Document:

Exhibit
10.12

 

AGREEMENT
OF PLEDGE

 

 

between

 

 

NEW SKIES SATELLITES B.V.

 

as Pledgor

 

 

and

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH

 

as Pledgee

 

 

Intellectual
Property Rights

 

 

Stibbe N.V.

Strawinskylaan 2001

 

Amsterdam

 

 

INDEX

 

	
  1

  	
  DEFINITIONS AND INTERPRETATION

  	
   

  
	
  2

  	
  PLEDGE

  	
   

  
	
  3

  	
  ACCESSORY RIGHTS AND ANCILLARY RIGHTS

  	
   

  
	
  4

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
  5

  	
  UNDERTAKINGS

  	
   

  
	
  6

  	
  CONSENT

  	
   

  
	
  7

  	
  ENFORCEMENT AND POWER OF ATTORNEY

  	
   

  
	
  8

  	
  TERMINATION

  	
   

  
	
  9

  	
  ASSIGNMENT AND INFORMATION

  	
   

  
	
  10

  	
  RECORDS OF PLEDGEE

  	
   

  
	
  11

  	
  COSTS

  	
   

  
	
  12

  	
  NOTICES

  	
   

  
	
  13

  	
  SUSPENSION OF RIGHTS AND INDEMNITY

  	
   

  
	
  14

  	
  LIABILITY

  	
   

  
	
  15

  	
  LIMITATION; WAIVER

  	
   

  
	
  16

  	
  SECURITY INTEREST ABSOLUTE

  	
   

  
	
  17

  	
  AMENDMENT OF THIS AGREEMENT

  	
   

  
	
  18

  	
  GOVERNING LAW AND JURISDICTION

  	
   

  
	
  19

  	
  SEVERABILITY OF PROVISIONS

  	
   

  
	
  20

  	
  REMEDIES AND PREVALENCE

  	
   

  
	
  21

  	
  REGULATORY MATTERS

  	
   

  
	
  22

  	
  REGISTRATION

  	
   

  
	
  23

  	
  COUNTERPARTS

  	
   

  

 

	
  ANNEX 1

  	
  FORM OF DEFAULT NOTICE

  
	
   

  	
   

  
	
  ANNEX 2

  	
  LIST OF TRADE MARKS

  
	
   

  	
   

  
	
  ANNEX 3

  	
  FORM OF POWER OF ATTORNEY

  
	
   

  	
   

  
	
  ANNEX 4

  	
  FORM OF SUPPLEMENTAL AGREEMENT

  
	
   

  	
   

  
	
  ANNEX 5

  	
  FORM OF THIRD PARTY NOTICE

  

 

2

 

THIS AGREEMENT OF PLEDGE OF INTELLECTUAL PROPERTY RIGHTS IS DATED 2 NOVEMBER 2004

 

BETWEEN:

 

1              New Skies
Satellites B.V., a private company with limited liability (besloten vennootschap),
incorporated and existing under the laws of The Netherlands, with corporate
seat in Amsterdam, The Netherlands, having its registered address at Rokin 55,
1012 KK Amsterdam, The Netherlands, registered with the Commercial Register
under number 30146277 (the “Pledgor”); and

 

2              Deutsche Bank AG, New York Branch, with its
principal place of business at 60 Wall Street, New York 10005, United States of
America, acting as Collateral Agent pro se in its
capacity as creditor under the Parallel Debt Obligations (as defined below) and
also for the Secured Parties, as such term is defined in the Credit Agreement
(as defined below), pursuant to the terms of the Credit Agreement (the “Pledgee”).

 

WHEREAS:

 

(a)            on 2 November 2004, amongst others, New
Skies Holding B.V., the Pledgor, the Lenders party thereto, the Pledgee (as
Administrative Agent and as Collateral Agent for the Secured Parties), ABN AMRO
Bank N.V. (as Syndication Agent) and Deutsche Bank Securities Inc. and ABN AMRO
Incorporated (as Joint Lead Arrangers) entered into a USD 535,000,000 Credit
Agreement (the “Credit Agreement”);

 

(b)           on the terms and subject to the conditions
set forth in the Credit Agreement the Lenders are willing to extend senior
secured credit to the Borrowers (as defined in the Credit Agreement); and

 

(c)            as a condition to the (continuing)
availability of such credit and in order to secure and provide for the payment
and discharge of, inter alia, the
Parallel Debt Obligations (as defined below), the Pledgor and the Pledgee have
agreed that the Pledgor shall enter into this Agreement of Pledge of
Intellectual Property Rights.

 

IT IS HEREBY AGREED AS FOLLOWS:

 

1              DEFINITIONS AND INTERPRETATION

 

1.1           All capitalised terms used in this Agreement of
Pledge of Intellectual Property Rights (the “Agreement”),
including the recitals, and not otherwise defined herein shall have the meaning
assigned to them in the Credit Agreement.

 

3

 

1.2           a.         Headings are for convenience of reference only.

 

b.         Where the context so permits, the singular includes
the plural and vice versa.

 

c.          Save where the contrary is indicated, any reference in this Agreement to
the parties or a party to this Agreement shall be construed so as to include
its or their respective successors, transferees and assigns from time to time and
any successor of such a successor, transferee or assign in accordance with
their respective interests.

 

d.         A “Clause” and a “subclause” shall, subject to any indication to the
contrary, be construed as a reference to a clause and subclause hereof.

 

e.          References to the Credit Agreement, the Facility, the (other) Loan
Documents, this Agreement, the Swap Agreements or any other agreement or
document shall, where applicable, be deemed to be references to such Credit
Agreement, the Facility, the (other) Loan Documents, this Agreement, the Swap
Agreements or such other agreement or document as the same may have been, or
may from time to time be, extended, prolonged, amended, restated, supplemented,
renewed or novated, as persons may accede thereto as a party or withdraw
therefrom as a party in part or in whole or be released thereunder in part or
in whole, and as facilities and financial services are or may from time to time
be granted, extended, prolonged, increased, reduced, cancelled, withdrawn,
amended, restated, supplemented, renewed or novated thereunder.

 

f.          A
statute or statutory provision shall be construed as a reference to such
statute or statutory provision as the same may have been, or may from time to
time be, amended or re-enacted and all instruments, orders, plans, regulations,
by-laws, permissions and directions at any time made thereunder.

 

1.3           In this Agreement the following words and
expressions shall have the following meaning:

 

“Copyrights”
means any and all copyrights, whether registered or not, within the meaning of
(i) the Dutch Copyright Act (Auteurswet),
(ii) the Convention of Bern, (iii) the Universal Copyright Convention, or (iv)
any similar, present or future, legal regime, including, without limitation,
any pending applications for such rights, in The Netherlands or in any other
state or country, owned by the Pledgor or in which the Pledgor now or in the
future has an interest (to the extent of that interest);

 

“Database Rights”
means any and all rights, whether registered or not, in databases within the
meaning of (i) the Dutch Database Act (Databankenwet),
(ii) the Directive 96/9/EC of the European Parliament and of the Council of 11 March 1996
on the legal protection of databases or (iii) any similar, present or future,
legal regime,  including, without
limitation, any pending applications for such rights, in The Netherlands or in
any other state or country, owned by the Pledgor or in which the Pledgor now or
in the future has an interest (to the extent of that interest);

 

“Default Notice”
means the default notice substantially in the form of Annex 1
hereto;

 

4

 

“Designs” means
any and all rights, whether registered or not, in designs within the meaning of
(i) the Uniform Benelux Designs Act (Eenvormige Beneluxwet
inzake Tekeningen of Modellen), (ii) the Directive 98/71/EC of the
European Parliament and of the Council of 13 October 1998 on the legal
protection of designs, (iii) the Regulation EC 6/2002 of the European Council
of 12 December 2001 on Community designs, or (iv) any similar, present or
future, legal regime, including, without limitation, any pending applications
for such rights, in The Netherlands, the Benelux or any other state or country,
owned by the Pledgor or in which the Pledgor now or in the future has an
interest (to the extent of that interest);

 

“Equivalent
Sum” has the meaning ascribed thereto in Clause 6.3 below;

 

“Future IP Rights”
means any and all Copyrights, Database Rights, Designs, Licensee Rights,
Internet Domain Names, Patents, Trade Marks and Trade Secrets, together with
any and all income, royalties, damages and payments at any time due or payable
to the Pledgor with respect thereto, including, without limitation, damages and
payments for past or future infringements or misappropriations thereof, in any
state or country, applied for, granted to, acquired or owned by the Pledgor
subsequent to the execution of this Agreement or any Supplemental Agreement;

 

“Internet Domain Names”
means any and all rights, whether registered or not, in internet domain names,
including, without limitation, “www.newskies.com” and any pending applications
for such rights, in the name of the Pledgor or in which the Pledgor now or in
the future has an interest (to the extent of that interest), in The Netherlands
or in any other state or country;

