Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.46    
    

ING BANK 

 
  [CONFORMED COPY]    

	Amsterdam District	 	 
	 	 	 
	P.O. Box 23432, 1100 DX Amsterdam	 	Department
	 	 	 
	CONFIDENTIAL	 	B&I
	SBS Broadcasting B.V.	 	Telephone/Fax
	Attn. Mr. A. Kreuzen	 	(020) 5620233 / 5945599
	P.O. Box 18179	 	Reference
	1001 ZB Amsterdam	 	D. van den Elshout
	 	 	Date
	 	 	16 October 2002

 
 

* ACCEPTANCE COPY *    
    

Subject  

Proposal

Dear
Mr. Kreuzen, 

We
are pleased to inform you that we are prepared to make a credit facility increase available to SBS Broadcasting B.V., having its registered office in Amsterdam, of EUR 1,800,000. 

The
total credit facility shall be divided into the following facilities: 

	I.	 	Continuous current account credit facility of EUR 14,975,000 (existing)
	II.	 	Continuous contingent liability facility of EUR 18,150,000 (existing)
	III.	 	Euroflex loan of EUR 11,800,000 (new)

I.    Current Account Credit Facility  

	Purpose	 	:	 	Financing operating capital.
	

Borrower	
 	

:	
 	

The private company with limited liability SBS Broadcasting B.V., having its registered office in Amsterdam.
	

Credit limit	
 	

:	
 	

EUR 14,975,000

(in words: fourteen million nine hundred and seventy-five thousand Euro), managed under account number 65.37.66.025. The limit shall be repaid by EUR 5,899,000 up to a limit of EUR 9,076,000 as from 1 January 2003. The limit shall furthermore be
annually reviewed on the basis of the annual figures.
	

Debit interest rate	
 	

:	
 	

The debit interest rate is related to the solvency ratio on the basis of the consolidated annual figures (see page 5 Special Provisions for the definition of solvency) according to the following arrangement:

	Initials ING Bank	 	 	 	Initials Client
	Credit Proposal dd. 16 October 2002 for SBS Broadcasting B.V.
	/s/ W.G. van Wijgerden	 	/s/ A. Masternbroek	 	/s/ A. Kreuzen
	

Rembrandt Tower, Amstelplein I. Amsterdam	
 	

ING Bank N.V.	
 	

 
	Tel.: (020) 562 01 00	 	Trade Register Amsterdam no. 33031431	 	ING Group

 

ING BANK 

	Solvency ratio:	 	Interest Rate:
	<22.50%	 	1.50% py above 1m Euribor rate
	22.50%-30.00%	 	1.25% py above 1m Euribor rate
	>30.00%	 	1.00% py above 1m Euribor rate.

This
Euribor rate shall be fixed at the last working day of the month and it shall apply for the following month. For the month of October 2002 this Euribor percentage amounts to 3.319%. In the
computation of the interest the month and the year shall be set at the correct number of days. 

	

Credit commission	
 	

:	
 	

Not applicable.
	

Credit interest rate	
 	

:	
 	

0.22% per year under the 1-month Euribor rate. This Euribor rate shall be fixed at the last working day of the month and it shall apply for the following month. For the month October 2002 this Euribor percentage amounts to 3.319%. In the
computation of the interest the month and the year shall be set at the correct number of days.
	

Fee for exceeding the credit limit	
 	

:	
 	

It is not permitted to exceed the credit limit without our consent. If the limit is exceeded a commission for exceeding the credit limit shall be charged. This commission shall be computed per day and amounts to 0.50% per month over the amount of the
overdraft beyond the agreed credit limit.
	

Domestic payments rate	
 	

:	
 	

We shall charge a fixed fee of EUR 270 per quarter for the costs of the domestic payments. This fixed fee shall be annually reviewed on the basis of the data on the domestic payments. We are assuming that SBS Broadcasting B.V. will use electronic
banking as much as possible for its payments.
	

Foreign payments rate	
 	

:	
 	

For the foreign payments rates we refer to the enclosed brochure. We will give you a discount of 40.00% on these rates.
	

Costs copy	
 	

:	
 	

These costs shall not be charged.
	

Value dating	
 	

:	
 	

In the case of simple amounts of less than EUR 225,000, credits shall be value dated one day in advance and debits shall be value dated one day back in relation to the clearing date. In the case of transfers of EUR 225,000 or higher, the value date
shall be the clearing date.
	

