Document:

Exhibit 10.4

 

PLEDGE AGREEMENT

 

on

 

SHARES

 

in

 

CENTRAL EUROPEAN MEDIA ENTERPRISES N.V.

 

Dated May 2, 2014

 

among

 

Central European Media Enterprises Ltd.

as the Pledgor

 

Deutsche Bank Trust Company Americas

as the Pledgee

 

and

 

Central European Media Enterprises N.V.

as the Company

 

 

THIS PLEDGE AGREEMENT is made this second day of May two thousand and fourteen (this “Pledge Agreement”), by and between Central European Media Enterprises Ltd., a company duly organized and existing under the laws of Bermuda, with its registered office at O’Hara House, 3 Bermudiana Road, Hamilton HM08 Bermuda, as the “Pledgor”, Deutsche Bank Trust Company Americas, a New York banking corporation incorporated under the laws of the State of New York, United States of America, with an address at 60 Wall Street, 16th Floor, New York, NY 10005, United States of America (acting in its capacity as security agent under the Indenture and as sole creditor under the Parallel Debt), as the “Pledgee”, and Central European Media Enterprises N.V., a public company (naamloze vennootschap) incorporated under the laws of the former Netherlands Antilles and existing under the laws of Curaçao, having its corporate seat in Curaçao, and its registered address at Schottegatweg Oost 44, Curaçao, and registered in the commercial register of the Chamber of Commerce and Industries of Curaçao under number 67248 as the “Company”;

 

WHEREAS, the Pledgor has entered into that certain indenture dated the date of this Pledge Agreement, by and between (among others) the Pledgor (as issuer) and the Pledgee (in its capacity as trustee) (as amended, novated, restated, supplemented or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, upon incorporation on the fourteenth day of July nineteen hundred and ninety-four, the Pledgor acquired the legal and beneficial title to 60 ordinary shares in the capital of the Company, and pursuant to the issuance of 1 share on the nineteenth day of September nineteen hundred and ninety-four, the Pledgor acquired the legal and beneficial title to 1 ordinary share in the capital of the Company, with a nominal value of USD 100, collectively constituting the entire issued and outstanding share capital of the Company (the “Present Shares”);

 

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

 

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

 

1.                                      Definitions and interpretation

 

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

 

[Pledge Agreement - Central European Media Enterprises N.V. (Notes)]

 

 

(a)                                 the “Amended Intercreditor Agreement”: the intercreditor agreement dated the twenty-first day of July two thousand and six (and amended and restated on the sixteenth day of May two thousand and seven, on the twenty-second day of August two thousand and seven, the tenth day of March two thousand and eight, the seventeenth day of September two thousand and nine, the twenty-ninth day of September two thousand nine, the twenty-first day of October two thousand and ten, the eighteenth day of February two thousand and eleven, the eighth day of October two thousand and twelve, and as further amended and restated on the date of this Pledge Agreement) by and between (among others) Central European Media Enterprises Ltd., the Pledgor, the Company, The Bank of New York Mellon, acting through its London branch (in its capacity as notes trustee under the 2009 Indenture), The Law Debenture Trust Corporation p.l.c. (in its capacity as security trustee under the 2009 Indenture), Citibank, N.A., London Branch (in its capacity as trustee under the 2010 Indenture), BNP Paribas Trust Corporation UK Limited (in its capacity as security agent under the 2010 Indenture), Time Warner Inc. (in its capacity as security agent under the 2014 Term Loan and 2014 RCF (both as defined therein)) and the Pledgee (in its capacity as trustee and security agent under the 2011 Indenture and as trustee and security agent under the Indenture);

 

(b)                                 an “Event of Default”: each Event of Default as defined the Indenture which is continuing;

 

(c)                                  an “Event of Statutory Default”: each Event of Default which also constitutes a default (verzuim) in the fulfilment of the Secured Obligations within the meaning of in Article 6:81 of the Curaçao Civil Code (Burgerlijk Wetboek) (“CCC”);

 