 

“IP Rights”
means the Copyrights, Database Rights, Designs, Licensee Rights, Internet
Domain Names, Patents, Trade Marks and Trade Secrets existing from time to
time, together with any and all income, royalties, damages and payments at any
time due or payable to the Pledgor with respect thereto, including, without
limitation, damages and payments for past or future infringements or
misappropriations thereof, in any state or country, including the Copyrights,
Database Rights, Designs, Licensee Rights, Internet Domain Names, Patents,
Trade Marks and Trade Secrets set out in the list attached hereto as Annex 2 (which list is made available by the Pledgor to the
Pledgee);

 

“Licensee Rights”
means any and all rights of the Pledgor or in which the Pledgor now or in the
future has an interest (to the extent of that interest), whether registered or
not, pursuant to any licence agreements, whether written or oral, with third
parties by which the Pledgor has obtained rights (of whatever nature) to use,
copy, distribute, market, sub-license, sell or otherwise exploit or apply any
Copyrights, Database Rights, Designs, Patents, Trade Marks or Trade Secrets, in
The Netherlands or in any other state or country, together with any rights or
permits of the Pledgor in connection with any Internet Domain Names, to the
extent that such licence agreements do not prohibit the Pledgor to grant a
right of pledge on its rights thereunder;

 

5

 

“Original
Payment” has the meaning ascribed thereto in Clause 6.3 below;

 

“Parallel Debt
Obligations” has the meaning ascribed thereto in section 9.19
of the Credit Agreement;

 

“Patents” means
any and all rights, whether registered or not, 
in patents within the meaning of (i) the Dutch Patent Acts of 1910 or
1995, respectively, (Rijksoctrooiwet
1910 or Rijksoctrooiwet
1995), (ii) the European Patent Convention of 1973, (iii) the Patent
Cooperation Treaty of 1970 or (iv) any similar, present or future, legal
regime, whether registered or not, including, without limitation, any pending
applications for such rights, in The Netherlands or in any other state or
country, owned by the Pledgor or in which the Pledgor now or in the future has
an interest (to the extent of that interest);

 

“Pledged Collateral”
means the Security Assets;

 

“Power of Attorney”
means the power of attorney dated on or about the date hereof, a form of which
is attached hereto as Annex 3, issued by the Pledgee authorising the
Pledgor to represent and act and sign on behalf of the Pledgee any Supplemental
Agreements;

 

“Register” means
the register of the “Inspectie der Registratie
en Successie” or any intellectual property office, bureau or agency
in The Netherlands and/or in any other state or country, including but not
limited to the Benelux Trade Marks Office, the Office for Harmonization in the
Internal Market, the Netherlands Industrial Property Office, the European
Patent Office and the Foundation Internet Domain Registration in the
Netherlands;

 

“Right of Pledge”
means the rights of pledge created by this Agreement, including the pledge over
the IP Rights, which includes, for the avoidance of doubt, any and all pledges
created pursuant to the Supplemental Agreements;

 

“Secured Obligations”
means the Parallel Debt Obligations (of each of the Loan Parties);

 

“Security Assets”
means the IP Rights and the Future IP Rights;

 

“Security Period”
means the period beginning on the date hereof and ending on the date upon which
(a) all the Secured Obligations have been irrevocably paid and discharged, or
have ceased to exist, no Swap Agreements are outstanding and all Commitments
under the Credit Agreement have been terminated and (b) all Rights of Pledge
have been released and discharged by the Pledgee in accordance with Clause 10
below;

 

“Supplemental Agreement”
means any supplemental agreement executed pursuant to Clause 2.6 or 2.7 below
(and “Supplemental Agreements” means all of
them);

 

“Trade Marks”
means any and all rights, whether registered or not, in trade marks and trade
names and all goodwill associated therewith, within the meaning of (i) the
Benelux Trade

 

6

 

Mark Act (Benelux Merkenwet),
(ii) the Dutch Trade Names Act (Handelsnaamwet),
(iii)  EU Council Regulation (EC) No
40/94 on the Community trade mark or (iv) any similar, present or future, legal
regime,  whether registered or not,
including, without limitation, any pending applications for such rights, in The
Netherlands and/or in any other state or country, owned by the Pledgor or in
which the Pledgor now or in the future has an interest (to the extent of that
interest); and

 

“Trade Secrets”
means any and all rights, whether registered or not, in trade secrets and all non-public
information or confidential information, (including, without limitation,
inventions, discoveries, improvements, customer lists, know-how and ideas)
whether registered or not, and including any pending applications for such
rights, in The Netherlands and/or in any other state or country, owned by the
Pledgor or in which the Pledgor now or in the future has an interest (to the
extent of that interest).

 

2              PLEDGE

 

2.1           The Pledgor hereby agrees with the Pledgee and
hereby undertakes that the Pledgor shall grant to the Pledgee the rights of
pledge purported to be granted under and pursuant to this Agreement.

 

2.2           As security for the payment and discharge in
full, when due (whether at stated maturity, by acceleration or otherwise), of
the Secured Obligations, the Pledgor hereby grants, for the duration of the
Security Period, to the Pledgee a first ranking right of pledge (pandrecht eerste in rang) over all IP
Rights and to the extent it concerns Future IP Rights hereby grants in advance
(verpanden bij voorbaat) to the
Pledgee a first ranking right of pledge over such Future IP Rights and the
Pledgee hereby accepts such right of pledge.

 

2.3           Without prejudice to Clause 2.4 below, in order
to perfect the Right of Pledge (i) over the Trade Marks listed in Annex 2 hereto which are registered with the Benelux Trade
Marks Office, the Pledgor shall (also on behalf of the Pledgee) register at its
own expense such Right of Pledge with the Benelux Trade Marks Office, (ii) over
any IP Rights or Future IP Rights applied for, granted to, acquired or owned by
the Pledgor subsequent to the execution of this Agreement, the Pledgor shall
(also on behalf of the Pledgee) register at its own expense such Right of
Pledge with the relevant Registers, and (iii) over any IP Rights or Future IP
Rights, as the case may be, the Pledgor shall (also on behalf of the Pledgee)
register at its own expense a copy of this Agreement or any Supplemental
Agreement, as the case may be, with the register of the “Inspectie
der Registratie en Successie”.

 

2.4           Notwithstanding Clause 2.3 above, the Pledgee
may at its sole discretion, in so far as it deems this to be necessary to
perfect or safeguard its interests under the Right of Pledge, register at the
expense of the Pledgor a copy of this Agreement or any Supplemental Agreement,
as the

 

7

 

case may be, with the relevant Registers and make all such
further registrations which it may at its sole discretion require or deem
desirable to create the security intended to be created pursuant to this
Agreement (or any Supplemental Agreement). The Pledgor hereby grants an
irrevocable power of attorney to the Pledgee to deal with any registration
requirements in respect of the Right of Pledge and to sign and execute any and
all documents and deeds and perform any and all acts required for the vesting
and registration of the security purported to be created hereby, which power of
attorney permits the Pledgee to (also) act as the Pledgor’s counterparty within
the meaning of section 3:68 (Selbsteintritt)
of the Dutch Civil Code.

 

2.5           If and to the extent that at any time, and from
time to time, in the opinion of the Pledgee it shall be necessary or
appropriate that further instruments be executed in order to create or perfect
a valid first priority right of pledge in favour of the Pledgee with respect to
the Security Assets, the Pledgor shall as soon as possible execute such further
instruments, to be made up in form and substance satisfactory to the Pledgee.

 

2.6           In addition to the undertakings contained in
Clause 2.5 above, the Pledgor irrevocably and unconditionally undertakes to (a)
pledge to the Pledgee on a quarterly basis any and all Future IP Rights. The
Pledgor and the Pledgee shall enter into an agreement of pledge of intellectual
property rights substantially in the form of the supplemental agreement as
attached hereto as Annex 4 within
30 days after the last day of each calendar quarterly and (b) take such other
action as shall be necessary to create a valid and enforceable security
interest over such Future IP Rights set forth in such supplemental agreement,
including the registration and filing of such supplemental agreement with any
relevant Register, and to pay any stamp, registration, notary or other taxes
and fees in connection therewith (and thereupon the Future IP Rights set forth
in such supplemental agreement shall become subject to a right of pledge as
provided in this Agreement). Pursuant to the Power of Attorney the Pledgor is
authorised to represent the Pledgee and act and sign on behalf and in the name
of the Pledgee such supplemental agreements. The Pledgor will provide the
Pledgee with a copy of a Supplemental Agreement together with (if applicable)
proof of registration or filing, as the case may be, as soon as practicable
after the execution thereof.

