EXHIBIT 4.10

CONFORMED COPY

Incorporating changes made pursuant to an

Amendment Agreement dated 23 January 2009

US$700,000,000

AMENDED AND RESTATED FACILITIES AGREEMENT

Originally dated 27 June 2005

as amended on 22 June 2006 and 30 November
2006

and as amended and restated on 19 December 2008

for

NEW SUNWARD HOLDING B.V.

as Borrower

CEMEX, S.A.B. de C.V. (previously CEMEX, S.A. DE C.V.),

CEMEX MÉXICO, S.A. DE C.V.

and

EMPRESAS TOLTECA DE MÉXICO, S.A. DE C.V.

as Guarantors

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

BNP PARIBAS

and

CITIGROUP GLOBAL MARKETS, INC.

as Joint Bookrunners

with

CITIBANK, N.A.

acting as Agent





TERM AND REVOLVING FACILITIES
AGREEMENT









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CONTENTS



|       |  |                                            |  |   
|------ |  | ------------------------------------------ |  | --
|Clause |  | Page                                      
|       |  |                                           
|1.     |  | Definitions and Interpretation             |  | 4 
|       |  |                                           
|2.     |  | The Facilities                             |  | 29
|       |  |                                           
|3.     |  | Purpose                                    |  | 29
|       |  |                                           
|4.     |  | Conditions of Utilisation                  |  | 29
|       |  |                                           
|5.     |  | Utilisation                                |  | 32
|       |  |                                           
|6.     |  | Optional Currencies                        |  | 33
|       |  |                                           
|7.     |  | Repayment                                  |  | 34
|       |  |                                           
|8.     |  | Prepayment and cancellation                |  | 34
|       |  |                                           
|9.     |  | Interest                                   |  | 37
|       |  |                                           
|10.    |  | Interest Periods                           |  | 38
|       |  |                                           
|11.    |  | Changes to the calculation of interest     |  | 39
|       |  |                                           
|12.    |  | Fees                                       |  | 40
|       |  |                                           
|13.    |  | Tax Gross Up and Indemnities               |  | 41
|       |  |                                           
|14.    |  | Increased costs                            |  | 43
|       |  |                                           
|15.    |  | Other indemnities                          |  | 44
|       |  |                                           
|16.    |  | Mitigation by the Lenders                  |  | 45
|       |  |                                           
|17.    |  | Costs and expenses                         |  | 46
|       |  |                                           
|18.    |  | Guarantee and indemnity                    |  | 47
|       |  |                                           
|19.    |  | Representations                            |  | 50
|       |  |                                           
|20.    |  | Information undertakings                   |  | 57
|       |  |                                           
|21.    |  | General undertakings                       |  | 61
|       |  |                                           
|22.    |  | Events of Default                          |  | 70
|       |  |                                           
|23.    |  | Changes to the Lenders                     |  | 74
|       |  |                                           
|24.    |  | Changes to the Obligors                    |  | 78
|       |  |                                           
|25.    |  | Role of the Agent and the Arranger         |  | 80
|       |  |                                           
|26.    |  | Conduct of business by the Finance Parties |  | 85
|       |  |                                           
|27.    |  | Sharing among the Finance Parties          |  | 85
|       |  |                                           
|28.    |  | Payment mechanics                          |  | 88
|       |  |                                           
|29.    |  | Set-off                                    |  | 90
|       |  |                                           
|30.    |  | Notices                                    |  | 90
|       |  |                                           
|31.    |  | Calculations and certificates              |  | 94
|       |  |                                           
|32.    |  | Partial invalidity                         |  | 94



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|                                               |  |                                                                                  |  |    
|---------------------------------------------- |  | -------------------------------------------------------------------------------- |  | ---
|                                               |  |                                                                                 
|33.                                            |  | Remedies and waivers                                                             |  | 95 
|                                               |  |                                                                                 
|34.                                            |  | Amendments and waivers                                                           |  | 95 
|                                               |  |                                                                                 
|35.                                            |  | Counterparts                                                                     |  | 96 
|                                               |  |                                                                                 
|36.                                            |  | Governing law                                                                    |  | 97 
|                                               |  |                                                                                 
|37.                                            |  | Enforcement                                                                      |  | 97 
|                                               |  |                                                                                 
|38.                                            |  | Waiver of Sovereign Immunity                                                     |  | 97 
|                                               | 
|SCHEDULE 1 The Original Parties                |  | 99                                                                              
|                                               |  |                                                                                 
|                                               |  | Part I The Original Obligors                                                     |  | 99 
|                                               |  |                                                                                 
|                                               |  | Part II The Original Lenders                                                     |  | 101
|                                               | 
|SCHEDULE 2 Conditions Precedent                |  | 102                                                                             
|                                               |  |                                                                                 
|                                               |  | Part I Conditions Precedent to initial Utilisation                               |  | 102
|                                               |  |                                                                                 
|                                               |  | Part II Conditions Precedent required to be delivered by an Additional Guarantor |  | 104
|                                               | 
|SCHEDULE 3 Requests                            |  | 106                                                                             
|                                               |  |                                                                                 
|                                               |  | Part I Utilisation Request                                                       |  | 106
|                                               |  |                                                                                 
|                                               |  | Part II Selection Notice                                                         |  | 107
|                                               | 
|SCHEDULE 4 Mandatory Cost Formulae             |  | 108                                                                             
|                                               | 
|SCHEDULE 5 Form of Transfer Certificate        |  | 111                                                                             
|                                               | 
|SCHEDULE 6 Form of Compliance Certificate      |  | 113                                                                             
|                                               | 
|SCHEDULE 7 Form of Confidentiality Undertaking |  | 114                                                                             
|                                               | 
|SCHEDULE 8 Timetable                           |  | 120                                                                             
|                                               | 
|SCHEDULE 9 Form of Accession Letter            |  | 121                                                                             
|                                               | 
|SCHEDULE 10 Permitted Liens                    |  | 122                                                                             
|                                               | 
|SCHEDULE 11 Litigation                         |  | 124                                                                             
|                                               | 
|SCHEDULE 12 Material Subsidiaries              |  | 132                                                                             
|                                               | 
|SCHEDULE 13 Promissory Notes                   |  | 133                                                                             
|                                               |  |                                                                                 
|                                               |  | PART I FORM OF FACILITY A NOTE                                                   |  | 133
|                                               |  |                                                                                 
|                                               |  | PART II FORM OF FACILITY B NOTE                                                  |  | 137
|                                               |  |                                                                                 
|                                               |  | SCHEDULE 14 Qualified Receivables Transactions                                   |  | 142



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THIS TERM AND REVOLVING FACILITIES AGREEMENT is dated 27 June 2005 as amended and/or restated from time to
time and made between:



|(1) | NEW SUNWARD HOLDING B.V. (the Borrower);
|--- | ------------------------------------------



|(2) | THE COMPANIES listed in Part IB of Schedule 1 (The Original Obligors) as original guarantors (the  Original Guarantors);
|--- | --------------------------------------------------------------------------------------------------------------------------



|(3) | BANCO BILBAO VIZCAYA ARGENTARIA, S.A., BNP PARIBAS AND CITIGROUP GLOBAL MARKETS, INC.as mandated lead arrangers and joint bookrunners (whether acting individually or
together the Arranger);
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | THE FINANCIAL INSTITUTIONSlisted in Part II of Schedule 1 (The Original Lenders) as lenders (the Original Lenders); and
|--- | -------------------------------------------------------------------------------------------------------------------------



|(5) | CITIBANK, N.A., acting through its Delaware Branch, as agent of the other Finance Parties (the Agent).
|--- | --------------------------------------------------------------------------------------------------------

IT IS AGREED as follows:

SECTION 1

INTERPRETATION



|1. | DEFINITIONS AND INTERPRETATION
|-- | ------------------------------



|1.1 | Definitions
|--- | -----------

In this Agreement:

Accession Letter means a document substantially in the form set out in Schedule 9 (Form of Accession Letter).

Acquired Debt means, with respect to any specified Person, Debt of any other Person existing at the time such Person becomes a
Subsidiary of such specified Person or assumed in connection with the acquisition of assets from such Person.

Acquired
Subsidiary means any Subsidiary acquired by any Obligor or by any Subsidiary of any Obligor after the date hereof in an Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition.

Acquiring Subsidiary means any Subsidiary formed by any Obligor or by a Subsidiary of any Obligor solely for the purpose of
participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition.

Acquisition means any merger, consolidation, acquisition or lease of assets, acquisition of securities or business combination or acquisition, or any two or more of such transactions, if upon the completion of such
transaction or transactions, any Obligor or any Subsidiary thereof has acquired an interest in any Person who is deemed to be a Subsidiary under this Agreement and was not a Subsidiary prior thereto.

Additional Cost Rate has the meaning given to it in Schedule 4 (Mandatory Cost Formulae).



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Additional Guarantor means a company which becomes an Additional Guarantor in
accordance with Clause 24 (Changes to the Obligors).

Adjusted Consolidated Net Tangible Assets means, with
respect to any Person, the total assets of such Person and its Subsidiaries (less applicable depreciation, amortisation and other valuation reserves), including any write-ups or restatements required under Applicable GAAP (other than with respect to
items referred to in clause (b) below), minus (a) all current liabilities of such Person and its Subsidiaries (excluding the current portion of long-term debt) and (b) all goodwill, trade names, trademarks, licenses, concessions,
patents, un-amortised debt discount and expense and other intangibles, all as determined on a consolidated basis in accordance with Applicable GAAP.

Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

Agency Fee Letter means the dated 25 May 2005 between Citigroup Global Markets, Inc., the Agent, the Borrower and CEMEX Parent
setting out certain of the fees referred to in Clause 12.2 (Agency fee).

Agents Spot Rate of Exchange
means the Agents spot rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market as of 11:00 a.m. London time on a particular day.

Amendment No. 3 Effective Date means the date on which the amendment and restatement agreement dated on or about 19 December
2008 and made between the Company, the Guarantors, the Agent and the Arranger becomes effective in accordance with its terms.

Applicable GAAP means, with respect to any Person, Mexican FRS or other generally accepted accounting principles required to be applied to such Person in the jurisdiction of its incorporation or organisation and used in
preparing such Persons financial statements.

Authorisation means an authorisation, consent, approval, resolution,
licence, exemption, filing, notarisation or registration.

Authorised Signatory means, in relation to any Obligor, any
person who is duly authorised and in respect of whom the Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such persons
authority to act.

Availability Period means the period from and including the date of this Agreement to and including:



| | (a) | in respect of Facility A, the date falling 10 Business Days after the date of this Agreement; and
| | --- | -------------------------------------------------------------------------------------------------



| | (b) | in respect of Facility B, the day which falls one month before the Termination Date relating to Facility B.
| | --- | -----------------------------------------------------------------------------------------------------------



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Available Commitment means, in relation to a Facility, a Lenders Commitment
under that Facility minus:



| | (a) | the Base Currency Amount of its participation in any outstanding Utilisations under that Facility; and
| | --- | ------------------------------------------------------------------------------------------------------



| | (b) | in relation to any proposed Utilisation, the Base Currency Amount of its participation in any other Utilisations that are due to be made under that Facility on or before the
proposed Utilisation Date,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

other than, in relation to any proposed Utilisation under Facility B only, any participation in
Facility B Loans which are due to be repaid or prepaid on or before the proposed Utilisation Date.

Available Facility
means, in relation to a Facility, the aggregate for the time being of each Lenders Available Commitment in respect of that Facility.

Base Currency means US dollars.

Base Currency Amount means in relation to a Utilisation, the
amount specified in the Utilisation Request delivered by the Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agents Spot Rate of Exchange
on the date which is three Business Days before the Utilisation Date) as adjusted to reflect any repayment, prepayment, consolidation or division of a Utilisation.

Board means the Board of Governors of the Federal Reserve System of the United States (or any successor).

Break Costs means the amount (if any) by which:



| | (a) | the interest (excluding the applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

exceeds:



| | (b) | the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant
Interbank Market for a period starting on the day of receipt or recovery if a Business Day and if received or recovered before 2 pm London time (or, if not, on the Business Day following receipt or recovery) and ending on the last day of the
current Interest Period.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Business Day means a day (other than a Saturday or Sunday) on which banks are
open for general business in Amsterdam and New York, and:



| | (a) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, a currency other than euro) London and
the principal financial centre of the country of that currency; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, euro) any TARGET Day.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Expenditure means, for any period, (a) the additions to property, plant and equipment and
other capital expenditures of CEMEX Parent and its Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of CEMEX Parent for such period prepared in accordance with Mexican FRS and (b) any Capital Leases
incurred by CEMEX Parent and its Subsidiaries during such period.

Capital Lease means, as to any Person, the obligations
of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases
on a balance sheet of such Person under Applicable GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalised amount thereof at such time determined in accordance with Applicable GAAP.

Capital Stock means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.

CEMEX Parent means CEMEX, S.A.B. de C.V. (previously CEMEX, S.A. de C.V.), a company (sociedad anónima de capital
variable) incorporated in Mexico.

CEMEX Spain means CEMEX España, S.A., a company (sociedad
anónima) incorporated under the laws of Spain, No. Hoja-Registro Mercantil, Madrid: M -156542, NIF A46/004214.

Commitment means a Facility A Commitment and/or Facility B Commitment.

Compliance
Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate).

Confidentiality Undertaking means a confidentiality undertaking substantially in the form set out in Schedule 7 (Form of Confidentiality Undertaking) or in any other form agreed between the Borrower and the Agent.

Consolidated Fixed Charge Coverage Ratio means, for any Relevant Period, the ratio of (a) EBITDA for such period to
(b) Consolidated Fixed Charges for such period.

Consolidated Fixed Charges means, for any period, the sum (without
duplication) of (a) Consolidated Interest Expense for any Relevant Period, and (b) to the extent not included in (a) above, payments during such periods in respect of the financing costs of financial derivatives in the form of equity
swaps.



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Consolidated Interest Expense means, for any period, the total gross interest expense
of CEMEX Parent and its consolidated Subsidiaries allocable to such period in accordance with Mexican FRS.

Consolidated Leverage
Ratio means, on any date of determination, the ratio of (a) Consolidated Net Debt on such date to (b) EBITDA for the four (4) quarter period ending on such date (subject to adjustment as set forth in the definition of
EBITDA).

Consolidated Net Debt means, at any date, the sum (without duplication) of (a) the aggregate amount of all
Debt of CEMEX Parent and its Subsidiaries at such date, plus (b) to the extent not included in Debt, the aggregate amount of all derivative financing in the form of equity swaps outstanding at such date (save to the extent such exposure is cash
collateralised), minus (c) all Temporary Investments (for the avoidance of doubt, net of any amounts pledged as cash collateral) of CEMEX Parent and its Subsidiaries at such date.

Contractual Obligation as to any Person, any provision of any security issued or guaranteed by such Person or of any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which such Person is a party or by which it or any of its property is bound.

CTW means CEMEX Trademarks Worldwide Ltd., a commercial company organised and existing under the laws of Switzerland.

Debt means, as to any Person at any time, without duplication:



| | (a) | all obligations of such Person for borrowed money;
| | --- | --------------------------------------------------



| | (b) | all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;
| | --- | --------------------------------------------------------------------------------------------------



| | (c) | all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | all obligations of such Person as lessee under Capital Leases;
| | --- | --------------------------------------------------------------



| | (e) | all Debt of others secured by a Lien on any asset or property of such Person, up to the value of such asset, as recorded in such Persons most recent balance sheet;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | all obligations of such Person with respect to product invoices incurred in connection with export financing;
| | --- | -------------------------------------------------------------------------------------------------------------



| | (g) | all obligations of such Person under repurchase agreements for the stock issued by such Person or another Person; and
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (h) | all Guarantees of such Person in respect of any of the foregoing.
| | --- | -----------------------------------------------------------------

For the avoidance of doubt, Debt does not include Derivatives or Qualified Receivables Transactions. With respect to CEMEX Parent and its Subsidiaries, the aggregate amount



- 8 -



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of Debt outstanding shall be adjusted by the Value of Debt Currency Derivatives solely for the purposes of calculating the Consolidated Leverage Ratio. If
the Value of Debt Currency Derivatives is a positive mark-to-market valuation for CEMEX Parent and its Subsidiaries, then Debt shall decrease accordingly, and if the Value of Debt Currency Derivatives is a negative mark-to-market valuation for CEMEX
Parent and its subsidiaries, then Debt shall increase by the absolute value thereof.

Debt Currency Derivatives means
derivatives of the CEMEX Parent and its Subsidiaries related to currency entered into for the purposes of hedging exposures under outstanding Debt of the CEMEX Parent and its Subsidiaries, including, but not limited to, cross-currency swaps and
currency forwards.

Default means an Event of Default or any event or circumstance specified in Clause 22 (Events of
Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

Derivatives means any type of derivative obligations, including, without limitation, equity forwards, capital hedges, cross-currency
swaps, currency forwards, interest rate swaps and swaptions.

Discontinued EBITDA means, for any period, the sum for
Discontinued Operations of (a) operating income (utilidad de operación), (b) cash interest income and (c) depreciation and amortisation expense, in each case determined in accordance with Mexican FRS consistently applied
for such period.

Discontinued Operations means operations that are accounted for as discontinued operations pursuant to
Mexican FRS for which the Disposition of such assets has not yet occurred.

Disposition means, with respect to any
property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms Dispose and Disposed of shall have correlative meanings.

Dutch Central Bank means the central bank of The Netherlands (De Nederlandsche Bank N.V.).

Dutch Civil Code means the Dutch Civil Code (Burgerlijk Wetboek).

Dutch Loan Agreement means each of the Senior Unsecured Dutch Loan A Agreement and the Senior Unsecured Dutch Loan
B Agreement, dated as of June 2, 2008 by and among New Sunward Holding B.V., as borrower, CEMEX, S.A.B. de C.V. and CEMEX México, S.A. de C.V., as guarantors, HSBC Securities (USA) Inc., as sole structuring agent, HSBC
Securities (USA) Inc., Banco Santander, S.A. and The Royal Bank of Scotland PLC, as joint lead arrangers and joint bookrunners, ING Capital LLC, as administrative agent and ING Bank N.V. acting through its Curaçao Branch and Caja de Madrid
 Miami Agency as mandated lead arrangers.

EBITDA means, for any period, the sum for CEMEX Parent and its
Subsidiaries, determined on a consolidated basis of (a) operating income (utilidad de operación), (b)



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cash interest income and (c) depreciation and amortisation expense, in each case determined in accordance with Mexican FRS, subject to the adjustments
herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount of Discontinued EBITDA is a
negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not the Consolidated Fixed
Charge Coverage Ratio): (A) (i) if at any time during such applicable period CEMEX Parent or any of its Subsidiaries shall have made any Material Disposition, the EBITDA for such applicable period shall be reduced by an amount equal to the
EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such applicable period (but when the Material Disposition is by way of lease, income received by CEMEX Parent or any of its Subsidiaries under
such lease shall be included in EBITDA) and (ii) if at any time during such applicable period CEMEX Parent or any of its Subsidiaries shall have made any Material Acquisition, EBITDA for such applicable period shall be calculated after giving
pro forma effect thereto (including the incurrence or assumption of any Debt) as if such Material Acquisition had occurred on the first day of such applicable period. Additionally, if since the beginning of such applicable period any Person that
subsequently shall have become a Subsidiary of CEMEX Parent or was merged or consolidated with CEMEX Parent or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Disposition or
Acquisition of property that would have required an adjustment pursuant to clause (i) or (ii) above if made by CEMEX Parent or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving
pro forma effect thereto as if such Disposition or Acquisition had occurred on the first day of such applicable period; and (B) all EBITDA for each applicable period ending on or after December 31, 2008 will be recalculated by multiplying
each months EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate used by CEMEX Parent in preparation of its monthly financial statements in accordance with Mexican FRS to convert US$ into Pesos (such
recalculated EBITDA being the Recalculated EBITDA), provided that, the Majority Lenders shall have the option, with respect to any Relevant Period ending after December 31, 2009, to discontinue the incorporation of Recalculated
EBITDA into the Consolidated Leverage Ratio (the Discontinue Option). The Majority Lenders may exercise the Discontinue Option upon notice to the Agent, who shall, acting upon the instructions of the Majority Lenders, notify the
Borrower of such exercise in writing (the Notice of Discontinuance) at least thirty (30) days prior to the end of the Relevant Period. Subject to the foregoing notice requirements, such Discontinue Option shall be effective
for each Relevant Period ending after the date of such Notice of Discontinuance to the Borrower as set forth herein.

Ending
Exchange Rate means the exchange rate at the end of a Relevant Period for converting US$ into Pesos, used by CEMEX Parent and its auditors in preparation of CEMEX Parents financial statements in accordance with Mexican FRS.



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Environmental Action means any audit procedure, action, suit, demand, demand letter,
claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or
arising from alleged injury or threat of injury to health, safety or the environment, including (a) by any Governmental Authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any Governmental
Authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.

Environmental Law means any federal, state, local or foreign statute, law, ordinance, rule, regulation, technical standard (norma técnica or norma oficial Mexicana), code, order, judgment, decree or judicial
agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge
of Hazardous Materials.

Environmental Permit means any permit, approval, identification number, licence or other
authorization required under any Environmental Law.

EURIBOR means, in relation to any Loan in euro:



| | (a) | the applicable Screen Rate; or
| | --- | ------------------------------



| | (b) | (if no Screen Rate is available for the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request quoted by the Reference Banks to leading banks in the European interbank market,
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

as of 11.00 a.m. (London time) on
the Quotation Day for the offering of deposits in euro for a period comparable to the Interest Period of the relevant Loan.

Euro means the currency of participating member states of the European Union that adopt a single currency in accordance with the Treaty on European Union of February 7, 1992.

Event of Default means any event or circumstance specified as such in Clause 22 (Events of Default).

Exchange Act means the U.S. Securities Exchange Act of 1943, as amended.

Existing NSH Facility Agreement means the US$1,150,000,000 term loan agreement dated October 15, 2003 and made between, amongst
others, the Borrower as borrower, the Guarantors as guarantors and Citibank N.A. as administration agent.

Facility means
Facility A or Facility B.

Facility A means the multicurrency term loan facility made available under this Agreement as
described in paragraph (a) of Clause 2.1 (The Facilities).



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Facility A Commitment means:



| | (a) | in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading Facility A Commitment in Part II of Schedule 1 (The
Original Lenders) and the amount of any other Facility A Commitment transferred to it under this Agreement; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to any other Lender, the amount in the Base Currency of any Facility A Commitment transferred to it under this Agreement,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------

to the extent not cancelled, reduced or transferred by it under this Agreement.

Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

Facility A Note means a promissory note of the Borrower substantially in the form of Part I of Schedule 13 (Form of
Facility A Note) relating to amounts to be drawn under Facility A and reflecting the terms of this Agreement.

Facility A
Repayment Date means the day falling 24 Months after the date of this Agreement.

Facility B means the
multicurrency revolving loan facility made available under this Agreement as described in paragraph (b) of Clause 2.1 (The Facilities).

Facility B Commitment means:



| | (a) | in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading Facility B Commitment in Part II of Schedule 1 (The
Original Lenders) and the amount of any other Facility B Commitment transferred to it under this Agreement; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to any other Lender, the amount in the Base Currency of any Facility B Commitment transferred to it under this Agreement,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------

to the extent not cancelled, reduced or transferred by it under this Agreement.

Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

Facility B Note means a promissory note of the Borrower substantially in the form of Part II of Schedule 13 (Form of
Facility B Note) relating to amounts to be drawn under Facility B and reflecting the terms of this Agreement.

Facility
Office means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days written notice) as the office or offices through
which it will perform its obligations under this Agreement.

FAS 140 means Financial Accounting Standards Board Statement
No. 140 or any Statement replacing the same, in each case as amended, modified or supplemented from time to time.



- 12 -



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Fee Letter means the fee letter dated 25 May 2005 between the Arrangers, the
Borrower and CEMEX Parent setting out certain of the fees referred to in Clause 12 (Fees).

Finance Document
means this Agreement, any Note, any Accession Letter, the Fee Letter, the Agency Fee Letter and any other document designated as a Finance Document by the Agent and the Borrower.

Finance Party means the Agent, the Arranger or a Lender.

First Utilisation Date means the date on which the first Utilisation is made under this Agreement.

FMSA means the Netherlands Financial Markets Supervision Act (Wet op het financieel toezicht) including any and all subordinate decrees and regulations issued pursuant thereto.

Governmental Authority means any branch of power or government or any state, department or other political subdivision thereof, or any
governmental body, agency, authority (including any central bank or taxing or environmental authority), any entity or instrumentality (including any court or tribunal) exercising executive, legislative, judicial, regulatory, administrative or
investigative functions of or pertaining to government.

Group means the Borrower and each of its Subsidiaries for the
time being.

Guarantee means, as applied to any Debt of another Person, (i) a guarantee, direct or indirect, in any
manner, of any part or all of such Debt and (ii) any direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the effect of guaranteeing the Debt of any other Person in any manner (and
Guaranteed and Guaranteeing shall have meanings that correspond to the foregoing).

Guarantors means the Original Guarantors and any Additional Guarantor other than any such Original Guarantor or Additional Guarantor which has ceased to be a Guarantor pursuant to Clause 24.3 (Resignation of
Guarantor) and has not subsequently become an Additional Guarantor pursuant to Clause 24.2 (Additional Guarantors) and Guarantor means any of them.

Hazardous Materials means (a) radioactive materials, asbestos-containing materials, polychlorinated biphenyls, radon gas and
(b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any applicable Environmental Law.

Holding Company means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary.

IFRS means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent
applicable to the relevant financial statements.

Incur means, with respect to any Debt of any Person, to create, issue,
incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in



- 13 -



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respect of such Debt or the recording, as required pursuant to Mexican FRS or otherwise, of any such Debt on the balance sheet of such Person. Debt otherwise
Incurred by a Person before it becomes a Subsidiary of CEMEX Parent shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of CEMEX Parent. Incurrence,  Incurred, 
Incurrable and Incurring shall have meanings that correspond to the foregoing.

Intellectual
Property means the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under Mexican, multinational or foreign laws or otherwise, including copyrights, copyright licences,
patents, patent licences, trademarks, trademark licences, technology, know-how and processes, trade secrets, any applications associated with the foregoing, and all rights to sue at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.

Interest Period means, in relation to a Loan, each
period determined in accordance with Clause 10 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default interest).

Investment by CEMEX Parent or its Subsidiaries means, any direct or indirect capital contribution (by means of any transfer of cash) to
another Person which is not CEMEX Parent or its Subsidiaries, not constituting an Acquisition.

Lender means:



| | (a) | any Original Lender; and
| | --- | ------------------------



| | (b) | any bank, financial institution, securitisation trust or fund or other entity which has become a Party in accordance with Clause 23 (Changes to the Lenders),
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

which in each case has not ceased to be a Party in accordance with the terms of this Agreement.

LIBOR means, in relation to any Loan:



| | (a) | the applicable Screen Rate; or
| | --- | ------------------------------



| | (b) | (if no Screen Rate is available for the currency or Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request quoted by the Reference Banks to leading banks in the London interbank market,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

as of 11.00 a.m. (New York
time) on the Quotation Day for the offering of deposits in the currency of that Loan and for a period comparable to the Interest Period for that Loan.

Lien means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. Any member of the Group shall be deemed to own,
subject to a Lien, any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other title retention agreement relating to such asset, or any account receivable
transferred by it with recourse (including any such transfer subject to a hold back or similar arrangement that effectively imposes the risk of collectability on the transferor).



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LMA means the Loan Market Association.

Loan means a Facility A Loan or a Facility B Loan.

Majority Lenders means:



| | (a) | if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 51% of the Total Commitments (or, if the Total Commitments have been reduced to
zero, aggregated more than 51% of the Total Commitments immediately prior to the reduction); or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | at any other time, a Lender or Lenders whose undrawn Commitments and participations in the Loans then outstanding aggregate more than 51% of all the undrawn Commitments and Loans
then outstanding.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Mandatory Cost means the percentage rate per annum calculated in accordance with
Schedule 4 (Mandatory Cost Formulae).

Margin means in relation to any Loan the percentage rate per annum
determined pursuant to the table set out below:



|           |  |              
|---------- |  | -------------
|Facility   |  | Margin % p.a.
|Facility A |  | 0.30         
|Facility B |  | 0.325        



| | (a) | in relation to any Unpaid Sum the percentage rate per annum specified above applicable to the Facility in relation to which that Unpaid Sum arises or if such Unpaid Sum does not
arise in relation to a particular Facility, the rate per annum specified above applicable to the Facility to which the Agent reasonably determines the Unpaid Sum most closely relates, or if none, the highest rate per annum specified above,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

but if:



| | (i) | no Default has occurred and is continuing; and
| | --- | ----------------------------------------------



| | (ii) | for CEMEX Parent and its Subsidiaries, the Consolidated Leverage Ratio in respect of the most recently completed Relevant Period is within a range set out below,
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

then the Margin for each Loan under each Facility (and for any Unpaid Sum related to that Facility) will be the percentage
rate per annum set out below opposite that range:



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|                                                   |  |               |  |           
|-------------------------------------------------- |  | ------------- |  | ----------
|Consolidated Leverage Ratio                        |  | Margin % p.a.
|                                                   |  | Facility A    |  | Facility B
|Greater than or equal to 3.0:1                     |  | 0.30          |  | 0.325     
|Less than 3.0:1 but greater than or equal to 2.5:1 |  | 0.25          |  | 0.275     
|Less than 2.5:1 but greater than or equal to 2.0:1 |  | 0.20          |  | 0.225     
|Less than 2.0:1                                    |  | 0.15          |  | 0.175     

However any increase or decrease in the Margin shall take effect on the date (the reset
date) which is the first day of the next Interest Period for that Loan following receipt by the Agent of the Compliance Certificate for that Relevant Period pursuant to Clause 20.2 (Compliance Certificate) and in the case of a then
current Interest Period will apply to the whole of such Interest Period unless any payments of interest have already been made in which case any adjustments to the Margin will apply only from the date of such payment.

