Document:

EXHIBIT
10.21

EXECUTION COPY

GLOBAL ASSIGNMENT AGREEMENT

12 May
2006

between

KABEL
DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG

as
Assignor

and

THE
ROYAL BANK OF SCOTLAND PLC

as
Security Agent

Allen & Overy LLP

CONTENTS

	
  Clause

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Interpretation

  	
  1

  
	
  2.

  	
  Assignment

  	
  8

  
	
  3.

  	
  Security Purpose

  	
  9

  
	
  4.

  	
  List of Claims

  	
  9

  
	
  5.

  	
  The Assignor’s Right

  	
  10

  
	
  6.

  	
  Disclosure and Notification

  	
  10

  
	
  7.

  	
  Assignment of Claims Against Conditional Vendors

  	
  10

  
	
  8.

  	
  Enforcement and Collection

  	
  11

  
	
  9.

  	
  Release of Security

  	
  12

  
	
  10.

  	
  Right of Inspection

  	
  12

  
	
  11.

  	
  Book-keeping and Data-Processing

  	
  12

  
	
  12.

  	
  Undertakings

  	
  13

  
	
  13.

  	
  Representations and Warranties

  	
  14

  
	
  14.

  	
  Indemnity

  	
  14

  
	
  15.

  	
  Duration and Independence

  	
  14

  
	
  16.

  	
  The Security Trust Agreement

  	
  15

  
	
  17.

  	
  Costs and Expenses

  	
  15

  
	
  18.

  	
  Partial Invalidity; Waiver

  	
  15

  
	
  19.

  	
  Amendments

  	
  15

  
	
  20.

  	
  Successors

  	
  15

  
	
  21.

  	
  Notices and their Language

  	
  15

  
	
  22.

  	
  Applicable Law; Jurisdiction

  	
  16

  
	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Forms

  	
  17

  
	
   

  	
  Part 1      Form
  of Notification

  	
  17

  
	
   

  	
  Part 2      Form
  of Acknowledgement

  	
  18

  
	
  2.

  	
  Addresses for Notices

  	
  19

  
	
  3.

  	
  List of Insurance Policies

  	
  20

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
  21

  

 

 

THIS
GLOBAL ASSIGNMENT AGREEMENT (the
Agreement) is made on 12 May 2006

BETWEEN:

(1)                                  KABEL DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG, a limited partnership (Kommanditgesellschaft)
organised under the laws of Germany, having its corporate seat in Unterföhring
(Landkreis München), Germany, which is registered in the commercial register (Handelsregister) at the local court (Amtsgericht)
of Munich under registration number HRA 83902

(the
Assignor); and

(2)                                  THE ROYAL BANK OF SCOTLAND PLC, a
public limited company, having its registered office at: 36 St. Andrew Square,
EH2 2YB Edinburgh, Scotland, incorporated under the laws of Scotland and being
registered with the Companies House under registration number SC 090312

(the Security Agent).

The Assignor and the
Security Agent are hereinafter collectively referred to as the Parties.

WHEREAS:

(A)                              The Lenders (as defined below) have agreed to make available to each of
the Borrowers (as defined below) certain credit facilities on the terms of and
subject to the Credit Agreement (as defined below).

(B)                                It is a condition to the Lenders making the credit facilities available
pursuant to the Credit Agreement that the Pledgor enters into this Agreement.

(C)                                The other Finance Parties (as defined below) have appointed the Security
Agent to act as their security trustee under German law (Treuhänder)
pursuant to and in accordance with the Security Trust Agreement (as defined
below) in relation to the security provided hereunder.

IT IS AGREED as follows:

1.                                      INTERPRETATION

1.1                               Definitions

In this Agreement:

Accounting Principles means accounting principles, policies, standards, bases and practices
which, as at the date of the Credit Agreement, are in accordance with the
German generally accepted accounting principles (Grundsätze ordnungsgemäßer
Buchführung und Bilanzierung).

Additional Borrower means a member of the Group which becomes a borrower under the Credit
Agreement after the date of its execution.

Additional Facility means an Add-On Facility or an External Facility.

Add-On Facility Accession
Agreement means an accession deed
pursuant to which any person or entity accedes to the Credit Agreement as
provider of an Add-On Facility.

Add-On Facility means any additional loan facility provided under the Credit Agreement
which has Eligible Terms.

 1
 

 

Add-On Facility Lender
means:

(a)                                  an Original Add-On Facility Lender; or

(b)                                 any person which has become a lender under an Add-On Facility.

Administrative Party means the Mandated Lead Arrangers, the Facility Agent or the Security
Agent.

Agreed Priority Agreement Principles
means the principles pursuant to which the Existing Priority Agreement shall be
amended.

Ancillary Facility means any facility or financial accomodation (including any overdraft,
foreign exchange, guarantee, bonding, documentary or standby letter of credit,
credit card or automated payments facility) established by a Lender in place of
all or parts of its respective facility commitment.

Ancillary Facility Document means any document evidencing any Ancillary Facility.

Ancillary Lender means any lender providing for an Ancillary Facility.

Ancillary Outstandings means, at any time and with respect to any Ancillary Facility of any
Ancillary Lender, the aggregate of all of the following amounts (as calculated
by that Ancillary Lender) outstanding at that time under that Ancillary
Facility:

(a)                                  all amounts of principal then outstanding under any overdraft, cheque
drawing or other account facilities determined on a gross basis unless such
facilities are made available on the basis of netting arrangements satisfactory
to the Ancillary Lender in which case, such outstanding principal amounts shall
be determined on the net debt basis used by that Ancillary Lender;

(b)                                 the maximum potential liability (excluding amounts stated to be in
respect of interest and fees) under all guarantees, bonds and letters of credit
then outstanding under that Ancillary Facility; and

(c)                                  in respect of any other facility or financial accommodation, such other
amount (excluding interest and similar charges) as fairly represents the
aggregate exposure of that Ancillary Lender under that facility or
accommodation, as reasonably determined by that Ancillary Lender from time to
time in accordance with its usual banking practice for facilities or
accommodation of the relevant type.

BGB means the German Civil Code (Bürgerliches Gesetzbuch).

Borrower means KDVS or an Additional Borrower.

Business Day means a day (other than a Saturday or a Sunday) on which banks are open
for general business in London and Frankfurt am Main and which is also a TARGET
Day.

Claim(s) means any and all present and future receivables and any other rights
and claims, including but not limited to any non-monetary claims, the Assignor
holds

(a)                                  against all clients, purchasers or suppliers or any of them, whether
resulting from its present or future business or from any other cause at law;

(b)                                 under any Insurance Policy,

 2
 

 

in each case, including, without limitation, damage
claims (Schadensersatzansprüche) or claims
resulting from unjust enrichment (ungerechtfertigte
Bereicherung).  To the extent
that such Claims are in existence or outstanding at the time this Agreement
comes into force, such Claims are referred to as the Existing
Claims, and if such Claims will only come into existence in the future
they are referred to as the Future Claims.

Commitment Letter means the commitment letter dated on or about the date of the Credit
Agreement between the Arranger, the Original Lender, KDG and KDVS.

Compliance Certificate means any compliance certificate issued or to be issued by any Obligor
in connection with the Credit Agreement setting out the compliance with certain
financial ratios and/or covenants.

Credit Agreement means the EUR 1,350,000,000 senior credit agreement dated on or
about 13 March 2006 between, amongst others, the Mandated Lead Arranger, the
Facility Agent, the Security Agent, KDVS, KDG and the Original Lender providing
for EUR 1,350,000,000 senior credit facilities and up to
EUR 650,000,000 Add-On Facilities.

Debtor means each debtor in respect of a Claim and Debtors
means all such debtors.

Effective Date shall have the meaning ascribed to that term in the Release Agreement.

Eligible Terms means, in respect of any Additional Facility:

(a)                                  the final maturity date of that Additional Facility must be a date
falling at least six months after 31 March 2012;

(b)                                 there must be no amortisation required in respect of that Additional
Facility;

(c)                                  that Additional Facility must be a term facility (which, in the case of
an External Facility, may include notes, bonds or any other term credit
arrangement which is not capable, by its terms, of being repaid or prepaid and
redrawn before the date falling at least six months after 31 March 2012 (it
being acknowledged that such arrangement may have customary change of control,
voluntary prepayment, asset sale and similar prepayment provisions)); and

(d)                                 the purpose must be to fund a Permitted Acquisition;

(e)                                  the principal amount of that Additional Facility (together with the
principal amount of all other Additional Facilities) may not exceed the lower
of:

(i)                                     €650,000,000; and

(ii)                                  the amount which, if fully utilised on the date of completion of the
relevant Permitted Acquisition, would not result in any breach of certain
financial covenant ratios;

and

(f)                                    the liabilities of the obligors thereunder are to be treated and rank as
a senior debt under Existing Priority Agreement and/or the Priority Agreement
and to have the benefit of all relevant Security Documents (whether through
execution of new documents or amendment to existing documents) or (in each
case) to have such lower ranking as is agreed by all the lenders of that
Additional Facility.  For these purposes relevant Security Documents means Security Documents
comprising the same assets and shares comprised in Security

 3
 

 

Documents executed prior to the establishment
of that Additional Facility, it being acknowledged that prior-ranking Security
Documents will remain in place (with the proceeds of enforcement of all
Security Documents subject to the sharing provisions of the Priority
Agreement).

Euro, euro, EUR or € means the
single European currency introduced 1 January 1999.

Existing Facility means the €2,600,000,000 facilities made available under an amended and
restated credit agreement originally dated 29 March 2004 between, amongst
others, KDVS as borrower and Deutsche Bank AG as facility agent.

Existing Priority Agreement means
the priority agreement dated 29 March 2004, as amended and restated prior to
the date of the Credit Agreement and in force on the date of the Credit
Agreement to which, amongst others, KDG and KDVS are parties (disregarding the
amendments implemented to create an amended priority agreement in connection
with the Credit Agreement).