 

2.7           In addition to the undertaking contained in
Clause 2.5 and 2.6 above, the Pledgor irrevocably and unconditionally
undertakes to execute, immediately upon request of the Pledgee, any such supplemental
pledge agreements under any applicable law (other than the laws of The
Netherlands) that the Pledgee deems, at its sole discretion, to be necessary or
opportune to create, perfect, maintain or safeguard the rights of pledge of the
Pledgee as provided for in or pursuant to this Agreement on any part of the
Security Assets under any applicable law.

 

2.8           Each of the Rights of Pledge is one and
indivisible (één en ondeelbaar).
Partial fulfilment of the Secured Obligations shall not extinguish the Right of
Pledge proportionally.

 

8

 

3              ACCESSORY RIGHTS AND ANCILLARY RIGHTS

 

3.1           The Rights of Pledge include all accessory
rights (afhankelijke rechten) and
all ancillary rights (nevenrechten)
attached to the IP Rights.

 

4              REPRESENTATIONS AND WARRANTIES

 

4.1           The Pledgor represents and warrants that the
following is true and correct on the date of this Agreement:

 

(i)         the Pledgor holds full
and exclusive title to the present IP Rights or, in case of a Supplemental Agreement,
the then existing Future IP Rights, as the case may be, and is authorised (beschikkingsbevoegd) to create a right of pledge thereover;

 

(ii)        except for the Rights
of Pledge created pursuant to this Agreement and any encumbrances or liens
permitted by the Credit Agreement, IP Rights or the Future IP Rights, as the
case may be, have not been encumbered with any attachment (beslag),
any license or any other rights in rem (beperkte rechten),
none of the IP Rights or the Future IP Rights, as the case may be, have been
assigned or pledged in advance and all present IP Rights or, in case of a
Supplemental Agreement, the then existing Future IP Rights, as the case may be,
can be pledged to the Pledgee; and

 

(iii)       on the date of this
Agreement, the Pledgor does not own or have the benefit of any Copyrights,
Database Rights, Designs, Licensee Rights, Patents or Trade Secrets.

 

5              UNDERTAKINGS

 

5.1           The Pledgor undertakes to immediately inform the
Pledgee of any new IP Rights.

 

5.2           Except to the extent permitted pursuant to the Credit
Agreement, the Pledgor undertakes
not to waive without the prior written consent of the Pledgee (not to be
unreasonably withheld or delayed), any accessory rights (afhankelijke
rechten) or ancillary rights (nevenrechten)
attached to the Security Assets and in general not to perform any acts which
result or could result in a material reduction of the value of the Security
Assets.

 

5.3           Except to the extent permitted pursuant to the
Credit Agreement, the Pledgor shall not, without the prior written consent of
the Pledgee, transfer or further pledge or otherwise encumber, or agree to a
court settlement or an out-of-court settlement (gerechtelijk
or buitengerechtelijk akkoord) in
respect of the Security Assets.

 

9

 

5.4           The Pledgor shall, at the Pledgee’s first
request, provide in the English language the Pledgee all information and
supporting documentation relating to the Security Assets and allow the Pledgee
to inspect its administrative records at its own costs, all of the foregoing to
the extent required by the Pledgee for the purpose of this Agreement acting
reasonably. In addition to the foregoing, the Pledgor shall provide the Pledgee
with an accurate and complete list of the then existing Security Assets and any
and all licenses granted to third parties and a description of the relevant
Security Asset to which each license relates, from time to time immediately
upon the request of the Pledgee.

 

5.5           The Pledgor shall forthwith inform the Pledgee
of any attachment (beslag) over
any of the Security Assets. The Pledgor shall:

 

(i)         send the Pledgee a
copy of the relevant attachment or seizure documentation as well as all other
documents required under applicable law for challenging the attachment or
seizure (if and to the extent possible);

 

(ii)        notify the third party
or the court process server acting on behalf of such third party in writing of
the Pledgee’s interest over the Security Assets; and

 

(iii)       take such measures as
may reasonably be required to protect the Pledgee’s interest over the Security
Assets.

 

All costs and expenses incurred by the Pledgee in taking
such measures itself shall be for the account of the Pledgor.

 

5.6           The Pledgor covenants
for the benefit of the Pledgee throughout the Security Period to co-operate
with the Pledgee in the collection and recovery of the IP Rights and to render
all reasonable assistance as may be required pursuant to any exchange
regulations and/or foreign statutory rules or other rules, including the taking
of any legal action that the Pledgee may deem necessary in connection therewith
after the issuance of a Default Notice to it.

 

5.7           In addition and without prejudice to the
obligations of the Pledgor pursuant to Clauses 5.4 and 5.5 above, the Pledgor
shall notify the Pledgee immediately of any event or circumstance which could
be of importance to the Pledgee with a view to the preservation and exercise of
the Pledgee’s rights under or pursuant to this Agreement.

 

10

 

6              CONSENT

 

6.1           Without prejudice to section 67(3)
of the Dutch Patent Act 1995 (Rijksoctrooiwet 1995)
and, to the extent applicable, in accordance with section 3:246 of the
Dutch Civil Code, the Pledgor is entitled to demand the performance judicially
and extra-judicially of and to receive payment with respect to, the IP Rights
in the ordinary course of its business until the relevant third parties under
the IP Rights have been notified of the Right of Pledge pursuant to Clause 6.2
below. The entitlement with respect to the IP Rights as described in this
paragraph includes the granting of licenses by a Pledgor to third parties and
receiving income, royalties, damages and payment in respect of such licenses.

 

6.2           Upon the issuance of
the Default Notice to the Pledgor, the Pledgee is irrevocably authorised to
notify the relevant third parties under the IP Rights of such Pledgor of the
Right of Pledge substantially in the form of Annex 5
hereto or in such other form as may be required by applicable law (including section 67(3)
of the Dutch Patent Act 1995 (Rijksoctrooiwet 1995)).
The Pledgor shall give its prompt and full co-operation in connection herewith
and it shall immediately after issuance of a Default Notice to it send to the
Pledgee a list as referred to in Clause 5.4 above. After notification to the
relevant third parties as referred to in this paragraph, the Pledgee shall be
entitled to demand the performance judicially and extra-judicially and to
receive payment with respect to the IP Rights and to exercise the other rights
granted to a pledgee under section 3:246 of the Dutch Civil Code.

 

6.3           If a third party makes
any payment (the “Original Payment”)
to the Pledgor in respect of an IP Right after it has been notified by the
Pledgee that the authorisation granted pursuant to Clause 6.2 above has
terminated, the Pledgor shall immediately transfer to the Pledgee a sum equal
to the amount paid by such third party (the “Equivalent
Sum”) to the Pledgor, without prejudice to any remedy which the
Pledgee may have against the third party concerned, provided, however, that to
the extent the Pledgee has received payment of any part of the Equivalent Sum
from the Pledgor, the third party will as a result be released for such part of
its payment obligation towards the Pledgee in respect of the Original Payment.

 

6.4           If the Pledgee is entitled to demand the
performance judicially and extra-judicially of and to receive payment with
respect to the Security Assets pursuant to Clause 6.2 above, it shall also have
the right to enter into court settlement or out-of-court settlement (gerechtelijk or buitengerechtelijk akkoord)
regarding such Security Assets with the third parties concerned.

 

7              ENFORCEMENT AND POWER OF ATTORNEY

 

7.1           Without prejudice to
any other right or remedy available to the Pledgee, the Pledgee, by issuing the
Default Notice upon the occurrence of an Event of Default to the Pledgor, may
declare the Rights of Pledge immediately
enforceable against the Pledgor without any (further) notice of default being
required and the Pledgee may immediately exercise in respect of any and all of
the Security Assets any and all of its rights and powers set out in this
Agreement

 

11

 

(subject to restrictions following from
mandatory provisions of law) irrespective of whether the Pledgee or any of the
Secured Parties shall have proceeded against or claimed payment from any party
liable for any of the Corresponding Obligations.

 

7.2           To the extent necessary, the Pledgor
agrees for the benefit of the Pledgee that upon a default in the performance of any of the Corresponding Obligations,
it shall be deemed to be in default (verzuim)
in respect of the Secured Obligations within the meaning of section 3:248
(1) and 6:81 of the Dutch Civil Code without any further notice or action being
necessary. For the avoidance of doubt, a
default in the performance of
Corresponding Obligations shall have occurred, inter alia,
upon the taking by the Administrative Agent of any of the actions referred to
in section 7.01 of the Credit Agreement.

 

7.3           To the fullest extent
permitted by law, the Pledgor waives (which waiver the Pledgee hereby accepts)
any right it may have (i) pursuant to section 3:234 of the Dutch Civil
Code to demand, in the event that the Pledgee enforces the Rights of Pledge,
that the Pledgee shall also enforce any of the security interests (zekerheidsrechten) granted by any other
Loan Parties and (ii) of requiring the Pledgee to firstly proceed against or
claim payment from any person or entity or enforce any guarantee or security
granted by any other person or entity before enforcing the Rights of Pledge
and/or any other rights under this Agreement.