Credit commission	
 	

:	
 	

Not applicable.

	Initials ING Bank	 	 	 	Initials Client
	Credit Proposal dd. 16 October 2002 for SBS Broadcasting B.V.	 	 	 	 
	/s/ W.G. van Wijgerden	 	/s/ A. Masternbroek	 	/s/ A. Kreuzen
	

ING Bank N.V.

Trade Register Amsterdam no. 33031431	
 	

 	
 	

 

2

 

	Settlement	 	:	 	The settlement of interest, commissions and costs shall be made every 3 months in arrears to the debit of the current account, per 1 January, 1 April, 1 July and 1 October of each year. Breakdowns of this settlement
will be supplied at request, for which costs shall be charged.
	

Termination	
 	

:	
 	

Both the Borrower and the Bank shall at any time be entitled to terminate the current account credit.
	
II. Contingent Liability/Letters of Credit Facility:
	

Purpose	
 	

:	
 	

Commitments entered into under the facility by reason of Forward Exchange Transactions, shall be blocked against the equivalent value in Euro. A distinction shall be made according to the type of currency and the term of an exchange transaction, the
maximum term is 5 years. The exchange transactions in US dollars are computed as follows:

	 	 	USD < 1 year	 	20.00% of the forward equivalent value in Euro
	 	 	USD > 1 year < 2 years	 	30.00% of the forward equivalent value in Euro
	 	 	USD > 2 years	 	40.00% of the forward equivalent value in Euro

	Liability limit	 	:	 	EUR 18,150,000 (in words: eighteen million one hundred and fifty thousand Euro) to be managed in account number 65.67.98.483. The facility shall be reviewed annually on the basis of the annual figures.
	

Forward transactions rates	
 	

:	
 	

Not applicable.
	
III. Euroflex Loan of EUR 11,800,000
	

Purpose of the loan	
 	

:	
 	

Assumption shareholders' loans.
	

Borrower	
 	

:	
 	

The private company with limited liability SBS Broadcasting B.V., having its registered office in Amsterdam.
	

Principal sum	
 	

:	
 	

EUR 11,800,000 (in words: eleven million eight hundred thousand Euro) to be managed on account number 68.02.38.077.
	

Period to maturity of the loan	
 	

:	
 	

48 months.
	

Fixed interest-rate period	
 	

:	
 	

1 month. At the end of this fixed interest-rate period, the interest rate shall be automatically extended for the same period.
	

Interest rate	
 	

:	
 	

1.75% per year on top of the Euribor rate that corresponds to the chosen fixed interest-rate period. The first fixed interest-rate period shall commence on the day on which the loan is drawn. The Euribor rate on the first day of a fixed interest-rate
period shall apply. At this moment the Euribor rate that corresponds to the chosen fixed interest-rate period is 3.319% per year. The settlement shall be made per quarter in arrears, for the first time on 1 January 2003. For the computation of
the interest the month shall be set at the correct number of days and the year at 360 days.
	 	 	 	 	 

3

 

	

 	
 	

 	
 	

The Bank may review the surcharge on the Euribor rate once every two years.
	

Repayment	
 	

:	
 	

The loan shall be repaid as follows: EUR 737,500 per quarter, for the first time on 2 January 2003.
	

Early repayment	
 	

:	
 	

Unlimited early repayment is permitted, against payment of the handling costs. The repayments do have to be made on the interest payment dates.
	

Drawing of the loan	
 	

:	
 	

The loan can be drawn one time or in parts. Partial withdrawals may be made only on the interest payment dates. In connection with the determination of the rate please notify your drawing of (a part of) the loan to the Bank five days before the
desired withdrawal date.
	

 	
 	

 	
 	

The Bank reserves the right to review continuation of the non-drawn part of the loan each year. Unless you are notified to the contrary, the non-drawn part shall continue to be at your disposal.
	

Handling fee	
 	

:	
 	

No handling fee shall be charged.
	

Settlement	
 	

:	
 	

Repayments shall be automatically debited to account number 65.37.66.025. Interest and commission shall be debited to account number 65.37.66.025.
	

