the Lender pursuant to the Finance Documents on terms satisfactory to the Lender. 

"Margin" means 0.70 per cent. per annum. of the principal amount outstanding under the Facility. 

"Material Adverse Effect" means a material adverse effect on: 

	(a)
	the
business, financial condition or prospects of the Group taken as a whole;

	(b)
	the
ability of the Borrower to perform its obligations under the Finance Documents; or

	(c)
	the
validity or enforceability of the Finance Documents or the rights or remedies of the Lender under the Finance Documents. 

"Material Company" means, at any time, a Subsidiary of the Borrower which: 

	(a)
	has
earnings before interest, tax, depreciation and amortisation (calculated on the same basis as Group EBITDA) representing five per cent. or more of Group EBITDA; or

	(b)
	has
total assets representing five per cent. or more of consolidated Total Assets, 

in
each case calculated on an unconsolidated basis in respect of that Subsidiary and determined in accordance with (and on the basis of information provided under) Clause 18.3
(Determination of Material Companies). 

"Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 

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

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

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

The
above rules will only apply to the last Month of any period. 

"Original Financial Statements" means, in relation to the Borrower, its: 

	(a)
	audited
consolidated and unconsolidated financial statements for its financial year ended 31 December 2003; and

	(b)
	unaudited
consolidated financial statements for the financial quarter ending 30 September 2004. 

"Participating Member State" means any member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance
with legislation of the European Community relating to Economic and Monetary Union. 

"Party" means a party to this Agreement. 

"Permitted Financial Indebtedness" means: 

	(a)
	any
Financial Indebtedness incurred pursuant to the Finance Documents; 

5

 

	(b)
	any
Financial Indebtedness incurred by any member of the Group pursuant to overdraft and working capital facilities entered into in the ordinary course of business and on arm's length
terms;

	(c)
	any
Financial Indebtedness represented by the Senior Notes or any refinancing thereof provided that the aggregate amount of such
Financial Indebtedness is not increased thereby;

	(d)
	Financial
Indebtedness represented by capital and finance lease obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all
or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of any member of the Group provided
that the aggregate principal amount of such Financial Indebtedness does not exceed EUR 5,000,000 (or its equivalent in other currencies) at any time;

	(e)
	any
Financial Indebtedness incurred by any member of the Group pursuant to any hedging agreements or other derivative transactions entered into for the purpose of hedging the currency
or interest rate exposure of such member of the Group incurred in the ordinary course of trading (and not, for the avoidance of doubt, for speculative purposes);

	(f)
	any
Financial Indebtedness incurred by any member of the Group and owing to another member of the Group;

	(g)
	any
Financial Indebtedness incurred by any member of the Group pursuant to the honouring by a bank or other financial institution of a cheque, draft or similar instrument
inadvertently drawn by such member of the Group against insufficient funds in the ordinary course of business provided that such Financial Indebtedness
is fully repaid or otherwise extinguished within five Business Days of its incurrence;

	(h)
	any
Financial Indebtedness represented by any letter of credit for the account of any member of the Group in order to provide security for claims, payment obligations or similar
requirements in each case in connection with self-insurance and in the ordinary course of business provided that the aggregate principal
amount or accreted value of such outstanding Financial Indebtedness (as applicable) does not at any time exceed EUR 5,000,000 (or its equivalent in other currencies);

	(i)
	any
Financial Indebtedness not permitted pursuant to paragraphs (a) to (h) above provided that (i) the proceeds of
such Financial Indebtedness are used for working capital or general corporate purposes or to refinance Permitted Financial Indebtedness and (ii) the aggregate principal amount or accreted value
(as applicable) thereof does not at any time exceed EUR 50,000,000 (or its equivalent in other currencies). 

"Quotation Day" means, in relation to any period for which an interest rate is to be determined two TARGET Days before the first day of that period
unless market practice differs in the European Interbank Market, in which case the Quotation Day will be determined by the Lender in accordance with market practice in the European Interbank Market
(and if quotations would normally be given by leading banks in the European Interbank Market on more than one day, the Quotation Day will be the last of those days). 

"Relevant Period" means each period of twelve months ending on the last day of each financial year and each financial quarter of the Borrower. 

"Repeating Representations" means each of the representations set out in Clauses 17.1 (Status) to 17.6
(Governing law and enforcement), Clause 17.9 (No default), Clause 17.11
(No misleading information), Clause 17.13 (Pari passu ranking) and Clause 17.14
(No proceedings pending or threatened). 

6

 

"Rollover Loan" means one or more Loans: 

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

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

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

"Screen Rate" means the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period, displayed on the
appropriate page of the Telerate screen. If the agreed page is replaced or service ceases to be available, the Lender may specify another page or service displaying the appropriate rate after
consultation with the Borrower. 

"Security" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect. 

"Senior Notes" means the 12% senior notes due 2008 referred to in the indenture entered between The Bank of New York, as trustee and the Borrower dated
14 June 2001 as amended by the Amendment No. 1 to Indenture dated 13 July 2001 and the SEC registered notes exchanged therefore. 

"Subsidiary" means in relation to any company or corporation, a company or corporation: 

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

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

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

and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of
its board of directors or equivalent body. 

"TARGET" means Trans-European Automated Real-time Gross Settlement Express Transfer payment system. 

"TARGET Day" means any day on which TARGET is open for the settlement of payments in euro. 

"Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with
any failure to pay or any delay in paying any of the same). 

"Total Assets" means, at any time, the total assets of the Group, determined in accordance with US GAAP. 

"Unpaid Sum" means any sum due and payable but unpaid by the Borrower under the Finance Documents. 

"US GAAP" means the generally accepted accounting principles of the United States of America. 

"Utilisation" means a utilisation of the Facility. 

"Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

"Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Requests). 

"VAT" means value added tax and any other tax of a similar nature. 

7

 

	1.2
	Construction

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

	(i)
	the
"Lender", the "Borrower", any
"Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

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

	(iii)
	the
"equivalent" on any date in one currency (the "first currency") of an amount denominated in another currency (the "second
currency") is a reference to the amount of the first currency which could be purchased with the amount of the second currency at the spot rate of exchange quoted by the Lender at or about
11.00 a.m. on such date for the purchase of the first currency with the second currency;

	(iv)
	a
"Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as
amended or novated;

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

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

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

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

	(ix)
	a
time of day is a reference to Amsterdam time.

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

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

	(d)
	A
Default or an Event of Default is "continuing" if it has not been remedied or waived.

	1.3
	Currency Symbols and Definitions

"USD" denotes the lawful currency of the United States of America, "GBP" denotes lawful currency of the
United Kingdom and "EUR" and "euro" means the single currency unit of the Participating Member States. 

	1.4
	Third party rights

A
person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

8

  

 
 

SECTION 2
  THE FACILITY    
    

	2.
	THE FACILITY

	2.1
	The Facility

Subject
to the terms of this Agreement, the Lender makes available to the Borrower a euro revolving loan facility in an aggregate amount equal to EUR 300,000,000. 

