Document:

EX-10.46

    
      
        

      

      Agreement
        on Transfer of Ownership Interest

       

      

      THIS
        AGREEMENT ON TRANSFER OF OWNERSHIP INTEREST
        (the “Agreement”)
        is made on May 31, 2005

      

      BETWEEN:

      

      
        	
                (1)

              	
                PPF
                  (CYPRUS) LIMITED,
                  a
                  company organized under the laws of the Republic of Cyprus with
                  registered
                  number HE 92433, and having its registered office at Arch. Makariou
                  III,
                  2-4, Capital Center, 9th Floor, PC 1505, Nicosia, Cyprus (the
                  “Seller”);
                  and

              

      

      

      
        	
                (2)

              	
                CENTRAL
                  EUROPEAN MEDIA ENTERPRISES LTD.,
                  a
                  company organized and existing under the laws of Bermuda, with
                  its
                  registered office at Clarendon House, Church Street, Hamilton,
                  HM CX
                  Bermuda (the “Purchaser”).

              

      

      

      WHEREAS:

      

      
        	
                (A)

              	
                As
                  of the date hereof, CME Media Investments s.r.o. is a limited liability
                  company organized and existing under the laws of the Czech Republic
                  and
                  registered in the Commercial Register kept by the Municipal Court
                  in
                  Prague, the Czech Republic, file number C, Insert 106550, identification
                  number 272 35 173, with its seat at Kříženeckého
                  nám. 1078/5, Postal Code 152 00,
                  Prague
                  5, the
                  Czech Republic (the “Company”), and
                  has a registered capital of CZK 200,000 (the “Registered
                  Capital”).

              

      

      

      
        	
                (B)

              	
                Both
                  the Seller and the purchaser are partner in the
                  Company.

              

      

      

      
        	
                (C)

              	
                The
                  Purchaser has exercised its call option under Article 12.2. of
                  the TV Nova
                  Group Agreement made among CME Media Enterprises B.V., a company
                  organized
                  and existing under the laws of the Netherlands, with its registered
                  office
                  at Birkstraat 89, 3768 HD Soest, the Netherlands, Purchaser and
                  the Seller
                  on May 2, 2005, the Seller desires to sell to the Purchaser and
                  the
                  Purchase desires to purchase form the Seller its entire ownership
                  interest
                  in the Company amounting to 15% and corresponding to the Seller’s
                  contribution into the Registered Capital in the amount of CZK 30,000
                  (the
                  “Ownership
                  Interest”).

              

      

      

      
        	
                (D)

              	
                The
                  Seller has agreed to sell the Ownership Interest and the Purchaser
                  has
                  agreed to purchase the Ownership Interest on and subject to the
                  terms and
                  conditions set out herein.

              

      

      

      
        	
                (E)

              	
                The
                  sale and purchase of the Ownership Interest contemplated hereunder
                  has
                  been duly approved by a resolution of the General Meeting of the
                  Company
                  on May 31, 2005.

              

      

      

      IT
        IS AGREED:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                1.

              	
                Interpretation
                  and Definitions

              

      

      

      
        	
                1.1

              	
                For
                  the purpose of this Agreement (including its Recitals), the following
                  words and expressions have the meaning respectively set opposite
                  to
                  them:

              

      

      

      
        	
                Company

              	
                Has
                  the meaning ascribed thereto in Recital (A);

              
	 	 
	
                Closing

              	
                Means
                  completion of the sale and purchase of the Ownership Interest in
                  accordance with the terms and conditions of this
                  Agreement;

              
	 	 
	
                CZK

              	
                Means
                  lawful currency of the Czech Republic;

              
	 	 
	
                Framework
                  Agreement

              	
                Means
                  the Framework Agreement entered into by and between the Seller,
                  the
                  Purchaser and CME Media Enterprises B.V. on December 13,
                  2004;

              
	 	 
	
                Party

              	
                Means
                  the Seller and/or the Purchaser;

              
	 	 
	
                Purchase
                  Price

              	
                USD
                  216,384,109.00 (two hundred and sixteen million three hundred and
                  eighty-four thousand one hundred and nine U.S.
                  dollars);

              
	 	 
	
                Purchaser

              	
                Has
                  the meaning set forth in the introduction to this
                  Agreement;

              
	 	 
	
                Ownership
                  Interest

              	
                Has
                  the meaning ascribed thereto in Recital (B);

              
	 	 
	
                Registered
                  Capital

              	
                Has
                  the meaning ascribed thereto in Recital (A);

              
	 	 
	
                Seller

              	
                Has
                  the meaning set forth in the introduction to this
                  Agreement;

              
	 	 
	
                TV
                  Nova Value

              	
                Has
                  the meaning set forth in Clause 3.2 of the Framework Agreement;
                  and

              
	 	 
	
                USD
                  

              	
                Means
                  lawful currency of the United States of
                  America.