Material Acquisition means any (a) acquisition of property or series of related acquisitions of property that constitutes assets
comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary of CEMEX Parent or any Person which becomes a Subsidiary of CEMEX Parent or
is merged or consolidated with any member of the Group, in each case, which involves the payment of aggregate consideration by any one or more members of the Group in excess of US$25,000,000 (or the equivalent thereof in other currencies).

Material Adverse Effect means a material adverse effect on:



| | (a) | the business, condition (financial or otherwise), operations, performance, properties or prospects of the Group taken as a whole;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (b) | the validity or enforceability of this Agreement or any of the Notes or the rights and remedies of any Finance Party under the Finance Documents; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the ability of any Obligor to perform its obligations under Finance Documents.
| | --- | ------------------------------------------------------------------------------

Material Debt means Debt (other than the Loans) of CEMEX Parent and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate principal amount
outstanding exceeding US$50,000,000 (or the equivalent thereof in other currencies).

Material Disposition means any
Disposition of property or series of related Dispositions of property that yields gross proceeds to any one or more members of the Group in excess of US$50,000,000 (or the equivalent thereof in other currencies).



- 16 -



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Material Subsidiary means, at any date:



| | (a) | CEMEX Spain, each Trademark Company and each Obligor that is a Subsidiary of CEMEX Parent; and
| | --- | ----------------------------------------------------------------------------------------------



| | (b) | each other Subsidiary of any Obligor (if any) (i) the assets of which, together with those of its Subsidiaries, on a consolidated basis, without duplication, constitute five
per cent. or more of the consolidated assets of CEMEX Parent and its Subsidiaries as of the end of the then most recently ended fiscal quarter or (ii) the operating profit of which, together with that of its Subsidiaries, on a consolidated
basis without duplication, constitutes five per cent. or more of the consolidated operating profits of CEMEX Parent and its Subsidiaries for the then most recently ended fiscal quarter for which quarterly financial statements have been prepared.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Mexican FRS means Mexican Financial Reporting Standards (Normas de Información Financiera)
as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 20.1; provided, however that for purposes of Section 21.13, Mexican FRS means Mexican
Financial Reporting Standards as in effect on December 31, 2008. In the event that any change in Mexican FRS shall occur, or CEMEX Parent shall decide to or be required to change to IFRS, and such change results in a change in the method of
calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such change in Mexican FRS with
the desired result that the criteria for evaluating CEMEX Parents financial condition shall be the same after such change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered by the
Borrower, the Agent and the Majority Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such change in Mexican FRS had not occurred.

Mexico means the United Mexican States.

Month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:



| | (a) | if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The above rules will only apply to the last Month of any period. Monthly shall be construed accordingly.



- 17 -



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New Holdco means a special purpose vehicle company to be incorporated in Spain and
which shall, on incorporation, be a Subsidiary of the Company.

New Lender has the meaning set out in Clause 23.1
(Assignments and transfers by the Lenders).

Note means a Facility A Note or a Facility B Note as the case may be.

Obligations means:



| | (a) | as to the Borrower, all of its indebtedness, obligations and liabilities of the Borrower to the Lenders and the Agent now or in the future existing under or in connection with the
Finance Documents, whether direct or indirect, absolute or contingent, due or to become due; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | as to each Guarantor, all of its indebtedness, obligations and liabilities of such Guarantor to the Lenders and the Agent now or in the future existing under or in connection with
the Finance Documents, in each case, whether direct or indirect, absolute or contingent, due or to become due.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Obligors means the Borrower and the Guarantors and Obligor means any of them.

Off-Balance-Sheet Transaction means any financing transaction of any Person not reflected as Debt on the balance sheet of such Person, but being structured in a way that may result in payment obligations by such Person.

Optional Currency means a currency (other than the Base Currency) which complies with the conditions set out in Clause
4.3 (Conditions relating to Optional Currencies).

Ordinary Course Loans means a loan or advance: (i) made by
CEMEX Parent or any of its Subsidiaries to a supplier, vendor, customer or other similar counterparty; (ii) which is due and payable not more than eighteen (18) months after being made (and where the Debt being Incurred to fund such loan
or advance has a weighted average life to maturity that is greater than such loan or advance); (iii) made on terms and under circumstances consistent with past practices of CEMEX Parent or such Subsidiary; and (iv) the aggregate principal
amount of which, when added to all other such loans and advances, does not exceed at any time US$75,000,000 (or the equivalent in other currencies).

Original Financial Statements means:



| | (a) | in relation to the Borrower, its audited unconsolidated financial statements for its financial year ended 31 December 2004;
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to each Guarantor, its respective audited unconsolidated (and, to the extent available, its audited consolidated) financial statements for its financial year ended
31 December 2004 (if available); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in relation to any other Obligor, its most recent audited financial statements prior to its becoming a Party.
| | --- | -------------------------------------------------------------------------------------------------------------



- 18 -



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Participating Member State means any member state of the European Union that adopts or
has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

Party means a party to this Agreement.

Permitted Debt means, any Debt:



| | (a) | the net proceeds of which are applied to repay, prepay or discharge the Loans or other Debt existing as at the date of such Incurrence and associated costs and expenses, so long as
either: (i) the weighted average life to maturity of such new Debt is not less than the remaining weighted average life to maturity of the Debt being repaid, prepaid or otherwise discharged and the proceeds of such new Debt are applied towards
such repayment, prepayment or other discharge within fifteen (15) days of such Incurrence; or (ii) such new Debt is incurred under a liquidity facility or facilities in an aggregate principal amount not exceeding U.S.$600,000,000
outstanding at any time, provided that the proceeds of such new Debt are used to repay, prepay or otherwise discharge Debt outstanding on the Effective Date (including any such Debt that has been refinanced) within fifteen (15) days of the
Incurrence of such new Debt;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the net proceeds of which are applied to pay obligations of CEMEX Parent and/or its Subsidiaries arising under written agreements existing on the Amendment No. 3 Effective
Date, excluding obligations in respect of Capital Expenditures, Restricted Distributions and Investments;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the net proceeds of which are applied for Capital Expenditures (i) made from January 1, 2009 until December 31, 2009 in an aggregate amount per annum not to exceed
(A) US$60,000,000 (or the equivalent in other currencies) if such Permitted Debt is Incurred in an export credit financing or (B) US$40,000,000 (or the equivalent in other currencies) in all other cases; or (ii) made from
January 1, 2010 until the Termination Date, in each case in an aggregate amount per annum not to exceed (A) US$40,000,000 (or the equivalent in other currencies) if such Permitted Debt is Incurred in an export credit financing or
(B) US$60,000,000 (or the equivalent in other currencies) in all other cases and provided that any Debt Incurred pursuant to this clause has a weighted average life to maturity that is greater than the remaining weighted average life to
maturity of the Debt under this Agreement;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the net proceeds of which are applied to satisfy obligations of CEMEX Parent or any of its Subsidiaries arising in the ordinary course of business of such Person, excluding
obligations in respect of (i) Capital Expenditures, (ii) Restricted Distributions, (iii) Acquisitions, (iv) Investments, and (v) loans and advances made or to be made by such Person, other than Ordinary Course Loans;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | owed to CEMEX Parent or any of its consolidated Subsidiaries;
| | --- | -------------------------------------------------------------



| | (f) | which has become Debt solely due to a change in Mexican FRS;
| | --- | ------------------------------------------------------------



- 19 -



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| | (g) | to the extent resulting from the conversion of a Loan into a Maturity Loan (each as defined in each Dutch Loan Agreement) pursuant to a Dutch Loan Agreement;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | to the extent resulting from the closing of, or funding under, a facilities agreement with CEMEX España, S.A. as Borrower, CEMEX Australia Holdings Pty Limited and CEMEX,
Inc. as Original Guarantors, Banco Santander, S.A. and The Royal Bank of Scotland Plc as Documentation Agents, and The Royal Bank of Scotland Plc as Facility Agent, in an aggregate amount of up to U.S.$2,000,000,000 (or the equivalent thereof in
other currencies) so long as the net proceeds of which are applied to repay, prepay or discharge existing bilateral debt; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any Guarantee Incurred by CEMEX Parent or any of its Subsidiaries for any of the Debt referred to in paragraphs (a) to (h) above.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------

Permitted Lien has the meaning given to that term in Clause 21.14 (Liens).

Person means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture or other business entity, or Governmental Authority, whether or not having a separate legal personality.

Process Agent means CEMEX UK Limited of CEMEX House, Coldharbour Lane, Thorpe, Egham, Surrey TW20 8TO, Fax: (+44) 01932 568933, Attn: The Secretary.

Qualified Receivables Transaction means any transaction or series of transactions that may be entered into by any member of the Group
pursuant to which such member of the Group may sell, convey or otherwise transfer to a Special Purpose Vehicle (in the case of a transfer by CEMEX Parent or any other Seller) and any other Person (in the case of a transfer by a Special Purpose
Vehicle), or may grant a security interest in, any Receivables Program Assets (whether now existing or arising in the future); provided that:



| | (a) | no portion of the indebtedness or any other obligations (contingent or otherwise) of a Special Purpose Vehicle (i) is guaranteed by CEMEX Parent or any other Seller or
(ii) is recourse to or obligates CEMEX Parent or any other Seller in any way such that the requirements for off balance sheet treatment under FAS 140 are not satisfied; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | CEMEX Parent and the other Sellers do not have any obligation to maintain or preserve the financial condition of a Special Purpose Vehicle or cause such entity to achieve certain
levels of operating results.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Quotation Day means, in relation to any period for which an interest rate is
to be determined:



| | (a) | (if the currency is sterling) one Business Day before the first day of that period;
| | --- | -----------------------------------------------------------------------------------



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| | (b) | (if the currency is euro) two TARGET Days before the first day of that period; or
| | --- | ---------------------------------------------------------------------------------



| | (c) | (for any other currency) two Business Days before the first day of that period,
| | --- | -------------------------------------------------------------------------------

unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant
Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

Receivables means all rights of CEMEX Parent or any other Seller to payments (whether constituting accounts, chattel paper,
instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), which rights are identified in the accounting records of CEMEX Parent or such Seller as accounts receivable.

Receivables Documents means:



| | (a) | a receivables purchase agreement, pooling and servicing agreement, credit agreement, agreements to acquire undivided interests in or other agreement to transfer, or create a
security interest in, Receivables Program Assets, in each case as amended, modified, supplemented or restated and in effect from time to time entered into by CEMEX Parent, another Seller and/or a Special Purpose Vehicle, and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | each other instrument, agreement and other document entered into by CEMEX Parent, any other Seller or a Special Purpose Vehicle relating to the transactions contemplated by the
items referred to in clause (a) above, in each case as amended, modified, supplemented or restated and in effect from time to time.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Receivables Program Assets means:



| | (a) | all Receivables which are described as being transferred by CEMEX Parent, another Seller or a Special Purpose Vehicle pursuant to the Receivables Documents;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | all Receivables Related Assets in respect of such Receivables; and
| | --- | ------------------------------------------------------------------



| | (c) | all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses.
| | --- | -----------------------------------------------------------------------------------------------------------

Receivables Program Obligations means:



| | (a) | notes, trust certificates, undivided interests, partnership interests or other interests representing the right to be paid a specified principal amount from the Receivables Program
Assets; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | related obligations of CEMEX Parent, a Subsidiary of CEMEX Parent or a Special Purpose Vehicle (including, without limitation, rights in respect of interest or yield hedging
obligations, breach of warranty or covenant claims and expense reimbursement and indemnity provisions).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Receivables Related Assets means with respect to any Receivables:



| | (a) | any rights arising under the documentation governing or relating to such Receivables (including rights in respect of Liens securing such Receivables);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any proceeds of such Receivables; and
| | --- | -------------------------------------



| | (c) | other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitisation transactions involving
accounts receivable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Reference Banks means, the principal London offices of Citibank N.A., BNP Paribas and
Banco Bilbao Vizcaya Argentaria, S.A.or such other banks as may be appointed by the Agent in consultation with the Borrower.

Regulation T, U or X means Regulation T, U or X, respectively, of the Board as in effect from time to time and any successor to all or a portion thereof.

Relevant Interbank Market means, in relation to euro, the European interbank market, and, in relation to any other currency, the London
interbank market.

Relevant Period means the last four consecutive fiscal quarters of CEMEX Parent and its Subsidiaries.

Repeating Representations means each of the representations set out in Clauses 19.1 (Corporate Existence and
Power) to Clause 19.4 (Consents/Approvals), Clause 19.8 (Direct Obligations: Pari Passu) to Clause 19.11 (No default) and Clause 19.13 (Financial statements/condition).

Requirement of Law means, as to any Person, any law, ordinance, rule, regulation or requirement of any Governmental Authority, in each
case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

Restricted Distribution means any cash dividend or other cash distribution with respect to any Capital Stock of CEMEX Parent, or any cash payment, including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of such Capital Stock, or on account of any return of capital to CEMEX Parents stockholders.

Restricted Payments has the meaning given to that term in Clause 21.17 (Restricted Payments).

Restricted Subsidiary means at any time, any of:



| | (a) | CEMEX México, S.A. de C.V.;
| | --- | ---------------------------



| | (b) | Empresas Tolteca de México, S.A. de C.V.;
| | --- | -----------------------------------------



- 22 -



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| | (c) | any Trademark Company;
| | --- | ----------------------



| | (d) | any Material Subsidiary of CEMEX Parent that, as of the date hereof, (i) is incorporated or organised in Mexico, (ii) has its principal place of business in Mexico or
(iii) conducts a majority of its business or holds a majority of its assets in Mexico; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

any Subsidiary of CEMEX
Parent that at such time owns or operates any portion, beyond a de minimisamount, of the assets owned or operated as of the date hereof by the Persons described in clauses (a) through (d).

Revaluation Date means each of the following: (a) in connection with the making of any Loan, each Quotation Date relating to that
Loan; (b) the date of on which any prepayment is made pursuant to Clause 8.6 (Mandatory prepayment) and (c) such additional dates as the Agent or the relevant Lender shall deem necessary.

Rollover Loan means one or more Facility B Loans:



| | (a) | made or to be made on the same day that a maturing Facility B Loan is due to be repaid;
| | --- | ---------------------------------------------------------------------------------------



| | (b) | the aggregate amount of which is equal to or less than the maturing Facility B Loan;
| | --- | ------------------------------------------------------------------------------------



| | (c) | in the same currency as the maturing Facility B Loan (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)); and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | made or to be made for the purpose of refinancing a maturing Facility B Loan.
| | --- | -----------------------------------------------------------------------------

Screen Rate means:



| | (a) | in relation to LIBOR, the British Bankers Association Interest Settlement Rate for the relevant currency and period; and
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period,
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------

displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another
page or service displaying the appropriate rate after consultation with the Borrower and the Lenders.

SEC means the U.S.
Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.

Selection Notice
means a notice substantially in the form set out in Part II of Schedule 3 (Selection Notice) given in accordance with Clause 10 (Interest Periods) in relation to Facility A.

Seller means CEMEX Parent or any Subsidiary of CEMEX Parent or other Affiliate of CEMEX Parent (other than a Subsidiary or Affiliate
that is a Special Purpose Vehicle) which is a party to a Receivables Document.



- 23 -



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Special Purpose Vehicle means a trust, partnership or other special purpose Person
established by any member of the Group to implement a Qualified Receivables Transaction.

Specified Time means a time
determined in accordance with Schedule 8 (Timetables).

Subsidiary means with respect to any Person, any
corporation, partnership, joint venture, limited liability company, trust, estate or other entity of which (or in which) more than 50% of:



| | (a) | in the case of a corporation, the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective
of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency not in the control of such Person);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of a limited liability company, partnership or joint venture, the interest in the capital or profits of such limited liability company, partnership or joint venture; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in the case of a trust or estate, the beneficial interest in such trust or estate, is at the time directly or indirectly owned or controlled by (i) such Person, (ii) such
Person and one or more of its other Subsidiaries or (iii) one or more of such Persons other Subsidiaries. For purposes of determining whether a trust formed in connection with a Qualified Receivables Transaction is a Subsidiary, notes,
trust certificates, undivided interests, partnership interests or other interests of the type described in clause (a) of the definition of Receivables Program Obligations shall be counted as beneficial interests in such trust.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

TARGET2 means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system
which utilises a single shared platform and which was launched on 19 November 2007.

TARGET Day means any day on
which TARGET2 is open for the settlement of payments in euro.

Tax means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

Taxes Act means the Income and Corporation Taxes Act 1988.

Temporary
Investments means, at any date, all amounts that would, in conformity with Mexican FRS consistently applied, be set forth opposite the captions cash and cash equivalents (efectivo y equivalentes de efectivo)
and/or temporary investments (inversiones temporales) on the consolidated balance sheet of CEMEX Parent at such date.



- 24 -



---

Tender Offer means any offer made by CEMEX Parent or any of its Subsidiaries to
acquire at least 50.1% of the issued and outstanding shares of a target company or a controlling interest in such target company.

Termination Date means:



| | (a) | in relation to Facility A, the day which is 24 Months after 22 June 2006;
| | --- | -------------------------------------------------------------------------



| | (b) | in relation to Facility B, the day which is 48 Months after 22 June 2006,
| | --- | -------------------------------------------------------------------------

or, in each case, if such day would not be a Business Day, the first succeeding Business Day, unless such day would fall into the next month, in which case the immediately preceding Business Day.

Total Commitments means the aggregate of the Total Facility A Commitments, the Total Facility B Commitments.

Total Facility A Commitments means the aggregate of the Facility A Commitments, being US$350,000,000 at the date of this Agreement.

Total Facility B Commitments means the aggregate of the Facility B Commitments, being US$350,000,000 at the date of this
Agreement.

Total Borrowings means, without duplication, in respect of any Person, the amount of all Debt of such Person
plus the aggregate amount of all payment obligations, contingent or otherwise, of such Person in respect of Off-Balance-Sheet Transactions entered into by such Person but excluding (i) any intra-group debt, the payment of which is subordinated
to third party debt and (ii) any amounts which are made available in a form which satisfies the Spanish law requirements of préstamos participativos.

Total Net Worth of CEMEX Spain means, at any date, the shareholders equity of CEMEX Spain and its Subsidiaries (including minority interests) at such date, in accordance with Spanish GAAP.

Trademark Companies means collectively, CTW and any other Person at any time conducting business or servicing a purpose
similar to the business and purposes of CTW as of the date hereof, with respect to Intellectual Property owned or held under license by CTW as of the date hereof, and any of their Successors or transferees in the event of a merger or consolidation
of any such Person or the transfer, conveyance, sale, lease or other disposition of all or substantially all of its properties or assets in accordance with Clause 21.15 (Consolidations and mergers).

Transfer Certificate means a certificate substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or
any other form agreed between the Agent and the Borrower.

Transfer Date means, in relation to a transfer, the later of:



| | (a) | the proposed Transfer Date specified in the Transfer Certificate; and
| | --- | ---------------------------------------------------------------------



| | (b) | the date on which the Agent executes the Transfer Certificate.
| | --- | --------------------------------------------------------------



- 25 -



---

Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance
Documents.

U.S., US or United States means the United States of America.

Utilisation means a utilisation of a Facility.

Utilisation Date means the date of a Utilisation, being the date on which the relevant Loan is to be made.

Utilisation Request means a notice substantially in the form set out in Part I of Schedule 3 (Utilisation Request).

Value of Debt Currency Derivatives means, on any given date, the aggregate mark-to-market value of Debt Currency Derivatives,
expressed as a positive number (if, on a mark-to-market basis, such aggregate amount reflects a net amount owed to CEMEX Parent and its Subsidiaries) or as a negative number (if, on a mark-to-market basis, such aggregate amount reflects a net amount
owed by CEMEX Parent and its Subsidiaries). For the avoidance of doubt, Value of Debt Currency Derivatives is net of any amounts pledged as cash collateral.

VAT means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature.



|1.2 | Construction
|--- | ------------



| | (a) | Unless a contrary indication appears any reference in this Agreement to:
| | --- | ------------------------------------------------------------------------



| | (i) | the Agent, the Arranger, any Finance Party, any Lender, any Obligor or any
Party shall be construed so as to include its successors in title, permitted assigns and permitted transferees;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | a document in agreed form is a document which is initialled by or on behalf of the Borrower and the Agent or the Arranger;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------



| | (iii) | assets includes present and future properties, revenues and rights of every description;
| | ----- | ------------------------------------------------------------------------------------------



| | (iv) | the European interbank market means the interbank market for euro operating in Participating Member States;
| | ---- | -------------------------------------------------------------------------------------------------------------



| | (v) | a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended or novated;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or
contingent;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | a participation of a Lender in a Loan, means the amount of such Loan which such Lender has made or is to make available and thereafter that part of the Loan which
is owed to such Lender;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 26 -



---

| | (viii) | a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law,
with which persons who are subject thereto are accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | the winding-up, dissolution, administration or reorganisation of a company or corporation shall be
construed so as to include any equivalent or analogous proceedings (such as, in Spain, suspensión de pagos, quiebra, concurso or any other situación concursal and, in The Netherlands faillissement and
surséance van betaling) under the laws and regulations of the jurisdiction in which such company or corporation is incorporated or any jurisdiction in which such company or corporation carries on business including the seeking of
liquidation, winding-up, reorganisation, bankruptcy, dissolution, administration, arrangement, adjustment, protection or relief of debtors;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | a provision of law is a reference to that provision as amended or re-enacted without material modification;
| | --- | -----------------------------------------------------------------------------------------------------------



| | (xi) | a time of day is a reference to New York City time; and
| | ---- | -------------------------------------------------------



| | (xii) | a reference to a clause, paragraph or schedule, unless the context otherwise requires, is a reference to a clause, a paragraph of or a schedule to this Agreement.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Section, Clause and Schedule headings are for ease of reference only.
| | --- | ---------------------------------------------------------------------



| | (c) | Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that
Finance Document or notice as in this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A Default (including an Event of Default) is continuing if it has not been remedied or waived but, for the avoidance of doubt, no breach of any of the financial
covenants set out in Clause 21.13 (Financial condition covenants) shall be capable of being or be deemed to be remedied by virtue of the fact that upon any subsequent testing of such covenants pursuant to Clause 21.13 (Financial condition
covenants), there is no breach thereof.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | As used herein and in the other Finance Documents and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms
relating to any member of the Group not defined in Clause 1.1 (Definitions) and accounting terms partly defined in Clause 1.1 (Definitions), to the extent not defined, shall have the respective meanings given to them under the
Applicable GAAP, (ii) the words include, includes and including shall be deemed to be followed by the phrase without limitation, (iii) the word incur shall be construed to mean
incur, create, issue, assume or otherwise become liable in
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 27 -



---

| | respect of (and the words incurred and incurrence shall have correlative meanings), (iv) the words asset and
property shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and rights, and
(v) reference to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified form time to time.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | In this Agreement, whenever pro forma effect is to be given to any Material Acquisition or Material Disposition by any member of the Group for purposes of including or
excluding (as the case may be) the amount of income or earnings or other amounts relating thereto in any calculation under the definition of EBITDA, the pro forma calculations will be determined in good faith by a responsible financial or
accounting officer of the Borrower; provided thatsuch pro forma calculations shall not include any pro forma expense or cost reductions except to the extent calculated on a basis consistent with Regulation S-X under the U.S.
Securities Act of 1933, as amended.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | Calculations with respect to the Consolidated Leverage Ratio and Adjusted Consolidated Net Tangible Assets and the defined terms used in such calculations, when made in relation to
dates other than the last day of a fiscal quarter, shall be made by CEMEX Parent acting in good faith by reference to (i) the most recently available consolidated financial statements of CEMEX Parent and its Subsidiaries as of such date and
(ii) events, conditions and circumstances occurring or existing subsequent to such financial statements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.3 | Currency Symbols and Definitions
|--- | --------------------------------

£ and sterling denote the lawful currency of the United Kingdom, ,EUR and euro mean the single currency unit of the
Participating Member States, JPY and yen denote the lawful currency of Japan, Peso denotes the lawful currency of Mexico and US$, $ and
dollars denote the lawful currency of the United States of America.



|1.4 | Third party rights
|--- | ------------------



| | (a) | Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third
Parties Act) to enforce or enjoy the benefit of any term of any Finance Document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary any Finance Document at any time.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 28 -



---

SECTION 2

THE FACILITIES



|2. | THE FACILITIES
|-- | --------------



|2.1 | The Facilities
|--- | --------------

Subject to the terms and conditions
of this Agreement, the Lenders make available to the Borrower:



| | (a) | a two year multicurrency term loan facility in an aggregate amount equal to the Total Facility A Commitments; and
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (b) | a four year multicurrency revolving loan facility in an aggregate amount equal to the Total Facility B Commitments.
| | --- | -------------------------------------------------------------------------------------------------------------------



|2.2 | Finance Parties rights and obligations
|--- | ---------------------------------------



| | (a) | The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the
obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Except as otherwise stated in the Finance Documents, the rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any
debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



|3. | PURPOSE
|-- | -------



|3.1 | Purpose
|--- | -------

The Borrower shall apply all amounts
borrowed by it under each Facility towards:



| | (a) | repayment of all amounts due and payable under the Existing NSH Facility Agreement on the First Utilisation Date;
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (b) | repayment of Debt of the Borrower; and
| | --- | --------------------------------------



| | (c) | its general corporate purposes.
| | --- | -------------------------------



|3.2 | Monitoring
|--- | ----------

No Finance Party is bound to monitor or
verify the application of any amount borrowed pursuant to this Agreement.



|4. | CONDITIONS OF UTILISATION
|-- | -------------------------



|4.1 | Initial conditions precedent
|--- | ----------------------------

The Borrower may not
deliver the first Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent to Initial Utilisation). The Agent shall notify the Borrower and the Lenders
promptly upon being so satisfied.



- 29 -



---

|4.2 | Further conditions precedent
|--- | ----------------------------

The Lenders will only
be obliged to comply with Clause 5.4 (Lenders participation) if on the date of the Utilisation Request and on the proposed Utilisation Date:



| | (a) | in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Utilisation, no Default is continuing or would
result from the proposed Utilisation; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Repeating Representations which are or which are deemed to be made or repeated by each Obligor on such date pursuant to Clause 19.27 (Repetition) are true in all material
respects.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Lenders will only be obliged to comply with Clause 28.9 (Change of currency) if, on the first day of an
Interest Period, no Default is continuing or would result from the change of currency and the Repeating Representations to be made by each Obligor are true in all material respects.



|4.3 | Conditions relating to Optional Currencies
|--- | ------------------------------------------



| | (a) | A currency will constitute an Optional Currency in relation to a Utilisation if:
| | --- | --------------------------------------------------------------------------------



| | (i) | it is readily available in the amount required and freely convertible into the Base Currency in the Relevant Interbank Market on the Quotation Day and the Utilisation Date for that
Utilisation; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | it is sterling, euro or yen or has been approved by the Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request
for that Utilisation.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Lenders will only be obliged to comply with Clause 28.9 (Change of currency) if, on the first day of an Interest Period, no Default is continuing or would result from the
change of currency and the Repeating Representations to be made by each Obligor are true in all material respects.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Agent has received a written request from the Borrower for a currency to be approved under paragraph (a)(ii) above, the Agent will confirm to the Borrower by the Specified
Time:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | whether or not the Lenders have granted their approval; and
| | --- | -----------------------------------------------------------



| | (ii) | if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------



|4.4 | Maximum number of Loans
|--- | -----------------------

The Borrower may not
deliver a Utilisation Request if as a result of the proposed Utilisation:



| | (a) | 3 or more Facility A Loans would be outstanding; or
| | --- | ---------------------------------------------------



| | (b) | 8 or more Facility B Loans would be outstanding.
| | --- | ------------------------------------------------



- 30 -



---

|4.5 | Promissory Notes
|--- | ----------------

Each Loan made by each Lender
shall be evidenced by a Facility A Note or Facility B Note, as the case may be, executed by the Borrower and each Guarantor, as avalista, and representing the obligation of the Borrower to pay to such Lender the unpaid principal
amount of such Loan, plus interest thereon as provided in Clause 9 (Interest). No Lender shall, in connection with the enforcement of any Note, be required to introduce into evidence or prove the existence of this Agreement or the other
Finance Documents (other than such Note) or the making of Loans. In addition, the Borrower and each Guarantor shall, from time to time at its expense, execute and/or deliver to each Lender such amendments to the Notes, or replacement Notes, that
may, in the judgment of such Lender, be necessary and desirable in order to ensure that the Notes duly reflect the terms of this Agreement. In addition, and without limiting the foregoing, in the event that (i) any Interest Period of a
different duration from the prior Interest Period shall be selected with respect to any Facility pursuant to Clause 10 (Interest Periods) or (ii) the Termination Date of any Facility shall be extended for any reason or (iii) any
Lender assigns any of its rights and benefits in respect of any Utilisation or transfers by novation any of its rights, benefits and obligations in respect of any Utilisation pursuant to Clause 23 (Changes to the Lenders), the Borrower and
each Guarantor shall, at its expense, execute and deliver to each Lender under such Facility a replacement Note, which shall be subscribed in the same manner and on the same terms and conditions as the Note theretofore held by such Lender, and shall
be delivered to each such Lender no later than date on which any such change shall become effective.