External Facility means any term credit agreement which has Eligible Terms.

Event of Default means an event of default under any of the Finance Documents, which
entitles the Facility Agent to declare that all or part of any amounts
outstanding under the Finance Documents or any of them are immediately due and
payable, or payable on demand.

Facility Agent means The Royal Bank of Scotland plc, a public limited company, having
its registered office at: 36 St. Andrew Square, EH2 2YB Edinburgh, Scotland,
incorporated under the laws of Scotland and being registered with the Companies
House under registration number SC 090312.

Fee Letter means any letter entered into by reference to the Credit Agreement
between one or more Administrative Parties and an Obligor setting out the
amount of certain fees which are payable, inter alia, in
relation to the Credit Agreement.

Finance Document means:

(a)                                  the Credit Agreement;

(b)                                 the Commitment Letter;

(c)                                  a Fee Letter;

(d)                                 an Obligor Accession Deed;

(e)                                  a Transfer Certificate;

(f)                                    an Ancillary Facility Document;

(g)                                 the Hedging Letter;

(h)                                 an Add-On Facility Accession Agreement;

(i)                                     a Hedging Document;

(j)                                     a Security Document;

(k)                                  the Priority Agreement;

 4
 

 

(l)                                     a Compliance Certificate;

(m)                               a Request; and

(n)                                 any other document designated as such by the Facility Agent and KDG.

Finance Party means an Administrative Party, an Underwriter, a Lender or a Hedging
Bank.

Germany means the Federal Republic of Germany.

Group means KDG and its Subsidiaries (but excluding any Unrestricted
Subsidiary).

Hedging Letter means a letter dated on or about the date of the Credit Agreement
between KDG, the Mandated Lead Arranger and the Facility Agent relating to the
interest and currency hedging to be effected by the Group and any other letter
designated as such by KDG and the Facility Agent which amends or supplements
the terms of that letter.

Hedging means any interest rate or currency swap, derivative transaction or
hedging facility.

Hedging Bank means:

(a)                                  each Original Hedging Bank; or

(b)                                 each party (other than an Obligor) which shall at any relevant time be
or become a party to any Hedging Document.

Hedging Document means

(a)                                  each master agreement, confirmation or other document evidencing any
Hedging provided by a Hedging Bank to an Obligor; or

(b)                                 otherwise entered into on the basis that under the terms of the Finance
Documents any party to such document (other than an Obligor) in such regard
becomes entitled to the benefit of, among other things, any security interest
created under this Agreement.

Insurance Policy means any (existing or future) contract and policy of insurance subject
to German Law (including, for the avoidance of doubt all cover notes (Deckungszusagen)) of whatever nature (other than liability
insurance claims (Haftpflichtversicherungsansprüche),
any insurance policies in relation to any Security Asset (each as defined in
the Security Transfer Agreement) or claims arising under insurance policies
entered into for the benefit of the Assignor’s employees) which are from time
to time taken out by or on behalf of the Assignor or (to the extent of such
interest) in which the Assignor has an interest including, without limitation,
those specified in Schedule 3 hereto.

Insurer means any insurance company or other entity entering into an Insurance
Policy.

KDG means Kabel Deutschland GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) incorporated under
the laws of Germany, having its corporate seat in Unterföhring (Landkreis
München), Germany, which is registered in the Commercial Register (Handelsregister) at the Local Court (Amtsgericht)
of Munich under registration number HRB 145837.

KDVS means Kabel Deutschland Vertrieb und Service GmbH & Co. KG, a
limited partnership (Kommanditgesellschaft)
organised under the laws of Germany, having its corporate seat in Unterföhring
(Landkreis München), Germany, which is registered in the commercial register (Handelsregister) at the local court (Amtsgericht)
of Munich under registration number HRA 83902.

 5
 

 

Lender means:

(a)                                  the Original Lender;

(b)                                 an Original Add-On Facility Lender; or

(c)                                  any person which becomes a lender after the date of, and in accordance
with the terms of, the Credit Agreement,

but only for so long as it has any outstanding
commitment or participation in any loan provided under the Credit Agreement or
Ancillary Outstanding or any amount is owed to it (whether actually or
contingently) in its capacity as Lender.

Mandated Lead Arranger means each of:

(a)                                  The Royal Bank of Scotland plc;

(b)                                 Deutsche Bank AG London;

(c)                                  Goldman Sachs International; and

(d)                                 J.P. Morgan plc.

Obligor means KDG or a Borrower.

Obligor Accession Deed means a deed of accession pursuant to which any person or entity
accedes, inter alia, to the Credit Agreement as Additional Borrower.

Original Add-On Facility Lender means any lender providing for an additional facility under the Credit
Agreement by way of executing an Add-On Facility Accession Agreement.

Original Finance Party means an Administrative Party, an Original Lender or an Original Hedging
Bank.

Original Hedging Bank means each of:

(a)                                  Goldman Sachs International;

(b)                                 Morgan Stanley Capital Services Inc.;

(c)                                  Société Générale;

(d)                                 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.;

(e)                                  The Royal Bank of Scotland plc;

(f)                                    BNP Paribas S.A.;

(g)                                 Deutsche Bank AG, London;

(h)                                 HSBC Bank plc; and

(i)                                     Calyon Corporate and Investment Bank.

Original Lender means each of:

 6
 

 

(a)                                  The Royal Bank of Scotland plc, Niederlassung Frankfurt;

(b)                                 Deutsche Bank AG London;

(c)                                  JPMorgan Chase Bank, N.A.; and

(d)                                 Goldman Sachs Credit Partners L.P.

Pledged Account means any account,
including any related sub-account, pledged under the account pledge agreement
dated on or about the date hereof entered into between the Assignor as pledgor
and the Security Agent and the other Finance Parties as pledgees.

Priority Agreement means the Existing Priority Agreement amended on a basis consistent with
the Agreed Priority Agreement Principles after the date of the Credit
Agreement.

Release Agreement means the release agreement dated on or about the date of this Agreement
made between KDG and KDVS as released parties, Deutsche Bank AG London as
releasing party and the Security Agent in relation to the release of certain
security interests constituted under accessory and non-accessory security
granted in connection with the Existing Facility.

Request means any request for the draw down of any credit facility under the
Credit Agreement by any Obligor.

Secured Claims means all present and future rights and claims (Ansprüche)
(whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of any of the Finance Parties against any of the
Obligors under the Finance Documents, each as amended, restated, varied,
supplemented, novated or extended from time to time, including, without
limitation, any increase of principal or interest, in each case together with
all costs, charges and expenses incurred by the Finance Parties (or any of
them) in connection with the protection, preservation or enforcement of their
respective rights under the Finance Documents.

Security means any and all security granted to secure the Secured Claims.

Security Document means any document evidencing or creating security over any asset of
any Obligor to secure any obligation of any Obligor to a Finance Party under
any Finance Document referred to under (a) to (i) and (k) to (n) of the
definition of “Finance Document”.

Security Transfer Agreement means the security transfer agreement dated on or about the date of this
Agreement between KDVS as transfer and the Security Agent as transferee in
relation to the transfer of certain assets.

Security Trust Agreement means the agreement dated on or about the date hereof between, amongst
others, KDG, KDVS, the Security Agent and the other Finance Parties under which
the Security Agent has been granted certain rights and has assumed certain
obligations in relation to the German Security Documents (as defined therein).

Subsidiary means any of:

(a)                                  an entity of which a person has direct or indirect control or owns
directly or indirectly more than 50% of the voting capital or similar right of
ownership, and control for this purpose means the
power to direct the management and the policies of the entity whether through
the ownership of voting capital, by contract or otherwise; or

 7
 

 

(b)                                 an entity consolidated for the purpose of the financial statements of
any person pursuant to the Accounting Principles.

Underwriter means each of:

(a)                                  The Royal Bank of Scotland plc;

(b)                                 Deutsche Bank AG London;

(c)                                  Goldman Sachs Credit Partners L.P.; and

(d)                                 JPMorgan Chase Bank, N.A.

Unrestricted Subsidiary means any Subsidiary of KDVS or KDG (which is not an Obligor) nominated
by KDVS to the Facility Agent at any time when no Event of Default is
outstanding.

TARGET Day means a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System is open for the settlement of payments in
Euro.

Transfer Certificate means any transfer certificate pursuant to which any rights under the
Credit Agreement shall be transferred by novation or otherwise to any New
Lender.

1.2                               Construction

(a)                                  In this Agreement, unless the contrary intention appears, a reference
to:

(i)                                 the Security Agent means the Security Agent acting as agent for and on
behalf of the Pledgees unless otherwise provided herein; and

(ii)                              promptly means promptly (unverzüglich)
as contemplated in § 121 (1) BGB.

(b)                                 Where the context so admits, the singular includes the plural and vice
versa.

(c)                                  The headings in this Agreement are for convenience only and are to be
ignored in construing this Agreement.

(d)                                 Any reference in this Agreement to a defined document is a reference to
that defined document as amended, restated, novated or supplemented from time
to time.

(b)                                 References to parties herein shall also be deemed to include references
to their respective successors, transferees and assignees.

(c)                                  Unless otherwise defined herein or unless the context otherwise
requires, terms defined or referred to in the Credit Agreement shall have the
same meaning when used herein.

2.                                      ASSIGNMENT

2.1                               The Assignor hereby assigns for security purposes all of the Claims to
the Security Agent.  In the event that
the Assignor maintains a current account arrangement (Kontokorrentverhältnis)
with regard to any of the Claims, this assignment includes all claims from any
existing or future current account balances, the right to determine the net
balance and the right to terminate the current account relationship.  The Assignor will not enter into new current
account arrangements in respect of the Claims during the term of this Agreement
without the prior written consent of the Security Agent, such consent not be
unreasonably withheld.