Security	
 	

:	
 	

As security for any amounts due by the Borrower to us, the following shall apply:

	 	 	 	 	Current:
	 	 	—	 	Pledge of the trade accounts receivable with submission of lists of pledged assets each month by SBS Broadcasting B.V. and V8 Broadcasting B.V. (formerly Lamalea Investments B.V.)
	 	 	—	 	Pledge of Credit Monies.
	 	 	—	 	Several Debtorship of V8 Broadcasting B.V. (formerly Lamalea Investments B.V.) for the benefit of SBS Broadcasting B.V.
	 	 	—	 	A Shareholders Maintenance Clause of SBS Broadcasting B.V. in relation to V8 Broadcasting B.V. (formerly Lamalea Investments B.V.).
	

 	
 	

 	
 	
New:
	 	 	—	 	Negative pledge on the shares of SBS Broadcasting B.V. to be issued by Scandinavian Broadcasting System (SBS) Nederland B.V.
	 	 	—	 	A Shareholders Maintenance Clause of Scandinavian Broadcasting System (SBS) Nederland B.V. in relation to SBS Broadcasting B.V.
	

 	
 	

 	
 	
For the Euroflex Facility, administered under account number 68.02.38.077, the following shall apply:
	 	 	—	 	Corporate Guarantee to be issued by SBS Broadcasting S.A. for the benefit of SBS Broadcasting B.V., provided with a legal opinion.
	

Other Provisions	
 	

:	
 	
Current:

	 	 	—	 	    Solvency ratio of:	 	15% as from 31 December 2002
	 	 	 	 	 	 	22.5% as from 31 December 2003
	 	 	 	 	 	 	30% as from 31 December 2004
	 	 	 	 	 	 	 

4

 

	

 	
 	

 	
 	

based on the consolidated annual figures of SBS Broadcasting B.V. and V8 Broadcasting B.V. (formerly Lamalea Investments B.V.) whereby intercompany transactions and indebtedness have been eliminated on a self-cancelling basis. Solvency shall mean:
the issued and paid-up share capital and share premium (-reserves), subordinated loans and provisions for deferred tax liabilities, less intangible fixed assets, amounts owed by board, shareholders and associated companies, expressed in a percentage
of the adjusted balance sheet total.
	 	 	—	 	Management remunerations shall be limited to 3% of the turnover of SBS Broadcasting B.V..
	 	 	—	 	Non-dividend declaration, if and to the extent that the solvency is lower than 30% and intercompany transactions and indebtedness have been eliminated on a self-cancelling basis.
	 	 	—	 	Continuance of the volume of business via the ING Bank.
	 	 	—	 	Acquisition investments of more than EUR 5,000,000 shall be presented to the ING Bank.
	 	 	—	 	The forward exchange contracts have a maximum term of 5 years.
	 	 	—	 	Net debt/EBITDA ratio <3 (Net debt is the total of interest-bearing debts, EBITDA is the operating result before interest, amortisation and tax).
	 	 	—	 	The credit insurance must be taken out through our agent.
	 	 	 	 	New:
	 	 	—	 	In case the shareholders withdraw money from SBS Broadcasting B.V. and/or its subsidiaries, other than by virtue of management fee with a maximum of 3% of the annual turnover and/or program rights with a maximum of EUR
3,000,000 per calendar year, then ING Bank N.V. is entitled to enter into consultation with SBS Broadcasting B.V. concerning the terms and conditions of the credit facilities.
	 	 	—	 	The interest cover ratio (ICR), being the operating result divided by the interest expenses (the latter according to the classification in the consolidated profit and loss account 2001 of Borrower) must be greater than or
equal to 3.
	 	 	—	 	We would like to receive (internal) consolidated quarterly figures (balance sheet and profit/loss) in relation to the Borrower.
	

General provisions	
 	

:	
 	

 	
 	

 
	 	 	—	 	The provisions stated in the Clauses Schedule attached to this Proposal shall further apply to the credit facility. Unless the provisions of this Proposal or the Clauses Schedule state otherwise, the General Conditions,
drawn up by the Netherlands' Bankers Association (Nederlandse Vereniging van Banken) shall apply to the credit facility.
	 	 	—	 	The credit facility shall be made available after acceptance of the Proposal and after the requested securities have been established and after any Special Provisions have been complied with.
	Annual figures	 	:	 	The Borrower shall provide the Bank each year with a balance sheet and profit and loss account (with explanatory notes) prepared by a firm of chartered accountants within 6 months after expiry of its financial
year.
	 	 	 	 	 	 	 