              

      

      

      
        	
                1.2

              	
                In
                  this Agreement, unless the context otherwise
                  requires,

              

      

      

      
        	 	
                (a)

              	
                references
                  to this Agreement or any other document include this Agreement
                  or such
                  other document as varied, modified or supplemented in any manner
                  from time
                  to time;

              

      

      

      
        	 	
                (b)

              	
                reference
                  to Recitals and Clauses are references to the recitals and clauses
                  of this
                  Agreement;

              

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	 	
                (c)

              	
                references
                  to one gender include both genders and references to the singular
                  include
                  the plural and vice-versa; and

              

      

      

      
        	 	
                (d)

              	
                headings
                  are inserted for convenience only and shall be ignored in construing
                  this
                  Agreement.

              

      

      

      
        	
                1.3

              	
                Recitals
                  to this Agreement form an integral part
                  hereof.

              

      

      

      
        	
                2.

              	
                Sale
                  and Purchase of Ownership
                  Interest

              

      

      

      Subject
        to the terms and conditions of this Agreement, the Seller sells the Ownership
        Interest and the Purchaser purchases the Ownership Interest for the Purchase
        Price on and with effect from the date hereof.

      

      
        	
                3.

              	
                Payment

              

      

      

      The
        Purchase Price shall be payable on the date of execution hereof. The Purchase
        Price shall be paid by wire transfer in immediately available funds to the
        account of the Seller as previously notified to the Purchaser.

      

      
        	
                4.

              	
                Adjustment
                  of the Purchase Price

              

      

      

      The
        Parties hereby agree in accordance with their respective rights and obligations
        set forth in the Framework Agreement that should the TV Nova Value change,
        the
        Parties undertake to adjust the Purchase Price in accordance with the respective
        provisions of the Framework Agreement.

      

      
        	
                5.

              	
                Closing

              

      

      

      The
        Purchaser shall become the owner of the Ownership Interest as of the date
        hereof. The transfer of the Ownership Interest from the Seller to the Purchaser
        shall take effect vis-à-vis the Company as of the day this Agreement is
        delivered to the Company.

      

      
        	
                6.

              	
                Further
                  Assurance

              

      

      

      Each
        Party shall execute and/or deliver all such instruments and other documents
        and
        shall take all such actions as may be necessary in order to give full effect
        to
        the intentions of this Agreement.

      

      
        	
                7.

              	
                Authority/Consent

              

      

      

      Each
        Party represents that (a) it has the necessary power and authority to enter
        into
        and perform its obligations under this Agreement, (b) all proceedings that
        are
        required to be taken, and all approvals that are required to be obtained,
        by
        such Party to authorize it to execute, deliver and perform the terms of this
        Agreement have been taken or approved, and (c) no additional consent by any
        other party is required in connection with such Party’s execution or performance
        of this Agreement.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                8.

              	
                Titles
                  and Encumbrances

              

      

      

      The
        Seller represents and warrants to the Purchaser as of the date hereof that
        (a)
        the Seller is the lawful owner of the Ownership Interest, and (b) the Ownership
        Interest is free and clear of any liens, charges, pledges or other encumbrances
        of any third party rights

      

      
        	
                9.

              	
                Notices

              

      

      

      
        	
                9.1

              	
                Any
                  notice or other communication to be given under this Agreement
                  shall be in
                  writing, in English language, and shall be deemed to have been
                  duly served
                  on a Party if it is left at the authorized address of that Party
                  or is
                  posted by registered mail addressed to that Party at such address
                  or is
                  sent by facsimile transmission to a machine situated at such an
                  address
                  and shall if:

              

      

      

      
        	 	
                (a)

              	
                personally
                  delivered, be deemed to have been received against
                  confirmation;

              

      

      

      
        	 	
                (b)

              	
                posted
                  by registered mail, be deemed to have been received against
                  confirmation.

              

      

      

      
        	
                9.2

              	
                For
                  the purposes of this Clause 9, the authorized address of the Parties
                  shall
                  be as follows:

              

      

      

      
        	 	
                (a)

              	
                if
                  to the Seller

              

      

      

      PPF
        CONSULTING a.s.