	3.
	PURPOSE

	3.1
	Purpose

The
Borrower shall apply all amounts borrowed by it under the Facility towards: 

	(a)
	the
financing of part of the acquisition consideration and/or related costs in connection with the acquisition by the Group of CMore Group AB (such acquisition expected to occur at
11 a.m. on 8 March 2005);

	(b)
	general
corporate purposes and working capital purposes; and

	(c)
	to
repay maturing Loans in accordance with this Agreement.

	3.2
	Monitoring

The
Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

	4.
	CONDITIONS OF UTILISATION

	4.1
	Initial conditions precedent

The
Borrower may not deliver a Utilisation Request unless the Lender has received all of the documents and other evidence listed in Schedule 2 (Conditions
precedent) in form and substance satisfactory to the Lender. The Lender shall notify the Borrower promptly upon being so satisfied. 

	4.2
	Further conditions precedent

The
Lender will only be obliged to comply with Clause 5.4 (Making of Loan) if on the date of the Utilisation Request and on the proposed
Utilisation Date: 

	(a)
	in
the case of a Rollover Loan, no notice of acceleration of the Facility has been given under Clause 20.12 (Acceleration); and

	(b)
	in
the case of any other Loan:

	(i)
	no
Default is continuing or would result from the proposed Loan; and

	(ii)
	the
Repeating Representations to be made by the Borrower are true in all material respects.

	4.3
	Maximum number of Loans

The
Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation 10 or more Loans would be outstanding. 

9

 
 
 

SECTION 3
  UTILISATION    
    

	5.
	UTILISATION

	5.1
	Delivery of a Utilisation Request

The
Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later than: 

	(a)
	in
respect of the first Utilisation of the Facility, 10 a.m. on the proposed Utilisation Date; and

	(b)
	in
respect of any other Utilisation, noon on the date which is three Business Days prior to the date of the proposed Utilisation.

	5.2
	Completion of a Utilisation Request

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

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

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

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

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

	5.3
	Currency and amount

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

	(b)
	The
amount of the proposed Loan must be an amount which is not more than the Available Facility and (unless otherwise agreed between the Lender and the Borrower) which is a minimum of
EUR 5,000,000 and an integral multiple of EUR 1,000,000 or, if less, the Available Facility.

	5.4
	Making of Loan

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

10

 
 
 

SECTION 4
  REPAYMENT, PREPAYMENT AND CANCELLATION    
    

	6.
	REPAYMENT OF LOANS

The
Borrower shall repay each Loan on the last day of its Interest Period. 

	7.
	PREPAYMENT AND CANCELLATION

	7.1
	Illegality

If,
at any time, it is or will become unlawful in any applicable jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan: 

	(a)
	the
Lender shall promptly notify the Borrower upon becoming aware of that event, whereupon the Facility will be immediately cancelled; and

	(b)
	the
Borrower shall repay Loans made to the Borrower on the last day of the Interest Period for each Loan occurring after the Lender has notified the Borrower or, if earlier, the date
specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law).

	7.2
	Change of control

	(a)
	If
any person or group of persons acting in concert gains control of the Borrower:

	(i)
	the
Borrower shall promptly notify the Lender upon becoming aware of that event;

	(ii)
	the
Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and

	(iii)
	the
Lender may, by not less than 10 days notice to the Borrower, cancel the Facility and declare all outstanding Loans, together with accrued interest, and all other amounts
accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable.

	(b)
	For
the purpose of paragraph (a) above "control" means:

	(i)
	the
power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

	(A)
	cast,
or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Borrower; or

	(B)
	appoint
or remove all, or the majority, of the directors or other equivalent officers of the Borrower; or

	(C)
	give
directions with respect to the operating and financial policies of the Borrower which the directors or other equivalent officers of the Borrower are obliged to comply with; or

	(ii)
	the
holding of more than one-half of the issued share capital of the Borrower (excluding any part of that issued share capital that carries no right to participate beyond
a specified amount in a distribution of either profits or capital).

	(iii)
	For
the purpose of paragraph (a) above "acting in concert" means, a group of persons who, pursuant to an agreement or
understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Borrower, to obtain or consolidate
control of the Borrower. 

11

 

	7.3
	Mandatory Prepayment and Cancellation

	(a)
	The
Borrower shall notify the Lender in writing promptly upon receipt by the Borrower of any Equity or Debt Proceeds or any Disposal Proceeds, giving details of the recipient and the
amount of the relevant Equity or Debt Proceeds or Disposal Proceeds.

	(b)
	If
the Borrower receives any Equity or Debt Proceeds in excess of EUR 10,000,000 in aggregate (the amount by which such Equity or Debt Proceeds exceeds EUR 10,000,000, the
"Relevant Equity or Debt Proceeds") then (i) on the date on which such Equity or Debt Proceeds are received the Facility shall be reduced and
cancelled by an amount equal to the Relevant Equity or Debt Proceeds and (ii) (subject to the following provisions of this Clause 7.3) within 10 Business Days of receipt the Borrower
shall, to the extent necessary, prepay Loans such that (after such prepayment) the aggregate amount of all outstanding Loans does not exceed the Facility (after its reduction pursuant to
(i) above).

	(c)
	If
the Borrower receives any Disposal Proceeds in respect of any Disposal in excess of EUR 10,000,000 in aggregate (the amount by which such Disposal Proceeds exceed EUR 10,000,000,
the "Relevant Disposal Proceeds") then (i) on the date on which such Disposal Proceeds are received the Facility shall be reduced and cancelled
by an amount equal to the Relevant Disposal Proceeds and (ii) (subject to the following provisions of this Clause 7.3) within 10 Business Days of receipt the Borrower shall, to the
extent necessary, prepay Loans such that (after such prepayment) the aggregate amount of all outstanding Loans does not exceed the Facility (after its reduction pursuant to (i) above).

	(d)
	For
the purposes of this Clause 7.3, to the extent that any Equity or Debt Proceeds or Disposal Proceeds are denominated in a currency other than euro such Equity or Debt
Proceeds or Disposal Proceeds shall be converted into euro by the Borrower on or as soon as practicable after the date on which they were received by the Borrower at prevailing market rates reasonably
available to the Borrower and the amount of such Equity or Debt Proceeds or Disposal Proceeds shall be such euro amount net of any reasonable costs and expenses of such conversion.

	(e)
	If
a prepayment is to be made under this Clause 7.3, the Borrower may give the Lender notice in writing not less than 5 Business Days before the date on which, pursuant to
paragraphs (b) or (c) (as the case may be) of this Clause 7.3, the prepayment would be required to be made, specifying that prepayment of each of the outstanding Loans will be
made on the last day of the then current Interest Period for such Loan. If no such notice is given in accordance with this paragraph (e), prepayment shall be made at the time and in the manner
set out in the foregoing provisions of this Clause 7.3.

	(f)
	If
pursuant to paragraph (e), the Borrower requests that prepayment of each outstanding Loan is to be made on the last day of the then current Interest Period relating thereto
and ensures that the amount required to be prepaid is credited to the Mandatory Prepayment Account on the date on which the prepayment would otherwise be required to be made, the relevant prepayment
date in relation to each outstanding Loan shall be delayed in accordance with such request until the last day of the then current Interest Period for such Loan.