5

 

	Validity	 	:	 	This Proposal is valid until 23 October 2002.

        We
trust that this Proposal is to your satisfaction. If you agree to the contents, please sign for agreement the enclosed copy of the Letter of Proposal and the Clauses Schedule on the
appropriate page, initial the other pages and return the same before the expiry date. Through the signing you declare that you have received a copy of the General Conditions. 

	

Yours sincerely,

ING Bank N.V.

Amsterdam District	
 	

 
	

/s/ Mr. W.G. van Wijgerden	
 	

/s/ Mr. A. Mastenbroek
	Senior Relationship Manager	 	Senior Relationship Manager

Date of Signing:  

Signed for Agreement  

SBS Broadcasting B.V.  

/s/
Mr. A. Kreuzen 

Enclosures:  

	•
	Proposal

	•
	Clauses
Schedule

	•
	Shareholders
Maintenance Clause Scandinavian Broadcasting Systems (SBS) Nederland B.V.

	•
	Shareholders
Maintenance Clause SBS Broadcasting B.V.

	•
	Corporate
Guarantee SBS Broadcasting S.A.

	•
	HMS
V8 Broadcasting B.V.

	•
	Negative
Pledge on the shares of SBS Broadcasting B.V. 

6

QuickLinks

Exhibit 4.46

[CONFORMED COPY]

ACCEPTANCE COPYQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 4.47    
    

 
 

[CONFORMED COPY]    

Term sheet dated the 16th October 2002  

THIS GUARANTEE dated the 16th October 2002 is made between:

	(1)
	SBS
Broadcasting S.A., a company incorporated in and existing under the laws of Luxembourg, having its registered office at Luxembourg (the
"Guarantor"),

	(2)
	ING BANK N.V. a company incorporated in and existing under the laws of The Netherlands, having its registered office at Amsterdam, The
Netherlands, acting through its branch office at Amsterdam, Amstelplein 1, The Netherlands (the "Bank"); 

WHEREAS:

	(A)
	The
execution by the Guarantor of a guarantee, is a condition of the Bank under a financial agreement with the borrower

	(B)
	The
Guarantor has agreed to grant this guarantee (the "Guarantee") to the Bank as security for the obligations of that borrower. 

IT IS AGREED AS FOLLOWS:  

Article 1 Definitions  

	1.1
	Definitions

In
this Guarantee, unless the context otherwise requires, the capitalized words and expressions, as listed below, shall have the meanings respectively set opposite them; 

	 	 	 
	"Borrower"	 	SBS Broadcasting B.V.;
	

"Business Day"	
 	

a day on which banks are open for business in Amsterdam;
	

"Financial Agreement"	
 	

a loan agreement dated 16th October 2002 between the Borrower and the Bank by which the Bank agreed to make a loan in an amount of €11.800.000, = (in words: eleven million eight hundred thousand Euros) available to the
Borrower including further agreements or security documents executed pursuant to such loan agreement;
	

"Indebtedness"	
 	

all debts and liabilities, actual or contingent, present or future of the Borrower under or in connection with the Financial Agreement;

	1.2
	Other definition matters

In
this Guarantee, unless the context otherwise requires, references to (or to any specified provision of) this Guarantee or any other document shall be construed as references to (or to that
specified provision of) this Guarantee or that document as from time to time amended, varied or supplemented. 

1

 

Article 2 Guarantee  

The
Guarantor hereby irrevocably and unconditionally guarantees—by way of an independent and indivisible obligation, not as a surety, and waiving all rights, benefits and defences afforded
to guarantors and sureties under any applicable law—towards the Bank the due payment by the Borrower of the Indebtedness [PROVIDED however that the maximum liability of the
Guarantor under this Guarantee shall be limited to an amount of €11.800.000, = (in words: eleven million eight hundred thousand Euros). 

Article 3 Payments  

	3.1
	Payments

The
Guarantor unconditionally undertakes, upon receipt of the Bank's written notice (the "Notice") stating: 

	(a)
	that
the Borrower is in default under the Financial Agreement and that the Bank is entitled to claim payment from the Borrower; and

	(b)
	the
amount due and unpaid (the "Amount") by the Borrower to the Bank under the Financial Agreement; 

to
pay as its own debt to the Bank the Amount set forth in the Notice within five (5) Business Days following the day on which the Notice is received by the Guarantor. 