 8
 

 

2.2                               The Security Agent accepts the assignment of the Claims.

2.3                               The Existing Claims shall pass over to the Security Agent on execution
of this Agreement, and any Future Claims shall pass over to the Security Agent
on the date such Future Claims arise.

2.4                               Together with the Claims any other rights pertaining thereto are
transferred to the Security Agent. To the extent that any security interest
securing the Claims is not transferred as a matter of law the Assignor hereby
assigns and transfers such security interest to the Security Agent and the
Security Agent hereby accepts such assignment and transfer.

2.5                               Insofar as additional declarations or actions are necessary for the
perfection of the security interest to be granted hereunder or the rights
mentioned in Clause 2.4 (Assignment) above, the Assignor shall, at the Security
Agent’s request, make such declarations or undertake such actions.

2.6                               In case the Assignor receives any kind of cheques (Schecks),
bills of exchange (Wechsel), notes
or commercial papers for the settlement of the assigned Claims, the Assignor
herewith assigns and transfers all rights and claims in respect of such
cheques, bills of exchange, notes and commercial papers to the Security Agent.
The Security Agent accepts such assignment and transfer.

2.7                               The Assignor herewith also confirms and acknowledges the release and
assignment of any and all claims and rights from Deutsche Bank AG London to the
Security Agent pursuant to the terms of the Release Agreement (the Released Assets) and according to the Assignor’s
instructions upon the occurrence of the Effective Date which the Security Agent
shall hold pursuant to and in accordance with the terms of this Agreement.

3.                                      SECURITY PURPOSE

The Claims shall serve as collateral in order to
secure the prompt and complete satisfaction and discharge in full of any and
all Secured Claims.

4.                                      LIST OF CLAIMS

4.1                               The Assignor shall provide the Security Agent at monthly intervals on no
later than the 5th Business Day following the end of a monthly period for the
preceding monthly period, or, if an Event of Default has occurred, upon request
by the Security Agent at shorter intervals , with a list of those Claims which,
according to the Assignor’s bookkeeping, were still outstanding at the end of
the previous monthly period or any shorter interval as appropriate.  Unless otherwise agreed, the list shall show
the names and addresses of the Debtors as well as the outstanding amounts and
the due dates for payment.  The Assignor
shall use any reasonable efforts to indicate whether the assignment of a Claim
is prohibited or requires the express consent of the relevant Debtor and
whether any Debtors have counterclaims that could be set off against the
Assignor’s Claim. In the event that any such counterclaims exist, the list
should include such counterclaims. 
Moreover, the Assignor shall use any reasonable efforts to indicate
those Claims which for legal or factual reasons cannot be asserted immediately,
in which case such reasons shall be indicated.

4.2                               The Assignor shall have the right to deliver the list of its Claims on a
readable and compatible disk or other electronic data storage medium. The
Security Agent will contact the Assignor from time to time with a view to
agreeing the necessary details.

4.3                               For the avoidance of doubt, the Security Agent shall also be entitled to
any and all Claims if for any reason whatsoever any Claims are not or
incompletely contained in the list presented to the Security Agent.

 9
 

 

4.4                               If the Assignor employs a third party for its
bookkeeping and/or data-processing, the Assignor hereby irrevocably authorises
the Security Agent to obtain the lists of Claims directly from such third party
at the Assignor’s expense. The Assignor hereby undertakes to instruct the third
party to provide the Security Agent promptly upon the Security Agent’s demand
with such lists.

5.                                      THE ASSIGNOR’S RIGHT

The Assignor shall have the right to collect and
recover the Claims and to take all measures and enter into all agreements with
the respective Debtors and/or Insurers in the ordinary course of business (such
right referred to as the Authorisation).  The Assignor may in particular grant
discounts or indulgence to Debtors or the respective Insurer and/or enter into
settlement agreements.  The Assignor
shall in doing so act with the care of an orderly acting merchant (Sorgfalt eines ordentlichen Kaufmannes). The Security Agent
may revoke the Authorisation at any time after (i) an Event of Default has
occurred and (ii) the FacilityAgent has delivered a notice declaring an Event
of Default and declaring that all or part of any amounts outstanding under the
Finance Documents are due and payable.

6.                                      DISCLOSURE AND NOTIFICATION

6.1                               Disclosure and Notification to Debtors

(a)                                  The Security Agent is entitled to disclose the assignment constituted by
this Agreement to the Debtors if (i) an Event of Default has occurred and (ii)
the Facility Agent has delivered a notice declaring an Event of Default and
declaring that all or part of any amounts outstanding under the Finance
Documents are due and payable.  For the
purpose of disclosing the assignment constituted by this Agreement, the
Security Agent may demand from the Assignor for each Debtor a signed notification
letter in the form of Schedule 1 Part 1 (including the Form of Acknowledgement
in the form of Schedule 1 Part 2) addressed to the respective Debtor upon the
occurrence of an Event of Default.

(b)                                 The Assignor undertakes to forward to the Security Agent promptly at its
request notification letters executed in blank for the purpose of notifying the
Debtor(s) of the assignment of the respective Claims.  The Assignor hereby authorises the Security
Agent to copy blank notification certificates signed by the Assignor upon the
occurrence of an Event of Default.

6.2                               Disclosure and Notification to Insurers

The Assignor undertakes to notify the relevant
Insurer(s) of this Agreement and of the assignment of any rights and claims
under the respective Insurance Policy and to provide the Security Agent with a
copy of such notification and the requested return receipt.  Notwithstanding such assignment the Assignor
will continue to be obliged under the Insurance Policies with the proviso that
the Assignor is not entitled to terminate any of the Insurance Policies without
the prior written consent of the Security Agent.  Insofar as additional declarations and
actions are necessary for the assignment of the insurance claims the Transferor
shall, at the Security Agent’s request, make such additional declarations or
undertake such actions.

7.                                      ASSIGNMENT OF CLAIMS AGAINST CONDITIONAL VENDORS

7.1                               If a Trade Receivable is assigned to the Security Agent which any
supplier of the Assignor can at present or in future assert by reason of an
extended retention of title (verlängerter
Eigentumsvorbehalt), the assignment of such Trade Receivable shall
only become effective upon the extinction of such extended retention of
title.  As long as the supplier is only
partly entitled to the Trade Receivable the assignment of such Trade Receivable
to the Security Agent hereunder shall be

 10
 

 

limited to the part of the Trade Receivable to which
the Assignor is entitled. The other part of the Trade Receivable will be
transferred to the Security Agent at such time as that part is no longer
affected by any extended retention of title.

7.2                               The Assignor hereby assigns to the Security Agent its right to
reassignment of the Trade Receivables assigned to a supplier by reason of an
extended retention of title (verlängerter
Eigentumsvorbehalt) as well as any contingent claims to the transfer
of all proceeds paid out to the supplier, together with all rights pertaining
thereto.  The Assignor hereby also
assigns any possible inchoate right (Anwartschaftsrecht)
with respect to the assignment of any Trade Receivables to a supplier which is
subject to a condition subsequent (auflösende Bedingung).  The Security Agent hereby accepts such
assignments.

7.3                               The Security Agent is entitled to extinguish the extended retention of
title (verlängerter Eigentumsvorbehalt) by
itself satisfying the supplier.

8.                                      ENFORCEMENT AND COLLECTION

8.1                               The Security Agent is entitled to collect the Claims if (i) an Event of
Default has occurred, (ii) the Facility Agent has delivered a notice under
Clause 20.20 of the Credit Agreement declaring an Event of Default and
declaring that all or part of any amounts outstanding under the Finance
Documents are due and payable and (iii) the Event of Default has not been
remedied within 5 (five) Business Days following the receipt of such notice.

The Security Agent will take such measures only to the
extent necessary for the satisfaction of the outstanding Secured Claims and
shall at all times take into consideration the legitimate interest of the
Assignor in exercising its rights and carrying out its duties under this
Agreement.  The Security Agent will
notify the Assignor of its intention to realise the Claims by giving 5 (five)
Business Days prior written notice to the Assignor.  Such notice period is not necessary if the
Assignor has generally ceased to make payments or the commencement of
insolvency proceedings is filed against the Assignor.

8.2                               To the extent the Security Agent is entitled to collect the Claims, he
may request that all documents relating to the Claims be handed over to the
Security Agent and the Assignor hereby agrees to comply promptly with any such
request.  The Security Agent may request
the Assignor to collect the Claims for and on behalf of the Security Agent and
the Assignor shall promptly comply with such request.

8.3                               The Security Agent may realise any and all of the claims to the extent
necessary to satisfy any outstanding Secured Claims by collecting all or part
of the Claims.

8.4                               The proceeds resulting from the enforcement of this Agreement shall be
applied by the Security Agent towards payment of the Secured Claims in
accordance with the provisions of the Priority Agreement.

8.5                               If and to the extent the Security Agent collects any Claims pursuant to
Clause 8.1 (Enforcement and Collection) hereof, it may take all measures and
enter into all agreements with such Debtors which it considers to be
expedient.  In particular, the Security Agent
may grant discounts or indulgence to Debtors and/or enter into settlement
agreements.

8.6                               The Security Agent may determine which part of the Security, if
applicable, shall be used to satisfy the Secured Claims.

 11

 

9.                                      RELEASE OF SECURITY

9.1                               Reassignment

After the full and complete satisfaction of all
Secured Claims, the Security Agent shall promptly, at the cost and expense of
the Assignor, reassign to the Assignor the Claims and surrender the excess
proceeds, if any, resulting from any realisation of the Claims.  The Security Agent will, however, transfer
any Claims to a third party to the extent that it is obliged to do so.