- 31 -



---

SECTION 3

UTILISATION



|5. | UTILISATION
|-- | -----------



|5.1 | Delivery of a Utilisation Request
|--- | ---------------------------------

The Borrower may
utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.



|5.2 | Completion of a Utilisation Request
|--- | -----------------------------------



| | (a) | Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
| | --- | ------------------------------------------------------------------------------------------------------



| | (i) | it identifies the Facility to be utilised;
| | --- | ------------------------------------------



| | (ii) | the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (iii) | the currency and amount of the Loan complies with Clause 5.3 (Currency and amount); and
| | ----- | ---------------------------------------------------------------------------------------



| | (iv) | the proposed Interest Period complies with Clause 10 (Interest Periods).
| | ---- | ------------------------------------------------------------------------



| | (b) | Only one Loan may be requested in each Utilisation Request.
| | --- | -----------------------------------------------------------



|5.3 | Currency and amount
|--- | -------------------



| | (a) | The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.
| | --- | --------------------------------------------------------------------------------------------------



| | (b) | Unless the Agent otherwise agrees, the amount of the proposed Utilisation must be an amount whose Base Currency Amount is not more than the Available Facility (adjusted, where
applicable, to take account of any additional Utilisations which are scheduled to take place on or before the relevant Utilisation Date) and which is:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if the currency selected is the Base Currency, a minimum of US$10,000,000 or, if less, the relevant Available Facility; and, if more, an integral multiple of US$1,000,000 or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if the currency selected is sterling, euro or yen, a minimum of the equivalent in the relevant Optional Currency of US$10,000,000 (calculated at the Agents Spot Rate of
Exchange) or, if less, the relevant Available Facility and, if more, an integral multiple of US$1,000,000; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | if the currency selected is an Optional Currency other than sterling, euro or yen, the minimum amount specified by the Agent pursuant to paragraph (c)(ii) of Clause 4.3
(Conditions relating to Optional Currencies) or, if less, the relevant Available Facility.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 32 -



---

|5.4 | Lenders participation
|--- | ----------------------



| | (a) | If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The amount of each Lenders participation in each Loan will be equal to the proportion borne by its Available Commitment to the relevant Available Facility immediately prior to
making the Loan.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and shall notify each Lender of the amount, currency and the Base
Currency Amount of each Loan and the amount of its participation in that Loan, in each case by the Specified Time.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6. | OPTIONAL CURRENCIES
|-- | -------------------



|6.1 | Selection of currency
|--- | ---------------------

The Borrower shall select
the currency of each Loan in a Utilisation Request.



|6.2 | Unavailability of a currency
|--- | ----------------------------

If before the
Specified Time on any Quotation Day:



| | (a) | a Lender notifies the Agent that the Optional Currency requested is not readily available to it in the amount required, and provides in writing an objectively justified reason
therefor; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed Optional Currency would contravene a law or regulation applicable to it,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

the Agent will give notice to the Borrower to that effect by the Specified Time on that day. In this event, any Lender that
gives notice pursuant to this Clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lenders proportion of the Base Currency Amount, or in respect of a Rollover Loan, an amount equal to that
Lenders proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period.



|6.3 | Agents calculations
|--- | --------------------

Each Lenders
participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (Lenders participation).



- 33 -



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SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION



|7. | REPAYMENT
|-- | ---------



|7.1 | Repayment of Facility A Loan
|--- | ----------------------------

The Borrower shall
repay the Facility A Loans in full on the Termination Date.



|7.2 | Repayment of Facility B Loans
|--- | -----------------------------

The Borrower shall
repay each Facility B Loan on the last day of the Interest Period relating to such Loan and, in any event, in full on the Termination Date.



|8. | PREPAYMENT AND CANCELLATION
|-- | ---------------------------



|8.1 | Illegality of a Lender
|--- | ----------------------

If, at any time, it is or
will become unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Utilisation:



| | (a) | that Lender shall promptly notify the Agent upon becoming aware of that event and in any event at a time which permits the Borrower to repay that Lenders participation on the
date such repayment is required to be made;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; and
| | --- | -------------------------------------------------------------------------------------------------------



| | (c) | the Borrower shall on the last day of the Interest Period for each Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the
notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) repay that Lenders participation in the Loans together with accrued interest on and all other amounts owing to that Lender under
the Finance Documents.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 | Voluntary cancellation
|--- | ----------------------

The Borrower may if it
gives the Agent not less than three Business Days (or such shorter period as the Majority Lenders in respect of the Facility B to which such cancellation relates may agree) prior notice, cancel the whole or any part (being a minimum amount of
US$10,000,000 and, if more, an integral multiple of US$1,000,000) of Facility B. Any cancellation under this Clause 8.2 shall reduce rateably the Commitments of the Lenders under Facility B.



|8.3 | Automatic cancellation
|--- | ----------------------

At the close of business on
the last day of the Availability Period in respect of each Facility, the Available Commitment of each Lender under such Facility shall be (if it has not already been) cancelled and reduced to zero.



|8.4 | Voluntary prepayment of Loans
|--- | -----------------------------

The Borrower may, if
it gives the Agent not less than three Business Days (or such shorter period as the Majority Lenders in respect of the relevant Facility may agree) prior notice, prepay the whole or any part of any Loan (but, if in part, being an amount that
reduces the Base Currency Amount of that Loan by a minimum amount of US$10,000,000 and, if more, an integral multiple of US$1,000,000).



- 34 -



---

|8.5 | Right of repayment and cancellation in relation to a single Lender
|--- | ------------------------------------------------------------------



| | (a) | If:
| | --- | ---



| | (i) | any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up) solely as a result of the application of a
withholding tax rate higher than the lowest withholding tax rate applicable in the relevant jurisdiction; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any Lender claims indemnification from an Obligor under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs),
| | ---- | ---------------------------------------------------------------------------------------------------------------------

the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Agent notice of cancellation of the
Commitment of that Lender and its intention to procure the repayment of that Lenders participation in the Loans.



| | (b) | On receipt of a notice referred to in paragraph (a) above, the relevant Commitment of that Lender shall immediately be reduced to zero.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (c) | On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above (or, if earlier, the date specified by the Borrower in that
notice), the Borrower shall repay that Lenders participation in the Loans to which such Interest Period relates.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.6 | Mandatory prepayment
|--- | --------------------

If on any date the Agent
notifies the Borrower that the Base Currency Amount in relation to Facility B (determined as of the most recent Revaluation Date) shall exceed 103% of the Total Commitments, the Borrower shall as soon as practicable, but in any event no later than
five Business Days after receipt of such notice, prepay the outstanding principal amount of any Loans owing by the Borrower in an aggregate amount sufficient to reduce such sum to an amount not to exceed 100% of the Total Facility B Commitments on
such date, together with any interest and other amounts accrued to the date of such prepayment on the aggregate principal amount of the Loan(s) prepaid. The Agent shall give prompt notice of any prepayment required under this Clause 8.6 to the
Borrower, and shall provide prompt notice to the Borrower of any such notice of mandatory prepayment the Agent receives from any Lender. Any such prepayment shall be allocated at the Lenders discretion.



|8.7 | Restrictions
|--- | ------------



| | (a) | Any notice of cancellation or prepayment given by any Party under this Clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 35 -



---

| | (c) | The Borrower may not reborrow any part of Facility A which is prepaid.
| | --- | ----------------------------------------------------------------------



| | (d) | Unless a contrary indication appears in the Agreement, any part of Facility B which is prepaid may be re-borrowed in accordance with the terms of this Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this
Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.
| | --- | -------------------------------------------------------------------------------------------------



| | (g) | If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the Borrower or the affected Lenders, as appropriate.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 36 -



---

SECTION 5

COSTS OF UTILISATION



|9. | INTEREST
|-- | --------



|9.1 | Calculation of interest
|--- | -----------------------

The rate of interest on
each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:



| | (a) | Margin;
| | --- | -------



| | (b) | LIBOR or, in relation to any Loan in euro, EURIBOR; and
| | --- | -------------------------------------------------------



| | (c) | Mandatory Cost, if any.
| | --- | -----------------------



|9.2 | Payment of interest
|--- | -------------------

On the last day of each
Interest Period relating to a Loan, the Borrower shall pay accrued interest on the Loan to which that Interest Period relates (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day
of that Interest Period).



|9.3 | Default interest
|--- | ----------------



| | (a) | If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount for successive Interest Periods, each of a duration of one Month. Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor on demand by the Agent.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. higher than the rate which would have applied if the overdue amount had
not become due.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will
remain immediately due and payable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.4 | Notification of rates of interest
|--- | ---------------------------------

The Agent shall
promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.



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|10. | INTEREST PERIODS
|--- | ----------------



|10.1 | Selection of Interest Periods
|---- | -----------------------------



| | (a) | The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan or (if the Loan is a Facility A Loan and has already been borrowed) in a Selection
Notice.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than the Specified Time.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be one Month.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Subject to this Clause 10, the Borrower may select an Interest Period of one, two, three or six Months, or any other period agreed between the Borrower and the Agent (acting on the
instructions of all the Lenders participating in the relevant Facility).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its Facility.
| | --- | ------------------------------------------------------------------------------------------------------



| | (f) | Each Interest Period for a Facility A Loan shall start on the Utilisation Date or (if a Loan has already been made) on the last day of its preceding Interest Period.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | A Facility B Loan has one Interest Period only.
| | --- | -----------------------------------------------



|10.2 | Non-Business Days
|---- | -----------------

If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).



|10.3 | Consolidation and division of Facility A Loans
|---- | ----------------------------------------------



| | (a) | Subject to paragraph (b) below, if two or more Interest Periods relate to Facility A Loans:
| | --- | -------------------------------------------------------------------------------------------



| | (i) | in the same currency;
| | --- | ---------------------



| | (ii) | of the same period; and
| | ---- | -----------------------



| | (iii) | ending on the same date,
| | ----- | ------------------------

those Facility A Loans will,
unless the Borrower specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into, and be treated as, a single Facility A Loan on the last day of the Interest Period.



| | (b) | Subject to Clause 4.4 (Maximum number of Loans), and Clause 5.3 (Currency and amount) if the Borrower requests in a Selection Notice that a Facility A Loan be divided
into two or more Facility A Loans, that Facility A Loan will, on the last day of its Interest Period, be so divided into the Base Currency Amounts specified in that Selection Notice, being an aggregate Base Currency Amount equal to the Base Currency
Amount of the Facility A Loan immediately before its division.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 38 -



---

|11. | CHANGES TO THE CALCULATION OF INTEREST
|--- | --------------------------------------



|11.1 | Absence of quotations
|---- | ---------------------

Subject to Clause 11.2
(Market disruption), if LIBOR or, if applicable EURIBOR, is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR
shall be determined on the basis of the quotations of the remaining Reference Banks.



|11.2 | Market disruption
|---- | -----------------



| | (a) | If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lenders share of that Loan for the Interest Period shall
be the rate per annum which is the sum of:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Margin;
| | --- | -----------



| | (ii) | the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Mandatory Cost, if any, applicable to that Lenders participation in that Loan.
| | ----- | -----------------------------------------------------------------------------------



| | (b) | In this Agreement Market Disruption Event means:
| | --- | --------------------------------------------------



| | (i) | at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate not being available and none or only one of the Reference Banks supplying a rate to the Agent
to determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | before close of business in New York on the Quotation Day for the relevant Interest Period, the Agent receiving notifications from a Lender or Lenders (in either case whose
participations in a Loan exceed 50 per cent. of that Loan) that the cost to it or them of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR or, if applicable, EURIBOR.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.3 | Alternative basis of interest or funding
|---- | ----------------------------------------



| | (a) | If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than thirty days)
with a view to agreeing a substitute basis for determining the rate of interest in respect of the relevant Loan.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders participating in the relevant Loan and the Borrower, be binding on
all Parties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 39 -



---

|11.4 | Break Costs
|---- | -----------



| | (a) | The Borrower shall, within three Business Days of demand by a Lender, pay to that Lender its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the
Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming in reasonable detail the amount of its Break Costs for any
Interest Period in which they accrue.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12. | FEES
|--- | ----



|12.1 | Arrangement fee
|---- | ---------------

The Borrower shall pay to the
Arranger an arrangement fee in the amount and at the times agreed in the Syndication and Fees Letter.



|12.2 | Agency fee
|---- | ----------

The Borrower shall pay to (or procure
payment to) the Agent (for its own account) an agency fee in the amount and at the times agreed in the Syndication and Fees Letter.



|12.3 | Commitment fee
|---- | --------------



| | (a) | The Borrower shall pay to the Agent (for the account of each Lender under Facility B) a commitment fee computed at the rate of 30 per cent. of the applicable Margin from time
to time in relation to Facility B on that Lenders Average Available Commitment (as defined below) for each successive period of three Months during the Availability Period and for any shorter period of availability ending by the cancellation
or termination of Facility B.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The accrued commitment fees are payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability
Period and, if cancelled in full, on the cancelled amount of the relevant Lenders Commitment at the time the cancellation is effective.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In this Clause 12.3:
| | --- | --------------------

Average Available
Commitment means, in respect of each Lender during the relevant period, the Aggregate Available Commitment divided by the number of actual days elapsed during that Availability Period; and

Aggregate Available Commitment means, in respect of each Lender during any Availability Period, the sum of such Lenders
Available Commitment in relation to Facility B at the start of each day during that period.



- 40 -



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SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS



|13. | TAX GROSS UP AND INDEMNITIES
|--- | ----------------------------



|13.1 | Definitions
|---- | -----------



| | (a) | In this Clause 13:
| | --- | ------------------

Protected Party
means a Finance Party which is or will be subject to any liability or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a
Finance Document.

Tax Deduction means a deduction or withholding for or on account of Tax from a payment made under a
Finance Document.

Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under Clause
13.2 (Tax gross-up) or a payment under Clause 13.3 (Tax indemnity).



| | (b) | Unless a contrary indication appears, in this Clause 13 a reference to determines or determined means a determination made in the absolute good faith
discretion of the person making the determination.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.2 | Tax gross-up
|---- | ------------



| | (a) | Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law or regulation.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Borrower or a Lender shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction)
notify the Agent accordingly. If the Agent receives such notification from a Lender it shall notify the Borrower and that Obligor.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If a Tax Deduction is required by law or regulation to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any
Tax Deduction) leaves an amount equal to the payment which would have been due and payable if no Tax Deduction had been required.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed
and in the minimum amount required by law or regulation.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent
for the Finance Party entitled to the payment an original receipt (or certified copy thereof) or if unavailable such other evidence as is reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any
appropriate payment paid to the relevant taxing authority.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 41 -



---

|13.3 | Tax indemnity
|---- | -------------



| | (a) | The Borrower shall (within five Business Days of demand by the Agent) pay to a Protected Party an amount equal to the amount of any Tax assessed on that Protected Party (together
with any interest, costs or expenses payable, directly or indirectly, or incurred in connection therewith) in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Paragraph (a) of this Clause 13.3 shall not apply with respect to any Tax assessed on a Finance Party:
| | --- | ------------------------------------------------------------------------------------------------------



| | (i) | under the laws and regulations of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | under the laws and regulations of the jurisdiction in which that Finance Partys Facility Office is located in respect of amounts received or receivable in that jurisdiction,
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

if that Tax is imposed on or calculated by reference to the net income (but not on any sum deemed to be received or
receivable in respect of any payment made under Clause 13.2 (Tax gross-up)) of that Finance Party.



| | (c) | A Protected Party making, or intending to make a claim pursuant to paragraph (a) of this Clause 13.3 shall promptly notify the Agent of the event which will give, or has given,
rise to the claim, following which the Agent shall notify the Borrower.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the Agent.
| | --- | ---------------------------------------------------------------------------------------------------------



|13.4 | Tax Exemptions
|---- | --------------

A Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or under any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower
(with a copy to the Agent), upon the Borrowers reasonable request, such properly completed and executed documentation as will permit such payments to be made without withholding or at a reduced withholding tax rate; providedthat such
Lender is legally entitled to complete, execute and deliver such documentation and in such Lenders reasonable judgment such completion, execution or submission would not cause such Lender or its lending office(s) to suffer any economic, legal
or regulatory disadvantage.



|13.5 | Stamp taxes
|---- | -----------

The Borrower shall pay and, within
five Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document except for any
such tax payable in connection with the entry into of a Transfer Certificate.



- 42 -



---

|13.6 | Value added tax
|---- | ---------------



| | (a) | All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply
made by any Finance Party to any Party in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT and such Finance Party
shall promptly provide an appropriate VAT invoice to such Party.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify that Finance Party
against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment of the VAT.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14. | INCREASED COSTS
|--- | ---------------



|14.1 | Increased costs
|---- | ---------------



| | (a) | Subject to Clause 14.2 (Increased Cost Claims) and Clause 14.3 (Exceptions) the Borrower shall, within three Business Days of a demand by the Agent, pay for the
account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (ii) | compliance with any law or regulation,
| | ---- | --------------------------------------

in each case made
after the date of this Agreement.



| | (b) | In this Agreement Increased Costs means, without duplication:
| | --- | ---------------------------------------------------------------



| | (i) | a reduction in the rate of return from a Facility or on a Finance Partys (or its Affiliates) overall capital;
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (ii) | an additional or increased cost; or
| | ---- | -----------------------------------



| | (iii) | a reduction of any amount due and payable under any Finance Document,
| | ----- | ---------------------------------------------------------------------

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitments or funding or performing its obligations under
any Finance Document.



|14.2 | Increased cost claims
|---- | ---------------------



| | (a) | A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Agent of the event giving rise to the claim and a calculation evidencing
in reasonable detail the amount of such Increased Costs to be claimed by such Finance Party, following which the Agent shall promptly notify the Borrower and provide the Borrower with such calculations.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 43 -



---

| | (b) | Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



|14.3 | Exceptions
|---- | ----------



| | (a) | Clause 14.1 (Increased costs) does not apply to the extent any Increased Cost is:
| | --- | ---------------------------------------------------------------------------------



| | (i) | attributable to a Tax Deduction required by law or regulation to be made by an Obligor;
| | --- | ---------------------------------------------------------------------------------------



| | (ii) | compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for under Clause 13.3 (Tax indemnity) but was not so compensated solely because any of
the exclusions in paragraph (b) of Clause 13.3 (Tax indemnity) applied);
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | compensated for by the payment of the Mandatory Cost; or
| | ----- | --------------------------------------------------------



| | (iv) | attributable to the breach by the relevant Finance Party or its Affiliates of any law or regulation.
| | ---- | ----------------------------------------------------------------------------------------------------



| | (b) | In this Clause 14.3, a reference to a Tax Deduction has the same meaning given to the term in Clause 13.1 (Definitions).
| | --- | --------------------------------------------------------------------------------------------------------------------------



|15. | OTHER INDEMNITIES
|--- | -----------------



|15.1 | Currency indemnity
|---- | ------------------



| | (a) | If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from
the currency (the First Currency) in which that Sum is payable into another currency (the Second Currency) for the purpose of:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | making or filing a claim or proof against that Obligor; or
| | --- | ----------------------------------------------------------



| | (ii) | obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,
| | ---- | ------------------------------------------------------------------------------------------------------------

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any
cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of
exchange available to that person at the time of its receipt of that Sum.



| | (b) | Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed
to be payable.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.2 | Other indemnities
|---- | -----------------

Each Obligor shall, within five
Business Days of demand, indemnify each Finance Party against any cost, loss or liability not otherwise compensated under the provisions of this Agreement and excluding any lost profits, consequential or indirect damages (other than interest or
default interest) incurred by that Finance Party as a result of its Commitment or the making of any Loan under the Finance Documents as a result of:



| | (a) | the occurrence of any Event of Default;
| | --- | ---------------------------------------



- 44 -



---

| | (b) | a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 27
(Sharing among the Finance Parties);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | funding, or making arrangements to fund, its participation in a Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of
the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.
| | --- | -------------------------------------------------------------------------------------------------------------



|15.3 | Indemnity to the Agent
|---- | ----------------------

The Borrower shall (or
shall procure that another Obligor will) promptly indemnify the Agent against any cost, loss or liability directly related to this Agreement incurred by the Agent (acting reasonably and otherwise than by reason of the Agents gross negligence
or wilful misconduct) as a result of:



| | (a) | investigating any event which it reasonably believes (acting prudently and, if possible, following consultation with the Borrower) is a Default; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



|16. | MITIGATION BY THE LENDERS
|--- | -------------------------



|16.1 | Mitigation
|---- | ----------



| | (a) | Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise after the date of this Agreement and which would
result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality of a Lender), Clause 13 (Tax gross-up and indemnities), Clause 14 (Increased costs) or paragraph 3 of Schedule 4
(Mandatory Cost Formulae) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.
| | --- | ---------------------------------------------------------------------------------------------------------



|16.2 | Limitation of liability
|---- | -----------------------



| | (a) | The Borrower shall (or shall procure that another Obligor will) indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of
steps taken by it under Clause 16.1 (Mitigation).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 45 -



---

| | (b) | A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to
it.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17. | COSTS AND EXPENSES
|--- | ------------------



|17.1 | Transaction expenses
|---- | --------------------

The Borrower shall promptly
on demand pay the Agent and the Arrangers the amount of all documented costs and expenses (including reasonable legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:



| | (a) | this Agreement and any other documents referred to in this Agreement; and
| | --- | -------------------------------------------------------------------------



| | (b) | any other Finance Documents executed after the date of this Agreement.
| | --- | ----------------------------------------------------------------------



|17.2 | Amendment costs
|---- | ---------------

If (a) an Obligor requests an
amendment, waiver or consent or (b) an amendment is required pursuant to Clause 28.9 (Change of currency), the Borrower shall, within three Business Days of demand, reimburse the Agent, the Arranger and each Lender for the amount of all
costs and expenses (including reasonable legal fees, but in this case, only the legal fees of one law firm in each relevant jurisdiction acting on behalf of all the Lenders) reasonably incurred by such parties in responding to, evaluating,
negotiating or complying with that request or requirement.



|17.3 | Enforcement costs
|---- | -----------------

The Borrower shall, within three
Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.



- 46 -



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SECTION 7

GUARANTEE



|18. | GUARANTEE AND INDEMNITY
|--- | -----------------------



|18.1 | Guarantee and indemnity
|---- | -----------------------

Each Guarantor irrevocably
and unconditionally jointly and severally:



| | (a) | guarantees to each Finance Party punctual performance by the Borrower of all the Borrowers obligations under the Finance Documents;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (b) | undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay
that amount as if it was the principal obligor; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.2 | Continuing guarantee
|---- | --------------------

This guarantee is a
continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.



|18.3 | Reinstatement
|---- | -------------

If any payment by the Borrower or
any discharge given by a Finance Party (whether in respect of the obligations of the Borrower or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:



| | (a) | the liability of the Borrower shall continue as if the payment, discharge, avoidance or reduction had not occurred; and
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (b) | each Finance Party shall be entitled to recover the value or amount of that security or payment from the Borrower, as if the payment, discharge, avoidance or reduction had not
occurred.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.4 | Waiver of defences
|---- | ------------------

The obligations of each
Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing which, but for this Clause 18, would reduce, release or prejudice any of its obligations under this Clause 18 (without limitation and whether or not known to it
or any Finance Party) including:



| | (a) | any time, waiver or consent granted to, or composition with, the Borrower or other person;
| | --- | ------------------------------------------------------------------------------------------



| | (b) | the release of the Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



- 47 -



---

| | (c) | the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the
Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | any amendment (however fundamental) or replacement of a Finance Document or any other document or security;
| | --- | -----------------------------------------------------------------------------------------------------------



| | (f) | any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | any insolvency or similar proceedings.
| | --- | --------------------------------------



|18.5 | Immediate recourse
|---- | ------------------

Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from a Guarantor under this Clause 18 and waives any
similar or additional rights that may be granted by applicable law. This waiver applies irrespective of any law or regulation or any provision of a Finance Document to the contrary.

Each Guarantor also waives any right to be sued jointly with other Guarantors and agrees to share liability resulting from any claim against it.



|18.6 | Appropriations
|---- | --------------

Until all amounts which may be or
become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:



| | (a) | refrain from applying or enforcing any other monies, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | hold in an interest-bearing suspense account any monies received from a Guarantor or on account of such Guarantors liability under this Clause 18,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------

provided thatthe operation of this Clause 18.6 shall not be deemed to create any Liens.



|18.7 | Deferral of Guarantors rights
|---- | ------------------------------

Until all
amounts which may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent (acting on the instructions of the Majority Lenders) otherwise directs, no Guarantor
will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:



| | (a) | to be indemnified by the Borrower;
| | --- | ----------------------------------



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| | (b) | to claim any contribution from any other guarantor of the Borrowers obligations under the Finance Documents; and/or
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (c) | to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee
or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.8 | Additional security
|---- | -------------------

This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.



|18.9 | Limitation of Guarantee
|---- | -----------------------

Notwithstanding any other
provision of this Clause 18 (Guarantee and Indemnity) any potential future guarantee, indemnity and other obligations of any potential future Dutch guarantor expressed to be assumed in this Clause 18 (Guarantee and Indemnity) shall be
deemed not to be assumed by such potential future Dutch guarantor to the extent that the same would constitute unlawful financial assistance within the meaning of Article 2:207c or 2:98c of the Dutch Civil Code or any other applicable financial
assistance rules under any relevant jurisdiction (the Prohibition) and the provisions of this Agreement and the other Finance Documents shall be construed accordingly. For the avoidance of doubt it is expressly acknowledged that
the relevant potential future Dutch guarantor will continue to guarantee all such obligations which, if included, do not constitute a violation of the Prohibition.



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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT



|19. | REPRESENTATIONS
|--- | ---------------

Each Obligor makes the
representations and warranties set out in Clause 19.1 (Corporate Existence and Power) to Clause 19.11 (No default) (inclusive) to each Finance Party.

Each of the Borrower and CEMEX Parent makes the representations and warranties set out in Clauses 19.12 (No misleading information) to Clause 19.16 (Intellectual property) (inclusive) to each Finance
Party.

CEMEX Parent makes the representations and warranties set out in Clauses 19.17 (Financial information) to Clause 23.24
(Environmental Matters) (inclusive) to each Finance Party.

