Document:

ex10_4.htm

    
      

    

    Exhibit
10.4

    

    

    

    PLEDGE
AGREEMENT

    

    on

    

    SHARES

    

    in

    

    CENTRAL
EUROPEAN MEDIA ENTERPRISES N.V.

    

    

    Dated
March 10, 2008

    

    among

    

    Central
European Media Enterprises Ltd.

    as the
Pledgor

    

    The
Bank of New York

    as the
Pledgee

    

    

    and

    Central
European Media Enterprises N.V.

    as the
Company

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS PLEDGE AGREEMENT is made
this tenth day of March, 2008 (this “Pledge Agreement”), by and
among Central European Media
Enterprises Ltd., a company duly organized and existing under the laws of
Bermuda, with its registered office at Clarendon House, 2 Church Street,
Hamilton, HM CX Bermuda, as the “Pledgor”, The Bank of New York, a New York
corporation, having its registered office at One Canada Square, London E14 5AL,
United Kingdom, as the “Pledgee”, and Central European Media Enterprises
N.V., a public company with limited liability (naamloze vennootschap)
incorporated under the laws of the Netherlands Antilles, having its corporate
seat in Curaçao, the Netherlands Antilles, and its registered address at
Schottegatweg Oost 44, Curaçao, the Netherlands Antilles and registered in the
commercial register of the chamber of Commerce and Industries of Curaçao under
number 67248 (the “Company”),

    

    

    WHEREAS, the Pledgor has
entered into that certain indenture with inter alia the Pledgor as
Issuer and the Pledgee in its capacity as Security Trustee, dated March 10, 2008
(as amended, novated, restated, supplemented or otherwise modified from time to
time, including without limitation, by way of increase of the facilities made
available thereunder) (the “Indenture”);

    

    WHEREAS, upon incorporation on
July 14, 1994, the Pledgor acquired the legal and beneficial title to 60
ordinary shares in the capital of the Company, and pursuant to the issuance of
one share on September 19, 1994, the Pledgor acquired the legal and beneficial
title to 1 ordinary share in the capital of the Company, each with a nominal
value of USD 100,- and collectively constituting the entire issued and
outstanding share capital of the Company (the “Present Shares”);

    

    WHEREAS, to secure the
performance of the Secured Obligations, as defined hereafter, the Pledgor and
the Pledgee wish to hereby establish a fifth priority right of pledge in respect
of the Present Shares as well as in respect of any and all future shares in the capital
of the Company to be acquired (either through issue, purchase, distribution or
otherwise) by the Pledgor after the date of this Pledge Agreement (the “Future Shares”, together with
the Present Shares hereafter where appropriate also referred to as the “Shares”), under the following
terms.

    

    NOW, THEREFORE, in
consideration of the premises and mutual covenants set forth herein, the parties
hereto agree as follows:

    

    
      	
              1.

            	
              Definitions

            

    

    

    Unless
otherwise defined herein, or the context requires otherwise, terms used in this
Pledge Agreement, including its preamble and recitals, shall have the meaning as
defined in the Indenture. In addition, the following terms used in this Pledge
Agreement, including its preamble and recitals, shall have the following
meanings:

    
      	
               
      

            	
              (a)

            	
              an
      “Event of
      Default”: each Event of Default as defined in Section 6.01 of the
      Indenture;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              an
      "Event of Statutory
      Default": each event where the Pledgor is in default ("verzuim"), as defined
      in Article 6:81 of the NACC, in the performance of one or more of the
      Secured Obligations,

            

    

    
      	
               
      

            	
              (c)

            	
              “Existing Rights of
      Pledge": means the rights of pledge on the Shares (as defined
      hereinafter) created in favor of (i) the predecessor of the Pledgee
      (JPMorgan Chase Bank, N.A., London Branch), on the fifth day of May two
      thousand five pursuant to that certain pledge agreement dated the fifth
      day of May two thousand five among inter alia JPMorgan
      Chase Bank, N.A., London Branch, the Pledgor and the Company, (ii)
      European Bank for Reconstruction and Development on the twenty-first day
      of July two thousand six pursuant to that certain pledge agreement dated
      the twenty-first day of July two thousand six among European Bank for
      Reconstruction and Development, the Pledgor and the Company, (iii) the
      Pledgee on the sixteenth day of May two thousand seven pursuant to that
      certain pledge agreement dated the sixteenth day of May two thousand seven
      among inter alia
      the Pledgee, the Pledgor and the Company, and (iv) European Bank
      for Reconstruction and Development on the twenty-second day of August two
      thousand seven pursuant to that certain pledge agreement dated the
      twenty-second day of August two thousand seven among inter alia European
      Bank for Reconstruction and Development, the Pledgor and the
      Company;

            

    

    
      	
               
      

            	
              (d)

            	
              the
      “2005 Indenture”:
      the indenture dated as of the fifth day of May two thousand five, by and
      among the Pledgor as issuer, CME Media Enterprises B.V., and the Company
      as Guarantors, and JPMorgan Chase Bank, N.A., London Branch, as Security
      Trustee, Trustee, Transfer Agent and Principal Paying Agent, and JPMorgan
      Luxembourg S.A. as Registrar and Luxembourg Transfer and Paying
      Agent;

            

    

    
      	
               
      

            	
              (e)

            	
              the
      “2007 Indenture”:
      the indenture dated as of the sixteenth day of May two thousand seven, by
      and among the Pledgor as issuer, CME Media Enterprises B.V., and the
      Company as Guarantors, BNY Corporate Trustee Services Limited as Trustee
      and The Bank of New York as Security Trustee, The Bank of New York, as
      Transfer Agent and Principal Paying Agent, and The Bank of New York
      (Luxembourg) S.A. as Registrar and Luxembourg Transfer Agent and
      Luxembourg Paying Agent;

            

    

    
      	
               
      

            	
              (f)

            	
              the
      "Loan Agreement":
      means the loan agreement dated the twenty-first day of July two thousand
      six between the Pledgor, as borrower and the European Bank for
      Reconstruction and Development, as
lender;

            

    

    
      	
               
      

            	
              (g)

            	
              the
      “Parallel Debt”:
      shall mean the Parallel Debt as defined in Section 12.09 of the
      Indenture;

            

    

    
      	
               
      

            	
              (h)

            	
              the
      “Right of Pledge”:
      the fifth priority right of pledge in respect of the Shares established in
      this Pledge Agreement;

            

    

    
      	
               
      

            	
              (i)

            	
              the
      “Secured
      Obligations”: any and all present and future obligations and
      liabilities (whether actual or contingent and whether owed jointly or
      severally or in any other capacity whatsoever) of each of the Pledgor, the
      Company and CME Media Enterprises B.V. to pay an amount of money (tot voldoening van een
      geldsom) to the Pledgee under the Parallel Debt or the Indenture
      and the Notes (as defined in the Indenture), each as amended from time to
      time, as well as all payment obligations of the Pledgor to the Pledgee
      under this deed, and

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (j)

            	
              a
      “Voting Event”:
      means the occurrence of an Event of Statutory Default of which the Pledgee
      has given notice to the Pledgor and the
Company.