9.2                               Release

Even prior to the full and complete satisfaction of
all Secured Claims, the Security Agent is obliged to release, upon the Assignor’s
request, and at the Assignor’s cost and expense, all or part of the Security
insofar as the realisable value of the Security exceeds, not only temporarily,
the Secured Claims by more than 10%.  The
Security Agent may, at his discretion, determine which part of the Security
shall be released.

10.                               RIGHT OF INSPECTION

The Assignor authorises the Security Agent to inspect
at any time during normal business hours its records, or to have them inspected
by a duly authorised representative, for the purpose of inspecting and checking
the Claims.

11.                               BOOK-KEEPING AND DATA-PROCESSING

11.1                        If proof or documents which are necessary to assert
the Claims have been handed over by the Assignor to a third party (in particular
a bookkeeping firm or a tax consultant) the Assignor hereby assigns to the
Security Agent its right to demand from such third party the return of the
information and documents.  The Security
Agent hereby accepts such assignment. 
The Assignor hereby undertakes to instruct the third party to provide
the Security Agent upon its reasonable demand with such information and
documents which are necessary to assert the Claims.  The Security Agent may only make such demand

(a)                                  (after taking into account the interests of the Assignor) for the
safeguarding of the Security Agent’s legitimate interests; or

(b)                                 after

(i)                                     an Event of Default has occurred; and

(ii)                                  the Facility Agent has delivered a notice declaring an Event of Default
and declaring that all or part of any amounts outstanding under the Finance
Documents are due and payable.

 12
 

 

11.2                        If the Claims have been stored in an electronic
data-processing system and a third party handles the electronic processing of
data, the Assignor hereby assigns to the Security Agent all rights against such
third party relating to these services, and instructs such third party to
handle the processing of data for the Security Agent upon its instructions as
it did for the Assignor. The Security Agent hereby accepts such assignment. The
Security Agent may only give such instructions (1) (after taking into account
the interests of the Assignor) for the safeguarding of the Security Agent’s
legitimate interests or (2) after (i) an Event of Default has occurred and (ii)
the Facility Agent has delivered a notice declaring an Event of Default and
declaring that all or part of any amounts outstanding under the Finance
Documents are due and payable.

11.3                        The Security Agent authorises the Assignor to
exercise the rights mentioned under Clause 11.1 above vis-à-vis the third party
prior to the occurrence of the events mentioned under 11.1(a) and 11.1(b)
above.

12.                               UNDERTAKINGS

The Assignor undertakes:

(a)                                  to inform the Security Agent promptly of any subsequent changes in the
value of any of the Claims resulting from any complaints, price discounts, set
off or other reasons, after becoming aware of such changes, provided any such
change, or such changes in aggregate, might have a material adverse effect on
the Security granted hereunder;

(b)                                 to notify the Security Agent promptly of any event or circumstance other
than interpretation of law which affects or is reasonably likely to adversely
affect the validity or enforceability of this Agreement;

(c)                                  at its own expense, to execute and do all such assurances, acts and
things as the Security Agent may reasonably require:

(i)                                     for perfecting or protecting the security intended to be afforded by
this Agreement; and

(ii)                                  if the Security granted hereunder has become enforceable, for
facilitating the realisation of all or any part of the Claims which are subject
to this Agreement and the exercise of all powers, authorities and discretions
vested in the Security Agent or in any receiver of all or any part of those
Claims;

and in particular to execute all transfers,
conveyances, assignments and releases of that property whether to the Security
Agent or to its nominees and give all notices, orders and directions which the
Security Agent may reasonably think expedient; and

(d)                                 not to assign or sell any of the Claims to any third party without the
Security Agent’s prior written consent; and

(e)                                  to inform the Security Agent promptly of any attachments (Pfändung) regarding any and all of the Claims or any other
measures which may impair or jeopardise the Security Agent’s rights relating to
the Claims. In the event of an attachment, the Assignor undertakes to forward
to the Security Agent promptly a copy of the attachment order (Pfändungsbeschluss), the garnishee order (Überweisungsbeschluss) and all other documents necessary for
a defence against the attachment. The Assignor shall inform the attaching
creditor promptly about the Security Agent’s security interests.

 13
 

 

13.                               REPRESENTATIONS AND WARRANTIES

The Assignor represents and warrants to the Security
Agent that the Assignor is the legal and beneficial owner of the Existing
Claims and the rights assigned hereunder and that the Claims are free of any
third party rights.

14.                               INDEMNITY

14.1                        Liability for Damages

The Security Agent shall not be liable for any loss or
damage suffered by the Assignor save in respect of such loss or damage which is
suffered as a result of the gross negligence (grobe
Fahrlässigkeit) or wilful misconduct (Vorsatz) of the Security Agent.

14.2                        Indemnification

The Assignor will indemnify the Security Agent and the
other Finance Parties and keep the Security Agent and the other Finance Parties
indemnified against any losses, actions, claims, expenses, demands and
liabilities which are incurred by or made against the Security Agent or any of
the other Finance Parties for anything done or omitted in the exercise of the
powers contained herein as a result of any breach by the Assignor of any of its
obligations or undertakings contained herein except to the extent that such
losses, actions, claims, expenses, demands or liabilities have resulted from
the gross negligence (grobe Fahrlässigkeit)
or wilful misconduct (Vorsatz) of the Security Agent.

14.3                        This Clause 14 shall survive the termination of this Agreement under
Clause 15 or otherwise.

15.                               DURATION AND INDEPENDENCE

15.1                        Duration

This Agreement shall remain in full force and effect
until the full and complete satisfaction of the Secured Claims.  The Security constituted under this Agreement
shall not cease to exist if any payments made in satisfaction of the Secured
Claims have only temporarily discharged the Secured Claims.

15.2                        Continuing Security

This Agreement shall create a continuing security and
no change or amendment whatsoever in any Finance Document or in any document or
agreement related thereto shall affect the validity or the scope of this
Agreement nor the obligations which are imposed on the Assignor pursuant to it.

15.3                        Independence

(a)                                  This Agreement is independent from any other security or guarantee which
may have been or will be given to the Security Agent and/or any of the other
Finance Parties with respect to any obligation of the Obligors. No such other
security or guarantee shall prejudice, or shall be prejudiced by, or shall be
merged in any way with, this Agreement.

(b)                                 The Assignor will grant the Security to be granted by it independent
from the Security granted by any other person.

 14
 

 

16.                               THE SECURITY TRUST AGREEMENT

The provisions of the Security Trust Agreement shall
apply to this Agreement provided that in the event of any conflict between the
provisions of this Agreement and the provisions of the Security Trust
Agreement, the provisions of this Agreement shall prevail.

17.                               COSTS AND EXPENSES

The Assignor must pay to each Finance Party the amount
of all costs and expenses (including the costs and expenses of legal advisers)
incurred by it in connection with the enforcement of, or the preservation of
any rights under, any Finance Document.

18.                               PARTIAL INVALIDITY; WAIVER

18.1                        Invalidity

If any provision of this Agreement or part thereof
should be or become invalid or unenforceable, this shall not affect the
validity of the remaining provisions hereof. The invalid or unenforceable
provision shall be replaced by that provision which best meets the intent of
the replaced provision.  This shall apply
analogously in the case of gaps.

18.2                        Waiver

No failure to exercise, nor any delay in exercising,
on the part of the Security Agent, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise thereof or the exercise of any
other right or remedy. The rights and remedies provided hereunder are
cumulative and not exclusive of any rights or remedies provided by law.

19.                               AMENDMENTS

Changes to and amendments of this Agreement, including
this Clause 19 (Amendments), shall be made in writing.

20.                               SUCCESSORS

This Agreement shall be binding upon the Parties
hereto and their respective successors in law. The Security Agent shall be
entitled to assign or otherwise transfer any and all of its rights and duties
under this Agreement to third parties. 
The Assignor is entitled to any such transfer with the prior written
consent of the Security Agent only.

21.                               NOTICES AND THEIR LANGUAGE

21.1                        Notices

Any notice or other communication under or in
connection with this Agreement to the Assignor or the Security Agent shall be
in writing and shall be delivered personally, by post or facsimile and shall be
sent to the address or facsimile number of the party, and for the attention of
the individual, applying for the purposes of this Agreement, as set forth in
Schedule 2 hereto or such other address or facsimile number as is notified by
that party for this purpose to the Security Agent from time to time.

 15
 

 

21.2                        Language

Unless otherwise required by statutory German law or
unless otherwise agreed in writing from time to time, Any notice or other
communication under or in connection with this Agreement shall be the English
language or, if in any other language, accompanied by a translation into
English. In the event of any conflict between the English text and the text in
any other language, the English text shall prevail (unless the document is a
statutory or other official document), except that where a German translation
of a legal term appears in such text, the German translation shall prevail.

22.                               APPLICABLE LAW; JURISDICTION

22.1                        Governing Law

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

22.2                        Jurisdiction

The place of jurisdiction for all Parties shall be
Frankfurt am Main, Federal Republic of Germany. The Security Agent, however,
shall also be entitled to take legal action against the Assignor in any other
competent court of law having jurisdiction over the Assignor or any of its
assets.

 16
 

 

SCHEDULE 1

FORMS

PART 1

FORM OF NOTIFICATION

Note:      This Notification of Assignment may also be sent to the
Debtor(s) in a German translation of this form.

[Letterhead of
Assignor]

To:          [The Debtor]

[Address of Debtor]

Notification of Security
Assignment

Dear Sirs,

We hereby inform you that,
pursuant to a Global Assignment Agreement dated [·] we have assigned all present and future claims against yourselves
arising from [reference to the agreement(s) from which the
claim(s) result(s)] together with any and all rights pertaining
thereto to [·].

May we therefore kindly
request that you acknowledge receipt of this letter to [·] by using the attached form of notification.

If the above mentioned
claim(s) should have decreased or increased in the meantime, we also kindly ask
you to inform [·]
and ourselves accordingly.