Each Guarantor makes the representations and warranties set out in Clause
19.26 (Mutual Benefits) to each Finance Party.



|19.1 | Corporate Existence and Power
|---- | -----------------------------



| | (a) | Each Obligor is a corporation duly incorporated, validly existing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority (including
all governmental licences, permits and other approvals except for such licences, permits and approvals the absence of which will not have a Material Adverse Effect) to own its assets and carry on its business as now conducted and as proposed to be
conducted.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All of the outstanding stock of such Obligor has been validly issued and is fully paid and non-assessable.
| | --- | ----------------------------------------------------------------------------------------------------------



| | (c) | The Borrower is in full compliance with the applicable provisions of the FMSA.
| | --- | ------------------------------------------------------------------------------



|19.2 | Power and Authority; Enforceable Obligations
|---- | --------------------------------------------



| | (a) | The execution, delivery and performance by each Obligor of each Finance Document to which it is or will be a party, and the consummation of the transactions contemplated hereby and
thereby, are within such Obligors corporate powers and have been duly authorised by all necessary corporate action pursuant to the statuten or, as the case may be, estatutos sociales of such Obligor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | This Agreement and the other Finance Documents to which each Obligor is a party have been duly executed and delivered by such Obligor and constitute legal, valid and binding
obligations of such Obligor enforceable in accordance with their respective terms, except as enforceability may be limited by applicable concurso mercantil, bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors rights generally or general equity principles.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19.3 | Compliance with Law and Other Instruments
|---- | -----------------------------------------

The
execution, delivery and performance of this Agreement and any of the other Finance Documents to which such Obligor is a party and the consummation of the transactions



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herein or therein contemplated, and compliance with the terms and provisions hereof and thereof, do not and will not (a) conflict with, or result in a
breach or violation of, or constitute a default under, or result in the creation or imposition of any Lien upon the assets of such Obligor pursuant to, any Contractual Obligation of such Obligor or (b) result in any violation of the statutenor, as the case may be, estatutos sociales of such Obligor or any provision of any Requirement of Law applicable to such Obligor.



|19.4 | Consents/Approvals
|---- | ------------------

No order, permission, consent,
approval, licence, authorization, registration or validation of, or notice to or filing with, or exemption by, any Governmental Authority or third party is required to authorise, or is required in connection with, the execution, delivery and
performance by such Obligor of this Agreement and the other Finance Documents to which such Obligor is a party or the taking of any action contemplated hereby or by any other Finance Document.



|19.5 | Litigation; Material Adverse Effect
|---- | -----------------------------------

Except as set
forth in Schedule 11 (Litigation), there is no pending or threatened action, suit, investigation, litigation or proceeding, including any Environmental Action, affecting CEMEX Parent or any of its Subsidiaries before any court, Governmental
Authority or arbitrator that (i) would be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Finance Document or the consummation of the transactions contemplated
thereby, and there has been no adverse change in the status, or financial effect on CEMEX Parent or any of its Subsidiaries, of the litigation described in Schedule 11 (Litigation).



|19.6 | No Immunity
|---- | -----------

Each Obligor is subject to civil and
commercial law with respect to its obligations under this Agreement and each other Finance Document to which it is a party and the execution, delivery and performance of this Agreement or any such other Finance Document by such Obligor constitute
private and commercial acts rather than public or governmental acts. Under the laws of Mexico or The Netherlands (as applicable) neither such Obligor nor any of its property has any immunity from jurisdiction of any court or any legal process
(whether through service or notice, attachment prior to judgment or attachment in aid of execution).



|19.7 | Governmental Regulations
|---- | ------------------------

Each Obligor is not, and
is not controlled by, (a) an investment company within the meaning of the United States Investment Company Act of 1940, as amended or (b) a holding company, or a subsidiary company of a holding
company, or an affiliate of a holding company or of a subsidiary of a holding company, within the meaning of the Public Utility Holding Company Act of 1935, as amended.



|19.8 | Direct Obligations: Pari Passu
|---- | ------------------------------



| | (a) | This Agreement constitutes a direct, unconditional, unsubordinated and unsecured obligation of such Obligor.
| | --- | ------------------------------------------------------------------------------------------------------------



| | (b) | The obligations of such Obligor under this Agreement rank and will rank in priority of payment at least pari passu with all other senior unsecured Debt of such Obligor.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|19.9 | No Recordation Necessary
|---- | ------------------------

This Agreement is in
proper legal form under the laws of Mexico and of The Netherlands for the enforcement thereof against such Obligor under the law of Mexico or, as the case may be, The Netherlands. To ensure the legality, validity, enforceability or admissibility in
evidence of this Agreement and each other Finance Document in Mexico and in The Netherlands, it is not necessary that this Agreement or any other Finance Document be filed or recorded with any Governmental Authority in Mexico or any Governmental
Authority in The Netherlands or that any stamp or similar tax be paid on or in respect of this Agreement or any other document to be furnished under this Agreement unless such stamp or similar taxes have been paid by the Borrower or the Guarantors;
provided, however, that in the event any legal proceedings are brought in the courts of Mexico, an official Spanish translation of the documents required in such proceedings, including this Agreement, would have to be approved by the court
after the defendant is given an opportunity to be heard with respect to the accuracy of the translation, and proceedings would thereafter be based upon the translated documents.



|19.10 | Governing law
|----- | -------------

In any action or proceeding
involving any Finance Party arising out of or relating to any Finance Document in any Mexican or Dutch court or tribunal, the Lenders and the Agent would be entitled to the recognition and effectiveness of the choice of law, submission to
jurisdiction and waiver of sovereign immunity provisions of Clause 36 (Governing Law), Clause 37.1 (Jurisdiction of English Courts) and Clause 38 (Waiver of Sovereign Immunity).



|19.11 | No default
|----- | ----------

No Default or Event of Default has
occurred and is continuing.



|19.12 | No misleading information
|----- | -------------------------

All material written
information supplied by any member of the Group is true, complete and accurate in all material respects as at the date it was given and is not misleading in any material respect.



|19.13 | Financial statements/condition
|----- | ------------------------------



| | (a) | The financial statements delivered pursuant to Clause 20.1 (Financial statements) are complete and correct in all material respects and present fairly (i) the
consolidated financial condition of each of CEMEX Parent and its Subsidiaries and CEMEX Spain and its Subsidiaries as at the dates thereof, and the consolidated results of its operations and its consolidated cash flows for the periods then ended
(subject, in the case of quarterly financial statements, to normal year end audit adjustments) and (ii) the financial condition of the Borrower and each of the Guarantors other than CEMEX Parent as at the dates thereof, and the results of each
of their operations and cash flows for the periods then ended, subject, in the case of quarterly financial statements, to normal year end audit adjustments. All such financial statements, including the related schedules and notes thereto, have been
prepared in accordance with Applicable GAAP applied consistently throughout the periods involved.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | No member of the Group has any guarantee obligations, contingent liabilities, liabilities for taxes, or any long term leases or unusual forward or long term commitments, including
without limitation any interest rate or foreign currency swap or exchange transaction or other obligation in respect of Derivatives Obligations, which is material and is not reflected in the most recent financial statements referred to in paragraph
(a) above.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Since 31 December 2004, (i) except as reflected in the financial statements of CEMEX Parent for the financial quarter ended 30 September 2008 and/or as disclosed in
the bank presentations made by CEMEX Parent and CEMEX España to Lenders in New York on 13 November 2008 and in Madrid on 14 November 2008, there has been no development or event that has had or would reasonably be expected to have a
Material Adverse Effect and (ii) there has been no Disposition by any member of the Group which has had or would reasonably be expected to have a Material Adverse Effect.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19.14 | Full Disclosure
|----- | ---------------

All information heretofore
furnished by the Borrower to the Agent, the Arrangers or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby (other than projections and other forward-looking information that have been
prepared on a reasonable basis and in good faith by the Borrower) is, and all such information hereafter furnished by the Borrower to the Agent, the Arrangers or any Lender will be, true and accurate in all material respects on the date as of which
such information is stated or certified and does not omit to state any material fact necessary in order to make the statements contained herein or therein, taken as a whole, not misleading. The Borrower has disclosed to the Lenders in writing any
and all facts which may have a Material Adverse Effect.



|19.15 | Margin Regulations
|----- | ------------------

No part of the proceeds of the
Loans hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U, or for the purpose of purchasing or carrying or trading in any securities. If requested
by any Lender or the Agent, the Borrower will furnish to the Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred to in said Regulation U. No indebtedness being reduced or retired out
of the proceeds of the Loans hereunder was or will be incurred for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U or any margin security within the meaning of Regulation T. Margin stock within
the meaning of Regulation U does not constitute more than 25% of the value of the consolidated assets of CEMEX Parent and its Subsidiaries. Neither the execution and delivery hereof by the Borrower, nor the performance by it of any of the
transactions contemplated by this Agreement (including the direct or indirect use of the proceeds of the Loans) will violate or result in a violation of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or
regulations issued pursuant thereto, or Regulation T, U, or X.



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|19.16 | Intellectual Property
|----- | ---------------------

Each member of the Group
owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted free and clear of Liens, conditions, adverse claims or other restrictions. No material claim has been asserted and is pending by
any Person challenging or questioning the use of any Intellectual Property or the validity, enforceability or effectiveness of any Intellectual Property owned by any member of the Group, nor does any Obligor know of any valid basis for any such
claim. The use of Intellectual Property by each member of the Group does not infringe on the rights of any Person in any material respect.



|19.17 | Financial Information.
|----- | ----------------------

The consolidated balance
sheet of CEMEX Parent and its Subsidiaries as at December 31, 2004, and the related consolidated statements of income and cash flows of CEMEX Parent and its Subsidiaries for the fiscal year then ended, accompanied by an opinion of KPMG Cardenas
Dosal, S.C., independent public accountants, and the consolidated balance sheet of CEMEX Parent and its Subsidiaries as at March 31, 2005, and the related consolidated statements of income and cash flows of CEMEX Parent and its Subsidiaries for
the three months then ended, duly certified by the chief financial officer of CEMEX Parent, copies of which have been furnished to the Agent, fairly present, subject, in the case of said balance sheet as at March 31, 2005, and said statements
of income and cash flows for the three months then ended, to year-end audit adjustments, the consolidated financial condition of CEMEX Parent and its Subsidiaries as at such dates and the consolidated results of the operations of CEMEX Parent and
its Subsidiaries for the periods ended on such dates, all in accordance with Mexican FRS, consistently applied.



|19.18 | Liens
|----- | -----

There are no Liens on the property of CEMEX
Parent or any of its Subsidiaries other than Permitted Liens.



|19.19 | Subsidiaries
|----- | ------------

As of 31 March 2005, all
Material Subsidiaries of the Borrower are listed in Schedule 12 (Material Subsidiaries), without giving effect to the acquisition of RMC Group p.l.c.



|19.20 | Ownership of Property and insurance
|----- | -----------------------------------



| | (a) | Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each of CEMEX Parent and its Subsidiaries has title in fee simple to, or a valid
leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any Lien except Permitted Liens.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Obligor maintains insurance as required by Clause 21.3 (Maintenance of insurance).
| | --- | ---------------------------------------------------------------------------------------



|19.21 | Enforcement
|----- | -----------

It is not necessary (a) in order
for the Agent, any Lender or any other Finance Party to enforce any rights or remedies under the Finance Documents or (b) solely by reason of the execution, delivery and performance of this Agreement by the Agent, any Lender or any other
Finance Party, that the Agent, such Lender or such other Finance Party be



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licensed or qualified with any Mexican Governmental Authority or any Dutch Governmental Authority or be entitled to carry on business in Mexico or, as the
case may be, The Netherlands.



|19.22 | Taxes
|----- | -----



| | (a) | Each Obligor has filed all material tax returns which are required to be filed by it and has paid all taxes due pursuant to such returns or pursuant to any material assessment
received by CEMEX Parent, except where the same may be contested in good faith by appropriate proceedings and as to which such Obligor maintains reserves to the extent it is required to do so by law or pursuant to Mexican FRS. The charges, accruals
and reserves on the books of each Obligor in respect of taxes or other governmental charges are, in the opinion of CEMEX Parent, adequate.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Except for tax imposed by way of withholding on interest, fees and commissions remitted from Mexico, there is no tax (other than taxes on, or measured by, income or profits), levy,
impost, deduction, charge or withholding imposed, levied, charged, assessed or made by or in Mexico or any political subdivision or taxing authority thereof or therein either (i) on or by virtue of the execution or delivery of this Agreement or
any of the other Finance Documents or (ii) on any payment to be made by the Borrower pursuant to this Agreement or any of the other Finance Documents. The Borrower and each Guarantor is permitted to pay any additional amounts payable pursuant
to Clause 13 (Tax Gross Up and Indemnities).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19.23 | Compliance with Laws
|----- | --------------------

CEMEX Parent and its
Subsidiaries are in compliance in all material respects with all applicable Requirements of Law (including with respect to the licences, certificates, permits, franchises, and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, antitrust laws or Environmental Laws and the rules and regulations and laws with respect to social security, workers housing funds, and pension funds obligations), except
where the failure to so comply would not have a Material Adverse Effect.



|19.24 | Pension and Welfare Plans.
|----- | --------------------------

During the consecutive
twelve-month period prior to the date of the execution and delivery of this Agreement and prior to the date of any Utilisation hereunder, no steps have been taken to terminate any Pension Plan, and no contribution failure has occurred with respect
to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan which would reasonably be expected to result in the incurrence by any
Obligor, any of its Subsidiaries, or any its ERISA Affiliates of any material liability (other than liabilities incurred in the ordinary course of maintaining the Pension Plan), fine or penalty. No Obligor, nor any of its Subsidiaries, has any
contingent liability with respect to any post-retirement benefit under a Welfare Plan which would reasonably be expected to have a Material Adverse Effect, other than liability for continuation coverage described in Part 6 of Title I of ERISA.



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|19.25 | Environmental Matters
|----- | ---------------------

Except as would not have or
be reasonably expected to have a Material Adverse Effect:



| | (a) | each of the properties owned or leased by an Obligor or any of its Subsidiaries (the Real Properties) and all operations at the Real Properties are in compliance
with all applicable Environmental Laws, and there is no violation of any Environmental Law with respect to the Real Properties or the businesses operated by the Obligors or any of their respective Subsidiaries (the Businesses),
and there are no conditions relating to the Businesses or Real Properties that would reasonably be expected to give rise to liability under any applicable Environmental Laws.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | No Obligor has received any written notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance or liability regarding
Hazardous Materials or compliance with Environmental Laws with regard to any of the Real Properties or the Businesses, nor, to the knowledge of an Obligor or any of its Subsidiaries, is any such notice being threatened.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Hazardous Materials have not been transported or disposed of from the Real Properties, or generated, treated, stored or disposed of at, on or under any of the Real Properties or any
other location, in each case by, or on behalf or with the permission of, an Obligor or any of its Subsidiaries in a manner that would give rise to liability under any applicable Environmental Laws.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | No judicial proceeding or governmental or administrative action is pending or, to the knowledge of an Obligor or any of its Subsidiaries, threatened, under any Environmental Law to
which an Obligor or any of its Subsidiaries is or will be named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under
any Environmental Law with respect to an Obligor or any of its Subsidiaries, the Real Properties or the Businesses.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | There has been no release (including disposal) or to CEMEX Parents knowledge, threat of release of Hazardous Materials at or from the Real Properties, or arising from or
related to the operations of an Obligor or any of its Subsidiaries in connection with the Real Properties or otherwise in connection with the Businesses where such release constituted a violation of, or would give rise to liability under, any
applicable Environmental Laws.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | None of the Real Properties contains any Hazardous Materials at, on or under the Real Properties in amounts or concentrations that, if released, constitute a violation of, or could
give rise to liability under, Environmental Laws.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | No Obligor, nor any of their respective Subsidiaries, has assumed any liability of any Person (other than another Obligor or one of its Subsidiaries) under any Environmental Law.
This Clause 19.23 constitutes the only representations and warranties of the Obligors with respect to any Environmental Law or Hazardous Substance.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|19.26 | Mutual Benefits
|----- | ---------------

Each Guarantor represents and
warrants to each Finance Party as follows: having taken into account the financial interdependence and mutual reliance between each Guarantor, its subsidiaries, and the Borrower, the continuing financial and other assistance from time to time given
by each Guarantor to the Borrower and the other Obligors and vice versa, each Guarantor expects to derive material benefits, directly or indirectly (through the financing provided to its subsidiaries), from the financing obtained under this
Facility, both in its separate capacity, as shareholder in various subsidiaries and as member of the Group, since the successful operation and condition of each Guarantor is dependent on the continued successful performance of the functions of the
Group as a whole.



|19.27 | Repetition
|----- | ----------

The Repeating Representations are
deemed to be made by each Obligor by reference to the facts and circumstances then existing on:



| | (a) | the date of each Utilisation Request and the first day of each Interest Period; and
| | --- | -----------------------------------------------------------------------------------



| | (b) | in the case of an Additional Guarantor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Guarantor.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



|20. | INFORMATION UNDERTAKINGS
|--- | ------------------------

The undertakings in this
Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.



|20.1 | Financial statements
|---- | --------------------

The Borrower shall supply to
the Agent:



| | (a) | as soon as the same become available, but in any event within:
| | --- | --------------------------------------------------------------



| | (i) | 120 days after the end of each of the financial years of CEMEX Parent:
| | --- | ----------------------------------------------------------------------



| | (A) | a copy of the annual audit report for such year for CEMEX Parent and its Subsidiaries containing consolidated and consolidating balance sheets of CEMEX Parent and its Subsidiaries,
as of the end of such financial year and consolidated statements of income and cash flows of CEMEX Parent and its Subsidiaries, for such financial year, in each case accompanied by an opinion acceptable to the Majority Lenders (acting reasonably) by
KPMG Cardenas Dosal, S.C. or other independent public accountants of recognised standing acceptable to the Majority Lenders, together with a certificate of such accounting firm to the Lenders stating that in the course of the regular audit of the
business of CEMEX Parent and its Subsidiaries, which audit was conducted by such accounting firm in accordance with Mexican FRS, such accounting firm has obtained no knowledge that a Default or Event of Default has occurred and is continuing, or if,
in the opinion of such accounting firm a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (B) | the audited unconsolidated financial statements of each Guarantor (other than CEMEX Parent) for that financial year (if available and upon request by the Agent); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | 183 days after the end of the financial year of the Borrower, its audited unconsolidated financial statements for that financial year; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 183 days after the end of the financial year of CEMEX Spain, its audited consolidated financial statements for that financial year (if available); and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | as soon as the same become available, but in any event within:
| | --- | --------------------------------------------------------------



| | (i) | 60 days after the end of each of the first three quarterly periods of each of the financial years of CEMEX Parent:
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (A) | consolidated balance sheets of CEMEX Parent and its Subsidiaries, as of the end of such quarter and consolidated statements of income and cash flows of CEMEX Parent and its
Subsidiaries for the period commencing at the end of the previous financial year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by an Authorised Signatory of CEMEX Parent as having been prepared in
accordance with Mexican FRS and together with a certificate of an Authorised Signatory of CEMEX Parent, as to compliance with the terms of this Agreement; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | together with the financial statements delivered with respect to the fiscal quarter ended 30 June 2005, a schedule of all Material Subsidiaries of the Borrower, after giving
effect to the acquisition of RMC Group PLC.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | 90 days after the end of each of the first three quarterly periods of each of the financial years of the Borrower, its unconsolidated financial statements for that period; and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 90 days after the end of each of the first half of each of the financial years of CEMEX Spain, its consolidated financial statements for that period (if available).
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|20.2 | Compliance Certificate
|---- | ----------------------



| | (a) | The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i)(A), (a)(ii), (b)(i)(A) or (b)(ii) of Clause 20.1 (Financial
statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 21.13 (Financial condition covenants) as at the date as at which those financial statements were drawn up.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Compliance Certificate shall be signed by an Authorised Signatory of CEMEX Parent or the Borrower, as the case may be.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



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|20.3 | Requirements as to financial statements
|---- | ---------------------------------------



| | (a) | Each set of financial statements delivered by the Borrower pursuant to Clause 20.1 (Financial statements) shall be certified by an Authorised Signatory of the relevant
company as fairly representing its financial condition as at the date as at which those financial statements were drawn up.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Borrower shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 20.1 (Financial statements) is prepared using Applicable GAAP and
accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has
been a change in Applicable GAAP or the accounting practices or reference periods and, unless amendments are agreed in accordance with paragraph (c) of this Clause 20.3 its auditors (or, if appropriate, the auditors of the Obligor) deliver to
the Agent:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a description of any change necessary for those financial statements to reflect the Applicable GAAP, accounting practices and reference periods upon which that Obligors
Original Financial Statements were prepared; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 21.13 (Financial condition
covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligors Original Financial Statements.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the
basis upon which the Original Financial Statements were prepared.



| | (c) | If the Borrower adopts IFRS or, subject to paragraph (b) above, there are changes to the Applicable GAAP, or the accounting practices or reference periods, the Borrower and the
Agent shall, at the Borrowers request, negotiate in good faith with a view to agreeing such amendments to the financial covenants in Clause 21.13 (Financial condition covenants) and the ratios used to calculate the Margin and, in each
case, the definitions used therein as may be necessary to ensure that the criteria for evaluating the Groups financial condition grant to the Lenders protection equivalent to that which would have been enjoyed by them had the Borrower not
adopted IFRS or there had not been a change in the Applicable GAAP, or the accounting practices or reference periods (subject to compliance with paragraph (b) above). Any amendments agreed will take effect on the date agreed between the Agent
and the Borrower subject to the consent of the Majority Lenders. If no such agreement is reached within 90 days of the Borrowers request, the Borrower will remain subject to the obligation to deliver the information specified in paragraph
(b) of this Clause 20.3.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|20.4 | Information: miscellaneous
|---- | --------------------------

The Borrower shall
supply to the Agent:



| | (a) | within five days after the same are sent, copies of all financial statements and reports that CEMEX Parent sends to the holders of any class of its debt securities; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably
request.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|20.5 | Notification of default
|---- | -----------------------



| | (a) | Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence and in any event within five days
after becoming aware of the occurrence of such Default (unless that Obligor is aware that a notification has already been provided by another Obligor).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by an Authorised Signatory on its behalf certifying that no Default is continuing
(or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|20.6 | Know your client checks
|---- | -------------------------



| | (a) | Each Obligor shall promptly upon the request of the Agent or any Lender and each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any prospective New Lender
to carry out and be satisfied with the results of all necessary know your client or other checks, such as the checks required by the US Patriot Act (Title III of Pub. L. 107-56 (signed into law 26 October 2001) in relation to the
identity of any person that it is required by law to carry out in relation to the transactions contemplated in the Finance Documents. For the avoidance of doubt, a Lender will have no obligation towards the Agent to evidence that it has complied
with any know your client or similar checks in relation to the Obligors.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Borrower shall, by not less than 5 Business Days written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that
one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Following the giving of any notice pursuant to paragraph (b) above, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any
prospective New Lender to carry out and be satisfied with the
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | results of all necessary know your client or other checks in relation to the identity of any person that it is required by law to carry out in
relation to the accession of such Additional Obligor to this Agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|20.7 | Notices
|---- | -------

Give notice to the Agent and each Lender
as soon as practicable after the occurrence of:



| | (a) | promptly after the commencement thereof, notice of all litigation, actions, investigations and proceedings before any court, Governmental Authority or arbitrator affecting the
Borrower or any of its Subsidiaries of the type described in Clause 19.5 (Litigation; Material Adverse Effect) or the receipt of written notice by the Borrower or any of its subsidiaries of potential liability or responsibility for violation,
or alleged violation of any federal, state or local law, rule or regulation (including Environmental Laws) the violation of which could reasonably be expected to have a Material Adverse Effect;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any development or event that has had or could reasonably be expected to have a Material Adverse Effect; and
| | --- | ------------------------------------------------------------------------------------------------------------



| | (c) | any increase of the ratio of Total Borrowings of the Borrower to Total Net Worth of CEMEX Spain above 0.35 to 1.00.
| | --- | -------------------------------------------------------------------------------------------------------------------

Each notice pursuant to this Clause 20.7 shall be accompanied by a certificate signed by an Authorised Signatory setting forth details of the occurrence
referred to therein and stating what action the relevant member of the Group proposes to take with respect thereto.



|21. | GENERAL UNDERTAKINGS
|--- | --------------------

The Borrower and the
Guarantors hereby jointly and severally agree that, so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or Agent hereunder, the Borrower and the Guarantors shall and, in the case of CEMEX Parent only, shall
cause each of its Subsidiaries to:



|21.1 | Compliance with laws and Contractual Obligations, etc.
|---- | ------------------------------------------------------



| | (a) | Comply, in all material respects, with all applicable Requirements of Law (including with respect to the licences, approvals, certificates, permits, franchises, notices,
registrations and other governmental authorisations necessary to the ownership of its respective properties or to the conduct of its respective business, antitrust laws or Environmental Laws and laws with respect to social security and pension funds
obligations) and all material Contractual Obligations, except where the failure to so comply could not reasonably be expected to result in a Material Adverse Effect.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In the case of the Borrower, comply with any applicable provisions of the FMSA.
| | --- | -------------------------------------------------------------------------------



|21.2 | Payment of obligations
|---- | ----------------------

Pay and discharge, before
the same shall become delinquent, (a) all taxes, assessments and governmental charges or levies assessed, charged or imposed upon it or upon its



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property and (b) all lawful claims that, if unpaid, might by law become a Lien upon its property, except where the failure to make such payments or
effect such discharges could not reasonably be expected to have a Material Adverse Effect; provided thatno member of the Group shall be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors.



|21.3 | Maintenance of insurance
|---- | ------------------------

Maintain insurance with
reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies of established reputation engaged in similar businesses and owning similar properties in the same general areas in which CEMEX
Parent or such Subsidiary of CEMEX Parent operates.



|21.4 | Conduct of business and preservation of corporate existence
|---- | -----------------------------------------------------------

Continue to engage in business of the same general type as now conducted by members of the Group and preserve and maintain its corporate existence, rights (charter and statutory), licences, consents, permits, notices or approvals and
franchises deemed material to its business; provided thatno member of the Group shall be required to maintain its corporate existence in connection with a merger or consolidation permitted by Clause 21.15 (Consolidations and Mergers),
and provided further thatno member of the Group shall be required to preserve any right or franchise if that member of the Group shall in its good faith judgment determine that the preservation thereof is no longer in the best interests of
CEMEX Parent or that member of the Group and the loss thereof could not reasonably be expected to have a Material Adverse Effect.



|21.5 | Inspection of property
|---- | ----------------------

At any reasonable time
during normal business hours and from time to time with at least ten Business Days prior notice, or at any time if a Default or Event of Default shall have occurred and be continuing, permit the Agent or any of the Lenders or any agents or
representatives thereof to examine and make abstracts from the records and books of account of, and visit the properties of, each of the Obligors, and to discuss the affairs, finances and accounts of such Obligors with any of its officers or
directors and with its independent certified public accountants. All expenses associated with such inspection shall be borne by the inspecting Lenders; provided thatif a Default or an Event of Default shall have occurred and be continuing,
any expenses associated with such inspection shall be borne by the Obligors.



|21.6 | Books and records
|---- | -----------------

Keep proper books of record and
account, in which full and correct entries shall be made of all financial transactions and the assets and business of such member of the Group in accordance with Applicable GAAP, consistently applied.



|21.7 | Maintenance of properties, etc.
|---- | -------------------------------

Maintain and
preserve all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, and maintain, preserve and protect all intellectual property and all necessary governmental
and third party approvals, franchises, licences and permits material to the business of



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CEMEX Parent or any Subsidiary of CEMEX Parent; provided thatnone of the foregoing shall prevent any member of the Group from discontinuing the
operation and maintenance of any of its properties or allowing to lapse certain approvals, licences or permits the discontinuance of which is desirable in the conduct of its business and which discontinuance could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.



|21.8 | Maintenance of Government approvals
|---- | -----------------------------------

Maintain in
full force and effect at all times all approvals of and filings with any Governmental Authority or third party required under applicable law for (a) the conduct of its business (including, without limitation, antitrust laws or Environmental
Laws); (b) the performance of each Obligors obligations hereunder and under the other Finance Documents by such Obligors and (c) for the validity or enforceability hereof and thereof, except where in each case, failure to maintain
any such approvals or fillings could not reasonably be expected to have a Material Adverse Effect.



|21.9 | Pari passu ranking
|---- | ------------------

Ensure that at all times the
Obligations of each Obligor under the Finance Documents constitute unconditional general obligations of such Obligor ranking in priority of payment at least pari passuwith all other senior unsecured, unsubordinated Debt of such Obligor.



|21.10 | Transactions with Affiliates
|----- | ----------------------------

Conduct each
transaction otherwise permitted under this Agreement with any of its Affiliates on terms that are commercially reasonable and no less favourable to that member of the Group than it would obtain in a comparable arms-length transaction with a
Person not an Affiliate.



|21.11 | Use of Proceeds
|----- | ---------------

The Borrower will use the proceeds
of all Loans made hereunder for general corporate purposes (including the repayment of existing Debt of CEMEX Parent or any of its Subsidiaries).



|21.12 | Further assurances
|----- | ------------------

From time to time, do and
perform any and all acts and execute any and all documents as may be necessary or as reasonably requested by any Lender in order to effect the purposes of this Agreement or to protect the rights or interests of the Lenders under any of the Finance
Documents.