	(g)
	The
Borrower irrevocably authorises the Lender to withdraw monies from the Mandatory Prepayment Account and to apply such monies against prepayments which are due to be made hereunder
(and the Lender shall make such withdrawal and application on the last day of the relevant Interest Period for each Loan in respect of which a prepayment is to be made) or, upon the occurrence of an
Event of Default which is continuing, against any amounts due and payable under the Finance Documents. 

12

 

	(h)
	The
Lender acknowledges and agrees that interest shall accrue at normal commercial rates on amounts standing to the credit of the Mandatory Prepayment Account and that the Borrower
shall be entitled to receive such interest (which shall be paid in accordance with the mandate relating to the Mandatory Prepayment Account).

	7.4
	Voluntary cancellation

The
Borrower may, if it gives the Lender not less than 10 Business Days' prior notice, cancel the whole or any part (being a minimum amount of EUR 5,000,000 and an integral multiple of EUR 1,000,000)
of the Available Facility. 

	7.5
	Voluntary Prepayment of Loans

The
Borrower may, if it gives the Lender not less than 10 Business Days' prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the amount of the Loan by a
minimum amount of EUR 5,000,000 and an integral multiple of EUR 1,000,000). 

	7.6
	Restrictions

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

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

	(c)
	Unless
a contrary indication appears in this Agreement, any part of the Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.

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

	(e)
	No
amount of the Facility cancelled under this Agreement may be subsequently reinstated. 

13

  

 
 

SECTION 5
  COSTS OF UTILISATION    
    

	8.
	INTEREST

	8.1
	Calculation of interest

The
rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 

	(a)
	Margin;

	(b)
	EURIBOR;
and

	(c)
	Mandatory
Cost, if any.

	8.2
	Payment of interest

On
the last day of each Interest Period the Borrower shall pay accrued interest on the Loan to which that Interest Period relates (and, if the Interest Period is longer than six Months, on the dates
falling at six Monthly intervals after the first day of the Interest Period). 

	8.3
	Default interest

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

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

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

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

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

	8.4
	Notification of rates of interest

The
Lender shall notify the Borrower of the determination of a rate of interest under this Agreement as soon as reasonably practicable after the making of such determination in accordance with the
provisions of this Agreement. 

	9.
	INTEREST PERIODS

	9.1
	Selection of Interest Periods

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

14

 

	(b)
	Subject
to this Clause 9, the Borrower may select an Interest Period of one, two or three Months or any other period agreed between the Borrower and the Lender.

	(c)
	An
Interest Period for a Loan shall not extend beyond the Final Maturity Date.

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

	(e)
	A
Loan has one Interest Period only.

	9.2
	Non-Business Days

If
an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding
Business Day (if there is not). 

	10.
	CHANGES TO THE CALCULATION OF INTEREST

	10.1
	Market disruption

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

	(i)
	the
Margin;

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

	(iii)
	the
Mandatory Cost, if any.

	(b)
	In
this Agreement "Market Disruption Event" means, before close of business in Amsterdam on the Quotation Day for the relevant Interest
Period, the Lender determines that the cost to it of obtaining matching deposits in the European Interbank Market would be in excess of EURIBOR.

	10.2
	Alternative basis of interest or funding

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

	(b)
	Any
alternative basis agreed pursuant to paragraph (a) above shall be binding on the Lender and the Borrower.

	10.3
	Break Costs

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

	11.
	FEES

	11.1
	Commitment fee

	(a)
	Subject
to paragraph (b) below, the Borrower shall pay a fee in euro computed at the rate of 0.28 per cent. per annum on the Available Facility for the Availability Period.

	(b)
	The
fee referred to in paragraph (a) above shall not begin to accrue until the date which falls one Month after the date of this Agreement and no such fee shall be payable in
respect of the 

15

 

period
between the date of this Agreement and the date falling one Month after the date of this Agreement. 

	(c)
	The
accrued fee referred to in paragraph (a) above is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last
day of the Availability Period and, if cancelled in full, on the cancelled amount of the Facility at the time the cancellation is effective.

	11.2
	Up-front fee

The
Borrower shall pay to the Lender an up-front fee in the amount and at the time agreed in a Fee Letter. 

16

 
 
 

SECTION 6
  ADDITIONAL PAYMENT OBLIGATIONS    
    

	12.
	TAX GROSS UP AND INDEMNITIES

	12.1
	Definitions

	(a)
	In
this Agreement: 

"Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. 

"Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 

"Tax Payment" means either the increase in a payment made by the Borrower to the Lender under Clause 12.2 (Tax
gross-up) or a payment under Clause 12.3 (Tax indemnity). 

"Tax Relief" means a deduction, exemption or other relief in computing the amount of any Tax. 

	12.2
	Tax gross-up

	(a)
	The
Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.

	(b)
	The
Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender
accordingly. Similarly, the Lender shall notify the Borrower on becoming so aware in respect of a payment payable to that Lender.

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

	(d)
	The
Borrower is not required to make an increased payment to the Lender under paragraph (c) above for a Tax Deduction if the Tax Deduction arises as a result of the gross
negligence or wilful default of the Lender or the failure of the Lender to complete any procedural formalities necessary to enable the Borrower to obtain authorisation to make the relevant payment
without a Tax Deduction which the Lender has been reasonably requested to perform by the Borrower or the relevant tax authorities and which it is within the control of the Lender to complete (without
incurring any cost or expense other than any cost or expense which the Lender considers to be immaterial or which is met by the Borrower).

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

	(f)
	Within
thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Lender evidence reasonably
satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

	12.3
	Tax indemnity

	(a)
	The
Borrower shall (within three Business Days of demand by the Lender) pay to the Lender an amount equal to the loss, liability or cost which the Lender determines (acting in good
faith) will be or has been (directly or indirectly) suffered for or on account of Tax by it in respect of a Finance Document. 

17

 

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

	(i)
	with
respect to any Tax assessed on the Lender:

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

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

if
that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by the Lender; 

	(ii)
	with
respect to any other payment of or for or on account of Tax by the Lender under the law of any jurisdiction referred to in sub-paragraph (i) above except
where the same is incurred in connection with any requirement of the Borrower to make a deduction or withholding for or on account of Tax, or to make a payment on account of Tax, in each case in
respect of a Tax liability of the Lender, in respect of any payments under this Agreement (including a failure to comply with such requirement); or

	(iii)
	to
the extent a loss, liability or cost:

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

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

	(C)
	arises
as a result of the gross negligence or wilful default of the Lender or the failure of the Lender to complete any procedural formalities in connection with any Tax which the
Lender has been reasonably requested to perform by the Borrower or the relevant tax authorities and which it is within the control of the Lender to complete (without incurring any cost or expense
other than any cost or expense which the Lender considers to be immaterial or which is met by the Borrower).

	(c)
	The
Lender making, or intending to make a claim under paragraph (a) above shall promptly notify the Borrower of the event which will give, or has given, rise to the claim.

	12.4
	Tax Credit

	(a)
	If
the Borrower makes a Tax Payment and the Lender determines (acting in good faith) that:

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

	(ii)
	the
Lender has obtained, utilised and retained that Tax Credit, 

the
Lender shall pay an amount to the Borrower which the Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment
not been required to be made by the Borrower. 