(d)                                 the “Existing Rights of Pledge”: the rights of pledge on the Shares (as defined hereinafter) created in favor of (i) The Law Debenture Trust Corporation p.l.c., on the seventeenth day of September two thousand and nine pursuant to that certain pledge agreement dated the seventeenth day of September two thousand and nine by and between the Pledgor, the Bank of New York Mellon, The Law Debenture Trust Corporation p.l.c. and the Company, (ii) BNP Paribas Trust Corporation UK Limited, on the twenty-first day of October two thousand and ten pursuant to that certain pledge agreement dated the twenty-first day of October two thousand and ten by and between the Pledgor, BNP Paribas Trust Corporation UK Limited and the Company, (iii) the Pledgee, on the eighteenth day of February two thousand and eleven pursuant to that certain pledge agreement dated the eighteenth day of February two thousand and eleven by and between the Pledgor, the Pledgee and the Company (iv) Time Warner Inc., on this second day of May two thousand and fourteen pursuant to that certain pledge agreement dated this second day of May two thousand and fourteen by and between the Pledgor, Time Warner Inc. and the Company and (v) Time Warner Inc., on this second day of May two thousand and fourteen pursuant to that certain pledge agreement dated the this second day of May two thousand and fourteen by and between the Pledgor, Time Warner Inc. and the Company;

 

(e)                                  the “Parallel Debt”: the Parallel Debt (as defined in Section 11.4 of the Indenture);

 

 

(f)                                   the “Right of Pledge”: the sixth priority right of pledge (openbaar pandrecht zesde in rang) in respect of the Shares established in this Pledge Agreement;

 

(g)                                  the “Secured Obligations”: all present and future obligations and liabilities consisting of monetary payment obligations (verbintenissen tot betaling van een geldsom) of the Issuer and the Pledgor to the Pledgee, whether actual or contingent, whether owed jointly, severally or in any other capacity whatsoever, under or in connection with the Parallel Debt, provided that no obligation or liability shall be included in the definition of “Secured Obligations” to the extent that, if it were so included, the Security (or any part thereof) or any provision of this Pledge Agreement would be unlawful or prohibited by any applicable law;

 

(h)                                 a “Voting Event”: the occurrence of an Event of Statutory Default of which the Pledgee has given notice to the Pledgor and the Company, in which notice the Pledgee notifies the Pledgor that it wishes to exercise the Voting Rights (as defined below);

 

(i)                                     the “2009 Indenture”: the indenture dated the seventeenth day of September two thousand and nine by and between (among others) the Pledgor as issuer, CME Media Enterprises B.V. and the Company as guarantors, and The Law Debenture Trust Corporation p.l.c. as security trustee;

 

(j)                                    the “2010 Indenture”: the indenture dated the twenty-first day of October two thousand and ten by and between (among others) CET 21 spol s r.o. as issuer, and Citibank, N.A., London Branch as trustee; and

 

(k)                                 the “2011 Indenture”: the indenture dated the eighteenth day of February two thousand and eleven by and between (among others) Central European Media Enterprises Ltd. as issuer, the Pledgor and the Company as guarantors, and the Pledgee as trustee, paying agent, conversion agent and transfer agent and registrar.

 

1.2                               Whenever reference is made in this Pledge Agreement to any action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Pledgee or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Pledgee, it is understood that in all cases the Pledgee shall be fully justified in failing or refusing to take any such action under this Pledge Agreement if it shall not have received such advice or concurrence of the trustee under the Indenture acting at the direction of the required holders of the Notes (as defined in the Indenture) (acting in accordance with the Indenture and other transaction documents), as it deems appropriate.  This provision is intended solely for the benefit of the Pledgee and its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto.

 

 

2.                                      Right of Pledge

 

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

 

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

 

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

 

2.4                              By co-signing this Pledge Agreement, the Company acknowledges the Right of Pledge created by this Pledge Agreement, as provided in article 2:113 of the CCC.