 

7.4           The Pledgor will not
be entitled to request the summary proceedings judge (voorzieningenrechter)
of the district court to order that (i) the Security Assets shall be sold in a
manner deviating from the provision of section 3:250 of the Dutch Civil
Code or (ii) it is entitled to exercise its rights with respect to the Security
Assets pursuant to section 3:246 (4) of the Dutch Civil Code.

 

7.5           In the event that the
Pledgee forecloses or intends to foreclose the Rights of Pledge, it will not be
obliged to give notice (thereof) (as provided in section 3:249 and section 3:252
of the Dutch Civil Code) to the Pledgor or any person having the benefit of an
encumbrance on the Security Assets comprised in such Rights of Pledge (save as
may be otherwise provided in the Credit Agreement).

 

7.6           The Pledgee shall
apply the proceeds of the Security Assets and the foreclosure of the Rights of
Pledge or any of them in satisfaction of the Secured Obligations and/or the
Corresponding Obligations, in each case in accordance with Section 9.23 of
the Credit Agreement.

 

7.7           In addition to the undertakings
contained in Clause 2.4 above, the Pledgor shall at any time, upon written
request of the Pledgee after the issuance of a Default Notice to the Pledgor,
execute and cause to be filed, at the Pledgor’s expense, such documents and
instruments, and do such other acts and things, as the Pledgee may deem
desirable in obtaining the full benefits

 

12

 

of this Agreement (including the
protection and preservation of its rights) and of the rights and powers granted
hereunder or granted to a pledgee under the laws of the Netherlands.

 

7.8           The Pledgor hereby
grants to the Pledgee (and any of its delegates) an irrevocable power of
attorney in accordance with section 3:74 (1) of the Dutch Civil Code to,
following the issuance of a Default Notice to it and during the continuance of an Event of Default, perform all
acts and execute all documents in order to perfect or implement this Agreement
on its behalf, and to take all actions which are necessary for the Pledgee (and
any of its delegates) to create, maintain, protect, preserve and exercise its
rights under this Agreement. The parties agree that section 3:68 (Selbsteintritt) of the Dutch Civil Code
will not apply and to the extent necessary, the Pledgor hereby waives any
rights it may have under section 3:68 of the Dutch Civil Code, which
waiver the Pledgee hereby accepts.

 

8              TERMINATION

 

8.1           The Pledgee is entitled to terminate (opzeggen) in whole or in part any Right of Pledge and the
contractual arrangements set forth herein. Notice of termination must be given
in writing by the Pledgee to the Pledgor.

 

8.2           The Rights of Pledge
or any of them shall terminate by operation of law when all Secured Obligations
have been unconditionally and irrevocably paid and discharged in full, no
Letters of Credit or Swap Agreements are outstanding and all Commitments under
the Credit Agreement have terminated. At the request of the Pledgor, the
Pledgee shall confirm such termination in writing and will execute all
documents reasonably requested by the Pledgor in relation thereto (at the
expense of the Pledgor).

 

9              ASSIGNMENT AND INFORMATION

 

9.1           Subject to the relevant provisions of the Credit
Agreement, the Pledgee (but not, for the avoidance of doubt, the Pledgor) shall
be entitled to assign and/or transfer all or part of its rights and obligations
under this Agreement to any assignee and/or transferee.

 

9.2           The Pledgor hereby in advance gives its
irrevocable consent to (geeft toestemming
bij voorbaat) within the meaning of section 6:156 of the Dutch
Civil Code and hereby in advance irrevocably co-operates with (verleent bij voorbaat medewerking aan),
within the meaning of section 6:159 and 6:156 of the Dutch Civil Code, any
such assignment and/or transfer, including by means of an assumption of debt (schuldoverneming) or transfer of agreement
(contractsoverneming), as the
case may be, hereunder.

 

13

 

9.3           The Pledgee shall be entitled to impart any
information concerning any of the Pledgor to any successor or proposed
successor, subject to the confidentiality provisions of the Credit Agreement.

 

10            RECORDS OF PLEDGEE

 

Subject to proof to the contrary, the records of the Pledgee
shall be conclusive evidence (dwingend
bewijs) of the existence and amount of the Secured Obligations and
the Corresponding Obligations, subject to and in accordance with the terms of
the Credit Agreement.

 

11            COSTS

 

All costs incurred in connection with the creation of the
Right of Pledge and the performance by the parties of their rights and
obligations under this Agreement and the Supplemental Agreements shall be for
the account of the persons or entities designated in section 9.05 of the
Credit Agreement and shall be settled in accordance therewith.

 

12            NOTICES

 

12.1         Any notices and other
communications under or in connection with this Agreement shall be given in
accordance with section 9.01 of the Credit Agreement.

 

13            SUSPENSION OF RIGHTS AND INDEMNITY

 

13.1         Throughout the
Security Period, the Pledgor shall not:

 

(i)      receive, claim or have
the benefit of any payment, distribution or security from or on account of any
Loan Party under any indemnity or otherwise or exercise its rights of defence,
suspension, retention, set off or counter claim as against any Loan Party;

 

(ii)     take recourse (verhaal) or take any other step to enforce any right against
any Loan Party or its respective assets; and

 

(iii)    claim or vote in
competition with the Pledgee or any of the other Secured Parties in the
bankruptcy, suspension of payment or liquidation or analogous circumstance of
any Loan Party,

 

14

 

except in each case, in such manner and
upon such terms as the Pledgee, acting reasonably, may require. Any payment,
distribution or security received by the Pledgor contrary to the provisions of
this Agreement shall be received and held by the Pledgor as custodian (bewaarnemer) (or, if possible under applicable law, on
trust) for the benefit of the Pledgee and the Secured Parties and shall,
pending payment or transfer to the Pledgee, to the extent legally possible, be
segregated from the other assets of the Pledgor and shall be forthwith paid
over or transferred to the Pledgee. If notwithstanding the above the Pledgor
exercises any right of defence, suspension, retention, set off or counter claim
in respect of any amount, it shall forthwith pay an amount equal to such amount
to the Pledgee.

 

14            LIABILITY

 

The Pledgee shall not be liable to the
Pledgor under or pursuant to this Agreement for its wilful misconduct (opzet) or gross negligence (grove schuld).

 

15            LIMITATION; WAIVER

 

The Pledgor waives, to the fullest extent
permitted by law, its right (i) to dissolve this Agreement, pursuant to section 6:265
of the Dutch Civil Code or on any other ground or (ii) to avoid this Agreement,
including but not limited to error (dwaling),
which waiver the Pledgee hereby accepts.

 

16            SECURITY INTEREST ABSOLUTE

 

16.1         All rights of the Pledgee, the Right of Pledge
and all obligations of the Pledgor hereunder shall be absolute and
unconditional irrespective of:

 

(i)         any change in the
time, manner or place of payment of the Parallel Debt Obligations and/or the
Corresponding Obligations or any change of or amendment to any other Loan
Document and any other document related thereto, or any other agreement or
instrument relating to any of them; or

 

(ii)        any exchange, release
or non perfection of any other collateral, or any release or amendment or
waiver of or consent to any departure from any other collateral for the
Parallel Debt Obligations and/or the Corresponding Obligations.

 

15

 

17            AMENDMENT OF THIS AGREEMENT

 

This Agreement may only be amended by a written agreement
between the Pledgor and the Pledgee (with the consent of the Required Secured
Parties).

 

18            GOVERNING LAW AND JURISDICTION

 

18.1         This Agreement shall be governed by and
construed in accordance with the laws of The Netherlands.

 

18.2         The Pledgor consents to the exclusive
jurisdiction of the courts of Amsterdam, The Netherlands. The Pledgor hereby
waives any objection that it may now or hereafter have to the jurisdiction of
such courts. This Clause is for the benefit of the Pledgee only and shall not
limit its right to bring proceedings against the Pledgor in connection with
this Agreement or any other Loan Document in any other court of competent
jurisdiction or (to the extent allowed by law) concurrently in more than one
jurisdiction.

 

19            SEVERABILITY OF PROVISIONS

 

19.1         Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

 

19.2         The parties hereto agree that they will
negotiate in good faith to replace any provision hereof held invalid, illegal
or unenforceable as set out in Clause 19.1 above with a valid provision which
is as similar as possible in substance to the invalid, illegal or unenforceable
provision.

 

20            REMEDIES AND PREVALENCE

 

20.1         The rights and remedies of the Pledgee herein,
and the obligations, representations and warranties of the Pledgor herein, are
cumulative and are not exclusive of any rights or remedies of the Pledgee, or
obligations, representations or warranties of the Pledgor, conferred or imposed
by law, the Credit Agreement or any other Loan Document.

 

20.2         To the extent there is a conflict between the provisions
of the Credit Agreement and the provisions of this Agreement, the provisions of
the Credit Agreement shall prevail (but only to the extent that the validity
and enforceability of the pledges created pursuant this Agreement are not
affected as a consequence).