	3.2
	Evidence of indebtedness

Any
certificate or determination by the Bank of the Amount or the amount of the Indebtedness shall, in the absence of manifest error, be conclusive and binding on the Guarantor. 

	3.3
	Currency of payments

All
payments to be made by the Guarantor hereunder shall be made in the same currency as the Borrower is required to make such payments under the Financial Agreement. 

	3.4
	No set-off or withholding

All
sums payable by the Guarantor under this Guarantee, whether in respect of principal, interest, fees or otherwise, shall be paid—without set-off or
counterclaim—free and clear of and without any deduction or withholding of any kind. 

Article 4 Further undertakings of the Guarantor  

	4.1
	Subrogation

	(a)
	The
Guarantor waives ("doet afstand van") any right of subrogation it might have in relation to any payment made under the Guarantee.

	(b)
	The
Guarantor will not, whether in a single transaction or in a series of transactions, whether related or not related and whether voluntary or involuntary, sell, agree to sell,
lease, transfer or abandon or otherwise dispose of all or a material part of its shares in Scandinavian Broadcasting System (SBS) Nederland B.V.

	4.2
	Information

	(a)
	The
Guarantor will deliver to the Bank a copy of its (consolidated) balance sheet and profit and loss account within 180 days of the end of its financial year (such balance
sheet and profit and loss account to be audited by the Guarantor's auditors consistently and prepared in 

2

 

accordance
with generally accepted accounting principles in the country in which the Guarantor is incorporated). 

	(b)
	Furthermore
the Guarantor will provide the Bank with such further information as to its business affairs and financial condition as the Bank may reasonably consider necessary or
desirable. 

Article 5 Continuing liability  

The
Guarantor's liability under the Guarantee shall not be impaired, discharged or in any other way affected by reason of: 

	(a)
	any
variation in or waiver of the terms or provisions of the Financial Agreement;

	(b)
	the
release of existing security or the execution of (additional) security;

	(c)
	any
delay or omission on the part of the Bank in exercising any right, power or remedy under the Financial Agreement;

	(d)
	limitations
of or deficiencies in the authority of the Borrower, its officers or attorneys to enter into and perform the obligations under the Financial Agreement resulting from the
articles of association or any other circumstances and any unenforceability or individuality resulting therefrom;

	(e)
	the
fact that the Bank has not informed the Guarantor of items referred to in paragraphs (a) to (d) or any other circumstances known to the Bank that affect the
liability of the Guarantor. 

Article 6 Cost and expenses  

The
Guarantor shall on first demand indemnify the Bank against any loss or expense (including legal and out-of-pocket expenses) incurred by the Bank in connection with the
enforcement of, or preservation of rights under this agreement or otherwise in respect of recovery of moneys owing under this guarantee. 

Article 7 Notices  

Any
notice or other communication under, or in connection with the matters contemplated by, this Guarantee shall, except as otherwise provided in the Guarantee, be addressed to the recipient and sent: 

	(a)
	to
the Guarantor, to: 

SBS
Broadcasting S.A. 

Telefax
no: 00352401804

Attention: Corporate Secretary 

With
copies to:

Telefax no: 0031205191996

Attention: SBS Services B.V. 

	(b)
	to
the Bank, to: 

ING
BANK N.V 

Telefax
no: 0031205945599

Attention: W.H.M. Jansen 

or
to such address or telefax number or attention of such other person as may from time to time be notified by the party concerned to the other party. 

3

 

Article 8 Applicable Law  

	8.1
	This
agreement shall be governed by and constructed in accordance with the laws of The Netherlands.

	8.2
	Any
disputes which may arise out of or in connection with this agreement shall be    brought before the competent court of Amsterdam. Notwithstanding the foregoing the
Bank shall be entitled to take proceedings in any other jurisdiction. 

IN WITNESS whereof the parties hereto have signed this Guarantee on the date first above written. 

	 	 	 
	Place: Amsterdam	 	 
	

SBS Broadcasting S.A

By:	
 	

ING Bank N.V.

By:
	

/s/ Erik T. Moe

Attorney-in-Fact	
 	

/s/ W.G. van Wijgerden
	

 	
 	

/s/ A. Mastenbroek

4

QuickLinks

Exhibit 4.47

[CONFORMED COPY]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]