 

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

 

3.                                      Voting rights

 

3.1.                           The voting and other consensual rights and similar rights or powers attaching to the Shares or any part thereof (the “Voting Rights”) shall be vested in (toekomen aan) the Pledgee under the conditions precedent (opschortende voorwaarden) of (i) the occurrence of a Voting Event which is continuing and (ii) the termination and/or release of the Existing Rights of Pledge. Until the occurrence of a Voting Event and subject to the termination and/or release of the Existing Rights of Pledge, the Pledgor may exercise any and all such Voting Rights, save:

 

(a)                  that no such exercise may violate or be inconsistent with the express terms or purpose of this Pledge Agreement, the Existing Rights of Pledge, the 2009 Indenture, the 2010 Indenture, the 2011 Indenture and/or the Indenture;

 

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

 

(c)                   as set out in Section 3.2 below.

 

 

3.2.                           Upon the occurrence of a Voting Event and subject to the termination or release of the Existing Rights of Pledge any and all rights of the Pledgor to exercise the Voting Rights which it is entitled to exercise pursuant to Section 3.1 above shall cease automatically without further notice to the Pledgor being required and the Pledgee shall have the sole and exclusive right, but not the obligation, and authority to exercise such Voting Rights and shall be entitled to exercise or refrain from exercising such rights in such manner as the Pledgee may deem fit.

 

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

 

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

 

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

 

4.                                      Authority to collect

 

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

 

 

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

 

4.3.                           The Pledgee may terminate the authorization mentioned in section 4.2 upon occurrence of an Event of Default only, at the direction of the trustee acting at the written direction of the holders of the Notes. Termination of the authorization is made by written statement to that effect, by the Pledgee to the Pledgor. The Pledgee shall inform the Company of the termination in writing.

 

5.                                      Representations and warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

g.                   the Pledgor is authorized to establish the Right of Pledge;

 

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

 

 

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

 

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

 

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

 

l.                       no bearer certificates (toonderbewijzen) have been issued for the Shares.

 

5.2.                  Furthermore, the Pledgor hereby declares to have acquired the Present Shares as follows:

 

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

 

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

 

6.                              Undertakings by the Pledgor

 

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

 

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

 

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

 

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

 

 

7.                              Exercise of the Right of Pledge.

 

7.1.                    Upon the occurrence of an Event of Statutory Default, the Pledgee has, with due regard to the relevant provisions of the Existing Rights of Pledge, the Amended Intercreditor Agreement, the right to exercise all rights and powers which the Pledgee has under the laws of Curaçao as holder of a right of pledge over the Shares and the Pledgee shall be authorized, at the direction of the trustee acting at the written direction of the holders of the Notes, to sell the Shares or part thereof, in accordance with Section 3:248 of the CCC, without prejudice to the provision of Section 3:251 of the CCC, in order to recover the proceeds thereof.

 

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

 

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

 

8.                              Termination

 

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

 

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

 

8.3.                    The Pledgee shall be entitled to any and all rights, benefits, immunities and protections granted to it, in any capacity, under the Indenture.

 

9.                              Costs

 

All costs, fees and expenses (including legal fees) reasonably incurred in connection with the creation or execution of any documentation in connection with the Right of Pledge and the enforcement of the Right of Pledge shall be for the account of the Pledgor. The Pledgor shall indemnify the Pledgee in respect of all losses, claims or liabilities (including reasonable expenses) incurred by the Pledgee in the connection with its acceptance of the Right of Pledge and the exercise by the Pledgee of any rights or powers vested in it hereunder, other than losses, claims or liabilities resulting from the willful misconduct or gross negligence of the Pledgee.

 

 

10.                       Notices

 

Any notice or other communication under or in connection with this Pledge Agreement shall be in writing in the English language and shall be delivered personal, by first class mail, postage prepaid or by registered mail or fax or e-mail. Proof of posting shall be deemed to be proof of receipt:

 

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

 

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

 

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

 

(iv)                              in the case of first class mail: five (5) days calendar days after mailing.