 

16

 

21            REGULATORY
MATTERS

 

21.1         Notwithstanding anything to the contrary
contained in this Agreement or any of the other Security Documents, the
rights of the Pledgee and the other Secured Parties hereunder and under the
other Security Documents are subject to all applicable rules and regulations of
the FCC and other Governmental Authorities with jurisdiction over Pledgor and
its subsidiaries.  Without limiting the foregoing, the Pledgee will not
take any action (or authorize any other party to take any action on its
behalf) which would constitute or result in an assignment or change of
control of any governmental permits, licenses, or other authorizations,
including without limitation those issued by the FCC, now held by or to be
issued to Pledgor or any of its subsidiaries which would require prior notice
to or approval from any Governmental Authority, or otherwise take action
hereunder which would require prior notice to or approval from any Governmental
Authority, in each case without first providing such notice or obtaining
such prior approval of the relevant Governmental Authorities.

 

21.2         Upon and after the issuance of a Default Notice,
the Pledgor shall take any action which the Pledgee may reasonably request in
the exercise of its rights and remedies under this Agreement in order to
transfer or assign the Collateral to the Pledgee or to such one or more third
parties as the Pledgee may designate, or to a combination of the foregoing.  To enforce the provisions of this Clause 21,
upon and after the issuance of a Default Notice, the Pledgee is empowered to
seek from the FCC and any other Governmental Authority, to the extent required,
consent to or approval of any involuntary assignment or transfer of control of
any entity whose Collateral is subject to this Agreement for the purpose of
seeking a bona fide purchaser to whom the Collateral will be assigned and
control will ultimately be transferred. 
Pledgor agrees to cooperate with any such purchaser and with the Pledgee
in the preparation, execution and filing of any applications and other
documents and providing any information that may be necessary or helpful in
obtaining the FCC’s or such other Governmental Authority’s consent to the
assignment to such purchaser of the Collateral. 
Pledgor hereby agrees to consent to any such an involuntary transfer of
control upon the request of the Pledgee upon and after the issuance of a
Default Notice and, without limiting any rights of the Pledgee under this
Agreement, to authorize the Pledgee to nominate a trustee or receiver to assume
control of the Collateral, subject only to required judicial, FCC or other
consent required by Governmental Authorities, in order to effectuate the
transactions contemplated in this Clause 21. 
Such trustee or receiver shall have all the rights and powers as
provided to it by law or court order, or to the Pledgee under this
Agreement.  Pledgor shall cooperate fully
in obtaining the consent of the FCC and the approval or consent of each other
Governmental Authority required to effectuate the foregoing.

 

21.3         Upon and after the issuance of a Default Notice,
Pledgor shall use its best efforts to assist in obtaining consent or approval
of the FCC and any other Governmental Authority, if required, for any action or
transactions contemplated by this Agreement, including, without limitation, the
preparation, execution and filing with the FCC of the transferor’s or assignor’s
portion of

 

17

 

any application or applications for consent to the transfer
of control or assignment necessary or appropriate under the FCC’s rules and
regulations for approval of the transfer or assignment of any portion of the
Collateral.

 

21.4         Pledgor hereby acknowledges and agrees that the
Collateral is a unique asset and that a violation of Pledgor’s covenant to
cooperate with respect to any regulatory consents would result in irreparable
harm to the Pledgee for which monetary damages are not readily ascertainable.  Pledgor further agrees that, because of the
unique nature of its undertaking in this subclause 21.4, the same may be
specifically enforced, and it hereby waives, and agrees to waive, any claim or
defense that the Pledgee would have an adequate remedy at law for the breach of
this undertaking.

 

21.5         Without limiting the obligations of Pledgor
hereunder in any respect, Pledgor further agrees that if Pledgor, upon and
after the issuance of a Default Notice, should fail or refuse to execute any
application or other document necessary or appropriate to obtain any
governmental consent necessary or appropriate for the exercise of any right of
the Pledgee hereunder, Pledgor agrees, to the extent consistent with applicable
law, that such application or other document may be executed on Pledgor’s
behalf by the clerk of any court or other forum in any competent jurisdiction
without notice to the Pledgor.

 

22            REGISTRATION

 

22.1         The Pledgee is
irrevocably authorised to present this Agreement and any agreement pursuant
hereto for registration to the Belastingdienst Amsterdam
Afdeling Registratie Unit in The Netherlands.

 

23            COUNTERPARTS

 

23.1         This Agreement may be executed in any number of
counterparts and by way of facsimile exchange of executed signature pages, all
of which taken together shall constitute one and the same agreement.

 

[remainder of this page
intentionally left blank]

 

18

 

This Agreement
has been entered into on 2 November 2004.

 

 

	
  THE PLEDGOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NEW SKIES SATELLITES B.V.

  	
   

  
	
   

  	
   

  
	
  /s/ David Viëtor

  	
   

  	
   

  
	
  By: David Viëtor

  	
   

  
	
  Title: attorney in fact

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE PLEDGEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DEUTSCHE BANK AG, NEW YORK

  BRANCH

  	
   

  
	
   

  	
   

  
	
  /s/ Pieter Schütte

  	
   

  	
   

  
	
  By: Pieter Schütte

  	
   

  
	
  Title: attorney in fact

  	
   

  

 

19Exhibit 10.13

1 November 2004

 

	
  AGREEMENT AND DEED OF
  MORTGAGE

  	
  IJS/6001933/231361hpe

  
	
  AND PLEDGE

  	
  01-11-2004

  
	
   

  	
  6(231361)

  

 

Today, the second of
November

two thousand and four,
appeared before me,

Paul Hubertus Nicolaas
Quist, civil-law notary, residing in Amsterdam:

 

1.              Monique Maria Hemmers, care of Stibbe, 1077 ZZ
Amsterdam, Strawinskylaan 2001, born in Eindhoven on the twentieth day of June
nineteen hundred and seventy-one,  in the
present matter acting as holder of a power of attorney of:

the
company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) New Skies Satellites B.V., having its seat
in Amsterdam, its address at 1012 KK Amsterdam, Rokin 55 and filed at the Trade
Register under number 30146277,

(‘the
Mortgagor’);

 

2.              IJsbrand Cornelis van Straten, care of Stibbe,
1077 ZZ Amsterdam, Strawinskylaan 2001, born in Woudrichem on the thirtieth day
of March nineteen hundred and sixty-seven, in the present matter acting as
holder of a power of attorney of:

Deutsche Bank AG, New York Branch, with its
principal place of business at 60 Wall Street, New York,
New York 10005, United States of America,

in this present matter acting:

(i)           for itself;

(ii)        as collateral agent pro se in its capacity as creditor under the Parallel Debt
Obligations (as defined below) and also for the Secured Parties, as such term
is defined in the Credit Agreement (as defined below), pursuant to the terms of
the Credit Agreement,

(the ‘Collateral Agent’).

 

Powers of attorney

 

The powers of attorney of
the Mortgagor are evidenced by two notarial deeds, executed on the first day of
November two thousand and four before A.N. Robinson, public notary in London,
United Kingdom, and before a legal substitute of P.H.N. Quist, civil law notary
in Amsterdam.

 

1

 

The power of attorney of the
Collateral Agent is evidenced by one (1) private deed, which will be attached
to this deed.

The appearing person
declared:

 

A.      on first day of November two thousand and four,
amongst others, New Skies Holding B.V., the Mortgagor, the Lenders party
thereto, the Collateral Agent (as Administrative Agent and as Collateral Agent
for the Secured Parties), ABN AMRO Bank N.V. (as Syndication Agent) and
Deutsche Bank Securities Inc. and ABN AMRO Incorporated (as Joint Lead
Arrangers) entered into a five hundred thirty-five million American Dollars
(USD 535,000,000) Credit Agreement (the ‘Credit
Agreement’);

B.        on the terms and subject to the conditions set
forth in the Credit Agreement the Lenders are willing to extend senior secured
credit to the Borrowers (as defined in the Credit Agreement);

C.        pursuant to the Credit Agreement and in order
to secure and provide for the payment and discharge of, inter alia, the Parallel Debt Obligations
(as defined below), the Mortgagor and the Collateral Agent have agreed that the
Mortgagor shall grant a first right of mortgage (een eerste recht van hypotheek) pursuant to clause 3:260
paragraph 1 Dutch Civil Code over the Property (as defined below) currently
held by the Mortgagor (the “Mortgage”)
and to pledge and grant a first right of pledge (een eerste recht van pand) pursuant to clause 3:237
paragraph 1 Dutch Civil Code over the Rights (as defined below) currently held
by the Mortgagor (the “Pledge”).