            

    

    

    
      	
              2.

            	
              Right
      of Pledge 

            

    

     

    
      
        	
              	
                2.1

              	
                As
      security for the Secured Obligations, the Pledgor hereby agrees to grant
      and hereby grants to the Pledgee a disclosed fifth priority right of
      pledge (openbaar
      pandrecht in vijfde rang) in respect of the Shares, which Right of
      Pledge the Pledgee agrees to accept and hereby so
  accepts.

              

      

    

     

    
      	
              2.2

            	
              The
      Right of Pledge is one and indivisible (één en ondeelbaar).
      The Right of Pledge shall not be affected by one or more but not all of
      the Secured Obligations being discharged or the Secured Obligations being
      amended. The Right of Pledge includes a right of pledge in respect of all
      accessory rights (afhankelijke rechten)
      and all ancillary rights (nevenrechten) attached
      to the Shares.

            

    

    

    
      	
              2.3

            	
              The
      Pledgor shall, if and when required by the Pledgee, execute such further
      encumbrances and assurances, and do all such acts and things as the
      Pledgee may reasonably require over or in relation to the Shares to
      maintain, perfect or protect the security rights created by this Pledge
      Agreement over the Shares, such that this Pledge Agreement will continue
      to constitute a fifth priority right of pledge of the Shares, until
      payment in full of the Secured Obligations or termination of this Pledge
      Agreement in accordance with Section 8 of this Pledge
      Agreement.

            

    

    

    
      	
              2.4

            	
              By
      co-signing this Pledge Agreement, the Company acknowledges the Right of
      Pledge created by this Pledge Agreement, as provided in article 2:113 of
      the Netherlands Antilles Civil Code (“NACC”).

            

    

    

    
      	
              2.5

            	
              The
      Company shall register in the Company’s shareholders’ register that the
      Shares are encumbered with a fifth priority right of pledge in favor of
      the Pledgee and that, subject to Section 3 of this Pledge Agreement, the
      Pledgee has the Voting Rights.

            

    

    

    3.           
Voting rights

    

    
      	
              3.1.

            	
              The
      voting and other consensual rights and similar rights or powers attaching
      to the Shares or any part thereof (the “Voting Rights”) are
      hereby transferred by the Pledgor to the Pledgee under the condition
      precedent (opschortende
      voorwaarde) of (i) the occurrence of a Voting Event and (ii) the
      termination and/or release of the Existing Rights of Pledge. By means of
      execution of this Pledge Agreement the Pledgor also hereby adopts a
      resolution in capacity of sole shareholder of the Present Shares to
      approve the granting of the Right of Pledge and the transfer of the Voting
      Rights. Until the occurrence of a Voting Event and subject to the
      termination and/or release of the Existing Rights of Pledge, the Pledgor
      may exercise any and all such Voting Rights,
  save:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              that
      no such exercise may violate or be inconsistent with the express terms or
      purpose of this Pledge Agreement, the Existing Rights of Pledge, the 2005
      Indenture, the Loan Agreement, the 2007 Indenture and/or the
      Indenture;

            

    

    
      	
               
      

            	
              (b)

            	
              that
      no such exercise may have the effect of impairing the position or
      interests of the Pledgee; and

            

    

    
      	
               
      

            	
              (c)

            	
              as
      set out in Section 3.2 below.

            

    

    

    
      	
              3.2.

            	
              Upon
      the occurrence of a Voting Event:

            

    

    

    
      	
               
      

            	
              (a)    
      

            	
              any
      and all rights of the Pledgor to exercise the Voting Rights which it is
      entitled to exercise pursuant to Section 3.1 above shall cease
      automatically without further notice to the Pledgor being required and the
      Pledgee shall have the sole and exclusive right and authority to exercise
      such Voting Rights and shall be entitled to exercise or refrain from
      exercising such rights in such manner as the Pledgee may in its absolute
      discretion deem fit; and

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      Pledgee shall immediately be entitled, at any time at its sole discretion,
      to effect the resignation of and/or to dismiss the directors of the
      Company or any of them, and to appoint new directors of the Company and
      the Pledgor hereby undertakes to do all things and execute all documents
      and instruments as may be required by the Pledgee to ensure the
      effectiveness of any such resignations, dismissals or
      appointments.

            

    

    

    
      	
              3.3.

            	
              By
      signing this Pledge Agreement, the Company confirms (and the other parties
      agree) that a written notice from the Pledgee to the Company stating that
      a Voting Event has occurred, shall be sufficient for the Company to accept
      the Pledgee as being exclusively entitled to such rights and other powers
      which it is entitled to exercise pursuant to this Section 3 upon the
      occurrence of such a Voting Event and subject to the termination and/or
      release of the Existing Rights of
Pledge.

            

    

    

    
      	
              3.4.

            	
              In
      addition and without prejudice to the obligations of the Pledgor pursuant
      to the Pledge Agreement, each of the Pledgor and the Company agrees to
      notify the Pledgee immediately of any event or circumstance which could
      reasonably be of importance to the Pledgee with a view to the preservation
      and exercise of the Pledgee’s rights under or pursuant to this Pledge
      Agreement, such as (without limitation) the filing of a petition for the
      bankruptcy of the Pledgor, the filing of a petition for a moratorium of
      payments by the Pledgor, attachment or garnishment of the Pledgor’s
      assets, the termination of any one of the Pledgor’s commercial activities
      or its dissolution.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              3.5.

            	
              Upon
      the occurrence of a Voting Event and subject to the termination and/or
      release of the Existing Rights of Pledge, the Pledgee shall have the
      rights which the law attributes to holders of depositary receipts, issued
      with a company’s co-operation, of shares in its
  capital.

            

    

    

    
      	
              3.6.

            	
              During
      the term of the Right of Pledge, the foregoing provisions of this Section
      3 with respect to the Voting Rights on the Present Shares also apply to
      the Future Shares. In addition, the Pledgor and the Pledgee shall, if
      reasonably practicable, at the time of or, if not practicable at such
      time, as soon as reasonably practicable, after the acquisition of such
      Future Shares, arrange that the attribution of the Voting Rights attaching
      thereto shall be ratified if that is reasonably deemed necessary, in the
      Pledgee's sole discretion, to enable the Pledgee to exercise such Voting
      Rights upon the occurrence of the condition precedent as provided in
      Section 3.1 of this Pledge Agreement. If such ratification is, at the
      Pledgee's sole discretion, not obtained in time, the Pledgor shall fully
      co-operate in the taking of such other reasonable measures relating to
      such transfer of voting rights as are proposed by the
    Pledgee.

            

    

    

    
      	
              4.

            	
              Authority
      to collect

            

    

    

    
      	
              4.1

            	
              The
      authority to collect dividends, distributions from reserves, repayments of
      capital and all other distributions and payments in any form, which, at
      any time, during the term of the Right of Pledge, become payable on any
      one or more of the Shares, shall accrue to the Pledgee, as provided for in
      Section 3:246 of the NACC, subject to the termination and/or release of
      the Existing Rights of Pledge.