	(b)
	If
the Lender makes any payment to the Borrower pursuant to paragraph (a) above and the Lender subsequently determines (acting in good faith) that the Tax Credit in respect of
which such payment was made was not available or has been withdrawn or that it was unable to use such Tax Credit in full, the Borrower shall reimburse the Lender such amount (being an amount no
greater than the amount paid to the Borrower pursuant to paragraph (a) above) as the Lender determines (acting in good faith) is necessary to place it in the same after-tax 

18

 

position
as it would have been in if such Tax Credit had been obtained and fully used and retained by the Lender. 

	12.5
	Stamp taxes

The
Borrower shall pay and, within three Business Days of demand, indemnify the Lender against any cost, loss or liability the Lender incurs in relation to all stamp duty, registration and other
similar Taxes payable in respect of any Finance Document. 

	12.6
	Value added tax

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

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

	13.
	INCREASED COSTS

	13.1
	Increased costs

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

	(b)
	In
this Agreement "Increased Costs" means:

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

	(ii)
	an
additional or increased cost; or

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

which
is incurred or suffered by the Lender or any of its Affiliates to the extent that it is attributable to the Lender having entered into the Facility or funding or performing its obligations under
any Finance Document. 

	13.2
	Increased cost claims

The
Lender intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Borrower of the event giving rise to the claim. 

	13.3
	Exceptions

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

	(i)
	attributable
to a Tax Deduction required by law to be made by the Borrower; 

19

 

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

	(iii)
	attributable
to the failure of the Lender to complete any procedural formalities in connection with any Tax which the Lender has been reasonably requested to perform by the Borrower
or the relevant tax authorities and which it is within the control of the Lender to complete (without incurring any cost or expense other than any cost or expense which the Lender considers to be
immaterial or which is met by the Borrower);

	(iv)
	(without
prejudice to paragraph (b) of Clause 12.4 (Tax Credit)) attributable to any loss or reduction of any Tax Credit
or Tax Relief (including, without limitation, any Tax Credit or Tax Relief in connection with any financing or hedging arrangements of the Lender) received or receivable by the Lender under the laws
of any jurisdiction in which it is incorporated or, if different, the jurisdiction (or jurisdictions) in which it is treated as resident for tax purposes, or the jurisdiction in which its Facility
Office is located (other than the loss or reduction of any such Tax Credit or Tax Relief received or receivable by the Lender where such loss or reduction is due to the gross negligence or wilful
breach of the Borrower or any other member of the Group of any law or regulation or any Event of Default);

	(v)
	compensated
for by the payment of the Mandatory Cost; or

	(vi)
	attributable
to the wilful breach by the Lender or its Affiliates of any law or regulation.

	(b)
	In
this Clause 13.3, a reference to a "Tax Credit", "Tax Deduction" or
"Tax Relief" has, in each case, the same meaning given to such term in Clause 12.1 (Definitions).

	14.
	OTHER INDEMNITIES

	14.1
	Currency indemnity

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

	(i)
	making
or filing a claim or proof against the Borrower;

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

the
Borrower shall as an independent obligation, within three Business Days of demand, indemnify the Lender against any cost, loss or liability arising out of or as a result of the conversion
including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to
that person at the time of its receipt of that Sum. 

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

	14.2
	Other indemnities

The
Borrower shall, within three Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of: 

	(a)
	the
occurrence of any Event of Default; 

20

 

	(b)
	a
failure by the Borrower to pay any amount due under a Finance Document on its due date;

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

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

	(e)
	the
Lender investigating any event which it reasonably believes is a Default; or

	(f)
	the
Lender acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised.

	15.
	MITIGATION BY THE LENDER

	15.1
	Mitigation

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

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

	15.2
	Limitation of liability

	(a)
	The
Borrower shall indemnify The Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 15.1
(Mitigation).

	(b)
	The
Lender is not obliged to take any steps under Clause 15.1 (Mitigation) if, in its opinion (acting reasonably), to do so
might be prejudicial to it.

	16.
	COSTS AND EXPENSES

	16.1
	Transaction expenses

The
Borrower shall promptly on demand pay the Lender the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in connection with the negotiation, preparation,
printing, execution and syndication of: 

	(a)
	this
Agreement and any other documents referred to in this Agreement (up to a cap agreed upon or to be agreed upon between the parties); and

	(b)
	any
other Finance Documents executed after the date of this Agreement,

	16.2
	Amendment costs

If
(a) the Borrower requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 24.8 (Change of
currency), the Borrower shall, within three Business Days of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees) reasonably incurred by
the Lender in responding to, evaluating, negotiating or complying with that request or requirement. 

	16.3
	Enforcement costs

The
Borrower shall, within three Business Days of demand, pay to the Lender the amount of all costs and expenses (including legal fees) incurred by the Lender in connection with the enforcement of, or
the preservation of any rights under, any Finance Document. 

21

  

 
 

SECTION 7
  REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT    
    

	17.
	REPRESENTATIONS

The
Borrower makes the representations and warranties set out in this Clause 17 to the Lender on the date of this Agreement. 

	17.1
	Status

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

	(b)
	It
and each of its Material Companies has the power to own its assets and carry on its business as it is being conducted.

	17.2
	Binding obligations

The
obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law as at the date of this Agreement limiting its obligations which are specifically
referred
to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation), legal, valid, binding and enforceable obligations. 

	17.3
	Non-conflict with other obligations

The
entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: 

	(a)
	any
law or regulation applicable to it;

	(b)
	its
or any of its Subsidiaries' constitutional documents; or

	(c)
	any
agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries' assets to an extent or in a manner which might reasonably be expected
to have a Material Adverse Effect.

	17.4
	Power and authority

It
has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the
transactions contemplated by those Finance Documents. 

	17.5
	Validity and admissibility in evidence

All
Authorisations required or desirable: 

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

	(b)
	to
make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation (subject to compliance with any applicable enforcement procedures of
that jurisdiction), 

have
been obtained or effected and are in full force and effect. 

	17.6
	Governing law and enforcement

	(a)
	The
choice of English law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation. 

22

 

	(b)
	Any
judgment obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation.

	17.7
	Deduction of Tax

It
is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document. 

	17.8
	No filing or stamp taxes

Under
the law of its jurisdiction of incorporation it is not required that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any
stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 

	17.9
	No Insolvency

No
corporate action, legal proceeding or other procedure or step described in Clause 20.6 (Insolvency proceedings) has been taken or, to the
knowledge of the Borrower, threatened in relation to the Borrower or any Material Company and none of the circumstances described in Clause 20.5
(Insolvency) applies to the Borrower or any Material Company. 

	17.10
	No default

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

	(b)
	No
other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any Material Company or to which its (or
any Material Company's) assets are subject which might have a Material Adverse Effect.

	17.11
	No misleading information

All
written information supplied by any member of the Group to the Lender to in connection with the Finance Documents is true, complete and accurate in all material respects as at the date it was
given and is not misleading in any material respect. 

	17.12
	Financial statements

	(a)
	Its
Original Financial Statements were prepared in accordance with US GAAP consistently applied.

	(b)
	Its
Original Financial Statements fairly represent its consolidated and unconsolidated (as the case may be) financial condition and operations during the relevant financial year.