	
  Yours faithfully,

  
	
   

  
	
   

  	
   

  
	
  [Assignor]

  

 

 17
 

 

FORM OF ACKNOWLEDGEMENT

Note:      This Form of Acknowledgement may also be sent by the Debtor(s)
in a German translation of this form.

[Letterhead of
Debtor]

To:          [Security Agent]

Global Assignment Agreement with
[Security Agent] dated [·]

Dear Sirs,

We have taken note of the
Global Assignment Agreement dated [          ]
2005 under which [Assignor] has assigned to yourselves the [description of all present and future claims assigned]
together with all rights pertaining thereto. 
We would like to make the following statements:

1.                                       We acknowledge the existing claim(s).

2.                                       The claim(s) is/are no longer dependent on any counter-performance(s).

3.                                       Other objections or counterclaims which could entitle us to set-off do
not exist.

4.                                       We do not have any knowledge of any existing third-party rights
affecting the assigned claim(s).

We have checked the
correctness of the statements mentioned under 1 to 4 above [· - please adjust references in case you have made any
deletions].  Additionally we
should like to make the following remarks:

[remarks, if any]

Our payment obligations with respect to the assigned
claim(s) are as follows:

	
  euro o

  	
  per o

  

We confirm that we will make
payments exclusively to the following bank accounts or any other account as
specified from time to time:

[specify the Bank’s account]

	
  Yours faithfully,

  
	
   

  
	
   

  	
   

  
	
  duly authorised
  signatory of the Debtor

  

 

 18
 

 

SCHEDULE 2

ADDRESSES FOR NOTICES

	
  To the Assignor:

  	
  Kabel Deutschland Vertrieb und

  Service GmbH & Co. KG

  Betastraße 6-8

  85774 Unterföhring

  Germany

  
	
   

  	
   

  
	
  Att.:

  	
  Paul Thomason

  
	
   

  	
   

  
	
  Fax:

  	
  +49 89 96010 198

  
	
   

  	
   

  
	
   

  	
   

  
	
  To the Security Agent:

  	
  The Royal Bank of Scotland plc

  Level 7

  135 Bishopsgate

  London EC2M 3UR

  
	
   

  	
   

  
	
   

  	
  United Kingdom

  
	
   

  	
   

  
	
  Att.:

  	
  Mark Harrison, Director, Syndicated Loans Agency

  
	
   

  	
   

  
	
  Fax:

  	
  +44 (0) 20 7085 4564

  

 

 19
 

 

SCHEDULE 3

LIST OF INSURANCE POLICIES

 20
 

 

SIGNATORIES

	
  The Assignor

  	
   

  
	
   

  	
   

  
	
  KABEL
  DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The
  Security Agent

  	
   

  
	
   

  	
   

  
	
  THE ROYAL BANK
  OF SCOTLAND PLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 21EXHIBIT
10.22

 

EXECUTION
COPY

 

ACCOUNT PLEDGE AGREEMENT

 

 

DATED
12 May 2006

 

 

between

 

 

KABEL
DEUTSCHLAND GMBH 

as Pledgor

 

 

and

 

 

THE
ROYAL BANK OF SCOTLAND PLC

as
Security Agent

 

 

and

 

 

THE
FINANCE PARTIES

 

 

Frankfurt

CONTENTS

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Interpretation

  	
  1

  
	
  2.

  	
  Pledges

  	
  8

  
	
  3.

  	
  Independent Pledges

  	
  9

  
	
  4.

  	
  Security Purpose

  	
  9

  
	
  5.

  	
  The Pledgor’s Right

  	
  9

  
	
  6.

  	
  The Pledgees’ Right of Realisation

  	
  9

  
	
  7.

  	
  Undertakings

  	
  10

  
	
  8.

  	
  Release of Security

  	
  12

  
	
  9.

  	
  Waiver of Defences

  	
  12

  
	
  10.

  	
  Indemnity

  	
  12

  
	
  11.

  	
  Duration and Independence

  	
  13

  
	
  12.

  	
  Costs and Expenses

  	
  13

  
	
  13.

  	
  Partial Invalidity

  	
  13

  
	
  14.

  	
  Amendments

  	
  13

  
	
  15.

  	
  Notices and their Language

  	
  13

  
	
  16.

  	
  Applicable Law; Jurisdiction

  	
  14

  
	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Pledged Accounts

  	
  15

  
	
  2.

  	
  Dormant Accounts

  	
  16

  
	
  3.

  	
  Notification

  	
  17

  
	
  4.

  	
  Addresses for Notices

  	
  19

  
	
   

  	
   

  
	
  Signatories

  	
  20

  
				

 

 

THIS ACCOUNT PLEDGE
AGREEMENT (the Agreement) is
made on 12 May 2006

BETWEEN:

(1)                                  KABEL
DEUTSCHLAND GMBH, a limited liability company (Gesellschaft
mit beschränkter Haftung) incorporated under the laws of the Federal
Republic of Germany, having its corporate seat in Unterföhring (Landkreis
München), Federal Republic of Germany, which is registered in the commercial
register (Handelsregister) at the local court (Amtsgericht) of Munich under registration Number HRB 145837,

(the
Pledgor)

on
one side;

(2)                                  THE ROYAL BANK OF SCOTLAND PLC, a public limited company,
having its registered office at: 36 St. Andrew Square, EH2 2YB Edinburgh,
Scotland, incorporated under the laws of Scotland and being registered with the
Companies House under registration number SC 090312,

(the Security
Agent); and

(3)                                  the FINANCE PARTIES as defined in Clause 1.1 below

(the
Security Agent and each Original Finance Party (as defined below) are
hereinafter referred to individually as an Original  Pledgee and together as the Original
Pledgees)

on
the other side.

The
Pledgor and the Pledgees (as defined below) are hereinafter collectively
referred to as the Parties.

WHEREAS:

(A)                              The Lenders (as
defined below) have agreed to make available to each of the Borrowers (as
defined below) certain credit facilities on the terms of and subject to the
Credit Agreement (as defined below).

(B)                                It is a condition
to the Lenders making the credit facilities available pursuant to the Credit
Agreement that the Pledgor enters into this Agreement.

IT IS AGREED as follows:

1.                                      INTERPRETATION

1.1                               Definitions

In
this Agreement:

Account
Bank means each bank where an Account is held or all of them.

Accounting
Principles means accounting principles, policies, standards,
bases and practices which, as at the date of the Credit Agreement, are in
accordance with the German generally

 1
 

 

accepted accounting principles
(Grundsätze ordnungsgemäßer Buchführung und
Bilanzierung).

Accounts means the
accounts listed in Schedule 1 (Pledged Accounts) hereto including any and
all sub-accounts (Unterkonten) and any and all
accounts which will be opened by the Pledgor after the date hereof.

Additional
Borrower means a member of the Group which becomes a borrower
under the Credit Agreement after the date of its execution.

Additional
Facility means an Add-On Facility or an External Facility.

Add-On
Facility Accession Agreement means an accession deed
pursuant to which any person or entity accedes to the Credit Agreement as
provider of an Add-On Facility.

Add-On
Facility means any additional loan facility provided under the
Credit Agreement which has Eligible Terms.

Add-On
Facility Lender means:

(a)                                  an Original
Add-On Facility Lender; or

(b)                                 any person which
has become a lender under an Add-On Facility.

Administrative
Party means a Mandated Lead Arranger, the Facility Agent or the Security
Agent.

Agreed
Priority Agreement Principles means the principles pursuant
to which the Existing Priority Agreement shall be amended.

Ancillary
Facility means any facility or financial accomodation
(including any overdraft, foreign exchange, guarantee, bonding, documentary or
standby letter of credit, credit card or automated payments facility)
established by a Lender in place of all or parts of its respective facility
commitment.

Ancillary
Facility Document means any document evidencing any Ancillary Facility.

Ancillary
Lender means any lender providing for an Ancillary Facility.

Ancillary
Outstandings means, at any time and with respect to any Ancillary
Facility of any Ancillary Lender, the aggregate of all of the following amounts
(as calculated by that Ancillary Lender) outstanding at that time under that
Ancillary Facility:

(a)                                  all amounts of
principal then outstanding under any overdraft, cheque drawing or other account
facilities determined on a gross basis unless such facilities are made
available on the basis of netting arrangements satisfactory to the Ancillary
Lender in which case, such outstanding principal amounts shall be determined on
the net debt basis used by that Ancillary Lender;

(b)                                 the maximum potential
liability (excluding amounts stated to be in respect of interest and fees)
under all guarantees, bonds and letters of credit then outstanding under that
Ancillary Facility; and

 2
 

 

(c)                                  in respect of any
other facility or financial accommodation, such other amount (excluding
interest and similar charges) as fairly represents the aggregate exposure of
that Ancillary Lender under that facility or accommodation, as reasonably
determined by that Ancillary Lender from time to time in accordance with its usual
banking practice for facilities or accommodation of the relevant type.

BGB means the German
Civil Code (Bürgerliches Gesetzbuch).

Borrower means KDVS or an
Additional Borrower.

Business
Day means a day (other than a Saturday or a Sunday) on which banks are open
for general business in London and Frankfurt am Main and which is also a TARGET
Day.

Commitment Letter means the commitment letter dated on or about
the date of the Credit Agreement between the Arranger, the Original Lender, KDG
and KDVS.

Compliance
Certificate means any compliance certificate issued or to be
issued by any Obligor in connection with the Credit Agreement setting out the
compliance with certain financial ratios and/or covenants.

Credit
Agreement means the EUR 1,350,000,000 senior credit
agreement dated on or about 13 March 2006 between, amongst others, the Mandated
Lead Arranger, the Facility Agent, the Security Agent, KDVS, KDG and the
Original Lender providing for EUR 1,350,000,000 senior credit facilities
and up to EUR 650,000,000 Add-On Facilities.