            

    

    

    
      	
              4.2

            	
              In
      derogation of the provisions of paragraph 1, the Pledgee hereby grants
      approval to the Pledgor to collect all dividends, distributions from
      reserves, repayments of capital and all other distributions and payments
      in any form, which, at any time, during the term of the Right of Pledge,
      become payable on any one or more of the Shares, subject to the
      termination and/or release of the Existing Rights of
    Pledge.

            

    

    

    
      	
              4.3

            	
              The
      Pledgee may terminate the authorization mentioned in paragraph 2 upon
      occurrence of an Event of Default only. Termination of the authorization
      is made by written statement to that effect, by the Pledgee to the
      Pledgor. The Pledgee shall inform the Company of the termination in
      writing.

            

    

    

    
      	
              5.

            	
              Representations
      and warranties

            

    

    

    
      	
              5.1

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

            

    

    

    
      	
               
      

            	
              a.

            	
              the
      Company is a public company with limited liability (naamloze vennootschap),
      legally established under the laws of the Netherlands Antilles by notarial
      deed drawn up before Gerard Christoffel Antonius Smeets, civil law notary
      officiating in Curaçao, on the fourteenth day of July nineteen hundred and
      ninety-four. A copy of the present articles of association is attached to
      this Pledge Agreement (Annex I). The
      Company is currently registered with the commercial register of the
      Chamber of Commerce and Industries of Curaçao under number 67248. A copy
      of the extract from the commercial register is attached to this Pledge
      Agreement (Annex
      II);

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              b.

            	
              the
      Company has not been dissolved, and no resolution has been adopted to
      dissolve the Company, nor has any request therefore been filed, nor has
      any notice by the Chamber of Commerce, as described in Section 2:25 of the
      NACC, been received. The Company has not been declared bankrupt nor has a
      suspension of payment been granted, nor have any requests thereto been
      filed;

            

    

    
      	
               
      

            	
              c.

            	
              the
      shareholders' register is accurate and completely up to date. A copy of
      the shareholders' register is attached to this Pledge Agreement (Annex
      III);

            

    

    
      	
               
      

            	
              d.

            	
              the
      entire issued share capital of the Company consists of the Present Shares;
      all of the Present Shares are fully paid-up; the Company has not granted
      any rights to subscribe for shares in its capital which have not yet been
      exercised;

            

    

    
      	
               
      

            	
              e.

            	
              the
      Pledgor has a complete and unencumbered right to the Present Shares, with
      the exception of the Existing Rights of
Pledge;

            

    

    
      	
               
      

            	
              f.

            	
              the
      Present Shares are not subject to either (limited) rights or obligations
      to transfer to third parties or claims based on contracts of any nature
      and have not been encumbered with any attachments, except for the Existing
      Rights of Pledge;

            

    

    
      	
               
      

            	
              g.

            	
              the
      Pledgor is authorized to establish the Right of
  Pledge;

            

    

    
      	
               
      

            	
              h.

            	
              all
      resolutions and approvals, required for establishing the Right of Pledge,
      have been adopted and received
respectively;

            

    

    
      	
               
      

            	
              i.

            	
              the
      obligations of the Pledgor and the Company vis-à-vis the Pledgee,
      resulting from the Indenture and this Pledge Agreement respectively, are
      lawful obligations of the Pledgor and the Company respectively and are
      legally enforceable against the Pledgor and the Company
      respectively;

            

    

    
      	
               
      

            	
              j.

            	
              the
      assumption and performance by the Pledgor and the Company respectively of
      the obligations vis-à-vis the Pledgee resulting from the Indenture and
      this Pledge Agreement are not contrary to any provision of applicable law
      or any agreement to which the Pledgor or the Company is a party, or by
      which the Pledgor or the Company is bound in any other
  way;

            

    

    
      	
               
      

            	
              k.

            	
              the
      Pledgor has provided the Pledgee with all information and data with
      respect to the Present Shares which the Pledgor reasonably believes to be
      of importance for the Pledgee;

            

    

    

    
      	
              5.2.

            	
              Furthermore,
      the Pledgor hereby declares:

            

    

    the
Pledgor has acquired the Present Shares as follows:

    
      	
               
      

            	
              -

            	
              as
      for the numbers 1 through 60, pursuant to the notarial deed of
      incorporation, drawn up before Gerard Christoffel Antonius Smeets, civil
      law notary officiating in Curaçao, on the fourteenth day of July nineteen
      hundred and ninety-four.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              -

            	
              as
      for the number 61, pursuant to the issuance of one share on the nineteenth
      day of September nineteen hundred and
  ninety-four.

            

    

    

    
      	
              6.

            	
              Undertakings
      by the Pledgor

            

    

    

    
      	
              6.1.

            	
              During
      the term of the Right of Pledge, the Pledgor shall not alienate, pledge or
      in any other way encumber the Shares or the rights to acquire Shares
      without the prior written consent of the Pledgee, except for the
      encumbrance in accordance with Section 12.01 of the
    Indenture.

            

    

    

    
      
        	
                6.2.

              	
                The
      Pledgor shall as far as possible provide that the Shares and/or rights to
      acquire Shares he acquires after execution of this Pledge Agreement shall
      be pledgeable, and that the transferability thereof shall not be more
      cumbersome than the transferability of the
  Shares.

              

      

    

    
      

    

    
      
        	
                6.3.

              	
                Whenever
      the Pledgor is aware that the Company is involved in the preparation of a
      legal merger or demerger as a result of which the Company would cease to
      exist, the Pledgor shall inform the Pledgee thereof in writing
      immediately.

              

      

    

    
      

    

    
      
        	
                6.4.

              	
                Whenever
      the Pledgor is aware that actions have been taken for the winding-up,
      dissolution, administration, bankruptcy, suspension of payments or
      reorganization of the Company, the Pledgor shall inform the Pledgee
      thereof in writing
immediately.

              

      

    

    

    
      	
              7.

            	
              Exercise
      of the Right of Pledge.

            

    

    

    
      	
              7.1.

            	
              Upon
      the occurrence of an Event of Statutory Default, the Pledgee has, with due
      regard to the relevant provisions of the Existing Rights of Pledge, the
      right to exercise all rights and powers which the Pledgee has under the
      laws of the Netherlands Antilles as holder of a right of pledge over the
      Shares and the Pledgee shall be authorized to sell the Shares or part
      thereof, in accordance with Section 3:248 of the NACC, without prejudice
      to the provision of Section 3:251 of the NACC, in order to recover the
      proceeds thereof.

            

    

    

    
      	
              7.2

            	
              In
      the event the Pledgee enforces the Right of Pledge, the Pledgee shall,
      with due regard to the relevant provisions of the Existing Rights of
      Pledge, following payment of the execution costs from the proceeds,
      allocate the net proceeds to fulfill the Secured
    Obligations.

            

    

    

    
      	
              7.3

            	
              The
      Pledgee does not bear the obligations referred to in Sections 3:249 and
      3:252 of the NACC towards others than the
  Pledgor.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              8.