	(c)
	There
has been no material adverse change in its business or financial condition since 30 September 2004.

	17.13
	Pari passu ranking

Its
payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally. 

	17.14
	No proceedings pending or threatened

No
litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect
have (to the best of its knowledge and belief) been started or threatened against it or any Material Company. 

23

 
	17.15
	Environmental compliance

It
and each Material Company has performed and observed in all material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions or agreements
directly or indirectly concerned with any contamination, pollution or waste or the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at any
time owned, leased or occupied by it or any Material Company or on which it or any Material Company has conducted any activity where failure to do so might reasonably be expected to have a Material
Adverse Effect. 

	17.16
	Environmental Claims

No
Environmental Claim has been commenced or (to the best of its knowledge and belief) is threatened against it or any Material Company where that claim would be reasonably likely, if determined
against it or that Material Company to have a Material Adverse Effect. 

	17.17
	Taxation

	(a)
	It
and each Material Company has duly and punctually paid and discharged all Taxes imposed upon it or its assets, and each other member of the Group has duly and punctually paid and
discharged all material Taxes imposed upon it or its assets, in each case within the time period allowed without incurring penalties, save to the extent that:

	(i)
	each
of the following applies:

	(A)
	payment
is being contested in good faith;

	(B)
	it
or the relevant member of the Group has maintained adequate reserves for those Taxes; and

	(C)
	payment
can be lawfully withheld; or

	(ii)
	settlement
and rescheduling has been reached with the appropriate tax authorities prior to the date of this Agreement in relation to such Taxes.

	(b)
	No
member of the Group is materially overdue in the filing of any Tax returns.

	(c)
	No
material claims or investigations are being or are reasonably likely to be asserted against any member of the Group with respect to Taxes.

	17.18
	No Immunity

In
any proceedings taken in its jurisdiction of incorporation in relation to this Agreement, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment
or other legal process. 

	17.19
	Private and commercial acts

Its
execution of the Finance Documents constitutes, and its exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for
private and commercial purposes. 

	17.20
	Repetition

The
Repeating Representations are deemed to be made by the Borrower (by reference to the facts and circumstances then existing) on the date of each Utilisation Request and the first day of each
Interest Period. 

24

 
	18.
	INFORMATION UNDERTAKINGS

The
undertakings in this Clause 18 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or the Facility is in force. 

	18.1
	Financial statements

The
Borrower shall supply to the Lender: 

	(a)
	as
soon as the same become available, but in any event within 135 days after the end of each of its financial years, its audited financial statements for that financial year
(as contained in the Borrower's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission pursuant to the U.S. Securities Exchange Act of 1934, if
applicable); and

	(b)
	as
soon as the same become available, but in any event within 90 days after the end of each financial quarter of each of its financial years, its financial results (as
contained in the submissions made by the Borrower with the U.S. Securities and Exchange Commission on Form 6-K pursuant to the U.S. Securities Exchange Act of 1934, if applicable)
for that financial quarter.

	18.2
	Requirements as to financial statements

	(a)
	Each
set of financial statements delivered by the Borrower pursuant to Clause 18.1 (Financial statements) shall be certified by
a director of the Borrower as fairly representing the Group's financial condition as at the date as at which those financial statements were drawn up.

	(b)
	The
Borrower shall procure that each set of financial statements delivered pursuant to Clause 18.1 (Financial statements) is
prepared using US GAAP. To the extent that there is any change in US GAAP, or to the extent that the accounting practices and financial reference periods applied in the preparation of the Original
Financial Statements are different to those applied under US GAAP, the Borrower shall notify the Lender accordingly and shall ensure that its auditors deliver to the Lender a description of any change
necessary for any financial statements delivered under Clause 18.1 (Financial statements) to reflect the accounting practices and reference
periods upon which the Borrower's Original Financial Statements were prepared.

	18.3
	Determination of Material Companies

Whether
or not a member of the Group is a Material Company shall be determined on the basis of the most recent audited financial statements of the Group delivered to the Lender pursuant to
Clause 18.1 (Financial statements) and such other information as the Lender (acting reasonably) may specify to the Borrower for the purpose of
determining whether or not a member of the Group is a Material Company. The Borrower agrees to deliver such financial statements and other information to the Lender as the Lender may reasonably
require for this purpose. 

	18.4
	Information: miscellaneous

The
Borrower shall supply to the Lender: 

	(a)
	promptly
upon the reasonable request of the Lender, all documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors generally;

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

	(c)
	promptly,
such further information regarding the financial condition, business and operations of any member of the Group as the Lender may reasonably request. 

25

 

	18.5
	Notification of default

	(a)
	The
Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.

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

	18.6
	"Know your customer" checks

	(a)
	If:

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

	(ii)
	any
change in the status of the Borrower or the composition of the shareholders of the Borrower after the date of this Agreement, 

obliges
the Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly
upon the request of the Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender in order for the Lender to carry out and be satisfied it
has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

	19.
	GENERAL UNDERTAKINGS

The
undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or the Facility is in force. 

	19.1
	Authorisations

The
Borrower shall promptly: 

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

	(b)
	if
so requested by the Lender (acting reasonably), supply certified copies to the Lender of, 

any
Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 

	19.2
	Compliance with laws

The
Borrower shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents. 

	19.3
	Negative pledge

	(a)
	Except
as provided for in paragraph (c) below, the Borrower shall ensure that neither it nor any other member of the Group will create or permit to subsist any Security over
any of its assets. 

26

 

	(b)
	Except
as provided for in paragraph (c) below, the Borrower shall ensure that neither it nor any other member of the Group will:

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

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

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

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

in
circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

	(c)
	Paragraphs
(a) and (b) above do not apply to:

	(i)
	any
Security entered into by any member of the Group (other than the Borrower) on arm's length terms which is existing as at the date of this Agreement or any Security entered into by
any member of the Group (other than the Borrower) which replaces any such Security provided that the amount thereby secured is not increased;

	(ii)
	any
Security entered into by any member of the Group (other than the Borrower) on arm's length terms to secure any Permitted Financial Indebtedness provided
that the aggregate amount thereby secured does not exceed the aggregate amount of such Permitted Financial Indebtedness;

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

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

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

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

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

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

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

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

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

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

27

 

	(vii)
	any
Security entered into pursuant to any Finance Document;

	(viii)
	any
Security created or incurred by the Borrower with respect to its obligations where such obligations do not exceed in the aggregate EUR 25,000,000 (or its equivalent in other
currencies) at any one time, where such Security is not otherwise permitted pursuant to the other provisions of this Clause 19.3;

	(ix)
	any
Security created or incurred by any member of the Group to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a
like nature in each case granted in the ordinary course of business by such member of the Group provided that where such Security is created or incurred
by the Borrower, the aggregate amount thereby secured does not exceed EUR 10,000,000 at any time;

	(x)
	any
Security created or incurred by any member of the Group (other than the Borrower) encumbering deposits made to secure obligations arising from statutory, regulatory, contractual
or warranty requirements of such member of the Group, including rights of offset and set-off provided that any such contractual or warranty
requirements are entered into in the ordinary course of business of such member of the Group;