      Na
        Pankráci 1658/121

      140
        00 Praha 4 - Pankrác

      Czech
        Republic

      

      Attn.:
        Tomáš Brzobohatý

      

      Tel.:
        +420 224 559 072

      Fax:
        +420 224 559 229

      

      
        	 	
                (b)

              	
                if
                  to the Purchaser

              

      

      

      Central
        European Media Enterprises Ltd.

      71-91
        Aldwych

      London
        WC2B 4HN

      Attn:
        General Counsel

      Fax:
        +44 207 430 5403

      

      or
        such other address as that Party may notify to the others in writing from
        time
        to time in accordance with the requirements of this Clause.

      

      
        	
                10.

              	
                Severability

              

      

      

      If
        any provision of this Agreement (or of any document referred to herein) is
        held
        to be illegal, invalid or unenforceable in whole or in part, the legality,
        validity and enforceability of the remaining provisions of this Agreement
        (or
        such other document) shall not in any way be affected or impaired
        thereby.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        	
                11.

              	
                Entire
                  Agreement and Variation

              

      

      

      No
        variation, supplement, deletion or replacement of, to or from this Agreement
        or
        any of its terms shall be valid and effective unless made in writing and
        signed
        by or on behalf of each Party.

      

      
        	
                12.

              	
                General
                  Provisions

              

      

      

      
        	
                12.1

              	
                Any
                  waiver of a breach of any of the terms of this Agreement or of
                  any default
                  hereunder shall not be deemed to be a waiver of any subsequent
                  breach or
                  default and shall in no way affect the other terms of this
                  Agreement.

              

      

      

      
        	
                12.2

              	
                No
                  failure to exercise and no delay on the part of any Party in exercising
                  any right, remedy, power or privilege of that Party under this
                  Agreement
                  and no course of dealing between the Parties shall be construed
                  or operate
                  as a waiver thereof, nor shall any single or partial exercise of
                  any
                  right, remedy, power or privilege preclude any other or further
                  exercise
                  thereof or the exercise of any other right, remedy, power or privilege.
                  The rights and remedies provided by this Agreement are cumulative
                  and they
                  are not exclusive to any rights or remedies provided by
                  law.

              

      

      

      
        	
                13.

              	
                Necessary
                  Steps

              

      

      

      If,
        for any reason, any additional steps or measures are required based on the
        request of any court or any notary with respect to the registration of the
        transfer of the Ownership Interest by the Municipal Court in Prague, each
        Party
        undertakes to use its best efforts to do any such required steps or measures
        to
        ensure proper and timely registration of the sale and purchase of the Ownership
        Interest under this Agreement.

      

      
        	
                14.

              	
                Language

              

      

      

      This
        Agreement may be executed in more than one counterpart in the English language,
        each of which shall be deemed an original, but which together shall constitute
        one and the same instrument.

      

      
        	
                15.

              	
                Dispute
                  Resolution

              

      

      

      Any
        disputes, claims or controversy between any of the parties arising out of
        or
        related to this Agreement, including any question as to its formation, validity,
        interpretation or termination, that cannot be resolved by negotiations between
        such parties shall be settled by arbitration on an ad
        hoc
        basis in accordance with the UNCITRAL Arbitration Rules, by three arbitrators
        appointed by the parties in dispute or otherwise appointed by the London
        Court
        of International Arbitration in accordance with such rules. The arbitration
        shall be conducted in London and all documents and proceedings shall be in
        the
        English language. Any of the parties shall have the right to initiate the
        proceedings.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	
                16.

              	
                Governing
                  Law

              

      

      

      This
        Agreement and rights of the Parties hereunder shall be governed by, construed
        and take effect in accordance with Czech law.

      

      
        	
                17.

              	
                Effective
                  Date

              

      

      

      This
        Agreement is valid and takes effect upon its signing by the Parties to
        it.

      

      

      

      AS
        WITNESS
        the hands of the Parties or their duly authorized representatives the day
        and
        year written hereunder.

      

      Dated
        May 31, 2005

      

      PPF
        (CYPRUS) LIMITED

      

      

      

      
        	
                By:

              	  
	
                /s/
                  Vladimir Uhde

              	 
	
                Name:

              	
                Mgr.
                  Vladimír Uhde

              	 
	
                Title:

              	
                Attorney
                  in Fact

              	 

      

      

      

      

      CENTRAL
        EUROPEAN MEDIA ENTERPRISES LTD.