            	
              Termination

            

    

    

    
      	
              8.1

            	
              The
      Pledgee is entitled to terminate (opzeggen) in whole or
      in part the Right of Pledge as referred to in Article 3:81(2) sub (d) of
      the NACC. Notice of termination must be given in writing by the Pledgee to
      the Pledgor and the Company.

            

    

    

    
      	
              8.2

            	
              The
      Right of Pledge shall terminate by operation of law upon the payment and
      satisfaction in full of all Secured Obligations. In that event, the
      Pledgee shall evidence such termination in accordance with Section 8.01 of
      the Indenture.

            

    

    

    
      	
              9.

            	
              Costs

            

    

     

    
      	
            	
               
      

            	
              All
      reasonable costs, fees and expenses incurred in connection with the
      creation or execution of any documentation in connection with the Right of
      Pledge and the enforcement of the Right of Pledge shall be for the account
      of the Pledgor, and the Pledgor shall indemnify and hold harmless the
      Pledgee for such costs and reasonable expenses incurred in connection with
      such enforcement.

            

    

    

    
      	
              10.

            	
              Notices

            

    

    

    Any
notices or other communication under or in connection with this Pledge Agreement
shall be in writing in the English language and shall be delivered personally or
by registered mail or fax. Proof of posting shall be deemed to be proof of
receipt:

    

    
      	
               
      

            	
              (i)

            	
              in
      the case of hand delivery: on the day the notice is received by
      recipient;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              in
      the case of a registered letter: on the third business day after posting;
      or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              in
      the case of a fax transmission: upon receipt of fax
      confirmation.

            

    

    

    Notices
and other communications under this Pledge Agreement may in each case be sent to
the following address of the parties hereto:

    

    Address
Pledgor:

    Central
European Media Enterprises Ltd.

    c/o CME
Development Corporation

    2nd floor,
Aldwych House

    81
Aldwych

    London
WC2B 4HN

    United
Kingdom

    Attention:
Chief Financial Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Address
Pledgee:

    The Bank
of New York

    c/o One
Canada Square

    London
E14 5AL

    United
Kingdom

    Attention:
Jason Blondell

    

    Address of the
Company:

    Central
European Media Enterprises N.V.

    c/o
Curaçao Corporation Company N.V.

    Schottegatweg
Oost 44,

    Curaçao,
Netherlands Antilles

    

    or such
other address or fax number as notified by the relevant party by not less than
five business days prior notice.

    

    
      	
              11.

            	
              Rescission

            

    

    

    The
Pledgor and the Pledgee hereby waive, to the fullest extent permitted by law,
their right to dissolve this Pledge Agreement pursuant to failure in the
performance of one or more of their obligations as referred to in Article 6:265
of the NACC or on any other ground.

    

    
      	
              12.

            	
              Governing
      Law and Submission to Jurisdiction

            

    

    

    
      	
              12.1

            	
              The
      provisions of this Pledge Agreement and the Right of Pledge created
      hereby, are governed by, and shall be construed in accordance with, the
      laws of the Netherlands Antilles.

            

    

    

    
      	
              12.2

            	
              The
      Pledgor and the Pledgee agree that the competent court in Curaçao, the
      Netherlands Antilles shall have non-exclusive jurisdiction with regard to
      any and all disputes which may arise out of or in connection with this
      Pledge Agreement.

            

    

    

    13.          Amendment
of this Pledge Agreement

    

    This
Pledge Agreement may only be amended by a written agreement executed by each of
the Pledgor and the Pledgee. Pledgor and Pledgee shall notify the Company of
such amendment in writing.

    

    
      	
              14.

            	
              Severability

            

    

    

    The
illegality, invalidity or unenforceability of any provision of this Pledge
Agreement or any part thereof under the laws of any jurisdiction shall not
affect its legality, validity or enforceability under the laws of any other
jurisdiction nor the legality, validity or enforceability of any other provision
or part thereof. Any illegal, invalid or unenforceable provision shall have the
effect of an alternative provision that would be valid and the purpose of which
conforms with the first mentioned provision and that would presumably have been
included in this Pledge Agreement in order to carry out the intentions of the
parties if the first mentioned provision had been omitted in view of its
illegality, invalidity or unenforceability.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              15.

            	
              Counterparts

            

    

    

    This
Pledge Agreement may be executed in counterparts, each of which when so executed
and delivered shall be an original, but all of which together constitute one and
the same document.

    

    

    * signature page to
follow *

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SIGNATURE PAGE PLEDGE
AGREEMENT ON SHARES

    

    

    The
parties hereto have caused this Pledge Agreement to be duly executed on the day
and year first written above.

     

     

    
      	
              Central
      European Media Enterprises Ltd.

            	 
      
	
              as
      the Pledgor

            	 
      
	 
      	 
      	 
      
	 	 	 
	
              /s/ Michael
      Garin

            	 
      
	
              By:

            	
              Michael
      Garin

            	 
      
	
              Its:

            	
              Chief
      Executive Officer

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              The
      Bank of New York

            	 
      
	
              as
      the Pledgee

            	 
      
	 
      	 
      	 
      
	 	 	 
	
              /s/ Jason
      Blondell

            	 
      
	
              By:

            	
              Jason
      Blondell

            	 
      
	
              Its:

            	
              Authorised
      Signatory

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Central
      European Media Enterprises N.V.

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              /s/ Michael
      Garin

            	 
      
	
              By:

            	
              Michael
      Garin

            	 
      
	
              Its:

            	
              Managing
      Directorex10_5.htm

    
      

    

    Exhibit
10.5

     

    DEED
OF PLEDGE OF SHARES

    (CME Media Enterprises
B.V.)

    

    

    This
tenth day of March two thousand eight, there appeared before me Pieter Gerard
van Druten, civil law notary officiating in Amsterdam, the
Netherlands:

    

    Oscar
Alexander Pfeiffer born in Rotterdam, the Netherlands, on the twenty-fourth day
of December nineteen hundred and seventy-six, employed at Fred.
Roeskestraat-100, 1076 ED Amsterdam, the Netherlands, for the purposes hereof
acting as attorney – duly authorized in writing as appears from three (3)
written powers of attorney which will be attached to this deed –
of:

    

    
      
        	
                1.

              	
                Central European Media
      Enterprises N.V., a public limited liability company (naamloze vennootschap)
      under the laws of the Netherlands Antilles, having its registered offices
      in Curaçao, Netherlands Antilles, and its office address at Schottegatweg
      Oost 44, Curaçao, Netherlands Antilles, and registered with the Commercial
      Register of the Curaçao Chamber of Commerce and Industry under number
      67248 (hereinafter: the "Pledgor");

              

      

    

    

    
      
        	
                2.

              	
                The Bank of New York, a New
      York corporation, having its registered offices at One
      Canada Square, London E14 5AL, United Kingdom (hereinafter: the "Pledgee");
      and

              

      

    

    

    
      
        	
                3.