 

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

 

Address Pledgor:

Central European Media Enterprises Ltd.

c/o CME Media Services Limited

Kříženeckého náměstí 1078/5

152 00 Prague 5 — Barrandov

Czech Republic

Fax number: +420 242 464 483

Attention: Legal Department

 

Address Pledgee:

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 16th Floor MS NYC60-1630

New York, NY 10005

Attn: Corporates Team Deal Manager—Central European Media Enterprises Ltd.

Fax: +1-732-578-4635

 

With a copy to:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Agency Services

100 Plaza One, 6th Floor Mailstop JCY03-0699

Jersey City, New Jersey 07311

Attn: Corporates Team Deal Manager—Central European Media Enterprises Ltd.

Fax: +1-732-578-4635

 

Address of the Company:

Central European Media Enterprises N.V.

c/o Curaçao Corporation Company N.V.

 

 

Schottegatweg Oost 44

Willemstad, Curaçao

Fax number: + 599 9 732 2500

Attention: Managing Director

 

With a copy to:

CME Media Services Limited

Kříženeckého náměstí 1078/5

152 00 Prague 5 — Barrandov

Czech Republic

Fax number: +420 242 464 483

Attention: Legal Department

 

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

 

11.                       Rescission

 

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

 

12.                       Section 326 of the USA Patriot Act

 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Pledgee, as a financial institution, is required, in order to help fight the funding of terrorism and money laundering, to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Pledge Agreement agree that they will provide the Pledgee with such information as it may request in order to satisfy the requirements of the USA Patriot Act.

 

13.                       Governing Law and Submission to Jurisdiction

 

13.1.             The provisions of this Pledge Agreement and the Right of Pledge created hereby, are governed by, and shall be construed in accordance with, the laws of the Curaçao, without giving regard to conflict of law rules under Curaçao private international law.

 

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

 

 

14.                       Amendment of this Pledge Agreement

 

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

 

15.                       Severability

 

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

 

16.                       Counterparts

 

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

 

* signature page to follow *

 

 

SIGNATURE PAGE PLEDGE AGREEMENT ON SHARES

 

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

 

	
Signed for   and on behalf of:
    	
 
    
	
Central   European Media Enterprises Ltd.
    as the Pledgor
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ David   Sturgeon
    	
 
    
	
Name:
    	
David   Sturgeon
    	
 
    
	
Title:
    	
acting Chief   Financial Officer
    	
 
    

 

	
Signed for   and on behalf of:
    	
 
    	
 
    
	
Deutsche Bank Trust Company Americas
    as the Pledgee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Rodney Gaughan
    	
 
    	
/s/ Jeffrey   Schoenfeld
    
	
Name: Rodney Gaughan
    	
 
    	
Name: Jeffrey   Schoenfeld
    
	
Title: Vice   President
    	
 
    	
Title:   Assistant Vice President
    

 

	
Signed for   and on behalf of:
    	
 
    
	
Central   European Media Enterprises N.V.
    as the Company
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Daniel   Penn
    	
 
    
	
Name:
    	
Daniel Penn
    	
 
    
	
Title:
    	
Managing   DirectorExhibit 10.5

 

EXECUTION VERSION

 

DEED OF AMENDMENT

relating to an Intercreditor Agreement dated 21 July 2006,

as amended and restated by a Deed of Amendment dated 16 May 2007,

by a Deed of Amendment dated 22 August 2007,

by a Deed of Amendment dated 10 March 2008,

by a Deed of Amendment dated 17 September 2009,

by a Deed of Amendment dated 29 September 2009,

by a Deed of Amendment dated 21 October 2010,

by a Deed of Amendment dated February 18, 2011, and

by a Deed of Amendment dated October 8, 2012.