      

      

      
        	
                By:

              	  
	
                /s/
                  Petr Kotrlik

              	 
	
                Name:

              	
                JUDr.
                  Petr Kotrlík

              	 
	
                Title:

              	
                Attorney
                  in Fact

              	 

      

       

      6Exhibit 10.47

    
      

    

    Agreement
      on Transfer of Ownership Interest

    

     

    THIS
      AGREEMENT ON TRANSFER OF OWNERSHIP INTEREST
      (the “Agreement”)
      is made on May 31, 2005

    

    BETWEEN:

    

    
      	
              (1)

            	
              PPF
                (CYPRUS) LIMITED,
                a
                company organized under the laws of the Republic of Cyprus with registered
                number HE 92433, and having its registered office at Arch. Makariou
                III,
                2-4, Capital Center, 9th Floor, PC 1505, Nicosia, Cyprus (the
                “Seller”);
                and

            

    

    

    
      	
              (2)

            	
              CME
                Media Enterprises B.V.,
                a company organized and existing under the laws of the Netherlands,
                with
                its registered office at Birkstraat 89, 3768 HD Soest, the Netherlands
                (the “Purchaser”).

            

    

    

    WHEREAS:

    

    
      	
              (A)

            	
              As
                of the date hereof, PGT Corporation s.r.o. is a limited liability
                company
                organized and existing under the laws of the Czech Republic and registered
                in the Commercial Register kept by the Municipal Court in Prague,
                the
                Czech Republic, file number C, insert 95420, identification number
                27088944, with its seat at Kříženeckého
                nám. 1078/5, Prague 5, PSČ 152 00 (seat registered in the Commercial
                Register: Klimentská
                46, Postal Code 110 02,
                Prague 1) (the “Company”),
                and has a registered capital of CZK 200,000 (the “Registered
                Capital”).

            

    

    

    
      	
              (B)

            	
              Both
                the Seller and the Purchaser are partners in the Company.
                

            

    

    

    
      	
              (C)

            	
              The
                Purchaser has exercised its call option under Article 12.2. of the
                TV Nova
                Group Agreement made among CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.,
                a
                company organized and existing under the laws of Bermuda, with its
                registered office at Clarendon House, Church Street, Hamilton, HM
                CX
                Bermuda, the Purchaser and the Seller on May 2, 2005, the Seller
                desires
                to sell to the Purchaser and the Purchaser desires to purchase from
                the
                Seller its entire ownership interest in the Company amounting to
                15% and
                corresponding to the Seller’s contribution into the Registered Capital in
                the amount of CZK 30,000 (the “Ownership
                Interest”).

            

    

    

    
      	
              (D)

            	
              The
                Seller has agreed to sell the Ownership Interest and the Purchaser
                has
                agreed to purchase the Ownership Interest on and subject to the terms
                and
                conditions set out herein.

            

    

    

    
      	
              (E)

            	
              The
                sale and purchase of the Ownership Interest contemplated hereunder
                has
                been duly approved by a resolution of the General Meeting of the
                Company
                on May 31, 2005.

            

    

    

    IT
      IS AGREED:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              1.

            	
              Interpretation
                and Definitions

            

    

    

    
      	
              1.1

            	
              For
                the purpose of this Agreement (including its Recitals), the following
                words and expressions have the meaning respectively set opposite
                to
                them:

            

    

    

    
      	
              Company

            	
              Has
                the meaning ascribed thereto in Recital (A);

            
	 	 
	
              Closing

            	
              Means
                completion of the sale and purchase of the Ownership Interest in
                accordance with the terms and conditions of this
                Agreement;

            
	 	 
	
              CZK

            	
              Means
                lawful currency of the Czech Republic;

            
	 	 
	
              Framework
                Agreement

            	
              Means
                the Framework Agreement entered into by and between the Seller, the
                Purchaser and Central European Media Enterprises Ltd. on December
                13,
                2004;

            
	 	 
	
              Party

            	
              Means
                the Seller and/or the Purchaser;

            
	 	 
	
              Purchase
                Price

            	
              USD
                1,282.00 (one thousand two hundred and eighty-two U.S.
                dollars);

            
	 	 
	
              Purchaser

            	
              Has
                the meaning set forth in the introduction to this
                Agreement;

            
	 	 
	
              Ownership
                Interest

            	
              Has
                the meaning ascribed thereto in Recital (B);

            
	 	 
	
              Registered
                Capital

            	
              Has
                the meaning ascribed thereto in Recital (A);

            
	 	 
	
              Seller

            	
              Has
                the meaning set forth in the introduction to this
                Agreement;

            
	 	 
	
              TV
                Nova Value

            	
              Has
                the meaning set forth in Clause 3.2 of the Framework Agreement;
                and

            
	 	 
	
              USD

            	
              Means
                lawful currency of the United States of
                America.