	(xi)
	any
Security created or incurred by any member of the Group (other than the Borrower) for taxes, assessments or governmental charges or claims that are not yet delinquent or that are
being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, provided that any reserve or other appropriate
provision as shall be required in conformity with US GAAP shall have been made therefore;

	(xii)
	any
Security created or incurred by any member of the Group (other than the Borrower) arising by reason of any judgment, decree or order of any court  provided that any appropriate legal proceedings that may
have been duly initiated for the review of such judgment, decree or order shall not have been
fully terminated or the period within which such proceedings may be initiated shall not have expired;

	(xiii)
	purchase
money Security created or incurred by any member of the Group (other than the Borrower) to finance the acquisition of property or assets in the ordinary course of business
by such member of the Group where such Security is created within 90 days of such acquisition and provided that the related purchase money
Financial Indebtedness is:

	(A)
	Permitted
Financial Indebtedness;

	(B)
	the
aggregate amount thereof does not exceed the cost of such property or assets; and

	(C)
	not
secured by any property or assets other than the property and assets so acquired;

	(xiv)
	any
Security created or incurred by any member of the Group (other than the Borrower) or deposits made in the ordinary course of business by any member of the Group (other than the
Borrower) in connection with workers' compensation, unemployment insurance and other types of social security, including any Security created or incurred by such member of the Group securing letters
of credit issued in the ordinary course of business consistent with past practice of such member of the Group in connection therewith, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) of such member of the
Group; and

	(xv)
	any
Security created or incurred by any member of the Group (other than the Borrower) in the ordinary course of business of such member of the Group securing reimbursement
obligations with respect to any commercial letter of credit and which encumbers 

28

 

documents
and other property relating to such letters of credit and products and proceeds thereof. 

	19.4
	Financial Indebtedness

	(a)
	Except
as permitted under paragraph (b) below, the Borrower shall not (and the Borrower shall ensure that no other member of the Group will) incur or allow to remain
outstanding any Financial Indebtedness.

	(b)
	Paragraph (a)
above does not apply to Financial Indebtedness which is Permitted Financial Indebtedness.

	19.5
	Merger

The
Borrower shall ensure that neither it nor any other member of the Group will enter into any amalgamation, demerger, merger or corporate reconstruction other than any amalgamation or merger between
any two or more members of the Group (other than the Borrower or any member of the Group to which any of the circumstances described in Clause 20.5
(Insolvency) apply (as if references to "Material Company" therein were references to any member of the Group)). 

	19.6
	Change of business

The
Borrower shall procure that no substantial change is made to the general nature of the business of the Group from that carried on at the date of this Agreement. 

	19.7
	Insurance

The
Borrower shall ensure that it and each Material Company will maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those
risks and to the extent as is usual for companies carrying on the same or substantially similar business. 

	19.8
	Environmental Compliance

The
Borrower shall ensure that it and each Material Company will comply in all material respects with all Environmental Law and obtain and maintain any Environmental Permits and take all reasonable
steps in anticipation of known or expected future changes to or obligations under the same where failure to do so might reasonably be expected to have a Material Adverse Effect. 

	19.9
	Environmental Claims

The
Borrower shall inform the Lender in writing as soon as reasonably practicable upon becoming aware of the same: 

	(a)
	if
any Environmental Claim has been commenced or (to the best of the Borrower's knowledge and belief) is threatened against the Borrower or any Material Company, or

	(b)
	of
any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against the Borrower or any Material Company, 

where
the claim would be reasonably likely, if determined against that Material Company, to have a Material Adverse Effect. 

	19.10
	Taxation

The
Borrower shall ensure that it and each Material Company will duly and punctually pay and discharge all Taxes imposed upon it or its assets, and that each other member of the Group will 

29

 

duly
and punctually pay and discharge all material Taxes imposed upon it or its assets, in each case within the time period allowed without incurring penalties, save to the extent that: 

	(a)
	each
of the following applies:

	(i)
	payment
is being contested in good faith;

	(ii)
	it
or the relevant member of the Group has maintained adequate reserves for those Taxes; and

	(iii)
	payment
can be lawfully withheld; or

	(b)
	settlement
and rescheduling has been reached with the appropriate tax authorities prior to the date of this Agreement in relation to such Taxes.

	19.11
	Loans and Guarantees

The
Borrower shall ensure that neither it nor any other member of the Group will make any loans, grant any credit (save in the ordinary course of business) or give any guarantee or indemnity (except
as required under any of the Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any
person, other than: 

	(a)
	any
guarantee given by any member of the Group on arm's length terms in respect of or which constitutes Permitted Financial Indebtedness;

	(b)
	any
loan made, or any guarantee given, by any member of the Group in each case to a company in which such member of the Group holds an equity interest provided
that such loan or guarantee was entered into prior to the date of this Agreement and on arm's length terms;

	(c)
	any
loan made by any member of the Group in the ordinary course of business to an employee thereof provided that the aggregate amount
of all such loans made by such member of the Group does not exceed at any time the EUR 2,500,000 (or its equivalent in other currencies);

	(d)
	any
loan made by any member of the Group to or for the benefit of any director, employee or member of management thereof not permitted pursuant to paragraph (c) above where
such loan is made as part of an incentive scheme or employment plan, agreement or arrangement in the ordinary course of business and provided that the
aggregate amount of all such loans made by all members of the Group does not exceed at any time EUR 2,500,000 (or its equivalent in other currencies); or

	(e)
	any
loan made or guarantee granted not permitted pursuant to paragraphs (a) to (d) above where the aggregate amount of Financial Indebtedness or other actual or
contingent liabilities incurred pursuant to all such loans and guarantees does not exceed EUR 7,500,000 (or its equivalent in other currencies).

	20.
	EVENTS OF DEFAULT

Each
of the events or circumstances set out in Clause 20 is an Event of Default. 

	20.1
	Non-payment

The
Borrower does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless: 

	(a)
	its
failure to pay is caused by administrative or technical error; and

	(b)
	payment
is made within 3 Business Days of its due date for payment. 

30

 

	20.2
	Other obligations

	(a)
	The
Borrower does not comply with any provision of the Finance Documents (other than those referred to in Clause 20.1
(Non-payment)).

	(b)
	No
Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the Lender giving notice to
the Borrower or (as applicable) the Borrower becoming aware of the failure to comply.

	20.3
	Misrepresentation

Any
representation or statement made or deemed to be made by the Borrower in the Finance Documents or any other document delivered by or on behalf of the Borrower under or in connection with any
Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

	20.4
	Cross default

	(a)
	Any
Financial Indebtedness of any member of the Group is not paid when due (after the expiry of any originally applicable grace period, if applicable).

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

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

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

	(e)
	No
event of default will occur under this Clause 20.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is less than EUR 10,000,000 (or its equivalent in other currencies).

	20.5
	Insolvency

	(a)
	The
Borrower or any Material Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

	(b)
	The
value of the assets of the Borrower or any Material Company is less than its liabilities.

	(c)
	A
moratorium is declared in respect of any indebtedness of the Borrower or any Material Company.