 

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.,

CENTRAL EUROPEAN MEDIA ENTERPRISES N.V. and

CME MEDIA ENTERPRISES B.V.

as Obligors;

 

 

THE BANK OF NEW YORK MELLON

(formerly THE BANK OF NEW YORK)

as 2008 Trustee;

 

 

THE BANK OF NEW YORK MELLON,

acting through its London Branch

as 2009 Note Trustee;

 

 

THE LAW DEBENTURE TRUST CORPORATION p.l.c.

as 2009 Security Trustee;

 

 

CITIBANK, N.A., LONDON BRANCH

as 2010 Notes Trustee;

 

 

BNP PARIBAS TRUST CORPORATION UK LIMITED

as 2010 Security Trustee;

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

as 2011 Trustee;

 

 

TIME WARNER INC.

as 2014 Term Loan Agent;

 

 

TIME WARNER INC.

as 2014 RCF Agent;

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

as 2014 Trustee

 

 

CONTENTS

 

	
Clause
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS AND   INTERPRETATION
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
2.
    	
RESTATEMENT OF THE ORIGINAL   AGREEMENT
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
3.
    	
FURTHER ASSURANCE
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
4.
    	
MISCELLANEOUS
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
5.
    	
GOVERNING LAW
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
SCHEDULE   1 RESTATED AGREEMENT
    	
 
    	
SCHEDULE   1
    

 

 

THIS DEED is dated 2 May 2014 and made between:

 

(A)                         CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., a company established under the laws of Bermuda (the “Company”);

 

(B)                         CENTRAL EUROPEAN MEDIA ENTERPRISES N.V. a company established under the laws of Curaçao (“CME N.V.”);

 

(C)                         CME MEDIA ENTERPRISES B.V. a company established under the laws of the Netherlands (“CME B.V.”);

 

(D)                         THE BANK OF NEW YORK MELLON (formerly THE BANK OF NEW YORK) (acting in its capacity as Trustee and Security Trustee under the 2008 Indenture) (the “2008 Trustee”);

 

(E)                          THE BANK OF NEW YORK MELLON, acting through its London branch (acting in its capacity as Note Trustee under the 2009 Indenture (the “2009 Note Trustee”);

 

(F)                           THE LAW DEBENTURE TRUST CORPORATION p.l.c. (acting in its capacity as Security Trustee under the 2009 Indenture (the “2009 Security Trustee”);

 

(G)                         CITIBANK, N.A., LONDON BRANCH, (acting in its capacity as Trustee under the 2010 Indenture) (the “2010 Notes Trustee”);

 

(H)                        BNP PARIBAS TRUST CORPORATION UK LIMITED (acting in its capacity as Security Trustee in respect of the 2010 Indenture) (the “2010 Security Trustee”);

 

(I)                             DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (acting in its capacity as Trustee and Security Agent under the 2011 Indenture) (the “2011 Trustee”);

 

(J)                             TIME WARNER INC. (acting in its capacity as Security Agent under the 2014 Term Loan) (the “2014 Term Loan Agent”);

 

(K)                       TIME WARNER INC. (acting in its capacity as Security Agent under the 2014 RCF) (the “2014 RCF Agent”); and

 

(L)                          DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (acting in its capacity as Trustee and Security Agent under the 2014 Indenture) (the “2014 Trustee”).

 

IT IS AGREED as follows:

 

1.                                      DEFINITIONS AND INTERPRETATION

 

1.1                               Definitions

 

In this Deed:

 

“2008 Indenture” means an Indenture dated as of 10 March 2008, between, amongst others, the Company, CME N.V., CME B.V., the 2008 Trustee, The Bank of New York Mellon (formerly The Bank of New York) as Transfer Agent, Principal Paying Agent, and Conversion Agent.

 

1

 

“2009 Indenture” means an Indenture dated as of 17 September 2009, between, amongst others, the Company, CME N.V., CME B.V., the 2009 Note Trustee, the 2009 Security Trustee, The Bank of New York Mellon, acting through its London Branch as Transfer Agent and Principal Paying Agent and The Bank of New York Mellon (Luxembourg) S.A. as Registrar, Transfer Agent and Paying Agent.

 

“2010 Indenture” means an Indenture dated as of 21 October 2010, between, amongst others, CET 21 spol. s r.o. , the 2010 Notes Trustee, Citibank, N.A., London Branch as Transfer Agent and Paying Agent and Citigroup Global Markets Deutschland AG as Registrar.