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Negative Covenants - all Obligors

The Borrower and the Guarantors hereby jointly and severally agree that, so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or the Agent hereunder, the Borrower and the
Guarantors shall not, and shall not permit any of their Subsidiaries to, directly or indirectly:



|21.13 | Financial condition covenants
|----- | -----------------------------



| | (a) | Permit the Consolidated Leverage Ratio of CEMEX Parent at any time to exceed A:1, where A has the value as set out in the table below opposite the date on which that the Relevant
Period ends:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                              |  |                                                                                     
|----------------------------- |  | ------------------------------------------------------------------------------------
|Relevant Period ending in     |  | Consolidated Leverage Ratio (with Consolidated Net Debt adjusted as described below)
|                              |  | A                                                                                   
|December 2008                 |  | 4.50                                                                                
|                              | 
|March 2009                    |  | 4.50                                                                                
|                              | 
|June 2009                     |  | 4.75                                                                                
|                              | 
|September 2009                |  | 4.50                                                                                
|                              | 
|December 2009                 |  | 4.50                                                                                
|                              | 
|March 2010                    |  | 4.25                                                                                
|                              | 
|June 2010                     |  | 4.25                                                                                
|                              | 
|September 2010                |  | 4.00                                                                                
|                              | 
|December 2010                 |  | 3.75                                                                                
|                              | 
|March 2011                    |  | 3.75                                                                                
|                              | 
|June 2011                     |  | 3.75                                                                                
|                              | 
|September 2011 and thereafter |  | 3.50                                                                                



| | (b) | Permit the Consolidated Fixed Charge Coverage Ratio of CEMEX Parent for any period of four consecutive fiscal quarters of CEMEX Parent to be less than 2.50 to 1.00.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | At the time of any entry into or incurrence of any Debt or other obligation constituting a portion of Total Borrowings of the Borrower, and after giving effect thereto, permit the
ratio of Total Borrowings of the Borrower to Total Net Worth of CEMEX Spain, to exceed 0.35 to 1.0.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Concurrently with the delivery by CEMEX Parent of any financial statements pursuant to Clause 20 (Information Undertakings), CEMEX Parent shall deliver to the Agent (with
sufficient copies for each Lender) a certificate from an Authorised Signatory containing all information and calculations necessary for determining compliance by the Borrower with paragraphs (a), (b) and (c) of this Clause 21.13.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | For the purposes of calculating the Consolidated Leverage Ratio in paragraph (a) above, Consolidated Net Debt shall not include any Debt which, notwithstanding
falling within the definition of Debt, is not required to be recorded as a liability by CEMEX Parent on its consolidated balance sheet in accordance with Mexican FRS.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|21.14 | Liens
|----- | -----

Create, incur, assume or permit to exist any
Lien on or with respect to any property or asset of any member of the Group, whether now owned or held or hereafter acquired, other than the following (Permitted Liens):



| | (a) | Liens for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently
conducted and for which adequate reserves or other appropriate provision, if any, as shall be required by Applicable GAAP shall have been made;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or the payment of which
is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by Applicable GAAP shall have been made;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Liens incurred or deposits made in the ordinary course of business in connection with workers compensation, unemployment insurance and other types of social security;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any attachment or judgment Lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal,
or shall not have been discharged within 60 days after the expiration of any such stay;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | liens existing on the Amendment No. 3 Effective Date as described in Schedule 10 (Permitted Liens);
| | --- | ---------------------------------------------------------------------------------------------------



| | (f) | any Lien on property acquired by the Borrower or any Guarantor or any of their Subsidiaries after the date hereof that was existing on the date of acquisition of such property;
provided that such Lien was not incurred in anticipation of such acquisition, and any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any part of the purchase price, of property
acquired by any member of the Group after the date hereof; provided, further that (i) any such Lien permitted pursuant to this paragraph (f) shall be confined solely to the item or items of property so acquired (including, in the
case of any Acquisition of a corporation through the acquisition of 51% or more of the voting stock of such corporation, the stock and assets of any Acquired Subsidiary or Acquiring Subsidiary) and, if required by the terms of the instrument
originally creating such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (ii) if applicable, any such Lien shall be created within nine months after, in the case of property,
its acquisition, or, in the case of improvements, their completion;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | any Lien renewing, extending or refunding any Lien permitted by paragraph (f) above; provided that the principal amount of Debt secured by such Lien immediately prior
thereto is not increased or the maturity thereof reduced and such Lien is not extended to other property;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (h) | any Liens created on shares of capital stock of CEMEX Parent or any of its Subsidiaries solely as a result of the deposit or transfer of such shares into a trust or a special
purpose vehicle (including any entity with legal personality) of which such shares constitute the sole assets; provided that (i) any shares of Subsidiary stock held in such trust, corporation or entity could be sold by CEMEX Parent; and
(ii) proceeds from the deposit or transfer of such shares into such trust, corporation or entity and from any transfer of or distributions in respect of any member of the Groups interest in such trust, corporation or entity are applied as
provided under Clause 21.16 (Sales of assets, etc); and provided further that such Liens may not secure Debt of any member of the Group (unless permitted under another clause of this Clause 21.14);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any Liens on securities securing repurchase obligations in respect of such securities;
| | --- | --------------------------------------------------------------------------------------



| | (j) | any Liens in respect of any Qualified Receivables Transaction;
| | --- | --------------------------------------------------------------



| | (k) | in addition to the Liens permitted by the foregoing clauses (a) through (j), Liens securing Debt of CEMEX Parent and its Subsidiaries (taken as a whole) not in excess of 5% of
the Adjusted Consolidated Net Tangible Assets of CEMEX Parent and its Subsidiaries; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | any Liens on margin stock purchased with the proceeds of the Loans within the meaning of Regulation U, if and to the extent the value of all margin stock of
the Borrower and its Subsidiaries exceeds twenty five percent (25%) of the value of the total assets of the Borrower and its Subsidiaries,
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

unless, in each case, CEMEX Parent has made or caused to be made effective provision whereby the Obligations hereunder are secured equally and rateably with, or prior to, the Debt secured by such Liens (other than
Permitted Liens) for so long as such Debt is so secured.



|21.15 | Consolidations and mergers
|----- | --------------------------

With respect to the
Obligors only, in one or more related transactions (a) consolidate with or merge into any other Person or permit any other Person to merge into it, or (b) directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or
substantially all of its properties or assets to any Person unless, with respect to any transaction described in (a) or (b) above immediately after giving effect to such transaction:



| | (a) | the Person formed by any such consolidation or merger, if it was not an Obligor, or the Person that acquires by transfer, conveyance, sale, lease or other
disposition all or substantially all of the properties or assets of such Obligor (any such Person, a Successor) (i) shall be a company organised and validly existing under the laws of its place of incorporation, which in the
case of a Successor to the Borrower or any Guarantor, shall be any of Mexico, the United
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | States, Canada, France, Belgium, Germany, Italy, Luxembourg, The Netherlands, Portugal, Spain, Switzerland or the United Kingdom or any political subdivision
thereof, (ii) shall expressly assume, pursuant to a written agreement in form and substance satisfactory to the Majority Lenders, all of the Obligations of that Obligor, under each of the Finance Documents to which that Obligor is party;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of any such transaction involving the Borrower or any Guarantor, the Borrower or such Guarantor, or the Successor of any thereof, as the case may be, shall expressly
agree to indemnify each Lender and the Agent against any tax, levy, assessment or governmental charge payable by withholding or deduction thereafter imposed on such Lender and/or the Agent solely as a consequence of such transaction with respect to
any payments under the Finance Documents;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | including for purposes of this paragraph (c), the substitution of any Successor to any Obligor for such Obligor (treating any Debt or Lien incurred by any Obligor or any Successor
to such Obligor, as a result of such transactions as having been incurred at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Borrower shall have delivered to the Agent an officers certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance, transfer or lease
and, if a written agreement is required in connection with such transaction, such written agreement shall comply with the relevant provisions of this Clause 21, and that all conditions precedent provided for in this Agreement relating to such
transaction have been complied with.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|21.16 | Sales of assets, etc.
|----- | ---------------------

Sell, lease or otherwise
dispose of any of its assets (including the capital stock of any Subsidiary), other than (a) inventory, trade receivables and assets surplus to the needs of the business of CEMEX Parent or any Subsidiary of CEMEX Parent sold in the ordinary
course of business; (b) assets not used, usable or held for use in connection with cement operations and related operations, and (c) any margin stock within the meaning of Regulation U acquired by CEMEX Parent through a Tender
Offer, unless the proceeds of the sale of such assets are retained by CEMEX Parent or such Subsidiary, as the case may be, and, as promptly as practicable after such sale (but in any event within 180 days of such sale), the proceeds are applied to
(i) expenditures for property, plant and equipment usable in the cement industry or related industries; (ii) the repayment of senior Debt of CEMEX Parent or any Subsidiary of CEMEX Parent, whether secured or unsecured; or
(iii) investments in companies engaged in the cement industry or related industries; provided, however, that the net proceeds from Qualified Receivables Transactions to the extent exceeding, in the aggregate, the aggregate US$ amount set forth
in Schedule 14 (Qualified Receivables Transactions) shall be applied to the repayment of senior Debt of CEMEX Parent or any of its Subsidiaries, whether secured or unsecured, and provided that nothing in this Clause 21.16 shall prevent any
sale, lease, transfer or other disposal of assets from any Subsidiary of CEMEX Parent to another Subsidiary of CEMEX Parent.



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|21.17 | Restricted payments
|----- | -------------------

In the case of CEMEX Parent
only, declare or pay any dividend (other than dividends payable solely in common stock of CEMEX Parent) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance,
retirement or other acquisition of, any Capital Stock of CEMEX Parent (other than any cash payment in respect of pre-existing scheduled obligations under forward purchase agreements for stock of CEMEX Parent entered into by CEMEX Parent or its
Subsidiaries with third-party financial institutions) whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or obligations of any Person (collectively,
Restricted Payments) (a) while any Event of Default described in paragraph (a) or (b) of Clause 22 (Events of Default) or any Default or Event of Default described in paragraph (d) of Clause 22
(Events of Default) (but only with respect to Clause 21.13 (Financial condition covenants)) shall have occurred and be continuing or (b) if any Default or Event of Default would exist after giving effect to such Restricted
Payment.



|21.18 | Accounting changes
|----- | ------------------

(a) Make or permit any change
in accounting policies or reporting practices, except as required or permitted by Applicable GAAP or (b) permit the fiscal year of any Obligor to end on a day other than 31 December or change any Obligors method of determining fiscal
quarters, unless, in the case of paragraph (b), the Borrower shall have entered into negotiations with the Agent in order to amend the relevant provisions of this Agreement so as to equitably reflect such change in the Borrowers fiscal year
end or method of calculating fiscal quarters with the desired result that the criteria for evaluating the Borrowers financial condition shall be the same after such change as if such change had not been made (and until such time as such an
amendment shall have been executed and delivered by the Borrower, the Agent and the Majority Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such change had not occurred).



|21.19 | Clauses restricting Subsidiary distributions
|----- | --------------------------------------------

Enter
into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any
Debt owed to, any Obligor or any other such Restricted Subsidiary, (b) make loans or advances to, or other investments in, any Obligor or any other such Restricted Subsidiary or (c) transfer any of its assets to any Obligor or any other
such Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the
Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary;and for the avoidance of doubt,nothing in this Clause 21.19 shall prevent any Trademark Company or New Holdco from declaring or paying any
dividend to the Borrower or its immediate Holding Company and that immediate Holding Company in turn declaring or paying a dividend of similar amount to its immediate Holding Company and so forth so that ultimately payment is made to the Borrower.



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|21.20 | Change in nature of business
|----- | ----------------------------

With respect to the
Obligors and all Material Subsidiaries only, make any material change in the nature of its business as carried on at the date hereof.



|21.21 | Margin regulations
|----- | ------------------

Use any part of the proceeds of
the Loans for any purpose which would result in any violation (whether by the Borrower, any Guarantor, the Agent or the Lenders) of Regulation T, U or X of the Federal Reserve Board or to extend credit to others for any such purpose, or engage in,
or maintain as one of its important activities, the business of extending credit for the purpose of purchasing or carrying any margin stock (as defined in such regulations).



|21.22 | Ownership of CEMEX Spain
|----- | ------------------------

Permit the Borrower at
any time to own less than an 80% direct (or indirect if solely through intermediate holding companies which have no indebtedness and no restrictions on their ability to pay dividends) voting and equity ownership interest in CEMEX Spain, or its
successors or transferees in the event of the merger or consolidation of CEMEX Spain or the transfer, conveyance, sale, lease or other disposition of all or substantially all its properties and assets in Clause 21.15 (Consolidations and
mergers).



|21.23 | Ownership of the Borrower
|----- | -------------------------

Permit CEMEX Parent at
any time to cease to control, or to own less than a 90% direct or indirect equity ownership interest in, the Borrower, or its Successors or transferees in the event of the merger or consolidation of the Borrower or the transfer, conveyance, sale,
lease or other disposition of all or substantially all its properties and assets in accordance with Clause 21.15 (Consolidations and mergers).



|21.24 | Ownership of Trademark Companies
|----- | --------------------------------



| | (a) | Permit the Borrower to own less than a 99.9% direct or indirect equity ownership interest in CTW and each other Trademark Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | (b) | Permit CEMEX Parent at any time to own less than 99.9% direct or indirect voting and equity ownership interest in each Trademark Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



|21.25 | Incurrence of Debt by Trademark Companies
|----- | -----------------------------------------

Permit
any Trademark Company at any time to assume, incur or suffer to exist any Debt or other monetary liability of any kind to any Person other than any member of the Group except, in the case of any monetary liability not constituting Debt, in the
ordinary course pursuant to its day to day business activities.



|21.26 | Limitation on Indebtedness
|----- | --------------------------



| | (a) | CEMEX Parent shall not, and shall not permit any of its Subsidiaries to, Incur any Debt (including Acquired Debt), provided that, CEMEX Parent or any Subsidiary may Incur Debt if on
the date of such Incurrence and after giving effect thereto on a pro forma basis (as if such Debt had been Incurred on the first day of the Relevant Period):
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Consolidated Leverage Ratio is less than 3.5 to 1.0; and
| | --- | ------------------------------------------------------------



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| | (ii) | no Event of Default has occurred and is continuing or would result from the Incurrence of such Debt.
| | ---- | ----------------------------------------------------------------------------------------------------

Notwithstanding the foregoing, CEMEX Parent and its Subsidiaries may Incur Permitted Debt.



| | (b) | Upon each Incurrence of Debt, CEMEX Parent or Subsidiary, as the case may be, may designate (and later re-designate) in its sole discretion pursuant to which category of Permitted
Debt any Debt is being Incurred and may subdivide an amount of Debt and designate (and later redesignate) more than one such category pursuant to which such amount of Debt is being Incurred and such Permitted Debt shall not be deemed to have been
Incurred or outstanding under any other category of Permitted Debt. For the avoidance of doubt, the inability of CEMEX Parent or its Subsidiary to Incur Debt under one category shall not limit the ability of CEMEX Parent or its Subsidiary to Incur
Debt under another category.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Accrual of interest shall not be deemed to be an Incurrence of Debt for purposes of this Clause 21.26. Notwithstanding any other provision of this Clause 21.26, the maximum amount
of Debt that CEMEX Parent and its Subsidiaries may Incur pursuant to this Clause 21.26 shall not be deemed to be exceeded, with respect to any outstanding Debt, solely as a result of fluctuations in the exchange rate of currencies. The principal
amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Debt is
denominated that is in effect on the date of such refinancing.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar equivalent principal amount of Debt denominated in a
foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|22. | EVENTS OF DEFAULT
|--- | -----------------



|22.1 | Events of Default
|---- | -----------------

If any of the following
specified events (each an Event of Default) shall occur:



| | (a) | any principal of any Loan is not paid when due in accordance with the terms hereof; or
| | --- | --------------------------------------------------------------------------------------



| | (b) | any interest on any Loan, any fee or other amount payable hereunder or under any other Finance Document, is not paid within three Business Days after any such interest or other
amount becomes due and payable in accordance with the terms hereof; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any representation or warranty made or deemed made by any Obligor herein or in any other Finance Document or that is contained in any certificate, document or
financial or other statement furnished at any time under or in connection with
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | this Agreement or any other Finance Document shall prove to have been incorrect in any material respect on or as of the date made or deemed to be made and,
if remediable, such failure shall remain unremedied for thirty days after the earlier of the date on which (i) written notice thereof shall have been given to the Borrower by the Agent and (ii) a director of any Obligor becomes aware of
such incorrectness; or
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any Obligor shall fail to perform or observe any term, covenant or agreement contained in Clause 20.1 (Financial Statements), paragraph (a) of Clause 20.5
(Notification of default), Clause 21.4 (Conduct of business and preservation of corporate existence) (with respect to the Borrowers or any Guarantors existence only), Clause 21.5 (Inspection of Property), Clause 21.9
(Pari passu ranking) or Clauses 21.13 (Financial condition covenants) to Clause 21.25 (Incurrence of debt by trademark companies) of this Agreement; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | any Obligor shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Finance Document (other than as provided in paragraphs
(a) to (d) of this Clause 22.1), and such default shall continue unremedied for a period of 30 days after the earlier of the date on which (i) written notice shall have been given to the Borrower by the Agent at the request of any
Lender and (ii) a director of any Obligor becomes aware of such failure; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the occurrence of a default or event of default under any indenture, agreement or instrument relating to any Material Debt of any CEMEX Parent or any of its Subsidiaries and (unless
any principal amount of such Material Debt is otherwise due and payable) such default or event of default results in the acceleration of the maturity of any principal amount of such Material Debt prior to the date on which it would otherwise become
due and payable; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | the Borrower, any Guarantor or any Material Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganisation, concurso mercantil or other relief
with respect to itself or its debts under any bankruptcy, insolvency, reorganisation or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorise any of the foregoing or the equivalent thereof under Mexican law (including the Ley de Concursos Mercantiles)
or under Dutch law; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | an involuntary case or other proceeding shall be commenced against the Borrower, any Guarantor or any Material Subsidiary seeking liquidation, reorganisation or
other relief with respect to it or its debts under any bankruptcy, insolvency, concurso mercantil or other similar law now or hereafter in effect (including but not limited to the Ley de Concursos
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 71 -



---

| | Mercantiles) or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 consecutive days; or an order for relief shall be entered against the Borrower, any Guarantor or any Material Subsidiaries under any
bankruptcy, insolvency suspensión de pagos or other similar law as now or hereafter in effect; or
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a final judgment or judgments or order or orders not subject to further appeal for the payment of money in an aggregate amount in excess of U.S.$50,000,000 shall be rendered against
the Borrower, CEMEX Parent and/or one or more of the Subsidiaries of CEMEX Parent that are neither discharged nor bonded in full within 30 days thereafter; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | the obligations of the Borrower under this Agreement or of any Obligor under this Agreement shall fail to rank at least pari passu with all other senior unsecured Debt of the
Borrower or such Obligor, as the case may be; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | the Borrower shall contest the validity or enforceability of any Finance Document or shall deny generally the liability of the Borrower under any Finance Documents or any Guarantor
shall contest the validity of or the enforceability of their guarantee hereunder or any obligation of any Guarantor under Clause 18 (Guarantee and Indemnity) hereof shall not be (or is claimed by either Guarantor not to be) in full force and
effect;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | any governmental or other consent, license, approval, permit or authorisation which is now or may in the future be necessary or appropriate under any applicable Requirement of Law
for the execution, delivery, or performance by the Borrower or any Guarantor of any Finance Document to which it is a party or to make such Finance Document legal, valid, enforceable and admissible in evidence shall not be obtained or shall be
withdrawn, revoked or modified or shall cease to be in full force and effect or shall be modified in any manner that would have an adverse effect on the rights or remedies of the Agent or the Lenders; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | any Governmental Authority shall condemn, nationalise, seize or otherwise expropriate all or any substantial portion of the property of, or capital stock issued or owned by, the
Borrower or any Guarantor or take any action that would prevent the Borrower or any Guarantor from performing its obligations under this Agreement or the other Finance Documents; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | a moratorium shall be agreed or declared in respect of any Debt of the Borrower or any Guarantor or any restriction or requirement not in effect on the date hereof shall be imposed,
whether by legislative enactment, decree, regulation, order or otherwise, which limits the availability or the transfer of foreign exchange by the Borrower or any Guarantor for the purpose of performing any material obligation under any Agreement or
any other Finance Document; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (o) | the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Securities Exchange Act of 1934, as amended) of 20% or more in voting power of the
outstanding voting stock of the Borrower or any other Guarantor is acquired by any Person; provided that the acquisition of beneficial ownership of capital stock of CEMEX Parent or any other Guarantor by Lorenzo H. Zambrano or any member of his
immediate family shall not constitute an Event of Default,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

then, and in any such event:



| | (i) | if such event is an Event of Default specified in paragraphs (h) or (i) above with respect to any Obligor, automatically the Commitments shall immediately terminate and
the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Finance Documents shall immediately become due and payable; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if such event is any other Event of Default, either of the following actions may be taken:
| | ---- | ------------------------------------------------------------------------------------------



| | (A) | with the consent of the Majority Lenders, the Agent may, or upon the request of the Majority Lenders, the Agent shall, by notice to the Borrower declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | with the consent of the Majority Lenders, the Agent may, or upon the request of the Majority Lenders, the Agent shall, by notice to the Borrower, declare the Loans (with accrued
interest thereon) and all other amounts owing under this Agreement and the other Finance Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Except as expressly provided above in this Clause, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the
Borrower.



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SECTION 9

CHANGES TO PARTIES



|23. | CHANGES TO THE LENDERS
|--- | ----------------------



|23.1 | Assignments and transfers by the Lenders
|---- | ----------------------------------------

Subject
to this Clause 23, a Lender (the Existing Lender) may:



| | (a) | assign any of its rights and benefits in respect of any Utilisation; or
| | --- | -----------------------------------------------------------------------



| | (b) | transfer by novation any of its rights, benefits and obligations in respect of any Commitment or Utilisation,
| | --- | -------------------------------------------------------------------------------------------------------------

to another bank or financial institution or to a securitisation trust or fund or (subject to paragraph (a) of Clause 23.2 (Conditions of
assignment or transfer)) other entity (the New Lender).



|23.2 | Conditions of assignment or transfer
|---- | ------------------------------------



| | (a) | The Borrower must be given prior notification of any assignment or transfer becoming effective under Clause 23.1 (Assignments and transfers by the Lenders) and the consent of
the Borrower is required for an assignment or transfer to an entity which is not a bank or financial institution or a securitisation trust or fund.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after
the Existing Lender has requested it unless consent is expressly refused by the Borrower within that time.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | An assignment will only be effective on:
| | --- | ----------------------------------------



| | (i) | receipt by the Agent of written confirmation from the New Lender that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it
was an Original Lender; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the satisfaction of the Agent with the results of all know your client or other checks relating to the identity of any person that it is required by law to carry out in
relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for transfer) is complied with.
| | --- | --------------------------------------------------------------------------------------------------------------------



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| | (e) | An assignment or transfer will be effective upon surrender for registration of assignment or transfer, by way of an endorsement (endoso) and delivery of the Notes held by the
Existing Lender evidencing such Loan accompanied by a duly executed Transfer Certificate, and thereupon one or more new Notes shall be issued to the New Lender.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | If:
| | --- | ---



| | (i) | a Lender assigns or transfers any of its rights, benefits or obligations under the Finance Documents or changes its Facility Office; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through
its new Facility Office under Clause 13 (Tax gross-up and indemnities) or Clause 14 (Increased costs),
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

then
the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the
assignment, transfer or change had not occurred.



| | (g) | The minimum amount transferred to a New Lender (including any transfer in respect of an enforcement of any Security granted by a Lender pursuant to Clause 23.9 (Security over
Lenders Rights)) shall be at least EUR 50,000 (or equivalent in other currencies) or, if it is less, the New Lender shall confirm in writing to the Borrower that it, the New Lender, is a professional market party within the meaning of the
FMSA.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Nothing herein shall prohibit any Lender from pledging or assigning any Note to any Federal Reserve Bank of the United States in accordance with applicable law and without
compliance with the foregoing provisions of this Clause 23.2 provided however, that such pledge or assignment shall not release such Lender from its obligations hereunder.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|23.3 | Assignment or transfer fee
|---- | --------------------------

The New Lender shall,
on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $2,000, except no such fee shall be payable in connection with an assignment or transfer to a New Lender upon primary syndication of the
Facilities.



|23.4 | Limitation of responsibility of Existing Lenders
|---- | ------------------------------------------------



| | (a) | Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (ii) | the financial condition of any Obligor;
| | ---- | ---------------------------------------



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| | (iii) | the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or
| | ----- | -----------------------------------------------------------------------------------------------------------------------



| | (iv) | the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------

and any representations or warranties implied by law or regulation are excluded.



| | (b) | Each New Lender confirms to the Existing Lender, and the other Finance Parties that it:
| | --- | ---------------------------------------------------------------------------------------



| | (i) | has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Nothing in any Finance Document obliges an Existing Lender to:
| | --- | --------------------------------------------------------------



| | (i) | accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 23; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (ii) | support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|23.5 | Procedure for transfer
|---- | ----------------------



| | (a) | Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below when the Agent
executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its
face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and send a copy to the Borrower.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | On the Transfer Date:
| | --- | ---------------------



| | (i) | to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the
Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and
Obligations);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (ii) | each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Agent, the Arranger, the New Lender and the other Lenders, shall acquire the same rights and assume the same obligations between themselves as they would have acquired and
assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger and the Existing Lender shall each be released from further
obligations to each other under the Finance Documents; and
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the New Lender shall become a Party as a Lender.
| | ---- | --------------------------------------------------



|23.6 | Copy of Transfer Certificate to Borrower
|---- | ----------------------------------------

The Agent
shall, as soon as reasonably practicable after it has received a Transfer Certificate, send to the Borrower a copy of that Transfer Certificate.



|23.7 | Disclosure of information
|---- | -------------------------

Any Lender may disclose
to any of its Affiliates and any other person:



| | (a) | to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance Documents;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, the Finance Documents; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation,
| | --- | -------------------------------------------------------------------------------------------------------------

any information about any Obligor, the Group and the Finance Documents as that Lender shall consider appropriate provided that the person to whom
the information is to be given has entered into a Confidentiality Undertaking.



|23.8 | Interest
|---- | --------

All interest accrued in the Interest
Period in which a transfer is effective shall be paid to the Existing Lender.



|23.9 | Security over Lenders rights
|---- | -----------------------------

In addition to
the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:



| | (a) | any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and
| | --- | --------------------------------------------------------------------------------------------------------



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| | (b) | in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or
securities issued, by that Lender as security for those obligations or securities,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

except that no such charge, assignment or
other Security shall:



| | (i) | release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party
to any of the Finance Documents; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance
Documents.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|24. | CHANGES TO THE OBLIGORS
|--- | -----------------------



|24.1 | Assignments and transfers by Obligors
|---- | -------------------------------------

No Obligor
may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.



|24.2 | Additional Guarantors
|---- | ---------------------



| | (a) | Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 20.6 (Know your client checks), the Borrower may request that any of
its wholly owned Subsidiaries become an Additional Guarantor.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Borrower shall procure that in respect of (i) each of its Subsidiaries to whom a sale, lease, transfer or other disposal is made by an Obligor in accordance with the terms
of this Agreement; (ii) each of its Subsidiaries which is or which is deemed to be a Material Subsidiary in accordance with the terms of this Agreement, such Subsidiary or the Holding Company of such Material Subsidiary (at the election of the
Borrower) or such person respectively become an Additional Guarantor (unless such Subsidiary or such Material Subsidiary (in the case of (i) and (ii) respectively) is already a Guarantor) by:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | the Borrower delivering to the Agent a duly completed and executed Accession Letter; and
| | --- | ----------------------------------------------------------------------------------------



| | (B) | the Agent receiving from the Borrower all of the documents and other evidence referred to in Part II of Schedule 2 (Conditions Precedent required to be delivered by an Additional
Guarantor) in relation to that Additional Guarantor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Agent shall notify the Guarantors and the Lenders promptly upon being satisfied that it has received all the documents and other evidence listed in Part II of Schedule 2
(Conditions Precedent required to be delivered by an Additional Guarantor).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | For the purposes of this Clause 24.2 only, a Holding Company means, in relation to a Material Subsidiary, any company or corporation in respect of which it is a
Subsidiary and which is not in turn a Subsidiary of a Holding Company (as defined in Clause 1.1 (Definitions)).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|24.3 | Resignation of Guarantor
|---- | ------------------------

A Guarantor (a
Resigning Guarantor) will cease to be a Guarantor if:



| | (a) | it makes a sale, lease, transfer or other disposal of all or substantially all (but not a part only) of its assets to another member of the Group which is or becomes a Guarantor in
accordance with paragraph (a) (i) of Clause 24.2 (Additional Guarantors); or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | its Holding Company becomes a Guarantor,
| | --- | ----------------------------------------

provided
that:



| | (i) | such Resigning Guarantor also, if applicable, ceases concurrently to be a guarantor in respect of any other indebtedness of the Group or of any member of the Group;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | such Resigning Guarantor notifies the Agent of any sale, lease, transfer or other disposal in accordance with paragraph (a) of this Clause 24.3; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Borrower may not resign as a Guarantor without the consent of all Lenders.
| | ----- | ------------------------------------------------------------------------------



|24.4 | Repetition of Representations
|---- | -----------------------------

Delivery of an
Accession Letter constitutes confirmation by the relevant Affiliate that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.



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SECTION 10

THE FINANCE PARTIES



|25. | ROLE OF THE AGENT AND THE ARRANGER
|--- | ----------------------------------



|25.1 | Appointment of the Agent
|---- | ------------------------



| | (a) | Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each of the Arranger and the Lenders, authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with
the Finance Documents together with any other incidental rights, powers, authorities and discretions.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.2 | Duties of the Agent
|---- | -------------------



| | (a) | The Agent shall promptly forward to a Party the original or a copy of any document (including, but not limited to, the Borrowers annual financial statements) which is
delivered to the Agent for that Party by any other Party.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the
other Finance Parties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If the Agent is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly
notify the other Finance Parties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Agents duties under the Finance Documents are solely mechanical and administrative in nature.
| | --- | --------------------------------------------------------------------------------------------------



|25.3 | Role of the Arranger
|---- | --------------------

Except as specifically
provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.



|25.4 | No fiduciary duties
|---- | -------------------



| | (a) | Nothing in this Agreement constitutes the Agent and/or the Arranger, as a trustee or fiduciary of any other person.
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (b) | Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



|25.5 | Business with the Group
|---- | -----------------------

The Agent and the Arranger
may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.