              	
                CME Media Enterprises
      B.V., a private
      company with limited liability (besloten vennootschap met
      beperkte aansprakelijkheid) under the laws of the Netherlands,
      having its registered offices in Amsterdam, the Netherlands and its office
      address at Dam 5B, 1012 JS Amsterdam, the Netherlands, and registered with
      the Trade Register under number 33246826 (hereinafter: the "Company").

              

      

    

    

    
      Powers of
attorney.

    

    

    The
authorization of the person appearing is evidenced by three (3) powers of
attorney which shall be attached to this deed (Annex
I).

    

    
      The
person appearing has declared:

    

    

    
      The Pledgor and the Pledgee have
agreed as follows:

    

    

    Whereas:

    

    
      	
              a.

            	
              in
      the Indenture, as defined hereafter, the Pledgor has assumed the
      obligation to provide security to the Pledgee, in the form of a right of
      pledge;

            

    

    

    
      	
              b.

            	
              in
      complying with the aforementioned obligation, the Pledgor and the Pledgee
      wish to hereby establish a fifth priority right of pledge in respect of
      the Shares (as defined hereafter) under the following
    terms.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Definitions.

    

    Article
1.

    

    In this
deed, the following words shall have the following meaning:

    

    
      	
              a.

            	
              an
      "Event of
      Default": each "Event of Default" as defined in Section 6.01 of the
      Indenture, as well as, insofar as not included in that definition, each
      Event of Statutory Default;

            

    

    

    
      	
              b.

            	
              an
      "Event of Statutory
      Default": each event where the Pledgor is in default ("verzuim"), as defined
      in Section 6:81 of the Dutch Civil Code, in the performance of one or more
      of the Secured Obligations;

            

    

    

    
      	
              c.

            	
              “Existing Rights of Pledge": means the
      rights of pledge on the Shares (as defined hereinafter) created in favor
      of (i) the predecessor of the Pledgee (JPMorgan Chase Bank, N.A., London
      Branch), on the fifth day of May two thousand five pursuant to that
      certain notarial deed of pledge dated the fifth day of May two thousand
      and five among inter
      alia JPMorgan Chase Bank, N.A., London Branch, the Pledgor and the
      Company, (ii) European Bank for Reconstruction and Development on the
      twenty-first day of July two thousand and six pursuant to that certain
      notarial deed of pledge dated the twenty-first day of July two thousand
      and six among the Pledgor, European Bank for Reconstruction and
      Development and the Company, (iii) the Pledgee, on the sixteenth day of
      May two thousand and seven pursuant to that certain notarial deed of
      pledge dated the sixteenth day of May two thousand and seven among the
      Pledgor, the Pledgee and the Company, and (iv) European Bank for
      Reconstruction and Development on the twenty-second day of August two
      thousand and seven pursuant to that certain notarial deed of pledge dated
      the twenty-second day of August two thousand and seven among the Pledgor,
      European Bank for Reconstruction and Development and the Company;
      

            

    

    

    
      	
              d.

            	
              “Future Shares” means any
      and all future shares in the
      capital of the Company to be acquired (either through issue, purchase,
      distribution or otherwise) by the Pledgor after the date of this
      deed;

            

    

    

    
      	
              e.

            	
              the
      "Indenture": the
      indenture dated the tenth day of March two thousand and eight between
      inter alia the
      Issuer (as defined below), the Pledgee and the
  Pledgor;

            

    

    

    
      	
              f.

            	
              the
      "Issuer": Central
      European Media Enterprises Ltd., a company established under the laws of
      Bermuda;

            

    

    

    
      	
              g.

            	
              the
      "Loan Agreement":
      means the loan agreement dated July 21, 2006 between the Issuer, as
      borrower and the European Bank for Reconstruction and Development, as
      lender;

            

    

    

    
      	
              h.

            	
              the
      “Parallel Debt”:
      shall mean the Parallel Debt (as defined in Section 12.09 of the
      Indenture);

            

    

    

    
      	
              i.

            	
              the
      "Present Shares": one hundred and
      ninety-nine thousand nine hundred and ninety-nine (199,999) ordinary
      shares in the capital of the Company owned by the Pledgor, with numbers 1
      through 199,997, 199,999 and 200,000, each share having a nominal value of
      one Netherlands Guilder (NLG 1) or (converted into euro in accordance with
      section 2:178c of the Dutch Civil Code) forty-five eurocent
      (EUR 0.45);

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              j.

            	
              the
      "Right of Pledge":
      the fifth priority right of pledge in respect of the Shares established by
      the execution of this deed;

            

    

    

    
      	
              k.

            	
              the
      "Secured
      Obligations": any and all present and future obligations and
      liabilities (whether actual or contingent and whether owed jointly or
      severally or in any other capacity whatsoever) of each of the Issuer, the
      Pledgor and the Company to pay an amount of money (tot voldoening van een
      geldsom) to the Pledgee under the Parallel Debt or the Indenture
      and the Notes (as defined in the Indenture), each as amended from time to
      time, as well as all payment obligations of the Pledgor to the Pledgee
      under this deed;

            

    

    

    
      	
              l.

            	
              the
      “Shares” means,
      collectively, the Present Shares and the Future
  Shares;

            

    

    

    
      	
              m.

            	
              the
      “2005 Indenture”:
      the indenture dated as of the fifth day of May two thousand and five, by
      and among the Issuer, the Pledgor and the Company as Guarantors, and
      JPMorgan Chase Bank, N.A., London Branch, as Security Trustee, Trustee,
      Transfer Agent and Principal Paying Agent, and JPMorgan Luxembourg S.A. as
      Registrar and Luxembourg Transfer and Paying
  Agent;

            

    

    

    
      	
              n.

            	
              the
      “2007 Indenture”:
      the indenture dated as of the sixteenth day of May two thousand and seven,
      by and among the Issuer, the Pledgor and the Company as Guarantors, and
      BNY Corporate Trustee Services Limited as Trustee and The Bank of New York
      as Security Trustee, Trustee, Transfer Agent and Principal Paying Agent,
      and The Bank of New York (Luxembourg) S.A. as Registrar and Luxembourg
      Transfer Agent and Luxembourg Paying Agent;
and

            

    

    

    
      	
              o.

            	
              “Voting Event” means the
      occurrence of an Event of Statutory Default of which the Pledgee has given
      notice to the Pledgor and the
Company.

            

    

    

    Pledge
of shares.

    

    Article
2.

    

    To secure
the performance of the Secured Obligations, the Pledgor hereby establishes the Right of
Pledge in favor of the Pledgee, which the Pledgee hereby accepts. The Right of
Pledge is one and indivisible (één en ondeelbaar). The
Right of Pledge shall not be affected by one or more but not all of the Secured
Obligations being discharged or the Secured Obligations being amended. The Right
of Pledge includes a right of pledge over all accessory rights (afhankelijke rechten) and
all ancillary rights (nevenrechten) attached to
the Shares.

    

    Voting
rights.

    

    Article
3.

    

    
      	
              1.