 

“2011 Indenture” means an Indenture dated as of 18 February 2011, between, amongst others, the Company, CME N.V., CME B.V. and the 2011 Trustee, as Trustee, Security Agent, Paying Agent, Conversion Agent, Transfer Agent and Registrar.

 

“2014 RCF” means a Revolving Loan Facility Credit Agreement dated, as of 2 May 2014, amongst the Company, the Lenders party thereto, and Time Warner Inc., as Administrative Agent.

 

“2014 Term Loan” means a Term Loan Facility Credit Agreement, dated as of February 28, 2014, amongst the Company, the Lenders party thereto, and Time Warner Inc., as Administrative Agent.

 

“2014 Indenture” means an Indenture dated as of 2 May 2014, amongst the Company, CME N.V., CME B.V. and the 2014 Trustee, as Trustee, Paying Agent, Transfer Agent, Registrar and the Security Agent.

 

“Obligors” means the Company, CME N.V. and CME B.V.

 

“Original Agreement” means the Intercreditor Agreement dated 21 July 2006, between the Obligors, The Bank of New York Mellon (formerly JPMorgan Chase Bank, N.A., London Branch) as Trustee and Security Trustee, and the European Bank for Reconstruction and Development, as amended and restated by a Deed of Amendment dated 16 May 2007, by a Deed of Amendment dated 22 August 2007, by a Deed of Amendment dated 10 March 2008, by a Deed of Amendment dated 17 September 2009, by a Deed of Amendment dated 29 September 2009, by a Deed of Amendment dated 21 October 2010, by a Deed of Amendment dated 18 February 2011 and as further amended and restated by a Deed of Amendment dated 8 October 2012.

 

“Restated Agreement” means the Original Agreement, as amended and restated by this Deed, and the terms of which are set out in Schedule 1 (Restated Agreement).

 

1.2                               Incorporation of defined terms

 

(a)                                 Unless a contrary indication appears, a term defined in the form of Restated Agreement attached as Schedule 1 to this Deed has the same meaning in this Deed.

 

(b)                                 The principles of construction set out in the form of Restated Agreement attached as Schedule 1 to this Deed shall have effect as if set out in this Deed.

 

1.3                               Clauses

 

In this Deed any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause or a Schedule to this Deed.

 

2

 

2.                                      RESTATEMENT OF THE ORIGINAL AGREEMENT

 

With effect from the date of this Deed, the Original Agreement shall be amended and restated in the form set out in Schedule 1 (Restated Agreement).

 

3.                                      FURTHER ASSURANCE

 

The Company shall ensure that each Obligor shall, at the request of the 2008 Trustee, the 2009 Security Trustee (acting on the instructions of the 2009 Note Trustee), the 2010 Security Trustee (acting on the instructions of the 2010 Notes Trustee), the 2011 Trustee, the 2014 Term Loan Agent (acting on the instructions of the administrative agent or majority lenders under the 2014 Term Loan), the 2014 RCF Agent (acting on the instructions of the administrative agent or majority lenders under the 2014 RCF) and the 2014 Trustee, and, at its own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Deed.

 

4.                                      MISCELLANEOUS

 

4.1                               Incorporation of terms

 

The provisions of Article 4.02 (Entire Agreement; Amendment and Waiver), Article 4.03 (Notices), Article 4.04 (Governing Law and Arbitration) sub-paragraph (b), and Article 4.05 (Successors and Assigns; Third Party Rights) of the Restated Agreement shall be incorporated into this Deed as if set out in full in this Deed and as if references in those clauses to “this Agreement” are references to this Deed.

 

4.2                               Counterparts

 

This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

 

5.                                      GOVERNING LAW

 

This Deed and any non-contractual obligations arising out of or in connection with it shall be governed and construed in accordance with English law.

 

This Deed has been entered into on the date stated at the beginning of this Deed.

 

3

 

SCHEDULE 1
 RESTATED AGREEMENT

 

[Intentionally left blank]

 

 

IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Deed to be executed and delivered as a Deed on the date first above written.