 

Consequently, the appearing
person declared:

 

1.  Definitions and Interpretation

 

1.             a.     All capitalized terms used in this
Agreement and Deed of Mortgage and Pledge (this ‘Agreement’), including the recitals, and not otherwise defined
herein shall have the meanings assigned to them in the Credit Agreement.

b.             Headings are for convenience of reference only.

c.              Where the context so permits, the singular
includes the plural and vice versa.

d.             Save where the contrary is indicated, any
reference in this Agreement to any of the Parties shall be construed so as to
include its respective successors, transferees and assigns from time to time
and any successor of such a successor, transferee or assign in accordance with
their respective interests.

e.              A ‘clause’ and ‘subclause’ shall, subject to
any indication to the contrary, be construed as a reference to a clause hereof.

f.                References to the Credit Agreement, the
Facility, the (other) Loan Documents,

 

2

 

this Agreement, the Swap Agreements or any other agreement or document
shall, where applicable, be deemed to be references to such Credit Agreement,
the Facility, the (other) Loan Documents, this Agreement, the Swap Agreements
or such other agreement or document as the same may have been, or may from time
to time be, extended, prolonged, amended, restated, supplemented, renewed or
novated, as persons may accede thereto as a party or withdraw therefrom as a
party in part or in whole or be released thereunder in part or in whole, and as
facilities and financial services are or may from time to time be granted,
extended, prolonged, increased, reduced, cancelled, withdrawn, amended,
restated, supplemented, renewed or novated thereunder.

g.             A statute or statutory provision shall be construed
as a reference to such statute or statutory provision as the same may have
been, or may from time to time be, amended or re-enacted and all instruments,
orders, plans, regulations, by-laws, permissions and directions at any time
made thereunder.

h.             References to the Dutch Civil Code are
references to het Nederlands Burgerlijk
Wetboek, references to the Dutch Bankruptcy Act are references to de
Nederlandse Faillissementswet.

 

2.             In this Agreement the following words and
expressions shall have the following meanings:

‘Collateral’ has the meaning ascribed
thereto in clause 2 under B;

‘Credit Agreement’ has the meaning given to
it under recital A.

‘‘Default Notice’ means the default notice,
to be given upon the occurrence of an Event of Default, substantially in the
form of Annex 1 hereto;

‘Mortgage’ has the meaning ascribed thereto under
recital C;

‘Parallel Debt Obligations’ has the
meaning given to it in section 9.19 of the Credit Agreement;

‘Pledge’ has the meaning given to it under recital C;

‘Pledged Collateral’ means the Collateral;

‘Principal Amount’ has the meaning given
to it in clause 2.2;

‘Property’ has the meaning given to it in
clause 2.2 under A;

‘Rights’ has the meaning given to it in
clause 2.2 under B;

‘Secured Obligations’ means the Parallel
Debt Obligations (of each of the Loan Parties) together with all monies and
liabilities payable or to be discharged by

 

3

 

the
Mortgagor pursuant to the terms of this Agreement;

‘Security Period’ means the period
beginning on the date hereof and ending on the earlier date upon which (a) all
Secured Obligations have been irrevocably paid and discharged, or have ceased
to exist, no Swap Agreements are outstanding and all Commitments under the
Credit Agreement have been terminated and (b) the Security Right has been
released and discharged by the Collateral Agent in accordance with clause 7
below; and

‘the Security Right’ the Right of Mortgage
and the Right of Pledge created by this Agreement.

 

2.  Mortgage of the Property and Pledge of Rights

 

1.             The Mortgagor hereby agrees with the Collateral
Agent and hereby undertakes that the Mortgagor shall grant to the Collateral
Agent the Security Right purported to be granted under and pursuant to this
Agreement.

2.             As security for the payment and discharge in
full, when due (whether at stated maturity, by acceleration or otherwise), of
the Secured Obligations, up to the following amounts:

 

•                 to an
aggregate maximum amount of twenty-five million euro (EUR 25,000,000.-) (“Principal Amount”);

•                 the
interest stipulated and increases thereof, if any, later to be agreed upon and
everything the Collateral Agent has or will have to claim further in connection
with the aforestated interests, penalties, costs, premiums or otherwise,
jointly estimated at thirty-five percent (35%) of the Principal Amount
therefore an amount of eight million seven hundred fifty thousand euro
(8,750,000),

 

all
this up to a total amount of the Principal Amount increased with
afore-mentioned
thirty-five  percent (35%) of the Principal Amount, therefore a maximum
amount of thirty-three million seven hundred fifty thousand euro

(EUR
33,750,000.-),

the
Mortgagor hereby grants to the Collateral Agent, for the duration of the
Security Period, which is accepted by the Collateral Agent:

 

A.          A first
right of mortgage (een eerste recht van
hypotheek) on:

 

1.          the bank and office
building cum annexes, locally known as Johan de Wittlaan 1 and
Rooseveltplantsoen 4 in ‘s-Gravenhage, known at the Land Registry Office as
Municipality of ‘s-Gravenhage, Section AK,

 

4

 

number 10007, measuring
fifteen are and fourteen centiare; and

2.          the office building
with parking building and parking lot (parkeerdek)
cum annexes, locally known as Johan van Oldenbarneveltlaan 5 in ‘s-Gravenhage,
known at the Land Registry Office as Municipality of ‘s-Gravenhage, Section AK,
number 603, measuring eleven are and sixteen centiare;

(the
“Property”).

 

Acquisition of title

 

Mortgagor shall obtain the Property, by the
registration of a certified deed of transfer with the Land Register Office in
Amsterdam, executed on the second day of November two thousand and four before
M. van Olffen, civil-law notary in Amsterdam.

 

B.            A first
right of pledge (een eerste recht van pand)
on all present and future moveable property which presently owned or hereafter
acquired by the Mortgagor, according to generally-accepted standards, is or are
intended for permanent use in, on, for or in connection with the Property and
which can be recognized as such by their form or function, as well as, if the
Property should comprise or should also comprise a factory or workplace, on any
machines, tools or equipment which are used for undertaking business activities
in that factory or workplace, as well as on any individual components of the
Property (the “Rights”),

(the
Property and Rights, jointly the “Collateral”).

 

The Collateral Agent
is hereby granted the power to take control of the Collateral as referred to
article 3:267 Dutch Civil Code upon the issuance of the Default Notice and
authorization from the summary proceeding judge (voorzieningenrechter), as well as the power to take the
Collateral in custody if this is required in view of a  lawful foreclosure pursuant
to and in accordance with the provisions of article 3:267 Dutch Civil Code.

 

3.  Accessory rights and ancillary rights

 

The Security Right
includes all accessory rights (afhankelijke
rechten) and all ancillary rights (nevenrechten)
attached to the Collateral.

 

4.  Representations and warranties

 

1.             The
Mortgagor hereby represents and warrants to the Collaterall Agent that the
following is true and correct on the date of this Agreement:

 

5

 

a.              the
Mortgagor is owner of the Property and the existing Rights and the Property and
the existing Rights are within the disposition and control of the Mortgagor (beschikkingsbevoegdheid) and are not the
subject of any limited property rights (beperkte
rechten) in favour of any third parties (other than any encumbrances
or liens permitted under the Credit Agreement), nor has the Mortgagor in
advance created limited property rights or other rights on or against any of
the Collateral (other than any encumbrances or liens permitted under the Credit
Agreement), including without limitation, any security interest, nor has the
Mortgagor made a promise or an undertaking to that effect, nor has an
attachment been levied on any of the Property and the existing Rights except
pursuant to this Agreement;

b.             the
details of the Property and the existing Rights set out in this Agreement are
true, complete and up-to-date; and

c.              all
information provided by the Mortgagor with regard to this deed is correct and
complete.

 

5.  Undertakings

 

1.             Except to the extent permitted pursuant to
the Credit Agreement, the Mortgagor undertakes not to waive without the prior
written consent of the Collateral Agent (not to be unreasonably withheld or
delayed), any accessory rights (afhankelijke
rechten) or ancillary rights (nevenrechten)
attached to the Collateral and in general not to perform any acts which result
or could result in a material reduction of the value of the Collateral.

2.             Except to the extent permitted pursuant to
the Credit Agreement, the Mortgagor shall not, without the prior written
consent of the Collateral Agent (not to be unreasonably withheld or delayed),
transfer or further mortgage and pledge or otherwise encumber any of the
Collateral or agree to a court settlement or an out-of-court settlement (gerechtelijk or buitengerechtelijk akkoord)
in respect of the Collateral.

3.             The Mortgagor shall, at the Collateral
Agent’s first request, provide in the English language the Collateral Agent all
information and supporting documentation relating to the Collateral and allow
the Collateral Agent to inspect its administrative records during office hours,
all of the foregoing to the extent required by the Collateral Agent (acting
reasonably) for the purpose of this Agreement.

4.             The Mortgagor shall forthwith inform the
Collateral Agent of any attachment

 

6

 

(beslag)
over any of the Collateral exceeding an amount of fifty thousand euro (EUR
50,000.-).