	20.6
	Insolvency proceedings

	(a)
	Except
as provided in paragraph (b) below legal proceedings or other procedure or step is taken in relation to:

	(i)
	the
suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of
arrangement or otherwise) of the Borrower or any Material Company other than a solvent liquidation or reorganisation of a Material Company; 

31

 

	(ii)
	a
composition, compromise, assignment or arrangement with any creditor of the Borrower or any Material Company;

	(iii)
	the
appointment of a liquidator (other than in respect of a solvent liquidation of a Material Company), receiver, administrative receiver, administrator, compulsory manager or other
similar officer in respect of the Borrower or any Material Company or any of its assets; or

	(iv)
	enforcement
of any Security over any assets of the Borrower or any Material Company, 

or
any analogous procedure or step is taken in any jurisdiction. 

	(b)
	Paragraph (a)
above does not apply to any winding-up petition which is frivolous or vexatious in nature or is being contested in good faith and which is discharged,
stayed or dismissed within 20 Business Days of commencement or, if earlier, the date on which it such petition is advertised.

	20.7
	Creditors' process

Any
expropriation, attachment, sequestration, distress or execution affects any asset or assets of any member of the Group and is not discharged within 20 Business Days unless the base currency
equivalent of the aggregate value of that asset or those assets is less than EUR 10,000,000. 

	20.8
	Unlawfulness

It
is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents. 

	20.9
	Repudiation

The
Borrower repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

	20.10
	Governmental Intervention

By
or under the authority of any government: 

	(a)
	the
management of the Borrower or any Material Company is wholly or substantially displaced or the authority of the Borrower or any Material Company in the conduct of its business is
wholly or substantially curtailed; or

	(b)
	all
or a majority of the issued shares of the Borrower or any Material Company or the whole or a substantial part of its revenues or assets is seized, nationalised, expropriated or
compulsorily acquired.

	20.11
	Material adverse change

Any
event or circumstance occurs which the Lender reasonably believes might have a Material Adverse Effect. 

	20.12
	Acceleration

On
and at any time after the occurrence of an Event of Default which is continuing the Lender may by notice to the Borrower: 

	(a)
	cancel
the Facility whereupon it shall immediately be cancelled;

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

	(c)
	declare
that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Lender. 

32

  

 
 

SECTION 9
  CHANGES TO THE PARTIES    
    

	21.
	CHANGES TO THE BORROWER

The
Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

	22.
	CHANGES TO THE LENDER

The
Lender may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

33

 
 
 

SECTION 10
  ADMINISTRATION    
    

	23.
	CONDUCT OF BUSINESS BY THE LENDER

No
provision of this Agreement will: 

	(a)
	interfere
with the right of the Lender to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

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

	(c)
	oblige
the Lender to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

	24.
	PAYMENT MECHANICS

	24.1
	Payments to the Lender

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

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

	24.2
	Payments to the Borrower

	(a)
	On
each date on which this Agreement requires an amount to be paid by the Lender, the Lender shall make the same available to the Borrower in such funds and to such account with such
bank as the Borrower shall specify from time to time.

	(b)
	Without
prejudice to paragraph (a) of Clause 5.1 (Delivery of a Utilisation request), a payment will be deemed to have
been made by the Lender on the date on which it was required to be made under this Agreement if the Lender has, on or before that date, taken steps to make that payment in accordance with the
regulations or operating procedures of the clearing system used by the Lender in order to make the payment.

	24.3
	Distributions to the Borrower

The
Lender may (with the consent of the Borrower or in accordance with Clause 25 (Set-off)) apply any amount received by it for the
Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any
currency to be so applied. 

	24.4
	Partial payments

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

	(i)
	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under the Finance Documents;

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

34

 

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

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

	(b)
	The
Lender may vary the order set out in subparagraphs (i) to (iv) of sub-clause 24.4(a) above.

	(c)
	Sub-clauses
24.4(a) and 24.4(b) above will override any appropriation made by the Borrower.

	24.5
	No set-off by the Borrower

All
payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

	24.6
	Business Days

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

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

	24.7
	Currency of account

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

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

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

	24.8
	Change of currency

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

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

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

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

35

 

	25.
	SET-OFF

The
Lender may set off any matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to
the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off. 

	26.
	REFINANCING

The
Borrower shall, if no debt or equity capital market instrument has been (or is about to be) issued by the date which is four Months after the date of this Agreement (the
"Relevant Date"), grant (by no later than the date which is one Month after the Relevant Date) a mandate to one or more banks or other financial
institutions to arrange and syndicate a senior credit facility in the Euro loan market for the purpose of refinancing the Financial Indebtedness incurred pursuant to this Facility. 

	27.
	NOTICES

	27.1
	Communications in writing

Any
communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 

	27.2
	Addresses

The
address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or
in connection with the Finance Documents is that identified with its name below: 

	

To:	

 	

SBS Broadcasting S.A.

8-10 Rue Mathias Hardt

L-1717 Luxembourg

Telephone: +352 26 12 15

Facsimile: +352 26 12 33 01

Attn: Corporate Secretary
	

With a copy to:	

 	

SBS Services B.V.

Rietlandpark 353

1019 EM Amsterdam

The Netherlands

Telephone: +31 20 519 1919

Facsimile: +31 20 519 1996

Attn: Juergen von Schwerin/Erik Moe

or
any substitute address or fax number or department or officer as the Party may notify to the other party by not less than five Business Days' notice. 

36

 
	27.3
	Delivery

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

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

	(ii)
	if
by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

and,
if a particular department or officer is specified as part of its address details provided under Clause 27.2 (Addresses), if addressed to
that department or officer. 

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

	27.4
	English language

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

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

	(i)
	in
English; or

	(ii)
	if
not in English, and if so required by the Lender, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document.

	28.
	CALCULATIONS AND CERTIFICATES

	28.1
	Accounts

In
any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the Lender are prima
facie evidence of the matters to which they relate. 

	28.2
	Certificates and Determinations

Any
certification or determination by the Lender of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 

	28.3
	Day count convention

Any
interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in
any case where the practice in the European Interbank Market differs, in accordance with that market practice. 

	29.
	PARTIAL INVALIDITY

If,
at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

37

 
	30.
	REMEDIES AND WAIVERS

No
failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of
any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law. 

	31.
	AMENDMENTS AND WAIVERS

	31.1
	Required consents

Any
term of the Finance Documents may be amended or waived only with the consent of the Lender and the Borrower. 

	32.
	COUNTERPARTS

Each
Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

38

 
 
 

SECTION 12
  GOVERNING LAW AND ENFORCEMENT    
    

	33.
	GOVERNING LAW

This
Agreement is governed by English law. 

	34.
	ENFORCEMENT

	34.1
	Jurisdiction

	(a)
	The
courts of England have non- exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a "Dispute").

	(b)
	Without
prejudice to paragraph (a) above, the Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no
Party will argue to the contrary.

	(c)
	This
Clause 34.1 is for the benefit of the Lender only. The Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.
To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions.

	34.2
	Service of process

Without
prejudice to any other mode of service allowed under any relevant law, the Borrower: 

	(a)
	irrevocably
appoints SBS Services UK Limited (whose registered office is Carmelite House, 50 Victoria Embankment, Blackfriars, London, EC4Y 0DX) as its agent for service of process in
relation to any proceedings before the English courts in connection with any Finance Document; and

	(b)
	agrees
that failure by an agent for service of process to notify the Borrower of the process will not invalidate the proceedings concerned. 