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---

|25.6 | Rights and discretions of the Agent
|---- | -----------------------------------



| | (a) | The Agent may rely on:
| | --- | ----------------------



| | (i) | any representation, notice or document (including, for the avoidance of doubt, any representation, notice or document communicating the consent of the Majority Lenders pursuant to
Clause 34.1 (Required consents)) believed by it to be genuine, correct and appropriately authorised; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power
to verify.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (i) | no Default has occurred (unless it has actual knowledge of a Default arising under paragraphs (a) or (b) of Clause 22 (Events of Default));
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (iii) | any notice or request made by the Borrower (other than a Utilisation Request or Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (d) | The Agent may act in relation to the Finance Documents through its personnel and agents.
| | --- | ----------------------------------------------------------------------------------------



| | (e) | The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (f) | Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its
reasonable opinion constitute a breach of any law and regulation or a breach of a fiduciary duty or duty of confidentiality.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.7 | Majority Lenders instructions
|---- | ------------------------------



| | (a) | Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any
instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts
(or refrains from taking any action) in accordance with an instruction of the Majority Lenders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (c) | The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require
for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to be in the best
interest of the Lenders.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lenders consent) in any legal or arbitration proceedings relating to any Finance
Document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.8 | Responsibility for documentation
|---- | --------------------------------

Neither the Agent
nor the Arranger:



| | (a) | is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person given
in or in connection with any Finance Document or the Information Memorandum; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or
executed in anticipation of or in connection with any Finance Document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.9 | Exclusion of liability
|---- | ----------------------



| | (a) | Without limiting paragraph (b) below, neither the Agent nor the Arranger will be liable for any action taken by it under or in connection with any Finance Document, unless
directly caused by its gross negligence or wilful misconduct or wilful breach of any Finance Document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 25 subject to Clause 1.4 (Third Party
Rights) and the provisions of the Third Parties Act.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the
Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Nothing in this Agreement shall oblige the Agent or the Arranger to carry out any checks pursuant to any laws or regulations relating to money laundering in relation to any person
on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or
the Arranger.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|25.10 | Lenders indemnity to the Agent
|----- | -------------------------------

Each Lender
shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand,
against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agents gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor
pursuant to a Finance Document).



|25.11 | Resignation of the Agent
|----- | ------------------------



| | (a) | The Agent may resign and appoint one of its Affiliates acting through an office in the European Union as successor by giving notice to the other Finance Parties and the Borrower.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may
appoint a successor Agent.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after
consultation with the Borrower) may appoint a successor Agent (acting through an office in the European Union).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request
for the purposes of performing its functions as Agent under the Finance Documents.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Agents resignation notice shall only take effect upon the appointment of a successor.
| | --- | ------------------------------------------------------------------------------------------



| | (f) | Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit
of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent
shall resign in accordance with paragraph (b) above.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.12 | Confidentiality
|----- | ---------------



| | (a) | In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its
divisions or departments.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have
notice of it.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent and the Arranger are obliged to disclose to any other person (i) any confidential
information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.13 | Relationship with the Lenders
|----- | -----------------------------



| | (a) | The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five Business Days
prior notice from that Lender to the contrary in accordance with the terms of this Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Lender shall supply the Agent with any information required by the Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost
Formulae).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|25.14 | Credit appraisal by the Finance Parties
|----- | ---------------------------------------

Without
affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Finance Party confirms to the Agent that it has been, and will continue to be, solely responsible for making
its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:



| | (a) | the financial condition, status and nature of each member of the Group;
| | --- | -----------------------------------------------------------------------



| | (b) | the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the adequacy, accuracy and/or completeness of the Information Memorandum and any other information provided by the Agent, any Party or by any other person under or in connection
with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|25.15 | Reference Banks
|----- | ---------------

If a Reference Bank (or, if a
Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrower) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.



|25.16 | Agents Management Time
|----- | -----------------------

Any amount payable to
the Agent under Clause 15.3 (Indemnity to the Agent) and Clause 25.10 (Lenders indemnity to the Agent) shall include the cost of utilising the Agents management time or other resources and will be calculated on the basis of
such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 12 (Fees).



|25.17 | Deduction from amounts payable by the Agent
|----- | -------------------------------------------

If any
Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.



|26. | CONDUCT OF BUSINESS BY THE FINANCE PARTIES
|--- | ------------------------------------------

No
provision of this Agreement will:



| | (a) | interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (b) | oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



|27. | SHARING AMONG THE FINANCE PARTIES
|--- | ---------------------------------



|27.1 | Payments to Finance Parties
|---- | ---------------------------

If a Finance Party (a
Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with Clause 28 (Payment mechanics) (whether by way of set-off or otherwise) and applies that amount to a payment due under
the Finance Documents then:



| | (a) | the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or
made by the Agent and distributed in accordance with Clause 28 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (c) | the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the Sharing Payment) equal to such receipt or
recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.5 (Partial payments).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|27.2 | Redistribution of payments
|---- | --------------------------

The Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 28.5 (Partial payments).



|27.3 | Recovering Finance Partys rights
|---- | ---------------------------------



| | (a) | On a distribution by the Agent under Clause 27.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have
shared in the redistribution.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering
Finance Party for a debt equal to the Sharing Payment which is immediately due and payable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|27.4 | Reversal of redistribution
|---- | --------------------------

If any part of the
Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:



| | (a) | each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of the Agent, pay to
the Agent for account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest
on the Sharing Payment which that Recovering Finance Party is required to pay); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | that Recovering Finance Partys rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance
Party for the amount so reimbursed.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|27.5 | Exceptions
|---- | ----------



| | (a) | This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause 27, have a valid and enforceable claim
against the relevant Obligor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal
or arbitration proceedings, if:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | it notified that other Finance Party of the legal or arbitration proceedings; and
| | --- | ---------------------------------------------------------------------------------



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| | (ii) | that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and
did not take separate legal or arbitration proceedings.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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SECTION 11

ADMINISTRATION



|28. | PAYMENT MECHANICS
|--- | -----------------



|28.1 | Payments to the Agent
|---- | ---------------------



| | (a) | On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a
contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Payments by Obligors or Lenders shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial
centre in a Participating Member State or London) with such bank as the Agent specifies.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|28.2 | Distributions by the Agent
|---- | --------------------------

Each payment received
by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an Obligor), Clause 28.4 (Clawback) and Clause 25.17 (Deduction from amounts payable by the Agent) be made available by
the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not
less than five Business Days notice with a bank in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in a Participating Member State or London).



|28.3 | Distributions to an Obligor
|---- | ---------------------------

The Agent may (with
the consent of the Obligor or in accordance with Clause 29 (Set-off) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the
Finance Documents or in or towards purchase of any amount of any currency to be so applied.



|28.4 | Clawback
|---- | --------



| | (a) | Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any
related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds
of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of
funds.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|28.5 | Partial payments
|---- | ----------------



| | (a) | If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment
towards the obligations of that Obligor under the Finance Documents in the following order:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Arranger under the Finance Documents;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (iii) | thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and
| | ----- | -------------------------------------------------------------------------------------------------



| | (iv) | fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.
| | ---- | -----------------------------------------------------------------------------------------------------



| | (b) | The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (c) | Paragraphs (a) and (b) above will override any appropriation made by an Obligor.
| | --- | --------------------------------------------------------------------------------



|28.6 | No set-off by Obligors
|---- | ----------------------

All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.



|28.7 | Business Days
|---- | -------------



| | (a) | Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|28.8 | Currency of account
|---- | -------------------



| | (a) | Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated on its due
date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (d) | Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency.
| | --- | -------------------------------------------------------------------------------------------------------------------



|28.9 | Change of currency
|---- | ------------------



| | (a) | Unless otherwise prohibited by law or regulation, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful
currency of that country, then:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the
currency or currency unit of that country designated by the Agent (after consultation with the Borrower); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or
currency unit into the other rounded up or down by the Agent (acting reasonably).
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary
be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|29. | SET-OFF
|--- | -------

A Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.



|30. | NOTICES
|--- | -------



|30.1 | Communications in writing
|---- | -------------------------

Any communication to be
made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter or (in accordance with Clause 30.5 (Electronic Communication)) by email.



|30.2 | Addresses
|---- | ---------

The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:



| | (a) | in the case of the Borrower:
| | --- | ----------------------------



|           |  |                      
|---------- |  | ---------------------
|Address:   |  | Amsteldijk 166       
|           |  | 1079LH Amsterdam     
|           |  | The Netherlands      
|           | 
|Fax:       |  | (31) 20 644-4095     
|Attention: |  | Managing Director(s);



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| | (b) | in the case of each Lender, or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in the case of the Agent:
| | --- | -------------------------



|           |  |                              
|---------- |  | -----------------------------
|Address:   |  | 2 Penns Way                 
|           |  | Suite 200                    
|           |  | New Castle, DE 19720         
|           | 
|Fax:       |  | 212-994-0961                 
|Attention: |  | Medium Term Finance / Agency,

or any substitute address or fax number or department or officer as the Party may notify to the
Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days notice.



|30.3 | Delivery
|---- | --------



| | (a) | Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if by way of fax, when received in legible form; or
| | --- | ---------------------------------------------------



| | (ii) | if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address,
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

and, if a particular department or officer is specified as part of its address details provided under Clause 30.2
(Addresses), if addressed to that department or officer.



| | (b) | Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the
attention of the department or officer identified with the Agents signature below (or any substitute department or officer as the Agent shall specify for this purpose).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All notices from or to an Obligor shall be sent through the Agent. The Borrower may make and/or deliver as agent of each Obligor notices and/or requests on behalf of each Obligor.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Any communication or document made or delivered to the Borrower in accordance with this Clause 30.3 will be deemed to have been made or delivered to each of the Obligors.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|30.4 | Notification of address and fax number
|---- | --------------------------------------

Promptly
upon receipt of notification of an address or fax number or change of address or fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties.



|30.5 | Electronic communication
|---- | ------------------------



| | (a) | Any communication to be made between the Agent and a Lender and/or any member of the Group under or in connection with the Finance Documents may be made by electronic mail or other
electronic means, if the Agent and the relevant Lender and/or member of the Group:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | agree that, unless and until notified to the contrary, this is to be an accepted form of communication;
| | --- | -------------------------------------------------------------------------------------------------------



| | (ii) | notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | notify each other of any change to their address or any other such information supplied by them.
| | ----- | ------------------------------------------------------------------------------------------------



| | (b) | Any electronic communication made between the Agent and a Lender and/or any member of the Group will be effective only when actually received in readable form and in the case of any
electronic communication made by a Lender and/or any member of the Group to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|30.6 | English language
|---- | ----------------



| | (a) | Any notice given under or in connection with any Finance Document must be in English.
| | --- | -------------------------------------------------------------------------------------



| | (b) | All other documents provided under or in connection with any Finance Document must be:
| | --- | --------------------------------------------------------------------------------------



| | (i) | in English or Spanish; or
| | --- | -------------------------



| | (ii) | if not in English or Spanish and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|30.7 | Obligor Agent
|---- | -------------



| | (a) | Each Obligor (other than the Borrower) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Borrower to act on
its behalf as its agent in relation to the Finance Documents and irrevocably authorises (i) the Borrower on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and
instructions (including, in the case of a Borrower, Utilisation Requests, Renewal Requests or Selection Notices), to execute on its behalf any documents required hereunder and to make such agreements capable of being
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | given or made by any Obligor notwithstanding that they may affect such Obligor, without further reference to or consent of such Obligor; and (ii) each
Finance Party to give any notice, demand or other communication to such Obligor pursuant to the Finance Documents to the Borrower on its behalf, and in each case such Obligor shall be bound thereby as though such Obligor itself had given such
notices and instructions (including, without limitation, any Utilisation Requests, Renewal Requests or Selection Notices) or executed or made such agreements or received any notice, demand or other communication.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Borrower, or given to the Borrower, in its capacity as agent in accordance
with paragraph (a) of this Clause 30.7, in connection with this Agreement shall be binding for all purposes on such Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of any conflict between any
notices or other communications of the Borrower and any other Obligor, those of the Borrower shall prevail.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|30.8 | Use of Websites
|---- | ---------------



| | (a) | The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the Website Lenders) who accept this method
of communication by posting this information onto an electronic website designated by the Borrower and the Agent (the Designated Website) if:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | both the Borrower and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the information is in a format previously agreed between the Borrower and the Agent.
| | ----- | ------------------------------------------------------------------------------------

If any Lender (a Paper Form Lender) does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and the Borrower shall supply the information to
the Agent in paper form. In any event the Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it.



| | (b) | The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the
Borrower and the Agent.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if:
| | --- | --------------------------------------------------------------------------------------



| | (i) | the Designated Website cannot be accessed due to technical failure;
| | --- | -------------------------------------------------------------------



| | (ii) | the password specifications for the Designated Website change;
| | ---- | --------------------------------------------------------------



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| | (iii) | any new information which is required to be provided under this Agreement is posted onto the Designated Website;
| | ----- | ----------------------------------------------------------------------------------------------------------------



| | (iv) | any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------



| | (v) | the Borrower becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

If the Borrower notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the
Borrower under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.



| | (d) | Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The
Borrower shall comply with any such request within ten Business Days.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|31. | CALCULATIONS AND CERTIFICATES
|--- | -----------------------------



|31.1 | Accounts
|---- | --------

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.



|31.2 | Certificates and Determinations
|---- | -------------------------------

Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.



|31.3 | Day count convention
|---- | --------------------

Any interest, commission or
fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days, or where the interest, commission or fee is to accrue in respect of any amount denominated
in sterling, 365 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.



|31.4 | No personal liability
|---- | ---------------------

If an individual signs a
certificate on behalf of any member of the Group and the certificate proves to be incorrect, the individual will incur no personal liability as a result, unless the individual acted fraudulently in giving the certificate. In this case any liability
of the individual will be determined in accordance with applicable law.



|32. | PARTIAL INVALIDITY
|--- | ------------------

If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law or regulation of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the laws or regulations of any other jurisdiction will in any way be affected or impaired.



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|33. | REMEDIES AND WAIVERS
|--- | --------------------

No failure to exercise, nor
any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law or regulation.



|34. | AMENDMENTS AND WAIVERS
|--- | ----------------------



|34.1 | Required consents
|---- | -----------------



| | (a) | Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any such
amendment or waiver will be binding on all Parties.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.
| | --- | -------------------------------------------------------------------------------------------------------



| | (c) | The Borrower may effect, as agent of each Obligor, any amendment or waiver permitted by this Clause 34.
| | --- | -------------------------------------------------------------------------------------------------------



|34.2 | Exceptions
|---- | ----------



| | (a) | An amendment or waiver that has the effect of changing or which relates to:
| | --- | ---------------------------------------------------------------------------



| | (i) | the definition of Majority Lenders or Optional Currency in Clause 1.1 (Definitions);
| | --- | ----------------------------------------------------------------------------------------



| | (ii) | an extension to the date of payment of any scheduled payment of any amount under the Finance Documents;
| | ---- | -------------------------------------------------------------------------------------------------------



| | (iii) | a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;
| | ----- | -------------------------------------------------------------------------------------------------------------------------



| | (iv) | a change in currency of payment of any amount under the Finance Documents;
| | ---- | --------------------------------------------------------------------------



| | (v) | an increase in or an extension of any Commitment;
| | --- | -------------------------------------------------



| | (vi) | a change to the Borrower or any of the Guarantors other than in accordance with Clause 24 (Changes to the Obligors);
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (vii) | any provision which expressly requires the consent of all the Lenders; or
| | ----- | -------------------------------------------------------------------------



| | (viii) | Clause 2.2 (Finance Parties rights and obligations), Clause 18 (Guarantee and Indemnity), Clause 23 (Changes to the Lenders), Clause 24 (Changes to the
Obligors) or this Clause 34,
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

shall not be made without the prior consent of all the Lenders.



- 95 -



---

| | (b) | An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger, may not be effected without the consent of the Agent or the Arranger at such time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|35. | COUNTERPARTS
|--- | ------------

Each Finance Document 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 the Finance Document.



- 96 -



---

SECTION 12

GOVERNING LAW AND ENFORCEMENT



|36. | GOVERNING LAW
|--- | -------------



|36.1 | This Agreement is governed by English law.
|---- | ------------------------------------------



|36.2 | If the Borrower or any of the Original Guarantors is represented by an attorney or attorneys in connection with the signing and/or execution and/or delivery of this Agreement or any
agreement or document referred to herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws and regulations of a particular jurisdiction, it is hereby expressly acknowledged and
accepted by the other parties hereto that such laws and regulations shall govern the existence and extent of such attorneys or attorneys authority and the effects of the exercise thereof.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|37. | ENFORCEMENT
|--- | -----------



|37.1 | Jurisdiction of English Courts
|---- | ------------------------------



| | (a) | Each of the parties hereto irrevocably submits to the jurisdiction of the courts of England and to the jurisdiction of the courts of its own domicile with respect to any action
initiated against it, to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement) (a Dispute).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Parties agree that such courts are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | To the extent allowed by law or regulation, the Finance Parties may take proceedings related to a Dispute in any other courts with jurisdiction or concurrent proceedings in any
number of jurisdictions.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|37.2 | Service of process
|---- | ------------------

Without prejudice to any other
mode of service allowed under any relevant law or regulation, each Obligor (other than an Obligor incorporated in England and Wales):



| | (a) | shall irrevocably appoint the Process Agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document and
shall procure that the Process Agent confirms its acceptance of that appointment in writing on or before the date of this Agreement; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | agrees that failure by the Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



|38. | WAIVER OF SOVEREIGN IMMUNITY
|--- | ----------------------------

To the extent that
CEMEX Parent or any Obligor has acquired or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, or otherwise)
with respect to itself or its property, CEMEX Parent or the relevant Obligor, as the case may be, hereby irrevocably waives such immunity in respect of its obligations



- 97 -



---

hereunder to the extent permitted by applicable law. Without limiting the generality of the foregoing, CEMEX Parent and each Obligor agrees that the waivers
set forth in this Clause 38 shall have force and effect to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for the purposes of such Act.

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



- 98 -



---

SCHEDULE 1

THE ORIGINAL PARTIES

Part I

The Original Obligors

Part IA



|                                                                                                                                       |  |                                                                                                                                                                                                                                        |  | 
|-------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|Name of Borrower                                                                                                                       |  | Registration number (or equivalent, if any)                                                                                                                                                                                           
|                                                                                                                                       | 
|New Sunward Holding B.V.                                                                                                               |  | 34133556                                                                                                                                                                                                                              
|                                                                                                                                       | 
|Address for delivery of Notices:  Amsteldijk 166, 1079LH Amsterdam, The Netherlands                                                    |  |                                                                                                                                                                                                                                       
|                                                                                                                                       |  |                                                                                                                                                                                                                                       
|Tel:                                                                                                                                   |  | (31) 20 642-2048                                                                                                                                                                                                                       |  | 
|Fax:                                                                                                                                   |  | (31) 20 644-4095                                                                                                                                                                                                                       |  | 
|Attn:                                                                                                                                  |  | Managing Director(s)                                                                                                                                                                                                                   |  | 
|                                                                                                                                      
|Part IB                                                                                                                               
|                                                                                                                                       | 
|Name of Original Guarantors                                                                                                            |  | Registration numbers (or equivalent, if any)                                                                                                                                                                                          
|                                                                                                                                       | 
|CEMEX, S.A.B. de C.V.                                                                                                                  |  | número 21, folios 157 a 186 vuelta, volumen 16, Libro No. 3, Segundo Auxiliar Escrituras de Sociedades Mercantiles, Sección de Comercio, 11 de junio de 1920, Registro
Público de la Propiedad y del Comercio de Monterrey, Nuevo León
|                                                                                                                                       | 
|Address for delivery of Notices:  Ave. Ricardo Margáin Zozaya #325 Col. Valle del Campestre
San Pedro Garza García, N.L. Mexico, 66265 |  |                                                                                                                                                                                                                                       
|                                                                                                                                       |  |                                                                                                                                                                                                                                       
|Tel:                                                                                                                                   |  | (52 81) 8888-4115                                                                                                                                                                                                                      |  | 
|Fax:                                                                                                                                   |  | (52 81) 8888-4415                                                                                                                                                                                                                      |  | 
|Attn:                                                                                                                                  |  | Humberto Francisco Lozano Vargas                                                                                                                                                                                                       |  | 
|                                                                                                                                       | 
|CEMEX México, S.A. de C.V.                                                                                                             |  | número 55, folio 127, volumen 186, Libro No. 3, Segundo Auxiliar Escrituras de Sociedades Mercantiles, Sección de Comercio, 23 de agosto de 1968, Registro Público de la
Propiedad y del Comercio de Monterrey, Nuevo León            



- 99 -



---

|                                                                                                                                       |  |                                                                                                                                                                                                                                  |  | 
|-------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|                                                                                                                                       | 
|Address for delivery of Notices:  Ave. Ricardo Margáin Zozaya #325 Col. Valle del Campestre
San Pedro Garza García, N.L. Mexico, 66265 |  |                                                                                                                                                                                                                                 
|                                                                                                                                       |  |                                                                                                                                                                                                                                 
|Tel:                                                                                                                                   |  | (52 81) 8888-4115                                                                                                                                                                                                                |  | 
|Fax:                                                                                                                                   |  | (52 81) 8888-4415                                                                                                                                                                                                                |  | 
|Attn:                                                                                                                                  |  | Humberto Francisco Lozano Vargas                                                                                                                                                                                                 |  | 
|                                                                                                                                       | 
|Empresas Tolteca de México, S.A. de C.V.                                                                                               |  | Número 1508, folio 241, volumen 321, Libro No. 3, Segundo Auxiliar Escrituras de Sociedades Mercantiles, Sección de Comercio, 22 de septiembre de 1989, Registro Público
de la Propiedad y del Comercio de Monterrey, Nuevo León
|                                                                                                                                       | 
|Address for delivery of Notices:  Ave. Ricardo Margáin Zozaya # 325 Col. Valle del Campestre
San Pedro Garza García, N.L. Mexico 66265 |  |                                                                                                                                                                                                                                 
|                                                                                                                                       |  |                                                                                                                                                                                                                                 
|Tel:                                                                                                                                   |  | (52 81) 8888-4115                                                                                                                                                                                                                |  | 
|Fax:                                                                                                                                   |  | (52 81) 8888-4415                                                                                                                                                                                                                |  | 
|Attn:                                                                                                                                  |  | Humberto Lozano                                                                                                                                                                                                                  |  | 



- 100 -



---

Part II

The Original Lenders

As at the Amendment No. 3 Effective Date



|                                                |  |                        
|----------------------------------------------- |  | -----------------------
|Name of Original Lender                         |  | Facility BCommitmentUS$
|Banco Bilbao Vizcaya Argentaria, S.A.           |  | 34,916,666.67          
|BNP Paribas                                     |  | 31,166,666.67          
|Citibank, N.A. Nassau Bahamas Branch            |  | 34,916,666.67          
|Calyon Sucursal en España                       |  | 24,250,000             
|ING Bank N.V.                                   |  | 24,250,000             
|JPMorgan Chase Bank                             |  | 24,250,000             
|Lloyds TSB Bank plc                             |  | 24,250,000             
|Mizuho Corporate Bank, Ltd                      |  | 24,250,000             
|Santander Overseas Bank Inc.                    |  | 24,250,000             
|The Royal Bank of Scotland plc                  |  | 24,250,000             
|Wachovia Bank, National Association             |  | 24,250,000             
|The Bank of Tokyo-Mitsubishi UFJ, Ltd.          |  | 15,000,000             
|Fortis Bank S.A./N.V.                           |  | 15,000,000             
|Banco de Sabadell, S.A.                         |  | 10,000,000             
|Bank of America, N.A.                           |  | 7,500,000              
|The Governor and Company of the Bank of Ireland |  | 7,500,000              
|                                                |  |                        
|TOTALS (US$)                                    |  | 350,000,000            
|                                                |  |                        



- 101 -



---

SCHEDULE 2

CONDITIONS PRECEDENT

Part I

Conditions Precedent to initial Utilisation



|1. | Obligors
|-- | --------



| | (a) | A copy of the current constitutional documents of each Obligor including copies certified by one director of the relevant company below of:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the akte van oprichtingand statutenof the Borrower and a copy of the extract from the trade register of Chamber of Commerce of Amsterdam;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the estatutos socialesin effect on the First Utilisation Date of each Guarantor; and
| | ---- | ------------------------------------------------------------------------------------



| | (iii) | the power-of-attorney of each Person executing any Finance Document on behalf of any Obligor, together with specimen signatures of such Person.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A power of attorney granting a specific individual or individuals sufficient power to sign the Finance Documents on behalf of each Original Obligor and in relation to the Borrower
and CEMEX Parent, a copy of a resolution of the board of directors of the Borrower and CEMEX Parent:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a
party;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (iii) | authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A specimen of the signature of each person authorised by the resolution or power of attorney referred to in paragraph (b) above in relation to the Finance Documents.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A certificate of each of the Obligors (signed by an Authorised Signatory) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any
borrowing, guarantee, security or similar limit binding on any Obligor to be exceeded.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | A certificate of an Authorised Signatory of the relevant Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in
full force and effect as at a date no earlier than the date of this Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 102 -



---

|2. | Legal opinions
|-- | --------------



| | (a) | A legal opinion from Clifford Chance LLP, legal advisers to the Arranger and the Agent in England, as to English law substantially in the form distributed to the Original Lenders
prior to signing this Agreement satisfactory to the Lenders.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | An opinion with respect to the laws and regulations of The Netherlands from Warendorf, substantially in the form distributed to the Original Lenders prior to signing this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | An opinion with respect to the laws and regulations of Mexico from Ritch, Heather & Mueller, S.C., substantially in the form distributed to the Original Lenders prior to
signing this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | An opinion from in-house counsel of the Borrower, substantially in the form distributed to the Original Lenders prior to signing the Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



|3. | Other documents and evidence
|-- | ----------------------------



| | (a) | A copy of this Agreement, duly executed and delivered by each Party.
| | --- | --------------------------------------------------------------------



| | (b) | A copy of the Notes evidencing the Loans to be made on the First Utilisation Date, executed and delivered by the Borrower and each Guarantor, in favour of each Lender.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | True and current copies of:
| | --- | ---------------------------



| | (i) | audited consolidated financial statements of each of CEMEX Parent and its Subsidiaries and CEMEX Spain and its Subsidiaries for the 2004 fiscal year;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | audited unconsolidated financial statements of the Borrower and each Guarantor other than CEMEX Parent for the 2004 fiscal year; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | unaudited unconsolidated interim financial statements of the Borrower and each Guarantor other than CEMEX Parent for the quarter ended 31 March 2005.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A notice of prepayment and cancellation relating to all loans outstanding, and facilities available, under the Existing NSH Agreement, specifying the First Utilisation Date as the
date on which such prepayment and cancellation is to take effect.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Evidence that CEMEX UK Limited has accepted its appointment as the Obligors process agent to receive service of process in relation to any proceedings before the English
Courts in connection with any Finance Document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 103 -



---

Part II

Conditions Precedent required to be delivered by an Additional Guarantor



|1. | Obligors
|-- | --------



| | (a) | An Accession Letter, duly executed by the Additional Guarantor and the Borrower.
| | --- | --------------------------------------------------------------------------------



| | (b) | A copy of the constitutional documents of the Additional Guarantor.
| | --- | -------------------------------------------------------------------



| | (c) | A copy of a resolution of the board of directors of the Additional Guarantor:
| | --- | -----------------------------------------------------------------------------



| | (i) | approving the terms of, and the transactions contemplated by, the Accession Letter and this Agreement and resolving that it execute the Accession Letter;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | authorising a specified person or persons to execute the Accession Letter on its behalf; and
| | ---- | --------------------------------------------------------------------------------------------



| | (iii) | authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with this Agreement.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above.
| | --- | -----------------------------------------------------------------------------------------------------------



| | (e) | Should the legal advisers of the Lenders consider it advisable, a copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the
terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | A certificate of the Additional Guarantor (signed by an Authorised Signatory) confirming that guaranteeing the Total Commitments would not cause any guaranteeing or similar limit
binding on it to be exceeded.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | A certificate of an Authorised Signatory of the Additional Guarantor certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force
and effect as at a date no earlier than the date of the Accession Letter.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | Legal opinions
|-- | --------------



| | (a) | A legal opinion of the legal advisers to the Additional Guarantor in form and substance reasonably satisfactory to the legal advisers of the Lenders.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A legal opinion of Clifford Chance, or other firm that can opine for the Additional Guarantor if not Clifford Chance, legal advisers to the Lenders.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



- 104 -



---

|3. | Other documents and evidence
|-- | ----------------------------



| | (a) | Evidence that any process agent referred to in Clause 37.2 (Service of process) has accepted its appointment.
| | --- | -------------------------------------------------------------------------------------------------------------



| | (b) | A copy of any other Authorisation or other document, opinion or assurance which the Agent considers (after having taken appropriate legal advice) to be necessary or desirable (if it
has notified the Additional Guarantor and the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Original Financial Statements of the Additional Guarantor.
| | --- | --------------------------------------------------------------



- 105 -



---

SCHEDULE 3

REQUESTS

Part I

Utilisation Request



|       |  |           
|------ |  | ----------
|From:  |  | [Borrower]
|       | 
|To:    |  | [Agent]   
|       | 
|Dated: |  |           

Dear Sirs

CEMEX - $700,000,000 Term and Revolving Facilities Agreement

dated
                     2005 (the Agreement)



|1. | We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this
Utilisation Request.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | We wish to borrow a Loan on the following terms:
|-- | ------------------------------------------------



|                           |  |                                                                  
|-------------------------- |  | -----------------------------------------------------------------
|Proposed Utilisation Date: |  | [    ] (or, if that is not a Business Day, the next Business Day)
|                           | 
|Facility to be utilised:   |  | [Facility A]/[Facility B]*                                       
|                           | 
|Currency of Loan:          |  | [    ]                                                           
|                           | 
|Amount:                    |  | [    ] or, if less, the Available Facility                       
|                           | 
|Interest Period:           |  | [    ]                                                           



|3. | We confirm that, to the extent applicable, each condition specified in Clause 4.2 (Further conditions precedent) is satisfied or waived on the date of this Utilisation
Request.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | The proceeds of this Loan should be credited to [account].
|-- | ----------------------------------------------------------



|5. | This Utilisation Request is irrevocable.
|-- | ----------------------------------------



|6. | Terms used in this Utilisation Request which are not defined in this Utilisation Request but are defined in the Agreement shall have the meaning given to those terms in the
Agreement.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  |  |                            |  |  |  | 
| |  |  |  | -------------------------- |  |  |  | 
| |  |  |  | Yours faithfully           |  |  |  | 
| |  |  |  |                           
| |  |  |  |                            |  |  |  | 
| |  |  |  | authorised signatory for   |  |  |  | 
| |  |  |  | [New Sunward Holding B.V.] |  |  |  | 