The Mortgagor shall:

(i)            send the Collateral Agent a copy of the
relevant attachment or seizure documentation as well as all other documents
required under applicable law for challenging the attachment or seizure (if and
to the extent possible);

(ii)         notify the third party or the court process server acting on behalf of
such third party in writing of the Collateral Agent’s interest over the
Collateral ; and

(iii)      take such measures as may reasonably be required to protect the
Collateral Agent’s interest over the Collateral.

5.             The Mortgagor covenants for the benefit of
the Collateral Agent throughout the Security Period to co-operate with
the Collateral Agent in the collection and recovery of the Collateral and to
render all reasonable assistance as may be required pursuant to any exchange
regulations and/or foreign statutory rules or other rules, including the taking
of any legal action that the Collateral Agent may deem necessary in connection
therewith after the issuance of a Default Notice to it.

6.             In addition and without prejudice to the
obligations of the Mortgagor pursuant to clauses 5.3 and 5.4 above, the
Mortgagor shall notify the Collateral Agent promptly of any event or
circumstance which could reasonably be of importance to the Collateral Agent
with a view to the preservation and exercise of the Collateral Agent’s rights
under or pursuant to this Agreement.

7.             The Mortgagor shall, at its own expense, (i)
in accordance with the terms of the Credit Agreement, keep and maintain the
Collateral in good condition (reasonable wear and tear excepted), take care of
and handle the same in a careful and diligent manner and, if applicable, effect
any necessary repair and replacement and procure that its staff and other
persons to whom it delegates its duties and responsibilities in respect of the
Collateral, shall do likewise, (ii) subject to the insurance undertakings in
the Credit Agreement, keep the Collateral at all times sufficiently insured
with an insurer of reputable standing, and (iii) not perform any act which
result or could result in a material reduction of the value of the Collateral.

 

6.  Enforcement and power of attorney

 

1.             Without
prejudice to any other right or remedy available to the Collateral Agent,

 

7

 

the Collateral Agent, by
issuing the Default Notice upon the occurrence of an Event of Default to the
Mortgagor, may take any and all action, to the extent not prohibited
by Dutch law, for the purpose of foreclosing upon the Collateral and exercising
its rights as Collateral Agent.

The
Mortgagor waives any right it may have requiring the Collateral Agent first so
to proceed or so to claim or to enforce any security granted by any other
person before enforcing this Agreement.

Without prejudice to the generality of the foregoing, upon issuance of
the Default Notice, the Collateral Agent shall have the right (i) to have all
or part of the Collateral sold in a public sale before a Dutch civil-law notary
and to apply the proceeds of such public sale against the Secured Obligations
in accordance with the Loan Documents, subject to the terms and conditions of
the Credit Agreement or (ii) to request a competent Dutch court to order that
all or part of the Collateral be sold in a private sale or Collateral
established by or pursuant to this Agreement be otherwise realized in a manner
prescribed or authorized by such court and to apply the proceeds of such sale
or realization as provided above, all of the foregoing under (i) and (ii) is
subject to and to the extent not prohibited by the applicable provisions of
Dutch law as the same shall read at the relevant time.

2.              To the extent necessary, the Mortgagor
agrees for the benefit of the Collateral Agent that a default in the
performance of any of the Corresponding Obligations, it shall be deemed to be
in default (verzuim) in respect
of its Secured Obligations within the meaning of section 3:268 (1) and 6:81 of
the Dutch Civil Code without any further notice or action being necessary. For
the avoidance of doubt, a default in the performance of Corresponding
Obligations shall have occurred, inter alia,
upon the taking by the Administrative Agent of any of the actions referred to
in the final paragraph of section 7.01 of the Credit Agreement.

3.             The Collateral Agent is hereby irrevocably
authorised (without obligation) by the Mortgagor in the event of such a sale:

a.               to offer the Property and, where applicable,
the Rights for sale; and

b.     to cause any of the
Collateral to be registered in the name of the new owner(s) following the sale
to the extent required on behalf of the Mortgagor, to do all such acts and to
sign all such documents as are necessary for that purpose pursuant to the laws
of the Netherlands.

4.             The Collateral Agent shall apply the proceeds
of the Collateral and the foreclosure

 

8

 

of the Rights of Mortgage or
any of them in satisfaction of the relevant Secured Obligations and/or the
Corresponding Obligations, in each case in accordance with Section 9.23 of the
Credit Agreement and applicable provisions of Netherlands law.

5.             The Mortgagor shall at any time, upon written
request of the Collateral Agent after the issuance of a Default Notice to the
Mortgagor, execute and cause to be filed, at Mortgagors’ expense, such
documents and instruments, and do such other acts and things, as the Collateral
Agent may reasonably deem desirable in obtaining the full benefits of this
Agreement (including the protection and preservation of its rights) and of the
rights and powers granted hereunder or granted to a Collateral Agent under the
laws of the Netherlands.

6.             The Mortgagor hereby grants to the Collateral
Agent (and any of its delegates) an irrevocable power of attorney in accordance
with section 3:74 (1) of the Dutch Civil Code to, following the issuance of a
Default Notice to it and during the continuance of an Event of Default, perform
all acts and execute all documents in order to perfect or implement this
Agreement on its behalf, and to take all actions which are necessary for the
Collateral Agent (and any of its delegates) to create, maintain, protect,
preserve and exercise its rights under this Agreement (acting reasonably). The
parties agree that section 3:68 (Selbsteintritt) of the Dutch Civil Code will
not apply and to the extent necessary, the Mortgagor hereby waives any rights
it may have under section 3:68 of the Dutch Civil Code, which waiver the
Collateral Agent hereby accepts.

 

7.  Termination (opzegging) and
release

 

1.             The Collateral Agent is entitled to terminate (opzeggen) in whole or in part the Security
Right and the contractual arrangements set forth herein. Notice of termination
must be given in writing by the Collateral Agent to the Mortgagor.

2.             The Security Right shall be terminated by
operation of law when all Secured Obligations have been unconditionally and
irrevocably paid and discharged in full, no Letters of Credit or Swap
Agreements are outstanding and all Commitments under the Credit Agreement have
terminated. At the request of the Mortgagor, the Collateral Agent shall confirm
such termination in writing and will execute all documents reasonably requested
by the Mortgagor in relation thereto (at the expense of the Mortgagor).

 

9

 

8.  Assignment and information

 

1.             Subject to the relevant provisions of the
Credit Agreement, the Collateral Agent (but not, for the avoidance of doubt,
the Mortgagor) shall be entitled to assign and/or transfer all or part of its
rights and obligations under this Agreement to any assignee and/or transferee.

2.             The Mortgagor hereby in advance gives its
irrevocable consent to (geeft toestemming
bij voorbaat) within the meaning of section 6:156 of the Dutch Civil
Code and hereby in advance irrevocably co-operates with (verleent bij voorbaat medewerking aan),
within the meaning of sections 6:159 and 6:156 of the Dutch Civil Code, any
such assignment and/or transfer executed in accordance with the relevant
provisions of the Credit Agreement, including by means of an assumption of debt
(schuldoverneming) or transfer of
agreement (contractso­verneming),
as the case may be, hereunder.

3.             The Collateral Agent shall be entitled to
impart any information concerning the Mortgagor to any successor or proposed
successor, subject to the confidentiality provisions of the Credit Agreement.

 

9.  Records of Mortgage

 

Subject to proof to the contrary, the records of the
Collateral Agent shall be conclusive evidence (dwingend
bewijs) of the existence and amount of the Secured Obligations and
the Corresponding Obligations, subject to and in accordance with the terms of
the Credit Agreement.

 

10.  Costs

 

Subject to any provision to the contrary herein, all
costs incurred in connection with the creation of the Rights of Mortgage and
the performance by the parties of their rights and obligations under this
Agreement shall be for the account of the persons or entities designated in
section 9.05 of the Credit Agreement and shall be settled in accordance
therewith.

 

11.  Notices

 

Any notices and other communications under or in
connection with this Agreement shall be given in accordance with section 9.01
of the Credit Agreement.

 

12.  Suspension of rights and indemnity

 

1.             Throughout the Security Period, the Mortgagor
shall not:

(i)            receive, claim or have the benefit of any
payment, distribution or security from or on account of any Loan Party under
any indemnity or otherwise or exercise its rights of defence, suspension,
retention, set off or counter claim 

 

10

 

as against any Loan Party;

(ii)         take recourse (verhaal)
or take any other step to enforce any right against any Loan Party or their
respective assets; and

(iii)      claim or vote in competition with the Collateral Agent or any of the
other Secured Parties in the bankruptcy, suspension of payment or liquidation
or analogous circumstance of any Loan Party,

except in case, in such manner and upon such terms
as the Collateral Agent, acting reasonably, may require. Any payment,
distribution or security received by the Mortgagor contrary to the provisions
of this Agreement shall be received and held by the Mortgagor as custodian (bewaarnemer) (or, if possible under
applicable law, on trust) for the benefit of the Collateral Agent and the
Secured Parties and shall, pending payment or transfer to the Collateral Agent,
to the extent legally possible, be segregated from the other assets of the
Mortgagor and shall be forthwith paid over or transferred to the Collateral
Agent. If notwithstanding the above the Mortgagor exercises any right of
defence, suspension, retention, set off or counter claim in respect of any
amount, it shall forthwith pay an amount equal to such amount to the Collateral
Agent.