 

 

THE OBLIGORS

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

 

 

	
By:
    	
/s/ David Sturgeon
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
David Sturgeon
    	
 
    
	
Title:
    	
acting Chief Financial Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
O’Hara   House, 3 Bermudiana Road, Hamilton, Bermuda
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+1   441 295 0992
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Assistant   Secretary
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
With a copy to:
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
CME   Media Services Limited
    	
 
    
	
 
    	
Krizeneckeho   nam. 1078/5a
    	
 
    
	
 
    	
Prague   5, 152 00, Czech Republic
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+420   242 464 483
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Legal   Department
    	
 
    

 

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

CENTRAL EUROPEAN MEDIA ENTERPRISES N.V.

 

 

	
By:
    	
/s/ Daniel Penn
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Daniel Penn
    	
 
    
	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Schottegatweg   Oost 44, Willemstad, Curaçao
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+   599 9 732 2500
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
With a copy to:
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
CME   Media Services Limited
    	
 
    
	
 
    	
Krizeneckeho   nam. 1078/5a
    	
 
    
	
 
    	
Prague   5, 152 00, Czech Republic
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+420   242 464 483
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Legal   Department
    	
 
    

 

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

CME MEDIA ENTERPRISES B.V.

 

 

	
By:
    	
/s/ David Sturgeon
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
David Sturgeon
    	
 
    
	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Dam   5B, 1012 JS Amsterdam, The Netherlands
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+312   042 31404
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
With a copy to:
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
CME   Media Services Limited
    	
 
    
	
 
    	
Krizeneckeho   nam. 1078/5a
    	
 
    
	
 
    	
Prague   5, 152 00, Czech Republic
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+420   242 464 483
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Legal   Department
    	
 
    

 

 

The 2008 Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

THE BANK OF NEW YORK MELLON

 

 

	
By:
    	
/s/ Melissa Laidley
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Melissa Laidley
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Marco Thuo
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Marco Thuo
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Maria Bertolin
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
One Canada Square
    	
 
    
	
 
    	
London E14 5AL
    	
 
    
	
 
    	
United Kingdom
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+44 20 7964 2536
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporate Trust Services
    	
 
    
					

 

 

The 2009 Note Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

THE BANK OF NEW YORK MELLON

 

 

	
By:
    	
/s/ Melissa Laidley
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Melissa Laidley
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Marco Thuo
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Marco Thuo
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Maria Bertolin
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
One Canada Square
    	
 
    
	
 
    	
London E14 5AL
    	
 
    
	
 
    	
United Kingdom
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+44 20 7964 2536
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporate Trust Services
    	
 
    
					

 

 

The 2009 Security Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

THE LAW DEBENTURE TRUST CORPORATION p.l.c.

 

 

	
By:
    	
/s/ Julian Mason Jebb
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Julian Mason Jebb
    	
 
    
	
Title:
    	
Director
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Chris Burgess
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Chris Burgess
    	
 
    
	
Title:
    	
Secretary, Representing Law Debenture   Corporate Services Ltd
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Fifth floor
    	
 
    
	
 
    	
100 Wood Street
    	
 
    
	
 
    	
London EC2V 7EX
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+44 -20-7606-0643
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
The Manager, Commercial Trusts
    	
 
    
				

 

 

The 2010 Notes Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

CITIBANK, N.A., LONDON BRANCH

 

 

	
By:
    	
/s/ Andrew McIntosh
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Andrew McIntosh
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
13th Floor
    	
 
    
	
 
    	
Citigroup Centre
    	
 
    
	
 
    	
Canada Square, Canary Wharf
    	
 
    
	
 
    	
London E14 5LB
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+44 20 7500 5877
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Agency & Trust
    	
 
    
				

 

 

The 2010 Security Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

BNP PARIBAS TRUST CORPORATION UK LIMITED

 

 

	
By:
    	
/s/ Andrew Brown
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Andrew Brown
    	
 
    