            	
              The
      voting and other consensual rights and similar rights or powers attaching
      to the Shares or any part thereof (the “Voting Rights”) are
      hereby transferred by the Pledgor to the Pledgee under the condition
      precedent (opschortende
      voorwaarde) of (i) the occurrence of a Voting Event and (ii) the
      termination and/or release of the Existing Rights of Pledge. This
      conditional transfer of Voting Rights was approved by the shareholders
      meeting of the Company in a written resolution adopted outside of a
      general meeting on the tenth day of March two thousand and eight. Until
      the occurrence of a Voting Event and subject to the termination and/or
      release of the Existing Rights of Pledge, the Pledgor may exercise any and
      all such Voting Rights, save:

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (a)

            	
              that
      no such exercise may violate or be inconsistent with the express terms or
      purpose of this deed, the Existing Rights of Pledge, the 2005
      Indenture,  the Loan Agreement, the 2007 Indenture and/or the
      Indenture;

            

    

    

    
      	
               
      

            	
              (b)

            	
              that
      no such exercise may have the effect of impairing the position or
      interests of the Pledgee; and

            

    

    

    
      	
               
      

            	
              (c)

            	
              as
      set out in Article 3.2 below.

            

    

    

    
      	
              2.

            	
              Upon
      the occurrence of a Voting Event and subject to the termination or release
      of the Existing Rights of Pledge:

            

    

    

    
      	
               
      

            	
              (a)

            	
              any
      and all rights of the Pledgor to exercise the Voting Rights which it is
      entitled to exercise pursuant to Article 3.1 above shall cease
      automatically without further notice to the Pledgor being required and the
      Pledgee shall have the sole and exclusive right and authority to exercise
      such Voting Rights and shall be entitled to exercise or refrain from
      exercising such rights in such manner as the Pledgee may in its absolute
      discretion deem fit; and

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      Pledgee shall immediately be entitled, at any time at its sole discretion,
      to effect the resignation of and/or to dismiss the directors of the
      Company or any of them, and to appoint new directors of the Company and
      the Pledgor hereby undertakes to do all things and execute all documents
      and instruments as may be required by the Pledgee to ensure the
      effectiveness of any such resignations, dismissals or
      appointments.

            

    

    

    
      	
              3.

            	
              By
      signing this deed, the Company confirms (and the other parties agree) that
      a written notice from the Pledgee to the Company stating that a Voting
      Event has occurred, shall be sufficient for the Company to accept the
      Pledgee as being exclusively entitled to such rights and other powers
      which it is entitled to exercise pursuant to this Article 3 upon the
      occurrence of such a Voting Event and subject to the termination and/or
      release of the Existing Rights of
Pledge.

            

    

    

    
      	
              4.

            	
              In
      addition and without prejudice to the obligations of the Pledgor pursuant
      to the Indenture, each of the Pledgor and the Company agrees to notify the
      Pledgee immediately of any event or circumstance which could reasonably be
      of importance to the Pledgee with a view to the preservation and exercise
      of the Pledgee’s rights under or pursuant to this deed, such as (without
      limitation) the filing of a petition for the bankruptcy (faillissement) of the
      Pledgor, the filing of a petition for a moratorium of payments (surséance van betaling) by the
      Pledgor, attachment or garnishment of the Pledgor’s assets, the
      termination of any one of the Pledgor’s commercial activities or its
      dissolution.

            

    

    

    
      	
              5.

            	
              Upon
      the occurrence of a Voting Event and subject to the termination and/or
      release of the Existing Rights of Pledge, the Pledgee shall have the
      rights which the law attributes to holders of depositary receipts, issued
      with a company's co-operation, of shares in its
  capital.

            

    

    

    
      	
              6.

            	
              During
      the term of the Right of Pledge, the foregoing provisions of this Article
      3 with respect to the Voting Rights on the Shares also apply to the Future
      Shares. In addition, the Pledgor and the Pledgee shall, if reasonably
      practicable, at the time of or, if not practicable at such time, as soon
      as reasonably practicable after, the acquisition of such Future Shares,
      arrange that the attribution of the Voting Rights attaching thereto shall
      be ratified if that is reasonably deemed necessary, in the Pledgee's sole
      discretion, to enable the Pledgee to exercise such voting rights upon the
      occurrence of the condition precedent as provided in Article 3.1 of this
      deed. If such ratification is, at the Pledgee's sole discretion, not
      obtained in time, the Pledgor shall fully co-operate in the taking of such
      other reasonable measures relating to such transfer of voting rights as
      are proposed by the Pledgee.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
       

      Authority
to collect.

    

    

    Article
4.

    

    
      	
              1.

            	
              The
      authority to collect dividends, distributions from reserves, repayments of
      capital and all other distributions and payments in any form, which, at
      any time, during the term of the Right of Pledge, become payable in
      respect of any one or more of the Shares, shall accrue to the Pledgee, as
      provided for in Section 3:246 of the Dutch Civil Code, subject to the
      termination and/or release of the Existing Rights of
    Pledge.

            

    

    

    
      	
              2.

            	
              In
      derogation of the provisions of paragraph 1 of this Article 4, the Pledgee
      hereby grants approval to the Pledgor to collect all dividends,
      distributions from reserves, repayments of capital and all other
      distributions and payments in any form, which, at any time, during the
      term of the Right of Pledge, become payable on any one or more of the
      Shares, subject to the termination and/or release of the Existing Rights
      of Pledge.

            

    

    

    
      	
              3.

            	
              The
      Pledgee may terminate the authorization mentioned in paragraph 2 of this
      Article 4 upon occurrence of an Event of Default only. Termination of the
      authorization is made by written statement to that effect, by the Pledgee
      to the Pledgor, copied to the
Company.

            

    

    

    Further
obligations of the Pledgor.

    

    Article
5.

    

    The
Pledgor assumes the following obligations vis-à-vis the Pledgee:

    

    
      	
            	
              a.

            	
              on
      first demand in writing from the Pledgee, the Pledgor shall take all
      actions, and draw up and sign all supplementary documents as the Pledgee
      may consider necessary or desirable for the performance of the Pledgor's
      obligations under this deed, and to fully cooperate so as to enable the
      Pledgee to exercise his rights, with due regard to the relevant provisions
      of the Existing Rights of Pledge;

            

    

    

    
      	
            	
              b.

            	
              the
      Pledgor shall, on first demand from the Pledgee, submit to the Pledgee all
      requested reasonable information and data with respect to the
      Shares;

            

    

    

    
      	
            	
              c.

            	
              during
      the term of the Right of Pledge, the Pledgor shall not alienate, pledge or
      in any other way encumber the Shares (depositary receipts for) shares
      and/or rights to acquire (depository receipts for) shares in the capital
      of the Company without the prior written consent of the Pledgee except for
      an encumbrance permitted in accordance with the provisions of the
      Indenture;

            

    

    

    
      	
            	
              d.

            	
              the
      Pledgor shall with due regard to the relevant provisions of the Existing
      Rights of Pledge provide that the (depositary receipts for) Future Shares
      and/or rights to acquire (depositary receipts for) Future Shares in the
      capital of the Company it acquires after execution of this deed shall be
      pledgeable, and that the transferability thereof shall not be more
      cumbersome than the transferability of the
  Shares;

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	
            	
              e.