2.             The Collateral Agent shall not be liable to
the Mortgagor under or pursuant to the Credit Agreement except for its willful
misconduct (opzet) or gross
negligence (grove schuld).

 

13.  Limitation, waiver

 

The
Mortgagor waives, to the fullest extent permitted by law, its right (i) to
dissolve this Agreement, pursuant to section 6:265 of the Dutch Civil Code or
on any other ground or (ii) to avoid this Agreement, including but not limited
to error (dwaling), which waiver
the Collateral Agent hereby accepts.

 

14.  Security
interest absolute

 

All
rights of the Collateral Agent, the Rights of Mortgage and all obligations of
the Mortgagor hereunder shall be absolute and unconditional irrespective of:

(i)           any change
in the time, manner or place of payment of the Parallel Debt Obligations and/or
the Corresponding Obligations or any change of or amendment to any other Loan
Document and any other document related thereto, or any other agreement or
instrument relating to any of them; or

(ii)        any exchange, release or non perfection of any other collateral, or any
release or amendment or waiver of or consent to any departure from any other
collateral for

 

11

 

the Parallel Debt Obligations and/or the Corresponding Obligations.

 

15.  Amendment
of this agreement

 

This
Agreement may only be amended by a written agreement between the Mortgagor and
the Collateral Agent (with the consent of the Required Secured Parties), to the
extent required by Dutch law, executed before a Dutch civil-law notary.

 

16.  Governing
law and jurisdiction

 

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

2.             The Mortgagor consents to the exclusive
jurisdiction of the courts of Amsterdam, the Netherlands. The Mortgagor hereby
waives any objection that it may now or hereafter have to the jurisdiction of
such courts, which waiver the Collateral Agent hereby accepts. This clause is
for the benefit of the Collateral Agent only and shall not limit its right to
bring proceedings against the Mortgagor in connection with this Agreement or
any other Loan Document in any court of competent jurisdiction or concurrently
in more than one jurisdiction.

 

17. 
Severability of provisions

 

1.             Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

2.             The parties hereto agree that they will
negotiate in good faith to replace any provision hereof held invalid, illegal
or unenforceable as set out in clause 17.1 above with a valid provision which
is as similar as possible in substance to the invalid, illegal or unenforceable
provision.

 

18.  Remedies
and prevalence

 

1.             The rights and remedies of the Collateral
Agent herein, and the obligations, representations and warranties of the
Mortgagor herein, are cumulative and are not exclusive of any rights or
remedies of the Collateral Agent, or obligations, representations or warranties
of the Mortgagor, conferred or imposed by law, the Credit Agreement or any
other Loan Document.

2.             To the extent there is a conflict between the
provisions of the Credit Agreement and the provisions of this Agreement, the
provisions of the Credit Agreement shall prevail (but only to the extent that
the validity and enforceability of the mortgage and pledge created pursuant
this Agreement and the powers of attorney

 

12

 

given pursuant this Agreement are not affected as a
consequence).

 

19.  Regulation
Board of the Royal Notarial Regulatory Body (Verordening
Koninklijke Notartiële Beroepsorganisatie)

 

The Mortgagor declares that it is aware of the fact that Paul Hubertus
Nicolaas Quist, civil-law notary in Amsterdam, is one of the partners of the
law firm of Stibbe in Amsterdam, which acts as the external legal advisor of
the Collateral Agent.

With reference to the provisions of articles 19, 20, 21 and 22 of the
‘Code of Conduct (Verordening Beroeps- en
Gedragsregels)’ as determined by the Board of the Royal Notarial
Regulatory Body (Koninklijke Notariële
Beroepsorganisatie), the Mortgagor explicitly declares that it
consents to the fact that the Collateral Agent will be assisted by Stibbe in
all cases connected with this deed and all potential conflicts arising
therefrom.

 

20.      Regulatory Matters

 

1.             Notwithstanding anything to the contrary
contained in this Agreement or any of the other Security Documents, the
rights of the Collateral Agent and the other Secured Parties hereunder and
under the other Security Documents are subject to all applicable rules and
regulations of the FCC and other Governmental Authorities with jurisdiction
over Parent and its subsidiaries.

Without
limiting the foregoing, the Collateral Agent will not take any action (or
authorize any other party to take any action on its behalf) which would
constitute or result in an assignment or change of control of any governmental
permits, licenses, or other authorizations, including without limitation those
issued by the FCC, now held by or to be issued to Parent or any of its
subsidiaries which would require prior notice to or approval from any
Governmental Authority, or otherwise take action hereunder which would require
prior notice to or approval from any Governmental Authority, in each case
without first providing such notice or obtaining such prior approval of the
relevant Governmental Authorities.

2.             Upon and after the issuance of a Default
Notice, the Parent shall take any action which the Collateral Agent may
reasonably request in the exercise of its rights and remedies under this
Agreement in order to transfer or assign the Collateral to the Collateral Agent
or to such one or more third parties as the Collateral Agent may designate, or
to a combination of the foregoing.

To
enforce the provisions of this clause 20, upon and after the issuance of a
Default Notice, the Collateral Agent is empowered to seek from the FCC and any

 

13

 

other
Governmental Authority, to the extent required, consent to or approval of any
involuntary assignment or transfer of control of any entity whose Collateral is
subject to this Agreement for the purpose of seeking a bona fide purchaser to
whom the Collateral will be assigned and control will ultimately be
transferred.

Parent
agrees to cooperate with any such purchaser and with the Collateral Agent in
the preparation, execution and filing of any applications and other documents
and providing any information that may be necessary or helpful in obtaining the
FCC’s or such other Governmental Authority’s consent to the assignment to such
purchaser of the Collateral.

Parent
hereby agrees to consent to any such an involuntary transfer of control upon
the request of the Collateral Agent after and after the issuance of a Default
Notice and, without limiting any rights of the Collateral Agent under this
Agreement, to authorize the Collateral Agent to nominate a trustee or receiver
to assume control of the Collateral, subject only to required judicial, FCC or
other consent required by Governmental Authorities, in order to effectuate the
transactions contemplated in this clause 20.

Such
trustee or receiver shall have all the rights and powers as provided to it by
law or court order, or to the Collateral Agent under this Agreement.

Parent
shall cooperate fully in obtaining the consent of the FCC and the approval or
consent of each other Governmental Authority required to effectuate the
foregoing.

3.             Upon or after the occurrence of a Default Notice,
Parent shall use its best efforts to assist in obtaining consent or approval of
the FCC and any other Governmental Authority, if required, for any action or
transactions contemplated by this Agreement, including, without limitation, the
preparation, execution and filing with the FCC of the transferor’s or
assignor’s portion of any application or applications for consent to the
transfer of control or assignment necessary or appropriate under the FCC’s
rules and regulations for approval of the transfer or assignment of any portion
of the Collateral.

4.             Parent hereby acknowledges and agrees that
the Collateral is a unique asset and that a violation of Parent’s covenant to
cooperate with respect to any regulatory consents would result in irreparable
harm to the Collateral Agent for which monetary damages are not readily
ascertainable.

 

14

 

Parent further agrees that, because of the unique nature of its
undertaking in this subclause 4, the same may be specifically enforced, and it
hereby waives, and agrees to waive, any claim or defense that the Collateral
Agent would have an adequate remedy at law for the breach of this undertaking.

5.             Without limiting the obligations of Parent
hereunder in any respect, Parent further agrees that if Parent, upon or after
the issuance of a Default Notice, should fail or refuse to execute any
application or other document necessary or appropriate to obtain any
governmental consent necessary or appropriate for the exercise of any right of
the Collateral Agent hereunder, Parent agrees, to the extent consistent with
applicable law, that such application or other document may be executed on
Parent’s behalf by the clerk of any court or other forum in any competent
jurisdiction without notice to the Parent.

 

21.      Choice of domicile

 

Parties choose domicile in this case, in
particular for the registration at the Land Registry Office of this deed, at
the office of the custodian of this deed.

This deed was executed today
in Amsterdam.

The substance of this deed
was stated and explained to the appearing person.

The appearing person
declared not to require a full reading of the deed, to have taken note of the
contents of this deed and to consent to it.

Subsequently, this deed was
read out in a limited form, and immediately thereafter signed by the appearing
person and myself, civil-law notary, at five hours seventeen minutes post
meridiem.

(signed): M.M. Hemmers, Paul
Quist

 

15

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