	
Title:
    	
Authorized Signatory
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Maria Dawson
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
55   Moorgate, London, EC2R 6PA
    	
 
    
	
 
    	
 
    	
 
    
	
Fax:
    	
+44   20 7595 5078
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
The   Directors
    	
 
    
					

 

 

The 2011 Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

 

	
By:
    	
Deutsche Bank National Trust Company
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Rodney Gaughan
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Rodney Gaughan
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Robert S. Peschler
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Robert Peschler
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Linda Reale
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Deutsche Bank Trust Company Americas
    	
 
    
	
 
    	
Trust & Agency Services
    	
 
    
	
 
    	
60 Wall Street, 16th Floor MS   NYC60-1630
    	
 
    
	
 
    	
New York, New York 10005
    	
 
    
	
 
    	
U.S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+ 732 578 4635
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporates Team Deal Manager – Central   European Media Enterprises Ltd.
    
	
 
    	
 
    	
 
    
	
with a copy to:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Deutsche Bank Trust Company Americas
    	
 
    
	
 
    	
c/o Deutsche Bank National Trust Company
    	
 
    
	
 
    	
Trust & Securities Services
    	
 
    
	
 
    	
100 Plaza One, 6th Floor   Mailstop JCY03-0699
    	
 
    
	
 
    	
Jersey City, New Jersey 07311
    	
 
    
	
 
    	
U.S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+ 732 578 4635
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporates Team Deal Manager – Central   European Media Enterprises Ltd.
    

 

 

The 2014 Term Loan Agent

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

TIME WARNER INC.

 

 

	
By:
    	
/s/ Edward B. Ruggiero
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Edward B. Ruggiero
    	
 
    
	
Title:
    	
Senior Vice President & Treasurer
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Stephen N. Kapner
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Stephen N. Kapner
    	
 
    
	
Title:
    	
Vice President & Assistant Treasurer
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Lisa Reinhardt
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
One Time Warner Center
    	
 
    
	
 
    	
New York, New York 10019
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
(212) 484-7151
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Treasurer
    	
 
    
					

 

 

The 2014 RCF Agent

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

TIME WARNER INC.

 

 

	
By:
    	
/s/ Edward B. Ruggiero
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Edward B. Ruggiero
    	
 
    
	
Title:
    	
Senior Vice President & Treasurer
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Stephen N. Kapner
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Stephen N. Kapner
    	
 
    
	
Title:
    	
Vice President & Assistant Treasurer
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
/s/ Lisa Reinhardt
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
One Time Warner Center
    	
 
    
	
 
    	
New York, New York 10019
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
(212) 484-7151
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Treasurer
    	
 
    
						

 

 

The 2014 Trustee

 

EXECUTED and DELIVERED as a DEED

for and on behalf of

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

 

	
By:
    	
Deutsche Bank National Trust Company
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Rodney Gaughan
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Rodney Gaughan
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Robert S. Peschler
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Robert Peschler
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Deutsche Bank Trust Company Americas
    	
 
    
	
 
    	
Trust & Agency Services
    	
 
    
	
 
    	
60 Wall Street, 16th Floor MS   NYC60-1630
    	
 
    
	
 
    	
New York, New York 10005
    	
 
    
	
 
    	
U.S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+ 732 578 4635
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporates Team Deal Manager – Central   European Media Enterprises Ltd.
    
	
 
    	
 
    	
 
    
	
with a copy to:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
Deutsche Bank Trust Company Americas
    	
 
    
	
 
    	
c/o Deutsche Bank National Trust Company
    	
 
    
	
 
    	
Trust & Securities Services
    	
 
    
	
 
    	
100 Plaza One, 6th Floor   Mailstop JCY03-0699
    	
 
    
	
 
    	
Jersey City, New Jersey 07311
    	
 
    
	
 
    	
U.S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile:
    	
+ 732 578 4635
    	
 
    
	
 
    	
 
    	
 
    
	
Attention:
    	
Corporates Team Deal Manager – Central   European Media Enterprises Ltd.

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