            

    

    

    
      	
              1.2

            	
              In
                this Agreement, unless the context otherwise
                requires,

            

    

    

    
      	 	
              (a)

            	
              references
                to this Agreement or any other document include this Agreement or
                such
                other document as varied, modified or supplemented in any manner
                from time
                to time;

            

    

    

    
      	 	
              (b)

            	
              reference
                to Recitals and Clauses are references to the recitals and clauses
                of this
                Agreement;

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (c)

            	
              references
                to one gender include both genders and references to the singular
                include
                the plural and vice-versa; and

            

    

    

    
      	 	
              (d)

            	
              headings
                are inserted for convenience only and shall be ignored in construing
                this
                Agreement.

            

    

    

    
      	
              1.3

            	
              Recitals
                to this Agreement form an integral part
                hereof.

            

    

    

    
      	
              2.

            	
              Sale
                and Purchase of Ownership
                Interest

            

    

    

    Subject
      to the terms and conditions of this Agreement, the Seller sells the Ownership
      Interest and the Purchaser purchases the Ownership Interest for the Purchase
      Price on and with effect from the date hereof.

    

    
      	
              3.

            	
              Payment

            

    

    

    The
      Purchase Price shall be payable on the date of execution hereof. The Purchase
      Price shall be paid by wire transfer in immediately available funds to the
      account of the Seller as previously notified to the Purchaser.

    

    
      	
              4.

            	
              Adjustment
                to the Purchase Price

            

    

    

    The
      Parties hereby agree in accordance with their respective rights and obligations
      set forth in the Framework Agreement that should the TV Nova Value change,
      the
      Parties undertake to adjust the Purchase Price in accordance with the respective
      provisions of the Framework Agreement.

    

    
      	
              5.

            	
              Closing

            

    

    

    The
      Purchaser shall become the owner of the Ownership Interest as of the date
      hereof. The transfer of the Ownership Interest from the Seller to the Purchaser
      shall take effect vis-à-vis the Company as of the day this Agreement is
      delivered to the Company.

    

    
      	
              6.

            	
              Further
                Assurance

            

    

    

    Each
      Party shall execute and/or deliver all such instruments and other documents
      and
      shall take all such actions as may be necessary in order to give full effect
      to
      the intentions of this Agreement.

    

    
      	
              7.

            	
              Authority/Consent

            

    

    

    Each
      Party represents that (a) it has the necessary power and authority to enter
      into
      and perform its obligations under this Agreement, (b) all proceedings that
      are
      required to be taken, and all approvals that are required to be obtained, by
      such Party to authorize it to execute, deliver and perform the terms of this
      Agreement have been taken or approved, and (c) no additional consent by any
      other party is required in connection with such Party’s execution or performance
      of this Agreement.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              8.

            	
              Titles
                and Encumbrances

            

    

    

    The
      Seller represents and warrants to the Purchaser as of the date hereof that
      (a)
      the Seller is the lawful owner of the Ownership Interest, and (b) the Ownership
      Interest is free and clear of any liens, charges, pledges or other encumbrances
      of any third party rights

    

    
      	
              9.

            	
              Notices

            

    

    

    
      	
              9.1

            	
              Any
                notice or other communication to be given under this Agreement shall
                be in
                writing, in English language, and shall be deemed to have been duly
                served
                on a Party if it is left at the authorized address of that Party
                or is
                posted by registered mail addressed to that Party at such address
                or is
                sent by facsimile transmission to a machine situated at such an address
                and shall if:

            

    

    

    
      	 	
              (a)

            	
              personally
                delivered, be deemed to have been received against
                confirmation;

            

    

    

    
      	 	
              (b)

            	
              posted
                by registered mail, be deemed to have been received against
                confirmation.

            

    

    

    
      	
              9.2

            	
              For
                the purposes of this Clause 9, the authorized address of the Parties
                shall
                be as follows:

            

    

    

    
      	 	
              (a)

            	
              if
                to the Seller

            

    

    

    PPF
      CONSULTING a.s.