Dormant
Account means any and all accounts listed in Schedule 2 to
this Agreement.

Eligible
Terms means, in respect of any Additional Facility:

(a)                                  the final
maturity date of that Additional Facility must be a date falling at least six
months after 31 March 2012;

(b)                                 there must be no
amortisation required in respect of that Additional Facility;

(c)                                  that Additional
Facility must be a term facility (which, in the case of an External Facility,
may include notes, bonds or any other term credit arrangement which is not
capable, by its terms, of being repaid or prepaid and redrawn before the date
falling at least six months after 31 March 2012 (it being acknowledged that
such arrangement may have customary change of control, voluntary prepayment,
asset sale and similar prepayment provisions)); and

(d)                                 the purpose must
be to fund a Permitted Acquisition;

(e)                                  the principal
amount of that Additional Facility (together with the principal amount of all
other Additional Facilities) may not exceed the lower of:

(i)                                     €650,000,000; and

(ii)                                  the amount which,
if fully utilised on the date of completion of the relevant Permitted
Acquisition, would not result in any breach of certain financial covenant
ratios;

and

 3
 

 

(f)                                    the liabilities
of the obligors thereunder are to be treated and rank as a senior debt under
the Existing Priority Agreement and/or the Priority Agreement and to have the
benefit of all relevant Security Documents (whether through execution of new
documents or amendment to existing documents) or (in each case) to have such
lower ranking as is agreed by all the lenders of that Additional Facility.  For these purposes relevant
Security Documents means Security Documents comprising the same
assets and shares comprised in Security Documents executed prior to the
establishment of that Additional Facility, it being acknowledged that
prior-ranking Security Documents will remain in place (with the proceeds of
enforcement of all Security Documents subject to the sharing provisions of the
Priority Agreement).

Euro,
euro, EUR or € means the
single European currency introduced 1 January 1999.

Existing
Priority Agreement means the priority agreement dated 29 March 2004, as
amended and restated prior to the date of the Credit Agreement and in force on
the date of the Credit Agreement to which, amongst others, KDG and KDVS are
parties (disregarding the amendments implemented to create an amended priority
agreement in connection with the Credit Agreement).

External
Facility means any term credit agreement which has Eligible
Terms.

Event of
Default means an event of default under any of the Finance
Documents, which entitles the Facility Agent to declare that all or part of any
amounts outstanding under the Finance Documents or any of them are immediately
due and payable, or payable on demand.

Facility
Agent means The Royal Bank of Scotland plc, a public limited company, having
its registered office at: 36 St. Andrew Square, EH2 2YB Edinburgh, Scotland,
incorporated under the laws of Scotland and being registered with the Companies
House under registration number SC 090312.

Fee
Letter means any letter entered into by reference to the Credit Agreement
between one or more Administrative Parties and an Obligor setting out the
amount of certain fees which are payable, inter alia, in
relation to the Credit Agreement.

Finance
Document means:

(a)                                  the Credit
Agreement;

(b)                                 the Commitment
Letter;

(c)                                  a Fee Letter;

(d)                                 an Obligor
Accession Deed;

(e)                                  a Transfer
Certificate;

(f)                                    an Ancillary
Facility Document;

(g)                                 the Hedging
Letter;

(h)                                 an Add-On Facility
Accession Agreement;

(i)                                     a Hedging
Document;

 4
 

 

(j)                                     a Security
Document;

(k)                                  the Priority
Agreement;

(l)                                     a Compliance
Certificate;

(m)                               a Request; and

(n)                                 any other
document designated as such by the Facility Agent and KDG.

Finance
Party means an Administrative Party, an Underwriter, a Lender or a Hedging
Bank.

Future Pledgee means a Finance Party (other than an Original
Finance Party).

Germany means the Federal Republic of Germany.

Group means KDG and its
Subsidiaries (but excluding any Unrestricted Subsidiary).

Hedging
Letter means a letter dated on or about the date of the Credit Agreement
between KDG, the Mandated Lead Arranger and the Facility Agent relating to the
interest and currency hedging to be effected by the Group and any other letter
designated as such by KDG and the Facility Agent which amends or supplements
the terms of that letter.

Hedging means any
interest rate or currency swap, derivative transaction or hedging facility.

Hedging
Bank means:

(a)                                  each Original
Hedging Bank; or

(b)                                 each party (other
than an Obligor) which shall at any relevant time be or become a party to any
Hedging Document.

Hedging Document means

(a)                                  each master
agreement, confirmation or other document evidencing any Hedging provided by a
Hedging Bank to an Obligor; or

(b)                                 otherwise entered
into on the basis that under the terms of the Finance Documents any party to
such document (other than an Obligor) in such regard becomes entitled to the
benefit of, among other things, any security interest created under this
Agreement.

KDG means Kabel
Deutschland GmbH, a limited liability company (Gesellschaft
mit beschränkter Haftung) incorporated under the laws of Germany,
having its corporate seat in Unterföhring (Landkreis München), Germany, which
is registered in the Commercial Register (Handelsregister)
at the Local Court (Amtsgericht) of
Munich under registration number HRB 145837.

KDVS means Kabel
Deutschland Vertrieb und Service GmbH & Co. KG, a limited partnership (Kommanditgesellschaft) organised under the laws of Germany,
having its corporate seat in Unterföhring (Landkreis München), Germany, which
is registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Munich under registration number HRA 83902.

 5
 

 

Lender means:

(a)                                  the Original
Lender;

(b)                                 an Original
Add-On Facility Lender; or

(c)                                  any person which
becomes a lender after the date of, and in accordance with the terms of, this
Agreement,

but
only for so long as it has any outstanding commitment or participation in any
loan provided under the Credit Agreement or Ancillary Outstanding or any amount
is owed to it (whether actually or contingently) in its capacity as Lender.

Mandated
Lead Arranger means each of:

(a)                                  The Royal Bank of
Scotland plc;

(b)                                 Deutsche Bank AG
London;

(c)                                  Goldman Sachs International;
and

(d)                                 J.P. Morgan plc.

Obligor means KDG or a
Borrower.

Obligor
Accession Deed means a deed of accession pursuant to which any
person or entity accedes, inter alia, to the Credit Agreement as Additional
Borrower.

Original
Add-On Facility Lender means any lender providing for an additional
facility under the Credit Agreement by way of executing an Add-On Facility
Accession Agreement.

Original
Finance Party means an Administrative Party, an Original Lender or
an Original Hedging Bank.

Original Hedging
Bank means each of:

(a)                                  Goldman Sachs
International;

(b)                                 Morgan Stanley
Capital Services Inc.;

(c)                                  Société Générale;

(d)                                 Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A.;

(e)                                  The Royal Bank of
Scotland plc;

(f)                                    BNP Paribas S.A.;

(g)                                 Deutsche Bank AG,
London;

(h)                                 HSBC Bank plc;
and

(i)                                     Calyon Corporate
and Investment Bank.

 6
 

 

Original
Lender
means each of:

(a)                                  The Royal Bank of
Scotland plc, Niederlassung Frankfurt;

(b)                                 Deutsche Bank AG
London;

(c)                                  JPMorgan Chase
Bank, N.A.; and

(d)                                 Goldman Sachs Credit
Partners L.P.

Pledge means each of the pledges constituted under
Clause 2.2.

Pledgee means an Original Pledgee or a Future Pledgee
(together the Pledgees).

Priority
Agreement means the Existing Priority Agreement amended on a
basis consistent with the Agreed Priority Agreement Principles after the date
of the Credit Agreement.

Request means any request
for the draw down of any credit facility under the Credit Agreement by any
Obligor.

Secured
Claims means all present and future rights and claims (Ansprüche)
(whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of any of the Finance Parties against any of the
Obligors under the Finance Documents, each as amended, restated, varied,
supplemented, novated or extended from time to time, including, without
limitation, any increase of principal or interest, in each case together with
all costs, charges and expenses incurred by the Finance Parties (or any of
them) in connection with the protection, preservation or enforcement of their
respective rights under the Finance Documents.

Security means any and all
security granted to secure the Secured Claims.

Security
Document means any document evidencing or creating security
over any asset of any Obligor to secure any obligation of any Obligor to a
Finance Party under any Finance Document referred to under (a) to (i) and (k)
to (n) of the definition of “Finance Document”.

Security
Trust Agreement means the agreement dated on or about the date hereof
between, amongst others, KDG, KDVS, the Security Agent and the other Finance
Parties under which the Security Agent has been granted certain rights and has
assumed certain obligations in relation to the German Security Documents (as
defined therein).

Subsidiary
means any of:

(a)                                  an entity of
which a person has direct or indirect control or owns directly or indirectly
more than 50% of the voting capital or similar right of ownership, and control for this purpose means the power to direct the
management and the policies of the entity whether through the ownership of
voting capital, by contract or otherwise; or

(b)                                 an entity
consolidated for the purpose of the financial statements of any person pursuant
to the Accounting Principles.

Underwriter means each of:

(a)                                  The Royal Bank of
Scotland plc;

 7
 

 

(b)                                 Deutsche Bank AG
London;

(c)                                  Goldman Sachs
Credit Partners L.P.; and

(d)                                 JPMorgan Chase
Bank, N.A.

Unrestricted
Subsidiary means any Subsidiary of KDVS or KDG (which is not an
Obligor) nominated by KDVS to the Facility Agent at any time when no Event of
Default is outstanding.

TARGET
Day means a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System is open for the settlement of payments in
Euro.

Transfer Certificate means any transfer certificate
pursuant to which any rights under the Credit Agreement shall be transferred by
novation or otherwise to any New Lender.

1.2                               Construction

(a)                                  In this
Agreement, unless the contrary intention appears, a reference to:

(i)                                 the Security
Agent means the Security Agent acting as agent for and on behalf of the
Pledgees unless otherwise provided herein; and

(ii)                              promptly means
promptly (unverzüglich) as contemplated in § 121
(1) BGB.