NOTES:



|* | delete as appropriate
|- | ---------------------



- 106 -



---

Part II

Selection Notice



|       |  |           
|------ |  | ----------
|From:  |  | [Borrower]
|       | 
|To:    |  | [Agent]   
|       | 
|Dated: |  |           

Dear Sirs

CEMEX - $700,000,000 Term and Revolving Facilities Agreement

dated
                     2005 (the Agreement)



|1. | We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this
Selection Notice.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | We refer to the Facility A Loan with an Interest Period ending on [        ].
|-- | -----------------------------------------------------------------------------



|3. | [We request that the above Facility A Loan be divided into [] term loans with the following Interest Periods:]
|-- | ---------------------------------------------------------------------------------------------------------------

or

[We request that the next Interest
Period for the Facility A Loan is [        ].]



|4. | This Selection Notice is irrevocable.
|-- | -------------------------------------



|5. | Terms used in this Selection Notice which are not defined in this Selection Notice but are defined in the Agreement shall have the meaning given to those terms in the Agreement.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  |  |                            |  |  |  | 
| |  |  |  | -------------------------- |  |  |  | 
| |  |  |  | Yours faithfully           |  |  |  | 
| |  |  |  |                           
| |  |  |  |                            |  |  |  | 
| |  |  |  | authorised signatory for   |  |  |  | 
| |  |  |  | [New Sunward Holding B.V.] |  |  |  | 



- 107 -



---

SCHEDULE 4

MANDATORY COST FORMULAE



|1. | The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial
Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the Additional Cost Rate)
for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders Additional Cost Rates (weighted in proportion to the percentage participation of each
Lender in the relevant Loan) and will be expressed as a percentage rate per annum.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage
will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lenders participation in all Loans made from that Facility Office) of complying with the minimum
reserve requirements of the European Central Bank in respect of loans made from that Facility Office.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (a) | in relation to a sterling Loan:
| | --- | -------------------------------



|                   |  |                      |  | 
|------------------ |  | -------------------- |  | 
|AB+C(B-D)+E x 0.01 |  | per cent. per annum. |  | 
|100-(A+C)          |  |                      |  | 



| | (b) | in relation to a Loan in any currency other than sterling:
| | --- | ----------------------------------------------------------



|         |  |                      |  | 
|-------- |  | -------------------- |  | 
|E x 0.01 |  | per cent. per annum. |  | 
|300      |  |                      |  | 

Where:



| | A | is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | B | is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in paragraph (a) of
Clause 9.3 (Default interest)) payable for the relevant Interest Period on the Loan.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 108 -



---

| | C | is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | D | is the percentage rate per annum payable by the Bank of England to the Agent on interest bearing Special Deposits.
| | - | ------------------------------------------------------------------------------------------------------------------



| | E | is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the
Reference Banks to the Agent pursuant to paragraph 6 below and expressed in pounds per £1,000,000.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | For the purposes of this Schedule:
|-- | ----------------------------------



| | (a) | Eligible Liabilities and Special Deposits have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998
or (as may be appropriate) by the Bank of England;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Fees Rules means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Fee Tariffs means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Tariff Base has the meaning given to it in, and will be calculated in accordance with, the Fees Rules.
| | --- | --------------------------------------------------------------------------------------------------------



|6. | In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7. | If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable
by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee
Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8. | Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall
supply the following information on or prior to the date on which it becomes a Lender:
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the jurisdiction of its Facility Office; and
| | --- | --------------------------------------------



| | (b) | any other information that the Agent may reasonably require for such purpose.
| | --- | -----------------------------------------------------------------------------



- 109 -



---

Each Lender shall promptly notify the Agent of any change to the information provided by it pursuant to
this paragraph.



|9. | The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon
the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Agent to the contrary, each Lenders obligations in relation to cash ratio deposits and Special Deposits are the same
as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10. | The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume
that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11. | The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the
information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12. | Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the
absence of manifest error, be conclusive and binding on all Parties.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13. | The Agent may from time to time, after consultation with the Borrower and the Lenders, determine and notify to all Parties any amendments which are required by such Lender to be
made to this Schedule in order to comply with any change in law or regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority
which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 110 -



---

SCHEDULE 5

FORM OF TRANSFER CERTIFICATE



|      |  |                                                                                      
|----- |  | -------------------------------------------------------------------------------------
|To:   |  | [Agent]                                                                              
|      | 
|From: |  | [The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)

Dated:

CEMEX - $700,000,000 Term and Revolving Facilities Agreement

dated
                     2005 (the Agreement)



|1. | We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this
Transfer Certificate.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | We refer to Clause 23.5 (Procedure for transfer):
|-- | -------------------------------------------------



| | (a) | The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lenders Commitment, rights and
obligations referred to in the schedule to this certificate in accordance with Clause 23.5 (Procedure for transfer).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The proposed Transfer Date is [        ].
| | --- | -----------------------------------------



| | (c) | The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the schedule to
this certificate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | The New Lender expressly acknowledges the limitations on the Existing Lenders obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of
Existing Lenders).
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | This Transfer Certificate 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 Transfer
Certificate.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | We confirm that we have carried out and are satisfied with the results of all compliance checks we consider necessary in relation to our participation in the Facilities.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6. | This Transfer Certificate is governed by English law.
|-- | -----------------------------------------------------



- 111 -



---

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, email, fax number and attention details for notices and account details

for payments,]



|                  |  |             
|----------------- |  | ------------
|[Existing Lender] |  | [New Lender]
|                  | 
|By:               |  | By:         

This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [].

[Agent]



- 112 -



---

SCHEDULE 6

FORM OF COMPLIANCE CERTIFICATE



|       |  |           
|------ |  | ----------
|To:    |  | [Agent]   
|       | 
|From:  |  | [Borrower]
|       | 
|Dated: |  |           

Dear Sirs

CEMEX - $700,000,000 Term and Revolving Facilities Agreement

dated
                     2005 (the Agreement)



|1. | We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different
meaning in this Compliance Certificate.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | We confirm that:
|-- | ----------------



| | (a) | Pursuant to Clause 21.13 (Financial condition covenants) the financial condition of the Group as of [    ] evidenced by the consolidated financial
statements for the financial year/first half/second half of the financial year then ended comply with the following conditions:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[]



| | (b) | As at the date of this Certificate the following Subsidiaries of the Group fall within the definition of Material Subsidiaries as set out in Clause 1.1 (Definitions):
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | We confirm that no Default is continuing.1
|-- | ------------------------------------------



|        |  |                                                 
|------- |  | ------------------------------------------------
|Signed: |  |                                                 
|        |  | Authorised Signatory of New Sunward Holding B.V.



|1 | If a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect
thereto.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 113 -



---

SCHEDULE 7

FORM OF CONFIDENTIALITY UNDERTAKING

[Letterhead of Existing Bank]

To:



| |  |                                   |  | 
| |  | --------------------------------- |  | 
| |  | [insert name of Potential Lender] |  | 
| |  |                                   |  | 
| |  |                                   |  | 
| |  |                                   |  | 

Re:        The Facilities



|                                                                                                                |  |  |  | 
|--------------------------------------------------------------------------------------------------------------- |  |  |  | 
|Company: CEMEX España, S.A. (the Company) Date: Amount: US$[] and [] Agent: The Royal
Bank of Scotland plc |  |  |  | 

Dear Sirs

We
understand that you are considering participating in the Facilities. In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows:



|1. | Confidentiality Undertaking: You undertake:
|-- | -------------------------------------------



| | (a) | to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information
is protected with security measures and a degree of care that would apply to your own confidential information;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to keep confidential and not disclose to anyone except as provided for by paragraph 2 below the fact that the Confidential Information has been made available or that discussions or
negotiations are taking place or have taken place between us in connection with the Facilities;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to use the Confidential Information only for the Permitted Purpose;
| | --- | -------------------------------------------------------------------



| | (d) | to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph 2(b) below) acknowledges and complies with
the provisions of this letter as if that person were also a party to it; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 114 -



---

| | (e) | not to make enquiries of any member of the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Facilities.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | Permitted Disclosure: We agree that you may disclose such Confidential Information and such of those matters referred to in paragraph 1(b) above to the extent necessary for
the Permitted Purpose:
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | to members of the Participant Group and their officers, directors, employees, professional advisers and auditors if any person to whom the Confidential Information is to be given
pursuant to this paragraph 2(a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient
is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the event that you become a Lender under the Agreement, in accordance with and subject to the terms of clause 23.7 of the Agreement;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to any person to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | with the prior written consent of us and the Company.
| | --- | -----------------------------------------------------



|3. | Notification of Disclosure: You agree (to the extent permitted by law and regulation) to inform us:
|-- | ---------------------------------------------------------------------------------------------------



| | (a) | of the circumstances of any disclosure of Confidential Information made pursuant to paragraph 2(c) above except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | upon becoming aware that Confidential Information has been disclosed in breach of this letter.
| | --- | ----------------------------------------------------------------------------------------------



|4. | Return of Copies: If we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically
practicable) all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable)
such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2(c) above.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 115 -



---

|5. | Continuing Obligations: The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us.
Notwithstanding the previous sentence, the obligations in this letter shall cease on the earlier of (a) the date on which you become a party to the Facility Agreement or (b) twelve months after the date at which you have returned all
Confidential Information supplied to you by us and destroyed or permanently erased (to the extent technically practicable) all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been
disclosed under paragraph 2 above (other than paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6. | No Representation; Consequences of Breach, etc: You acknowledge and agree that:
|-- | -------------------------------------------------------------------------------



| | (a) | neither we nor any member of the Group nor any of our or their respective officers, employees or advisers (each a Relevant Person) (i) make any
representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or any member of the Group or the
assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or any member of the Group or be otherwise liable to you or any
other person in respect of the Confidential Information or any such information; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person or member of the Group
may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7. | Entire Agreement: This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous
agreement, whether express or implied, regarding Confidential Information.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8. | No Waiver: No failure or delay in exercising any right or remedy under this letter will operate as a waiver thereof nor will any single or partial exercise of any right or
remedy preclude any further exercise thereof or the exercise of any other right or remedy under this letter.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9. | Amendments, etc: The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------



|10. | Inside Information: You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential Information for any unlawful purpose.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



- 116 -



---

|11. | Nature of Undertakings: The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the
benefit of the Company and each other member of the Group.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12. | Third party rights: Subject to this paragraph 12 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third
Parties) Act 1999 (the Third Parties Act) to enforce or to enjoy the benefit of any term of this letter.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | The Relevant Persons and each member of the Group may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 12 and the provisions of
the Third Parties Act.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person or any member of the Group to rescind or vary this letter
at any time.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13. | Governing Law and Jurisdiction:
|--- | -------------------------------



| | (a) | This letter (including the agreement constituted by your acknowledgement of its terms) and all non-contractual obligations arising from or connected with it are governed by and
shall be construed in accordance with English law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The parties submit to the non-exclusive jurisdiction of the English courts.
| | --- | ---------------------------------------------------------------------------



|14. | Definitions: In this letter (including the acknowledgement set out below):
|--- | --------------------------------------------------------------------------

Confidential Information means all information relating to the Company, any Obligor, the Group, the Finance Documents and/or the Facilities which is provided to you in relation to the Finance
Documents or Facilities by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or
copied from such information but excludes information that:



| | (a) | is or becomes public information other than as a direct or indirect result of any breach of this letter;
| | --- | --------------------------------------------------------------------------------------------------------



| | (b) | is identified in writing at the time of delivery as non-confidential by us or our advisers; or
| | --- | ----------------------------------------------------------------------------------------------



| | (c) | is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which
is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Facility Agreement means the facility agreement entered into or to be entered into in relation to the Facilities.

Finance Documents means the documents defined in the Facility Agreement as Finance Documents.



- 117 -



---

Group means the Company, each of its holding companies and its subsidiaries and each
of the subsidiaries of each of its holding companies for the time being (as each such term is defined in the Companies Act 2006).

Obligor means a borrower or a guarantor under the Facility Agreement.

Participant Group
means you, each of your holding companies and subsidiaries and each subsidiary of each of your holding companies (as each such term is defined in the Companies Act 2006).

Permitted Purpose means considering and evaluating whether to enter into the Facilities.

Please
acknowledge your agreement to the above by signing and returning the enclosed copy.



|                    
|--------------------
|Yours faithfully    
|                    
|                    
|For and on behalf of

[Existing Bank]



- 118 -



---

|    |  |                                               
|--- |  | ----------------------------------------------
|   
|To: |  | [Existing Bank]                               
|    |  | The Company and each other member of the Group



|                                      
|--------------------------------------
|We acknowledge and agree to the above:
|                                      
|                                      
|For and on behalf of                  

[Potential Lender]



- 119 -



---

SCHEDULE 8

TIMETABLE



|                                                                                                                                                                                                                                                         |  |                                                                                                                     |  |                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------
|                                                                                                                                                                                                                                                         |  | Loans in euro,dollars, yen
orsterling                                                                               |  | Loans in othercurrencies                                     
|Agent notifies the Borrower if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to Optional Currencies)                                                                                                 |  | -                                                                                                                   |  | U-4                                                          
|Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) or a Selection Notice (Clause 10.1 (Selection of Interest Periods))                                                                                    |  | U-3  11.00am                                                                                                        |  | U-3  11.00am                                                 
|Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under paragraph (c) of Clause 5.4 (Lenders participation) and notifies the
Lenders of the Loan in accordance with Clause 5.4 (Lenders participation) |  | U-3  3.00pm                                                                                                         |  | U-3  3.00pm                                                  
|Agent receives a notification from a Lender under Clause 6.2 (Unavailability of a currency)                                                                                                                                                              |  | U-2  9.30am                                                                                                         |  | U-2  9.30am                                                  
|Agent gives notice in accordance with Clause 6.2 (Unavailability of a currency)                                                                                                                                                                          |  | U-2  10.30am                                                                                                        |  | U-2  10.30am                                                 
|LIBOR or EURIBOR is fixed                                                                                                                                                                                                                                |  | Quotation Day as of 11:00am New York time in respect of LIBOR and as of 11.00am New York time in respect of EURIBOR |  | Quotation Day as of 11:00am New York time in respect of LIBOR



|      |  |   |  |                                             
|----- |  | - |  | --------------------------------------------
|U   |  | = |  | date of utilisation                         
|U-X |  | = |  | X Business Days prior to date of utilisation



- 120 -



---

SCHEDULE 9

FORM OF ACCESSION LETTER

To:        [Agent ]

From:    [Borrower]

Dated:

Dear Sirs

CEMEX -$700,000,000 Term and Revolving Facilities Agreement

dated
            2005 (the Agreement)



|1. | [Additional Guarantor] agrees to become an Additional Guarantor and to be bound by the terms of the Facility Agreement as an Additional Guarantor pursuant to Clause 24
(Changes to the Obligors) of the Facility Agreement. [Additional Guarantor] is a company duly incorporated under the laws and regulations of [name of relevant jurisdiction].
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | [Additional Guarantors] administrative details are as follows:
|-- | ---------------------------------------------------------------

Address:

Fax No:

Attention:



|3. | This Accession Letter is governed by English law and is entered into by deed.
|-- | -----------------------------------------------------------------------------



|                                               |  |  |  |                                                  |  |         |  | 
|---------------------------------------------- |  |  |  | ------------------------------------------------ |  | ------- |  | 
|Signed:                                        |  |  |  |                                                  |  | Signed: |  | 
|                                               |  | 
|[Authorised Signatory of Additional Guarantor] |  |  |  | [Authorised Signatory of New Sunward Holding BV]

[  ]



- 121 -



---

SCHEDULE 10

PERMITTED LIENS

CEMEX, S.A.B. de C.V.

LIEN SCHEDULE

(Figures in millions
of US Dollars)



|                                           |  |                                          |  |                                     |  |        |       |                |                                                                                                                                                     
|------------------------------------------ |  | ---------------------------------------- |  | ----------------------------------- |  | ------ | ----- | -------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------
|NAME OF CEMEX SUBSIDIARY                   |  | COUNTERPARTY                             |  | LIEN CONCEPT                        |  | Nov 08 |       | AGREEMENT TYPE
|CEMEX, Inc.                                |  | Hampton                                  |  | Land related with a Promissory Note |  | $      | 0.033 |                | Promissory Note between Mr. Paul E. Hampton, Jr. and wife and Cemex, Inc., dated October 31, 1985.                                                  
|                                           |  |                                          |  |                                    
|RMC Beton Śląsk Sp. z o.o.                 |  | SG Equipment Leasing Polska Sp. z o.o.   |  | Plant Equipment Lien                |  | $      | 1.884 |                | Equipment Leasing Agreement by and between SG Equipment Leasing Polska Sp. z o.o. RMC Beton Śląsk Sp. z o.o. and dated June 23rd, 2006.             
|                                           |  |                                          |  |                                    
|CEMEX BETONS CENTRE et BRETAGNE            |  | CITICAPITAL                              |  | Plant Equipment Lien                |  | $      | 0.007 |                | Leasing Agreement CITICAPITAL - BETON DE FRANCE CENTRE ET BRETAGNE dated June 30, 2002.                                                             
|                                           |  |                                          |  |                                    
|CEMEX GRANULATS RHONE-MEDITERRANEE         |  | SLIBAIL IMMOBILIER                       |  | Plant Equipment Lien                |  | $      | 0.698 |                | Leasing Agreement by and between SLIBAIL IMMOBILIER and MORRILLON CORVOL RHONE MEDITERRANEE dated July 24, 2000.                                 
|                                           |  |                                          |  |                                    
|CEMEX BETONS NORD QUEST                    |  | SLIBAIL IMMOBILIER                       |  | Plant Equipment Lien                |  | $      | 0.123 |                | Leasing Agreement by and between SLIBAIL IMMOBILIER -SAS BETON DE FRANCE NORMANDIE dated June 03 2002.                                              
|                                           |  |                                          |  |                                    
|ETABLISSEMENT CHARROY                      |  | BAIL ACTEA                               |  | Plant Equipment Lien                |  | $      | 0.035 |                | Leasing Agreement by and between BAIL ACTEA - SA Ets CHARROY dated August 28 2003.                                                                  
|                                           |  |                                          |  |                                    
|Cemex SIA                                  |  | Disko Leasing GmbH                       |  | Plant Equipment Lien                |  | $      | 0.083 |                | Leasing Agreement between DISKO Leasing und Bank für Investitionsfinanzierung -Readymix Kies & Beton AG, dated March 1st, 2000.                     
|                                           |  |                                          |  |                                    
|Transbeton Lieferbeton Gesellschaft m.b.H. |  | Raiffeisenbank Bruck an der Mur eg. Gen. |  | Plant Equipment Lien                |  | $      | 2.964 |                | Leasing agreement on movables entered by and between Raiffeisen-Leasing Mobilien und KFZ GmbH and Trans-Beton Ges.m.b.H. dated March 31, 2004.      
|                                           |  |                                          |  |                                    
|Quarzsandwerk Wellmersdorf GmbH & Co. KG   |  | Raiffeisenbank Obermain Nord eG          |  | Land Lien                           |  | $      | 0.037 |                | Leasing Agreement by and between Quarzsandwerk Wellmersdorf GmbH & Co. KG and Raiffeisenbank Obermain Nord eG dated March 8, 1999.                  
|                                           |  |                                          |  |                                    
|CEMEX Kies Hamburg GmbH & Co. KG           |  | Kreissparkasse Herzogfum Lauenburg       |  | Land Lien                           |  | $      | 0.247 |                | Leasing Agreement Kreissparkasse Herzogfum Lauenburg - Wunder GmbH, Wunder Kiestransporte GmbH undGünter Wunder Baustoffhandel dated March 22, 1994.



- 122 -



---

|                                                   |  |                                     |  |                                                                            |  |        |           |                |                                                                                                                                                                                                                                                                         
|-------------------------------------------------- |  | ----------------------------------- |  | -------------------------------------------------------------------------- |  | ------ | --------- | -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NAME OF CEMEX SUBSIDIARY                           |  | COUNTERPARTY                        |  | LIEN CONCEPT                                                               |  | Nov 08 |           | AGREEMENT TYPE
|Cemex UK Operations Limited                        |  | ING Lease (UK) Limited              |  | Plant Equipment Lien                                                       |  | $      | 18.483    |                | Leasing Master Agreement by and between Kleinworth Benson Fleet Finance Limited and Rombus Materials Limited dated December 31, 1997. Assignment and Continuation Schedule dated
September 30, 2005 between ING Lease Fleet Finance Limited and Cemex UK Operations Ltd.
|                                                   |  |                                     |  |                                                                           
|Cemex UK Operations Limited                        |  | Lloyds TSB Asset Finance            |  | Plant Equipment Lien                                                       |  | $      | 2.948     |                | Lease Agreement by and between The Rugby Group PLC and UDT Budget Leasing Limited dated 21 of December 1998.                                                                                                                                                            
|                                                   |  |                                     |  |                                                                           
|RMC Beton Śląsk Sp. z o.o.                         |  | Bankowy Fundusz Leasingowy S.A.     |  | Plant Equipment Lien                                                       |  | $      | 0.017     |                | Leasing Agreement by and between Bankowy Fundusz Leasingowy, S.A. and RMC Beton Śląsk Sp. z o.o. dated March 11th, 2008.                                                                                                                                                
|                                                   |  |                                     |  |                                                                           
|Cemex S.A.B. de C.V. and Subsidiaries              |  | Different Banks                     |  | Cash Collateral                                                            |  | $      | 693.412   |                | ISDA Agreements Different Banks Regarding Margin Calls in Derivatives Instruments                                                                                                                                                                                       
|                                                   |  |                                     |  |                                                                           
|Cemex S.A.B. de C.V. and Subsidiaries              |  | Banco Nacional de Comercio Exterior |  | Cemex, S.A.B. de C.V. and Cementos , Chihuahua, S.A.B. de C.V. shares      |  | $      | 250.000   |                | Credit Agreement entered on October 14, 2008 Secured with a Stock Pledge                                                                                                                                                                                                
|                                                   |  |                                     |  |                                                                           
|Cemex S.A.B.de C.V. and Cemex México, S.A. de C.V. |  | Nacional Financiera S.N.C.,         |  | Cemex Méxicos headquarters, Edificio Constitución # 444 in Monterrey, N.L |  | $      | 52.985    |                | Credit Agreement to issue the government guaranty (aval) on Cemex short term Certificados Bursátiles entered on October 22, 2008.                                                                                                                                      
|                                                   |  |                                     |  |                                                                            |  |        |           |                |                                                                                                                                                                                                                                                                         
|                                                   |  |                                     |  | Total                                                                      |  | $      | 1,023.956 |                |                                                                                                                                                                                                                                                                         
|                                                   |  |                                     |  |                                                                            |  |        |           |                |                                                                                                                                                                                                                                                                         



- 123 -



---

SCHEDULE 11

LITIGATION

A description of material actions, suits, investigations, litigations or proceedings,
including Environmental Actions, affecting Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator is provided below.

Environmental Matters

United States

As
of November 30, 2008, CEMEX, Inc. and its subsidiaries had accrued liabilities specifically relating to environmental matters in the aggregate amount of approximately U.S.$42.6 million. The environmental matters relate to (i) the disposal
of various materials, in accordance with past industry practice, which might be categorized as hazardous substances or wastes, and (ii) the cleanup of sites used or operated by CEMEX, Inc., including discontinued operations, regarding the
disposal of hazardous substances or wastes, either individually or jointly with other parties. Most of the proceedings are in the preliminary stage, and a final resolution might take several years. For purposes of recording the provision, CEMEX,
Inc. considers that it is probable that a liability has been incurred and the amount of the liability is reasonably estimable, whether or not claims have been asserted, and without giving effect to any possible future recoveries. Based on
information available to date, CEMEX, Inc. does not believe it will be required to spend significant sums on these matters, in excess of the amounts previously recorded. The ultimate cost that might be incurred to resolve these environmental issues
cannot be assured until all environmental studies, investigations, remediation work, and negotiations with or litigation against potential sources of recovery have been completed.

CEMEX Construction Materials Florida, LLC f/k/a Rinker Materials of Florida, Inc. (CEMEX Florida), a subsidiary of CEMEX, Inc., holds one federal quarry permit and is the beneficiary of one of 10
other federal quarrying permits granted for the Lake Belt area in South Florida. The permit held by CEMEX Florida covers CEMEX Floridas SCL and FEC quarries. CEMEX Floridas Krome quarry is operated under one of the other federal quarry
permits. The FEC quarry is the largest of CEMEX Floridas quarries measured by volume of aggregates mined and sold. CEMEX Floridas Miami cement mill is located at the SCL quarry and is supplied by that quarry. A ruling was issued on
March 22, 2006 by a judge of the U.S. District Court for the Southern District of Florida in connection with litigation brought by environmental groups concerning the manner in which the permits were granted. Although not named as a defendant,
CEMEX Florida has intervened in the proceedings to protect its interests. The judge ruled that there were deficiencies in the procedures and analysis undertaken by the relevant governmental agencies in connection with the issuance of the permits.
The judge remanded the permits to the relevant governmental agencies for further review, which review the governmental agencies have indicated in a recent announcement should take until mid February 2009 to conclude. The judge also conducted further
proceedings to determine the activities to be conducted during the remand period. In July 2007, the judge issued a ruling that halted certain quarrying operations at three non-CEMEX Florida quarries. The judge left in place CEMEX Floridas Lake
Belt permits until the relevant government agencies complete their review. In a May 2008 ruling, the federal appellate court determined that the district court judge did not apply the proper standard of



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review to the permit issuance decision of the governmental agency, vacated the district courts prior order, and remanded the proceeding to the district
court to apply the proper standard of review; this review remains pending before the district court judge. If the Lake Belt permits are ultimately set aside or quarrying operations under them restricted, CEMEX Florida will need to source aggregates,
to the extent available, from other locations in Florida or import aggregates. This would likely affect profits from our Florida operations. Any adverse impacts on the Florida economy arising from the cessation or significant restriction of
quarrying operations in the Lake Belt could also have a material adverse effect on our financial results.

Europe

In Great Britain, future expenditure on closed and current landfill sites has been assessed and quantified over the period in which the sites are considered to have the
potential to cause environmental harm, generally consistent with the regulator view of up to 60 years from the date of closure. The assessed expenditure relates to the costs of monitoring the sites and the installation, repair and renewal of
environmental infrastructure. The costs have been quantified on a net present value basis in the amount of approximately £122 million, and an accounting provision for this sum has been made at December 31, 2007.

In 2003, the European Union adopted a directive implementing the Kyoto Protocol on climate change and establishing a greenhouse gas emissions allowance trading scheme
within the European Union. The directive requires Member States to impose binding caps on carbon dioxide emissions from installations involved in energy activities, the production and processing of ferrous metals, the mineral industry (including
cement production) and the pulp, paper or board production business. Under this scheme, companies with operations in these sectors receive from the relevant Member States allowances that set limitations on the levels of greenhouse gas emissions from
their installations. These allowances are tradable so as to enable companies that manage to reduce their emissions to sell their excess allowances to companies that are not reaching their emissions objectives. Companies can also use credits issued
from the use of the flexibility mechanisms under the Kyoto protocol to fulfill their European obligations. These flexibility mechanisms provide that credits (equivalent to allowances) can be obtained by companies for projects that reduce greenhouse
gas emissions in emerging markets. These projects are referred to as Clean Development Mechanism (CDM) or joint implementation projects depending on the countries where they take place. Failure to meet the emissions caps is subject to
heavy penalties.

Companies can also use, up to a certain level, credits issued under the flexible mechanisms of the Kyoto protocol to fulfill their
European obligations. Credits for Emission Reduction projects obtained under these mechanisms are recognized, up to a certain level, under the European emission trading scheme as allowances. To obtain these emission reduction credits, companies must
comply with very specific and restrictive requirements from the United Nations Convention on Climate Change (UNFCC).

As required by directive, each of the
Member States established a National Allocations Plan, or NAP, setting out the allowance allocations for each industrial facility for Phase I, from 2005 to 2007. Based on the NAPs established by the Member States of the European Union for the 2005
to 2007 period and our actual production, on a consolidated basis after trading allowances between our operations in countries with a deficit of allowances and our operations in countries with an excess of allowances, and after some external
operations, Borrowers Subsidiaries had a surplus of allowances of approximately 1,050,054 tons of carbon dioxide in this Phase I.



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For Phase II, comprising 2008 through 2012, however, there has been a reduction in the allowances granted by the Member
States that have already approved their NAP, which may result in a consolidated deficit in our carbon dioxide allowances during the period. We believe we may be able to reduce the impact of any deficit by either reducing carbon dioxide emissions in
our facilities or by obtaining additional emission credits through the implementation of CDM projects. If we are not successful in implementing emission reductions in our facilities or obtaining credits from CDM projects, we may have to purchase a
significant amount of emission credits in the market, because CEMEX has already sold a substantial amount of allowances for Phase II, the cost of which may have an impact on our operating results. As of December 1, 2008, the market value of
carbon dioxide allowances for Phase II was approximately 15.45  per ton. CEMEX is taking all the measures to minimize our exposure to this market while assuring the supply of our products to our clients.