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

39

  

 
 

SCHEDULE 1    
    
    CONDITIONS PRECEDENT    
    

Conditions precedent to initial Utilisation  

	1.
	The Borrower

	(a)
	A
copy of the constitutional documents of the Borrower.

	(b)
	A
copy of the minutes of a meeting of the board of directors of the Borrower:

	(i)
	approving
the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;

	(ii)
	authorising
a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and

	(iii)
	authorising
a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party.

	(c)
	A
specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.

	(d)
	A
certificate of the Borrower (signed by a director) confirming that borrowing the full amount of the Facility would not cause any borrowing, guaranteeing or similar limit binding on
the Borrower to be exceeded.

	(e)
	A
certificate of an authorised signatory of the Borrower certifying that each copy document relating to it and required to be delivered by it pursuant to this Schedule 1 is
correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

	2.
	Legal opinions

	(a)
	A
legal opinion of Clifford Chance LLP, English legal advisers to the Lender.

	(b)
	A
legal opinion of Clifford Chance LLP, Luxembourg legal advisers to the Lender.

	3.
	Other documents and evidence

	(a)
	Evidence
that the process agent referred to in Clause 34.2 (Service of process) has accepted its appointment.

	(b)
	The
Original Financial Statements of the Borrower.

	(c)
	An
executed copy of the Fee Letter. 

40

 

 
 

SCHEDULE 2    
    
    REQUESTS    
    

Utilisation Request  

	From:
	SBS
Broadcasting S.A.

	To:
	ABN
AMRO Bank N.V.

CA NL (HQ6044)

P.O. Box 283

1000 EA Amsterdam

The Netherlands 

Fax:
+31 20 3835552 

Attention:
Loan servicing CS Desk 

with
copy to: 

ABN
AMRO Bank N.V.

Credit Portfolio Management (HQ6055)

P.O. Box 283

1000 EA Amsterdam

The Netherlands 

Fax:
+31 20 6296270 

Attention.
Susan Janssen-Ossenblok 

Dated:

Dear
Sirs 

SBS Broadcasting S.A.—EUR 300,000,000 Bridge Facility Agreement

dated 7 March 2005 (the "Agreement")  

	1.
	We
refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this
Utilisation Request.

	2.
	We
wish to borrow a Loan on the following terms: 

	Proposed Utilisation Date:	 	[            ] (or, if that is not a Business Day, the next Business Day)
	

Currency of Loan:	
 	

Euro
	

Amount:	
 	

[            ] or, if less, the Available Facility
	

Interest Period:	
 	

[            ]

	3.
	We
confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this
Utilisation Request.

	4.
	The
proceeds of this Loan should be credited to [account].

	5.
	This
Utilisation Request is irrevocable. 

Yours
faithfully 

  

________________________

authorised signatory for

SBS Broadcasting S.A. 

41

 
 
 

SCHEDULE 3    
    
    MANDATORY COST FORMULAE    
    

	1.
	The
Mandatory Cost is an addition to the interest rate to compensate Lender for the cost of compliance with (a) the requirements of the Financial Services Authority (or any
other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

	2.
	On
the first day of each Interest Period (or as soon as possible thereafter) the Lender shall calculate, as a percentage rate, a rate (the "Mandatory
Cost"), in accordance with the paragraphs set out below.

	3.
	The
Mandatory Cost for the Lender lending from a Facility Office in a Participating Member State will be the percentage determined by that Lender. This percentage will be the Lender's
reasonable determination of the cost (expressed as a percentage of the Lender's participation in all Loans made from that Facility Office) of complying with the minimum reserve requirements of the
European Central Bank in respect of loans made from that Facility Office.

	4.
	The
Mandatory Cost for the Lender lending from a Facility Office in the United Kingdom will be calculated by the Lender as follows: 

	E × 0.01
 300	 	per cent. per annum.

Where:

	E
	is
the rate of charge payable by the Lender to the Financial Services Authority pursuant to the Fees Rules (calculated for this purpose by the Lender as being the average of the Fee
Tariffs applicable to the Lender) and expressed in pounds per £1,000,000 of the Tariff Base of the Lender.

	5.
	For
the purposes of this Schedule:

	(a)
	"Fees Rules" means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in
force from time to time in respect of the payment of fees for the acceptance of deposits;

	(b)
	"Fee Tariffs" means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum
fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and

	(c)
	"Tariff Base" has the meaning given to it in, and will be calculated in accordance with, the Fees Rules.

	6.
	The
Lender shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates the Lender.

	7.
	Any
determination by the Lender pursuant to this Schedule in relation to a formula, the Mandatory Cost, or any amount payable to the Lender shall, in the absence of manifest error, be
conclusive and binding on all Parties.

	8.
	The
Lender may from time to time, after consultation with the Borrower, determine and notify to the Borrower any amendments which are required to be made to this Schedule in order to
comply with any change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which
replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 

42

  

 
 

SIGNATURES    
    

	THE BORROWER	 	 
	
SBS BROADCASTING S.A.	
 	

 
	

By:	
 	

/s/ ERIK T. MOE
	
 	

 
	

Name:	
 	

Erik T. Moe

Senior Vice President, General Counsel and Company Secretary
	

Address:	
 	

8-10 Rue Mathias Hardt

L-1717 Luxembourg	
 	

 
	

Fax:	
 	

+352 26 12 33 01	
 	

 
	

Telephone:	
 	

+352 26 12 15	
 	

 
	

Attention:	
 	

Company Secretary	
 	

 
	

With a copy to:	
 	

SBS Services B.V.

Rietlandpark 353

1019EM Amsterdam

The Netherlands	
 	

 
	

Fax:	
 	

+31 20 519 1996	
 	

 
	

Telephone:	
 	

+31 20 519 1919	
 	

 
	

Attention:	
 	

Erik T. Moe / Juergen von Schwerin
	
THE LENDER	
 	

 
	
ABN AMRO BANK N.V.	
 	

 
	

By:	
 	

/s/ C.A. HEILIG
	
 	

/s/ SAM JANSSEN-OSSENBLOK

	

Name:	
 	

Cees A. Heilig	
 	

Name: Sam Janssen-Ossenblok
	

Address:	
 	

Gustav Mahlerlaan 10

1082 PP Amsterdam

The Netherlands	
 	

 
	

Fax:	
 	

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Exhibit 4.20

CONTENTS

SECTION 1 INTERPRETATION

SECTION 2 THE FACILITY

SECTION 3 UTILISATION

SECTION 4 REPAYMENT, PREPAYMENT AND CANCELLATION

SECTION 5 COSTS OF UTILISATION

SECTION 6 ADDITIONAL PAYMENT OBLIGATIONS

SECTION 7 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

SECTION 9 CHANGES TO THE PARTIES

SECTION 10 ADMINISTRATION

SECTION 12 GOVERNING LAW AND ENFORCEMENT

SCHEDULE 1 CONDITIONS PRECEDENT

SCHEDULE 2 REQUESTS

SCHEDULE 3 MANDATORY COST FORMULAE

SIGNATURES

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