            	
              whenever
      the Pledgor is aware that the Company is involved in the preparation of a
      legal merger or demerger as a result of which the Company would cease to
      exist, the Pledgor shall inform the Pledgee thereof in writing
      immediately.

            

    

    

    
      	
            	
              f.

            	
              whenever
      the Pledgor is aware that actions have been taken for the winding-up,
      dissolution, administration, bankruptcy, suspension of payments or
      reorganization of the Company, the Pledgor shall inform the Pledgee
      thereof in writing immediately.

            

    

     

    Warranties.
Declarations.

    

    Article
6.

    

    
      	
              1.

            	
              The
      Pledgor warrants to the Pledgee that, at this time, the following is
      correct:

            

    

    

    
      	
               
      

            	
              a.

            	
              the
      Company is a private company with limited liability, legally established
      under the laws of the Netherlands by notarial deed, executed before H. van
      Wilsum, at that time civil law notary officiating in Amsterdam, on the
      third day of August nineteen hundred and ninety-four. The articles of
      association of the Company were last partially amended by deed executed
      before a substitute of M.P. Bongard, officiating in Amsterdam, on the on
      the thirty-first day of May nineteen hundred and ninety-eight. A copy of
      the present articles of association is attached to this deed (Annex II) The
      Company is currently registered in the Commercial Register in Amsterdam,
      under number 33246826. A copy of the extract from the Commercial Register
      is attached to this deed (Annex
      III);

            

    

    

    
      	
               
      

            	
              b.

            	
              the
      Company has not been dissolved, and no resolution has been adopted to
      dissolve the Company, nor has any request therefore been filed, nor has
      any notice by the Chamber of Commerce, as described in Section 2:19.a. of
      the Dutch Civil Code, been received. The Company has not been declared
      bankrupt nor has a suspension of payment been granted, nor have any
      requests thereto been filed;

            

    

    

    
      	
               
      

            	
              c.

            	
              the
      shareholders' register is completely accurate and up to date. A copy of
      the shareholders' register is attached to this deed (Annex
      IV);

            

    

    

    
      	
               
      

            	
              d.

            	
              the
      entire issued share capital of the Company consists of two hundred
      thousand (200,000) ordinary shares, numbered 1 through 200,000; all of the
      issued shares are fully paid-up; the Company has not granted any rights to
      subscribe for shares in its capital which have not yet been
      exercised;

            

    

    

    
      	
               
      

            	
              e.

            	
              the
      Pledgor has a complete and unencumbered right to the Present Shares, with
      the exception of the Existing Rights of
Pledge;

            

    

    

    
      	
               
      

            	
              f.

            	
              the
      Pledgor has not been deprived of the authority to alienate the Shares by
      virtue of Section 2:22a subsection 1 of the Dutch Civil
    Code;

            

    

    

    
      	
               
      

            	
              g.

            	
              the
      Shares are not subject to either (limited) rights or obligations to
      transfer to third parties or claims based on contracts of any nature and
      have not been encumbered with any attachment, except for the Existing
      Rights of Pledge;

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              h.

            	
              the
      Pledgor is authorized to establish the Right of
  Pledge;

            

    

    

    
      	
               
      

            	
              i.

            	
              all
      resolutions and approvals, required for establishing the Right of Pledge,
      have been adopted and received
respectively;

            

    

    

    
      	
               
      

            	
              j.

            	
              the
      obligations of the Pledgor and the Company vis-à-vis the Pledgee,
      resulting from the Indenture and this deed respectively, are lawful
      obligations of the Pledgor and the Company respectively and are legally
      enforceable against the Pledgor and the Company
    respectively;

            

    

    

    
      	
               
      

            	
              k.

            	
              the
      assumption and performance by the Pledgor and the Company respectively of
      the obligations vis-à-vis the Pledgee resulting from the Indenture and
      this deed are not contrary to any provision of applicable law or any
      agreement to which the Pledgor or the Company is a party, or by which the
      Pledgor or the Company is bound in any other way;
  and

            

    

    

    
      	
               
      

            	
              l.

            	
              the
      Pledgor has provided the Pledgee with all information and data with
      respect to the Shares which the Pledgor reasonably believes to be of
      importance to the Pledgee;

            

    

    

    
      	
              2.

            	
              Furthermore,
      the Pledgor hereby declares:

            

    

    

    the
Pledgor has acquired the Present Shares as follows:

    

    
      	
               
      

            	
              -

            	
              as
      for the numbers 1 through 199,997 pursuant to a notarial deed of transfer
      of shares, executed before H. van Wilsum, mentioned above, on the
      nineteenth day of September nineteen hundred ninety-four,
    and

            

    

    

    
      	
               
      

            	
              -

            	
              as
      for the numbers 199,999 and 200,000 pursuant to a notarial deed of
      issuance of shares, issued before H. van Wilsum, mentioned above, on the
      sixteenth day of December nineteen hundred
  ninety-six.

            

    

    

    Exercise
of the Right of Pledge.

    

    Article
7.

    

    
      	
              1.

            	
              Upon
      the occurrence of an Event of Statutory Default, the Pledgee has, with due
      regard to the relevant provisions of the Existing Rights of Pledge, the
      right to exercise all rights and powers which the Pledgee has under Dutch
      law as holder of a right of pledge over the Shares, and the Pledgee shall
      be authorized to sell the Shares or part thereof, in accordance with
      Section 3:248 of the Dutch Civil Code, without prejudice to the provision
      of Section 3:251 of the Dutch Civil Code, in order to recover the proceeds
      thereof.

            

    

    

    
      	
              2.

            	
              The
      blocking clause contained in the articles of association of the Company
      shall apply to the transfer of the Shares by the Pledgee, it being
      understood that the Pledgee shall, with due regard to the relevant
      provisions of the Existing Rights of Pledge, exercise all of the Pledgor's
      rights relevant to the alienation and transfer of the Shares, and that the
      Pledgee shall fulfill the Pledgor's obligations relevant
      thereto.

            

    

    

    
      	
              3.

            	
              In
      the event the Pledgee enforces execution of the Right of Pledge, the
      Pledgee shall, with due regard to the relevant provisions of the Existing
      Rights of Pledge, following payment of the enforcement costs from the
      proceeds, allocate the net proceeds to fulfill the Secured
      Obligations.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              The
      Pledgee does not bear the obligations referred to in Sections 3:249 and
      3:252 of the Dutch Civil Code towards others than the
    Pledgor.

            

    

    

    Termination.

    

    Article
8.

    

    
      	
              1.

            	
              The
      Right of Pledge shall terminate if and when (a) any and all Secured
      Obligations have been irrevocably and unconditionally fulfilled, or (b)
      any and all Secured Obligations have been otherwise terminated or
      cancelled.

            

    

    

    
      	
              2.

            	
              The
      Pledgee shall be entitled to terminate the Right of Pledge in whole or in
      part at any time. Termination shall be effectuated by a written
      notification to that effect by the Pledgee to the Pledgor with copy to the
      Company.