The Spanish NAP has been finally approved by the Spanish Government, reflecting the conditions that were set forth by the European Commission. The allocations made to
our installations allow us to foresee certain availability of allowances, nevertheless, there remains the uncertainty regarding the allocations that, against the reserve for new entrants, shall be requested for the new CEMEX cement plant in Andorra
(Teruel), whose construction has been delayed, and that it is scheduled to start operating in 2010

On May 29, 2007, the Polish government filed an
appeal before the Court of First Instance in Luxemburg regarding the European Commissions rejection of the initial version of the Polish NAP. The Court has denied Polands request for a quick path verdict in the case, keeping the case in
the regular proceeding path, therefore, the Polish government has started to prepare Polish internal rules on division of allowance at the level already accepted by the European Commission. Seven major Polish cement producers, representing 98% of
Polish cement production (including CEMEX Polska), have also filed seven separate appeals before the Court of First Instance regarding the European Commissions rejection. On September 29, 2008 the Court of the First Instance issued an
order rejecting CEMEX Polskas appeal without going into the merit of the case. As of December 4, 2008 the final version of the Polish NAP has not been cleared by the Commission; CEMEXs has not determined the impact this may have on
CEMEX ̈s position in the country.

Tax Matters

Pursuant to amendments to the Mexican income tax law (Ley del Impuesto sobre la Renta), which became effective on January 1, 2005, Mexican companies with direct or indirect investments in entities incorporated in foreign countries
whose income tax liability in those countries is less than 75% of the income tax that would be payable in Mexico will be required to pay taxes in Mexico on passive income such as dividends, royalties, interest, capital gains and rental fees obtained
by such foreign entities, provided that the income is not derived from entrepreneurial activities in such countries (income derived from entrepreneurial activities is not subject to tax under these amendments). We filed two motions in the Mexican
federal courts challenging the constitutionality of the amendments. On June 29, 2006, we obtained a favorable ruling from the Mexican federal court stating that the amendments were unconstitutional. The



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Mexican tax authority appealed the ruling, and the proceeding was attracted by the Mexican Supreme Court of Justice. On September 9, 2008, the Mexican
Supreme Court ruled against CEMEXs constitutional challenge of the controlled foreign corporation tax rules in effect in Mexico for tax years 2005 to 2007. Since the Supreme Courts decision does not pertain to a specific tax assessment
or other tax obligations, CEMEX will self-assess any taxes due through the submission of amended tax returns. CEMEX has not yet determined the amount of tax or the periods affected. Based on a preliminary estimate, CEMEX believes this amount will
not be material, but no assurance can be given that additional analysis will not lead to a different conclusion. If the tax authorities do not agree with CEMEXs self-assessment, they may assess additional amounts, which may be material.

The Mexican Congress approved several amendments to the Mexican Asset Tax Law (Ley del Impuesto al Activo) that came into effect on January 1, 2007.
As a result of such amendments, all Mexican corporations, including us, are no longer allowed to deduct their liabilities from the calculation of the asset tax. We believe that the Asset Tax Law, as amended, is against the Mexican constitution. We
have challenged the Asset Tax Law through appropriate judicial action (juicio de amparo).

The asset tax was imposed at a rate of 1.25% on the value of
most of the assets of a Mexican corporation. The asset tax was complementary to the corporate income tax (impuesto sobre la renta) and, therefore, was payable only to the extent it exceeded payable income tax.

Philippines

As of November 30, 2008, the Philippine Bureau of
Internal Revenue (BIR), had assessed APO, Solid, IQAC, ALQC and CSPI, our operating subsidiaries in the Philippines, for deficiency taxes covering taxable years 1998-2005 amounting to a total of approximately 1,994 million Philippine Pesos
(approximately U.S.$40.727 million as of November 30, 2008, based on an exchange rate of Philippine Pesos 48.96 to U.S.$1.00, which was the Philippine Peso/Dollar exchange rate on November 30, 2008 as published by the Bangko Sentral ng
Pilipinas, the central bank of the Republic of the Philippines).

The majority of the tax assessments result primarily from the disallowance of APOs
income tax holiday incentives for taxable years 1999 to 2001 (approximately Philippine Pesos 1,078 million or U.S.$22.1 million as of November 30, 2008, based on an exchange rate of Philippine Pesos 48.96 to U.S.$1.00). We have contested
the BIRs assessment, arising from the disallowance of the ITH incentive, with the Court of Tax Appeals (CTA). The initial Division ruling of the CTA was unfavorable, but is subject to further appeal with the CTA as a whole. The assessment is
now currently on appeal with the CTA En Banc. A motion was filed with the CTA, requesting the court to hold APO totally not liable for alleged income tax liabilities for all the years covered and to this end cancel and withdraw APOs deficiency
income tax assessments for taxable years 1999, 2000 and 2001 on the basis of APOs availment of the tax amnesty described below. As of November 30, 2008, resolution on the aforementioned motion is still pending.

CEMEX Venezuelan Nationalization

In furtherance of Venezuelas
announced policy to nationalize certain sectors of the economy, on June 18, 2008, the Nationalization Decree was promulgated, mandating that the cement



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production industry in Venezuela be reserved for the Government of Venezuela and ordering the conversion of foreign-owned cement companies, including CEMEX
Venezuela, into state-controlled companies with Venezuela holding an equity interest of at least 60%. The Nationalization Decree provided for the formation of a transition committee to be integrated with the board of directors of the relevant cement
company to guaranty the transfer of control over all activities of the relevant cement company to Venezuela by December 31, 2008. The Nationalization Decree further established a deadline of August 17, 2008 for the shareholders of
foreign-owned cement companies, including CEMEX Venezuela, to reach an agreement with the Government of Venezuela on the compensation for the nationalization of their assets. The Nationalization Decree also provided that this deadline may be
extended by mutual agreement of the Government of Venezuela and the relevant shareholder. The transition committee, which was to be coordinated by the Ministry of Basic Industries (MIBAN), was never formally instituted and MIBAN never acted in the
process, but instead Petroleos de Venezuela (PDVSA) conducted all the conversations.

CEMEX Venezuela and the Government did not reach agreement by the
August 17 deadline, and on August 18 the Expropriation Decree was issued by the President of Venezuela, with PDVSA appointed to conduct the expropriation proceedings. Although these proceedings had not yet commenced, PDVSA officials headed
a group of PDVSA workers, with the support of the public force, to take over all the facilities of CEMEX Venezuela on August 17. Since no agreement has been reached with the Venezuelan Government as to the compensation to be paid, the Dutch
companies that control CEMEX Venezuela filed an arbitration request before the International Center for the Settlement of Investment Disputes against the Government of Venezuela, which request has been registered and the tribunal is in the process
of being formed.

As of December 31, 2007, CEMEX Venezuela, S.A.C.A. was the holding entity of several of CEMEXs investments in the region,
including CEMEXs operations in the Dominican Republic and Panama, as well as CEMEXs minority investment in Trinidad. In the wake of statements by the Government of Venezuela about the nationalization of assets in Venezuela, in April
2008, CEMEX concluded the transfer of all material non-Venezuelan investments to CEMEX España for approximately U.S.$355 million plus U.S.$112 million of net debt, having distributed all accrued profits from the non-Venezuelan investments to
the stockholders of CEMEX Venezuela amounting to approximately U.S.$132 million. At this time, the net impact or the outcome of the nationalization on CEMEXs consolidated financial results cannot be reasonably estimated. The approximate net
assets of CEMEXs Venezuelan operations under Mexican FRS at December 31, 2007 were approximately Ps8,973 million. Since August 2008, CEMEX no longer consolidates the financial results of CEMEX Venezuela.

On June 13, 2008, the Venezuelan securities authority initiated an administrative proceeding against CEMEX Venezuela, claiming that the company did not sufficiently
inform its shareholders and the securities authority in connection with the transfer of the non-Venezuelan assets described above. The Venezuelan authority determined that CEMEX Venezuela did not comply with its disclosure obligations and imposed
fines on the company, which we do not consider material, and requested the attorney generals office to review the case to determine if such non-disclosure also constituted criminal infringement.



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Other Legal Proceedings

On August 5, 2005, a lawsuit was filed against a subsidiary of CEMEX Colombia, claiming that it was liable along with the other members of the Asociación Colombiana de Productores de Concreto, or ASOCRETO, a union formed by all
the ready-mix concrete producers in Colombia, for the premature distress of the roads built for the mass public transportation system of Bogotá using ready-mix concrete supplied by CEMEX Colombia and other ASOCRETO members. The plaintiffs
allege that the base material supplied for the road construction failed to meet the quality standards offered by CEMEX Colombia and the other ASOCRETO members and/or that they provided insufficient or inaccurate information in connection with the
product. The plaintiffs seek the repair of the roads in a manner which guarantees their service during the 20-year period for which they were originally designed, and estimate that the cost of such repair will be approximately U.S.$45 million. The
lawsuit was filed within the context of a criminal investigation of two ASOCRETO officers and other individuals, alleging that the ready-mix concrete producers were liable for damages if the ASOCRETO officers were criminally responsible. The court
completed the evidentiary stage, and on August 17, 2006 dismissed the charges against the members of ASOCRETO. The other defendants (one ex-director of the Distrital Institute of Development, the legal representative of the constructor and the
legal representative of the contract auditor) were formally accused. The decision was appealed, and on December 11, 2006, the decision was reversed and the two ASOCRETO officers were formally accused as participants (determiners) in the
execution of a state contract without fulfilling all legal requirements thereof. The first public hearing took place on November 20, 2007. In this hearing the judge dismissed an annulment petition filed by the ASOCRETO officers. The petition
was based on the fact that the officers were formally accused of a different crime than the one they were being investigated for. This decision was appealed, but the decision was confirmed by the Superior Court of Bogota. On January 21, 2008,
CEMEX Colombia was subject to a judicial order, issued by the court, sequestering a quarry called El Tujuelo, as security for a possible future money judgment to be rendered against CEMEX Colombia in these proceedings. The court determined that in
order to lift this attachment and prevent further attachments, CEMEX Colombia was required within a period of 10 days to deposit with the Court in cash CoP$337,800 million (approximately U.S.$195 million as of June 4, 2008, based on an exchange
rate of CoP1730 to U.S.$1.00, which was the Colombian Peso/Dollar exchange rate on June 4, 2008, as published by the Banco de la República de Colombia, the central bank of Colombia), instead of being allowed to post an insurance policy
to secure such recovery. CEMEX Colombia asked for reconsideration, and the court allowed CEMEX to present an insurance policy. Nevertheless, CEMEX appealed this decision, in order to reduce the amount of the insurance policy, and also requested that
the guarantee be covered by all defendants in the case. The measure does not affect the normal activity of the quarry. At this stage, we are not able to assess the likelihood of an adverse result or the potential damages which could be borne by
CEMEX Colombia.

On August 5, 2005, Cartel Damages Claims, SA, or CDC, filed a lawsuit in the District Court in Düsseldorf, Germany against CEMEX
Deutschland AG and other German cement companies. CDC is seeking 102 million in respect of damage claims by 28 entities relating to alleged price and quota fixing by German cement companies between 1993 and 2002, which entities had
assigned their claims to CDC. CDC is a Belgian company established by two lawyers in the aftermath of the German cement cartel investigation that took place from July 2002 to April 2003 by Germanys Federal Cartel Office with the express
purpose of purchasing potential damages claims from cement consumers and pursuing those claims against the cartel



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participants. In January 2006, another entity assigned alleged claims to CDC, and the amount of damages being sought by CDC increased to
113.5 million plus interest. On February 21, 2007, the District Court of Düsseldorf decided to allow this lawsuit to proceed without going into the merits of this case by issuing an interlocutory judgment. All defendants
appealed. The appeal hearing took place on April 22, 2008, and the appeal was dismissed on May 14, 2008. The lawsuit will proceed at the level of court of first instance. As of September 30, 2008 only one defendant has decided to file
a complaint before the Federal High Court; this will delay the case from proceeding at the level of first instance to an extent we cannot assess today. In the meantime, CDC had acquired new assigners and announced an increase in the claim to
131 million. As of November 30, 2008, we had accrued liabilities regarding this matter for a total amount of approximately 20 million.

After an extended consultation period, in April 2006, the cities of Katela and Solin in Croatia published their respective Master (physical) Plans defining the development zones within their respective municipalities, adversely
impacting the mining concession granted to Dalmacijacement, our subsidiary in Croatia, by the Government of Croatia in September 2005. During the consultation period, Dalmacijacement submitted comments and suggestions to the Master Plans, but these
were not taken into account or incorporated into the Master Plan by Katela and Solin. Most of these comments and suggestions were intended to protect and preserve the rights of Dalmacijacement ́s mining concession granted by the
Government of Croatia in September 2005. Immediately after publication of the Master Plans, Dalmacijacement filed a series of lawsuits and legal actions before the local and federal courts to protect its acquired rights under the mining concessions.
The legal actions taken and filed by Dalmacijacement were as follows: (i) on May 17, 2006, a constitutional appeal before the constitutional court in Zagreb, seeking a declaration by the court concerning Dalmacijacements
constitutional claim for decrease and obstruction of rights earned by investment, and seeking prohibition of implementation of the Master Plans. This cases is currently under review by the court in Croatia, and it is expected that these proceedings
will continue for several years before resolution; (ii) on May 17, 2006, a possessory action against the cities of Katela and Solin seeking the enactment of interim measures prohibiting implementation of the Master Plans and
including a request to implead the Republic of Croatia into the proceeding on our side. The municipal court in Solin issued a first instance judgment dismissing our possessory action. We filed an appeal against that judgment. The appeal has been
resolved by the Solin County Court, affirming the judgment and rendering it final. The Municipal Court in Katela has issued a first instance judgment dismissing our possessory action. We filed an appeal against said judgment, which has since
been resolved by the Katela Country Court, affirming the judgment and rendering it final; (iii) on May 17, 2006, an administrative proceeding before the State Lawyer, seeking a declaration from the Government of Croatia confirming
that Dalmacijacement acquired rights under the mining concessions. Dalmacijacement received State Lawyers opinion which confirms the Dalmacijacements acquired rights according to the previous decisions (old concession).The
Administrative Court in Croatia has ruled in favor of Dalmacijacement, validating the legality of the mining concession granted to Dalmacijacement by the Government of Croatia. This decision is final. Currently it is difficult for Dalmacijacement to
ascertain the approximate economic impact of these measures by Katela and Solin).



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Club of Environmental Protection, a Latvian environmental protection organization (hereinafter the
Applicant), has initiated a court administrative proceeding against the decision made by the Environment State Bureau (hereinafter the Defendant) in order to amend the environmental pollution permit (the Permit) for the
Broceni Cement Plant in Latvia, owned by CEMEX SIA (the Disputed Decision). CEMEX SIA was invited to participate in the court proceedings as a third party, whose rights and legal interest may be infringed by the relevant administrative
act. On June 5, 2008 the Court rendered its judgment, where it satisfied the Claimants claim and revoked the Disputed Decision stating that it is illegal because Defendant failed to perform public inquiry in accordance with legal
regulations. The judgment has been appealed by both the Defendant and CEMEX SIA before the Court of Appeal and the court will hear the case in February 24, 2009. The appellate procedure will not suspend the operation of the Permit which will
remain valid throughout the court proceedings, hence CEMEX SIA is allowed to continue to perform its activities. The Permit subject to this proceeding was issued for the existing cement line, which will be fully substituted in the first half of 2009
by a new cement line currently under construction.



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SCHEDULE 12

MATERIAL SUBSIDIARIES

NEW SUNWARD HOLDING B.V.

MATERIAL SUBSIDIARIES

As of
March 31, 2005

CEMEX España, S.A.

CEMEX
Caracas Investments B.V.

CEMEX Caracas II Investments B.V.

CEMEX Venezuela, S.A.C.A.

CEMEX American Holdings B.V.

CEMEX Holdings Inc.

CEMEX Corp.

CEMEX, Inc.

CEMEX Cement, Inc.

Sunbelt Cement Holdings Inc.

CEMEX Concrete Holdings LLC

CEMEX Construction Materials, L.P.

Sunbelt Investments, Inc.



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SCHEDULE 13

PROMISSORY NOTES

PART I

FORM OF FACILITY A NOTE

PROMISSORY NOTE

[US$/£/EUR/JPY]

For value received, the undersigned, NEW SUNWARD HOLDING B.V. (the Borrower), by this Promissory Note unconditionally promises to pay to the order of
            , the principal sum of [US$]/[euro]/[insert currency]*
            (            , [currency of the United States of America,]/[currency of a member state of the European Union adopted
in accordance with the legislation relating to the Economic and Monetary Union]/[otherplease describe]*             /100) on
            , 20      , (the Termination Date), provided that if such day is not a Business Day, the Termination Date shall be the
next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case the Termination Date shall be the immediately preceding Business Day.

The Borrower further promises to pay interest on the principal amount outstanding hereunder for each day during each Interest Period (as hereinafter defined) at a rate
per annum equal to the Screen Rate (as hereinafter defined) for such Interest Period plus [] [ per cent.)]. Interest shall be payable on the Interest Payment Date.

The Borrower also promises to pay, to the fullest extent permitted by applicable law, default interest on any amount payable hereunder that is not paid when due, payable on demand, at a rate per annum equal to the
Screen Rate then in effect plus[]% ( per cent.) plus % ( per cent.).

All computations of interest hereunder shall
be made on the basis of a year of 360 days for the actual number of days elapsed in the period for which any such interest is payable (including the first day but excluding the last day).

All payments to be made on or in respect of this Promissory Note shall be made not later than 10:00 a.m., London time, to the account number
            , ABA number             , Ref.:            in
            , maintained by the Agent (as hereinafter defined), in [Dollars]/[euro]/[insert currency]* and in immediately available funds.

All payments hereunder shall be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, levies, imposts, duties,
charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (as hereinafter defined) (Taxes). If any Taxes are required to be deducted or withheld from
any amounts payable hereunder, the amounts so payable to the holder hereof shall be increased to the extent necessary so that the holder hereof receives all the amount it would have received had no such deduction or withholding been made.



|* | Please delete as appropriate
|- | ----------------------------



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The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and reasonable expenses of
the holder hereof, if any, incurred in connection with the enforcement of this Promissory Note (including, without limitation, all reasonable legal costs and expenses).

For purposes of this Note, the following terms shall have the following meanings:

Agent means Citibank,
N.A.

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in Amsterdam and New York,
and:



|(a) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, a currency other than euro) London and
the principal financial centre of the country of that currency; or
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, euro) any TARGET Day.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

Governmental Authority means any branch of power or government or any state, department or other political subdivision
thereof, or any governmental body, agency, authority (including any central bank or taxing or environmental authority), any entity or instrumentality (including any court or tribunal) exercising executive, legislative, judicial, regulatory,
administrative or investigative functions of or pertaining to government.

Interest Payment Date means the last day of each Interest
Period.

Interest Period shall mean, the period commencing on the execution date of this Promissory Note and ending [one] [two] [three]
[six] months thereafter and thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending [one] [two] [three] [six] months thereafter; provided that(i) if any Interest Period would otherwise
end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such extension would carry such Interest Period into another calendar month, in which event such Interest Period shall end on
the immediately preceding Business Day; (ii) no Interest Period shall extend beyond the Termination Date; and (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.

Reference
Banks means the principal London offices of Citibank, N.A., BNP Paribas and Banco Bilbao Vizcaya Argentaria, S.A.

Screen Rate
means:



|(a) | in relation to LIBOR, the British Bankers Association Interest Settlement Rate for the relevant currency and period; and
|--- | -------------------------------------------------------------------------------------------------------------------------



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|(b) | in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period,
|--- | -----------------------------------------------------------------------------------------------------------------------------------------

displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service
displaying the appropriate rate after consultation with the Borrower and the Lenders.

[TARGET means Trans-European Automated Real-time
Gross Settlement Express Transfer payment system.

TARGET Day means any day on which TARGET is open for the settlement of payments in
euro.]**

This Promissory Note shall in all respects be governed by, and construed in accordance with, the laws of England.

Any legal action or proceeding arising out of or relating to this Promissory Note may be brought, in the competent courts of England. The undersigned waive the
jurisdiction of any other courts that may correspond for any other reason.

The undersigned hereby waive diligence, presentment, protest or notice of total
or partial non-payment or dishonour with respect to this Promissory Note.

This Promissory Note consists of
            pages.

[PLACE OF EXECUTION]             , 2005.



NEW SUNWARD HOLDING B.V.By:Title:

Attorney-in-FactGUARANTORSCEMEX, S.A. DE C.V.By:Title:

Attorney-in-Fact




|** | Please delete if the Promissory note is not in euro.
|-- | ----------------------------------------------------



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CEMEX MÉXICO, S.A. DE C.V.By:Title:

Attorney-in-FactEMPRESAS TOLTECA DE MÉXICO, S.A. DE C.V.By:Title:

Attorney-in-Fact




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Part II

FORM OF FACILITY B NOTE

PROMISSORY
NOTE

[US$/EUR/£/JPY]

For value received, the
undersigned, NEW SUNWARD HOLDING B.V. (the Borrower), by this Promissory Note unconditionally promises to pay to the order of             , the principal sum of
[US$]/[euro]/[insert currency]*             (            , [currency of the United States of America,]/[currency of a
member state of the European Union adopted in accordance with the legislation relating to the Economic and Monetary Union]/[otherplease describe]*            /100) on
            , 20      , (the Termination Date), provided that if such day is not a Business Day, the Termination Date shall be the
next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case the Termination Date shall be the immediately preceding Business Day.

The Lender is authorized to record the date, type, amount and currency of each Loan made by the Lender pursuant to the US$700,000,000 Facility Agreement dated []
June 2005, the date and amount of each repayment of principal hereof, and the date and currency of each interest rate conversion and each continuation pursuant to the Facility Agreement and the principal amount subject thereto, the interest rate and
interest period with respect thereto on the schedule annexed hereto and made a part hereof or on any other record customarily maintained by the Lender with respect to this Note and any such recordation shall constitute prima facie evidence of the
accuracy of the information so recorded; provided however that the failure of the Lender to make such recordation (or any error in such recordation) shall not affect the obligations of the Borrower hereunder or under the Facility Agreement.

The Borrower further promises to pay interest on the principal amount outstanding hereunder for each day during each Interest Period (as hereinafter
defined) at a rate per annum equal to the Screen Rate (as hereinafter defined) for such Interest Period plus [%] [( per cent.)]. Interest shall be payable on each Interest Payment Date (as hereinafter defined).

The Borrower also promises to pay, to the fullest extent permitted by applicable law, default interest on any amount payable hereunder that is not paid when due, payable
on demand, at a rate per annum equal to the Screen Rate then in effect plus[]% [( per cent.)] plus 2.00% ( per cent.).

All payments to be made on or in respect of this Promissory Note shall be made not later than 10:00 a.m., London time, to the account number             , ABA number
            , Ref.:            in             , maintained by the
Agent (as hereinafter defined), in [Dollars]/[euro]/[insert currency]* and in immediately available funds.



|* | Please delete as appropriate
|- | ----------------------------

|* | Please delete as appropriate.
|- | -----------------------------



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---

All payments hereunder shall be made free and clear of, and without deduction or withholding for or on account of, any
present or future taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (as hereinafter defined) (Taxes). If any
Taxes are required to be deducted or withheld from any amounts payable hereunder, the amounts so payable to the holder hereof shall be increased to the extent necessary so that the holder hereof receives all the amount it would have received had no
such deduction or withholding been made.

The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and reasonable
expenses of the holder hereof, if any, incurred in connection with the enforcement of this Promissory Note (including, without limitation, all reasonable legal costs and expenses).

For purposes of this Note, the following terms shall have the following meanings:

Agent means Citibank,
N.A.

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in Amsterdam and New York,
and:



|(a) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, a currency other than euro) London and
the principal financial centre of the country of that currency; or
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | (in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, euro) any TARGET Day.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

Governmental Authority means any branch of power or government or any state, department or other political subdivision
thereof, or any governmental body, agency, authority (including any central bank or taxing or environmental authority), any entity or instrumentality (including any court or tribunal) exercising executive, legislative, judicial, regulatory,
administrative or investigative functions of or pertaining to government.

Interest Payment Date means the last day of each Interest
Period.

Interest Period shall mean, the period commencing on the execution date of this Promissory Note and ending [one] [two] [three]
[six] months thereafter and thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending [one] [two] [three] [six] months thereafter; provided that(i) if any Interest Period would otherwise
end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such extension would carry such Interest Period into another calendar month, in which event such Interest Period shall end on
the immediately preceding Business Day; (ii) no Interest Period shall extend beyond the Termination Date; and (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.

Reference
Banks means the principal London offices of Citibank, N.A., BNP Paribas and Banco Bilbao Vizcaya Argentaria, S.A.



- 138 -



---

Screen Rate means:



|(a) | in relation to LIBOR, the British Bankers Association Interest Settlement Rate for the relevant currency and period; and
|--- | -------------------------------------------------------------------------------------------------------------------------



|(b) | in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period,
|--- | -----------------------------------------------------------------------------------------------------------------------------------------

displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service
displaying the appropriate rate after consultation with the Borrower and the Lenders.

[TARGET means Trans-European Automated Real-time
Gross Settlement Express Transfer payment system.

TARGET Day means any day on which TARGET is open for the settlement of payments in
euro.]**

This Promissory Note shall in all respects be governed by, and construed in accordance with, the laws of England.

Any legal action or proceeding arising out of or relating to this Promissory Note may be brought, in the competent courts of England. The undersigned waive the
jurisdiction of any other courts that may correspond for any other reason.

The undersigned hereby waive diligence, presentment, protest or notice of total
or partial non-payment or dishonour with respect to this Promissory Note.

This Promissory Note consists of
            pages.

[PLACE OF EXECUTION]             , 2005.



NEW SUNWARD HOLDING B.V.By:Title:

Attorney-in-FactGUARANTORSCEMEX, S.A. DE C.V.By:Title:

Attorney-in-Fact




|** | Please delete if the Promissory note is not in euro.
|-- | ----------------------------------------------------



- 139 -



---

CEMEX MÉXICO, S.A. DE C.V.By:Title:

Attorney-in-FactEMPRESAS TOLTECA DE MÉXICO, S.A. DE C.V.By:Title:

Attorney-in-Fact




- 140 -



---

SCHEDULE TO NOTE

LOANS AND PAYMENTS OF PRINCIPAL



|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|---- |  | ------------- |  | --------------- |  | ------------ |  | ------------ |  | -------------- |  | --------------- |  | ------------------------- |  | ---------------- |  | ---------------
|Date |  | Amountof Loan |  | Currencyof Loan |  | Type ofLoan2 |  | InterestRate |  | InterestPeriod |  | TerminationDate |  | PrincipalPaid orConverted |  | PrincipalBalance |  | NotationMade By
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                
|     |  |               |  |                 |  |              |  |              |  |                |  |                 |  |                           |  |                  |  |                



|2 | The type of Loan may be represented by L for LIBOR Loans, E for Euribor Loans.
|- | ----------------------------------------------------------------------------------



- 141 -



---

SCHEDULE 14

QUALIFIED RECEIVABLES TRANSACTIONS



|                            |  |                                                                            |  |                                                 |  |                 |  |          |  |                  |  |                      |  |                
|--------------------------- |  | -------------------------------------------------------------------------- |  | ----------------------------------------------- |  | --------------- |  | -------- |  | ---------------- |  | -------------------- |  | ---------------
|                            |  | Description                                                                |  | Counterparty                                    |  | Date            |  | Currency |  | Amount inmillion |  | Amount inUSD million |  | Maturity       
|CEMEX France Finance S.A.S. |  | Amendent and Restated Receivables Assignment Agreement (as amended)        |  | ING Bank (France) S.A.                          |  | May 31, 2006    |  | EURO     |  | 160,000,000      |  | 201,840,000          |  | May 31, 2009   
|                            |  |                                                                            |  |                                                 |  |                 | 
|Cemex Inc.                  |  | Amended and Restated Receivables Purchase Agreement (as amended)           |  | JP Morgan Chase Bank, N.A./ Lloyds TSB Bank plc |  | March 20, 2008  |  | USD      |  | 500,000,000      |  | 500,000,000          |  | March 20, 2009 
|                            |  |                                                                            |  |                                                 |  |                 | 
|Cemex Mexico, S.A. de C.V.  |  | Agreement for the Sale and Transfer of Ownership of Designated Receivables |  | WLB Funding, S.A. de C.V., SOFOM, E.N.R.        |  | January 9, 2008 |  | MXN      |  | 2,298,000,000    |  | 168,946,985          |  | January 9, 2009
|                            |  |                                                                            |  |                                                 |  |                 | 
|Cemex España, S.A.          |  | Amended and Restated Receivables Purchase Agreement (as amended)           |  | WestLB AG                                       |  | May 9, 2006     |  | EURO     |  | 300,000,000      |  | 378,450,000          |  | May 9, 2011    
|                            |  |                                                                            |  |                                                 |  |                 |  |          |  |                  |  |                      |  |                
|TOTAL                       |  |                                                                            |  |                                                 |  |                 |  |          |  |                  |  | 1,249,236,985        |  |                
|                            |  |                                                                            |  |                                                 |  |                 |  |          |  |                  |  |                      |  |