    Na
      Pankráci 1658/121

    140
      00 Praha 4 - Pankrác

    Czech
      Republic

    

    Attn.:
      Tomáš Brzobohatý

    

    Tel.:
      +420 224 559 072

    Fax:
      +420 224 559 229

    

    
      	 	
              (b)

            	
              if
                to the Purchaser

            

    

    

    CME
      Media Enterprises B.V.

    71-91
      Aldwych

    London
      WC2B 4HN

    Attn:
      General Counsel

    Fax:
      +44 207 430 5403

    

    or
      such other address as that Party may notify to the others in writing from time
      to time in accordance with the requirements of this Clause.

    

    
      	
              10.

            	
              Severability

            

    

    

    If
      any provision of this Agreement (or of any document referred to herein) is
      held
      to be illegal, invalid or unenforceable in whole or in part, the legality,
      validity and enforceability of the remaining provisions of this Agreement (or
      such other document) shall not in any way be affected or impaired
      thereby.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
              11.

            	
              Entire
                Agreement and Variation

            

    

    

    No
      variation, supplement, deletion or replacement of, to or from this Agreement
      or
      any of its terms shall be valid and effective unless made in writing and signed
      by or on behalf of each Party.

    

    
      	
              12.

            	
              General
                Provisions

            

    

    

    
      	
              12.1

            	
              Any
                waiver of a breach of any of the terms of this Agreement or of any
                default
                hereunder shall not be deemed to be a waiver of any subsequent breach
                or
                default and shall in no way affect the other terms of this
                Agreement.

            

    

    

    
      	
              12.2

            	
              No
                failure to exercise and no delay on the part of any Party in exercising
                any right, remedy, power or privilege of that Party under this Agreement
                and no course of dealing between the Parties shall be construed or
                operate
                as a waiver thereof, nor shall any single or partial exercise of
                any
                right, remedy, power or privilege preclude any other or further exercise
                thereof or the exercise of any other right, remedy, power or privilege.
                The rights and remedies provided by this Agreement are cumulative
                and they
                are not exclusive to any rights or remedies provided by
                law.

            

    

    

    
      	
              13.

            	
              Necessary
                Steps

            

    

    

    If,
      for any reason, any additional steps or measures are required based on the
      request of any court or any notary with respect to the registration of the
      transfer of the Ownership Interest by the Municipal Court in Prague, each Party
      undertakes to use its best efforts to do any such required steps or measures
      to
      ensure proper and timely registration of the sale and purchase of the Ownership
      Interest under this Agreement.

    

    
      	
              14.

            	
              Language

            

    

    

    This
      Agreement may be executed in more than one counterpart in the English language,
      each of which shall be deemed an original, but which together shall constitute
      one and the same instrument.

    

    
      	
              15.

            	
              Dispute
                Resolution

            

    

    

    Any
      disputes, claims or controversy between any of the parties arising out of or
      related to this Agreement, including any question as to its formation, validity,
      interpretation or termination, that cannot be resolved by negotiations between
      such parties shall be settled by arbitration on an ad
      hoc
      basis in accordance with the UNCITRAL Arbitration Rules, by three arbitrators
      appointed by the parties in dispute or otherwise appointed by the London Court
      of International Arbitration in accordance with such rules. The arbitration
      shall be conducted in London and all documents and proceedings shall be in
      the
      English language. Any of the parties shall have the right to initiate the
      proceedings.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              16.

            	
              Governing
                Law

            

    

    

    This
      Agreement and rights of the Parties hereunder shall be governed by, construed
      and take effect in accordance with Czech law.

    

    
      	
              17.

            	
              Effective
                Date

            

    

    

    This
      Agreement is valid and takes effect upon its signing by the Parties to
      it.

    

    AS
      WITNESS
      the hands of the Parties or their duly authorized representatives the day and
      year written hereunder.

    

    Dated
      May 31, 2005

    

    PPF
      (CYPRUS) LIMITED

     

    
 

    
      	
              By:

            	  
	
              /s/
                Vladimir Uhde

            	 
	
              Name:

            	
              Mgr.
                Vladimír Uhde

            	 
	
              Title:

            	
              Attorney
                in Fact

            	 

    

    

    

    CME
      Media
      Enterprises
      B.V.

    

     

     

    
      	
              By:

            	   
	
              /s/
                Petr Kotrlik

            	 
	
              Name:

            	
              JUDr.
                Petr Kotrlík

            	 
	
              Title:

            	
              Attorney
                in Fact

            	 

    

     

    6

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