            

    

    

    Final
provisions.

    

    Article
9.

    

    
      	
              1.

            	
              Any
      notices or other communication under or in connection with this Pledge
      Agreement shall be in writing in the English language and shall be
      delivered personally or by registered mail or fax. Proof of posting shall
      be deemed to be proof of receipt:

            

    

    

    (i)   
in the case of hand delivery: on the day the notice is received by
recipient;

    

    (ii)   
in the case of a registered letter: on the third business day after posting;
or

    

    (iii)   
in the case of a fax transmission: upon receipt of fax
confirmation.

    

    Notices
and other communications under this Pledge Agreement may in each case be sent to
the following address of the parties hereto:

    

    Address
Pledgor:

    Central
European Media Enterprises N.V.

    c/o
Curaçao Corporation Company N.V.

    Schottegatweg
Oost 44,

    Curaçao,
Netherlands Antilles

    with a
copy to: c/o CME Development Corporation

    2nd
floor, Aldwych House

    81
Aldwych

    London
WC2B 4HN

    United
Kingdom

    Attention:
Chief Financial Officer

    

    Address
Pledgee:

    The Bank
of New York

    c/o One
Canada Square

    London
E14 5AL

    United
Kingdom

    Attention:
Jason Blondell

    

    Address of the
Company:

    CME Media
Enterprises B.V.,

    Dam
5B

    1012 JS
Amsterdam

    The
Netherlands

    

    or such
other address or fax number as notified by the relevant party by not less than
five business days prior notice.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
              2.

            	
              As
      to the existence and composition of the Secured Obligations, a written
      statement by the Pledgee made in accordance with his books shall
      constitute full proof, subject to proof to the contrary, it being
      understood that in the event of a disagreement with respect thereto, the
      Pledgee shall be authorized to exercise his right of execution, with due
      observance of the obligation of the Pledgee to pay over all amounts which
      afterwards would appear to be received by him in excess of his rights and
      with due regard to the relevant provisions of the Existing Rights of
      Pledge.

            

    

    

    
      	
              3.

            	
              The
      Right of Pledge, including all provisions of this deed, shall be governed
      by the laws of the Netherlands.

            

    

    

    
      	
              4.

            	
              All
      disputes relating to the Right of Pledge shall be submitted exclusively to
      the competent court of law in Amsterdam, the
  Netherlands.

            

    

    
      

    

    
      
        	
                5.

              	
                If
      a provision of this deed is or becomes illegal, invalid or unenforceable
      in any jurisdiction, that shall not affect the legality, validity or
      enforceability of any other provision of this deed and the legality,
      validity or enforceability in other jurisdictions of that or any other
      provision of this deed.

              

      

    

    
      

    

    
      
        	
                6.

              	
                All
      costs, fees, taxes and other amounts (including notarial fees, taxes,
      legal fees, registration fees, translation costs, stamp duties etc)
      reasonably incurred by the Pledgee in connection with the negotiation,
      creation or execution of any documentation in connection with the Right of
      Pledge and the enforcement of the Right of Pledge will be for the account
      of the Pledgor.

              

      

    

    

    
      	
              7.

            	
              The
      Pledgor, the Company and the Pledgee hereby waive, to the fullest extent
      permitted by law, their right to rescind this deed pursuant to failure in
      the performance of one or more of their obligations as referred to in
      Section 6:265 of the Dutch Civil Code or on any other
    ground.

            

    

    

    
      	
              8.

            	
              The
      Pledgee shall not be obligated to give notice of a sale to someone other
      than to the Pledgor as referred to in the Sections 3:249 and 3:252 of the
      Dutch Civil Code.

            

    

    

    
      	
              9.

            	
              The
      Pledgee shall not be responsible for any loss occasioned by the timing of
      the exercise of its powers under this deed other than by virtue of its bad
      faith, gross negligence or willful misconduct. The Pledgor shall indemnify
      the Pledgee in respect of all liabilities and reasonable expenses incurred
      by the Pledgee, in the execution of any rights, powers or discretions
      vested in it pursuant hereto, save for liabilities and expenses arising
      from the bad faith, gross negligence or willful misconduct of the
      Pledgee.

            

    

    

    
      	
              10.

            	
              The
      Pledgor is not entitled to file a request with the voorzieningenrechter of
      the district court to sell the Shares in a manner which deviates from the
      sale in public as referred to in Section 3:251 paragraph 1 of the Dutch
      Civil Code.

            

    

    

    FINALLY,
THE COMPANY HAS DECLARED:

    

    
      	
              a.

            	
              that
      it acknowledges the aforementioned Right of
  Pledge;

            

    

    

    
      	
              b.

            	
              that
      it has been informed of the provisions under which the Right of Pledge is
      established, and fully cooperates with the implementation
      thereof;

            
	 	 

    

    
      	
              c.

            	
              that
      no facts or circumstances are known to the Company, which in any way are
      inconsistent with the warranties and declarations of the Pledgor stated in
      this deed;

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
              d.

            	
              it
      shall register in the Company's shareholders' register that the Shares are
      encumbered with a fifth priority right of pledge in favor of the Pledgee,
      that, subject to the provisions of Article 3, the Pledgee has the Voting
      Rights and to whom, the Pledgor or the Pledgee, the rights accrue which
      the law attributes to holders of depositary receipts of shares in the
      capital of a company which are issued with its
    co-operation;

            

    

    

    
      	
              e.

            	
              that
      all resolutions and approvals required from the Company for establishing a
      fifth priority right of pledge on the Shares by the Pledgor in favor of
      the Pledgee under the provisions contained in this deed, have been adopted
      and received respectively;

            

    

    

    
      	
              f.

            	
              that
      it is a private company with limited liability (besloten venootschap met
      beperkte aansprakelijkheid), duly incorporated and validly existing
      under the laws of the Netherlands and is registered in the Trade Register
      under number 33246826 and that the information contained in the Trade
      Register is correct and complete;

            

    

    

    
      	
              g.

            	
              that
      the Company has not been dissolved, nor has a resolution to dissolve the
      Company been approved nor has a petition been filed to dissolve the
      Company, nor has a notice from the Chamber of Commerce pursuant to Section
      2:19a paragraph 3 of the Dutch Civil Code been received;
    and

            

    

    
      

    

    
      
        	
                h.

              	
                that
      the Company has not been declared bankrupt, nor has a suspension of
      payments, including any other types of regulations with similar legal
      consequences been granted, nor have any petitions thereto been filed nor
      are any such petitions
expected.

              

      

    

    

    End

    

    The
person appearing is known to me, civil law notary.

    

    This deed
was executed in Amsterdam on the date stated in the first paragraph of this
deed. The contents of the deed have been stated and clarified to the person
appearing. The person appearing has declared not to wish the deed to be fully
read out, to have noted the contents of the deed timely before its execution and
to agree with the contents. After limited reading, this deed was signed first by
the person appearing and thereafter by me, civil law notary.

    

    

    /s/ Pieter van
Druten

     

     

    10

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