(b)                                 Where the context
so admits, the singular includes the plural and vice versa.

(c)                                  The headings in
this Agreement are for convenience only and are to be ignored in construing
this Agreement.

(d)                                 Any reference in
this Agreement to a defined document is a reference to that defined document as
amended, restated, novated or supplemented from time to time.

(b)                                 References to
parties herein shall also be deemed to include references to their respective
successors, transferees and assignees.

2.                                      PLEDGES

2.1                               Constitution of
the Pledges

(a)                                  The Pledgor
hereby pledges as security the present and future credit balance on each of the
Accounts including all interest payable thereon, together with all ancillary
rights and claims associated with such Accounts to each of the Original
Pledgees and to each Future Pledgee for their rateable interest.

(b)                                 Each of the
Original Pledgees hereby accepts the Pledge. 
In addition, the Security Agent accepts each of the Pledges for and on
behalf of each Future Pledgee hereunder as proxy without power of attorney (Vertreter ohne Vertretungsmacht).  Each Future Pledgee will ratify such
acceptance for itself by executing an accession agreement to the Security Trust
Agreement being substantially in the form as set out in Schedule 3 to this
Agreement thereby becoming a Pledgee.  All
Parties hereto confirm that the validity of any of the Pledges constituted
hereunder shall not be affected by the Security Agent acting as proxy without
power of attorney for each Future Pledgee.

 8
 

 

2.2          Additional
Security

The
Pledge is in addition, and without prejudice, to any other security any and all
of the Pledgees may now or hereafter hold in respect of the Secured Claims.

3.                                      INDEPENDENT PLEDGES

The
validity and effect of each of the Pledges shall be independent from the
validity and the effect of any of the other Pledges created hereunder and is in
addition, and without any prejudice, to any other security which any and all of
the Pledgees may now or hereafter hold in respect of the Secured Claims. Each
Pledge to each of the Pledgees shall be a separate and individual pledge. Each
of the Pledges shall rank pari passu to each other Pledge created hereunder.

4.                                      SECURITY PURPOSE

The
Pledge is constituted in order to secure the prompt and complete satisfaction
of any and all Secured Claims.

5.                                      THE PLEDGOR’S RIGHT

Prior
to the fulfilment of the conditions set forth in Clause 6.1(a), receipt of a
notice in accordance with Clause 6.1(b) and the Pledgees acting through the
Security Agent giving notice to the contrary to the Account Bank, the Pledgor
shall have the right to exercise all rights and powers in respect of each of
the Accounts without limitation.

6.                                      THE PLEDGEES’ RIGHT OF REALISATION

6.1                               Pledgees’ Rights

(a)                                  If (i) an Event of Default has occurred,
(ii) the requirements set forth in §§ 1204 et seq. of the German Civil Code (Bürgerliches Gesetzbuch) with regard to the enforcement of
pledges are met (Pfandreife) and (iii) the Event
of Default has not been remedied within 5 Business Days following the receipt
of a notification in accordance with Clause 6.1(b), the Pledgees may enforce
the Pledge (or any part thereof) through the Security Agent in any way
permitted under German law, in all cases notwithstanding § 1277 of the German
Civil Code without any enforceable judgment or other instrument (vollstreckbarer Titel).

(b)                                 The Security
Agent shall notify the Pledgor of the intention to realise the Pledges (or any
of them) with a period of notice of no less than 5 (five) Business Days.

(c)                                  If the Security
Agent should seek to enforce the Pledges pursuant to, and in accordance with
Clause 6.1(a) above, the Pledgor shall, at his own expense, render forthwith
all assistance necessary in order to facilitate the prompt exercise by the
Security Agent of any other right the Pledgees may have under German law.

(d)                                 The Pledge will
be realised to the extent necessary to satisfy in full the Secured Claims. The
Pledgees shall at all times until the full and complete satisfaction of all the
Secured Claims in exercising their rights under this Agreement take into
consideration the legitimate interest of the Pledgor.

 9
 

 

(e)                                  In derogation of
§ 1225 of the German Civil Code in the event of enforcement of the Pledges, no
rights of the Pledgees shall pass to the Pledgor by subrogation or otherwise
unless and until all of the Secured Claims have been satisfied and discharged
in full. Until then, the Security Agent shall be entitled to treat all
enforcement proceeds as additional collateral for the Secured Claims,
notwithstanding its right to seek satisfaction from such proceeds at any time.

(f)                                    After the
unconditional, irrevocable and full and complete satisfaction of all Secured
Claims any remaining proceeds resulting from the enforcement of the Pledges (or
any of them) shall be transferred to the Pledgor at the cost and expense of the
Pledgor.

6.2                               Collection and
application of proceeds

(a)                                  The Security
Agent will enforce the Pledges by collecting the credit balances from the
Accounts as is necessary to satisfy any outstanding due Secured Claims.

(b)                                 The proceeds
resulting from the enforcement of the Pledge shall be applied by the Security
Agent towards the satisfaction of the Secured Claims in accordance with the
relevant provisions of the Priority Agreement.

(c)                                  The Security
Agent may determine which part of the Security, if applicable, shall be used to
satisfy the Secured Claims.

6.3                               Release of
Pledged Rights

Upon
full and complete satisfaction of all Secured Claims the Security Agent shall
confirm to the Pledgor upon its request that the Accounts (or any of them) are
released from the Pledge.

7.                                      UNDERTAKINGS

7.1                               Payments

The
Pledgor undertakes to procure that all its present and future receivables are
and will be duly paid into the Accounts and that any and all of its debtors
will be instructed to make payment into the Accounts.

7.2                               Notification

The
Pledgor hereby instructs and authorises the Security Agent to notify the
Account Banks and, if necessary, any other relevant third party, of this
Agreement in substantially the form set out in Schedule 3 Part 1 (in
the English or the German language) hereto requesting it to acknowledge receipt
of the notification and acceptance of the terms thereof to the Pledgees in
substantially the form set out in Schedule 3 Part 2 (in the English
or the German language) hereto.

7.3                               Sole Accounts

The
Pledgor warrants that it does not currently hold any other bank account than
the Accounts set forth in Schedule 1 and Schedule 2 hereto and it
undertakes that upon the opening of any other account in Germany or abroad
after the date hereof, it will immediately notify the Security Agent.

 10
 

 

7.4          General
Business Conditions

The
Pledgor undertakes to use best efforts to procure that each Account Bank
subordinates, as soon as possible, any existing pledge it may hold, including,
but without limitation, any pledge existing by operation of its General Business
Conditions (Allgemeine Geschäftsbedingungen), to the
Pledges (or any of them) so that the Pledges will rank ahead of all other
pledges affecting any of the Accounts.

7.5                               Notification of
Account Balances

The
Pledgor shall provide the Security Agent, upon the Security Agent’s reasonable
request in order to permit the safeguarding of its legitimate interests, on the
fifth Business Day following such request with current account statements of
any Account. The Pledgor shall have the right to deliver the account statements
on a readable and compatible disk, by e-mail or any other electronical
communication approved by the Security Agent. The Pledgor may contact the
Security Agent from time to time with a view to agreeing the necessary details.

7.6                               Further Undertakings

Furthermore,
the Pledgor undertakes to the Security Agent and the Pledgees:

(a)                                  to notify the
Security Agent promptly of any event or circumstance other than interpretation
of law which affects or is reasonably likely to affect the validity or enforceability
of any of the Pledges;

(b)                                 at its own
expense, to execute and do all such assurances, acts and things as the Security
Agent may reasonably require:

(i)                                     for perfecting or
protecting the security intended to be afforded by this Agreement; and

(ii)                                  if the Pledges
have become enforceable, for facilitating the realisation of all or any part of
the assets which are subject to this Agreement and the exercise of all powers,
authorities and discretions vested in the Security Agent,

and
in particular to execute all transfers, conveyances, assignments and releases
of that property whether to the Security Agent or to its nominees and give all
notices, orders and directions which the Security Agent may reasonably think
expedient;

(c)                                  without prejudice
to the Pledgor’s right to withdraw sums standing to the credit of the Accounts
in accordance with Clause 5, to refrain from any acts or omissions, the
purpose or effect of which has a material adverse effect on the value of the
Pledges constituted hereunder;

(d)                                 (i)            to procure

(A)                              the closure of
the Dormant Accounts within 30 Business Days from the date hereof;

(B)                                the transfer of
any amounts standing to the credit to any of the Dormant Accounts to any other
Account pledged to the Finance Parties under the terms of this Agreement;

 

 11

 

and

(ii)                                  to promptly
pledge any Dormant Account in case the closure of the respective Dormant
Account has not been given effect within the period mentioned under Clause
7.6(d)(i)(A) above; and

(e)                                  not to encumber
or otherwise dispose of the Accounts (or any of them) without the prior written
consent of the Security Agent which may not be unreasonably withheld,

in each case, except as
permitted under the Credit Agreement.

8.                                      RELEASE OF SECURITY

Even
prior to the full and complete satisfaction of all Secured Claims, the Security
Agent is obliged to release upon the Pledgor’s request all or part of the
Security insofar as the realisable value of the Security and any other security
given to the Security Agent or the other Finance Parties with respect to the
Secured Claims exceeds, not only temporarily, the Secured Claims by more than
10%. The Security Agent may, at its discretion, determine which part of the
Security shall be released.

9.                                      WAIVER OF DEFENCES

(a)                                  The Pledgor
hereby waives its rights of revocation (Anfechtbarkeit)
and set-off (Aufrechenbarkeit) it may have
pursuant to §§ 1211 and 770(1) and (2) of the German Civil Code. No failure to
exercise, nor any delay in exercising, on the part of the Security Agent or the
Pledgees (or any of them), any right or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right or remedy
prevent any further or other exercise thereof or the exercise of any other
right or remedy. The rights and remedies provided hereunder are cumulative and
not exclusive of any rights or remedies provided by law.

(b)                                 The Pledgor
hereby irrevocably waives any rights which may pass to the Pledgor by
subrogation or otherwise, including but not limited to, any recourse claim
against any Obligor (Verzicht auf
Rückgriffsansprüche) which it may obtain (i) in the event that the
Pledgor repays any debt of any other Obligor under any of the Finance
Documents, or (ii) in the event of enforcement of the Pledges (or any of them).

10.                               INDEMNITY

10.1                        Liability for
Damages

Neither
the Security Agent nor the Pledgees shall be liable for any loss or damage
suffered by the Pledgor save in respect of such loss or damage which is
suffered as a result of the gross negligence (grobe
Fahrlässigkeit) or wilful misconduct (Vorsatz)
of the Security Agent.

10.2                        Indemnification

The
Pledgor will indemnify the Security Agent and each of the Pledgees and keep the
Security Agent and each of the Pledgees indemnified against any losses,
actions, claims, expenses, demands and liabilities which may be incurred by or
made against the Security Agent and/or each of the Pledgees as a result of any
breach of the Pledgor of any of its obligations or undertakings contained
herein except to the extent that such losses, actions,

 12
 

 

claims, expenses, demands or
liabilities have resulted from the gross negligence (grobe
Fahrlässigkeit) or wilful misconduct (Vorsatz)
of the Pledgees or the Security Agent.

10.3                        This Clause 10
shall survive the termination of this Agreement under Clause 11 or otherwise.

11.                               DURATION AND INDEPENDENCE

11.1                        Duration

This
Agreement shall remain in full force and effect until the full and complete
satisfaction of the Secured Claims.  The
Pledges shall not cease to exist, if any payments made in satisfaction of the
Secured Claims have only temporarily discharged the Secured Claims.

11.2                        Continuing
Security

This
Agreement shall create a continuing security which means that no change or
amendment whatsoever in any Finance Document or in any document or agreement
related thereto shall affect the validity of this Agreement.

11.3                        Independence

This
Agreement is independent from any other security or guarantee which may have
been or will be given to the Security Agent and/or any of the other Pledgees
with respect to any obligation of any of the Obligors under the Finance
Documents. None of such other securities or guarantees shall prejudice, or
shall be prejudiced by, or shall be merged in any way with, this Agreement.

12.                               COSTS AND EXPENSES

The
Pledgor must pay to each Finance Party the amount of all costs and expenses
(including the costs and expenses of legal advisers) incurred by it in
connection with the enforcement of, or the preservation of any rights under,
any Finance Document.

13.                               PARTIAL INVALIDITY

If
any provision of this Agreement or any part thereof should be or become invalid
or unenforceable, this shall not affect the validity of the remaining
provisions hereof. The invalid or unenforceable provision shall be replaced by
that provision which best meets the intent of the replaced provision.

14.                               AMENDMENTS

Changes
and amendments to this Agreement, including this Clause 14, shall be made
in writing.

15.                               NOTICES AND THEIR LANGUAGE

15.1                        Notices

Any
notice or other communication under or in connection with this Agreement to the
Pledgor or the Security Agent and/or the Pledges shall be in writing and shall
be delivered personally, by post or facsimile and shall be sent to the address
or facsimile number of the party, and for the attention of the individual, set
forth in Schedule 4 hereto or such other

 13
 

 

address or facsimile number as
is notified by that party for this purpose to the Security Agent from time to
time.

15.2                        Language

Unless
otherwise agreed from time to time, any notice or other communication under or
in connection with this Agreement shall be in the English language or, if in
any other language, accompanied by a translation into English. In the event of
any conflict between the English text and the text in any other language, the
English text shall prevail.

16.                               APPLICABLE LAW; JURISDICTION

16.1                        Governing Law

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

16.2                        Jurisdiction

The
place of jurisdiction for both parties shall be Frankfurt am Main, Germany. The
Security Agent and/or any other Finance Party, however, shall also be entitled
to take legal action against the Pledgor before any other competent court of
law having jurisdiction over the Pledgor or any of its assets.

 14
 

 

SCHEDULE 1

PLEDGED
ACCOUNT

	
  Bank (incl.
  Address)

  	
   

  	
  Sort Code (BLZ)

  	
   

  	
  Account No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deutsche Bank AG

  Mr. Frank Foerth

  An den Dominikanern 11-27

  50668 Cologne

   

  Germany

  	
   

  	
  380 700 59

  	
   

  	
  059 99 77

  

 

 15
 

 

SCHEDULE
2

DORMANT
ACCOUNTS

	
  Bank (incl.
  Address)

  	
   

  	
  Sort Code (BLZ)

  	
   

  	
  Account No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commerzbank AG

  Mr. Martin Franz

  Filiale München

  Leopoldstr. 230

  80804 München

  Germany

  	
   

  	
  700 400 41

  	
   

  	
  441 22 58333 00

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Postbank
  Firmenkunden AG

  FK S M-11

  Mr. Dirk Spengler

  Bayerstraße 49

  80318 Munich

  Germany

  Germany

  	
   

  	
  590 100 66

  	
   

  	
  10 704 664

  

 

 16
 

 

SCHEDULE
3

NOTIFICATION

PART 1

NOTIFICATION
OF PLEDGE

Note: This Notification of Pledge
may also be sent to the Account Bank(s) in a German translation of this form.

[Registered mail with return receipt]

From:                  [       ]

To:                              [Account Bank]
(the Account Bank)

Copy:                [       ]

Date:                    [          ]

Dear
Sirs,

We
hereby give you notice that pursuant to Clause 8.2 of the account pledge
agreement dated [    ] (the Account
Pledge Agreement) [       ] has
authorised us to notify you that [       ]
has pledged in our favour as Security Agent and Pledgee and in favour of the
other Lenders as Pledgees, the present and future credit balance on each of the
Accounts (which shall include all sub-accounts) including all interest payable
thereon, together with all ancillary rights and claims associated with such
Accounts . A copy of the Account Pledge Agreement is attached hereto.

It
has been agreed that until notice to the contrary from ourselves, to be served
on you as Account Bank [       ] may
continue to operate the Account(s) and in particular may dispose of the amounts
standing to the credit of the Account(s). Upon receipt of such aforesaid notice
to the contrary you, as Account Bank, shall not allow any dispositions by
[       ] of amounts standing to the credit
of the Account(s).

Please
acknowledge receipt of this notice and your agreement to the terms hereof by
signing the enclosed copy and returning the same to ourselves.

Yours faithfully,

 

[       ]

 17
 

 

PART 2

ACKNOWLEGEMENT
OF PLEDGE

Note: This Acknowledgement of Receipt may also be
sent by the Account Bank(s) in a German translation of this form.

[Letterhead of Account Bank]

From:                  [Account Bank] (the Account Bank)

To:                              [       ]
on behalf of itself and the Pledgees

Copy:                [       ]

Date:                    [          ]

Acknowledgement of Receipt of
Notification of Pledge - Bank Account(s) No.
[       ], of [Date]

We
acknowledge receipt of the above notice and our agreement to the terms thereof
and confirm that we have neither received any previous notice of pledge
relating to the Account(s) nor are we aware of any third party rights in relation
to the Account(s). We hereby grant our consent in title to the pledge of any
claims arising out of the Account(s).

We
hereby irrevocably and unconditionally waive our rights in respect of and agree
not to make any set-off or deduction from the Account(s) or invoke any rights
of retention in relation to the Account(s), [other than in relation to charges
payable in connection with the maintenance of the Account(s) or other bank
charges or fees payable in the ordinary course of business.]

We
agree that the pledge in our favour over the Account(s) granted pursuant to our
General Business Conditions shall rank behind all the pledges over the
Account(s) granted to the Pledgees by
[       ] pursuant to the Account Pledge
Agreement of which we have been notified by
[       ].

[      ]

 18
 

 

SCHEDULE 4

ADDRESSES
FOR NOTICES

	
  To
  the Pledgor:

  	
  Kabel
  Deutschland Vertrieb und Service GmbH & Co. KG

  Betastraße
  6-8

  85774
  Unterföhring

  Germany

   

  
	
                                                                 Att.:

  	
  Paul
  Thomason

   

  
	
                                                                    Fax:

  	
  +49
  89 96010 198

   

  

 

 

	
  To
  the Security Agent

  and
  all other Pledgees:

  	
  The Royal Bank of Scotland
  plc

  Level 7

  135
  Bishopsgate

  London
  EC2M 3UR

   

  United
  Kingdom

  
	
   

  	
   

  
	
                                                                 Att.:

  	
  Mark
  Harrison, Director, Syndicated Loans Agency

  
	
   

  	
   

  
	
                                                                    Fax:

  	
  +44
  (0) 20 7085 4564

  

 

 19
 

 

SIGNATORIES

The Pledgor

KABEL
DEUTSCHLAND VERTRIEB UND SERVICE GMBH & CO. KG

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

The Security Agent

THE
ROYAL BANK OF SCOTLAND PLC

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

The Other Finance Parties and Pledgees

THE ROYAL BANK OF SCOTLAND PLC

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

DEUTSCHE BANK AG LONDON 

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

GOLDMAN SACHS INTERNATIONAL

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

 20
 

 

J.P. MORGAN PLC

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

JPMORGAN CHASE BANK N.A.

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

GOLDMAN SACHS CREDIT PARTNERS L.P.

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

MORGAN STANLEY CAPITAL SERVICES INC.

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

SOCIETE GENERALE

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

 21
 

 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

BNP PARIBAS S.A.

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

HSBC BANK PLC

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

CALYON CORPORATE AND INVESTMENT BANK

	
  By:

  
	
   

  
	
   

  
	
   

  	
   

  

 

 22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]